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• Article | Journal of Political Economy | April 2020

  CEO Behavior and Firm Performance

  Oriana Bandiera, Stephen Hansen, Andrea Prat and Raffaella Sadun

  We measure the behavior of 1,114 CEOs in six countries parsing granular CEO diary data through an unsupervised machine learning algorithm. The algorithm uncovers two distinct behavioral types: "leaders" and "managers." Leaders focus on multi-function, high-level meetings, while managers focus on one-to-one meetings with core functions. Firms with leader CEOs are on average more productive, and this difference arises only after the CEO is hired. The data is consistent with horizontal differentiation of CEO behavioral types and firm-CEO matching frictions. We estimate that 17% of sample CEOs are mismatched and that mismatches are associated with significant productivity losses.

  Keywords: CEOs; Management; Behavior; Organizations; Performance; Analysis;

  Citation:

  Bandiera, Oriana, Stephen Hansen, Andrea Prat, and Raffaella Sadun. "CEO Behavior and Firm Performance." Journal of Political Economy 128, no. 4 (April 2020): 1325–1369.  View Details

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• Case | HBS Case Collection | September 2019

  Earth Bank of Codes: Making Nature's Biological Assets Visible and Valuable for the Benefit of All

  Tarun Khanna, Raffaella Sadun and Susie Ma

  In 2019, entrepreneur Juan Carlos Castilla-Rubio was developing a project he hoped could generate and share wealth from the natural resources of the Amazon without destroying those resources. His idea, called Earth Bank of Codes (EBC), would create a library of the genomic codes of all known species that could be tapped for discovery and innovation, from new medical interventions to more efficient manufacturing processes. He proposed to use blockchain technology to make the data both accessible and trackable so that its use could be monitored. Castilla-Rubio envisioned a time when a company in the U.S. could access a biological asset from the Peruvian Amazon, develop and commercialize a product based on the asset, and have a fraction of the resulting sales land directly in the bank account of various beneficiaries, including the Peruvian government and indigenous communities. Now he was facing major decisions about how to structure EBC to achieve his goals. Should he start at the top and build partnerships with national governments and inter-governmental organizations as the cornerstone of EBC? Or would it be better to forge ahead with a few stakeholders in an entrepreneurial project?

  Keywords: Decision Making; Development Economics; Entrepreneurship; Innovation and Invention; Intellectual Property; Emerging Markets; Market Design; Marketplace Matching; Science; Genetics; Natural Environment; Environmental Sustainability; Climate Change; Social Enterprise; Strategy; Strategic Planning; Technology; Ownership; Social Psychology; Trust; Society; Biotechnology Industry; South America; Amazon Basin;

  Citation:

  Khanna, Tarun, Raffaella Sadun, and Susie Ma. "Earth Bank of Codes: Making Nature's Biological Assets Visible and Valuable for the Benefit of All." Harvard Business School Case 720-356, September 2019.  View Details

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• Case | HBS Case Collection | September 2019

  Cooking Down a Storm: Changing Culture at Pasta Serafina (A)

  Susanna Gallani, Francesca Gino and Raffaella Sadun

  Plant management at Pasta Serafina, a pasta producer in the south of Italy, is struggling to contain employee absenteeism. While the misbehavior is concentrated in a minority of the workers, its effects impact not only the plant’s performance, but also the climate and work environment. Embedded in an institutional and legal environment that allows very little room for corrective action, and already dealing with persistent low margins, management decides to address the issue by asking the employees themselves to find a solution to the problem. The case exposes students to managerial challenges associated with curbing moral hazard and changing the company culture in a setting where standard legal and contractual tools, such as firing workers for performance or using incentives to influence behaviors, are not available.

  Keywords: absenteeism; moral hazard; Employees; Behavior; Problems and Challenges; Organizational Culture; Organizational Change and Adaptation;

  Citation:

  Gallani, Susanna, Francesca Gino, and Raffaella Sadun. "Cooking Down a Storm: Changing Culture at Pasta Serafina (A)." Harvard Business School Case 120-013, September 2019.  View Details

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