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Show Results For
- All HBS Web
(7,484)
- People (19)
- News (1,296)
- Research (5,126)
- Events (61)
- Multimedia (60)
- Faculty Publications (3,830)
- Forthcoming
- Article
Catching Outliers: Committee Voting and the Limits of Consensus When Financing Innovation
By: Andrey Malenko, Ramana Nanda, Matthew Rhodes-Kropf and Savitar Sundaresan
We document that investment committees of major VCs use a voting rule where one partner `championing' an early-stage investment is sufficient to invest. Their stated reason for this rule is to `catch outliers'. The same VCs use a more conventional `majority' rule for... View Details
Keywords: Optimal Voting Rules; Innovation and Invention; Venture Capital; Investment; Decision Making; Voting
Malenko, Andrey, Ramana Nanda, Matthew Rhodes-Kropf, and Savitar Sundaresan. "Catching Outliers: Committee Voting and the Limits of Consensus When Financing Innovation." Journal of Finance (forthcoming).
- 2023
- Working Paper
Sovereign Default and the Decline in Interest Rates
By: Max Miller, James Paron and Jessica Wachter
Sovereign debt yields have declined dramatically over the last half-century. Standard explanations, including aging populations and increases in asset demand from abroad, encounter difficulties when confronted with the full range of evidence. We propose an explanation... View Details
- 2023
- Working Paper
Avoiding Idiosyncratic Volatility: Flow Sensitivity to Individual Stock Returns
By: Marco Di Maggio, Francesco Franzoni, Shimon Kogan and Ran Xing
Despite positive and significant earnings announcement premia, we find that institutional investors reduce their exposure to stocks before earnings announcements. A novel result on the sensitivity of flows to individual stock returns provides a potential explanation.... View Details
Keywords: New Trading; Mutual Funds; Fund Flows; Limits To Arbitrage; Financial Constraints; Earnings Announcements; Institutional Investing; Stocks
Di Maggio, Marco, Francesco Franzoni, Shimon Kogan, and Ran Xing. "Avoiding Idiosyncratic Volatility: Flow Sensitivity to Individual Stock Returns." Harvard Business School Working Paper, No. 23-072, March 2023. (Revise and Resubmit to The Journal of Finance.)
- August 2023
- Article
Financing the Litigation Arms Race
By: Samuel Antill and Steven R. Grenadier
Using a dynamic real-option model of litigation, we show that the increasingly popular practice of third-party litigation financing has ambiguous implications for total ex-post litigant surplus. A defendant and a plaintiff bargain over a settlement payment. The... View Details
Keywords: Litigation Financing; Dynamic Bargaining; Real Options; Lawsuits and Litigation; Financing and Loans
Antill, Samuel, and Steven R. Grenadier. "Financing the Litigation Arms Race." Journal of Financial Economics 149, no. 2 (August 2023): 218–234.
- October 2023
- Article
Product Variety, the Cost of Living, and Welfare Across Countries
By: Alberto Cavallo, Robert C. Feenstra and Robert Inklaar
We use the structure of the Melitz (2003) model to compute the cost of living and welfare across 47 countries, and compare these to conventional measures of prices and real consumption from the International Comparisons Project (ICP). The cost of living is inferred... View Details
Cavallo, Alberto, Robert C. Feenstra, and Robert Inklaar. "Product Variety, the Cost of Living, and Welfare Across Countries." American Economic Journal: Macroeconomics 15, no. 4 (October 2023): 40–66.
- 2022
- Working Paper
Intertemporal Altruism
By: Felix Chopra, Armin Falk and Thomas Graeber
Most prosocial decisions involve intertemporal tradeoffs. Yet, the timing of prosocial utility flows is ambiguous and bypassed by most models of other-regarding preferences. We study the behavioral implications of the time structure of prosocial utility,... View Details
Chopra, Felix, Armin Falk, and Thomas Graeber. "Intertemporal Altruism." Working Paper, August 2022. (R&R at American Economic Journal Microeconomics.)
- 1979
- Article
Approximating the Efficiency Gain of Tax Reforms
By: Jerry R. Green and Eytan Sheshinski
Proper analysis of tax reform requires evaluation of the welfare effects induced by a change from one tax system to another. We present two methods for estimating these changes using only local information pertaining to an initial equilibrium with distortive taxes. It... View Details
Green, Jerry R., and Eytan Sheshinski. "Approximating the Efficiency Gain of Tax Reforms." Journal of Public Economics 11, no. 2 (1979): 179–195.
- 2024
- Working Paper
Public Debt and Investment Under Political Competition: Evidence from Toxic Loans
By: Julien Sauvagnat and Boris Vallée
We examine the response from local governments and their voters to a large and exogenous
increase in municipal indebtedness. We first show that municipalities with loans that become
“toxic” exhibit a reduction in municipal investments as large as the associated... View Details
Keywords: Public Debt; Public Investments; Political Contestation; Toxic Loans; Borrowing and Debt; Investment; Public Sector; Government and Politics; Local Range; Financing and Loans
Sauvagnat, Julien, and Boris Vallée. "Public Debt and Investment Under Political Competition: Evidence from Toxic Loans." Working Paper, 2024.
- January 2019
- Article
Making Moves Matter: Experimental Evidence on Incentivizing Bureaucrats Through Performance-Based Postings
By: Adnan Q. Khan, Asim Ijaz Khwaja and Benjamin A. Olken
Bureaucracies often post staff to better or worse locations, ostensibly to provide incentives. Yet we know little about whether this works, with heterogeneity in preferences over postings impacting effectiveness. We propose a performance-ranked serial dictatorship... View Details
Keywords: Serial Dictatorship Mechanism; Employment; Geographic Location; Motivation and Incentives; Performance
Khan, Adnan Q., Asim Ijaz Khwaja, and Benjamin A. Olken. "Making Moves Matter: Experimental Evidence on Incentivizing Bureaucrats Through Performance-Based Postings." American Economic Review 109, no. 1 (January 2019): 237–270.
- 2021
- Working Paper
Impact Investing: A Theory of Financing Social Enterprises
By: Benjamin N. Roth
I present a model of financing social enterprises to delineate the role of impact investors relative to “pure” philanthropists. I characterize the optimal scale and structure of a social enterprise when financed by grants, and when financed by investments. Impact... View Details
Roth, Benjamin N. "Impact Investing: A Theory of Financing Social Enterprises." Harvard Business School Working Paper, No. 20-078, February 2020. (Revised June 2021.)
- March 2019
- Article
Beliefs about Gender
By: Pedro Bordalo, Katherine Baldiga Coffman, Nicola Gennaioli and Andrei Shleifer
We conduct laboratory experiments that explore how gender stereotypes shape beliefs about ability of oneself and others in different categories of knowledge. The data reveal two patterns. First, men’s and women’s beliefs about both oneself and others exceed observed... View Details
Bordalo, Pedro, Katherine Baldiga Coffman, Nicola Gennaioli, and Andrei Shleifer. "Beliefs about Gender." American Economic Review 109, no. 3 (March 2019): 739–773.
- 2018
- Working Paper
Full Substitutability
By: John William Hatfield, Scott Duke Kominers, Alexandru Nichifor, Michael Ostrovsky and Alexander Westkamp
Various forms of substitutability are essential for establishing the existence of equilibria and other useful properties in diverse settings such as matching, auctions, and exchange economies with indivisible goods. We extend earlier models’ definitions of... View Details
Hatfield, John William, Scott Duke Kominers, Alexandru Nichifor, Michael Ostrovsky, and Alexander Westkamp. "Full Substitutability." Harvard Business School Working Paper, No. 19-016.
- October 2017
- Case
Shift Technologies, Inc.
By: Thomas Eisenmann and Nicole Tempest Keller
In 2017, management at Shift, an online marketplace that uses a “high touch,” concierge approach to buy and sell used cars, was formulating plans for the San Francisco–based startup’s next phase of expansion. One option was to preserve Shift’s current business model... View Details
Keywords: Entrepreneurship; Market Design; Multi-Sided Platforms; Marketplace Matching; Growth and Development Strategy; Decision Choices and Conditions; Auto Industry; Retail Industry; United States
Eisenmann, Thomas, and Nicole Tempest Keller. "Shift Technologies, Inc." Harvard Business School Case 818-002, October 2017.
- Article
Adding Value by Talking More
By: Robert S. Kaplan, Derek A. Haas and Jonathan Warsh
The prevailing fee-for-service payment model has led health care administrators and physician practices to impose severe constraints on the time physicians spend talking, for which they are reimbursed poorly or not at all. New value-based reimbursement models, however,... View Details
Keywords: Value Creation; Cost Management; Health Care and Treatment; Customer Focus and Relationships; Health Industry
Kaplan, Robert S., Derek A. Haas, and Jonathan Warsh. "Adding Value by Talking More." New England Journal of Medicine 375, no. 20 (November 17, 2016): 1918–1920.
- August 2016
- Case
Building Smart Neighborhoods at Bouygues
By: Amy C. Edmondson, Bertrand Moingeon, Guo Bai and Jean-François Harvey
Can a consortium of 16 organizations, including multinational corporations, local government agencies, and startups, turn a rundown Paris suburb into a “smart” (ecologically viable, high-tech, livable) neighborhood? This case explores how Bouygues Immobilier led such a... View Details
Keywords: Collaboration; Teaming; Cross-industry Collaboration; Interorganizatonal Relationships; Innovation; Nascent Industries; Smart Cities; Governance; Collaborative Innovation and Invention; Innovation and Management; Innovation Strategy; Technological Innovation; Information Technology Industry; Construction Industry; Paris; France
Edmondson, Amy C., Bertrand Moingeon, Guo Bai, and Jean-François Harvey. "Building Smart Neighborhoods at Bouygues." Harvard Business School Case 617-007, August 2016.
- Article
Matching in Networks with Bilateral Contracts
By: John William Hatfield and Scott Duke Kominers
We introduce a model in which firms trade goods via bilateral contracts which specify a buyer, a seller, and the terms of the exchange. This setting subsumes (many-to-many) matching with contracts, as well as supply chain matching. When firms' relationships do not... View Details
Hatfield, John William, and Scott Duke Kominers. "Matching in Networks with Bilateral Contracts." American Economic Journal: Microeconomics 4, no. 1 (February 2012): 176–208.
- Article
The Cost of Capital for Alternative Investments
By: Jakub W. Jurek and Erik Stafford
Traditional risk factor models indicate that hedge funds capture pre-fee alphas of 6% to 10% per annum over the period from 1996 to 2012. At the same time, the hedge fund return series is not reliably distinguishable from the returns of mechanical S&P 500 put-writing... View Details
Keywords: Hedge Funds; Required Returns; Downside Risk; Index Options; Investment Funds; Cost of Capital; Investment Return; Risk and Uncertainty; Financial Services Industry
Jurek, Jakub W., and Erik Stafford. "The Cost of Capital for Alternative Investments." Journal of Finance 70, no. 5 (October 2015): 2185–2226.
- May 2016
- Article
When Performance Trumps Gender Bias: Joint Versus Separate Evaluation
By: Iris Bohnet, Alexandra van Geen and Max Bazerman
We examine a new intervention to overcome gender biases in hiring, promotion, and job assignments: an "evaluation nudge," in which people are evaluated jointly rather than separately regarding their future performance. Evaluators are more likely to focus on individual... View Details
Keywords: Prejudice and Bias; Selection and Staffing; Decision Choices and Conditions; Performance; Gender
Bohnet, Iris, Alexandra van Geen, and Max Bazerman. "When Performance Trumps Gender Bias: Joint Versus Separate Evaluation." Management Science 62, no. 5 (May 2016): 1225–1234.
- Article
Unraveling Results from Comparable Demand and Supply: An Experimental Investigation
By: Muriel Niederle, Alvin E. Roth and M. Utku Ünver
Markets sometimes unravel, with offers becoming inefficiently early. Often this is attributed to competition arising from an imbalance of demand and supply, typically excess demand for workers. However this presents a puzzle, since unraveling can only occur when firms... View Details
Niederle, Muriel, Alvin E. Roth, and M. Utku Ünver. "Unraveling Results from Comparable Demand and Supply: An Experimental Investigation." Games 4, no. 2 (June 2013): 243–282. (Special Issue on Games and Matching Markets.)
- 2012
- Article
The Unbundling of Advertising Agency Services: An Economic Analysis
By: Mohammad Arzaghi, Ernst R. Berndt, James C. Davis and Alvin J. Silk
We address a puzzle surrounding the shift from bundling to unbundling of U.S. advertising agency services and the slow pace of change over several decades. We model an agency’s decision as a tradeoff between the fixed cost to the advertiser of establishing a... View Details
Keywords: Bundling; Unbundling; Advertising Agency Services; Fixed Cost; Higher Media Prices; Volume; Diversification; Advertising; Change; Advertising Industry; United States
Arzaghi, Mohammad, Ernst R. Berndt, James C. Davis, and Alvin J. Silk. "The Unbundling of Advertising Agency Services: An Economic Analysis." Review of Marketing Science 10, no. 1 (2012).