Although private credit funds have rapidly grown into a standalone asset class over the last decade, little is known about the aggregate performance of these funds. To provide a first look at absolute and relative performance, we utilize the Burgiss database of 476 private credit funds with nearly $480 billion in committed capital, including a subset of 155 direct lending funds.
Although teams benefit from developing plans and processes that boost efficiency and reduce uncertainty, they may become too attached to these plans and escalate commitment when an alternative response is needed. Drawing on theories of team leadership, team processes and escalation of commitment, we propose that a change in leadership can help the team reduce commitment to outdated plans and avoid further escalation over time.
We use data from a federally sponsored survey about teenagers' marijuana consumption in the United States. We find that, teenagers under predict future marijuana use and that this inaccuracy is moderated by the extent of use. We also find that misprediction is affected by both attitudes and the situation through main and interaction effects. We outline some policy implications of our findings.
Shareholder activists remain an important force in the boardroom. More than 60 activist campaigns were initiated against S&P 1500 companies in 2016. And although activist hedge funds have under‐performed the broad market since 2013, activists’ assets under management are still nearly double their level of four years ago, and announcements of their campaigns continue to be met with increases in the target companies’ stock prices.
Corporate restructurings accomplished through spinoffs have long been a key tool for management to unlock shareholder value. In 2016, global spinoff volume reached $117 billion, and spinoff activity continues to unfold at a similar pace in 2017, with Hilton, Xerox, Alcoa, Johnson Controls, and Danaher all recently completing major transactions.
Marketing activities that influence shoppers along the various stages of their path-to-purchase are gaining attention from both manufacturers and retailers. Using a dataset with detailed information on 105 new products (NPs) launched in the U.K. by 44 leading brands and sold across 13 major retail banners, we provide strong support for the prominent role of both upper- and lower-funnel marketing actions that influence consumers before (upper) or during (lower) their shopping trip.
By almost any measure, marketing academia is in a better shape than it has ever been. Job prospects for PhD students have improved substantially in recent years. According to the 2017 Marketing Academia Labor Report, there were 1.83 candidates per new assistant professor (“rookie”) position compared to 2.85 to 1 in 2010. Moreover, there are 37 open positions for advanced assistant professors with only 14 people looking for such positions. The median 12-month salary for entry-level positions is $190,000, up from $162,260 in 2010. Colleagues in the School of Arts & Sciences, as well as most people in the government or private sector, would gladly enjoy such opportunities.
Hard discounters are stores that sell a limited selection of consumer packaged goods and perishables - typically fewer than 2,000 Stock Keeping Units - for prices that are usually 50-60% lower than national brands. The best known hard discounters are Aldi and Lidl, but global brands include Trader Joe's, EuroSpin, Biedronka, Netto, and Leader Price. Their rise has been monumental; they have irrevocably changed the face of retail in Europe and Australia, and are making steady inroads into the US. Retail Disruptors explores the very real threat that hard discounters pose to traditional retailers and brand manufacturers.
With the explosion of Internet users, growing from 360 million (5.9 % of the world’s population) in 2000 to 3.4 billion (46.4 %) in 2016, the digital space is reshaping how organizations go global with their brands. Any chapter written about digital branding strategies runs the risk of obsolescence before it hits the printer. Specific digital platforms and tools for global brand building change rapidly over time.
My particular path has contained, as most paths do, twists and turns. As I look back, they all seem somehow related to each other, but they were not all planned. Design/methodology/approach I will discuss my life and career in chronological order, then reflect on my career and research philosophy. I will also discuss several of my most cited articles and how they emerged. Findings I emphasize research that is both academically rigorous and relevant to business. I also show that passion for a subject, even one that is risky and not encouraged by others, has resulted in lifelong interest and inspiration for me.
The extent to which federal investment in research crowds out or decreases incentives for investment from other funding sources remains an open question. Scholarship on research funding has focused on the relationship between federal and industry or, more comprehensively, non-federal funding without disentangling the other sources of research support that include nonprofit organizations and state and local governments. This paper extends our understanding of academic research support by considering the relationships between federal and non-federal funding sources provided by the National Science Foundation Higher Education Research and Development Survey.
This paper examines the cross-university variation in spin-off activity by faculty members from 124 US academic institutions, using a unique database including data on founders of both formal and informal spin-offs. Accordingly, the rate of spawning founders is positively affected by the quality of the institution and its departments, the R&D expenditure of the institution, and the strength of the local cluster.
Universities have become essential players in the generation of knowledge and innovation. Through the commercialization of technology, they have developed the ability to influence regional economic growth. By examining different commercialization models this book analyses technology transfer at universities as part of a national and regional system.
The spatial diffusion and adoption of rDNA methods, Regional Studies. The 1980 patent granted to Stanley Cohen and Herbert Boyer for their development of rDNA technology played a critical role in the establishment of the modern biotechnology industry. From the birth of this general-purpose technology in the San Francisco Bay area, rDNA-related knowledge diffused across sectors and regions of the US economy.
With 45 states offering a range of SBIR Outreach and SBIR Match programs specifically designed to enhance the federal SBIR program, such programs provide a useful lens for examining the nature of the multilevel innovation policy mix.
Why do investments in certain places yield jobs, growth, and prosperity while similar investments made in seemingly identical places fail to produce the desired results? Starting with the observation that innovation clusters spatially across a broad spectrum of industries, my work seeks to understand the mechanisms and institutions that promote the creation of useful knowledge. In my conceptualization, entrepreneurs, as the agents who recognize opportunity, mobilize resources, and create value, are key to the creation of institutions and the building of capacity that will sustain regional economic development.
Postdoctoral scholars may be economic complements or substitutes for faculty, doctoral research assistants and capital in the production of university life science research. Using data on 120 US universities, we present two cross-sectional (1993 and 2006) descriptive econometric models. Results suggest that postdocs serve primarily as complements to other labour inputs and capital.
This paper analyzes factors that shape the technological capabilities of individual U.S. states and European countries, which are arguably comparable policy units. The analysis demonstrates convergence in technological capabilities from 2000 to 2007.