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- 2025
- Working Paper
Centralized Governance in Decentralized Organizations
By: Lin William Cong, Daniel Rabetti, Charles C.Y. Wang and Yu Yan
We systematically document governance centralization in decentralized autonomous organizations (DAOs) and study its drivers and economic implications. Using multiple data sources and granular on-chain transactional data, we compare our findings to those in corporate... View Details
Keywords: Governance
- Fall 2024
- Article
Redemption Mechanisms in Poison Pills: Evidence on Pill Design and Law Firm Effects
By: Olivier Baum and Guhan Subramanian
We present the first evidence on the incidence of “trip wire” versus “last look” poison pills. Using a hand-collected data set of 130 poison pills implemented and/or amended between January 1, 2020 and March 31, 2023, we find that pills are almost evenly divided... View Details
- March 2024
- Supplement
Madrigal: Conducting a Customer-Base Audit
By: Eva Ascarza, Peter Fader, Bruce G.S. Hardie and Michael Ross
This case presents a scenario where Madrigal, a U.S. retailer with a rich 20-year history and a solid loyalty program, faces a turning point with the arrival of a new CEO. This leadership change reveals a critical gap in understanding the customer base, prompting an... View Details
- March 2024
- Supplement
Madrigal: Conducting a Customer-Base Audit
By: Eva Ascarza, Bruce Hardie, Peter S. Fader and Michael Ross
This case presents a scenario where Madrigal, a U.S. retailer with a rich 20-year history and a solid loyalty program, faces a turning point with the arrival of a new CEO. This leadership change reveals a critical gap in understanding the customer base, prompting an... View Details
- March 2024
- Supplement
Madrigal: Conducting a Customer-Base Audit
By: Eva Ascarza, Bruce Hardie, Peter S. Fader and Michael Ross
This case presents a scenario where Madrigal, a U.S. retailer with a rich 20-year history and a solid loyalty program, faces a turning point with the arrival of a new CEO. This leadership change reveals a critical gap in understanding the customer base, prompting an... View Details
- March 2024
- Teaching Note
Madrigal: Conducting a Customer-Base Audit
By: Eva Ascarza, Peter S. Fader, Bruce Hardie and Michael Ross
Teaching Note for HBS Case No. 524-046. This case presents a scenario where Madrigal, a U.S. retailer with a rich 20-year history and a solid loyalty program, faces a turning point with the arrival of a new CEO. This leadership change reveals a critical gap in... View Details
- March 2024
- Case
Madrigal: Conducting a Customer-Base Audit
By: Eva Ascarza, Bruce Hardie, Michael Ross and Peter S. Fader
This case presents a scenario where Madrigal, a U.S. retailer with a rich 20-year history and a solid loyalty program, faces a turning point with the arrival of a new CEO. This leadership change reveals a critical gap in understanding the customer base, prompting an... View Details
- March 7, 2024
- Article
Integrating Digital Tools into Every Stage of Your Sales Strategy
By: Frank V. Cespedes and Georg Krentzel
In their growth and customer-acquisition activities, most companies now face twin challenges: understanding and responding to omni-channel buying behavior and doing that without inadvertently decreasing sales productivity. Thirty years ago, Peter Drucker noted that... View Details
- September 2023
- Article
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, but many of its distinct components are difficult to measure. We develop and make available several new firm-level metrics regarding a key component of intangible capital – firms’ customer... View Details
- 2023
- Working Paper
The Market for Sharing Interest Rate Risk: Quantities and Asset Prices
By: Umang Khetan, Jane Li, Ioana Neamtu and Ishita Sen
We study the extent of interest rate risk sharing across the financial system using granular positions and transactions data in interest rate swaps. We show that pension and insurance (PF&I) sector emerges as a natural counterparty to banks and corporations: overall,... View Details
- 2023
- Working Paper
Digital Lending and Financial Well-Being: Through the Lens of Mobile Phone Data
By: AJ Chen, Omri Even-Tov, Jung Koo Kang and Regina Wittenberg-Moerman
To mitigate information asymmetry about borrowers in developing economies, digital lenders utilize machine-learning algorithms and nontraditional data from borrowers’ mobile devices. Consequently, digital lenders have managed to expand access to credit for millions of... View Details
- February 2023 (Revised March 2024)
- Supplement
Shanty Real Estate: Teaching Note Supplement
By: Michael Luca and Jesse M. Shapiro
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough.... View Details
- October 2022
- Exercise
Shanty Real Estate: Confidential Information for Homebuyer 1
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough.... View Details
- October 2022
- Exercise
Shanty Real Estate: Confidential Information for Homebuyer 2
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough.... View Details
- October 2022
- Exercise
Shanty Real Estate: Confidential Information for Homebuyer 3
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough.... View Details
- October 2022
- Exercise
Shanty Real Estate: Confidential Information for iBuyer 1
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough.... View Details
- October 2022
- Exercise
Shanty Real Estate: Confidential Information for iBuyer 2
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough.... View Details
- October 2022
- Exercise
Shanty Real Estate: Confidential Information for iBuyer 3
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough.... View Details
- October 2022
- Exercise
Shanty Real Estate: Updated Confidential Information for Homebuyer
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough.... View Details
- October 2022
- Exercise
Shanty Real Estate: Updated Confidential Information for iBuyer
By: Michael Luca, Jesse M. Shapiro and Nathan Sun
Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough.... View Details