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作者：Oehmichen, Jana; Firk, Sebastian; Wolff, Michael; Maybuechen, Franz
作者单位：University of Groningen; University of Groningen; University of Gottingen
摘要：Research summary This article examines the effect of dedicated institutional investors on firms' strategy uniqueness. We build on the uniqueness paradox where unique strategies are important drivers of economic rent, yet create an information problem whereby CEOs face discounts from the capital market, thus discouraging them from selecting unique strategies. We propose dedicated institutional investors as a partial remedy to the uniqueness paradox. Dedicated institutional investors invest in g...
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作者：Eggers, J. P.; Moeen, Mahka
作者单位：New York University; University of North Carolina; University of North Carolina Chapel Hill
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作者：Rahmandad, Hazhir; Denrell, Jerker; Prelec, Drazen
作者单位：Massachusetts Institute of Technology (MIT); University of Warwick; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：Research Summary Managers regularly deal with dynamic tasks, where decisions impact immediate payoffs as well as long-term capabilities. Research shows that people do poorly in dynamic tasks, but the underlying mechanisms are unclear. These may range from unsystematic problem-solving to rational learning in complex environments. In a series of experiments, we tease apart alternative explanations, showing that poor performance is due to behavioral difficulties. Remarkably, we find that people d...
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作者：Foss, Nicolai J.; Klein, Peter G.; Lien, Lasse B.; Zellweger, Thomas; Zenger, Todd
作者单位：Copenhagen Business School; Norwegian School of Economics (NHH); Baylor University; University of St Gallen; Utah System of Higher Education; University of Utah
摘要：Research Summary Ownership is fundamental to firm strategy, organization, and governance. Standard ownership concepts-mainly derived from agency and incomplete contracting theories-focus on its incentive effects. However, these concepts and theories neglect ownership's role as an instrument to match judgment about resource use and governance with the firm's evolving environment under uncertainty. We develop the concept of ownership competence-the skill with which ownership is used as an instru...
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作者：Choi, Jaeho; Menon, Anoop; Tabakovic, Haris
作者单位：University of Pennsylvania; The Brattle Group
摘要：Research Summary In this article, we examine the relationship between corporate diversification and firm performance using a machine learning technique called natural language processing (NLP). By applying a widely used NLP technique called topic modeling to unstructured text from annual reports, we create a new, multidimensional measure that captures the degree of diversification of both multisegment and single-segment firms. Additionally, we introduce a novel method to incorporate human judg...
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作者：Vakili, Keyvan; Kaplan, Sarah
作者单位：University of London; London Business School; University of Toronto
摘要：Research Summary: While innovation has increasingly become a collaborative effort, there is little consensus in research about what types of team configurations might be the most useful for creating breakthrough innovations. Do teams need to include inventors with knowledge breadth for recombination or do they need inventors with knowledge depth for identifying anomalies? Do teams need overlapping knowledge to integrate insights from diverse areas or does this redundancy hamper innovation by c...
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作者：Flammer, Caroline; Ioannou, Ioannis
作者单位：Boston University; University of London; London Business School
摘要：Research summary This study investigates how companies adjusted their investments in key strategic resources-that is, their workforce, capital expenditures, R&D, and CSR-in response to the sharp increase in the cost of credit (the credit crunch) during the financial crisis of 2007-2009. We compare companies whose long-term debt matured shortly before versus after the credit crunch to obtain (quasi-)random variation in the extent to which companies were hit by the higher borrowing costs. We fin...
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作者：Gutierrez, Cedric; Obloj, Tomasz; Frank, Douglas H.
作者单位：Bocconi University; Bocconi University; Hautes Etudes Commerciales (HEC) Paris; Analysis Group Inc.
摘要：Research Summary In this paper, we develop and test a behavioral theory of lost leadership. Using insights from the literature on goals as reference points and goal-setting theory, we predict that former leaders exert more effort compared to otherwise identical competitors. We test this prediction using two contexts. The first data comes from an educational business simulation game. The second setting draws on field data from a 2-month banking sales contest. We find that provision of effort in...
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作者：Momtaz, Paul P.
作者单位：University of California System; University of California Los Angeles
摘要：Research Summary How emotions impact firm valuation is empirically understudied because affective traits are difficult to quantify. However, using artificial emotional intelligence, positive and negative affects can be identified from facial muscle contraction-relaxation patterns obtained from public CEO photos during initial coin offerings, that is, blockchain-based issuances of cryptocurrency tokens to raise growth capital. The results suggest that CEO affects impact firm valuation in two wa...
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作者：Peterson, Aticus; Wu, Andy
作者单位：Harvard University
摘要：Research Summary We study how learning by experience across projects affects an entrepreneur's strategic foresight. In a quantitative study of 314 entrepreneurs across 722 crowdfunded projects supplemented with a program of qualitative interviews, we counterintuitively find that entrepreneurs make less accurate predictions as they gain experience executing projects: they miss their predicted timeline to bring a product to market by nearly six additional weeks on each successive project. Althou...
