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  • October 2022
  • Article

A Structural Model of Organizational Buying for Business-to-Business Markets: Innovation Adoption with Share-of-Wallet Contracts
By: Navid Mojir and K. Sudhir
The paper develops the first structural model of organizational buying to study innovation diffusion in a B2B market. Our model is particularly applicable for routinized exchange relationships, whereby centralized buyers periodically evaluate and choose contracts,...  View Details
Keywords: Organizational Buying Behavior; Healthcare Marketing; B2B Markets; B2B Innovation; New Product Diffusion; New Product Adoption; Organizations; Acquisition; Behavior; Health Care and Treatment; Marketing; Innovation and Invention
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  • September 2022 (Revised December 2022)
  • Case

Navya: Steering Toward a Driverless Future
By: Julian De Freitas, Elie Ofek, Shaun Ingledew and Tonia Labruyere
In 2022, Sophie Desormière arrived at French roboshuttle producer Navya, tasked with charting a new course in a challenging sector. The company, which had recently listed on the Paris Stock Exchange, was burning through cash reserves and needed to transform the promise...  View Details
Keywords: Autonomous Vehicles; Market Entry and Exit; Opportunities; Governing Rules, Regulations, and Reforms; Consumer Behavior; Business Model; Auto Industry; Transportation Industry; France; United States
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  • June 2022
  • Article

The Welfare Effects of Peer Entry in the Accommodation Market: The Case of Airbnb and the Accommodation Industry
By: Chiara Farronato and Andrey Fradkin
We study the effects of enabling peer supply through Airbnb in the accommodation industry. We present a model of competition between flexible and dedicated sellers—peer hosts and hotels—who provide differentiated products. We estimate this model using data from major...  View Details
Keywords: Peer To Peer; Airbnb; Digital Platforms; Market Entry and Exit; Competition; Accommodations Industry
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  • 2022
  • Working Paper

Uniform Rate Setting and the Deposit Channel
By: Juliane Begenau and Erik Stafford
Banks do not completely pass-through changes in short-term market rates to depositors. The deposit channel of monetary policy proposes that banks choose the rate of pass-through across their branches based on local deposit market concentration, which consequently...  View Details
Keywords: Banks and Banking; Financial Markets; Interest Rates; Banking Industry
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  • March 2022
  • Article

Winner Takes All? Tech Clusters, Population Centers, and the Spatial Transformation of U.S. Invention
By: Brad Chattergoon and William R. Kerr
U.S. invention has become increasingly concentrated around major tech centers since the 1970s, with implications for how much cities across the country share in concomitant local benefits. Is invention becoming a winner-takes-all race? We explore the rising spatial...  View Details
Keywords: Clusters; Invention; Agglomeration; Artificial Intelligence; Innovation and Invention; Patents; Applications and Software; Industry Clusters; AI and Machine Learning
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  • February 23, 2022
  • Article

Can WEB3 Bring Back Competition to Digital Platforms?
By: Christian Catalini and Scott Duke Kominers
Like the early Internet, blockchain and Web3 applications promise a new wave of decentralization and competition—yet at the same time, it is unclear which of the dynamics that drove concentration in online platforms and services will remain in force under the Web3...  View Details
Keywords: Web3; Blockchain; Interoperability; Internet and the Web; Technological Innovation; Competition; Digital Platforms
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  • 2021
  • Working Paper

CRM and AI in Time of Crisis
By: Michelle Y. Lu and Navid Mojir
A crisis can affect the incentives of various players within a firm’s multi-layered sales and marketing organization (e.g., headquarters and branches of a bank). Such shifts can result in sales decisions against the firm’s best interests. Motivated by the backlash to...  View Details
Keywords: CRM; Artificial Intelligence; AI; B2B Marketing; Decision Authority; Crisis Marketing; Intra-organizational Conflict; COVID-19 Pandemic; Customer Relationship Management; Technological Innovation; Decision Making; Strategy; Health Pandemics; Crisis Management; AI and Machine Learning
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  • 2021
  • Working Paper

Winner Takes All? Tech Clusters, Population Centers, and the Spatial Transformation of U.S. Invention
By: Brad Chattergoon and William R. Kerr
U.S. invention has become increasingly concentrated around major tech centers since the 1970s, with implications for how much cities across the country share in concomitant local benefits. Is invention becoming a winner-takes-all race? We explore the rising spatial...  View Details
Keywords: Invention; Innovation; Artificial Intelligence; Clusters; Agglomeration; Innovation and Invention; Patents; Applications and Software; Industry Clusters; United States
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  • October 2021
  • Article

And the Children Shall Lead: Gender Diversity and Performance in Venture Capital
By: Paul A. Gompers and Sophie Calder-Wang
With an overall lack of gender and ethnic diversity in the innovation sector documented in Gompers and Wang (2017), we ask the natural next question: Does increased diversity lead to better firm performances? In this paper, we attempt to answer this question using a...  View Details
Keywords: Venture Capital; Diversity; Gender; Performance Improvement; Capital Markets
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  • Article

Regulating Hospital Prices Based on Market Concentration Is Likely to Leave High-Price Hospitals Unaffected
By: Maximilian J. Pany, Michael E. Chernew and Leemore S. Dafny
Concern about high hospital prices for commercially insured patients has motivated several proposals to regulate these prices. Such proposals often limit regulations to highly concentrated hospital markets. Using a large sample of 2017 US commercial insurance claims,...  View Details
Keywords: Health Care Providers; Hospitals; Insurance Market Regulation; Price Regulation; Markets; Health Care and Treatment; Cost; Quality; Insurance; Price; Governing Rules, Regulations, and Reforms
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  • 2022
  • Working Paper

Customer Churn and Intangible Capital
By: Scott R. Baker, Brian Baugh and Marco Sammon
Intangible capital is a crucial and growing piece of firms’ capital structure and helps to explain long run trends in concentration and markups. We develop new firm level metrics regarding a key component of intangible capital—customer churn—using a class of household...  View Details
Keywords: Customer Base; Transaction Data; Customer Churn; Intangible Capital; Capital; Capital Structure; Customers; Corporate Finance
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  • 2021
  • Working Paper

The Diffusion of Disruptive Technologies
By: Aakash Kalyani, Nicholas Bloom, Tarek A. Hassan, Josh Lerner, Marcela Carvalho Ferreira de Mello and Ahmed Tahoun
We identify novel technologies using textual analysis of patents, job postings, and earnings calls. Our approach enables us to identify and document the diffusion of 29 disruptive technologies across firms and labor markets in the U.S. Five stylized facts emerge from...  View Details
Keywords: Technology; Geography; Innovation; R＆D; Information Technology; Disruptive Innovation; Geographic Location; Employment; Innovation and Invention; Research and Development
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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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  • January–February 2021
  • Article

Cross‐firm Return Predictability and Accounting Quality
By: Wen Chen, Mozaffar Khan, Leonid Kogan and George Serafeim
We test the hypothesis that if poor accounting quality (AQ) is associated with poor investor understanding of firms’ revenue and cost structures, then poor AQ stocks likely respond more slowly than good AQ stocks to new non‐idiosyncratic information that affects both...  View Details
Keywords: Accounting Quality; Earnings Quality; Stock Returns; Investment Strategy; Accounting; Business Earnings; Quality; Investment Return; Investment; Strategy
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  • October 2020
  • Article

Collusion in Markets with Syndication
By: John William Hatfield, Scott Duke Kominers, Richard Lowery and Jordan M. Barry
Markets for IPOs and debt issuances are syndicated, in the sense that a bidder who wins a contract may invite losing bidders to join a syndicate that together fulfills the contract. We show that in markets with syndication, standard intuitions from industrial...  View Details
Keywords: Collusion; Antitrust; IPO Underwriting; Syndication; ＂Repeated Games＂; Markets; Game Theory
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  • 2022
  • Working Paper

Where the Cloud Rests: The Location Strategies of Data Centers
By: Shane Greenstein and Tommy Pan Fang
This study provides an analysis of the entry strategies of third-party data centers in the United States. We examine the market before the pandemic in 2018 and 2019, when supply and demand for data services were geographically stable. We compare with the entry...  View Details
Keywords: Cloud Computing; Location Strategies; Data Centers; Information Infrastructure
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  • 2020
  • Working Paper

Best Ideas
By: Miguel Antón, Randolph B. Cohen and Christopher Polk
We find that the stocks in which active mutual fund or hedge fund managers display the most conviction towards ex-ante, their “Best ideas,” outperform the market, as well as the other stocks in those managers’ portfolios, by approximately 2.8 to 4.5 percent per year,...  View Details
Keywords: Mutual Funds; Managerial Skill; Market Efficiency; Investment Funds; Management; Investment Portfolio; Decision Making
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  • 2021
  • Working Paper

Digital Labor Market Inequality and the Decline of IT Exceptionalism
By: Ruiqing Cao and Shane Greenstein
Several decades of expansion in digital communications, web commerce, and online distribution have altered regional IT labor market returns in the United States. IT occupations experienced similar wage growth as STEM occupations involving IT-related work activities,...  View Details
Keywords: Information Technology; Labor; Wages; Equality and Inequality
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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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  • 2020
  • Working Paper

Costly External Financing and Monetary Policy Transmission: Evidence from a Natural Experiment
By: Emily Williams
I provide new evidence that large and small banks have different external financing costs, which generates cross sectional variation in a deposits market pricing power channel of monetary policy transmission. I do so by exploiting a natural experiment using anti-trust...  View Details
Keywords: External Financing; Monetary Policy Transmission; Experiment; Banks and Banking; Financing and Loans; Interest Rates
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