Stay ConnectedThe Knowledge at Wharton feed features standout episodes from across the Wharton Podcast Network. Discover timely conversations and expert insights on business, markets, leadership, innovation, and the forces shaping the global economy.
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Copyright: © 2013 The Wharton School of the University of Pennsylvania
Why is Hollywood in love with tried-and-true sequels and established franchises rather than producing original scripts? According to Wharton faculty the industry’s embrace of the sequel is an attempt to minimize its risk during an uncertain time when the motion picture business finds its usual sources of funding and revenues under pressure from the recession. ”If studio [executives] launch a movie where ... the merchandizing channels already exist they are less likely to walk into a big box office disaster which could bury them financially when they can least afford it ” says one expert.
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From California to Connecticut the global recession has squeezed state finances forcing many state governments to slash services raise taxes or find unusually creative ways to close the gap. According to experts the widespread budget shortfalls -- expected to continue through at least 2011 -- threaten to put a drag on the nation’s economic recovery and undermine President Obama’s stimulus plan. ”The states aren’t really playing the game like Obama hoped they would ” says one Wharton finance professor.
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Ford reported its first sales gain in 20 months thanks to the U.S. government’s ”cash for clunkers” rebate program that gives consumers a rebate of up to $4 500 to trade in older cars for new and more fuel-efficient models. Other manufacturers said their continuing sales declines would have been worse without the program. All in all the officially named Car Allowance Rebate System (CARS) provided taxpayers with a good return on their investment Wharton management professor John Paul MacDuffie says in an interview with Knowledge at Wharton. But he adds the auto industry -- most notably GM and Toyota -- have a lot of work to do to prepare for a marketplace transformed by the financial crisis and growing demand for fuel efficiency.
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Early reports show that Microsoft’s new search engine Bing has managed to draw more users than its predecessor Live Search. According to Wharton faculty however while Microsoft’s campaign to promote Bing has been successful so far it is unclear whether its well-funded effort will make significant inroads in a market dominated by Google. On the other hand they believe the campaign helped pressure Yahoo into an important partnership agreement after months of fitful negotiations.
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As the global recession drags on new concerns are rising about commercial real estate. Loans taken out during the boom years are coming due but commercial property owners are contending with higher vacancy rates lower rents and a less-than-receptive environment for refinancing their obligations. Industry analysts and politicians suggest that commercial real estate is about to become the next high-profile casualty in the ongoing economic meltdown. ”The shoe has already dropped ” says one Wharton real estate professor.
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The cable television industry’s answer to the increasing threat from Internet video sites such as YouTube and Hulu focuses on a clear-cut strategy: Make cable subscriptions portable to any Internet accessible device such as a laptop computer or even a mobile phone for no additional charge. Experts at Wharton say the move is a promising early step in meeting the Internet video challenge but they expect more such experimentation ahead.
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Corporate leaders in the United States often draw leadership lessons -- good and bad -- from the examples set by American presidents. But in looking to the White House it’s important to recognize that history’s take on presidential performance is subject to change according to presidential historian Richard Norton Smith who spoke at a recent Wharton Leadership Conference. He offered 10 rules for presidential evaluations that stand the test of time.
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Financial advisors face difficult challenges given the global economic and financial crisis. Yet advisors can not only survive the downturn but also thrive during it according to the authors of a new book Marketing for Financial Advisors: Build Your Business Bring in Clients and Establish Your Brand. Indeed Wharton marketing professors Eric T. Bradlow and Patti Williams and Keith Niedermeier director of Wharton’s undergraduate marketing program suggest that the struggling economy provides an opportunity to ”attack” and gain market share. In an interview with Knowledge at Wharton the three authors discuss how financial advisors can build their business -- even in a down economy -- by adopting data-driven and niche marketing principles.
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In separate interviews Wharton finance professors Franklin Allen and Jeremy J. Siegel offered contrasting reactions to the large second-quarter profits at Goldman Sachs and J.P. Morgan. Allen said that while the firms’ quarterly results reflected overall gains on Wall Street ”by and large you can’t make large sums of money without taking risks.” He worries that the government’s intervention in the financial sector last fall which benefitted these firms and others created an environment of moral hazard. Siegel was less concerned about this issue noting that ”both these firms now have a lot to lose after having recovered a lot.”
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In their new book titled Innovation Tournaments: Creating and Selecting Exceptional Opportunities Wharton professors Christian Terwiesch and Karl Ulrich point out that identifying new opportunities shouldn’t be seen as a luxury but a necessity. They note that creativity and process-driven rigor can go hand in hand when it comes to vetting and managing new ideas. One way to do this they explain is by making new ideas compete with one another in numerous rounds of vetting -- that is by running them through ”innovation tournaments” -- so that the strongest and most promising ideas make it to the final round. Rich rewards await companies that make the leap.
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