Catalogue Search | MBRL
Are you sure you want to remove the book from the shelf?
{{itemTitle}}
70
result(s) for
"Groysberg, Boris"
Sort by:
Too Many Cooks Spoil the Broth: How High-Status Individuals Decrease Group Effectiveness
Can groups become effective simply by assembling high-status individual performers? Though an affirmative answer may seem straightforward on the surface, this answer becomes more complicated when group members benefit from collaborating on interdependent tasks. Examining Wall Street sell-side equity research analysts who work in an industry in which individuals strive for status, we find that groups benefited-up to a point-from having high-status members, controlling for individual performance. With higher proportions of individual stars, however, the marginal benefit decreased before the slope of this curvilinear pattern became negative. This curvilinear pattern was especially strong when stars were concentrated in a small number of sectors, likely reflecting suboptimal integration among analysts with similar areas of expertise. Control variables ensured that these effects were not the spurious result of individual performance, department size or specialization, or firm prestige. We discuss the theoretical implications of these results for the literatures on status and groups, along with practical implications for strategic human resource management.
Journal Article
Chasing stars : the myth of talent and the portability of performance
It is taken for granted in the knowledge economy that companies must employ the most talented performers to compete and succeed. Many firms try to buy stars by luring them away from competitors. But Boris Groysberg shows what an uncertain and disastrous practice this can be. After examining the careers of more than a thousand star analysts at Wall Street investment banks, and conducting more than two hundred frank interviews, Groysberg comes to a striking conclusion: star analysts who change firms suffer an immediate and lasting decline in performance. Their earlier excellence appears to have depended heavily on their former firms' general and proprietary resources, organizational cultures, networks, and colleagues. There are a few exceptions, such as stars who move with their teams and stars who switch to better firms. Female stars also perform better after changing jobs than their male counterparts do. But most stars who switch firms turn out to be meteors, quickly losing luster in their new settings. Groysberg also explores how some Wall Street research departments are successfully growing, retaining, and deploying their own stars. Finally, the book examines how its findings apply to many other occupations, from general managers to football players. Chasing Starsoffers profound insights into the fundamental nature of outstanding performance. It also offers practical guidance to individuals on how to manage their careers strategically, and to companies on how to identify, develop, and keep talent.
Book
DETERMINANTS OF GENDER DIFFERENCES IN CHANGE IN PAY AMONG JOB-SWITCHING EXECUTIVES
The authors investigate what determines differences in change in pay between men and women executives who move to new employers. Using proprietary data of 2,034 executive placements from a global search firm, the authors observe narrower pay differences between men and women after job moves. The unconditional gap shrinks from 21.5% in the prior employer to 15% in the new employer. After controlling for typical explanatory factors, the residual gap falls by almost 30%, from 8.5% at the prior employer to 6.1% in the new placement. This change reflects a relative increase in performance-based compensation for women and a lower level of unexplained pay inequality generally in external placements. Controlling for individual fixed effects, observed women have higher pay raises than do men. Finally, the authors find suggestive evidence that pay differences may also be moderated by differences in the supply and demand for women executives.
Journal Article
The effect of colleague quality on top performance: the case of security analysts
Using a unique panel dataset of top performing security analysts over a nine-year period, we show that top performers do not \"own\" their performance, even in the knowledge-intensive work performed in this professional business services context. While an individual's past performance does indicate future performance, the quality of colleagues in one's organization also significantly affects top performers' ability to maintain their performance. Specifically, top performers in professional business services rely on high-quality colleagues both to improve the quality of their own work and to deliver it effectively to clients.
Journal Article
Wall Street research : past, present, and future
Wall Street Research: Past, Present, and Future provides a timely account of the dramatic evolution of Wall Street research, examining its rise, fall, and reemergence. Despite regulatory, technological, and global forces that have transformed equity research in the last ten years, the industry has proven to be remarkably resilient and consistent. Boris Groysberg and Paul M. Healy get to the heart of Wall Street research—the analysts engaged in the process—and demonstrate how the analysts' roles have evolved, what drives their performance today, and how they stack up against their buy-side counterparts. The book unpacks key trends and describes how different firms have coped with shifting pressures. It concludes with an assessment of where equity research is headed in emerging markets, drawing conclusions about this often overlooked corner of Wall Street and the industry's future challenges.
eBook
Can They Take It With Them? The Portability of Star Knowledge Workers' Performance
This paper examines the portability of star security analysts' performance. Star analysts who switched employers experienced an immediate decline in performance that persisted for at least five years. This decline was most pronounced among star analysts who moved to firms with lesser capabilities and those who moved solo, without other team members. Star analysts who moved between two firms with equivalent capabilities also exhibited a drop in performance, but only for two years. Those who switched to firms with better capabilities and those who moved with other team members exhibited no significant decline in short-term or long-term performance. These findings suggest that firm-specific skills and firms' capabilities both play important roles in star analysts' performance. In addition, we find that firms that hire star analysts from competitors with better capabilities suffered more extreme negative stock-market reactions than those that hire from comparable or lesser firms. These findings suggest that hiring stars may be perceived as value destroying and may not improve a firm's competitive advantage.
Journal Article
Now You See Me, Now I'm Gone
Technology-enabled remote work and changing work norms have made it easier for people to change roles or employers without uprooting themselves. This increased mobility is further facilitated by digital collaboration tools that capture individual-level contributions and talents, giving managers a clearer view of how teams work. Additionally, online platforms and digital tools allow individuals to widely share and promote their expertise, building their professional reputations and enhancing their visibility and mobility. The availability of credible information on worker quality and performance can narrow the information gap between incumbent employers and outsiders, allowing undervalued performers to gain more options to leave their employers. This increased visibility can lead to higher turnover rates. Employers need to understand the impact of visibility on mobility and develop strategies to retain strong performers, such as creating a development-focused environment, offering flexible work arrangements, and valuing employees through competitive compensation and a positive work culture. Companies also need to find ways to bind talent to the organization through unique company-specific characteristics, proprietary information systems, and product-based nonportability.
Journal Article
Hiring Stars and Their Colleagues: Exploration and Exploitation in Professional Service Firms
This paper examines exploration and exploitation in professional service firms by focusing on the individuals who carry out the exploration and exploitation activities. Specifically, we examine the performance of star security analysts who join new firms in exploration versus exploitation roles. We find that stars hired to explore (initiate new activities) experience a short- and long-term performance decline; by contrast, stars who join new firms to exploit (reinforce existing activities) suffer only a short-term drop in performance. Stars hired in exploration roles can preserve some of their performance by moving with a group of colleagues from the originating firm. Investors view the hiring of a star analyst as value-destroying for the hiring firm regardless of whether the firm is hiring to exploit or explore, but the negative reactions are economically more extreme for exploration hires. These findings indicate that, even at the individual level, probabilities of success in exploration activities are lower than in exploitation activities, thereby reinforcing the tendency toward exploitation.
Journal Article