Publications

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June 2018 (Revised April 2021)
Supplement

Valuing Snap After the IPO Quiet Period

By: Benjamin C. Esty, Marco Di Maggio and Greg Saldutte

November 2002 (Revised March 2007)
Case

Keane's Acquisition of Metro Information Services (A)

By: Francisco de Asis Martinez-Jerez

On August 21, 2001, Keane, Inc. announced the acquisition of Metro Information Services, Inc. This case analyzes the challenges facing firms and examines transactions whose major source of value creation hinges on intangible assets (e.g., people or knowledge). View Details

Keywords: Mergers and Acquisitions; Value Creation; Goodwill Accounting; Problems and Challenges; Information Technology Industry; Information Technology Industry

Educators

2021
Working Paper

Being the Boss: Gig Workers' Value of Flexible Work

By: Laura Katsnelson and Felix Oberholzer-Gee

Workers who join the gig economy face a challenging trade-off. Gig work provides worktime flexibility and a sense of being one’s own boss, but gig workers forgo certain protections that employees enjoy. In this paper, we study the work patterns of a large sample of... View Details

Keywords: Gig Workers; Flexible Work Arrangements; Worker Welfare; Labor; Governing Rules, Regulations, and Reforms

2015
Working Paper

Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting

By: Erik Stafford

Private equity funds tend to select relatively small firms with low EBITDA multiples. Publicly traded equities with these characteristics have high risk-adjusted returns after controlling for common factors typically associated with value stocks. Hold-to-maturity... View Details

Keywords: Value Investing; Endowments; Investment Management; Asset Pricing; Private Equity; Investment; Management; United States

SSRN

2010
Working Paper

The Role of Institutional Development in the Prevalence and Value of Family Firms

We investigate the role played by institutional development in the prevalence and value of family firms, while controlling for the potential effect of cultural norms. China provides a good research lab since it combines great heterogeneity in institutional development... View Details

Keywords: Family Business; Governing Rules, Regulations, and Reforms; Data and Data Sets; Law; Management; Organizational Culture; Research; Value; China

June 2021
Article

Symmetric Ignorance: The Cost of Anonymous Lemons

By: Amar Bhidé

Rules that restrict information required in negotiated private transactions have spurred a vast increase in the scope of anonymous financial markets, particularly in the United States. The subtle costs of the information‐restricting rules raise questions about the... View Details

Keywords: Information Asymmetry; Liquidity; Regulation; Securities Markets; Securitization; Information; Financial Liquidity; Financial Markets; Governing Rules, Regulations, and Reforms

2007
Chapter

Microfinance: Business, Profitability, and the Creation of Social Value

By: Michael Chu

The chapter examines the development of microfinance from its NGO origins to the present stage in which it is characterized by regulated commercial institutions capable of superior financial returns. It then looks at the creation of social value under these... View Details

Keywords: Microfinance; Investment Return; Profit; Governing Rules, Regulations, and Reforms; Social Enterprise; Non-Governmental Organizations; Perspective; Value Creation

Mar 2017
Keynote Speech

Creativity and the Value of Confident Humility

By: Teresa M. Amabile

September 2017
Article

Reexamining Staggered Boards and Shareholder Value

By: Charles C.Y. Wang and Alma Cohen

Cohen and Wang (2013) (CW2013) provide evidence consistent with market participants perceiving staggered boards to be value reducing. Amihud and Stoyanov (2016) (AS2016) contests these findings, reporting some specifications under which the results are not... View Details

Keywords: Staggered Boards; Takeover Defense; Antitakeover Provision; Firm Value; Delaware; Airgas; Governing and Advisory Boards; Corporate Governance; Value

October 2013
Article

How Firms Respond to Mandatory Information Disclosure

By: Anil R. Doshi, Glen W.S. Dowell and Michael W. Toffel

Mandatory information disclosure regulations seek to create institutional pressure to spur performance improvement. By examining how organizational characteristics moderate establishments' responses to a prominent environmental information disclosure program, we... View Details

Keywords: Information Disclosure; Institutional Theory; Environmental Strategy; Mandatory Disclosure; Environmental Performance; Information; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Performance Improvement; Environmental Sustainability; Manufacturing Industry; United States

Article

Creating Value in the Age of Distributed Capitalism

By: Shoshana Zuboff

Capitalism is a book of many chapters—and we are beginning a new one. Every century or so, fundamental changes in the nature of consumption create new demand patterns that existing enterprises can't meet. When a majority of people want things that remain priced at a... View Details

Keywords: Value Creation; Economic Systems; Transformation

05 Dec 2018
Working Paper Summaries

The Salary Taboo: Privacy Norms and the Diffusion of Information

Keywords: by Zoë B. Cullen and Ricardo Perez-Truglia

October 2000
Case

Tree Values

By: Richard S. Ruback and Kathleen Luchs

Describes two alternative tree cutting strategies. The first is to cut all trees that are at least 12 inches in diameter at breast height. The second is to thin the forest by cutting less desirable trees immediately and harvesting the crop trees later. The case... View Details

Keywords: Strategy; Decision Making; Cash Flow; Decision Choices and Conditions; Management Practices and Processes; Value Creation; Forestry Industry

Educators

August 1996 (Revised May 1997)
Case

Delta & Pine Land: Measuring the Value of Transgenic Cotton

By: Ray A. Goldberg and Charlotte A. Tasker

Discusses the joint venture between two companies with different capabilities: 1) technology provider and 2) transportation agent. Discusses how to capture value from joint venture and biotechnology: 1) who are winners and who are losers; 2) how much value can/should... View Details

Keywords: Agribusiness; Joint Ventures; Marketing Strategy; Supply Chain Management; Performance Consistency; Information Technology; Transportation; Valuation; Biotechnology Industry

Educators

2020
Working Paper

Fresh Fruit and Vegetable Consumption: The Impact of Access and Value

By: Retsef Levi, Elisabeth Paulson and Georgia Perakis

The goal of this paper is to leverage household-level data to improve food-related policies aimed at increasing the consumption of fruits and vegetables (FVs) among low-income households. Currently, several interventions target areas where residents have limited... View Details

Keywords: Food Deserts; Food Access; Food Policy; Causal Inference; Food; Nutrition; Poverty; Government Administration

SSRN

1997
Dictionary Entry

Incommensurable Values

By: Nien-he Hsieh

Values, such as liberty and equality, are sometimes said to be incommensurable in the sense that their value cannot be reduced to a common measure. The possibility of value incommensurability is thought to raise deep questions about practical reason and rational choice... View Details

Keywords: Measurement and Metrics; Values and Beliefs

03 Nov 2020
Working Paper Summaries

The Stock Market Value of Human Capital Creation

Keywords: by Matthias Regier and Ethan Rouen

Forthcoming
Article

What's My Employee Worth? The Effects of Salary Benchmarking

By: Zoë B. Cullen, Shengwu Li and Ricardo Perez-Truglia

While U.S. legislation prohibits employers from sharing information about their employees’ compensation with each other, companies are still allowed to acquire and use more aggregated data provided by third parties. Most medium and large firms report using this type... View Details

Keywords: Information Sharing; Wages; Policy; Compensation and Benefits