Journal Articles

Tuck faculty members publish their research in the world's best peer-reviewed journals.

Articles authored by Tuck professors may be found via the Tuck faculty directory or on the personal faculty websites. To locate a professor's profile, visit the Faculty Directory.


Highlights

Eugene F. Fama, Kenneth R. French

Luck versus Skill in the Cross Section of Mutual Fund α Estimates," Journal of Finance 65: 1915-1947, 2010.
The aggregate portfolio of actively managed U.S. equity mutual funds is close to the market portfolio, but the high costs of active management show up intact as lower returns to investors. Bootstrap simulations suggest that few funds produce benchmark-adjusted expected returns sufficient to cover their costs. If we add back the costs in fund expense ratios, there is evidence of inferior and superior performance (nonzero true α) in the extreme tails of the cross-section of mutual fund α estimates.

Ron Adner, Rahul Kapoor

Value creation in innovation ecosystems: How the structure of technological interdependence affects firm performance in new technology generations. Strategic Management Journal 31(3): 306-333, 2010.
Abstract: The success of an innovating firm often depends on the efforts of other innovators in its environment. How do the challenges faced by external innovators affect the focal firm's outcomes? To address this question we first characterize the external environment according to the structure of interdependence. We follow the flow of inputs and outputs in the ecosystem to distinguish between upstream components that are bundled by the focal firm, and downstream complements that are bundled by the firm's customers. We hypothesize that the effects of external innovation challenges depend not only on their magnitude, but also on their location in the ecosystem relative to the focal firm. We identify a key asymmetry that results from the location of challenges relative to a focal firm - greater upstream innovation challenges in components enhance the benefits that accrue to technology leaders, while greater downstream innovation challenges in complements erode these benefits. We further propose that the effectiveness of vertical integration as a strategy to manage ecosystem interdependence increases over the course of the technology life cycle. We explore these arguments in the context of the global semiconductor lithography equipment industry from its emergence in 1962 to 2005 across nine distinct technology generations. We find strong empirical support for our framework.

Simeon Djankov, Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer

Disclosure by Politicians. American Economic Journal: Applied Economics 2, 2010.
Abstract: We collect data on the rules and practices of financial and conflict disclosure by members of Parliament in 175 countries. Although two- thirds of the countries have some disclosure laws, less than one-third make disclosures available to the public, and less than one-sixth of potentially useful information is publicly available in practice, on average. Countries that are richer, more democratic, and have free press have more disclosure. Public disclosure, but not internal disclosure to parliament, is positively related to government quality, including lower corruption.

Judith B. White, W.L. Gardner

Think women, think warm: Stereotype content activiation in women with a salient gender identity, using a modified Stroop task. Sex Roles: A Journal of Research, 60, 247-260, 2010.
Abstract: We examined whether a salient gender identity activates gender stereotypes along the dimensions of sociability and ability (Fiske, Cuddy, Glick, & Xu, 2002). A sample of US undergraduates (40 men, 38 women) instructed to think about women subsequently took longer to name the colors of words associated with sociability than ability on a modified Stroop task. Solo women in another sample of US undergraduates (45 women) showed the same response pattern. Women in a third sample of US adults (20 men, 16 women) showed a similar pattern. Meta-analysis of the three samples suggests women with a salient gender identity experience relative activation of only the positive dimension of a stereotype (e.g. "woman" equals warm).