-
作者：Chen, Guoli; Meyer-Doyle, Philipp; Shi, Wei
作者单位：INSEAD Business School; University of Miami
摘要：Research summary: Prior research suggests that hedge fund activism can benefit targeted firms. We explore a potential negative side-effect of hedge fund activism: the unwanted loss of human capital in targeted firms. We find that firms targeted by hedge fund activists experience a greater departure of valuable employees compared with a matched sample of non-targeted firms. Further, the positive effect of hedge fund activism on firm performance is stronger when firms experience a lower departur...
-
作者：Felten, Edward; Raj, Manav; Seamans, Robert
作者单位：Princeton University; New York University
摘要：Research Summary We create and validate a new measure of an occupation's exposure to AI that we call the AI Occupational Exposure (AIOE). We use the AIOE to construct a measure of AI exposure at the industry level, which we call the AI Industry Exposure (AIIE) and a measure of AI exposure at the county level, which we call the AI Geographic Exposure (AIGE). We also describe several ways in which the AIOE can be used to create firm level measures of AI exposure. We validate the measures and des...
-
作者：Sohl, Timo; Folta, Timothy B.
作者单位：Pompeu Fabra University; University of Connecticut
摘要：Research Summary This study develops a framework providing guidance in examining when exit decisions might be driven by resource redeployment versus divestment. Exploratory analyses of the global retail sector show patterns largely consistent with conventional explanations of exit through divestment. We also provide the first large-scale empirical evidence consistent with redeployment motives of exit. In particular, by focusing on the potential for redeployment of fixed assets (i.e., physical ...
-
作者：Lee, Chi-Hyon; Hoehn-Weiss, Manuela N.; Karim, Samina
作者单位：George Mason University; Oregon State University; Northeastern University
摘要：Research Summary This study empirically examines the impact of firms' pursuing multiple generic strategies, namely, Porter's low-cost and focus strategies. We conceptualize pursuing cost efficiency advantage as low-cost strategy and restraining rivalry through horizontal differentiation as focus strategy. Although we corroborate earlier Strategy research that each of these strategies alone may have a positive impact on firm profitability, we highlight that mechanisms driving the interaction of...
-
作者：Cetorelli, Nicola; Jacobides, Michael G.; Stern, Samuel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of London; London Business School; University of Michigan System; University of Michigan
摘要：Research Summary: A surprisingly neglected facet of sector evolution is the evolutionary analysis of firms', and thus a sector's, scope. Defining a sector as a group of firms that can change their scope over time, we study the transformation of U.S. banking firms. We undertake a sectoral, population-wide study of business-scope transformation, with particular focus on which segments banks expand into. As financial intermediation evolved, a continuously shifting set of activities became associa...
-
作者：Giarratana, Marco S.; Pasquini, Martina; Santalo, Juan
作者单位：IE University; IE University
摘要：Research Summary This article analyzes the relationship between sales growth and variance for diversified firms. Distinguishing product niches linked by scale free versus non-scale free resources, this study predicts that the more a firm diversifies leveraging on a non-scale free resource, the more likely its sales growth and variance are positively correlated. However, this relationship is negatively moderated by the presence of a scale-free resource such that the presence of scale-free resou...
