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Five years on from the 2008 financial crisis, Goldman Sachs remained wounded. Revenues at the global investment bank had stagnated below pre-crisis levels, and the firm had yet to rebound from a substantial decline in securities-trading revenues. Marcus by Goldman Sachs was one response-an effort that operated as a start-up but was sponsored by senior Goldman executives-to grow the firm's revenues by entering consumer banking with digital-only offerings. The move marked a dramatic cultural as well as product shift: the 150-year-old institution historically served only businesses and the wealthiest of individuals. In 2016, Marcus launched unsecured personal loans for the mass market; it rolled out high-yield deposits in 2017 and a credit card in partnership with Apple in 2019. By autumn of that year, Marcus had $5 billion in loans outstanding and $55 billion in deposits. It also faced a dilemma-ceaseless and rapid expansion had strained its people and infrastructure, yet Goldman expected Marcus to generate $1 billion in revenues in 2020. What now was the better bet, to pause to allow performance to catch up with growth or to seize the additional opportunities that beckoned for Marcus to diversify into consumer finance products?

At the end of March 2018, the director of the Barcelona office of Street Child, a charity organization with headquarters in the United Kingdom, was looking back at the changes he had introduced in 2017. The Barcelona office was responsible for growing Street Child in continental Europe, so it was internally known as Street Child Europe. Since January 2018, the office had added a paid employee. This employee was also the director of Street Child Netherlands and a former program support officer in Sierra Leone. The office could now employ up to eight interns, twice as many as before. However, Street Child Europe still needed to accomplish five key tasks: address its governance structure, clarify its brand positioning, consolidate its fundraising strategy, increase the appeal of its international volunteer program, and sett up an internal system to use its network effectively. The director needed concrete and executable strategies to ensure stable and sustainable growth of the charity across Europe.

In 2018, iQmetrix Software Development Corp. (iQmetrix), a software development corporation headquartered in Vancouver, Canada, had experienced exponential growth and success over the past two decades. To preserve its innovative culture, iQmetrix restructured using the increasingly popular self-management system holacracy, which was intended to empower individual employees to plan, monitor, and regulate their own work tasks. One year later, iQmetrix's head of People and Culture wanted to examine the outcomes of this implementation. To do so, she conducted a company-wide survey of employee perceptions of holacracy and several important indicators. The survey also collected qualitative feedback about the holacracy implementation. What would the survey responses tell her about employees' perceptions of holacracy and about the effectiveness of its implementation at iQmetrix?

Student spreadsheet to case W19633

The case describes the unique leadership model and organizational culture in the Nordic high-tech company named Vincit. This case covers the development of the company's culture from its creation in 2007 up until July 2019. The case ends by describing a recent public crisis caused by its recruitment advertisement and the founder's confusion about the causes and solutions of this crisis. By highlighting the responsibility of the founders and leaders in developing Vincit's culture, the case narratively unfolds the procedure of the formation of organizational culture in an entrepreneurial firm. Moreover, due to the self-managing nature of Vincit, the case also raises questions about what the responsibilities of the CEO/leaders are in a self-managing company, as well as the dynamic interaction between leadership and organization culture in an entrepreneurial firm.

Digital transformation encompasses an organization's ability to adapt, respond, and position itself for success in the face of rapid technology evolution. A critical structure in achieving successful digital transformation is the digital project team, yet there is little research to study how they are created and developed. Much of the focus has been on agile methodologies and processes but there is less research to inform organizations on digital team dynamics such as roles, empowerment, learning, and leadership development. This article describes our findings from a multi-level study of the IT function of 60 companies, including fieldwork at 5 company sites involving more than 130 semistructured interviews with senior level IT professionals. We identify four essential team-based levers that enable digital transformation: (1) diverse and targeted team composition, (2) iterative goal setting, (3) continuous learning, and (4) talent management. Using company examples and practices, we describe how digital leaders are using these levers to propel their organizations forward in the journey toward digital transformation.

Artificial intelligence (AI) is emerging as a potential growth area for facilitating the improvement and development of teams in the workplace. AI, as used in the team context, is currently underdeveloped and limited, thus reducing the wide-scale adoption and implementation of AI to improve team effectiveness. The use of AI to provide team diagnostics and improvements represents a significant shift in the approach organizations currently use to facilitate and strengthen effective teamwork. We describe the challenges involved in developing team effectiveness in organizations and the potential application of AI to improve teamwork. Further, we report on our experiences using AI in business school student project teams, the important advantages and disadvantages that emerged from this, and insights for future consideration when adopting and implementing AI in the workplace. Based on our use of AI and our experience training high-performing teams, we propose a multistep process for analyzing and improving teams in organizations.

People can be irrational in the financial market setting, leading to catastrophic mistakes and costing millions of dollars. We tend to take credit for our successes but disown our failures. We have limited powers of attention, preventing us from noticing critical factors in investment analysis. Memories can lead to faulty assumptions that serve as the foundation for financial decisions. Emotions often lead to giving inappropriate weight to some factors while discounting others. Researchers have discovered over 100 predictable biases that lead people to make consistent errors. The chapters cover financial biases most relevant to investing, evidence of how they develop, and practical strategies that can help investors improve their performance by minimizing bias's negative influence. This book offers readers a guide to cognitive bias as it occurs in real financial situations and to categorizing the different biases based on fundamental brain science while emphasizing practical implications of financial decision making and providing a scientific basis for adjusting investment practices to avoid cognitive traps. Chapter 1 starts with a discussion of the relationship between and an evaluation of heuristics and biases, heuristics deriving from biases we develop. Biases grow from the brain's limited information processing power, developing into mental blind spots. An overview of the brain is then given, including explanations of neurons, axons, grey and white matter, lobes, and hemispheres. Behavioral biases are presented in three categories: attention biases (emerging from the way our brains process incentives), memory biases (since human memory is flawed), and knowledge biases (stemming from the interactions between new information and what we have experienced in the past). The book's organization is broken down, and the chapter ends with a reminder that our own biases are the hardest to understand.

People can be irrational in the financial market setting, leading to catastrophic mistakes and costing millions of dollars. We tend to take credit for our successes but disown our failures. We have limited powers of attention, preventing us from noticing critical factors in investment analysis. Memories can lead to faulty assumptions that serve as the foundation for financial decisions. Emotions often lead to giving inappropriate weight to some factors while discounting others. Researchers have discovered over 100 predictable biases that lead people to make consistent errors. The chapters cover financial biases most relevant to investing, evidence of how they develop, and practical strategies that can help investors improve their performance by minimizing bias's negative influence. This book offers readers a guide to cognitive bias as it occurs in real financial situations and to categorizing the different biases based on fundamental brain science while emphasizing practical implications of financial decision making and providing a scientific basis for adjusting investment practices to avoid cognitive traps. This chapter describes modes of thinking and the brain. Three modes of thinking that are key to investing are instinct, intuition, and reasoning, each of which is supported by different brain networks. The amygdala supports instinct; the default mode network and basal ganglia support intuition; the task network (external thinking), default mode network (internal thinking), and areas specialized in language, perception, and memory support reason. However, context is extremely important in determining which mode of thinking will be used in a specific situation. When reason is not used and intuition and instinct are relied on too much, we develop cognitive biases.

People can be irrational in the financial market setting, leading to catastrophic mistakes and costing millions of dollars. We tend to take credit for our successes but disown our failures. We have limited powers of attention, preventing us from noticing critical factors in investment analysis. Memories can lead to faulty assumptions that serve as the foundation for financial decisions. Emotions often lead to giving inappropriate weight to some factors while discounting others. Researchers have discovered over 100 predictable biases that lead people to make consistent errors. The chapters cover financial biases most relevant to investing, evidence of how they develop, and practical strategies that can help investors improve their performance by minimizing bias's negative influence. This book offers readers a guide to cognitive bias as it occurs in real financial situations and to categorizing the different biases based on fundamental brain science while emphasizing practical implications of financial decision making and providing a scientific basis for adjusting investment practices to avoid cognitive traps. Chapter 3 is an in-depth look at attention biases. Building on chapter 2, many attention biases span intuition and reason, marked by failures to attend to key information while devoting too much attention toward other information. This chapter starts by discussing focused attention biases: salience bias, default effect, optimism bias, ostrich effect, framing bias, hindsight bias, in-group bias, and hot hand effect. Next, cognitive illusions related to attention are unpacked, including illusion of control, Gambler's fallacy, and decision fatigue. These biases stem from interactions between our attention systems and our conscious beliefs. Relevant research, examples, and relevant brain mechanisms to each bias are also described as well as important remedies to each bias when it comes to investing.

People can be irrational in the financial market setting, leading to catastrophic mistakes and costing millions of dollars. We tend to take credit for our successes but disown our failures. We have limited powers of attention, preventing us from noticing critical factors in investment analysis. Memories can lead to faulty assumptions that serve as the foundation for financial decisions. Emotions often lead to giving inappropriate weight to some factors while discounting others. Researchers have discovered over 100 predictable biases that lead people to make consistent errors. The chapters cover financial biases most relevant to investing, evidence of how they develop, and practical strategies that can help investors improve their performance by minimizing bias's negative influence. This book offers readers a guide to cognitive bias as it occurs in real financial situations and to categorizing the different biases based on fundamental brain science while emphasizing practical implications of financial decision making and providing a scientific basis for adjusting investment practices to avoid cognitive traps. Chapter 4 focuses on memory. Only memories that the brain considers to be relevant features of reality are stored. Memory systems include sensory storage, information we can work on, and long-term memories; the hippocampus is essential for storing memories as well as transferring stored memories. Several factors cause certain events or features to be more memorable to us. These factors include visualization, having recently experienced something, and emotion. Because emotions are personal, they can distort memories, storing some details without other important details. Deeply processed information-information built into a narrative and that is actively related to previous memories-sticks with us as well. Context is vital in retrieval of memories; we access more memories when the current context overlaps with that of the memories' contexts.

People can be irrational in the financial market setting, leading to catastrophic mistakes and costing millions of dollars. We tend to take credit for our successes but disown our failures. We have limited powers of attention, preventing us from noticing critical factors in investment analysis. Memories can lead to faulty assumptions that serve as the foundation for financial decisions. Emotions often lead to giving inappropriate weight to some factors while discounting others. Researchers have discovered over 100 predictable biases that lead people to make consistent errors. The chapters cover financial biases most relevant to investing, evidence of how they develop, and practical strategies that can help investors improve their performance by minimizing bias's negative influence. This book offers readers a guide to cognitive bias as it occurs in real financial situations and to categorizing the different biases based on fundamental brain science while emphasizing practical implications of financial decision making and providing a scientific basis for adjusting investment practices to avoid cognitive traps. Chapter 5 covers a variety of biases that are directly tied to our memory systems. Some of these memory biases have to do with the likelihood of later recall, others with the undue influence of things we have seen before affecting our thinking about current positions. While these biases can ultimately be helpful, they can also result in critical errors when it comes to analyzing our positions. The biases covered are the availability bias, primacy effect, recency bias, endowment effect, consistency bias, sunk cost effect, affect bias, and expectancy bias. Definitions, background research, and relevant brain mechanisms are all explained for each bias along with that bias's relevance to investing and how to avoid falling into the bias.

People can be irrational in the financial market setting, leading to catastrophic mistakes and costing millions of dollars. We tend to take credit for our successes but disown our failures. We have limited powers of attention, preventing us from noticing critical factors in investment analysis. Memories can lead to faulty assumptions that serve as the foundation for financial decisions. Emotions often lead to giving inappropriate weight to some factors while discounting others. Researchers have discovered over 100 predictable biases that lead people to make consistent errors. The chapters cover financial biases most relevant to investing, evidence of how they develop, and practical strategies that can help investors improve their performance by minimizing bias's negative influence. This book offers readers a guide to cognitive bias as it occurs in real financial situations and to categorizing the different biases based on fundamental brain science while emphasizing practical implications of financial decision making and providing a scientific basis for adjusting investment practices to avoid cognitive traps. This chapter gives an overview on brain functions related to knowledge. Knowledge is constantly being accumulated, bridging the gap between attention and memory. Patterns are found by the brain and then automatically grouped together; identifying these patterns allows us to take shortcuts by acting similarly toward whole sets of information, gaining speed and accuracy. However, this process has the potential to lead us to find meaning that does not actually exist in incoming information. By noticing similarities and differences between environments and situations, we form mental models and schemas. Priming occurs when prior information quickly and automatically influences our current thinking; however, the difficulty with fast associations like this is realizing when they are incorrect.

People can be irrational in the financial market setting, leading to catastrophic mistakes and costing millions of dollars. We tend to take credit for our successes but disown our failures. We have limited powers of attention, preventing us from noticing critical factors in investment analysis. Memories can lead to faulty assumptions that serve as the foundation for financial decisions. Emotions often lead to giving inappropriate weight to some factors while discounting others. Researchers have discovered over 100 predictable biases that lead people to make consistent errors. The chapters cover financial biases most relevant to investing, evidence of how they develop, and practical strategies that can help investors improve their performance by minimizing bias's negative influence. This book offers readers a guide to cognitive bias as it occurs in real financial situations and to categorizing the different biases based on fundamental brain science while emphasizing practical implications of financial decision making and providing a scientific basis for adjusting investment practices to avoid cognitive traps. Chapter 7 goes into the different types of knowledge bias. Sometimes what we know matches the context we are dealing with, but sometimes we impose incorrect patterns onto a situation. Our knowledge-and perception of our knowledge-can influence our way of thinking, and having a deep knowledge about a subject leaves us vulnerable to a set of biases that are rooted in knowing too much. We overreach our assumptions because we believe we know how things will play out, leading to mental laziness and the failure to question ourselves. Some of these biases come from believing we understand more than we actually do, others happen due to our becoming blind to key information based on our considerable degree of knowledge and still others are driven by social behavior.

People can be irrational in the financial market setting, leading to catastrophic mistakes and costing millions of dollars. We tend to take credit for our successes but disown our failures. We have limited powers of attention, preventing us from noticing critical factors in investment analysis. Memories can lead to faulty assumptions that serve as the foundation for financial decisions. Emotions often lead to giving inappropriate weight to some factors while discounting others. Researchers have discovered over 100 predictable biases that lead people to make consistent errors. The chapters cover financial biases most relevant to investing, evidence of how they develop, and practical strategies that can help investors improve their performance by minimizing bias's negative influence. This book offers readers a guide to cognitive bias as it occurs in real financial situations and to categorizing the different biases based on fundamental brain science while emphasizing practical implications of financial decision making and providing a scientific basis for adjusting investment practices to avoid cognitive traps. Chapter 8 provides guidance offering best practices and advice geared toward enhancing the decision-making process and minimizing the undue influence of heuristics and biases in the investment process. The main strategies discussed are using a rules-based investment process, active management, and limiting bias in the idea generation process. Further techniques within each of these strategies are also given. Taking an active role with this chapter will bring about the most benefit in improving the investing process. Employing these techniques will enable vigilance and objectivity without having to take on each individual bias one-by-one. Becoming a better investor is a constant endeavor; part of the challenge is recognizing how personal thinking is influenced by bias and adjusting processes to compensate. Knowledge about bias is only the first step.

Malcolm Turner becomes the new athletic director at Vanderbilt University, tasked with increasing athletics-related revenue and improving on-field performance, while maintaining Vanderbilt's academic rigor for student-athletes.

Jason Calacanis described himself as a serial entrepreneur, angel investor, and podcaster - and someone who had come a long way from the time he had to talk his way into Fordham University. Later, when finances were tight, he talked the dean into getting the bursar to cut him a break. These early experiences with "being bold," he believed, encouraged him to keep being bold - and creative. This case study explores Calacanis' path to entrepreneurship, a route that took him first into publishing, and later into angel investing, then hosting influential incubator and networking events for investors and entrepreneurs. Throughout all of these activities there was a strong creative thread - Calacanis events were not just about connecting investors and entrepreneurs, but also provided entertainment.

Grupo Éxito, a leading South American retailer, faced declining market shares in Colombia in 2019 with the arrival of low-cost competitors and emerging digital trends. Originally founded in Medellín, Éxito had over the course of its seventy-year history evolved from a small textile shop into a retail powerhouse, with 1,533 stores and operations in 2018 across four countries in South America and $18.6 billion in consolidated revenues. In its home country, Éxito had grown through a series of acquisitions, consolidating a multi-brand and multi-store format strategy to cater to customers across all income segments. By 2018, the company had a total of 554 points of sale across the country. However, with the arrival of hard discount retailers, Éxito began to gradually experience a decline in its market shares, particularly at its low-cost store brands. Colombian consumers were also changing their grocery shopping habits, as they became more digitalized. Not only were retailers beefing up their digital retail platforms by launching new applications with personalized services, but they were also allying with partners such as Rappi-Colombia's largest last-mile delivery company- to speedily deliver products to customers' homes. Carlos Mario Giraldo, Éxito´s Chief Executive Officer since 2013, and top management were faced with the challenge of simultaneously maintaining Éxito´s vast operations in the country and battle the current and upcoming threats in the competitive Colombian grocery retail market. Should the company battle head to head with discounters or bet on differentiated strategies at its more premium stores and digitalized ways to serve customers? Would these strategies pay off and allow Éxito to gain more market share in the future?

For many employees, the key motivator is a sense of purpose--and yet more than half of those surveyed say they're not even "somewhat" passionate about their jobs. If organizations want to inspire their workers, they must clearly communicate why they're in business and what value they provide. When employees understand and embrace those things, their companies thrive: Survey results show that more than 90% of companies with a well-defined purpose deliver growth and profits at or above the industry average. An effective purpose statement, the authors say, answers several questions: Why does our organization exist? Who are we serving? What value do we offer, and why are we uniquely capable of providing it? But a powerful statement is not enough; firms must also deliver on their promises to customers. That requires putting the right people in the right roles, breaking down silos to facilitate cross-functional collaboration, investing in the areas that matter most, and ensuring that leaders demonstrate every day, through their words and actions, their commitment to the firm's articulated goals.