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- 2022
- Working Paper
Retail Investors’ Contrarian Behavior Around News and the Momentum Effect
By: Cheng (Patrick) Luo, Enrichetta Ravina, Marco Sammon and Luis M. Viceira
Using a large panel of U.S. brokerage accounts trades and positions, we show that a large fraction of retail investors trade as contrarians after large earnings surprises, especially for loser stocks, and that such contrarian trading contributes to post earnings...
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- April 2022
- Article
Going Out or Opting Out? Capital, Political Vulnerability, and the State in China's Outward Investment
By: Meg Rithmire
How do state-business relations interact with outward investment in authoritarian regimes? This paper examines this question in the context of China’s rapid transformation into a major capital exporter. While most political economy scholarship focuses on firms’...
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- March 2022 (Revised May 2022)
- Case
Winning Business at Russell Reynolds (A)
By: Ethan Bernstein and Cara Mazzucco
In an effort to make compensation drive collaboration, Russell Reynolds Associates’ (RRA) CEO Clarke Murphy sought to re-engineer the bonus system for his executive search consultants in 2016. As his HR analytics guru, Kelly Smith, points out, that risks upsetting–and...
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Keywords:
Compensation;
Collaboration;
Executive Search Firms;
Consulting Firms;
Compensation and Benefits;
Restructuring;
Human Resources;
Human Capital;
Management Practices and Processes;
Organizational Culture;
Organizational Change and Adaptation;
Social and Collaborative Networks;
Recruitment;
Selection and Staffing;
Talent and Talent Management;
Consulting Industry;
Employment Industry;
Asia;
Europe;
Latin America;
Middle East;
North and Central America;
South America;
Oceania
- March 2022
- Supplement
Winning Business at Russell Reynolds (B)
By: Ethan Bernstein and Cara Mazzucco
In an effort to make compensation drive collaboration, Russell Reynolds Associates’ (RRA) CEO Clarke Murphy sought to re-engineer the bonus system for his executive search consultants in 2016. As his HR analytics guru, Kelly Smith, points out, that risks upsetting–and...
View Details
Keywords:
Compensation;
Collaboration;
Executive Search Firms;
Consulting Firms;
Compensation and Benefits;
Restructuring;
Human Resources;
Human Capital;
Management Practices and Processes;
Organizational Culture;
Organizational Change and Adaptation;
Social and Collaborative Networks;
Recruitment;
Selection and Staffing;
Talent and Talent Management;
Consulting Industry;
Employment Industry;
Asia;
Europe;
Latin America;
Middle East;
North and Central America;
South America;
Oceania
- March 2022
- Article
When Less Is More: Consumers Prefer Brands that Donate More in Relative versus Absolute Terms
By: Elizabeth A. Keenan, Anne V. Wilson and Leslie K. John
When trying to make a good impression on consumers through charitable giving, is it better for brands to maximize the overall dollars they donate or how much they give in relative terms; for example, the proportion of profits? Across five studies we show that consumers...
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- November 2021
- Article
Ratings, Reviews, and the Marketing of New Products
By: Itay P. Fainmesser, Dominique Olié Lauga and Elie Ofek
We study how user-generated content (UGC) about new products impacts a firm's advertising and pricing decisions and the effect on profits and market dynamics. We construct a two-period model where consumers value quality and are heterogeneous in their taste for the new...
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- 2022
- Working Paper
Rising Markups and the Role of Consumer Preferences
By: Hendrik Döpper, Alexander MacKay, Nathan H. Miller and Joel Stiebale
We characterize the evolution of markups for consumer products in the United States from 2006 to 2019. We use detailed data on prices and quantities for products in more than 100 distinct product categories to estimate demand systems with flexible consumer preferences....
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- Article
Decarbonization Factors
By: Alex Cheema-Fox, Bridget LaPerla, George Serafeim, David Turkington and Hui (Stacie) Wang
In the face of accelerating climate change, investors are making capital allocations seeking to decarbonize portfolios by reducing the carbon emissions of their holdings. To understand the performance of portfolio decarbonization strategies and investor behavior...
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- October 2021
- Article
Overcoming the Cold Start Problem of CRM Using a Probabilistic Machine Learning Approach
By: Nicolas Padilla and Eva Ascarza
The success of Customer Relationship Management (CRM) programs ultimately depends on the firm's ability to understand consumers' preferences and precisely capture how these preferences may differ across customers. Only by understanding customer heterogeneity, firms can...
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- 2021
- Working Paper
Shared Models in Networks, Organizations, and Groups
By: Joshua Schwartzstein and Adi Sunderam
Why did the market rise yesterday? What are the implications of the latest school shooting? Why did a particular employee get promoted? To answer such questions, we often exchange models, stories, narratives, and interpretations with others. This paper provides a...
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- 2021
- Working Paper
Consumer Choice and Corporate Bankruptcy
By: Samuel Antill and Megan Hunter
Using an incentivized randomized experiment, we estimate the causal effect of a Chapter 11 bankruptcy filing on consumer demand for the bankrupt firm's products. Knowledge of Hertz's Chapter 11 bankruptcy reduces consumers' willingness-to-pay for Hertz by 35%. We show...
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- July 2021
- Article
Consumers—Especially Women—Avoid Buying from Firms with Higher Gender Pay Gaps
By: Tobias Schlager, Bhavya Mohan, Katherine DeCelles and Michael I. Norton
We document a unique driver of consumer behavior: the public disclosure of a firm’s gender pay gap. Four experiments provide causal evidence that when firms are revealed to have gender pay gaps, consumers are less willing to pay for their goods, a reaction driven by...
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Keywords:
Pay Gap;
Perceived Wage Fairness;
Purchase Intention;
Gender;
Wages;
Fairness;
Perception;
Consumer Behavior
- July 2021
- Article
Information Transparency, Multihoming, and Platform Competition: A Natural Experiment in the Daily Deals Market
By: Hui Li and Feng Zhu
Platform competition is shaped by the likelihood of multi-homing (i.e., complementors or consumers adopt more than one platform). To take advantage of multi-homing, platform firms often attempt to motivate their rivals’ high-performing complementors to adopt their own...
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- July 2021
- Article
The Effect of Price on Firm Reputation
By: Michael Luca and Oren Reshef
While a business's reputation can affect its pricing, prices can also affect its reputation. To explore the effect of prices on reputation, we investigate daily data on menu prices and online ratings from a large rating and ordering platform. We find that a price...
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- 2021
- Working Paper
Once Bitten, Twice Shy: Learning from Corporate Fraud and Corporate Governance Spillovers
By: Trung Nguyen
This paper finds that investors learn from their experience with corporate fraud and financial misconduct and modify their investment behavior to avoid suspicious firms and increase corporate governance efforts. More specially, mutual funds that experienced corporate...
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- June 23, 2021
- Article
Research: When A/B Testing Doesn't Tell You the Whole Story
By: Eva Ascarza
When it comes to churn prevention, marketers traditionally start by identifying which customers are most likely to churn, and then running A/B tests to determine whether a proposed retention intervention will be effective at retaining those high-risk customers. While...
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Keywords:
Customer Retention;
Churn;
Targeting;
Market Research;
Marketing;
Investment Return;
Customers;
Retention;
Research
- May 2021
- Article
The Firm Next Door: Using Satellite Images to Study Local Information Advantage
By: Jung Koo Kang, Lorien Stice-Lawrence and Forester Wong
We use novel satellite data that track the number of cars in the parking lots of 92,668 stores for 71 publicly listed U.S. retailers to study the local information advantage of institutional investors. We establish car counts as a timely measure of store-level...
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- 2021
- Working Paper
Absenteeism, Productivity, and Relational Contracts Inside the Firm
By: Achyuta Adhvaryu, Jean-François Gauthier, Anant Nyshadham and Jorge Tamayo
We study relational contracts among managers using a unique dataset that tracks transfers of workers across teams in Indian ready-made garment factories. We focus on how relational contracts help managers cope with worker absenteeism shocks, which are frequent, often...
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- 2021
- Working Paper
Information Spillovers in Experience Goods Competition
By: Zhuoqiong Charlie Chen, Christopher Stanton and Catherine Thomas
When experience goods compete, consuming one product can be informative about value for similar untried products. We study a two-period model of duopoly competition in markets that have this feature and where firms can price discriminate between consumers based on...
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- December 2020 (Revised May 2021)
- Case
Riverstone
By: David E. Bell and Natalie Kindred
In 2020, Luke Minion and the leadership team at Riverstone, a hog producer founded in 2013 in Shandong, China, were evaluating Riverstone’s strategy as it rebounded from outbreaks of African Swine Fever (ASF) in two of its three farm complexes. Riverstone was a joint...
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Keywords:
Strategy;
Globalization;
Cross-Cultural and Cross-Border Issues;
Animal-Based Agribusiness;
Consumer Behavior;
Demand and Consumers;
Disruption;
Risk and Uncertainty;
Risk Management;
Agriculture and Agribusiness Industry;
Food and Beverage Industry;
Consulting Industry;
United States;
China