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- July 2022
- Article
Private Equity and COVID-19
By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
We survey more than 200 private equity (PE) managers from firms with $1.9 trillion of assets under management (AUM) about their portfolio performance, decisionmaking and activities during the Covid-19 pandemic. Given that PE managers have significant incentives to...
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- June 2022 (Revised September 2022)
- Case
Netflix’s Culture: Binge or Cringe?
By: Hubert Joly, Leonard A. Schlesinger, James Barnett and Stacy Straaberg
In April 2022, streaming entertainment company Netflix lost customers for the first time in more than 10 years. Once a first mover in the streaming landscape, Netflix was facing competition from Amazon Prime Video, Disney+, HBO Max, and others. A key component of...
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Keywords:
Compensation and Benefits;
Employees;
Recruitment;
Resignation and Termination;
Retention;
Selection and Staffing;
Innovation and Management;
Innovation Strategy;
Leadership Style;
Business or Company Management;
Management Style;
Media;
Business Processes;
Organizational Culture;
Organizational Structure;
Performance Expectations;
Performance Productivity;
Creativity;
Business Strategy;
Entertainment and Recreation Industry;
Media and Broadcasting Industry;
Motion Pictures and Video Industry;
Video Game Industry;
North America;
California;
Canada;
Europe;
Middle East;
Africa;
Asia;
Latin America
- March 2022 (Revised April 2022)
- Teaching Note
Group Functions at the Maersk Group
By: David J. Collis
In 2014, seven years after he was appointed CEO of the Danish shipping and oil conglomerate A.P. Møller Maersk (the Maersk Group), Nils Andersen was reexamining the size and role of corporate headquarters in the company he had reshaped as a "premium conglomerate."...
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- Article
A Better Way to Assess Managerial Performance
Total shareholder return (TSR) has become the definitive metric for gauging performance. Unlike accounting measures such as revenue growth or earnings per share that reflect the past, TSR is based on share price and thus captures investor expectations of what will...
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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...
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- 2022
- Article
Which Corporate ESG News Does the Market React To?
By: George Serafeim and Aaron Yoon
Using a dataset that classifies firm-level ESG news as positive and negative, we examine how stock prices react to different types of ESG news. We analyze 111,020 firm-day observations for 3,126 companies and find that prices react only to issues identified as...
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- Working Paper
Electoral Turnovers
By: Benjamin Marx, Vincent Pons and Vincent Rollet
In most national elections, voters face a key choice between continuity and change. Electoral turnovers occur when the incumbent candidate or party fails to win reelection. To understand how turnovers affect national outcomes, we study the universe of presidential and...
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- January 2022
- Background Note
Residual Income Valuation Model
By: Charles C.Y. Wang and Albert Shin
This note explains the residual income valuation model (RIM), how it relates to "traditional" valuation models, the intuition behind its use, and empirical research related to its value relevance. RIM is theoretically equivalent to the dividend discount model and the...
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- 2021
- Working Paper
What Drives Variation in Investor Portfolios? Evidence from Retirement Plans
We study empirical patterns in investment behavior using a comprehensive data set of defined contribution plans. Using plan-level portfolio allocation data for the near universe of 401(k) plans over the period 2009–2019, we document substantial differences in...
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- 2022
- Working Paper
ESG: Hyperboles and Reality
By: George Serafeim
ESG has rapidly become a household name leading to both confusion about what it means and creating unrealistic expectations about its effects. In this paper, I draw on more than a decade of research to dispel several myths about ESG and provide answers to important...
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- Article
A Megastudy of Text-Based Nudges Encouraging Patients to Get Vaccinated at an Upcoming Doctor's Appointment
By: Katherine L. Milkman, Mitesh S. Patel, Linnea Gandhi, Heather N. Graci, Dena M. Gromet, Hung Ho, Joseph S. Kay, Timothy W. Lee, Modupe Akinola, John Beshears, Jonathan E. Bogard, Alison Buttenheim, Christopher F. Chabris, Gretchen B. Chapman, James J. Choi, Hengchen Dai, Craig R. Fox, Amir Goren, Matthew D. Hilchey, Jillian Hmurovic, Leslie K. John, Dean Karlan, Melanie Kim, David Laibson, Cait Lamberton, Brigitte C. Madrian, Michelle N. Meyer, Maria Modanu, Jimin Nam, Todd Rogers, Renante Rondina, Silvia Saccardo, Maheen Shermohammed, Dilip Soman, Jehan Sparks, Caleb Warren, Megan Weber, Ron Berman, Chalanda N. Evans, Christopher K. Snider, Eli Tsukayama, Christophe Van den Bulte, Kevin G. Volpp and Angela L. Duckworth
Many Americans fail to get life-saving vaccines each year, and the availability of a vaccine for COVID-19 makes the challenge of encouraging vaccination more urgent than ever. We present a large field experiment (N = 47,306) testing 19 nudges delivered to patients via...
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Keywords:
Vaccination;
COVID-19;
Nudge;
Influenza;
Field Experiment;
Health;
Communication Strategy;
Behavior
- Article
'Many Others Are Doing It, So Why Shouldn't I?': How Being in Larger Competitions Leads to More Cheating
By: Celia Chui, Maryam Kouchaki and Francesca Gino
In many spheres of life, from applying for a job to participating in an athletic contest to vying for a date, we face competition. Does the size of the competition pool affect our propensity to behave unethically in our pursuit of the prize? We propose that it does....
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Keywords:
Unethical Behavior;
Cheating;
Competitors;
Social Norms;
Ethics;
Behavior;
Competition;
Societal Protocols
- April 2021
- Case
Distinct Software
By: Das Narayandas, Arijit Sengupta and Jonathan Wray
Distinct Software (disguised name), a global enterprise software company, is at an important point in its growth trajectory where the luster of its mantra of “grow and win at any cost” has dimmed with increasing competition and margin pressures. To help navigate its...
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- April 2021
- Article
Evaluating Firm-Level Expected-Return Proxies: Implications for Estimating Treatment Effects
By: Charles M.C. Lee, Eric C. So and Charles C.Y. Wang
We introduce a parsimonious framework for choosing among alternative expected-return proxies (ERPs) when estimating treatment effects. By comparing ERPs’ measurement-error variances in the cross section and in time series, we provide new evidence on the relative...
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- Article
Selling After the Crisis
Like perishable goods in grocery stores, sales models have a sell-by date. As product standards evolve and new entrants emerge, buyers have more choices and demand more in terms of quality and performance across vendors. Firms that fail to adjust to changing customer...
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- Article
Reimagining the Balanced Scorecard for the ESG Era
By: Robert S. Kaplan and David McMillan
Companies are increasingly aware that their customers and society in general expect businesses to adopt and work towards social and environmental objectives as well as the traditional financial ones. This involves not only re-evaluating firms’ models but re-imagining...
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- Article
Going It Alone: Competition Increases the Attractiveness of Minority Status
By: Erika L. Kirgios, Edward H. Chang and Katherine L. Milkman
Past research demonstrates that people prefer to affiliate with others who resemble them demographically. However, we posit that when competing for scarce opportunities, strategic considerations moderate the strength of this tendency toward homophily. Across six...
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- November 2020
- Article
When the Boss Comes to Town: The Effects of Headquarters' Visits on Facility-Level Misconduct
By: Jonas Heese and Gerardo Pérez Cavazos
We study the effects of headquarters’ visits on facility-level misconduct. We use the staggered introduction of airline routes to identify exogenous travel-time reductions between headquarters and facilities and test whether such reductions affect facility-level...
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- October 2020 (Revised March 2021)
- Case
Pete Carroll: Building a Winning Organization through Purpose, Caring, and Inclusion
By: Ranjay Gulati, Matthew Breitfelder and Monte Burke
Competing at the highest levels of the National Football League (NFL) requires tremendous skill, dedication and persistence. The most successful coaches in the NFL know how to draw out a higher level of performance and consistency from their players. This is typically...
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- 2020
- Working Paper
Private Equity and COVID-19
By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
We survey more than 200 private equity (PE) managers from firms with $1.9 trillion of assets under management (AUM) about their portfolio performance, decisionmaking and activities during the Covid-19 pandemic. Given that PE managers have significant incentives to...
View Details