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- 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
- July 2025
- Teaching Note
Designed for Purpose: “Never a Failure. Always a Lesson”
By: James Riley and Andrea Dorbu
In 2017, Rihanna launched Fenty Beauty under LVMH, disrupting the cosmetics industry with an inclusive 'Beauty for All' strategy that emphasized accessibility across skin tones. The brand’s success was followed by the launch of Savage X Fenty, a lingerie line upholding... View Details
- July 2025
- Case
Designed for Purpose: “Never a Failure. Always a Lesson”
By: James Riley and Andrea Dorbu
In 2017, Rihanna launched Fenty Beauty under LVMH, disrupting the cosmetics industry with an inclusive 'Beauty for All' strategy that emphasized accessibility across skin tones. The brand’s success was followed by the launch of Savage X Fenty, a lingerie line upholding... 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
- 2025
- Working Paper
Designing Consent: Choice Architecture and Consumer Welfare in Data Sharing
By: Chiara Farronato, Audrey Fradkin and Tesary Lin
We study the welfare consequences of choice architecture for online privacy using a field experiment that randomizes cookie consent banners. We study three ways in which firms or policymakers can influence choices: (1) nudging users through banner design to encourage... View Details
- July 2025
- Article
Reputation Burning: Analyzing the Impact of Brand Sponsorship on Social Influencers
By: Mengjie Cheng and Shunyuan Zhang
The growth of the influencer marketing industry warrants an empirical examination of the effect of posting sponsored videos on influencers' reputations. We collected a novel dataset of user-generated YouTube videos created by prominent English-speaking influencers in... 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
Productivity Beliefs and Efficiency in Science
By: Fabio Bertolotti, Kyle R. Myers and Wei Yang Tham
We develop a method to estimate producers’ productivity beliefs in settings where output quantities and input prices are unobservable, and we use it to evaluate allocative efficiency in the market for science. Our model of researchers’ labor supply shows that their... View Details
- 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
- 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
- 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
- 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
- 2024
- Case
EPCorp: Convincing the C-Suite
By: Jacob M. Cook
In EPCorp: Convincing the C-Suite, Shivani Bahl is attempting to sell EPCorp's CEO, Debbie Sullivan, on her ideas for not only a new website upgrade but also a more expansive vision on how data and Generative AI can be used to grow the company. Debbie is understandably... View Details
- 2025
- Working Paper
Race, Rental Yields, and Housing Decay in Manhattan
By: Tom Nicholas and Christophe Spaenjers
We develop a new dataset on real estate transactions in Manhattan (1912–1939), linked to federal Census records (1930 and 1940) and property images used for tax assessment purposes (around 1940 and 1980). We analyze investor returns and incentives to maintain... View Details
- 2025
- Working Paper
Management and Firm Dynamism
By: Nicholas Bloom, Jonathan S. Hartley, Raffaella Sadun, Rachel Schuh and John Van Reenen
We show better-managed firms are more dynamic in plant acquisitions, disposals, openings and closings in U.S. Census and international data. Better-managed firms also birth better-managed plants, and improve the performance of the plants they acquire. To explain these... View Details
- 2025
- Working Paper
Generative AI Use by Capital Market Information Intermediaries: Evidence from Seeking Alpha
By: Mark Bradshaw, Chenyang Ma, Benjamin Yost and Yuan Zou
We study the use of generative AI for firm-specific financial analysis on the Seeking Alpha platform. We find that, after the initial launch of ChatGPT in November 2022, the share of AI-generated articles rose sharply to 13.4% of all articles, then declined in late... View Details
- 2025
- Working Paper
Balancing Engagement and Polarization: Multi-Objective Alignment of News Content Using LLMs
By: Mengjie Cheng, Elie Ofek and Hema Yoganarasimhan
We study how media firms can use LLMs to generate news content that aligns with multiple objectives—making content more engaging while maintaining a preferred level of polarization/slant consistent with the firm’s editorial policy. Using news articles from The New York... View Details
- April 2025 (Revised June 2025)
- Case
Governing Sustainability in a Shifting Context (A)
By: Lynn S. Paine and Will Hurwitz
In early 2025, boards of directors had to rethink corporate responsibility and sustainability efforts amid rapidly-shifting social, legal, regulatory, and economic forces. While just a few years earlier, calls to address racial justice and climate change reached into... View Details
Keywords: Climate Change; Corporate Governance; Diversity; Leadership; Business or Company Management; Mission and Purpose; Social Media; Race; Environmental Sustainability; Governing Rules, Regulations, and Reforms; Governing and Advisory Boards; Lawfulness; Lawsuits and Litigation; Measurement and Metrics; Corporate Social Responsibility and Impact; Business and Shareholder Relations; Social Issues; Retail Industry; Food and Beverage Industry; Banking Industry; United States
- April 2025 (Revised April 2025)
- Case
JPMorganChase: Leadership in the Age of GenAI
By: Iavor I. Bojinov, Karim R. Lakhani and David Lane
This case study examines JPMorgan Chase's (JPMC) journey in adopting and implementing Generative AI (GenAI) following the release of ChatGPT. It outlines JPMC's initial cautious approach focused on data security, followed by strategic investments in internal platforms... View Details
Keywords: Banks and Banking; Governance Controls; Information Technology; AI and Machine Learning; Analytics and Data Science; Cybersecurity; Digital Platforms; Digital Transformation; Information Management; Information Infrastructure; Technology Adoption; Job Cuts and Outsourcing; Knowledge Management; Knowledge Sharing; Leading Change; Growth and Development Strategy; Marketing; Product Development; Performance Improvement; Customization and Personalization; Financial Services Industry; United States
- April 2025
- Article
Serving with a Smile on Airbnb: Analyzing the Economic Returns and Behavioral Underpinnings of the Host’s Smile
By: Shunyuan Zhang, Elizabeth Friedman, Kannan Srinivasan, Ravi Dhar and Xupin Zhang
Non-informational cues, such as facial expressions, can significantly influence judgments and interpersonal impressions. While past research has explored how smiling affects business outcomes in offline or in-store contexts, relatively less is known about how smiling... View Details