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  • December 2013
  • Article

Leviathan as a Minority Shareholder: Firm-level Implications of State Equity Purchases

By: Carlos F. K. V. Inoue, Sergio G. Lazzarini and Aldo Musacchio
In many countries, firms face institutional voids that raise the costs of doing business and thwart entrepreneurial activity. We examine a particular mechanism to address those voids: minority state ownership. Due to their minority nature, such stakes are less affected... View Details
Keywords: Business Groups; Development Banks; State Capitalism; Performance; State Ownership; Brazil
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  • 10 Dec 2021
  • Research & Ideas

Truth Be Told: Unpacking the Risks of Whistleblowing

things, they can resolve it internally more quickly and in a more efficient way than if it goes to regulators. Although we don’t study this, I think it could also empower employees to feel ownership of the company because they’re helping... View Details
Keywords: by April White
  • 2011
  • Working Paper

Leviathan as a Minority Shareholder: A Study of Equity Purchases by the Brazilian National Development Bank (BNDES), 1995-2003

By: Sergio G. Lazzarini and Aldo Musacchio
There is a growing literature comparing the performance of private vs. state-owned companies. Yet, there is little work examining the effects of having the government as a minority shareholder of private companies. We conduct such a study using data for 296 publicly... View Details
Keywords: Investment; Ownership Stake; State Ownership; Private Ownership; Performance Evaluation; Business and Government Relations; Business and Shareholder Relations; Banking Industry; Brazil
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  • 21 May 2013
  • First Look

First Look: May 21

https://www.hbs.edu/faculty/Pages/item.aspx?num=44789 If Technology Has Arrived Everywhere, Why Has Income Diverged? By: Comin, Diego A., and Martí Mestieri Ferrer Abstract—We study the lags with which new technologies are adopted across countries and their long-run penetration... View Details
Keywords: Sean Silverthorne
  • 17 Jun 2008
  • First Look

First Look: June 17, 2008

Nanda Abstract Using loan-level data from Mexico, we study the relationship between the organizational structure of banks and the terms of lending to small businesses. We find that banks with decentralized lending structures—where branch... View Details
Keywords: Martha Lagace
  • 07 Apr 2015
  • First Look

First Look: April 7

ownership influence Chapter 11 outcomes? To answer these questions, we construct a data set that identifies the entire capital structure for 136 companies filing for U.S. Chapter 11 bankruptcy protection... View Details
Keywords: Sean Silverthorne
  • 01 Oct 2001
  • Research & Ideas

How To Make Restructuring Work for Your Company

"prepackaged" bankruptcy plan. In addition, if ownership of the firm's equity changes significantly, say because creditors exchange their claims for new stock, the firm can lose the often sizable tax benefit of its net operating... View Details
Keywords: by Stuart C. Gilson
  • Web

Technology & Innovation - Faculty & Research

production workers) are associated with more autonomy and a wider span of control. By contrast, communication technologies (like data networks) decrease autonomy for both workers and plant managers. Treating technology as endogenous using... View Details
  • Web

My One Case: MBA Class of 2023 Looks Back - MBA

Blog Blog MBA Voices Filter Results Arrow Down Arrow Up Read posts from Author Alumni Author Career and Professional Development Staff Author HBS Community Author HBS Faculty Author MBA Admissions Author MBA Students Topics Topics 1st Year (RC) 2+2 Program 2nd Year... View Details
  • April 2008
  • Supplement

Chunghwa Telecom Co., Ltd. (B)

By: Paul W. Marshall, Michael Shih-ta Chen and Keith Chi-ho Wong
In late November 2000, Chung Telecom Co., Ltd., the once-monopolized telecom operator owned by the Taiwanese government, was on its way to privatization. Mr. C.K. Mao, Chairman of the company, was headed the job only three months earlier, after its prior chairman... View Details
Keywords: State Ownership; Jobs and Positions; Monopoly; Privatization; Competition; Decisions; Motivation and Incentives; Labor and Management Relations; Resignation and Termination; Compensation and Benefits; Price; Status and Position; Telecommunications Industry; Public Administration Industry; Taiwan
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  • Web

2023 Reunion Presentations - Alumni

chains have come under unprecedented stress as a result of US-China trade tensions, the pandemic, and geopolitical shocks. We've documented US participation in global value chains over four decades, with particular focus on the last five years. Is there a "great... View Details
  • 05 Sep 2006
  • Working Paper Summaries

International Financial Integration and Entrepreneurship

Keywords: by Laura Alfaro & Andrew Charlton
  • 28 Mar 2024
  • News

Rooms with a View

understaffed. Mirza estimates it could take more than a decade to rebuild a skilled talent pool. Mogul Recruiter—part of Mogul Hospitality, of which Mirza is founder and CEO—is an HR platform that uses data to evaluate employee skills and... View Details
Keywords: April White; photos by Christina Gandolfo; Hospitality
  • Web

Human Behavior & Decision-Making - Faculty & Research

Swiss panel data and a novel shift-share instrument measuring men’s exposure to changes in the gender composition of the labor force across industries (labor market feminization), we make two contributions. First, labor market... View Details
  • March 1998
  • Article

An Assessment of the Performance of Indian State-Owned Enterprises

By: Gautam Ahuja and Sumit K. Majumdar
We examine the determinants of performance of 68 Indian state-owned enterprises in the manufacturing sector for a five-year period: 1987 to 1991. Relative performance is determined using data envelopment analysis, with variations in performance patterns subsequently... View Details
Keywords: State-owned Enterprises; Economic Reform; Efficiency Analysis; Performance Efficiency; Privatization; Microeconomics; State Ownership; Manufacturing Industry; India
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  • Fast Answer

Resources for Investment Management and Financial Analysis

Topics Good for finding… Suggested Resources   Company Research Data and background information for stock pitching prep Basic valuation metrics Strength and Weaknesses of the company (SWOT analysis) Lists (screening) and... View Details
  • Web

Curriculum - Business & Environment

Government and the International Economy Pakistan at 75: When Will the "Nazuk Mor" End? Singapore: "From Third World to First" Thailand: Red Shirts, Yellow Shirts, and a Green Revolution Data Science for Managers Arla Foods: Decarbonizing... View Details
  • 2017
  • Working Paper

Self-Employment Dynamics and the Returns to Entrepreneurship

By: Eleanor W. Dillon and Christopher T. Stanton
Small business owners and others in self-employment have the option to transition to paid work. If there is initial uncertainty about entrepreneurial earnings, this option increases the expected lifetime value of self-employment relative to pay in a single year. This... View Details
Keywords: Self-employed; Small Business; Business Earnings; Entrepreneurship; Ownership; Compensation and Benefits
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  • 02 May 2005
  • Research & Ideas

Four VCs on Evaluating Opportunities

Entrepreneurs have to have a clear sense of the opportunity and how to build the business. But the best ones are willing to reexamine their assumptions and are willing to veer left or right or pivot all the way around when the data... View Details
Keywords: by Lauren Barley
  • April 2008
  • Case

Chunghwa Telecom Co., Ltd. (A)

By: Paul W. Marshall, Michael Shih-ta Chen and Keith Chi-ho Wong
In late November 2000, Chunghwa Telecom Co., Ltd., the once-monopolized telecom operator owned by the Taiwanese government, was on its way to privatization. Mr. C.K. Mao, Chairman of the company, who headed the job only three months earlier, after its prior chairman... View Details
Keywords: Entrepreneurship; Governing Rules, Regulations, and Reforms; Employee Relationship Management; Leading Change; Organizational Change and Adaptation; Privatization; Competition; Telecommunications Industry; Taiwan
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