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- 2025
- Working Paper
Bank Financing of Global Supply Chains
By: Laura Alfaro, Mariya Brussevich, Camelia Minoiu and Andrea Presbitero
Finding new international suppliers is costly, so most importers source inputs from a single country. We examine the role of banks in mitigating trade search costs during the 2018–2019 U.S.-China trade tensions. We match data on shipments to U.S. ports with the U.S.... 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
- April 2025
- Background Note
Customer Acquisition and the Cash Flow Trap
By: E. Ofek, Barak Libai and Eitan Muller
Startups as well as existing firms recognize the need to invest in order to acquire customers for their new ventures. And as each customer is expected at some point to have generated sufficient gross margins to cover their CAC, management expects that, soon enough, the... View Details
- April 2025
- Case
Japan Industrial Partners Powers the Leveraged Buyout of Toshiba
By: Brian K. Baik, Joseph Pacelli and James Barnett
The case explores Japan Industrial Partners (JIP) $14 billion takeover of Toshiba Corporation (Toshiba). JIP was a private equity firm that took over the troubled electronics corporation in late 2023. The deal, which had been labeled one of the largest leveraged buyout... View Details
Keywords: Accounting; International Accounting; Finance; Borrowing and Debt; Management; Management Analysis, Tools, and Techniques; Ownership; Risk and Uncertainty; Strategy; Value; Accounting Industry; Electronics Industry; Energy Industry; Manufacturing Industry; Semiconductor Industry; Asia; Japan
- April 2025
- Case
Techint: Strategic Choices for Community Impact
By: Lauren Cohen, Virak Prum, Kenneth Charman, Pedro Levindo and Mariana Cal
In early 2024 Erika Bienek, Chief Community Relations Officer at Techint, had to decide whether to invest in a new company-owned and operated technical school in Veracruz, Mexico, or invest instead in strengthening the city’s public education system. Techint, a global... View Details
Keywords: Technical Institutes; Community Relations; Social Impact; Argentina; Mexico; Brazil; Conglomerate; Stakeholder Management; Government And Business; Community Impact; Philanthropy; Business Conglomerates; Business Subsidiaries; Business Headquarters; Family Business; Decision Making; Private Sector; Public Sector; Education; Curriculum and Courses; Middle School Education; Secondary Education; Teaching; Training; Learning; Energy; Engineering; Construction; Values and Beliefs; Geography; Global Range; Local Range; Cross-Cultural and Cross-Border Issues; Globalized Firms and Management; Government Legislation; Recruitment; Innovation and Invention; Disruptive Innovation; Knowledge; Resource Allocation; Industry Clusters; Infrastructure; Family Ownership; Philanthropy and Charitable Giving; Business and Community Relations; Business and Stakeholder Relations; Business and Government Relations; Creativity; Reputation; Social and Collaborative Networks; Civil Society or Community; Social Issues; Poverty; Strategy; Construction Industry; Education Industry; Energy Industry; Industrial Products Industry; Manufacturing Industry; Steel Industry; Europe; Italy; Latin America; North and Central America; Mexico; North America; United States; South America; Argentina; Buenos Aires; Brazil
- 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
- Article
Crisis Interventions in Corporate Insolvency
By: Samuel Antill and Christopher Clayton
We model the optimal resolution of insolvent firms in general equilibrium. Collateral-constrained banks lend to (i) solvent firms to finance investments and (ii) distressed firms to avoid liquidation. Liquidations create negative fire-sale externalities. Liquidations... View Details
- 2025
- Working Paper
Private Equity and Workers: Modeling and Measuring Monopsony, Reallocation, and Trust
By: Kyle Herkenhoff, Josh Lerner, Gordon M. Phillips, Francisca Rebelo and Benjamin Sampson
We measure the real effects of private equity buyouts on worker outcomes by building a new
database that links transactions to matched employer-employee data in the United States. To
guide our empirical analysis, we derive testable implications from three theories in... View Details
- March 2025
- Case
The Changing Climate on Wall Street
By: Clayton S. Rose, Maxim Pike Harrell and Michael Norris
Increasing and conflicting regulatory requirements and political pressures regarding climate change tested the leaders of U.S. financial institutions, as they struggled to determine how best to comply while managing their business and its risks.
In October 2024,... View Details
Keywords: Change; Disruption; Competency and Skills; Decision Making; Cost vs Benefits; Ethics; Governance; Corporate Accountability; Leadership; Management; Risk Management; Organizations; Corporate Social Responsibility and Impact; Mission and Purpose; Organizational Change and Adaptation; Organizational Culture; Society; Civil Society or Community; Social Issues; Strategy; Adaptation; Banking Industry; Financial Services Industry; Insurance Industry; United States; Europe
- March 2025
- Case
Harvey: AI for Lawyers
By: Suraj Srinivasan, Charles Krumholz and Radhika Kak
In early 2025, Winston Weinberg and Gabe Pereyra, co-founders of Harvey AI, reflected on the company’s meteoric rise as a pioneer in AI-powered legal technology. Since its founding in 2022, Harvey had transformed how lawyers approached research, drafting, and document... View Details
- 2025
- Working Paper
New Product Diffusion Within Retailers: The Effect of Managerial Quality on Rollout
By: Tomomichi Amano and Jorge Tamayo
Retailers are key intermediaries through which consumers encounter innovation in the form of new products. How are these products rolled out within retailers? We observe significant variation in the availability of new products across stores in a large retail chain in... View Details
- February 2025
- Article
Deep Responsibility, SDGs, and Asia: A Historical Perspective
By: Geoffrey Jones
Although it was only in 2015 the 17 SDGs were adopted by UN Member States, many of the underlying ideas can be found in the strategies of some businesses going back to the nineteenth century. Asia was the home of many of the most advanced concepts of business... View Details
- January 24, 2025
- Article
Behaviorally Designed Training Leads to More Diverse Hiring
By: Cansin Arslan, Edward H. Chang, Siri Chilazi, Iris Bohnet and Oliver P. Hauser
Many organizations have shown interest in increasing the diversity of their workforces for various reasons. Collectively, they have spent millions of dollars and countless employee hours on diversity training. Yet, there is little empirical evidence that such training... View Details
- January 2025 (Revised March 2025)
- Case
Hunter Point Capital
By: Josh Lerner, John D. Dionne and Srimayi Mylavarapu
In the spring of 2023, Hunter Point Capital faced a pivotal decision that could define its trajectory as a new player in the growing GP stakes business. As the firm neared completion of three high-profile GP stakes investments, consuming nearly a third of its initial... View Details
- January 2025
- Case
Index and Active Investing: Vanguard and the New Frontier of Active ETFs
By: Marco Sammon, Luis M. Viceira and Jonathan Kanagasabai
This case explores Vanguard’s strategic decision-making process as it considers entering the growing market for actively managed exchange-traded funds (ETFs). Set in 2024, the case places students in the position of Rodney Comegys, Vanguard’s global head of the Equity... View Details
- January 2025
- Case
Apax Partners: Deciding Whether to Bid for Trader Corp.
By: Benjamin C. Esty and Edward A. Meyer
Apax Partners’ investment committee was schedule to meet on March 21, 2011, to decide whether to invest in Trader Corporation, a Canadian classified advertising business for used automobiles with both print (magazines) and digital (website) distribution. What made this... View Details
Keywords: Value Creation; Network Effects; Private Equity; Growth Management; Digital Marketing; Business Strategy; Competitive Advantage; E-commerce; Valuation; Competition; Digital Platforms; Digital Strategy; Digital Transformation; Transition; Investment; Risk and Uncertainty; Advertising Industry; Auto Industry; Information Industry; Canada; United Kingdom; New York (state, US); New York (city, NY)
- November–December 2024
- Article
How to Avoid the Agility Trap
By: Jianwen Liao and Feng Zhu
Agility is all the rage in strategy circles these days. According to conventional wisdom, organizations should rapidly react to technological advances, new market dynamics, and shifting consumer preferences. But in practice this is nearly impossible to pull off,... View Details
- October 2024
- Article
Strategic Decision Making at Platform Transitions: The Case of Nokia (2010-2011).
By: Timo O. Vuori and Michael Tushman
We studied Nokia’s decision to adopt the Windows platform in 2011 to induce new theory on the emotional dynamics of incumbent firms’ strategic decision making at platform transitions. We find that platform companies’ entry into an established industry activates a... View Details
- September 20, 2024
- Article
It’s Time to Unbundle ESG
By: Aaron K. Chatterji and Michael W. Toffel
ESG is at an inflection point. It has come to represent a broad and inchoate aspiration for what business should be doing beyond maximizing shareholder value. With ESG advocates on the defensive, business leaders need a new roadmap to determine which factors to... View Details
Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; ESG Reporting; ESG Disclosure; Sustainability; Climate; Climate Finance; Climate Risk; Social Accounting; Investment; Governance; Safety; Climate Change; Environmental Sustainability; Corporate Social Responsibility and Impact; Financial Services Industry
- September 2024
- Case
InfraCredit and the Project Inception Facility
By: John Macomber, Namrata Arora and Maagatha Kalavadakken
Around the world, large infrastructure projects are frequently stymied by the high cost and high uncertainty of the project inception phase: the research and engineering and planning prior to financial close and start of construction. Could there be a new kind of... View Details
Keywords: Infrastructure; Financial Institutions; Financial Instruments; Cost; Cash Flow; Capital; Assets; Financial Markets; Financial Strategy; Insurance; Energy; Product Development; Risk and Uncertainty; Business Strategy; Credit; Financial Services Industry; Energy Industry; Banking Industry; Africa; Nigeria