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- December 2021
- Article
Trade Policy Uncertainty and Stock Returns
By: Marcelo Bianconi, Federico Esposito and Marco Sammon
A recent literature has documented large real effects of trade policy uncertainty (TPU) on trade, employment, and investment, but there is little evidence that investors are compensated for bearing such risk. To quantify the risk premium associated with TPU, we exploit...
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- 2021
- White Paper
Go Out and Innovate! Perspectives on Educating Health Care Leadership in the Time of Innovation
By: Regina E. Herzlinger, Anthony Stanowski, Edward Schumacher, Eugene Schneller, Kaveh Safavi, Quint Studer, Andrew Jay, Tom Robinson and Kevin Mahoney
The CAHME Innovation Council unanimously believes that education is essential. In evaluating the competency domain of management and leadership, and learning from programs that prioritize innovation, we ask how do we develop competencies in future leaders to succeed in...
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- 2021
- Working Paper
Segmented Arbitrage
We use arbitrage activity in equity, fixed income, and foreign exchange markets to characterize the frictions and constraints facing intermediaries. The average pairwise correlation between the twenty-nine arbitrage spreads that we study is 22%. These low correlations...
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- 2021
- Working Paper
The International Price of Remote Work
By: Alberto Cavallo, Javier Cravino, Andres Drenik and Agostina Brinatti
We use data from a large web-based job platform to study how the price of remote work is determined in a globalized labor market. In the platform, workers from around the world compete for jobs that can be done remotely. We document that, despite the global nature of...
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- October 2021 (Revised October 2021)
- Case
Bodega Aurrera: eCommerce at the Base of the Pyramid
By: Michael Chu, Álvaro Rodríguez Arregui, Carla Larangeira and Jenyfeer Martinez Buitrago
Bodega Aurrera, serving the base of the pyramid and Walmart’s main Mexican format, is considering launching a full eCommerce channel as Covid-19 has erupted in the country. In 2019, Bodega Aurrera accounted for 45% of revenues and 2,748 of Walmex’s 3,416 stores. Having...
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- 2021
- Working Paper
Rising Markups and the Role of Consumer Preferences
By: Hendrik Döpper, Alexander MacKay, Nathan H. Miller and Joel Stiebale
We characterize the evolution of markups for consumer products in the United States from 2006 to 2019. We use detailed data on prices and quantities for products in more than 100 distinct product categories to estimate demand systems with flexible consumer preferences....
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- October 2021
- Case
Ant Group (A)
By: Krishna G. Palepu, Feng Zhu, Susie L. Ma and Kerry Herman
In 2004, Chinese e-commerce company Alibaba created Alipay, an app to facilitate payments on its e-commerce sites. As Alibaba grew, so did Alipay, until Alipay spawned its own ecosystem of financial technology products and services under the name of Ant Group. By 2020,...
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- October 13, 2021
- Editorial
How Companies Can Improve Employee Engagement Right Now
By: Daniel Stein, Nick Hobson, Jon M. Jachimowicz and Ashley Whillans
A year and a half into the pandemic, employees’ mental “surge capacity” is likely diminished. Managers must take proactive steps to increase employee engagement, or risk losing their workforce. Engaged employees perform better, experience less burnout, and stay in...
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- October 2021
- Case
The Opioid Settlement and Controversy Over CEO Pay at AmerisourceBergen
By: Suraj Srinivasan and Li-Kuan Ni
In 2020, AmerisourceBergen Corporation, a Fortune 50 company in the drug distribution industry, agreed to settle thousands of lawsuits filed nationwide against the company for its opioid distribution practices that critics alleged had contributed to the nationwide...
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Keywords:
Opioids;
Drug;
Investors;
Shareholder Activism;
Investment Activism;
Executive Compensation;
Corporate Accountability;
Corporate Governance;
Governance Compliance;
Governance Controls;
Risk Management;
Corporate Social Responsibility and Impact;
Business and Shareholder Relations;
Business and Stakeholder Relations;
Distribution Industry;
Health Industry;
Pharmaceutical Industry;
United States;
West Virginia;
Tennessee;
Ohio;
Pennsylvania
- October 2021
- Article
Board Design and Governance Failures at Peer Firms
By: Shelby Gai, J. Yo-Jud Cheng and Andy Wu
Our study introduces board committees as a crucial determinant of board actions. We examine how directors who structurally link different board committees—referred to as multi-committee directors (MCDs)—explain why some board actions are merely symbolic while others...
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- October 2021
- Article
Confidence and Central Tendency in Perceptual Judgment
By: Yang Xiang, Thomas Graeber, Benjamin Enke and Samuel Gershman
This paper theoretically and empirically investigates the role of Bayesian noisy cognition in perceptual judgment, focusing on the central tendency effect: the well-known empirical regularity that perceptual judgments are biased towards the center of the...
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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...
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- October 2021
- Article
Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks
By: Caroline Flammer, Michael W. Toffel and Kala Viswanathan
This paper examines whether—in the absence of mandated disclosure requirements—shareholder activism can elicit greater disclosure of firms’ exposure to climate change risks. We find that environmental shareholder activism increases the voluntary disclosure of climate...
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Keywords:
Transparency;
Reporting;
Shareholder Engagement;
Shareholder Activism;
Climate Change;
Risk and Uncertainty;
Environmental Management;
Investment Activism;
Corporate Disclosure;
Communication Strategy;
Information Publishing;
Measurement and Metrics;
Corporate Social Responsibility and Impact;
Problems and Challenges;
United States
- September 2021
- Case
TAV Airports: Acquiring Almaty International
By: Juan Alcacer and Esel Çekin
The case opens in April 2020 with Sani Şener, CEO of TAV Airports, a vertically integrated regional airport operator headquartered in Istanbul, Turkey, and his team discussing the pending acquisition of the Almaty International Airport in Kazakhstan. The company had...
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- September 2021
- Case
Telepass: From Tolling to Mobility Platform
By: Chiara Farronato, Stefano Denicolai and Sarah Mehta
Telepass, the sole processor of electronic toll payments on Italy’s highways, has ambitions beyond tolling. Since the mid-2010s, the company has been expanding into adjacent services. In 2017, Telepass launched TelepassPay—a mobile payment application (app) that allows...
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Keywords:
Mobile Payment;
App;
Mobility Services;
Analysis;
Change;
Change Management;
Transformation;
Transition;
Innovation and Invention;
Strategy;
Technology;
Mobile Technology;
Transportation;
Transportation Networks;
Value;
Value Creation;
Consumer Behavior;
Technology Industry;
Transportation Industry;
Insurance Industry;
Europe;
Italy;
Milan
- September 2021
- Case
Telepass: From Tolling to Mobility Platform (Abridged)
By: Chiara Farronato, Stefano Denicolai and Sarah Mehta
Telepass, the sole processor of electronic toll payments on Italy’s highways, has ambitions beyond tolling. Since the mid-2010s, the company has been expanding into adjacent services. In 2017, Telepass launched TelepassPay—a mobile payment application (app) that allows...
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Keywords:
Mobile Payment;
App;
Mobility Services;
Analysis;
Change;
Change Management;
Transformation;
Transition;
Innovation and Invention;
Strategy;
Technology;
Mobile Technology;
Transportation;
Transportation Networks;
Value;
Value Creation;
Technology Industry;
Transportation Industry;
Insurance Industry;
Europe;
Italy;
Milan
- September 2021
- Case
STARZPLAY: Shooting for the Stars
By: Elie Ofek, Marco Bertini and Alpana Thapar
In mid-2021, Maaz Sheikh, cofounder and CEO of STARZPLAY, a Dubai-based subscription video on demand (SVOD) provider that catered to the Middle East and North Africa region, was wrestling with how to find the right balance between continued subscriber growth and...
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Keywords:
Pricing;
Growth;
Profitability;
Subscription Business;
Business Model Innovation;
Fintech;
Subscription;
Performance Measurement;
Promotions;
International Marketing;
Streaming;
Competition;
Marketing;
Strategy;
Entrepreneurship;
Performance;
Measurement and Metrics;
Business Model;
Media and Broadcasting Industry;
Middle East;
North Africa
- September 2021
- Article
Trials and Terminations: Learning from Competitors' R&D Failures
I analyze project continuation decisions where firms may resolve uncertainty through news about competitors' research and development (R&D) failures, as well as through their own results. I examine the trade-offs and interactions between product-market competition and...
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- 2021
- Working Paper
What Drives the Finance Academia Wage Premium?
By: Claire Célérier, Boris Vallée and Alexey Vasilenko
This paper documents the existence of a significant wage finance premium in academia, and investigates its underlying mechanism. By exploiting an extensive dataset covering wages, publications and socio-demographics for 60,000 public-university faculty from all fields,...
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- August 2021 (Revised November 2021)
- Case
The NCB Capital Turnaround: Waking the Sleeping Giant
By: Sandra J. Sucher, Gamze Yucaoglu, Shalene Gupta and Fares Khrais
The case opens in 2019, five years after, Sarah Al Suhaimi, CEO of NCB Capital (NCBC), the investment arm of Saudi’s largest bank, NCB, took the helm. Having successfully turned the business to make it the market leader, she was contemplating her next steps as...
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