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- 2021
- Working Paper
Studying the U.S.-Based Portfolio Companies of U.S. Impact Investors
By: M. Diane Burton, Gurveen Chadha, Shawn A. Cole, Abhishek Dev, Christina Jarymowycz, Leslie Jeng, Laura Kelley, Josh Lerner, Jaime R. Diaz Palacios, Yue (Cynthia) Xu and T. Robert Zochowski
Recent years have seen a dramatic increase in the reliance on market-based solutions to social and environmental problems around the world (Barman 2016; Horvath and Powell 2020). The growth of impact investing is a vivid example of this trend and, although there have...
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- 2021
- Working Paper
Investment Committee Voting and the Financing of Innovation
By: Andrey Malenko, Ramana Nanda, Matthew Rhodes-Kropf and Savitar Sundaresan
We provide novel evidence on voting practices used by the investment committees of prominent venture capital investors in the U.S. A substantial share of these VCs use a voting rule for seed and early stage investments where a single `champion' is sufficient for the...
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- 2021
- Working Paper
Standing on the Shoulders of Science
By: Joshua Lev Krieger, Martin Watzinger and Monika Schnitzer
Today's innovations rely on scientific discoveries of the past, yet only some corporate R&D builds directly on scientific output. We analyze U.S. patents to establish three new facts about the relationship between science and the value of inventions. First, we show...
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- 2021
- Working Paper
Equilibrium Effects of Pay Transparency
By: Zoë B. Cullen and Bobak Pakzad-Hurson
The public discourse around pay transparency has focused on the direct effect: how workers seek
to rectify newly-disclosed pay inequities through renegotiations. The question of how wage-setting
and hiring practices of the firm respond in equilibrium has received less...
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- May–June 2021
- Article
Getting Up to Speed in Your Sales Efforts
By: Frank V. Cespedes and Zoran Latinovic
In a study before the pandemic, Pricewaterhouse Coopers found that companies had made little progress in the previous decade in speeding up their cash-conversion cycle, as the cash crunch generated by the pandemic painfully demonstrated. In most firms, sales velocity...
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- May 24, 2021
- Article
What Makes an Online Marketplace Disruptive?
By: Clifford Maxwell and Scott Duke Kominers
Platforms like Airbnb, eBay, and Angie’s List have changed how markets work. But while many are innovative and make life easier for consumers, which are truly disruptive? Hewing to Clay Christensen’s theory of disruption, platforms—which operate as online...
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- May 2021
- Case
CPE and SUS Environmental: You've Got to Know When to Hold 'Em
By: Josh Lerner and Franko Jira
- May–June 2021
- Article
Why Start-ups Fail
If you’re launching a business, the odds are against you: Two-thirds of start-ups never show a positive return. Unnerved by that statistic, a professor of entrepreneurship at Harvard Business School set out to discover why. Based on interviews and surveys with hundreds...
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- May 2021
- Article
Private and Social Returns to R&D: Drug Development and Demographics
By: Efraim Benmelech, Janice Eberly, Dimitris Papanikolaou and Joshua Krieger
Investment in intangible capital such as R&D has increased dramatically since the 1990s. However, productivity growth remains sluggish in recent years. One potential reason is that a significant share of the increase in intangible investment is geared toward consumer...
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- May 2021
- Article
Preparing for a Pandemic: Accelerating Vaccine Availability
By: Amrita Ahuja, Susan Athey, Arthur Baker, Eric Budish, Juan Camilo Castillo, Rachel Glennerster, Scott Duke Kominers, Michael Kremer, Jean Lee, Canice Prendergast, Christopher M. Snyder, Alex Tabarrok, Brandon Joel Tan and Witold Wiecek
Vaccinating the world’s population quickly in a pandemic has enormous health and economic benefits. We analyze the problem faced by governments in determining the scale and structure of procurement for vaccines. We analyze alternative approaches to procurement, arguing...
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- May 2021
- Article
Mutual Funds as Venture Capitalists? Evidence from Unicorns
By: Josh Lerner, Sergey Chernenko and Yao Zeng
The past decade saw the rise of both “founder-friendly” venture financings and non-traditional investors, frequently with liquidity constraints. Using detailed contract data, we study open-end mutual funds investing in private venture-backed firms. We posit an...
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- May 2021
- Article
Stability, Strategy-Proofness, and Cumulative Offer Mechanisms
By: John William Hatfield, Scott Duke Kominers and Alexander Westkamp
We consider the setting of many-to-one matching with contracts, where firms may demand multiple contracts, but each worker desires at most one contract. We introduce three novel conditions—observable substitutability, observable size monotonicity, and...
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- 2021
- Working Paper
Public Entrepreneurial Finance around the Globe
By: Jessica Bai, Shai Bernstein, Abhishek Dev and Josh Lerner
This paper examines how government funding programs geared towards early-stage companies interact with private capital markets. Using hand-collected data on 755 government programs worldwide, we find that governments’ allocations to such funding programs have been...
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- April 23, 2021
- Article
Bitcoin and Beyond
By: Christian Catalini, Ravi Jagadeesan and Scott Duke Kominers
From the growing attention to Bitcoin and "decentralized finance" to the latest excitement spurred by non-fungible tokens, the crypto economy is here to stay. But will it develop the social consensus and institutional arrangements needed to go fully mainstream?
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- 2021
- Working Paper
Venture Capital Booms and Startup Financing
By: William Janeway, Ramana Nanda and Matthew Rhodes-Kropf
We review the growing literature on the relationship between venture capital booms and startup financing, focusing on three broad areas: First, we discuss the drivers of large inflows into the venture capital asset class, particularly in recent years—which are related...
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- April 10, 2021
- Article
Where America's Vaccine Triumph Fell Short
- April 2021
- Case
Codecademy: Where to Next?
By: Jeffrey F. Rayport, Max Mailman and Sarah Ascherman
In March 2020, Zach Sims, co-founder and CEO of online education platform Codecademy, prepared for a meeting with his Chief of Staff Kunal Ahuja to discuss the company’s goals. Codecademy billed itself as the largest online resource for computer science literacy and...
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Keywords:
Monetization Strategy;
Business Model;
Change Management;
Venture Capital;
Leading Change;
Growth and Development Strategy;
Growth Management;
Management Teams;
Marketing Channels;
Product Marketing;
Network Effects;
Product Development;
Organizational Change and Adaptation;
Strategic Planning;
Online Technology;
Technology Platform;
United States
- April 5, 2021
- Article
Defining a Post-Pandemic Channel Strategy
Companies have experienced a surge of online orders during the pandemic. As the crisis eases, leaders need to decide whether the shift to e-commerce is a permanent “new normal” or a temporary increase. Across sectors, forecasts aimed at answering this question form the...
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