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- August 2021
- Case
Danone S.A.: Becoming a Mission-Driven Company (A)
By: Benjamin C. Esty and Emilie Billaud
Emmanuel Faber became CEO of Danone SA, the French food and beverage company, in 2014. Right from the start, he ran the company with a dual commitment to both profit and purpose (i.e., ESG objectives). In fact, in 2018, he said, “It’s time to make sustainable business...
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- August 2021
- Case
Mylestone: Can Multiple Pivots Preserve the Life of a Death Tech Startup?
By: Shikhar Ghosh and Marilyn Morgan Westner
Dave Balter and Jim Myers co-founded Mylestone, a death tech startup that applied technology to transform how grieving people memorialize the dead. The startup addressed a cultural problem and promised to solve a pressing need in the antiquated, multi-billion dollar...
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- July 2021
- Case
Pershing Square's Pandemic Trade (A)
By: Emil N. Siriwardane, Luis M. Viceira, Dean Xu and Lucas Baker
This case explores the decision that Bill Ackman, CEO and founder of the hedge fund Pershing Square Capital, was considering in late February 2020 about hedging the exposure of the fund’s portfolio from the potential financial fallout ensuing from an extreme event like...
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- July 2021
- Article
Augmenting Markets with Mechanisms
By: Samuel Antill and Darrell Duffie
We explain how the common practice of size-discovery trade detracts from overall financial market efficiency. At each of a series of size-discovery sessions, traders report their desired trades, generating allocations of the asset and cash that rely on the most recent...
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- July–August 2021
- Article
SPACs: What You Need to Know
By: Max Bazerman and Paresh Patel
Special purpose acquisition companies, or SPACs, have been around in various forms for decades, but during the past two years they’ve taken off in the United States. In 2019, 59 were created, with $13 billion invested; in 2020, 247 were created, with $80 billion...
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- 2021
- Working Paper
Currency Hedging: Managing Cash Flow Exposure
By: Laura Alfaro, Maurici Mauricio and Liliana Varela
Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of FX derivatives...
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- 2021
- Working Paper
Going by the Book: Valuation Ratios and Stock Returns
By: Ki-Soon Choi, Eric So and Charles C.Y. Wang
We study the use of firms’ book-to-market ratios (B/M) in value investing and its implications for comovements in firms’ stock returns and trading volumes. We show B/M has become increasingly detached from common alternative valuation ratios over time while also...
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- 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
Companies' Responses to Social Activism: A Resource Reconfiguration Perspective
By: Yanhua Bird, Jodi L. Short and Michael W. Toffel
Private politics scholarship portrays companies’ organizational vulnerabilities as opportunities for social activists because they signal openness to change. But meaningful organizational change requires not only openness to change, but capacity to mobilize resources...
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- April 2021
- Case
The Clean Network and the Future of Global Technology Competition
By: Meg Rithmire and Courtney Han
In May 2019, amidst of an ever-worsening trade war between the U.S. and China, President Donald Trump added Chinese telecom giant Huawei to the Department of Commerce’s “entity list,” essentially forbidding American firms from doing business with the company. Huawei,...
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- April–May 2021
- Article
Labor Mobility and Antitakeover Provisions
By: Aiyesha Dey and Joshua White
How do firms protect their human capital? We test whether firms facing an increased threat of being acquired strengthen their antitakeover provisions (ATPs) in order to bond with their employees. We use the adoption of the Inevitable Disclosure Doctrine (IDD) by U.S....
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- March 2021 (Revised March 2021)
- Case
Hotwire.com: Navigating Through Turbulence
By: Jeffrey F. Rayport, Manny de Zarraga and Eric Levine
On September 10, 2001, after speaking at an industry conference at New York’s World Trade Center, Hotwire co-founder Spencer Rascoff boarded a flight from Newark to San Francisco. After returning home, Rascoff awoke the next morning to a phone call informing him that...
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Keywords:
September 11;
Corporate Entrepreneurship;
Business Growth and Maturation;
Disruption;
Decisions;
Job Cuts and Outsourcing;
Growth Management;
Two-Sided Platforms;
Problems and Challenges;
Risk and Uncertainty;
Expansion;
Internet;
Online Technology;
Web Sites;
Leading Change;
Leadership Style;
Air Transportation Industry;
Tourism Industry;
San Francisco
- Article
CDS Trading and Nonrelationship Lending Dynamics
By: Jung Koo Kang, Christopher Williams and Regina Wittenberg-Moerman
We investigate how credit default swaps (CDSs) affect lenders’ incentives to initiate new lending relationships. We predict that CDSs reduce adverse selection that nonrelationship lead arrangers face when competing for loans. Consistently, we find that a loan is...
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- March 2021
- Article
On the Direct and Indirect Real Effects of Credit Supply Shocks
By: Laura Alfaro, Manuel García-Santana and Enrique Moral-Benito
We explore the real effects of bank-lending shocks and how they permeate the economy through buyer-supplier linkages. We combine administrative data on all Spanish firms with a matched bank-firm-loan dataset of all corporate loans from 2003 to 2013 to estimate...
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- Article
Tariff Passthrough at the Border and at the Store: Evidence from U.S. Trade Policy
By: Alberto Cavallo, Gita Gopinath, Brent Neiman and Jenny Tang
We use micro data collected at the border and the store to characterize the price impact of recent US trade policy on importers, exporters, and consumers. At the border, import tariff passthrough is much higher than exchange rate passthrough. Chinese exporters did not...
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Keywords:
Trade Policy;
Tariffs;
Exchange Rate Passthrough;
Economics;
Trade;
Policy;
Currency Exchange Rate;
Price;
United States
- March 2021
- Article
The Effectiveness of White-Collar Crime Enforcement: Evidence from the War on Terror
By: Trung Nguyen
This paper analyzes the impact of changes in regulatory priorities and resource allocation on criminal enforcement of white‐collar criminal activities. Using the 9/11 terrorist attacks as a shock to the FBI's priorities and allocation of investigative resources, as...
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- February 2021 (Revised March 2021)
- Case
Shopify: The Conquest for Chinese E-Commerce
By: Jeffrey F. Rayport, Avani Patel, Ariel Yang and Samantha Lin
In mid-2020, Tobias Lütke, CEO of Shopify, faced a critical decision on how to time potential expansion into the China market. Over the prior 15 years, his Canadian software-as-a-service company had grown from a small e-commerce solutions provider to a full service...
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Keywords:
E-commerce;
Timing;
Corporate Entrepreneurship;
Service Operations;
Business Model;
Organizational Design;
Change Management;
Cross-Cultural and Cross-Border Issues;
Global Strategy;
Health Pandemics;
Growth Management;
Marketing Strategy;
Technology Platform;
Alliances;
Partners and Partnerships;
Opportunities;
Online Technology;
United States;
Canada;
China
- January 2021 (Revised May 2021)
- Case
Delta Air Lines: Navigating the COVID-19 Storm
By: Ted Berk and Ryan Flamerich
This case examines Delta Air Lines’ response as demand for its services plummeted in the face of the COVID-19 pandemic, with a focus on the company’s funding needs and capital structure. Following a series of initial actions, the company’s cash “burn” had reduced from...
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- January 2021 (Revised June 2021)
- Case
Hester Pharmaceuticals (A): A Pricing Dilemma
By: Dante Roscini and John Masko
In August 2019, the leadership of Hester Pharmaceuticals (Hester) had a problem. Italy promised to be a key market for their new breakthrough oncology drug Akrozumab, but for almost two years, its single-payer healthcare system had been unable to agree with Hester on a...
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Keywords:
Macroeconomics;
Trade;
Price;
Global Range;
Global Strategy;
Globalized Markets and Industries;
Health Care and Treatment;
Patents;
Monopoly;
Negotiation;
Business and Government Relations;
Risk and Uncertainty;
Human Needs;
Business Strategy;
Commercialization;
Pharmaceutical Industry;
Italy
- January 2021
- Case
eToro: Building the World's Largest Social Trading Network
By: Elie Ofek and Danielle Golan
Social trading platform eToro was preparing for the launch of its expanded offering in the U.S. The company faced critical decisions regarding product-market fit, go-to-market strategy, positioning and monetization. Moreover, it faced the challenge of how best to make...
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