Ignoring consideration sets in modeling customer purchase decisions may lead to biased estimation of customer preferences, yet consideration sets are difficult to infer in brick-and-mortar contexts. We show that the challenge of estimating consideration set models in brick-and-mortar contexts can partially be overcome with an emerging source of data: “heatmap data” collected using in-store sensors.
Virginia’s rapid population growth over the past three decades has been uneven, creating demographic winners and losers, and masks several demographic headwinds that will constrain future growth and competitiveness if left unaddressed, including slowing rates of total and foreign-born population growth, white population decline, deaths of despair, and declining labor force participation among prime working age males and females in the state.
As individuals seek success, destructive interpersonal clashes can emerge when they believe they can only succeed at the expense of others. Prior work suggests this zero-sum construal of success is more likely occur when people receive negative feedback regarding their achievement. In the present research, we identify another element in the workplace that can strengthen zero-sum beliefs, and not just for those who receive negative feedback, but even for those who receive positive feedback.
George Floyd's murder caused many firms to reveal how exposed they are to racial diversity issues. We examine investor and firm behaviors after this socially significant event to provide evidence on the valuation effects of the exposure and ensuing corporate responses. We develop a text-based measure of a firm's exposure to racial diversity issues from conference call transcripts and find that, after the murder of George Floyd, firms with diversity exposure experience a stock price decrease of approximately 0.7% around the date of the conference call. We provide evidence that this effect is attributable to race-related exposure and not gender-related exposure. Initiatives taken by firms mitigate the negative market reaction.
We examine firm disclosure choice during the initial public offering (IPO) roadshow presentation to understand the informativeness of a management presentation designed to attract investors. Although firms submit a comprehensive registration filing during the IPO, managers also prepare a roadshow presentation, which is shorter and typically allows managers more autonomy to select the information released and how it is discussed. We find that IPO roadshows have significantly more positive, less negative, and less uncertain language than the SEC filing.
Past research has shown that founders bring important capabilities and resources from their prior employment into their new firms and that these intergenerational transfers influence the performance of these ventures. However, we know little about whether organizational practices also transfer from parents to spawns, and if so, what types of practices are transferred? Using a combination of survey and registrar data and through a detailed identification strategy, we examine these two previously unaddressed questions.
This article utilizes a unique database (PLACE, the PLatform for Advancing Community Economies) to explore relationships between founders’ prior work experiences and the outcomes of their entrepreneurial firms.
This paper studies the emergence of debt financing by private equity funds. Using confidential data on U.S. buyout funds, we document the increasing use of subscription lines of credit (SLCs) as an additional source of capital.
Gentrifying cities increasingly are adopting inclusive and equitable development policies, strategies, tools, and regulatory practices to minimize, if not altogether eliminate, the demographic and economic dislocations that often accompany their growing attractiveness as ideal places to live, work, and play for a creative class of young people and well-resourced retirees who are predominantly white. Creating greater opportunities for historically under-utilized businesses to grow and prosper through enhanced local government contracting and procurement is one mechanism through which gentrifying cities are trying to generate greater equity and shared prosperity.
Except for relatively short but intense episodes of high market risk, average idiosyncratic risk (IR) falls steadily after 2000 until almost the end of our sample period in 2017. The decrease has been such that from 2012 to 2017 average IR was lower than any time since 1965.
Introduction If employing a strategy map makes it sound as if you’re heading out on a trip, that’s because in many ways it’s exactly what you’re doing. To successfully lead...
Consumers’ brand associations are essential to the development of effective marketing strategies. Understanding consumers’ brand associations enables firms to determine their brand’s positioning and informs new product development and marketing mix design. A rich and abundant source for consumers’ brand associations is user-generated-content (UGC).
How do cities attract mobile firms? The answer, frequently, involves beer. Dr. Maryann Feldman has recently published an editorial describing how cities are increasingly selling themselves on quality of life metrics, talent, and trendy amenities that appeal to young professionals. Responding to Amazon’s HQ2 contest, cities across the country listed breweries among their city’s assets while wooing the technology giant. The article is based on a paper that three of her students wrote under her guidance, and the inspirations for which evolved out of a seminar Dr. Feldman taught on science and technology policy.
The last 20 years have been a period of tremendous growth for the PE industry. From its roots in the 1970s and 80s in the buyout and venture capital spaces, private capital has expanded dramatically in both scope and scale. Funds have gotten larger, the investor pool has broadened and the largest players have transformed themselves into fully diversified alternative asset managers, with offerings across a wide range of geographies and asset classes.
A core idea in competitive strategy is that a firm’s ability to capture value depends on the creation of value: maximizing the gap between willingness to pay and cost. This value can depend on or be enhanced through complementarity, where the willingness to pay for an offering is increased in the presence of another offering. Substitutability is assumed to have the opposite effect.
CEO successions represent critical junctures for firms. Although extant research explores the performance consequences resulting from different succession types, what remains underexplored is what happens when the firm rehires a former CEO (e.g., a “boomerang CEO”).
What is the impact of higher technological volatility on asset prices and macroeconomic aggregates? I find the answer hinges on its sectoral origin. Volatility that originates from the consumption (investment) sector drops (raises) macroeconomic growth rates and stock prices.
We find that although team structure has a significant impact on the performance of nonfounder‐led firms (consistent with past literature), it has little to no effect on the operating performance of founder‐led firms, suggesting that founder chief executive officers (CEOs) may exert too much control. Thus, the irony is that founders are retained to propel progress but their very retention may prevent progress.
The COVID-19 market disruption has massive implications, specifically on small business employment. Kenan Institute experts project an 11.5 percentage point addition to the overall U.S. unemployment rate by small business layoffs. Our panelists also examined the role relief legislation can and should play in mitigating the economic effects of the pandemic. This briefing features Kenan Institute Research Director and UNC Kenan-Flagler Business School Professor Christian Lundblad, UNC Kenan-Flagler Business School Professor Paige Ouimet and Grant Thornton Chief Public Policy Officer Mary Moore Hamrick.
This week our panelists examined the myriad ways the entrepreneurial community is driving innovation and delivering stories of hope in the face of COVID-19. This briefing features UNC Kenan-Flagler Business School Professor of Strategy and Entrepreneurship Mahka Moeen, UNC Entrepreneurship Center Faculty Director Ted Zoller, UNC Eshelman School of Pharmacy Pharm.D. candidate Diana Lee and UNC Applied Physical Science Department Professor and Chair Rich Superfine.