Publications

Article

Short-Termism and Capital Flows

By: Jesse M. Fried and Charles C.Y. Wang

During 2007–2016, S&P 500 firms distributed to shareholders $7 trillion via buybacks and dividends, over 96% of their aggregate net income, prompting claims that "short-termism" is impairing firms' ability to invest and innovate. We show that, when taking into account... View Details

Keywords: Short-termism; Quarterly Capitalism; Share Buybacks; Open Market Repurchases; Dividends; Equity Issuances; Seasoned Equity Offerings; Equity Compensastion; Acquisitions; Payout Policy; Capital Flows; Capital Distribution; Working Capital; Business and Shareholder Relations; Acquisition

2011
Chapter

Conceptual Foundations of Capital Market Anomalies

By: Mozaffar N. Khan

2010
Book

Wealth and Justice: The Morality of Democratic Capitalism

By: Peter Wehner and Arthur C. Brooks

Popular opinion would have us believe that America's free market system is driven by greed and materialism, resulting in gross inequalities of wealth, destruction of the environment, and other social ills. Even proponents of capitalism often refer to the free market as... View Details

Keywords: Capitalism; Economic Systems; Ethics; Moral Sensibility

Purchase

May 2007
Article

Capital Flows and Capital Goods

By: Laura Alfaro and Eliza Hammel

Studying the relation between equity market liberalization and imports of capital goods, we examine one channel through which international financial integration can promote growth. For the period 1980–1997, we find that after controlling for other policies and... View Details

Keywords: Cash Flow; Equity; Financial Markets; Economy; Distribution Channels; Machinery and Machining; Capital

March 2007
Article

The Internal Markets of Multinational Firms

By: Mihir A. Desai, C. Fritz Foley and James R. Hines Jr.

Keywords: Markets; Business Ventures

October 1995 (Revised October 1995)
Case

International Marketing Managers (A): Susana Elespuru

By: John A. Quelch

September 2017
Article

The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment

By: Laura Alfaro, Anusha Chari and Fabio Kanczuk

Emerging-market governments adopted capital control taxes to manage the massive surge in foreign capital inflows in the aftermath of the global financial crisis. Theory suggests that the imposition of capital controls can drive up the cost of capital and curb... View Details

Keywords: Capital Controls; Discriminatory Taxation; International Investment Barriers; Exports; Debt; Cost of Capital; Taxation; Investment; Borrowing and Debt; Equity; Brazil

1989
Article

Financial Innovations and Stability of Capital Markets

By: Marc L Bertoneche

Keywords: Innovation and Invention; Balance and Stability; Capital; Markets

March 2003 (Revised June 2003)
Case

International Securities Exchange, The: New Ground in Options Markets

This case examines the equity options market and studies the major parties involved and the options trading process. It takes an in-depth look at the path taken by the International Securities Exchange as it entered a mature exchange industry and transformed itself... View Details

Keywords: Capital Markets; Investment

Educators

Purchase

January 2018 (Revised February 2018)
Technical Note

Making Markets

By: Thomas R. Eisenmann and Scott Duke Kominers

Explains how to identify and capitalize on marketplace design opportunities. Defines markets and marketplaces and describes the basic functions of each. Discusses attributes (e.g., heterogeneity of participants' preferences and asymmetry in available information) that... View Details

Keywords: Marketplaces; Two-Sided Markets; Entrepreneurship; Market Design; Digital Platforms; Marketplace Matching; Market Participation; Market Transactions; Market Entry and Exit; Digital Platforms; Auctions

Educators

Purchase

2010
Casebook

Global Capital and National Institutions: Crisis and Choice in the International Financial Architecture

By: Laura Alfaro

All managers face a business environment in which international and macroeconomic phenomena matter. International capital flows can significantly affect countries' development efforts and provide clear investment opportunities for businesses. During the 1990s and early... View Details

Keywords: Financial Crisis; Capital; International Finance; Globalized Economies and Regions; Policy; Government and Politics; Business and Government Relations

2003
Working Paper

International Capital Flows When Investors Have Local Information

By: Joshua D. Coval

September 2004
Article

Sharing The Spoils: Taxing International Human Capital Flows

By: M. A. Desai, Devesh Kapur and John McHale

Keywords: Taxation; Human Capital

1972
Book

Studies in the Theory of Capital Markets

By: M. C. Jensen

Keywords: Capital Markets; Theory

September 2019
Article

Contingent Capital Trigger Effects: Evidence from Liability Management Exercises

By: Boris Vallée

This paper investigates the so called liability management exercises by European banks, which bear comparable effects to triggering contingent capital. I first explore the determinants of these exercises. I then study market reactions to these operations as well as... View Details

Keywords: Contingent Capital; Financial Distress; Regulatory Capital; Financial Institutions; Legal Liability; Management; Banking Industry; Europe