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  • 2021
  • Working Paper

Stock Investors' Returns Are Exaggerated
By: Jesse M. Fried, Paul Ma and Charles C.Y. Wang
The stock market generates less wealth than it appears. We show that total shareholder return (TSR), the standard measure of stock investor performance, substantially exaggerates returns earned by these investors in aggregate, and thus by most investors. The main...  View Details
Keywords: All-shareholder Returns; Capital Flows; Dividend Reinvestment; Equity Premium; Total Shareholder Returns; Stocks; Investment Return; Market Timing
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  • August 12, 2021
  • Article

The Endless Digital Workday
By: Arjun Narayan, Rohan Narayana Murty, Rajath B. Das and Scott Duke Kominers
The shift to remote work ended the traditional 9–5 workday: employees work in bursts, at night, between caregiving tasks, and whenever they can find time between the endless distractions of messages, calls, and emails. New research, however, shows that for many teams,...  View Details
Keywords: Remote Work; Workday; Team Overlap; Groups and Teams; Employees; Performance Productivity; Management
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  • July 2021
  • Article

Outsourcing Tasks Online: Matching Supply and Demand on Peer-to-Peer Internet Platforms
By: Zoë Cullen and Chiara Farronato
We study the growth of online peer-to-peer markets. Using data from TaskRabbit, an expanding marketplace for domestic tasks at the time of our study, we show that growth varies considerably across cities. To disentangle the potential drivers of growth, we look...  View Details
Keywords: Two-sided Market; Two-sided Platforms; Peer-to-peer Markets; Platform Strategy; Sharing Economy; Platform Growth; Internet and the Web; Digital Platforms; Strategy; Market Design; Network Effects
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  • 2021
  • Working Paper

Time Dependency, Data Flow, and Competitive Advantage
By: Ehsan Valavi, Joel Hestness, Marco Iansiti, Newsha Ardalani, Feng Zhu and Karim R. Lakhani
Data is fundamental to machine learning-based products and services and is considered strategic due to its externalities for businesses, governments, non-profits, and more generally for society. It is renowned that the value of organizations (businesses, government...  View Details
Keywords: Economics Of AI; Value Of Data; Perishability; Time Dependency; Flow Of Data; Data Strategy; Analytics and Data Science; Value; Strategy; Competitive Advantage
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  • January 2021
  • Article

How Personality and Policy Predict Pandemic Behavior: Understanding Sheltering-in-Place in 55 Countries at the Onset of COVID-19
By: Friedrich M. Götz, Andrés Gvirtz, Adam D. Galinsky and Jon M. Jachimowicz
The spread of COVID-19 within any given country or community at the onset of the pandemic depended in part on the sheltering-in-place rate of its citizens. The pandemic led us to revisit one of psychology’s most fundamental and most basic questions in a high-stakes...  View Details
Keywords: COVID; COVID-19; Pandemic; Shelter-in-place; Personality; Government; Interactionism; Health Pandemics; Behavior; Personal Characteristics; Policy; Governance Compliance
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  • September 2020 (Revised December 2021)
  • Case

Building India's 2.0: PayNearby
By: Lauren Cohen and Spencer C. N. Hagist
Headquartered in Mumbai, India, FinTech startup Nearby Technologies has seen its flagship brand, PayNearby, rapidly flourish across most of its target market within just four years. The unprecedented success of its payment app, which allows users to access banking...  View Details
Keywords: Fintech; Developing Markets; Payments; Financial Inclusion; Finance; Entrepreneurship; Emerging Markets; Competitive Strategy; Banking Industry; India
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  • August 2020
  • Article

Does Spending Money on Others Promote Happiness? A Registered Replication Report
By: Lara B. Aknin, Elizabeth W. Dunn, Jason Proulx, Iris Lok and Michael I. Norton
Research indicates that spending money on others—prosocial spending—leads to greater happiness than spending money on oneself (e.g., Dunn, Aknin, & Norton, 2008, 2014). These findings have received widespread attention because they offer insight into why people engage...  View Details
Keywords: Prosocial Spending; Generosity; Well-being; Replication; Happiness; Behavior; Spending
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  • June 2020
  • Article

Informing Dissent
By: Hillary Greene and Dennis Yao
The first part of this commentary argues that because the production of dissent depends on the availability of information, greater attention should focus on government restrictions on access to official information. At no time is this more important than when...  View Details
Keywords: Dissent; Information Monopoly; Economics Of Speech; Freedom Of Information Act (FOIA); Self-censorship; Social Pressure; Information; Government and Politics; Spoken Communication; Society
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  • May 5, 2020
  • Article

Why the Crisis Is Putting Companies at Risk of Losing Female Talent
By: Colleen Ammerman and Boris Groysberg
There has been a massive shift in how work gets done inside many companies and the global pivot to working remotely will likely change how many think about face time and rigid work schedules. Might these changes benefit women? The authors argue that will depend on how...  View Details
Keywords: Coronavirus Pandemic; Remote Work; Flexible Work Arrangements; Health Pandemics; Employees; Working Conditions; Gender
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  • 2020
  • Working Paper

To Infinity and Beyond: Scaling Economic Theories via Logical Compactness
By: Yannai A. Gonczarowski, Scott Duke Kominers and Ran I. Shorrer
Many economic-theoretic models incorporate finiteness assumptions that, while introduced for simplicity, play a real role in the analysis. Such assumptions introduce a conceptual problem, as results that rely on finiteness are often implicitly nonrobust; for example,...  View Details
Keywords: Markets; Analysis; Game Theory
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  • March 2019 (Revised March 2020)
  • Case

Choosing the Right Esports Business Model
By: David Collis and Alexander MacKay
Two esports entrepreneurs must choose on which business model to focus their time and money. After successfully launching an online esports coaching platform, a number of new opportunities emerge in the rapidly growing esports space that now has close to one billion...  View Details
Keywords: Entrepreneurial Ecosystems; Business Development; Esports; Business Ventures; Entrepreneurship; Business Model; Management; Strategy; Sports; Entertainment and Recreation Industry; Information Technology Industry; Media and Broadcasting Industry; Sports Industry; Video Game Industry; North and Central America; Europe; Asia
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  • 2017
  • Working Paper

Investment Timing with Costly Search for Financing
By: Samuel Antill
I develop a dynamic model of investment timing in which firms must first choose when to search for external financing. Search is costly and the arrival of investors is uncertain, leading to delay in financing and investment. Depending on parameters, my model can...  View Details
Keywords: Real Options; Search And Bargaining; Time-varying Financial Conditions; Investment; Venture Capital; Mathematical Methods
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  • February 2015
  • Article

Location Choices under Strategic Interactions
By: Juan Alcacer, Cristian Dezso and Minyuan Zhao
The literature on location choices has mostly emphasized the impact of location and firm characteristics. However, most industries with a significant presence of multi-location firms are oligopolistic in nature, which suggests that strategic interaction among firms...  View Details
Keywords: Location Strategies; Multinational Strategy; Oligopolistic Competition; Firm Heterogeneity; Geographic Location; Multinational Firms and Management; Balance and Stability; Decision Choices and Conditions; Game Theory
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  • February 2014
  • Article

Governance and CEO Turnover: Do Something or Do the Right Thing?
By: Ray Fisman, Rakesh Khurana, Matthew Rhodes-Kropf and Soojin Yim
We study how corporate governance affects firm value through the decision of whether to fire or retain the CEO. We present a model in which weak governance—which prevents shareholders from controlling the board—protects inferior CEOs from dismissal, while at the same...  View Details
Keywords: Governing and Advisory Boards; Value; Retention; Resignation and Termination; Corporate Governance; Management Teams; Business and Shareholder Relations
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  • 2011
  • Book

I Moved Your Cheese: For Those Who Refuse to Live as Mice in Someone Else's Maze
By: Deepak Malhotra
Now a Wall Street Journal Best-seller! If you were a mouse trapped in a maze and someone kept moving the cheese, what would you do? Over a decade ago, the best-selling business fable Who Moved My Cheese? offered its answer to the question: accept that change is...  View Details
Keywords: Leadership; Success; Personal Development and Career; Problems and Challenges; Opportunities; Creativity
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  • March 2011
  • Case

Semiconductor Manufacturing International Company in 2011
By: Willy Shih and Jia Cheng
When David Wang took over as the CEO of SMIC, he knew that if he was to capitalize on the company's strategic location in the China market, he would have to transform the company mindset and its operating structure from its roots in the manufacturing of DRAMs to the...  View Details
Keywords: Growth and Development Strategy; Resource Allocation; Market Entry and Exit; Business Processes; Organizational Change and Adaptation; Organizational Culture; Customization and Personalization; Semiconductor Industry; China
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  • February 2011
  • Article

It's the Recipient That Counts: Spending Money on Strong Social Ties Leads to Greater Happiness Than Spending on Weak Social Ties
By: Lara B. Aknin, Gillian M. Sandstrom, Elizabeth W. Dunn and Michael I. Norton
Previous research has shown that spending money on others (prosocial spending) increases happiness. But, do the happiness gains depend on who the money is spent on? Sociologists have distinguished between strong ties with close friends and family and weak...  View Details
Keywords: Happiness; Relationships; Philanthropy and Charitable Giving
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  • January 2011 (Revised January 2011)
  • Case

Marvel Enterprises, Inc. (Abridged)
By: Anita Elberse
The management team of Marvel Enterprises, known for its universe of superhero characters that includes Spider-Man, the Hulk, and X-Men, must reevaluate its marketing strategy. In June 2004, only six years after the company emerged from bankruptcy, Marvel has amassed a...  View Details
Keywords: Business Model; Intellectual Property; Rights; Growth and Development Strategy; Brands and Branding; Marketing Strategy; Entertainment and Recreation Industry
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  • February 2010 (Revised June 2012)
  • Case

"Plugging In" the Consumer: The Adoption of Electrically Powered Vehicles in the U.S.
By: Elie Ofek and Polly Ribatt
How will U.S. consumers respond to the proliferation of alternative-fuel vehicles, such as cars powered partially or completely by electricity, in the coming decade? After a century in which fossil fuel-powered vehicles dominated the market, it appeared consumers would...  View Details
Keywords: Energy Sources; Policy; Marketing; Demand and Consumers; Business and Government Relations; Natural Environment; Pollutants; Adoption; Auto Industry; United States
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  • 2010
  • Book

Wealth and Justice: The Morality of Democratic Capitalism
By: Peter Wehner and Arthur C. Brooks
Popular opinion would have us believe that America's free market system is driven by greed and materialism, resulting in gross inequalities of wealth, destruction of the environment, and other social ills. Even proponents of capitalism often refer to the free market as...  View Details
Keywords: Capitalism; Economic Systems; Ethics; Moral Sensibility
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