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  • September 2023
  • Case

RightHand Robotics: Choosing the First Market
By: Thomas R. Eisenmann and Stacy Straaberg
In early 2015, RightHand Robotics’s (RHR) leadership faced several decisions in commercializing the startup’s robotic picking solution. RHR’s central product was the RightPick integrated robotic picking system which featured a robotic arm, a three-fingered robotic hand...  View Details
Keywords: Business Startups; Market Entry and Exit; Product; Research and Development; Business Strategy; Commercialization; Information Infrastructure; Manufacturing Industry; Technology Industry; United States; Massachusetts
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  • 2023
  • Article

On Minimizing the Impact of Dataset Shifts on Actionable Explanations
By: Anna Meyer, Dan Ley, Suraj Srinivas and Himabindu Lakkaraju
The Right to Explanation is an important regulatory principle that allows individuals to request actionable explanations for algorithmic decisions. However, several technical challenges arise when providing such actionable explanations in practice. For instance, models...  View Details
Keywords: Mathematical Methods; Analytics and Data Science
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  • 2023
  • Working Paper

How People Use Statistics
By: Pedro Bordalo, John J. Conlon, Nicola Gennaioli, Spencer Yongwook Kwon and Andrei Shleifer
We document two new facts about the distributions of answers in famous statistical problems: they are i) multi-modal and ii) unstable with respect to irrelevant changes in the problem. We offer a model in which, when solving a problem, people represent each hypothesis...  View Details
Keywords: Decision Choices and Conditions; Microeconomics; Mathematical Methods; Behavioral Finance
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  • 2022
  • Working Paper

Improving Human-Algorithm Collaboration: Causes and Mitigation of Over- and Under-Adherence
By: Maya Balakrishnan, Kris Ferreira and Jordan Tong
Even if algorithms make better predictions than humans on average, humans may sometimes have “private” information which an algorithm does not have access to that can improve performance. How can we help humans effectively use and adjust recommendations made by...  View Details
Keywords: Cognitive Biases; Algorithm Transparency; Forecasting and Prediction; Behavior; AI and Machine Learning; Analytics and Data Science; Cognition and Thinking
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  • July 2022
  • Article

Private Equity and COVID-19
By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
We survey more than 200 private equity (PE) managers from firms with $1.9 trillion of assets under management (AUM) about their portfolio performance, decisionmaking and activities during the Covid-19 pandemic. Given that PE managers have significant incentives to...  View Details
Keywords: COVID-19 Pandemic; Health Pandemics; Private Equity; Management; Investment Portfolio; Performance; Decision Making; Value Creation
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  • 2022
  • Working Paper

Causal Inference During A Pandemic: Evidence on the Effectiveness of Nebulized Ibuprofen as an Unproven Treatment for COVID-19 in Argentina
By: Sebastian Calonico, Rafael Di Tella and Juan Cruz Lopez Del Valle
Many medical decisions during the pandemic were made without the support of causal evidence obtained in clinical trials. We study the case of nebulized ibuprofen (NaIHS), a drug that was extensively used on COVID-19 patients in Argentina amidst wild claims about its...  View Details
Keywords: COVID-19; Drug Treatment; Health Pandemics; Health Care and Treatment; Decision Making; Outcome or Result; Argentina
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  • 2022
  • Working Paper

A Linear Panel Model with Heterogeneous Coefficients and Variation in Exposure
By: Jesse M. Shapiro and Liyang Sun
Linear panel models featuring unit and time fixed effects appear in many areas of empirical economics. An active literature studies the interpretation of the ordinary least squares estimator of the model, commonly called the two-way fixed effects (TWFE) estimator, in...  View Details
Keywords: Econometric Models; Mathematical Methods
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  • February 2022 (Revised April 2022)
  • Case

Pushing Past the Boundaries of ESG Investing: AQR Capital Management
By: Lauren H. Cohen, Richard B. Evans, Umit G. Gurun and Quoc H. Nguyen
Cliff Asness was facing a dilemma into how he would plunge his hedge fund into the hottest investment area worldwide—ESG Investing. Founder and managing principal of AQR—one the most storied quantitative hedge funds in the world—Asness knew anything less than a big...  View Details
Keywords: ESG; Hedge Fund; Investment; Equity; Green Technology
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  • January 2022
  • Article

Rational Habit Formation: Experimental Evidence from Handwashing in India
By: Reshmaan Hussam, Atonu Rabbani, Giovanni Reggiani and Natalia Rigol
We test the predictions of the rational addiction model, reconceptualized as rational habit formation, in the context of handwashing in rural India. To track handwashing, we design soap dispensers with timed sensors. We test for rational habit formation by informing...  View Details
Keywords: Handwashing; Habit; Monitoring; Behavior; Health; Motivation and Incentives
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  • 2021
  • Working Paper

Most Individuals Prefer to Compromise among Competing Normative Principles of Taxation
By: Itai Sher and Matthew C. Weinzierl
We use a novel survey to gather direct and indirect evidence on how individuals reconcile their simultaneous support for opposing normative principles when forming their policy preferences. Our evidence suggests that, when choosing policy, a minority (approximately...  View Details
Keywords: Normative Principles; Taxation; Policy; Attitudes; Measurement and Metrics
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  • 2021
  • Chapter

Towards a Unified Framework for Fair and Stable Graph Representation Learning
By: Chirag Agarwal, Himabindu Lakkaraju and Marinka Zitnik
As the representations output by Graph Neural Networks (GNNs) are increasingly employed in real-world applications, it becomes important to ensure that these representations are fair and stable. In this work, we establish a key connection between counterfactual...  View Details
Keywords: Graph Neural Networks; AI and Machine Learning; Prejudice and Bias
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  • June 2021
  • Technical Note

The Weighted Average Cost of Capital (WACC): Derivation, Intuition, and Applications
By: Benjamin C. Esty and E. Scott Mayfield
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  • 2021
  • Working Paper

False Signaling and Personal Moral Failings: Two Distinct Pathways to Hypocrisy with Unequal Moral Weight
By: Jillian J. Jordan and Roseanna Sommers
Moral engagement is a key feature of human nature: we hold moral values, condemn those who violate those values, and attempt to adhere to them ourselves. Yet moral engagement can make us appear hypocritical if we fail to behave morally. When does moral engagement risk...  View Details
Keywords: Moral Engagement; Hypocrite; Dishonesty; Moral Values; Moral Sensibility; Behavior; Values and Beliefs
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  • December 2020
  • Article

Stock Market Returns and Consumption
By: Marco Di Maggio, Amir Kermani and Kaveh Majlesi
This paper employs Swedish data containing security level information on households' stock holdings to investigate how consumption responds to changes in stock market returns. We exploit households’ portfolio weights in previous years as an instrument for actual...  View Details
Keywords: Capital Gain; Dividend Income; Consumption; Near-rational Behavior; Investment Return; Household; Spending; Behavior
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  • 2022
  • Working Paper

The Stock Market Value of Human Capital Creation
By: Matthias Regier and Ethan Rouen
We develop a measure of firm-year-specific human capital investment from publicly disclosed personnel expenses (PE) and examine the stock market valuation of this investment. Measuring the future value of PE (PEFV) based on the relation between lagged...  View Details
Keywords: Intangibles; Market Valuation; Human Capital; Stocks; Financial Markets; Valuation
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  • 2020
  • Working Paper

Private Equity and COVID-19
By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
We survey more than 200 private equity (PE) managers from firms with $1.9 trillion of assets under management (AUM) about their portfolio performance, decisionmaking and activities during the Covid-19 pandemic. Given that PE managers have significant incentives to...  View Details
Keywords: Health Pandemics; Private Equity; Management; Investment Portfolio; Performance; Decision Making; Value Creation
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  • June 2020 (Revised May 2022)
  • Case

Vanguard Retail Operations (A)
By: Willy C. Shih and Antonio Moreno
The first two cases in this series are set in the financial services industry, and explore whether it is better for back-office workers to be generalists who provide the flexibility of being able to handle the complete range of transactions that the company faces or...  View Details
Keywords: Pooling; Generalist Model; Specialist Model; Operations; Service Operations; Management; Job Design and Levels; Financial Services Industry; United States
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  • June 2020 (Revised August 2020)
  • Supplement

Vanguard Retail Operations (B)
By: Willy C. Shih and Antonio Moreno
The first two cases in this series are set in the financial services industry, and explore whether it is better for back-office workers to be generalists who provide the flexibility of being able to handle the complete range of transactions that the company faces or...  View Details
Keywords: Pooling; Generalist Model; Specialist Model; Service Operations; Management; Financial Services Industry; United States
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  • 2020
  • Working Paper

Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time
By: Laura Alfaro, Anusha Chari, Andrew Greenland and Peter K. Schott
We show that unexpected changes in the trajectory of COVID-19 infections predict U.S. stock returns, in real time. Parameter estimates indicate that an unanticipated doubling (halving) of projected infections forecasts next-day decreases (increases) in aggregate U.S....  View Details
Keywords: COVID-19; Stock Returns; Health Pandemics; Stocks; Investment Return; Forecasting and Prediction
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  • March 2020 (Revised November 2020)
  • Case

FinTech Hive at DIFC: Creating a Fintech Ecosystem in Dubai
By: Marco Di Maggio and Gamze Yucaoglu
The case opens in 2019 as Raja Al Mazrouei, executive vice president of FinTech Hive (the Hive) at the Dubai International Financial Centre (DIFC), the first and largest financial technology accelerator in the Middle East, Africa and South Asia region, contemplates her...  View Details
Keywords: Fintech; Emerging Markets; Business Startups; Venture Capital; Management; Information Technology; Growth Management; Financial Markets; Financial Institutions; United Arab Emirates; Middle East; Dubai
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