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- All HBS Web
(119,815)
- Faculty Publications (37,943)
- December 2023
- Article
Brokerage Relationships and Analyst Forecasts: Evidence from the Protocol for Broker Recruiting
By: Braiden Coleman, Michael Drake, Joseph Pacelli and Brady Twedt
In this study, we offer novel evidence on how the nature of brokerage-client relationships can influence the quality of equity research. We exploit a unique setting provided by the Protocol for Broker Recruiting to examine whether relaxed broker non-compete agreement... View Details
Keywords: Brokers; Analysts; Forecasts; Bias; Protocol; Investment; Research; Forecasting and Prediction
Coleman, Braiden, Michael Drake, Joseph Pacelli, and Brady Twedt. "Brokerage Relationships and Analyst Forecasts: Evidence from the Protocol for Broker Recruiting." Review of Accounting Studies 28, no. 4 (December 2023): 2075–2103.
- 2023
- Working Paper
Complexity and Hyperbolic Discounting
By: Benjamin Enke, Thomas Graeber and Ryan Oprea
A large literature shows that people discount financial rewards hyperbolically instead of exponentially. While discounting of money has been questioned as a measure of time preferences, it continues to be highly relevant in empirical practice and predicts a wide range... View Details
Keywords: Hyperbolic Discounting; Present Bias; Bounded Rationality; Cognitive Uncertainty; Behavioral Finance
Enke, Benjamin, Thomas Graeber, and Ryan Oprea. "Complexity and Hyperbolic Discounting." Harvard Business School Working Paper, No. 24-048, February 2024.
- September 2023
- Article
Customer Churn and Intangible Capital
By: Scott R. Baker, Brian Baugh and Marco Sammon
Intangible capital is a crucial and growing piece of firms’ capital structure, but many of its distinct components are difficult to measure. We develop and make available several new firm-level metrics regarding a key component of intangible capital – firms’ customer... View Details
Keywords: Customer Base; Transaction Data; Customer Churn; Intangible Capital; Capital Structure; Measurement and Metrics; Customers
Baker, Scott R., Brian Baugh, and Marco Sammon. "Customer Churn and Intangible Capital." Journal of Political Economy Macroeconomics 1, no. 3 (September 2023): 447–505.
- December 2023
- Article
Discerning Saints: Moralization of Intrinsic Motivation and Selective Prosociality at Work
By: Mijeong Kwon, Julia Lee Cunningham and Jon M. Jachimowicz
Intrinsic motivation has received widespread attention as a predictor of positive work outcomes, including employees’ prosocial behavior. In the current research, we offer a more nuanced view by proposing that intrinsic motivation does not uniformly increase prosocial... View Details
Kwon, Mijeong, Julia Lee Cunningham, and Jon M. Jachimowicz. "Discerning Saints: Moralization of Intrinsic Motivation and Selective Prosociality at Work." Academy of Management Journal 66, no. 6 (December 2023): 1625–1650.
- 2023
- Working Paper
Financial and Informational Integration Through Oracle Networks
By: Lin William Cong, Eswar Prasad and Daniel Rabetti
Oracles are software components that enable data exchange between siloed blockchains and external environments, enhancing smart contract capabilities and platform interoperability. We find that oracle integration is positively associated with total value locked and... View Details
Keywords: Decentralized Finance; Blockchain; Smart Contract; International Economy; Interoperability; Risk Sharing; Applications and Software; Financial Markets; Economics; Risk Management
Cong, Lin William, Eswar Prasad, and Daniel Rabetti. "Financial and Informational Integration Through Oracle Networks." Working Paper, December 2023.
- December 2023
- Case
Gabriela Santana Goldstein
By: Leslie Perlow and Hannah Weisman
Gabriela Santana Goldstein was pursuing her passion, working as the Head of Business for a telehealth startup, when her father went into sudden cardiac arrest and family duty called. The case discusses Goldstein’s difficult decision to leave her dream job, and her path... View Details
- December 2023 (Revised February 2024)
- Case
Gold Rush Vinyl
By: DJ DiDonna and Christina Wallace
DiDonna, DJ, and Christina Wallace. "Gold Rush Vinyl." Harvard Business School Case 824-120, December 2023. (Revised February 2024.)
- December 2023
- Article
Intermediary Balance Sheets and the Treasury Yield Curve
By: Wenxin Du, Benjamin Hebert and Wenhao Li
We document a regime change in the Treasury market post-Global Financial Crisis (GFC): dealers switched from net short to net long Treasury bonds. We construct “net-long” and “net-short” curves that account for balance sheet and financing costs, and show that actual... View Details
Du, Wenxin, Benjamin Hebert, and Wenhao Li. "Intermediary Balance Sheets and the Treasury Yield Curve." Art. 103722. Journal of Financial Economics 150, no. 3 (December 2023).
- December 2023
- Other Article
Introduction to the Special Section on Business and Climate Change
By: Rajesh Chandy, Glen Dowell, Colin Mayer, Erica Plambeck, George Serafeim, Michael W. Toffel, L. Beril Toktay and Elke Weber
Keywords: Climate Change; Adaptation; Policy; Corporate Social Responsibility and Impact; Innovation and Invention; Forecasting and Prediction
Chandy, Rajesh, Glen Dowell, Colin Mayer, Erica Plambeck, George Serafeim, Michael W. Toffel, L. Beril Toktay, and Elke Weber. "Introduction to the Special Section on Business and Climate Change." Management Science 69, no. 12 (December 2023): 7347–7351.
- November 2023
- Article
Knowledge About the Source of Emotion Predicts Emotion-Regulation Attempts, Strategies, and Perceived Emotion-Regulation Success
By: Yael Millgram, Matthew K. Nock, David D. Bailey and Amit Goldenberg
People’s ability to regulate emotions is crucial to healthy emotional functioning. One overlooked aspect in emotion-regulation research is that knowledge about the source of emotions can vary across situations and individuals, which could impact people’s ability to... View Details
Millgram, Yael, Matthew K. Nock, David D. Bailey, and Amit Goldenberg. "Knowledge About the Source of Emotion Predicts Emotion-Regulation Attempts, Strategies, and Perceived Emotion-Regulation Success." Psychological Science 34, no. 11 (November 2023): 1244–1255.
- December 2023
- Article
Looking Forward – To Better Strategy-Sales Coordination
Business decisions are about tomorrow, not yesterday. A key to looking forward in most firms is the annual strategy meeting, where linking sales efforts with strategy is vital for implementation and profitable growth. But according to surveys, less than half of... View Details
Cespedes, Frank V. "Looking Forward – To Better Strategy-Sales Coordination." Top Sales Magazine (December 2023), 26–27.
- 2023
- Article
M4: A Unified XAI Benchmark for Faithfulness Evaluation of Feature Attribution Methods across Metrics, Modalities, and Models
By: Himabindu Lakkaraju, Xuhong Li, Mengnan Du, Jiamin Chen, Yekun Chai and Haoyi Xiong
While Explainable Artificial Intelligence (XAI) techniques have been widely studied to explain predictions made by deep neural networks, the way to evaluate the faithfulness of explanation results remains challenging, due to the heterogeneity of explanations for... View Details
Keywords: AI and Machine Learning
Lakkaraju, Himabindu, Xuhong Li, Mengnan Du, Jiamin Chen, Yekun Chai, and Haoyi Xiong. "M4: A Unified XAI Benchmark for Faithfulness Evaluation of Feature Attribution Methods across Metrics, Modalities, and Models." Advances in Neural Information Processing Systems (NeurIPS) (2023).
- 2023
- Chapter
Malleability Interventions in Intergroup Relations
By: Smadar Cohen-Chen, Amit Goldenberg, James J. Gross and Eran Halperin
One important characteristic of intergroup relations and conflicts is the fact that toxic or violent intergroup relations are often associated with fixed and stable perceptions of various entities, including the ingroup (stable and positive), the outgroup (stable and... View Details
Cohen-Chen, Smadar, Amit Goldenberg, James J. Gross, and Eran Halperin. "Malleability Interventions in Intergroup Relations." Chap. 7 in Psychological Intergroup Interventions: Evidence-based Approaches to Improve Intergroup Relations, by Eran Halperin, Boaz Hameiri, and Rebecca Littman. Routledge, 2023.
- 2023
- Working Paper
Market Design and Maintenance
By: Alvin E. Roth
Because no marketplace operates in isolation from the larger world, marketplace designs may need to adapt to changes in the larger environments. I discuss such changes in connection with the labor markets for new doctors, new Ph.D. economists, and for kidney exchange... View Details
Keywords: Market Design
Roth, Alvin E. "Market Design and Maintenance." NBER Working Paper Series, No. 31947, December 2023.
- 2023
- Article
MoPe: Model Perturbation-based Privacy Attacks on Language Models
By: Marvin Li, Jason Wang, Jeffrey Wang and Seth Neel
Recent work has shown that Large Language Models (LLMs) can unintentionally leak sensitive information present in their training data. In this paper, we present Model Perturbations (MoPe), a new method to identify with high confidence if a given text is in the training... View Details
Li, Marvin, Jason Wang, Jeffrey Wang, and Seth Neel. "MoPe: Model Perturbation-based Privacy Attacks on Language Models." Proceedings of the Conference on Empirical Methods in Natural Language Processing (2023): 13647–13660.
- 2023
- Article
Post Hoc Explanations of Language Models Can Improve Language Models
By: Satyapriya Krishna, Jiaqi Ma, Dylan Slack, Asma Ghandeharioun, Sameer Singh and Himabindu Lakkaraju
Large Language Models (LLMs) have demonstrated remarkable capabilities in performing complex tasks. Moreover, recent research has shown that incorporating human-annotated rationales (e.g., Chain-of-Thought prompting) during in-context learning can significantly enhance... View Details
Krishna, Satyapriya, Jiaqi Ma, Dylan Slack, Asma Ghandeharioun, Sameer Singh, and Himabindu Lakkaraju. "Post Hoc Explanations of Language Models Can Improve Language Models." Advances in Neural Information Processing Systems (NeurIPS) (2023).
- December 2023
- Article
Recover, Explore, Practice: The Transformative Potential of Sabbaticals
By: Kira Schabram, Matt Bloom and DJ DiDonna
Sabbaticals have seen an exponential growth in adoption over the last two decades and are ascribed extensive benefits by employers and employees alike. Little is known, however, about how individuals spend their time or how their experiences impact them after they... View Details
Schabram, Kira, Matt Bloom, and DJ DiDonna. "Recover, Explore, Practice: The Transformative Potential of Sabbaticals." Academy of Management Discoveries 9, no. 4 (December 2023): 441–468.
- December 2023
- Article
Save More Today or Tomorrow: The Role of Urgency in Precommitment Design
By: Joseph Reiff, Hengchen Dai, John Beshears, Katherine L. Milkman and Shlomo Benartzi
To encourage farsighted behaviors, past research suggests that marketers may be wise to invite consumers to pre-commit to adopt them “later.” However, the authors propose that people will draw different inferences from different types of pre-commitment offers, and that... View Details
Reiff, Joseph, Hengchen Dai, John Beshears, Katherine L. Milkman, and Shlomo Benartzi. "Save More Today or Tomorrow: The Role of Urgency in Precommitment Design." Journal of Marketing Research (JMR) 60, no. 6 (December 2023): 1095–1113.
- December 2023
- Article
Self-Orienting in Human and Machine Learning
By: Julian De Freitas, Ahmet Uğuralp, Zeliha Uğuralp, Laurie Paul, Joshua B. Tenenbaum and T. Ullman
A current proposal for a computational notion of self is a representation of one’s body in a specific time and place, which includes the recognition of that representation as the agent. This turns self-representation into a process of self-orientation, a challenging... View Details
De Freitas, Julian, Ahmet Uğuralp, Zeliha Uğuralp, Laurie Paul, Joshua B. Tenenbaum, and T. Ullman. "Self-Orienting in Human and Machine Learning." Nature Human Behaviour 7, no. 12 (December 2023): 2126–2139.
- November–December 2023
- Article
Tax-Loss Harvesting with Cryptocurrencies
By: Lin William Cong, Wayne Landsman, Edward Maydew and Daniel Rabetti
We describe the taxation landscape in the cryptocurrency markets, especially concerning U.S. taxpayers, and examine how recent increases in tax scrutiny have led to changes in crypto investors' trading behavior. We argue conceptually and then empirically document that... View Details
Cong, Lin William, Wayne Landsman, Edward Maydew, and Daniel Rabetti. "Tax-Loss Harvesting with Cryptocurrencies." Art. 101607. Journal of Accounting & Economics 76, nos. 2-3 (November–December 2023).