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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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  • 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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  • 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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  • 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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  • 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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  • 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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  • 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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  • 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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  • 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
Related
  • 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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  • 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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  • 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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  • 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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  • 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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  • 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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  • 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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  • 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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  • 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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  • 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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  • 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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