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- February 2023
- Article
OTC Intermediaries
By: Andrea L. Eisfeldt, Bernard Herskovic, Sriram Rajan and Emil Siriwardane
We study the effect of dealer exit on prices and quantities in a model of an over-the-counter (OTC) market featuring a core-periphery network with bilateral trading costs. The model is calibrated using regulatory data on the entire U.S. credit default swap (CDS) market...
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- January 2023
- Case
Cleave Therapeutics: Taking a Risk on Oncology Drug Discovery
By: Regina Herzlinger and Brian Walker
How can a successful executive assess her next move as the CEO of a firm with a promising and yet uncertain new drug? Amy Burroughs’ mandate to find a therapeutic window for Cleave Therapeutics oncology drug was on track but faced an uncertain future. Overseeing the...
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- 2023
- Working Paper
Public Perception and Autonomous Vehicle Liability
By: Julian De Freitas, Xilin Zhou, Margherita Atzei, Shoshana Boardman and Luigi Di Lillo
The deployment of autonomous vehicles (AVs) and the accompanying societal and economic benefits will greatly depend on how much liability AV firms will have to carry for accidents involving these vehicles, which in turn impacts their insurability and associated...
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- 2023
- Working Paper
The Subjective Expected Utility Approach and a Framework for Defining Project Risk in Terms of Novelty and Feasibility—A Response to Franzoni and Stephan (2023), ‘Uncertainty and Risk-Taking in Science’
In their Discussion Paper, Franzoni and Stephan (F&S, 2023) discuss the shortcomings of existing peer review models in shaping the funding of risky science. Their discussion offers a conceptual framework for incorporating risk into peer review models of research...
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- 2022
- Working Paper
Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads
By: Samuel G. Hanson, Aytek Malkhozov and Gyuri Venter
We develop and test a model in which swap spreads are determined by end users' demand for and constrained intermediaries' supply of long-term interest rate swaps. Swap spreads reflect compensation both for using scarce intermediary capital and for bearing convergence...
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- 2022
- Article
Leadership & Overconfidence
By: Don A Moore and Max H. Bazerman
Expressions of confidence can give leaders credibility. In the political realm, they can earn votes and public approval for decisions made in office. Such support is justified when the confidence displayed is truly a sign that a leader (whether a candidate or an...
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- December 2022
- Article
Shaping Nascent Industries: Innovation Strategy and Regulatory Uncertainty in Personal Genomics
By: Cheng Gao and Rory McDonald
In nascent industries—whose new technologies are often poorly understood
by regulators—contending with regulatory uncertainty can be crucial to organizational survival and growth. Prior research on nonmarket strategy has largely
focused on established firms in mature...
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- November 2022
- Article
Opportunity Neglect: An Aversion to Low-probability Gains
Seven preregistered studies (N = 2,890) conducted in the field, lab, and online document opportunity neglect: a tendency to reject opportunities with low probability of success, even when they come with little or no objective cost (e.g., time, money, reputation). In...
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- 2022
- Working Paper
The Issuance and Design of Sustainability-linked Loans
By: Maria Loumioti and George Serafeim
Sustainability-linked loans (i.e., syndicated loans for which pricing is linked to a sustainability performance indicator) have rapidly evolved into a significant private debt product. We find that sustainability-linked lending has been available mostly to borrowers...
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- October 2022 (Revised January 2023)
- Case
Century Bank: Closing Time?
By: Lauren Cohen, Grace Headinger and Bill Kwon
Barry Sloane, second-generation Chairman, President, and CEO of his family’s bank, Century Bank, weighed whether to sell to Eastern Bank. As a small regional bank, Century faced a number of challenging trends, such as digitization and market share decline in the coming...
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Keywords:
Family Office;
Business Exit;
Banking;
Family;
Massachusetts;
Boston;
United States;
Acquisition;
Business Exit or Shutdown;
Family Business;
Family and Family Relationships;
Interpersonal Communication;
Decision Making;
Finance;
Banks and Banking;
Risk and Uncertainty;
Emotions;
Banking Industry;
Boston;
Massachusetts;
United States
- October 2022
- Case
Spaceport America, Public Sector Risk-taking, and Political Accountability (A)
By: Matthew Weinzierl, Dava Newman, Rebecca Browder and Angela Acocella
Sitting quietly in the heart of the New Mexico desert in the summer of 2014, Spaceport America (SA) housed little of the activity its supporters anticipated when opening its hangar doors in 2011. Despite $1 million in annual rent from Virgin Galactic, British...
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- September 2022
- Case
BancoSol: Financial Inclusion in the Perfect Storm
By: Michael Chu and Carla Larangeira
In the pandemic, financial inclusion icon BancoSol faces a government-mandated year-long deferral of all loan payments, followed by the sudden Covid death of its CEO. In a Bolivia mired in political turmoil following a failed presidential election, with clients not...
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- September 2022
- Article
Tone at the Bottom: Measuring Corporate Misconduct Risk from the Text of Employee Reviews
By: Dennis W. Campbell and Ruidi Shang
This paper examines whether information extracted via text-based statistical methods applied to employee reviews left on the website Glassdoor.com can be used to develop indicators of corporate misconduct risk. We argue that inside information on the incidence of...
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- August 2022
- Case
Atlanta Ransomware Attack (A)
By: Amit Goldenberg and Julian Zlatev
This case describes the March 2018 Ransomware attack on the information technology (IT) systems of the city of Atlanta and the response by Mayor Keisha Lance Bottoms and her administration. The case includes a brief background on Bottoms and her young administration at...
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Keywords:
Crime and Corruption;
Decision Making;
Cost vs Benefits;
Decision Choices and Conditions;
Decisions;
Ethics;
Values and Beliefs;
Government and Politics;
Government Administration;
Information Technology;
Cybersecurity;
Information Management;
Leadership;
Management;
Crisis Management;
Management Teams;
Negotiation;
Risk and Uncertainty;
Social Psychology;
Perception;
Personal Characteristics;
Perspective;
Power and Influence;
Society;
Public Administration Industry;
United States;
Georgia (state, US);
Atlanta
- August 2022
- Supplement
Atlanta Ransomware Attack (B)
By: Amit Goldenberg and Julian Zlatev
This case describes the March 2018 Ransomware attack on the information technology (IT) systems of the city of Atlanta and the response by Mayor Keisha Lance Bottoms and her administration. The case includes a brief background on Bottoms and her young administration at...
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Keywords:
Crime and Corruption;
Decision Making;
Cost vs Benefits;
Decision Choices and Conditions;
Decisions;
Ethics;
Values and Beliefs;
Government and Politics;
Government Administration;
Information Technology;
Cybersecurity;
Information Management;
Leadership;
Management;
Crisis Management;
Management Teams;
Negotiation;
Risk and Uncertainty;
Social Psychology;
Perception;
Personal Characteristics;
Perspective;
Power and Influence;
Society;
Public Administration Industry;
United States;
Atlanta;
Georgia (state, US)
- July 2022 (Revised September 2022)
- Case
Birla Carbon Egypt: Building Soft Power in a Foreign Country
By: Jeremy Friedman and Malini Sen
Birla Carbon, a flagship business of the nearly $60-billion global conglomerate and India-headquartered Aditya Birla Group (ABG), is one of the world's top manufacturers and suppliers of high-quality carbon black. The largest among its 16 manufacturing plants is Birla...
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Keywords:
Acquisition;
Family Business;
Disruption;
Transformation;
Diversity;
Trade;
Energy;
Values and Beliefs;
Cross-Cultural and Cross-Border Issues;
Global Strategy;
Government and Politics;
Private Ownership;
Civil Society or Community;
Risk and Uncertainty;
Value Creation;
Industrial Products Industry;
Rubber Industry;
Egypt;
Africa;
India;
Asia;
Atlanta;
United States
- July 2022 (Revised November 2022)
- Case
Call of Fiduciary Duty: Microsoft Acquires Activision Blizzard
By: Joseph Pacelli, Jonas Heese and James Barnett
In January 2022, Microsoft announces its acquisition of the video game company Activision Blizzard, in a deal valued at $68.7 billion, which would make Microsoft the world’s third largest video game company. The deal came as Activision Blizzard faced gender pay...
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Keywords:
Accounting;
Goodwill Accounting;
Analysis;
Decision Making;
Talent and Talent Management;
Games, Gaming, and Gambling;
Ethics;
Leadership;
Risk and Uncertainty;
Mergers and Acquisitions;
Lawsuits and Litigation;
Entertainment and Recreation Industry;
Video Game Industry;
North America;
California
- 2022
- Article
Regulatory Treatment of Changes in Fair Value and the Composition of Banks' Investment Portfolios
By: Michael Iselin, Jung Koo Kang and Joshua Madsen
In their implementation of Basel III, U.S. bank regulators are again including changes in the fair value of available-for-sale (AFS) debt securities in Tier 1 capital, but only for the largest U.S. banks. This paper investigates a potential impact of expanding this...
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- 2022
- Report
The First Four Healthy Building Strategies Every Building Should Pursue to Reduce Risk from COVID-19
By: Joseph G. Allen, Emily Jones, Marissa V. Rainbolt, Linsey C. Marr, David Michaels, Leslie R. Cadet, Shelly L. Miller, Meira Levinson, Lidia Morawska, Richard L. Corsi, Nira R. Pollock, Yuguo Li, Alasdair P.S. Munro, Kelly Grier, Qingyan Chen, John D. Macomber and Xiaodong Cao
Understanding of the most probable transmission routes and identifying the risk environments for disease spread should always be among the first critical steps in the response to future disease threats. This is one of the most vital public health lessons of the...
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