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Do General Managerial Skills Spur Innovation?
We show that firms with chief executive officers (CEOs) who gain general managerial skills over their lifetime of work experience produce more patents. We address the potential endogenous CEO–firm matching bias using firm–CEO fixed effects and variation in the enforceability of noncompete agreements across states and over time during the CEO’s career. Our findings suggest that generalist CEOs spur innovation because they acquire knowledge beyond the firm’s current technological domain, and they have skills that can be applied elsewhere should innovation projects fail. We conclude that an efficient labor market for executives can promote innovation by providing a mechanism of tolerance for failure.
The Internet appendix is available at
https://doi.org/10.1287/mnsc.2017.2828
.
This paper was accepted by Gustavo Manso, finance.
Journal Article
Managing science : developing your research, leadership and management skills
'This book aims to introduce the working research scientists to the art and techniques of management and the skills necessary to be a good and effective manager and leader of science and scientists. This includes understanding the organization and functioning of scientific research establishments (universities, laboratories, research councils, etc.) and how to deal with the associated committee work, recruiting and team building; how to deal with difficulties managing projects and handling risks.\"--back cover.
Book
Quantifying Managerial Ability: A New Measure and Validity Tests
We propose a measure of managerial ability, based on managers' efficiency in generating revenues, which is available for a large sample of firms and outperforms existing ability measures. We find that our measure is strongly associated with manager fixed effects and that the stock price reactions to chief executive officer (CEO) turnovers are positive (negative) when we assess the outgoing CEO as low (high) ability. We also find that replacing CEOs with more (less) able CEOs is associated with improvements (declines) in subsequent firm performance. We conclude with a demonstration of the potential of the measure. We find that the negative relation between equity financing and future abnormal returns documented in prior research is mitigated by managerial ability. Specifically, more able managers appear to utilize equity issuance proceeds more effectively, illustrating that our more precise measure of managerial ability will allow researchers to pursue studies that were previously difficult to conduct.
This paper was accepted by Mary E. Barth, accounting.
Journal Article
The handbook of behavioral operations
A comprehensive review of behavioral operations management that puts the focus on new and trending research in the field The Handbook of Behavioral Operations offers a comprehensive resource that fills the gap in the behavioral operations management literature. This vital text highlights best practices in behavioral operations research and identifies the most current research directions and their applications. A volume in the Wiley Series in Operations Research and Management Science, this book contains contributions from an international panel of scholars from a wide variety of backgrounds who are conducting behavioral research. The handbook provides succinct tutorials on common methods used to conduct behavioral research, serves as a resource for current topics in behavioral operations research, and as a guide to the use of new research methods. The authors review the fundamental theories and offer frameworks from a psychological, systems dynamics, and behavioral economic standpoint. They provide a crucial grounding for behavioral operations as well as an entry point for new areas of behavioral research. The handbook also presents a variety of behavioral operations applications that focus on specific areas of study and includes a survey of current and future research needs. This important resource: * Contains a summary of the methodological foundations and in-depth treatment of research best practices in behavioral research. * Provides a comprehensive review of the research conducted over the past two decades in behavioral operations, including such classic topics as inventory management, supply chain contracting, forecasting, and competitive sourcing. * Covers a wide-range of current topics and applications including supply chain risk, responsible and sustainable supply chain, health care operations, culture and trust. * Connects existing bodies of behavioral operations literature with related fields, including psychology and economics. * Provides a vision for future behavioral research in operations. Written for academicians within the operations management community as well as for behavioral researchers, The Handbook of Behavioral Operations offers a comprehensive resource for the study of how individuals make decisions in an operational context with contributions from experts in the field.
eBook
From Predictive to Prescriptive Analytics
We combine ideas from machine learning (ML) and operations research and management science (OR/MS) in developing a framework, along with specific methods, for using data to prescribe optimal decisions in OR/MS problems. In a departure from other work on data-driven optimization, we consider data consisting, not only of observations of quantities with direct effect on costs/revenues, such as demand or returns, but also predominantly of observations of associated auxiliary quantities. The main problem of interest is a conditional stochastic optimization problem, given imperfect observations, where the joint probability distributions that specify the problem are unknown. We demonstrate how our proposed methods are generally applicable to a wide range of decision problems and prove that they are computationally tractable and asymptotically optimal under mild conditions, even when data are not independent and identically distributed and for censored observations. We extend these to the case in which some decision variables, such as price, may affect uncertainty and their causal effects are unknown. We develop the coefficient of prescriptiveness
P
to measure the prescriptive content of data and the efficacy of a policy from an operations perspective. We demonstrate our approach in an inventory management problem faced by the distribution arm of a large media company, shipping 1 billion units yearly. We leverage both internal data and public data harvested from IMDb, Rotten Tomatoes, and Google to prescribe operational decisions that outperform baseline measures. Specifically, the data we collect, leveraged by our methods, account for an 88% improvement as measured by our coefficient of prescriptiveness.
This paper was accepted by Noah Gans, optimization.
Journal Article
CEO Overconfidence and Innovation
Are the attitudes and beliefs of chief executive officers (CEOs) linked to their firms' innovative performance? This paper uses a measure of overconfidence, based on CEO stock-option exercise, to study the relationship between a CEO's \"revealed beliefs\" about future performance and standard measures of corporate innovation. We begin by developing a career concern model where CEOs innovate to provide evidence of their ability. The model predicts that overconfident CEOs, who underestimate the probability of failure, are more likely to pursue innovation, and that this effect is larger in more competitive industries. We test these predictions on a panel of large publicly traded firms for the years from 1980 to 1994. We find a robust positive association between overconfidence and citation-weighted patent counts in both cross-sectional and fixed-effect models. This effect is larger in more competitive industries. Our results suggest that overconfident CEOs are more likely to take their firms in a new technological direction.
This paper was accepted by Kamalini Ramdas, entrepreneurship and innovation.
Journal Article