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- September 2025
- Article
Sticky Capital Controls
By: Miguel Acosta-Henao, Laura Alfaro and Andrés Fernández
There is much ongoing debate on the merits of capital controls as effective policy instruments. The differing perspectives are due in part to a lack of empirical studies that look at the intensive margin of controls, which in turn has prevented a quantitative... View Details
- August 2025
- Article
Revenue Collapses and the Consumption of Small Business Owners in the COVID-19 Pandemic
By: Olivia S. Kim, Jonathan A. Parker and Antoinette Schoar
Using financial account data linking small businesses to their owner households, we examine how business owners’ consumption responded to changes in business revenues during the COVID-19 crisis. In the first two months following the National Emergency, business... View Details
- 2025
- Working Paper
Rethinking Volume
By: Philippe van der Beck, Lorenzo Bretscher and Zhiyu Julie Fu
Gross trading volumes in financial markets are large and far exceed return volatility. In contrast, “net volume”—trading from persistent portfolio reallocations—is substantially lower, as it excludes transitory round-trip trades. This observation reveals a fundamental... View Details
- July 2025
- Module Note
Supply and Demand for Strategists
This module note introduces students to the foundational microeconomic principles of supply and demand. It uses the example of an aluminum plant (specifically, production quantity and shutdown decisions) to discuss short-run vs. long-run decisions, marginal costs, sunk... View Details
Keywords: Business Exit or Shutdown; Business or Company Management; Business Strategy; Competition; Competitive Advantage; Cost of Capital; Cost vs Benefits; Decision Making; Decisions; Demand and Consumers; Economics; Economic Systems; For-Profit Firms; Market Entry and Exit; Market Participation; Markets; Metals and Minerals; Microeconomics; Price; Revenue; Strategy; Supply and Industry; Manufacturing Industry
- 2025
- Working Paper
Heterogeneous Beliefs and Stock Market Fluctuations
By: Odhrain McCarthy and Sebastian Hillenbrand
This paper examines the role of heterogeneous investor beliefs in explaining stock market puzzles. Using survey data, we show that individual investors and investment professionals, such as equity analysts and strategists, form distinct beliefs. These groups rely on... View Details
- June 2025 (Revised July 2025)
- Case
Full-funnel Advertising on TikTok
By: Jeremy Yang, Ayelet Israeli and Alexis Lefort
In 2025 TikTok is working to grow its brand and performance advertising business, along with a new integrated full-funnel solution. As an emerging media platform with unique ad formats and user behavior in a privacy-first environment, TikTok faces both significant... View Details
- June 2025
- Case
TagHive: Edtech Pricing and Distributor Decisions
By: Isamar Troncoso, Frank V. Cespedes and Stacy Straaberg
Education technology (edtech) company TagHive, founded in 2017, used a direct sales team and third-party distributors to sell its Class Saathi hardware and software solution to 300 clients, mainly primary and secondary schools in India. The product aimed to improve... View Details
Keywords: Business Model; Marketing Channels; Marketing Strategy; Product Marketing; Social Marketing; Information Infrastructure; Information Technology; Internet and the Web; Mobile and Wireless Technology; Technology Adoption; Education; Teaching; Price; Customer Relationship Management; Customer Satisfaction; Growth and Development; Technological Innovation; Education Industry; Technology Industry; India; South Korea
- June 2025
- Case
TfL Pension Fund and the 2022 Gilt Market Crisis
By: Emil N. Siriwardane, Vincent Dessain, Emer Moloney and Carlota Moniz
On September 27, 2022, Padmesh Shukla, CIO of the Transport for London (TfL) Pension Fund, was keeping a careful eye on the turmoil in the U.K. sovereign bond (or gilt) market. When the new government announced the largest tax cuts the U.K. had seen in half a century,... View Details
Keywords: Financial Crisis; Macroeconomics; Assets; Asset Management; Borrowing and Debt; Corporate Finance; Capital Markets; Equity; Financial Liquidity; Financial Instruments; Financial Strategy; Interest Rates; Governing and Advisory Boards; Crisis Management; Resource Allocation; Investment; Financial Services Industry; United Kingdom; England; London; Europe
- 2025
- Working Paper
Fiscal Externalities of Transaction Taxes: Evidence from the Los Angeles Mansion Tax
By: Daniel Green, Vikram Jambulapati, Jack Liebersohn and Tejaswi Velayudhan
We estimate the fiscal externalities of a property transfer tax, the Los Angeles
“Mansion Tax”, on the revenues from property taxes when assessed values are closely
tied to transactions. In California, as in over half of U.S. states, growth in tax as-
sessments... View Details
- Summer 2025
- Article
Dynamic Competition for Customer Memberships
By: Cristian Chica, Julian Jimenez-Cardenas and Jorge Tamayo
A competitive two-period membership (subscription) market is analyzed. Two symmetric firms charge a “membership” fee that allows consumers to buy products or services at a given unit price for both periods. Firms can choose between long- or short-term memberships. When... View Details
- June 2025
- Article
Integral Outside: The Financial Curb Market, the Electric Telegraph, and the Politics of Pricing in Second Empire France
Financial markets in nineteenth-century France were far more complex than an analysis of the official Bourse or its state-authorized brokers would suggest. Most financial transactions occurred on an illegal yet tacitly tolerated curb market called the coulisse, which... View Details
- June 2025
- Article
Passive Ownership and Price Informativeness
By: Marco Sammon
I show that passive ownership negatively affects the degree to which stock prices anticipate earnings announcements. Estimates across several research designs imply that the rise in passive ownership over the last 30 years has caused the amount of information... View Details
Keywords: Passive Ownership; ETFs; Market Efficiency; Price; Investment Funds; Stocks; Communication
- June 2025
- Case
Vail Resorts: Responding to Activist Pressure (A)
By: Benjamin C. Esty and Edward A. Meyer
On January 27, 2025, the head of a relatively small hedge fund named Late Apex Partners sent a highly critical letter to the board of directors of Vail Resorts, the world’s largest ski resort operator. In his letter, and the 88-slide presentation that accompanied his... View Details
Keywords: Corporate Finance; Capital Budgeting; Corporate Governance; Competitive Advantage; Competitive Strategy; Leading Change; Valuation; Investment Activism; Climate Change; Management Succession; Financial Management; Risk Management; Business and Shareholder Relations; Sports Industry; Entertainment and Recreation Industry; Travel Industry; United States; Australia; Canada
- 2025
- Working Paper
An Empirical Examination of Business Climate Alliances: Effective and/or Harmful?
By: Matteo Gasparini and Peter Tufano
This research studies business alliances that seek to address climate change, offering empirical evidence to address claims advanced by alliance supporters and critics. We study eleven major alliances mostly focused on financial services firms and 424 major... View Details
Keywords: Antitrust; Climate Change; Financial Institutions; Competition; Network Effects; Alliances
- Working Paper
Index Rebalancing and Stock Market Composition: Do Indexes Time the Market?
By: Marco Sammon and John J. Shim
Value-weighted indexes must rebalance in response to stock market composition changes, e.g., issuance, buybacks, and IPOs. In doing so, existing index funds implicitly engage in market timing. Index funds’ long-short rebalancing portfolios have a -3.5% annual return... View Details
- May 2025 (Revised June 2025)
- Background Note
Social Enterprise in Latin America
By: Brian L. Trelstad and Karina Souza
This research note provides an overview of the social enterprise ecosystem in Latin America, exploring current dynamics across key markets, including country-specific insights on Brazil, Mexico, Argentina, Colombia, Chile, and Central America. In a region characterized... View Details
Keywords: Impact Investing; Developing Countries and Economies; Social Entrepreneurship; Emerging Markets; Corporate Social Responsibility and Impact; Mission and Purpose; Ownership; Social Enterprise; Business Strategy; Equality and Inequality; Microfinance; Governing Rules, Regulations, and Reforms; Agriculture and Agribusiness Industry; Banking Industry; Financial Services Industry; Information Technology Industry; Latin America; Brazil; Mexico; Argentina; Colombia; Chile; Guatemala; Central America; Peru; Uruguay
- May 2025
- Case
Initial Financial Statements at Blank Corporation: Bridging Content and Commerce
By: Jung Koo Kang, Panje Jayden Kim and David Allen
This accounting case is intended to teach students how to compile an income statement, a balance sheet, and a cash flow statement. It focuses on Blank Corporation, an innovative South Korean company that bridged content and commerce by selling products directly through... View Details
- May 2025
- Teaching Note
Boutiqaat: Influencing Retail in MENA
By: Juan Alcacer and Noor Al Qadhi
Boutiqaat, a Kuwait-based e-commerce platform, scaled an influencer-driven beauty retail model across MENA and now faces critical strategic choices about offline expansion and globalization. Founded in 2015, Boutiqaat combined social commerce, localized logistics, and... View Details
- May 2025
- Case
Boutiqaat: Influencing Retail in MENA
By: Juan Alcacer and Noor Al Qadhi
Boutiqaat, a Kuwait-based e-commerce platform, scaled an influencer-driven beauty retail model across MENA and now faces critical strategic choices about offline expansion and globalization. Founded in 2015, Boutiqaat combined social commerce, localized logistics, and... View Details
- 2025
- Working Paper
Data-driven Technologies and Local Information Advantages in Small Business Lending
By: Wilbur Chen, Jung Koo Kang and Aditya Mohan
We investigate whether banks' adoption of data-driven technologies influences competitive dynamics in local small business lending by diminishing the information advantages traditionally held by local banks. Using local newspaper closures as an adverse shock to the... View Details