Research

Working Papers

"From Rivals to Allies? CEO Connections in an Era of Common Ownership" with Dennis C. Hutschenreiter

Abstract: Can institutional shareholders shape the strategic decisions of top managers in their portfolio companies by leveraging CEOs' social connections? This paper reveals that firms with significant common ownership with a competitor are more likely to hire CEOs who have pre-existing social ties with the rival firm's chief executive. Such connections, established during the hiring process, correlate with enhanced performance metrics like return on assets and overall firm value for rivals. Additionally, this strategy decreases product similarity between the hiring firm and its competitors and boosts rivals' stock market returns during the hiring events of connected CEOs. Our findings are more pronounced among closer competitors. By analyzing the effects of exogenous changes in common ownership due to mergers among institutional investors, we discover that the presence of an additional common blockholder with a competitor doubles the likelihood that a firm will appoint a CEO with ties to the competitor’s chief executive.

"The telework tension: Balancing benefits and challenges across organizational roles" with Laura Guillén and Florian Kunze

Abstract: The rise of telework during the COVID-19 pandemic has fueled intense debate over whether it boosts or hinders employee performance. This study finds that telework’s effects are not one-size-fits-all. Specifically, organizational role (manager vs. nonmanager) and job tenure moderate how telework influences engagement and self-rated performance. Using the Job Demands-Resources (JD-R) model and longitudinal data from 278 white-collar professionals, we show that nonmanagers benefit from telework, reporting higher engagement and self-rated performance. Conversely, managers experience declines in engagement and self-rated performance, though our results also indicate that telework has little impact on engagement levels for employees with longer tenure, regardless of their role. As organizations move toward hybrid work models, this research offers critical insights for tailoring telework strategies to meet the diverse needs of employees.

Work in Progress

"Optimal Remote Work and Firm-Worker Matching"

Publications

4. "Pharmaceutical Innovation Collaboration, Evaluation, and Matching," Journal of Health Economics, Forthcoming

(This paper was previously titled "Performance Evaluation and Collaboration Matching between Industry and Academic.")

2. "The Impact of Consumers’ Regret on Firms’ Decisions in a Durable Good Market," Journal of Economics, 139, 125–157, 2023

1. "Education Choices and Job Market Characteristics," with Inés Macho-Stadler, Economics Letters, 223, 110985, 2023