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  • 2021
  • Working Paper

How Important is Editorial Gatekeeping? Evidence from Top Biomedical Journals
By: Joshua L. Krieger, Kyle R. Myers and Ariel D. Stern
We examine editors' influence on the scientific content of academic journals by unpacking the role of three major forces: journals' missions, aggregate supply of and demand for specific topics, and scientific homophily via editorial gatekeeping. In a sample of top...  View Details
Keywords: Jobs and Positions; Operations; Information Publishing; Analysis
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  • 2021
  • Article

Fair Influence Maximization: A Welfare Optimization Approach
By: Aida Rahmattalabi, Shahin Jabbari, Himabindu Lakkaraju, Phebe Vayanos, Max Izenberg, Ryan Brown, Eric Rice and Milind Tambe
Several behavioral, social, and public health interventions, such as suicide/HIV prevention or community preparedness against natural disasters, leverage social network information to maximize outreach. Algorithmic influence maximization techniques have been proposed...  View Details
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  • February 2021
  • Article

Assessment of Electronic Health Record Use Between U.S. and Non-U.S. Health Systems
By: A Jay Holmgren, Lance Downing, David W. Bates, Tait D. Shanafelt, Arnold Milstein, Christopher Sharp, David Cutler, Robert S. Huckman and Kevin A. Schulman
Importance: Understanding how the electronic health record (EHR) system changes clinician work, productivity, and well-being is critical. Little is known regarding global variation in patterns of use.
Objective: To provide insights into which EHR...  View Details
Keywords: Electronic Health Records; Health Care and Treatment; Online Technology; Information Technology Industry; Information Technology Industry
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  • Article

Cultural Diversity on Wall Street: Evidence from Consensus Earnings Forecasts
By: Kenneth Merkley, Roni Michaely and Joseph Pacelli
We examine how cultural differences among agents influence the aggregate outcome of a common forecasting task. Using both exogenous shocks to sell-side analyst diversity and panel regression methods, we find that increases in analyst cultural diversity positively...  View Details
Keywords: Culture; Forecasting; Sell-side Analysts; Information Aggregation; Diversity; Forecasting and Prediction; Information; Performance Improvement
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  • 2020
  • Working Paper

EMEs and COVID-19: Shutting Down in a World of Informal and Tiny Firms
By: Laura Alfaro, Oscar Becerra and Marcela Eslava
Emerging economies are characterized by an extremely high prevalence of informality, small-firm employment and jobs not fit for working from home. These features factor into how the COVID-19 crisis has affected the economy. We develop a framework that, based on...  View Details
Keywords: COVID-19; Emerging Economies; Informality; Firm-size Distribution; Health Pandemics; Developing Countries and Economies; Economy; System Shocks; Latin America
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  • April 2020
  • Article

Long-term Firm Growth: An Empirical Analysis of U.S. Manufacturers 1959–2015
By: Giovanni Dosi, Marco Grazzi, Daniele Moschella, Gary P. Pisano and Federico Tamagni
Firm growth is an essential feature of market economies, shaping together macroeconomic performance and the evolution of industry structures. As a potential indicator of organizational “fitness” within a competitive environment, firm growth is also a central concern to...  View Details
Keywords: Firm Growth; Organizations; Growth and Development; Theory; Analysis; Production; Data and Data Sets
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  • 2020
  • Working Paper

Consumer Protection in an Online World: An Analysis of Occupational Licensing
By: Chiara Farronato, Andrey Fradkin, Bradley Larsen and Erik Brynjolfsson
We study the effects of occupational licensing on consumer choices and market outcomes in a large online platform for residential home services. We exploit exogenous variation in the time at which licenses are displayed on the platform to identify the causal effects of...  View Details
Keywords: Occupational Licensing; Consumer Protection; Governing Rules, Regulations, and Reforms; Consumer Behavior; Decision Making; Customer Satisfaction
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  • November 2019
  • Case

TripAdvisor: An Itinerary for Growth
By: Jeffrey F. Rayport, Spencer Rascoff and Susie L. Ma
In 2019, TripAdvisor was one of the best-known and most-trafficked online travel sites. For nearly 20 years, its founder and CEO Steve Kaufer had steered TripAdvisor through many phases of growth and profitability, but recently the company’s growth had started to slow....  View Details
Keywords: Business Growth and Maturation; Decision Making; Business or Company Management; Growth Management; Innovation and Invention; Brands and Branding; Operations; Customer Value and Value Chain; Technology; Travel Industry; Massachusetts
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  • 2019
  • White Paper

Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy
By: George Serafeim, T. Robert Zochowski and Jennifer Downing
Reimagining capitalism is an imperative. We need to create a more inclusive and sustainable form of capitalism that works for every person and the planet. Massive environmental damage, growing income and wealth disparity, stress, and depression within developed...  View Details
Keywords: Impact-Weighted Accounts; IWAI; Background; Economic Systems; Economy; Corporate Social Responsibility and Impact; Measurement and Metrics; Financial Statements
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  • November 2018
  • Article

Global Evidence on Economic Preferences
By: Armin Falk, Anke Becker, Thomas Dohmen, Benjamin Enke, David Huffman and Uwe Sunde
This article studies the global variation in economic preferences. For this purpose, we present the Global Preference Survey (GPS), an experimentally validated survey data set of time preference, risk preference, positive and negative reciprocity, altruism, and trust...  View Details
Keywords: Economic Preferences; Economics; Behavior; Surveys; Data and Data Sets; Global Range
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  • September 2018
  • Article

Aggregation of Consumer Ratings: An Application to Yelp.com
By: Weijia Dai, Ginger Jin, Jungmin Lee and Michael Luca
Because consumer reviews leverage the wisdom of the crowd, the way in which they are aggregated is a central decision faced by platforms. We explore this "rating aggregation problem" and offer a structural approach to solving it, allowing for (1) reviewers to vary in...  View Details
Keywords: User Generated Content; Crowdsourcing; E-commerce; Yelp; Social and Collaborative Networks; Information; Internet; Learning; Mathematical Methods
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  • 2017
  • Working Paper

The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond
By: Josh Lerner and Amit Seru
Patents and citations are powerful tools for understanding innovative activity inside the firm and are increasingly used in corporate finance research. But due to the complexities of patent data collection and the changing spatial and industry composition of innovative...  View Details
Keywords: Patents; Data and Data Sets; Corporate Finance; Research; Problems and Challenges
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  • Article

An Invitation to Market Design
By: Scott Duke Kominers, Alexander Teytelboym and Vincent P. Crawford
Market design seeks to translate economic theory and analysis into practical solutions to real-world problems. By redesigning both the rules that guide market transactions and the infrastructure that enables those transactions to take place, market designers can...  View Details
Keywords: Matching; Trading; Scrip; Liquidity; Efficiency; Equity; Allocation Rules; Marketplaces; Market Design; Marketplace Matching; Auctions
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  • 2017
  • Working Paper

Nowcasting the Local Economy: Using Yelp Data to Measure Economic Activity
By: Edward L. Glaeser, Hyunjin Kim and Michael Luca
Can new data sources from online platforms help to measure local economic activity? Government datasets from agencies such as the U.S. Census Bureau provide the standard measures of economic activity at the local level. However, these statistics typically appear only...  View Details
Keywords: Economy; Data and Data Sets; Local Range; Social and Collaborative Networks
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  • August 2017 (Revised August 2018)
  • Case

Busbud: Building a Data Company
By: Srikant M. Datar, Alistair Croll and Caitlin N. Bowler
The case features the work of LP Maurice (HBS '08) as he decides to take on the fragmented bus travel industry and launch an online business that aggregates and shares bus schedules for routes around the world. His first challenge: finding that the data he needs is...  View Details
Keywords: Data Science; Data and Data Sets; Business Startups; Knowledge Acquisition; Customers; Measurement and Metrics; Transportation Industry
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  • June 2017
  • Article

Does Aggregated Returns Disclosure Increase Portfolio Risk Taking?
By: John Beshears, James J. Choi, David Laibson and Brigitte C. Madrian
Many experiments have found that participants take more investment risk if they see returns less frequently, see portfolio-level returns (rather than each individual asset’s returns), or see long-horizon (rather than one-year) historical return distributions. In...  View Details
Keywords: Information; Investment Portfolio; Investment Return
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  • 2016
  • Working Paper

Patent Disclosures and Standard-Setting
By: Josh Lerner, Haris Tabakovic and Jean Tirole
A key role of standard setting organizations (SSOs) is to aggregate information on relevant intellectual property (IP) claims before deciding on a standard. This article explores the firms’ strategies in response to IP disclosure requirements—in particular, the choice...  View Details
Keywords: Patents; Corporate Disclosure; Standards
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  • 2016
  • Article

Organizational Decision-Making and Information: Angel Investments by Venture Capital Partners
By: Andy Wu
We study information aggregation in organizational decision-making for the financing of entrepreneurial ventures. We introduce a formal model of voting where agents face costly tacit information to improve their decision quality. Equilibrium outcomes suggest a...  View Details
Keywords: Entrepreneurial Finance; Angel Investors; Organization Design; Voting; Group Decision-making; Information; Strategy; Organizations; Entrepreneurship; Decision Making; Financing and Loans
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  • 2015
  • Working Paper

The Wisdom of Crowds in Operations: Forecasting Using Prediction Markets
By: Achal Bassamboo, Ruomeng Cui and Antonio Moreno
Prediction is an important activity in various business processes, but it becomes difficult when historical information is not available, such as forecasting demand of a new product. One approach that can be applied in such situations is to crowdsource opinions from...  View Details
Keywords: Wisdom Of Crowds; Demand Forecasting; Price Forecasting; Forecasting and Prediction; Social and Collaborative Networks; Size; Performance
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  • Article

The Cross Section of Expected Holding Period Returns and Their Dynamics: A Present Value Approach
By: Matthew R. Lyle and Charles C.Y. Wang
We provide a tractable model of firm-level expected holding period returns using two firm fundamentals—book-to-market ratio and ROE—and study the cross-sectional properties of the model-implied expected returns. We find that 1) firm-level expected returns and expected...  View Details
Keywords: Expected Returns; Discount Rates; Holding Period Returns; Fundamental Valuation; Present Value; Valuation; Investment Return
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