Publications

March 1992 (Revised November 1993)
Background Note

Trading the Right to Pollute: Developing the Market for Pollution Allowances

By: Carliss Y. Baldwin

Examines the issues underlying the formation of the market for tradeable pollution allowances, following the requirement of Title IV of the 1990 Amendments to the Clean Air Act. Examines the implications that these trade the allowances hold for the U.S. electric... View Details

Keywords: Strategic Planning; Pollutants; Trade; Utilities Industry

March 2003 (Revised September 2004)
Case

Worker Rights and Global Trade: The U.S.-Cambodia Bilateral Textile Trade Agreement

Examines the political and economic dimensions of the campaign to improve workers' rights around the world through the inclusion of labor standards in international trade agreements. The U.S.-Cambodia Textile Trade Agreement was the first agreement of its kind to link... View Details

Keywords: Trade; Agreements and Arrangements; Rights; Working Conditions; Globalization; Consumer Products Industry; Cambodia; United States

Educators

2012
Article

Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs

By: Mozaffar N. Khan, Leonid Kogan and George Serafeim

In tests of the equity market timing theory of external finance, the prior literature has used overvaluation identifiers such as high market-to-book and high prior returns that are likely correlated with other determinants of SEOs. We use price pressure resulting from... View Details

Keywords: Equity; Market Transactions; Valuation; Capital Structure; Market Timing; Mathematical Methods; Acquisition

Web

Speeding Up the Trade: Clippers and Steamships - A Chronicle of the China Trade

of the China Trade Introduction Doing Business with China Augustine Heard & Co. The Canton Trade Commodities & Currencies Treaty Ports & Compradors Clippers & Steamships... View Details

02 Mar 2017
What Do You Think?

Is China About to Overtake the US for World Trade Leadership?

SUMMING UP: Does It Matter If China Assumes Global Trade Leadership? There are a variety of reasons why China is not a threat to the global trade leadership View Details

Keywords: by James Heskett

12 Apr 2015
News

Actively managed exchange traded funds are the NextShares big thing

March 2013
Article

Financial Development, Fixed Costs and International Trade

Exporting firms face significant up-front costs in product design, marketing, and distribution, which likely would be difficult to finance externally. We argue that a developed financial system can facilitate exports, and we test three implications. First, a more... View Details

Keywords: Trade; Finance

Article

Are Imports to Blame?: Attribution of Injury Under the 1974 Trade Act

By: J. J. Rotemberg and Robert Pindyck

Keywords: Trade; Law

Read Now

April 2022
Case

The First Opium War and Global Free Trade

By: Jeremy Friedman and Allison Lazarus

The First Opium War (1839-1842) symbolized the peak of the era of European imperialism, with a political and cultural legacy that remains potent to this day. The British Empire, “acquired in a fit of absent-mindedness” as one observer famously claimed, seemed to be... View Details

Keywords: Imperialism; Narcotics; Importing; History; Globalized Markets and Industries; Trade; Social Issues

Educators

December 1997 (Revised March 1998)
Case

Mid Ocean Limited: Trading Catastrophe Index Options

By: Kenneth A. Froot and Markus Mullarkey

An insurance industry executive must evaluate the potential of a set of newly-offered catastrophe insurance derivatives. The background addresses the roles of traditional reinsurance and securitization efforts in providing risk transfer and risk financing in the "cat"... View Details

Keywords: Commodity Market; Derivatives; Insurance; Capital Markets; Natural Disasters; Risk Management; Financial Management; Financial Strategy; Performance Evaluation; Insurance Industry; Bermuda

Educators

Research Summary

The Ownership and Trading of Debt Claims in Chapter 11 Restructurings (with Victoria Ivashina and David Smith)

This paper explores a novel data set that identifies over 71,000 investors holding debt claims of 136 companies filing for U.S. Chapter 11 bankruptcy protection during the period of 1998 through 2009. We investigate how concentration in debt ownership relates to... View Details

September 2005
Article

Managerial Foresight and Attempted Rent Appropriation: Insider Trading on Knowledge of Imminent Breakthroughs

By: Gautam Ahuja, Russell W. Coff and Peggy M. Lee

In order to establish a competitive advantage, firms must acquire or create resources at a price below their value in use. Absent pure luck, this requires managers to exercise foresight about a resource's future value and/or complementarities with pre-existing... View Details

Keywords: Strategy; Knowledge Use and Leverage

Research Summary

Manager Specific Human Capital Investment: A Model of Block Trading and Firm Stability

I develop a model in which workers can undertake specific human capital investments in the firm and in the manager employed by the firm. If the manager leaves the firm, a worker has to decide whether to join her in the new firm or stay in the old firm. In case of... View Details

Article

Jack of All Trades and Master of Knowledge: The Role of Generalists in New Distant Knowledge Integration

By: Frank Nagle and Florenta Teodoridis

Read Now

Web

Chinese Competition and Emerging Technologies - A Chronicle of the China Trade

of the China Trade Introduction Doing Business with China Augustine Heard & Co. The Canton Trade Commodities & Currencies Treaty Ports & Compradors Clippers & Steamships... View Details

11 Mar 2001
Research & Ideas

Merchants to Multinationals: British Trading Companies in the Nineteenth and Twentieth Centuries

In this excerpt taken from the chapter entitled "From Trade to Investment," HBS visiting professor Geoffrey Jones traces the transition of the British trading... View Details

Keywords: by Geoffrey Jones

Jun 2014
Conference Presentation

Managing American Competition: Trade Associations and the Growth of the Administrative State, 1911–1932

By: Laura Phillips Sawyer