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- 2022
- Working Paper
Are Transformational Ideas Harder to Fund? Resource Allocation to R&D Projects at a Global Pharmaceutical Firm
By: Joshua Krieger and Ramana Nanda
We study resource allocation to early-stage ideas at an internal startup program of one the largest pharmaceutical firms in the world. Our research design enables us to elicit every evaluator's scores across five different attributes, before seeing how would allocate...
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- 2022
- Working Paper
Passive Ownership and Price Informativeness
By: Marco Sammon
I propose three new empirical measures of price informativeness motivated by a theoretical model. I find average price informativeness declined over the past 30 years and passive ownership is negatively correlated with price informativeness. To establish causality, I...
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Keywords:
Passive Ownership;
ETFs;
Market Efficiency;
Ownership;
Price;
Theory;
Measurement and Metrics
- February 2020
- Article
Being 'Good' or 'Good Enough': Prosocial Risk and the Structure of Moral Self-regard
By: Julian Zlatev, Daniella M. Kupor, Kristin Laurin and Dale T. Miller
The motivation to feel moral powerfully guides people’s prosocial behavior. We propose that people’s efforts to preserve their moral self-regard conform to a moral threshold model. This model predicts that people are primarily concerned with whether their...
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- Article
Psychological Safety and Near Miss Events in Radiation Oncology
By: Palak Kundu, Olivia Jung, Kathy Rose, Chonlawan Khaothiemsang, Nzhde Agazaryan, Amy C. Edmondson, Michael L. Steinberg and Ann C. Raldow
Background: Near miss events, defined as harm averted due to chance, are learning opportunities in radiation oncology. Psychological safety is a feature of a learning environment characterized by interpersonal risk taking. We examine the effects of near miss type and...
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- 2021
- Working Paper
rTSR: Properties, Determinants, and Consequences of Benchmark Choice
By: Paul Ma, Jee-Eun Shin and Charles C.Y. Wang
We develop a measurement-error framework for assessing the quality of relative-performance metrics designed to filter out the systematic component of performance and analyze relative total shareholder return (rTSR)—the predominant metric market participants use to...
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- 2019
- Working Paper
Do Banks Have an Edge?
By: Juliane Begenau and Erik Stafford
Overall, no! We show that the level and time series variation in cash flows for most bank activities are well matched by capital market portfolios with similar interest rate and credit risk to what banks report to hold. Ignoring operating expenses, bank loans earn high...
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Keywords:
Banks;
Market Efficiency;
Bank Capital;
Bank Debt;
CAPM;
Banking;
Bank Deposits;
Bank Funding Advantage;
Leverage;
Maturity Transformation;
Replicating Portfolio;
Efficiency;
Banks and Banking;
Capital Markets;
Performance Evaluation;
Performance Efficiency;
Banking Industry;
United States
- March–April 2017
- Article
Advancing Conservation by Understanding and Influencing Human Behavior
By: Sheila M. Reddy, Jensen Montambault, Yuta J. Masuda, Ayelet Gneezy, Elizabeth Keenan, William Butler, Jonathan R. Fisher and Stanley T. Asah
Behavioral sciences can advance conservation by systematically identifying behavioral barriers to conservation and how to best overcome them. Behavioral sciences have informed policy in many other realms (e.g., health, savings), but they are a largely untapped resource...
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- Article
Experience Theory, or How Desserts Are Like Losses
By: Jolie M. Martin, Martin Reimann and Michael I. Norton
While many experiments have explored risk preferences for money, few have systematically assessed risk preferences for everyday experiences. We propose a conceptual model and provide convergent evidence from seven experiments that, in contrast to a typical “zero”...
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- September 2016
- Article
Monitoring Global Supply Chains
By: Jodi L. Short, Michael W. Toffel and Andrea R. Hugill
Firms seeking to avoid reputational spillovers that can arise from dangerous, illegal, and unethical behavior at supply chain factories are increasingly relying on private social auditors to provide strategic information about suppliers' conduct. But little is known...
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- Article
Reaching for Yield in the Bond Market
By: Bo Becker and Victoria Ivashina
Reaching for yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyzes this phenomenon in the corporate bond market. Specifically, we show evidence for...
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- December 2013
- Case
Bruce Allyn: Negotiating with the KGB (A)
Isolated by the KGB in Moscow, Harvard graduate student Bruce Allyn faces high-pressure negotiation tactics to recruit him for the Soviet spy agency. At the tense height of the Cold War, with CIA agents systematically being exposed and executed in Russia, Allyn was...
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- December 2013
- Supplement
Bruce Allyn: Negotiating with the KGB (B)
This case picks up (from the end of the "A" case) the detailed story of the KGB's high-pressure negotiations with Harvard doctoral student Bruce Allyn to recruit him as a secret asset for the Soviet spy agency. The "A" case describes how, at the tense height of the...
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- 2015
- Working Paper
Measurement Errors of Expected-Return Proxies and the Implied Cost of Capital
Despite their popularity as proxies of expected returns, the implied cost of capital's (ICC) measurement error properties are relatively unknown. Through an in-depth analysis of a popular implementation of ICCs by Gebhardt, Lee, and Swaminathan (2001) (GLS), I show...
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- 2013
- Working Paper
Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly
By: Malcolm Baker and Jeffrey Wurgler
Minimum capital requirements are a central tool of banking regulation. Setting them balances a number of factors, including any effects on the cost of capital and in turn the rates available to borrowers. Standard theory predicts that, in perfect and efficient capital...
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- 2012
- Working Paper
Reaching for Yield in the Bond Market
By: Bo Becker and Victoria Ivashina
Reaching-for-yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyses this phenomenon in the corporate bond market. Specifically, we show evidence for...
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- May 2011
- Article
Incentives and Problem Uncertainty in Innovation Contests: An Empirical Analysis
By: Kevin J. Boudreau, Nicola Lacetera and Karim R. Lakhani
Contests are a historically important and increasingly popular mechanism for encouraging innovation. A central concern in designing innovation contests is how many competitors to admit. Using a unique data set of 9,661 software contests, we provide evidence of two...
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- January 2011
- Case
The Risk-Reward Framework at Morgan Stanley Research
By: Suraj Srinivasan and David Lane
The case describes the Risk-Reward framework that Morgan Stanley analysts use as a systematic approach to communicate a broader range of fundamental insights about a company rather than the traditional single point estimates. The goal of the framework is to focus the...
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- 2010
- Working Paper
Crashes and Collateralized Lending
By: Jakub W. Jurek and Erik Stafford
This paper develops a parsimonious static model for characterizing financing terms in collateralized lending markets. We characterize the systematic risk exposures for a variety of securities and develop a simple indifference-pricing framework to value the systematic...
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- 2010
- Working Paper
Dynamically Integrating Knowledge in Teams: Transforming Resources into Performance
By: Heidi K. Gardner, Francesca Gino and Bradley R. Staats
In knowledge-based environments, teams must develop a systematic approach to integrating knowledge resources throughout the course of projects in order to perform effectively. Yet, many teams fail to do so. Drawing on the resource-based view of the firm, we examine how...
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- 2009
- Working Paper
Assess, Don't Assume, Part I: Etiquette and National Culture in Negotiation
When facing a cross-border negotiation, the standard preparatory assessments -- of the parties, their interests, their no-deal options, opportunities for and barriers to creating and claiming value, the most promising sequence and process design, etc. -- should be...
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