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  • April 2022
  • Supplement

MicroStrategy: Accounting for Cryptocurrency (B)
By: Jonas Heese and Annelena Lobb
In early 2022, the technology firm MicroStrategy unveiled a series of letters with the SEC that questioned its accounting practices around its holdings of Bitcoin. Since 2020, the firm had shifted its strategy to include not just selling software but buying and holding...  View Details
Keywords: Cryptocurrency; Bitcoin; Accounting; Finance; Technology Industry
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  • Article

Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach
By: Akash Chattopadhyay, Matthew R. Lyle and Charles C.Y. Wang
This study provides the first large-scale study of the performance of expected-return proxies (ERPs) internationally. Analyst-forecast-based ICCs are sparsely populated and not robustly associated with future returns. Earnings-model-forecast-based ICCs are...  View Details
Keywords: Expected Returns; Discount Rates; Fundamental Valuation; Implied Cost Of Capital; International Equity Markets; Present Value; Investment Return; Equity; Markets; Global Range
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  • March 2022
  • Article

Gender Gaps in Venture Capital Performance
By: Paul A. Gompers, Vladimir Muhkarlyamov, Emily Weisburst and Yuhai Xuan
We explore gender differences in performance in a comprehensive sample of venture capital investments in the United States. Investments by female venture capital investors have significantly lower success rates than investments by their male colleagues when controlling...  View Details
Keywords: Venture Capital; Investment; Performance; Gender
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  • 2022
  • Working Paper

High-Yield Debt Covenants and Their Real Effects
By: Falk Bräuning, Victoria Ivashina and Ali Ozdagli
High-yield debt including leveraged loans is characterized by incurrence financial covenants, or “cov-lite” provisions. A traditional loan agreement includes maintenance covenants, which require continuous compliance with the covenant threshold, and their violation...  View Details
Keywords: Debt Covenants; Incurrence Covenants; Borrowing and Debt; Banks and Banking
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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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  • 2022
  • Article

Missing Novelty in Drug Development
By: Joshua Krieger, Danielle Li and Dimitris Papanikolaou
We provide evidence that risk aversion leads pharmaceutical firms to underinvest in radical innovation. We introduce a new measure of drug novelty based on chemical similarity and show that firms face a risk-reward trade-off: novel drug candidates are less likely to...  View Details
Keywords: Drug Development; Risk Aversion; Research and Development; Innovation and Invention; Investment; Pharmaceutical Industry
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  • February 2022
  • Article

Taxation and Innovation in the 20th Century
By: Ufuk Akcigit, John Grigsby, Tom Nicholas and Stefanie Stantcheva
This paper studies the effect of corporate and personal taxes on innovation in the United States over the twentieth century. We build a panel of the universe of inventors who patent since 1920, and a historical state-level corporate tax database with corporate tax...  View Details
Keywords: Innovation; Income Taxes; Corporate Taxation; Firms; Inventors; State Taxation; Business Taxation; R＆D Tax Credits; Taxation; Innovation and Invention; History; United States
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  • 2022
  • Chapter

The Servicification of the U.S. Economy: The Role of Startups versus Incumbent Firms
By: Mercedes Delgado, J. Daniel Kim and Karen G. Mills
Over the last few decades, the U.S. economy has exhibited a significant shift from manufacturing towards services. This transition has been particularly prominent in an important subcategory of services industries that drives innovation and employs many high-wage...  View Details
Keywords: Servicification; Supply Chain Industries; STEM Labor; Innovation; Growth; Entrepreneurship; Innovation and Invention; Economic Growth; Policy; Service Industry; United States
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  • November 2021
  • Article

Venture Capitalists and COVID-19
By: Paul A. Gompers, Will Gornall, Steven N. Kaplan and Ilya A. Strebulaev
We survey over 1,000 institutional and corporate venture capitalists (VCs) at more than 900 different firms to learn how their decisions and investments have been affected by the COVID-19 pandemic. We compare their survey answers to those provided by a large sample of...  View Details
Keywords: Investment Decisions; COVID-19 Pandemic; Impact; Health Pandemics; Venture Capital; Investment; Decision Making; Surveys
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  • October 2021
  • Article

Directors' Perceptions of Board Effectiveness and Internal Operations
By: J. Yo-Jud Cheng, Boris Groysberg, Paul M. Healy and Rajesh Vijayaraghavan
We contribute to the growing literature on the effectiveness of corporate boards by examining the effect of two insights that have been largely unexplored in prior studies that use public data. First, since boards’ responsibilities are wide-ranging, more holistic...  View Details
Keywords: Boards Of Directors; Corporate Governance; Governing and Advisory Boards; Performance Effectiveness; Perception
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  • Article

Large Banks and Small Firm Lending
By: Vitaly Bord, Victoria Ivashina and Ryan D. Taliaferro
We examine the long-lasting effects of the 2007 real estate price collapse on small business credit supply. Banks affected by the decline in real estate prices systematically contracted their credit to small firms. At the same time, regional and local banks, many of...  View Details
Keywords: Small Firms; Credit Supply; Banking Competition; Small Business; Credit; Financial Crisis; Banks and Banking; Competition
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  • 2021
  • Working Paper

The Demand for Executive Skills
By: Stephen Hansen, Raffaella Sadun, Tejas Ramdas and Joseph B. Fuller
We use a unique corpus of job descriptions for C-suite positions to document skills requirements in top managerial occupations across a large sample of firms. A novel algorithm maps the text of each executive search into six separate skill clusters reflecting...  View Details
Keywords: C-Suite; Jobs and Positions; Competency and Skills; Management Skills; Job Search; Job Design and Levels
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  • September 2021
  • Article

Network Interconnectivity and Entry into Platform Markets
By: Feng Zhu, Xinxin Li, Ehsan Valavi and Marco Iansiti
Digital technologies have led to the emergence of many platforms in our economy today. In certain platform networks, buyers in one market purchase services from providers in many other markets, whereas in others, buyers primarily purchase services from providers within...  View Details
Keywords: Network Interconnectivity; Platform Competition; Market Entry; Networks; Market Platforms; Competition; Market Entry and Exit
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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...  View Details
Keywords: Consumer Choice; Bankruptcy; Financial Distress; Structural Estimation; Experimental Economics; Hertz; Insolvency and Bankruptcy; Consumer Behavior
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  • 2021
  • Working Paper

Racial Disparities in the Paycheck Protection Program
By: Sergey Chernenko and David S. Scharfstein
Using a large sample of Florida restaurants, we document significant racial disparities in borrowing through the Paycheck Protection Program (PPP) and investigate the causes of these disparities. Black-owned restaurants are 25% less likely to receive PPP loans....  View Details
Keywords: Discrimination; Paycheck Protection Program; Economic Injury Disaster Loans; Bank Lending; Nonbank Lending; Banks and Banking; Financing and Loans; Prejudice and Bias; Race
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  • Summer 2021
  • Article

The Origin and Development of Firm Management
By: Michela Giorcelli
This paper examines the historical origin and diffusion of management practices. Despite their centrality in the modern world, the concepts of ‘management’ developed fairly recently. Only with the Industrial Revolution, due to the increased firm size, owners needed a...  View Details
Keywords: Productivity; Kaizen; Management; Management Practices and Processes; History; Performance Productivity; Technology
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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...  View Details
Keywords: Pricing; Reputation Systems; IT Policy And Management; Economics Of Digital Platforms; Business Ventures; Reputation; Price; Consumer Behavior; Analysis
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  • 2021
  • Working Paper

The Demand for Executive Skills
By: Stephen Hansen, Tejas Ramdas, Raffaella Sadun and Joseph B. Fuller
We use a unique corpus of job descriptions for C-suite positions to document skills requirements in top managerial occupations across a large sample of firms. A novel algorithm maps the text of each executive search into six separate skill clusters reflecting...  View Details
Keywords: Executives; Management Skills; Competency and Skills
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  • May 2021
  • Teaching Note

From Globalization to Dual Digital Transformation: CEO Thierry Breton Leading Atos Into 'Digital Shockwaves'
By: Tsedal Neeley
Teaching Note for HBS Case Nos. 419-027 and 419-046. Thierry Breton, chairman and CEO of IT company Atos, faces a pivotal juncture. After spending eight intense years scaling the company globally to over 100,000 employees in 70 countries, he sees digital shockwaves...  View Details
Keywords: Multinational Firms and Management; Transformation; Strategy; Disruption; Employees; Competency and Skills; Training; Organizational Culture; Digital Transformation; Information Technology Industry
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  • 2022
  • Working Paper

Data Architecture, Machine Learning and Firm Productivity
By: Sam (Ruiqing) Cao and Marco Iansiti
As enterprise IT systems increasingly incorporate machine learning technology, it is crucial to understand complementary organizational practices that allow firms to unleash productivity benefits from adoption. This study examines the relationship between machine...  View Details
Keywords: Organizations; Information Technology; Performance Productivity; Growth and Development; Transformation
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