Publications

28 Jun 2012
Working Paper Summaries

Leviathan in Business: Varieties of State Capitalism and their Implications for Economic Performance

Keywords: by Aldo Musacchio & Sergio G. Lazzarini

Institutions, Institutional Change and Economic Performance in Emerging Markets

Emerging markets play an increasingly important role in the global economy, accounting for 31% of global GDP and more than 50% of global foreign direct investment in 2012. However, doing business in emerging markets remains subject to a high degree of "policy risk,"... View Details

2022
Chapter

The Origins of the Developmental State: The European Experience

By: Sophus A. Reinert

Book Abstract: There has been a major revival of interest in State Capitalism: what it is, where it is found, and why it is seemingly becoming more ubiquitous. As a concept, it has evolved from radical critiques of the Soviet Union, to being deployed by neo-liberals to... View Details

Keywords: State Capitalism; History; Macroeconomics; Developing Countries and Economies; Economic Systems; Europe

2008
Working Paper

Unravelling in Two-Sided Matching Markets and Similarity of Preferences

By: Hanna Halaburda

This paper investigates the causes and welfare consequences of unravelling in two-sided matching markets. It shows that similarity of preferences is an important factor driving unravelling. In particular, it shows that under the ex-post stable mechanism (the mechanism... View Details

Keywords: Market Participation; Two-Sided Platforms; Marketplace Matching; Mathematical Methods

06 Apr 2007
What Do You Think?

Will Market Forces Stop Global Warming?

Summing Up Debate on this month's questions occurred on at least three levels. Is global warming occurring? Do humans (primarily through CO2 emissions) have much to do with it? Should we rely on market forces to provide appropriate responses, or will this require... View Details

Keywords: by Jim Heskett; Energy; Utilities

Article

Perceptions and the Politics of Finance: Junk Bonds and the Regulatory Seizure of First Capital Life

By: S. C. Gilson, H. DeAngelo and L. DeAngelo

In May 1991, one month after seizing Executive Life, California regulators seized First Capital Life (FCLIC). Both insurers were Drexel clients with large junk bond holdings, and both had experienced 'bank runs.' FCLIC's run followed regulators' televised comments that... View Details

Keywords: Finance; Bonds; Governing Rules, Regulations, and Reforms

Find at Harvard

2008
Working Paper

Positions of Power and Status: Reciprocity in the Venture Capital Industry

By: Mikolaj J. Piskorski

This paper proposes a straightforward way of differentiating between central network positions that confer power and those that confer status. I argue that actors achieve high status by receiving numerous exchanges from actors who in turn receive numerous exchanges... View Details

Keywords: Venture Capital; Partners and Partnerships; Power and Influence; Social and Collaborative Networks; Status and Position; Financial Services Industry; United States

2009
Chapter

The Principles of Embedded Liberalism: Social Legitimacy and Global Capitalism

By: Rawi Abdelal and John G. Ruggie

In this essay we revisit the principles of “embedded liberalism” and argue for their relevance to the contemporary global economy. The most essential principle is the need for markets to enjoy social legitimacy, because their political sustainability ultimately depends... View Details

Keywords: Economic Systems; Ethics; International Finance; Globalization; Multinational Firms and Management; Corporate Governance; Governing Rules, Regulations, and Reforms; Labor

December 4, 2012
Article

Business Leaders Are More Than Profiteers, as They Deliver Growth in an Efficient, Fair Manner

By: Karthik Ramanna

The legitimacy of market capitalism rests on its ability to deliver freedom, prosperity, and growth in a manner that is efficient and fair. The pursuit of profit is a central but not the only element of capitalism. There are many circumstances, such as when lobbying... View Details

Keywords: Capitalism; Leadership; India

01 Jun 2000
News

Social Capital Markets: Creating Value in the Nonprofit World

conditions of the distribution of capital on nonprofit management and organizational performance. He will also investigate how the availability of capital at various stages of an organization's evolution... View Details

Keywords: Anne Kavanagh

26 May 2003
Research & Ideas

Corporate Transparency Improves For Foreign Firms in U.S. Markets

market interactions with the U.S both at the company level and at the country level affect corporate disclosure practices of foreign companies. We studied interactions with the U.S. in product, labor, and View Details

Keywords: by Cynthia Churchwell

March 1996 (Revised April 2006)
Case

Global Equity Markets: The Case of Royal Dutch and Shell

By: Kenneth A. Froot and Andre F. Perold

Royal Dutch and Shell common stocks are securities with linked cash flow, so that the ratio of their stock prices should be fixed. In fact, the ratio is highly variable, moving with the markets where the securities are intensively traded. Royal Dutch trades more... View Details

Keywords: International Equity Markets; International Cost Of Capital; Cross-border Valuation; International Finance; Equity; Cost of Capital; Valuation; Cash Flow

Article

Why Schumpeter Was Right: Innovation, Market Power and Creative Destruction in 1920s America

By: Tom Nicholas

Are firms with strong market positions powerful engines of technological progress? Joseph Schumpeter thought so, but his hypothesis has proved difficult to verify empirically. This article highlights Schumpeterian market-power and creative-destruction effects in a... View Details

Keywords: Innovation and Invention; Power and Influence; Emerging Markets; Rank and Position; Status and Position; Capital Markets; Capital Structure; Information Technology; Patents; Creativity; Economic Systems; Development Economics; United States

Find at Harvard

01 Dec 2012
News

Reimagining Capitalism In a World of Limited Resources

knows quite a bit about the topic. "Capitalism has traditionally been about driving wealth and productivity through efficiencies in capital and labor," says Henderson, who teaches the MBA elective Reimagining Capitalism. "But in the 21st... View Details

Keywords: Dalai Lama

September 2008 (Revised February 2009)
Case

Ocean Tomo: Building a Market for Intellectual Property

By: Peter A. Coles, Andrei Hagiu and Alison Berkley Wagonfeld

Ocean Tomo's management team sought to turn the company into the leading intermediary for intellectual property. Despite its increasingly important role in the global marketplace, IP remained a notoriously illiquid asset—difficult to value, harder to trade, and often... View Details

Keywords: Globalized Markets and Industries; Intellectual Property; Resource Allocation; Auctions; Market Design; Service Operations

December 2018 (Revised March 2019)
Case

iyzico: Fundraising in Emerging Markets (A)

By: Marco Di Maggio and Gamze Yucaoglu

The case opens in 2016 as Barbaros Ozbugutu, co-founder and CEO of the Istanbul-based payment technology start-up iyzico, contemplates the offers the company received for its Series C round. The case then describes iyzico’s origins and provides a detailed overview of... View Details

Keywords: Iyzico; Fundraising; Business Startups; Venture Capital; Emerging Markets; Private Sector; For-Profit Firms; Management; Information Technology; Growth Management; Corporate Entrepreneurship; Negotiation Offer; Decision Making; Turkey

26 Jul 2006
Research & Ideas

The Strategic Way to Go to Market

Business School marketing professor V. Kasturi "Kash" Rangan in his new book, Transforming Your Go-to-Market Strategy. The auto industry, he says, is a stark example of why go-to-market strategies need high-level attention and... View Details

Keywords: by Sean Silverthorne

Article

Unravelling in Two-Sided Matching Markets and Similarity of Preferences

This paper investigates the causes and welfare consequences of unravelling in two-sided matching markets. It shows that similarity of preferences is an important factor driving unravelling. In particular, it shows that under the ex-post stable mechanism (the mechanism... View Details

Keywords: Welfare or Wellbeing; Body of Literature; Market Platforms