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Large Banks and Small Firm Lending
We show that since 2007, there was a large and persistent shift in the composition of lenders to small firms. Large banks impacted by the real estate...
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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
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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: Digital Transformation; Multinational Firms and Management; Transformation; Strategy; Disruption; Employees; Competency and Skills; Training; Organizational Culture; Information Technology Industry
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  • 2021
  • Working Paper

Growth, Transformation and Digital Capital: The Importance of Technological and Organizational Architecture
By: Ruiqing Cao and Marco Iansiti
The benefits to data analytics and machine learning have been distributed unevenly across firms around the world. Research on IT productivity points to intangible capital as a crucial driver of value creation from innovation in computing. We argue that an important...  View Details
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  • May 2021
  • Article

Risk-Mitigating Technologies: The Case of Radiation Diagnostic Devices
By: Alberto Galasso and Hong Luo
We study the impact of consumers’ risk perception on firm innovation. Our analysis exploits a major surge in the perceived risk of radiation diagnostic devices following extensive media coverage of a set of over-radiation accidents involving CT scanners in late 2009....  View Details
Keywords: Risk Perception; Innovation; Medical Devices; Liability Risk; Risk and Uncertainty; Perception; Technological Innovation
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  • 2021
  • Working Paper

Venture Capital Booms and Startup Financing
By: William Janeway, Ramana Nanda and Matthew Rhodes-Kropf
We review the growing literature on the relationship between venture capital booms and startup financing, focusing on three broad areas: First, we discuss the drivers of large inflows into the venture capital asset class, particularly in recent years—which are related...  View Details
Keywords: Venture Capital; Business Startups; Financing and Loans; Innovation and Invention; Government and Politics; Policy
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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...  View Details
Keywords: Implicit Contracts; Productivity; Misallocation; Absenteeism; Supervisors; Readymade Garments; Contracts; Relationships; Management; Employees; Behavior; Performance Productivity; Apparel and Accessories Industry; India
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  • 2021
  • Working Paper

Hidden Software and Veiled Value Creation: Illustrations from Server Software Usage
By: Raviv Murciano-Goroff, Ran Zhuo and Shane Greenstein
How do you measure the value of a commodity that transacts at a price of zero from an economic standpoint? This study examines the potential for and extent of omission and misattribution in standard approaches to economic accounting with regards to open source...  View Details
Keywords: Server Software; Open Source Distribution; Software; Data and Data Sets; Economics; Value Creation; Measurement and Metrics
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  • April–May 2021
  • Article

The Effect of Retaliation Costs on Employee Whistleblowing
By: Jonas Heese and Gerardo Pérez Cavazos
We use large increases in unemployment insurance (UI) benefits to study the effects of expected retaliation costs on employee whistleblowing. Increases in UI benefits reduce the costs that arise from a job loss, one of the costliest forms of retaliation. We find that...  View Details
Keywords: Employee Whistleblowing; Retaliation Costs; Labor Unemployment Insurance; Workplace Safety Inspections
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  • March 2021
  • Case

Chime Solutions
By: Shai Benjamin Bernstein, William R. Kerr, Christopher Stanton and Mel Martin
Just two years after launching their 10k by 2020 initiative to hire 10,000 employees by 2020, the COVID-19 pandemic forced Chief Executive Officer Mark Wilson to send nearly all of his staff at Chime Solutions (Chime) to work from home. Chime was a customer contact...  View Details
Keywords: Finance; Working Capital; Operations; Recruitment; Performance; Change Management; Retention; Communications Industry; Service Industry; United States
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  • March 2021 (Revised May 2021)
  • Case

ALDDN: Advancing Local Dairy Development in Nigeria
By: Meg Rithmire and Debora L. Spar
In 2020, Ndidi Nweneli, founder and CEO of Sahel Consulting in Nigeria, faced a thorny set of problems. Her firm partnered with the Bill and Melinda Gates Foundation in a large project to develop the local dairy industry as a way to facilitate equitable growth and...  View Details
Keywords: Animal-Based Agribusiness; Food; Rural Scope; Growth and Development; Nonprofit Organizations; Globalized Markets and Industries; Business and Government Relations; Nigeria
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  • 2021
  • Working Paper

Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement
By: George Serafeim and Aaron Yoon
We investigate whether ESG ratings predict future ESG news and the associated market reactions. We find that the consensus rating predicts future news, but its predictive ability diminishes for firms with large disagreement between raters. Relation between news and...  View Details
Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Ratings; ESG Reporting; ESG Disclosure Metrics; Sustainability; Investments; News; Disagreement; Rating Disagreement; Ratings; Finance; Accounting; Investment; Financial Services Industry
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  • 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...  View Details
Keywords: Social Trading Platform; Investment; Social and Collaborative Networks; Marketing Strategy; Expansion
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  • January 2021
  • Article

Turbulence, Firm Decentralization and Growth in Bad Times
By: Philippe Aghion, Nicholas Bloom, Brian Lucking, Raffaella Sadun and John Van Reenen
What is the optimal form of firm organization during “bad times”? We present a model of delegation within the firm to show that the effect is ambiguous. The greater turbulence following macro shocks may benefit decentralized firms because the value of local information...  View Details
Keywords: Decentralization; Growth; Turbulence; Great Recession; Organizational Design; System Shocks; Economic Growth; Performance
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  • December 2020
  • Case

XP: Dual Track Financing Alternatives
By: Marco Di Maggio, Pedro Levindo and Carla Larangeira
XP, an investment platform, was on the verge of defining whether to do an IPO or selling off a majority stake to Itaú Unibanco, Brazil´s largest financial conglomerate. Under the leadership of Guilherme Benchimol, XP´s co-founder and CEO, XP had risen to become the...  View Details
Keywords: Financing Decisions; Expansion; Decision Choices and Conditions; Latin America; Brazil
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  • 2020
  • Working Paper

The Effects of Temporal Distance on Intra-Firm Communication: Evidence from Daylight Savings Time
By: Jasmina Chauvin, Prithwiraj Choudhury and Tommy Pan Fang
Cross-border communication costs have plummeted and enabled the global distribution of work, but frictions attributable to distance persist. We estimate the causal effects of temporal distance stemming from time zone differences on intra-firm communication. We argue...  View Details
Keywords: Communication Patterns; Time Zones; Geographic Frictions; Knowledge Workers; Multinational Companies; Communication; Multinational Firms and Management; Geographic Location
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  • 2020
  • Working Paper

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 5 Ecosystems and Complementarities
By: Carliss Y. Baldwin
The purpose of this chapter is to introduce two new building blocks to the theory of how technology shapes organizations. The first is a new layer of organization structure: a business “ecosystem.” The second is the economic concept of “complementarity.” Ecosystems are...  View Details
Keywords: Business Ecosystems; Complementarity; Modularity; Technology; Organizations
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  • 2020
  • Working Paper

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: Venture Capital; Health Pandemics; Investment; Decision Making; Surveys
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  • August 2020
  • Article

Workplace Knowledge Flows
By: Jason Sandvik, Richard Saouma, Nathan Seegert and Christopher Stanton
We conducted a field experiment in a sales firm to test whether improving knowledge flows between coworkers affects productivity. Our design allows us to compare different management practices and to isolate whether frictions to knowledge transmission primarily reside...  View Details
Keywords: Knowledge Sharing; Interpersonal Communication; Employees; Performance Productivity; Sales; Motivation and Incentives
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  • July 2020
  • Article

The Persistent Effect of Initial Success: Evidence from Venture Capital
By: Ramana Nanda, Sampsa Samila and Olav Sorenson
We use investment-level data to study performance persistence in venture capital (VC). Consistent with prior studies, we find that each additional IPO among a VC firm's first ten investments predicts as much as an 8% higher IPO rate on its subsequent investments,...  View Details
Keywords: Performance; Monitoring; Selection; Status; Venture Capital; Performance Consistency; Investment
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Are you looking for?

Large Banks and Small Firm Lending
We show that since 2007, there was a large and persistent shift in the composition of lenders to small firms. Large banks impacted by the real estate...
→ Search All HBS Web