Publications

SSRN

June 2017
Article

The Social Trajectory of a Finance Professor and the Common Sense of Capital

By: Marion Fourcade and Rakesh Khurana

This paper traces the career of Michael Jensen, a Chicago finance PhD turned Harvard Business School professor to reveal the intellectual and social conditions that enabled the emergence and institutionalization of what we call the “neoliberal common sense of capital,”... View Details

Keywords: Executive Pay; The Firm; Michael Jensen; Neo-Liberalism; Shareholder Value; Agency Theory; Corporate Governance; Executive Compensation; Business and Shareholder Relations; Transformation

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30 Jun 2020
Book

Capitalism Is More at Risk Than Ever

The book Capitalism at Risk first appeared in 2011. The problems it identified with social inequality, global trade strife, and environmental degradation have only accelerated by 2020. The new edition of... View Details

Keywords: by Martha Lagace

05 Nov 2009
Research & Ideas

A Market for Human Cadavers in All but Name?

moment explains: "It is at times awe-inspiring and at other times profoundly upsetting" (Montross 2009). Dissecting a cadaver, she adds, also gives young doctors "an appreciation for the wonders of the View Details

Keywords: by Michel Anteby; Health

2012
Discussion Paper

Labor Productivity and Quality Change in Singapore: Achievements in 1974-2011 and Prospects for the Next Two Decades

By: Koji Nomura and Tomomichi Amano

Labor productivity growth in Singapore that has grown at a rate of over 3.0 percent per year since 1970s considerably slowed down to 0.5 percent on average per annum in the latter half of the 2000s. The purpose of this paper is to ask, first, to what extent Singapore’s... View Details

Keywords: Labor; Performance Productivity; Quality; Economic Growth; Singapore

22 Nov 2023
Research & Ideas

Humans vs. Machines: Untangling the Tasks AI Can (and Can't) Handle

Knowing when to use artificial intelligence and when to rely on the human mind is a shifting fine line, one delineated by new research that shows considerable benefit and speed from generative AI—if it’s applied to the right tasks. What... View Details

Keywords: by Rachel Layne; Information Technology; Technology

20 Nov 2019
Research & Ideas

It's No Joke: AI Beats Humans at Making You Laugh

joke, based on participants’ previous preferences for certain jokes. Who was the better judge of humor? The computer. Algorithms accurately picked the jokes that people deemed funniest 61 percent of the... View Details

Keywords: by Dina Gerdeman

24 Jul 2000
Research & Ideas

Something Ventured, Something Gained: A European View of Venture Capital

Venture capital is a tale of two continents, HBS professor Josh Lerner (coauthor of the book The Venture Capital Cycle) explained in his opening... View Details

Keywords: by James E. Aisner; Financial Services

October 2010
Article

The Emerging Capital Market for Nonprofits

By: Robert S. Kaplan and Allen S. Grossman

Many of our largest and most successful companies today did not exist 50 years ago. During this same time interval, companies that ranked among top in the 1960s have disappeared, been merged out of existence, or become much smaller presences in the U.S. industrial... View Details

Keywords: Capital Markets; Investment Funds; Philanthropy and Charitable Giving; Corporate Accountability; Management Practices and Processes; Infrastructure; Corporate Social Responsibility and Impact; Performance Effectiveness; Nonprofit Organizations

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2014
Working Paper

Adding Value Through Venture Capital in Latin America and the Caribbean

By: Josh Lerner, Ann Leamon, James Tighe and Susana Garcia-Robles

Venture capital (VC) investment has long been recognized as an engine for economic growth and development. Unlike bank loans, where the entrepreneur receives money and is left alone as long as the payments arrive on the pre-arranged schedule, venture capital... View Details

Keywords: Venture Capital; Value; Entrepreneurship; Investment; Latin America; West Indies

30 Jun 2009
Research Event

Business Summit: The Role of Business Leaders in Sustaining Market Capitalism

environmental issues, inadequate governance, and lack of transparency. But these same leaders have very different perspectives on the most appropriate path forward. Some feel the sole focus of business... View Details

Keywords: Re: Multiple Faculty

January 1999
Article

An Analysis of Compensation in the U.S. Venture Capital Partnership

By: Paul Gompers and Josh Lerner

Keywords: Compensation and Benefits; Venture Capital; Partners and Partnerships; United States

May 2008
Article

Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation

By: Laura Alfaro, Sebnem Kalemli-Ozcan and Vadym Volosovych

We examine the empirical role of different explanations for the lack of capital flows from rich to poor countries—the "Lucas Paradox." The theoretical explanations include cross country differences in fundamentals affecting productivity and capital market... View Details

Keywords: International Finance; Wealth and Poverty; Development Economics; Income; Capital Markets; Cross-Cultural and Cross-Border Issues; Australia; Peru

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2000
Other Unpublished Work

Career Concerns and Staged Investment: Evidence from the Venture Capital Industry

By: Malcolm Baker

I develop a model in which career concerns lead to inefficient reinvestment decisions. Managers have incentives to inflate interim returns by continuing bad projects and delaying write-offs. In the venture capital industry, the syndication of follow-on investments can... View Details

Keywords: Performance Efficiency; Valuation; Venture Capital; Investment; Decisions; Motivation and Incentives; Quality