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  • September 2021
  • Case

Telepass: From Tolling to Mobility Platform
By: Chiara Farronato, Stefano Denicolai and Sarah Mehta
Telepass, the sole processor of electronic toll payments on Italy’s highways, has ambitions beyond tolling. Since the mid-2010s, the company has been expanding into adjacent services. In 2017, Telepass launched TelepassPay—a mobile payment application (app) that allows...  View Details
Keywords: Analysis; Change; Change Management; Transformation; Transition; Innovation and Invention; Strategy; Technology; Mobile Technology; Transportation; Transportation Networks; Value; Value Creation; Technology Industry; Transportation Industry; Insurance Industry; Europe; Italy; Milan
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  • September 2021
  • Case

Telepass: From Tolling to Mobility Platform (Abridged)
By: Chiara Farronato, Stefano Denicolai and Sarah Mehta
Telepass, the sole processor of electronic toll payments on Italy’s highways, has ambitions beyond tolling. Since the mid-2010s, the company has been expanding into adjacent services. In 2017, Telepass launched TelepassPay—a mobile payment application (app) that allows...  View Details
Keywords: Analysis; Change; Change Management; Transformation; Transition; Innovation and Invention; Strategy; Technology; Mobile Technology; Transportation; Transportation Networks; Value; Value Creation; Technology Industry; Transportation Industry; Insurance Industry; Europe; Italy; Milan
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  • 2021
  • Article

An Empirical Examination of Sell-Side Brokerage Analysts' Published Research, Concierge Services, and High-Touch Services
By: David A. Maber, Boris Groysberg and Paul M. Healy
This paper uses a proprietary panel dataset to categorize and quantify the activities that sell-side brokerage analysts use to build and sustain their network of buy-side client relations. We then examine the marginal impact of these activities on key analyst outcome...  View Details
Keywords: Sell-side Analysts; Analyst Ratings; Brokerage Commissions; Earnings Forecasts
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  • August 2021
  • Case

The NCB Capital Turnaround: Waking the Sleeping Giant
By: Sandra J. Sucher, Gamze Yucaoglu, Shalene Gupta and Fares Khrais
The case opens in 2019 five years after, Sarah Al Suhaimi, CEO of NCB Capital (NCBC), the investment arm of Saudi’s largest bank, NCB, took the helm. Having successfully turned the business to make it the market leader, she was contemplating her next steps as...  View Details
Keywords: Investment Banking; Financial Institutions; Leadership; Management Teams; Asset Management; Growth and Development Strategy
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  • 2021
  • Working Paper

Brokerage Incentives and Analyst Forecast Optimism: Evidence from the Protocol for Broker Recruiting
By: Joseph Pacelli, Braiden Coleman, Michael Drake and Brady Twedt
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  • 2021
  • Working Paper

How Does Going Public Affect Employee Behavior? Evidence from Brokerage IPOs
By: Joseph Pacelli, Mark Bradshaw, Michael Drake and Brady Twedt
We provide new evidence on how initial public offerings (IPOs) influence employee behavior using the brokerage industry as an empirical setting. We examine whether IPOs influence the objectivity of equity research analysts. Contrary to conventional wisdom suggesting...  View Details
Keywords: IPOs; Public Sector; Analysis; Outcome or Result; Attitudes; Business and Shareholder Relations
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  • December 2020 (Revised March 2021)
  • Case

eXp Realty and the Virbela Platform
By: Prithwiraj Choudhury, Jan Bena, David Rowat and Emma Salomon
As he considered his plans for the future, Glenn Sanford, CEO of eXp World Holdings, Inc., faced an exciting conundrum. He had built the first all-remote real estate brokerage firm, eXp Realty, which had been growing exponentially and was thriving, even amidst the...  View Details
Keywords: Real Estate; All Remote; Virtual Platform; Online Technology; Strategy; Decision Making; Resource Allocation; Real Estate Industry; Technology Industry
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  • May 2020
  • Teaching Note

Edward Jones: Implementing the Solutions Approach
By: David J. Collis
Teaching Note for HBS Case No. 719-411.Updates the classic Edward Jones strategy case as the firm shifts to a new "Solutions" business model from its previous "product" model in response to changes in the brokerage industry, technology and demographics, and its own...  View Details
Keywords: Management; Strategy; Value; Business Model; Financial Services Industry; North and Central America
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  • August 2019 (Revised April 2021)
  • Case

Zillow Offers: Winning Online Real Estate 2.0
By: Luis Viceira, Marco Di Maggio and Allison Ciechanover
Founded in 2005, Zillow had become the leading online real estate and home-related marketplace. The brand was recognized as a trusted resource for players in the real estate market, providing information and transparency on home prices. Revenue, which was historically...  View Details
Keywords: Real Estate; Corporate Culture; Intermediation; Brokerage; Startup; Evaluating Business Investments; Property; Technology; Business Model; Expansion; Business Startups; Real Estate Industry; Media and Broadcasting Industry; United States
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  • 2019
  • Article

Brokerage and Brokering: An Integrative Review and Organizing Framework for Third Party Influence
By: Nir Halevy, Eliran Halali and Julian Zlatev
Brokerage and brokering are pervasive and consequential organizational phenomena. Prevailing models underscore social structure and focus on the consequences that come from brokerage—occupying a bridging position between disconnected others in a network. By contrast,...  View Details
Keywords: Brokerage; Brokering; Social Interactions; Organizations; Relationships; Power and Influence; Framework
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  • August 2018 (Revised August 2018)
  • Case

Edward Jones: Implementing the Solutions Approach
By: David Collis and Ashley Hartman
In 2017 Edward Jones, the largest brokerage firm in the U.S., is deciding whether and how to implement a new "solutions" business model to replace its traditional "product" or "transactional" approach. Many of the required changes appeared to violate some of the...  View Details
Keywords: Strategy Formulation; Strategic Change; ＂Brokerage Industry; ＂Solutions Approach; Strategy Implementation; ＂USA,＂; Business Model Innovation; Change; Strategy; Business Model; Financial Services Industry; North and Central America; United States
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  • 2021
  • Working Paper

Government Shareholdings in Brokerage Firms and Analyst Research Quality
By: Sheng Cao, Xianjie He, Charles C.Y. Wang and Huifang Yin
During times when the Chinese government wished to prop up the market, sell-side analysts from brokerages with significant government ownership issued relatively less pessimistic (or more optimistic) earnings forecasts, earnings-forecast revisions, and stock...  View Details
Keywords: Sell-side Analysts; Forecast Optimism; Forecast Accuracy; Government Incentives; Stocks; Forecasting and Prediction; Business and Government Relations; Emerging Markets
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  • February 2018
  • Case

Redfin
By: Marco Di Maggio and Julia Kelley
Redfin, a technology-powered residential real estate brokerage, was founded in 2002 with the intention of using technology to disrupt the real estate industry. Over the next 15 years, Redfin made several changes to its business model. Initially, the company provided...  View Details
Keywords: Business Model; Strategy; Decision Making; Real Estate Industry
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  • January 2018 (Revised February 2019)
  • Background Note

Margin Accounts
By: Samuel G. Hanson
Keywords: Margin Accounts; Buying On Margin; Short Selling; Prime Brokerage
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  • July 2015
  • Article

The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts' Perceptions and Shifting Institutional Logics
By: Ioannis Ioannou and George Serafeim
We explore the impact of corporate social responsibility (CSR) ratings on sell-side analysts' assessments of firms' future financial performance. We suggest that when analysts perceive CSR as an agency cost, due to the prevalence of an agency logic, they produce...  View Details
Keywords: Corporate Social Responsibility; Analysts; Investment Recommendations; Sustainability; Institutional Logics; Environment; Corporate Social Responsibility and Impact; Investment; Corporate Governance; United States
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  • June 2014 (Revised January 2017)
  • Case

Focus Financial Partners and the U.S. RIA Industry in 2014
By: Luis Viceira and Emily A. Chien
In the Spring of 2014, Rudy Adolf, CEO and founder of Focus Financial, and the two other co-founders of the firm are considering alternative growth strategies to solidify Focus Financial's position as a leading aggregator of independent wealth management firms in the...  View Details
Keywords: Financial Management; Growth and Development Strategy; Business Model; Financial Services Industry
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  • May 2014
  • Case

Building a High Performance Culture at IDFC
By: V.G. Narayanan and Vidhya Muthuram
IDFC was set up in 1997 to direct private finance to infrastructure projects in India. Over the years, it expanded its capabilities to become a 'complete solutions provider' offering financing solutions including debt and equity, investment banking, brokerage and asset...  View Details
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  • Article

The Use of Broker Votes to Reward Brokerage Firms' and Their Analysts' Research Activities
By: David A. Maber, Boris Groysberg and Paul M. Healy
In traditional markets, the price mechanism directs the flow of resources and governs the process through which supply and demand are brought into equilibrium. In the investment-research industry, broker votes perform these functions. Using detailed clinical data from...  View Details
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  • January 2014
  • Case

Steven Carpenter at Cake Financial (Abridged)
By: Thomas R. Eisenmann, Joseph B. Fuller and Shikhar Ghosh
Steven Carpenter reflects on the successes and failures of his recent venture, Cake Financial. Carpenter had just sold the four-year-old startup and was at work on a new business plan. But first, he wanted to understand why Cake Financial, a service that allowed users...  View Details
Keywords: Corporate Entrepreneurship; Business or Company Management; Business Model; Growth and Development Strategy; Business Strategy; Internet; Financial Services Industry; Web Services Industry
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  • May 2013
  • Article

The Stock Selection and Performance of Buy-Side Analysts
By: Boris Groysberg, Paul Healy, George Serafeim and Devin Shanthikumar
Prior research on equity analysts focuses almost exclusively on those employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research and their analysts face different stock selection and recommendation incentives...  View Details
Keywords: Buy-side Analysts; Sell-side Analysts; Stock Recommendations; Recommendation Optimism; Recommendation Performance; Investment Recommendations; Conflicts Of Interest; Financial Markets; Financial Institutions; Financial Services Industry; United States
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