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    • All HBS Web  (134)
      • Faculty Publications  (32)

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      • December 2022
      • Article

      Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities

      By: Mark Egan, Shan Ge and Johnny Tang
      We examine the variable annuity market to study conflicts of interest and the effect of fiduciary duty in brokerage markets. Insurers typically pay brokers higher commissions for selling more expensive annuities. Our results indicate that sales are four times as...  View Details
      Keywords: Variable Annuity; Brokers; Fiduciary Duty; Finance; Investment; Insurance; Conflict of Interests; Financial Services Industry; Insurance Industry; United States
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      Egan, Mark, Shan Ge, and Johnny Tang. "Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities." Review of Financial Studies 35, no. 12 (December 2022): 5334–5386.
      • August 2022
      • Article

      The Value of Intermediation in the Stock Market

      By: Marco Di Maggio, Mark Egan and Francesco Franzoni
      We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit...  View Details
      Keywords: Financial Intermediation; Institutional Investors; Research Analysts; Broker Networks; Equity Trading; Institutional Investing
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      Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Journal of Financial Economics 145, nos. 2, Part A (August 2022): 208–233.
      • February 2022
      • Case

      NFX Capital and Moov Technologies

      By: Scott Duke Kominers and Nicole Tempest Keller
      In July 2019, James Currier, a general partner at San Francisco-based NFX Ventures, was considering a seed stage investment of $1.5 million in Moov Technologies, a B2B marketplace for used industrial equipment. NFX was a venture capital firm focused on seed-stage...  View Details
      Keywords: Venture Capital; Network Effects; Marketplace Matching; Digital Platforms; Market Design; Applications and Software; Semiconductor Industry; Financial Services Industry; San Francisco
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      Kominers, Scott Duke, and Nicole Tempest Keller. "NFX Capital and Moov Technologies." Harvard Business School Case 822-045, February 2022.
      • July 2020 (Revised September 2020)
      • Case

      Property Finder's Strategy for Online Classifieds in the MENA Region

      By: Krishna G. Palepu, Gamze Yucaoglu and Fares Khrais
      The case opens in 2020 as Michael Lahyani, founder and CEO of Property Finder, Dubai’s leading online real estate classifieds portal, contemplates the company’s five-year growth strategy.
      Since its founding in 2005 in the United Arab Emirates (UAE), Property...  View Details
      Keywords: General Business; Real Estate; Entrepreneurship; Property; Strategy; Emerging Markets; Growth Management; Online Technology; Real Estate Industry; Technology Industry; United Arab Emirates; Saudi Arabia; Egypt; Turkey
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      Palepu, Krishna G., Gamze Yucaoglu, and Fares Khrais. "Property Finder's Strategy for Online Classifieds in the MENA Region." Harvard Business School Case 321-009, July 2020. (Revised September 2020.)
      • June 2020 (Revised October 2020)
      • Case

      Muddy Waters vs. eHealth: The Debate of a 'Lifetime'

      By: Jonas Heese and Cristo Liautaud
      In May 2020, an analyst was assessing eHealth’s performance. eHealth was an online / tele-sales broker of health insurance products. The stock had recently hit all-time highs, closing at a peak of $146 on March 4, 2020. But now, May 4, 2020, eHealth traded at $103. The...  View Details
      Keywords: Revenue Recognition; Health; Insurance; Online Technology; Insurance Industry
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      Heese, Jonas, and Cristo Liautaud. "Muddy Waters vs. eHealth: The Debate of a 'Lifetime'." Harvard Business School Case 120-114, June 2020. (Revised October 2020.)
      • January 2020
      • Case

      Lunchclub: Algorithmic Networking

      By: Scott Duke Kominers and George Gonzalez
      Algorithmic networking startup Lunchclub coordinates in-person meetings between professionals who would have been unlikely to meet. The company faces marketplace design, growth, and monetization challenges: The executive team has to refine Lunchclub's marketplace...  View Details
      Keywords: Monetization Strategy; Networking; Business Startups; Marketplace Matching; Market Design; Growth and Development Strategy; Information Industry
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      Kominers, Scott Duke, and George Gonzalez. "Lunchclub: Algorithmic Networking." Harvard Business School Case 820-051, January 2020.
      • November 2019
      • Article

      The Relevance of Broker Networks for Information Diffusion in the Stock Market

      By: Marco Di Maggio, Francesco Franzoni, Amir Kermani and Carlo Sommavilla
      This paper shows that the network of relationships between brokers and institutional investors shapes information diffusion in the stock market. We exploit trade-level data to show that central brokers gather information by executing informed trades, which is then...  View Details
      Keywords: Broker Networks; Institutional Investors; Asset Prices; Business and Shareholder Relations; Institutional Investing; Information; Knowledge Dissemination; Financial Markets; Asset Pricing
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      Di Maggio, Marco, Francesco Franzoni, Amir Kermani, and Carlo Sommavilla. "The Relevance of Broker Networks for Information Diffusion in the Stock Market." Journal of Financial Economics 134, no. 2 (November 2019): 419–446.
      • 2020
      • Working Paper

      Collusion in Brokered Markets

      By: John William Hatfield, Scott Duke Kominers and Richard Lowery
      The U.S. residential real estate agency market presents a puzzle for economic theory: commissions on real estate transactions have remained high for decades even though entry is frequent and costs are low. We model the real estate agency market, and other brokered...  View Details
      Keywords: Real Estate; "Repeated Games"; Collusion; Antitrust; Brokered Markets; Game Theory; Real Estate Industry
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      Hatfield, John William, Scott Duke Kominers, and Richard Lowery. "Collusion in Brokered Markets." Harvard Business School Working Paper, No. 20-023, September 2019. (Revised July 2020.)
      • 2021
      • Working Paper

      The Value of Intermediation in the Stock Market

      By: Marco Di Maggio, Mark Egan and Francesco Franzoni
      We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit...  View Details
      Keywords: Financial Intermediation; Institutional Investors; Research Analysts; Broker Networks; Equity Trading; Institutional Investing; Financial Services Industry
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      Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Harvard Business School Working Paper, No. 20-016, August 2019. (Revised June 2021. Accepted at the Journal of Financial Economics.)
      • July 2019 (Revised March 2020)
      • Case

      At-Bay Cyber Insurance

      By: Marco Di Maggio and David Lane
      At-Bay was a cyber insurance startup that offered companies coverage against a wide array of cyber risks—exposure to which the firm was able to quickly assess and price on the basis of technical expertise that traditional insurance carriers lacked. In mid-2019, At-Bay...  View Details
      Keywords: Business Startups; Insurance; Disruptive Innovation; Risk Management; Product Marketing; Distribution Channels; Information Technology; Salesforce Management; Insurance Industry
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      Di Maggio, Marco, and David Lane. "At-Bay Cyber Insurance." Harvard Business School Case 220-005, July 2019. (Revised March 2020.)
      • February 2019
      • Article

      The Market for Financial Adviser Misconduct

      By: Mark Egan, Gregor Matvos and Amit Seru
      We construct a novel database containing the universe of financial advisers in the United States from 2005 to 2015, representing approximately 10% of employment of the finance and insurance sector. We provide the first large-scale study that documents the economy-wide...  View Details
      Keywords: Financial Advisors; Brokers; Consumer Finance; Financial Misconduct And Fraud; FINRA; Financial Institutions; Crime and Corruption; Organizational Culture; Personal Finance; Financial Services Industry
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      Egan, Mark, Gregor Matvos, and Amit Seru. "The Market for Financial Adviser Misconduct." Journal of Political Economy 127, no. 1 (February 2019): 233–295.
      • May 2018 (Revised June 2018)
      • Case

      Ashar Group: Brokers and Co-opetition in the Life Settlement Industry

      By: Alexander Braun, Lauren H. Cohen, Christopher J. Malloy and Jiahua Xu
      Connecting life insurance policyholders with potential investors (called Life Settlement Providers), Ashar Group plays a pivotal role in the industry. Its current position is, however, increasingly being challenged by consumer-direct models, led by major providers...  View Details
      Keywords: Insurance; Investment; Markets; Competitive Strategy; Cooperation; Financial Services Industry
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      Braun, Alexander, Lauren H. Cohen, Christopher J. Malloy, and Jiahua Xu. "Ashar Group: Brokers and Co-opetition in the Life Settlement Industry." Harvard Business School Case 218-109, May 2018. (Revised June 2018.)
      • March 2013 (Revised October 2013)
      • Supplement

      Growing Integrated Services at Jones Lang LaSalle (2008) (C)

      By: Ranjay Gulati and Luciana Silvestri
      This case describes the strategic and organizational challenges that Jones Lang LaSalle (JLL) faced between 2005 and 2008. Having dismantled its long-standing service-line-oriented structure, JLL created two interdependent groups: Accounts and Markets. Accounts housed...  View Details
      Keywords: Organizational Structure; Strategy; Integration; Real Estate Industry; North America; South America; Central America
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      Gulati, Ranjay, and Luciana Silvestri. "Growing Integrated Services at Jones Lang LaSalle (2008) (C)." Harvard Business School Supplement 113-116, March 2013. (Revised October 2013.)
      • March 2013 (Revised October 2013)
      • Supplement

      Jones Lang LaSalle (2012): Integrated Services and the Architecture of Complexity (D)

      By: Ranjay Gulati and Luciana Silvestri
      This case describes the strategic and organizational challenges that Jones Lang LaSalle (JLL) faced between 2008 and 2012. In 2008, in order to strengthen the firm's brokerage team, JLL merged with The Staubach Company, a real estate services provider with a first-rate...  View Details
      Keywords: Organizational Structure; Strategy; Integration; Real Estate Industry; North America; South America; Central America
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      Gulati, Ranjay, and Luciana Silvestri. "Jones Lang LaSalle (2012): Integrated Services and the Architecture of Complexity (D)." Harvard Business School Supplement 113-117, March 2013. (Revised October 2013.)
      • July 2012
      • Case

      Droga5: Launching Jay-Z's Decoded

      By: Anita Elberse and Kwame Owusu-Kesse
      In 2010, David Droga and Andrew Essex, co-founders of advertising agency Droga5, hope to convince both John Meneilly, manager of hip-hop star Shawn Carter—better known as Jay-Z—and a partner in Carter's company Roc Nation and Yusuf Mehdi, senior vice president of...  View Details
      Keywords: Advertising; Advertising Campaigns; Marketing; Brands and Branding; Entertainment; Advertising Industry; Entertainment and Recreation Industry
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      Elberse, Anita, and Kwame Owusu-Kesse. "Droga5: Launching Jay-Z's Decoded." Harvard Business School Case 513-032, July 2012.
      • February 2011 (Revised December 2014)
      • Case

      RentJuice

      By: Thomas Eisenmann and Liz Kind
      RentJuice, founded in mid-2008, provided a subscription software service—sold via phone and live online webinars—that allowed real estate professionals like brokers and agents to manage and market rental listings, communicate with clients, and complete transaction...  View Details
      Keywords: Renting or Rental; Product Launch; Applications and Software; Property; Business Startups; Salesforce Management; Product Marketing; Real Estate Industry; Information Technology Industry
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      Eisenmann, Thomas, and Liz Kind. "RentJuice." Harvard Business School Case 811-069, February 2011. (Revised December 2014.) (request a courtesy copy.)
      • December 2007 (Revised September 2009)
      • Case

      Wall Street's First Panic (A)

      By: David A. Moss and Cole Bolton
      In the early 1790s, a flood of newly issued public and private securities sparked an investment boom in the nascent United States. In New York, the bustling commercial district along Wall Street emerged as the center of the city's securities trade. One of the many...  View Details
      Keywords: History; Financial Instruments; Auctions; Financial Crisis; Business and Government Relations; Financial Services Industry
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      Moss, David A., and Cole Bolton. "Wall Street's First Panic (A)." Harvard Business School Case 708-002, December 2007. (Revised September 2009.)
      • August 2002 (Revised January 2003)
      • Case

      Siebel Systems: Anatomy of a Sale, Part 1

      By: John A. Deighton and Das Narayandas
      How does a $2 million software sale happen? This case traces efforts by Siebel Systems to sell lead management software to discount broker Quick & Reilly. The buying process is mapped out over four years. Covers in detail the last six months—from Siebel's initial...  View Details
      Keywords: Leadership; Management Analysis, Tools, and Techniques; Marketing Strategy; Consumer Behavior; Organizational Structure; Behavior; Competition; Software; Technology Industry
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      Deighton, John A., and Das Narayandas. "Siebel Systems: Anatomy of a Sale, Part 1." Harvard Business School Case 503-021, August 2002. (Revised January 2003.) (request a courtesy copy.)
      • August 2002 (Revised February 2003)
      • Case

      Siebel Systems: Anatomy of a Sale, Part 2

      By: John A. Deighton and Das Narayandas
      How does a $2 million software sale happen? This case traces efforts by Siebel Systems to sell lead management software to discount broker Quick & Reilly. The buying process is mapped out over four years. Covers in detail the last six months--from Siebel's initial...  View Details
      Keywords: Business Cycles; Leadership; Management Analysis, Tools, and Techniques; Marketing Strategy; Consumer Behavior; Organizational Structure; Behavior; Competition; Software; Technology Industry
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      Deighton, John A., and Das Narayandas. "Siebel Systems: Anatomy of a Sale, Part 2." Harvard Business School Case 503-022, August 2002. (Revised February 2003.)
      • August 2002
      • Case

      Siebel Systems: Anatomy of a Sale, Part 3

      By: John A. Deighton and Das Narayandas
      How does a $2 million software sale happen? This case traces efforts by Siebel Systems to sell lead management software to discount broker Quick & Reilly. The buying process is mapped out over four years. Covers in detail the last six months--from Siebel's initial...  View Details
      Keywords: Sales; Decision Choices and Conditions; Competitive Strategy; Customer Relationship Management; Product Marketing; Information Technology Industry
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      Deighton, John A., and Das Narayandas. "Siebel Systems: Anatomy of a Sale, Part 3." Harvard Business School Case 503-023, August 2002.
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