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  • 2021
  • Working Paper

No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions
By: Robert C. Merton and Richard T. Thakor
This paper analyzes the costs and benefits of a no-fault-default debt structure as an alternative to the typical bankruptcy process. We show that the deadweight costs of bankruptcy can be avoided or substantially reduced through no-fault-default debt, which permits a...  View Details
Keywords: No-fault Default; Chapter 11; Insolvency and Bankruptcy; Borrowing and Debt; Governing Rules, Regulations, and Reforms; Financial Institutions; Contracts
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  • 2018
  • Book

A Crisis of Beliefs: Investor Psychology and Financial Fragility
By: Nicola Gennaioli and Andrei Shleifer
The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A...  View Details
Keywords: Financial Fragility; Economic Risk; Investor Behavior; Behavioral Economics; Financial Crisis; Risk and Uncertainty; Financial Markets; Investment; Values and Beliefs; United States
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  • Article

Investors as Stewards of the Commons?
By: George Serafeim
Over the past few years, there has been a significant increase in the number of initiatives seeking to mobilize investor voice towards positive social impact. In this paper, I provide a framework outlining the role of investors as stewards of the commons. While...  View Details
Keywords: Collaboration; Industry Self-regulation; Sustainability; Esg; Capital Markets; Investor Behavior; Investment Activism; Social Issues; Environmental Sustainability; Corporate Social Responsibility and Impact; Cooperation
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  • June 2017
  • Article

The Social Trajectory of a Finance Professor and the Common Sense of Capital
By: Marion Fourcade and Rakesh Khurana
This paper traces the career of Michael Jensen, a Chicago finance PhD turned Harvard Business School professor to reveal the intellectual and social conditions that enabled the emergence and institutionalization of what we call the “neoliberal common sense of capital,”...  View Details
Keywords: Executive Pay; The Firm; Michael Jensen; Neo-liberalism; Shareholder Value; Agency Theory; Corporate Governance; Executive Compensation; Business and Shareholder Relations; Transformation
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  • March 2017
  • Article

Institutional Ownership and Corporate Tax Avoidance: New Evidence
By: Mozaffar N. Khan, Suraj Srinivasan and Liang Tan
We provide new evidence on the agency theory of corporate tax avoidance (Slemrod, 2004; Crocker and Slemrod, 2005; Chen and Chu, 2005) by showing that increases in institutional ownership are associated with increases in tax avoidance. Using the Russell index...  View Details
Keywords: Tax Avoidance; Agency Costs; Institutional Ownership; Private Ownership; Crime and Corruption; Taxation; Agency Theory
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  • December 2016
  • Article

Corporate Sponsorship in Culture—A Case of Collaborative Marketing by a Global Bank and a Major Art Museum
By: Ragnar Lund and Stephen A. Greyser
This paper examines cultural sponsorship from a partnership perspective. It studies the collaboration between two international institutions, a bank and a museum, and their value co-creation with customers and audiences. This in-depth case study of a sponsorship...  View Details
Keywords: Sponsorship; Co-marketing; Partnerships; International Marketing; Arts Marketing; Relationship Marketing; Museums; Resource Integration; Marketing; Partners and Partnerships; Financial Institutions; Arts
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  • 2016
  • Working Paper

Refugee Resettlement
By: David Delacretaz, Scott Duke Kominers and Alexander Teytelboym
Over 100,000 refugees are permanently resettled from refugee camps to hosting countries every year. Nevertheless, refugee resettlement processes in most countries are ad hoc, accounting for neither the priorities of hosting communities nor the preferences of refugees...  View Details
Keywords: Refugees; Marketplace Matching; Mathematical Methods
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  • March–April 2016
  • Article

Scrutiny, Norms, and Selective Disclosure: A Global Study of Greenwashing
By: Christopher Marquis, Michael W. Toffel and Yanhua Zhou
Under increased pressure to report environmental impacts, some firms selectively disclose relatively benign impacts, creating an impression of transparency while masking their true performance. We identify key company- and country-level factors that limit firms' use of...  View Details
Keywords: Disclosure Strategy; Disclosure; Environmental Performance; Environmental Strategy; Environment; Symbolic; Reporting; Corporate Disclosure; Integrated Corporate Reporting; Corporate Social Responsibility and Impact
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  • December 2015
  • Article

Entrepreneurial Imagination and a Demand and Supply-side Perspective on the MNE and Cross-border Organization
By: Geoffrey Jones and Christos Pitelis
This article explores the role of entrepreneurial imagination on the international expansion of multinational enterprises. The focus is on supply- and demand-side factors that help explicate cross-border expansion. The article explores how appropriability-informed and...  View Details
Keywords: Imagination; Globalization; History; Entrepreneurship; Multinational Firms and Management; Africa; Asia; Europe; North and Central America
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  • 2015
  • Chapter

Institutional Innovation: Novel, Useful, and Legitimate
By: Ryan Raffaelli and Mary Ann Glynn
This chapter advances the theoretical construct of institutional innovation, which we define as novel, useful and legitimate change that disrupts, to varying degrees, the cognitive, normative, or regulative mainstays of an organizational field. Institutional...  View Details
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  • 2015
  • Article

What's so Institutional about Leadership?: Leadership Mechanisms of Value Infusion
By: Ryan Raffaelli and Mary Ann Glynn
Leaders are important social actors in organizations, centrally involved in establishing and maintaining institutional values, a view that was articulated by Philip Selznick (1957) nearly a half-century ago, but often overlooked in institutionalists' accounts. Our...  View Details
Keywords: Leadership; Organizations; Values and Beliefs
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  • July 2014
  • Case

Thompson Asset Management
By: William Fruhan and John Banko
Thompson Asset Management (TAM) is a small investment advisory and asset management firm in Jacksonville, Florida, with about $100 million in assets under management in two different funds. Since starting the firm in 2009, the CEO and founder Allison Thompson has had a...  View Details
Keywords: Small Business; Asset Management; Expansion; Investment Portfolio; Financial Services Industry; Florida
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  • Article

The Effect of Institutional Factors on the Value of Corporate Diversification
By: Venkat Kuppuswamy, George Serafeim and Belen Villalonga
Using a large sample of diversified firms from 38 countries we investigate the influence of several national-level institutional factors or 'institutional voids' on the value of corporate diversification. Specifically, we explore whether the presence of frictions in a...  View Details
Keywords: Diversification Discount; Institutions; Labor Market; Competition; Human Capital; Diversification; Value; Capital Markets
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  • January 2014
  • Article

China's 'New Regionalism': Subnational Analysis in Chinese Political Economy
By: Meg Rithmire
The study of Chinese political economy has undergone a sea change since the late 1990s; instead of debating the origins and direction of national reform, scholars have turned to examining the origins of local economic variation. This essay reviews recent work in...  View Details
Keywords: China; Political Economy; Economy; Government and Politics; China
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  • October 2013
  • Article

How Firms Respond to Mandatory Information Disclosure
By: Anil R. Doshi, Glen W.S. Dowell and Michael W. Toffel
Mandatory information disclosure regulations seek to create institutional pressure to spur performance improvement. By examining how organizational characteristics moderate establishments' responses to a prominent environmental information disclosure program, we...  View Details
Keywords: Information Disclosure; Institutional Theory; Environmental Strategy; Mandatory Disclosure; Environmental Performance; Information; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Performance Improvement; Environmental Sustainability; Manufacturing Industry; United States
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  • April 2013
  • Article

What Roger Fisher Got Profoundly Right: Five Enduring Lessons for Negotiators
By: James K. Sebenius
Roger Fisher, who died in 2012, enjoyed a remarkable career that modeled one way that an academic, especially in a professional school such as law or business, could make a significant, positive, and lasting difference in the world. Distinctive aspects of his career...  View Details
Keywords: Bargaining; Conflict Resolution; Dealmaking; Negotiation; Personal Development and Career; Conflict and Resolution
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  • 2012
  • Chapter

The Institutional Logic of Great Global Firms
By: Rosabeth M. Kanter
Keywords: Global Organizations; Management; Globalized Firms and Management; Change Management
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  • 2012
  • Book

Banks as Multinationals
By: G. Jones
This is a revised edition of a comparative, international study which looks at the history of multinational banks. Researchers from the United States, Japan, Europe, and Australia survey the evolution of multinational banks over time and suggest a conceptual framework...  View Details
Keywords: Business History; Multinational Firms and Management; Banks and Banking; Business Strategy; Geographic Location; Trends; Theory
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  • April 2012
  • Article

Change Agents, Networks, and Institutions: A Contingency Theory of Organizational Change
By: Julie Battilana and Tiziana Casciaro
We develop a contingency theory for how structural closure in a network, defined as the extent to which an actor's network contacts are connected to one another, affects the initiation and adoption of change in organizations. Using longitudinal survey data supplemented...  View Details
Keywords: Networks; Theory; Organizations; Change
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  • 2012
  • Chapter

Institutional Pressures and Organizational Characteristics: Implications for Environmental Strategy
By: Magali A. Delmas and Michael W. Toffel
A broad literature has emerged over the past decades demonstrating that firms' environmental strategies and practices are influenced by stakeholders and institutional pressures. Such findings are consistent with institutional sociology, which emphasizes the importance...  View Details
Keywords: Management Practices and Processes; Corporate Social Responsibility and Impact; Business and Stakeholder Relations; Natural Environment; Business Strategy
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