Publications
Publications
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- All HBS Web
(4,892)
- Faculty Publications (916)
- 2022
- Working Paper
The Fed and the Secular Decline in Interest Rates
In this paper I document a striking fact: a narrow window around Fed meetings fully captures the secular decline in U.S. Treasury yields since 1980. By contrast, yield movements outside this window are transitory and wash out over time. This is surprising because the... View Details
- 2021
- Working Paper
Racial Inequality in Organizations: A Systems Psychodynamic Perspective
By: Sanaz Mobasseri, William Kahn and Robin Ely
This paper uses systems psychodynamic concepts to develop a theory about the persistence of racial inequality in U.S. companies, treating White men as the dominant group and Black people as an illustrative subordinate group. We theorize that this persistence is rooted... View Details
- 2024
- Working Paper
Scared Straight? Threat and Assimilation of Refugees in Germany
By: Philipp Jaschke, Sulin Sardoschau and Marco Tabellini
This paper examines the impact of local hostility on the assimilation of refugees. We leverage plausibly exogenous variation in refugees' allocation across German regions between 2013 and 2016, and combine representative survey data and administrative records with... View Details
Keywords: Assimilation; Threat Hypothesis; Migration; Cultural Change; Refugees; Culture; Identity; Germany
- Article
Surgeons and Administrators Co-Creating Value
By: Michael Nurok, Thoralf Sundt, Robert S. Kaplan and Bruce Gewertz
Most hospitals have arms-length relationships with physicians, viewing them as people they must ‘‘manage,’’ not as potentially valuable strategic partners. But surgeons make clinical decisions every day that have great influence on both patient outcomes and hospital... View Details
- Article
The Emergence of Mafia-like Business Systems in China
By: Meg Rithmire and Hao Chen
A large body of literature on state–business relations in China has examined the political role of capitalists and collusion between the state and the private sector. This paper contributes to that literature and understanding of the internal differentiation among... View Details
- 2021
- Working Paper
The Green Bonding Hypothesis: How Do Green Bonds Enhance the Credibility of Environmental Commitments?
By: Shirley Lu
This paper proposes and provides evidence on a green bonding hypothesis, where green bonds act as a commitment device that subjects firms to institutions holding them accountable to their environmental promises. I find that green-bond issuers face higher climate change... View Details
- 2021
- Working Paper
The Political Economy of Anti-Bribery Enforcement
By: Lauren Cohen and Bo Li
This paper documents novel evidence on the influence of political incentives in the regulatory enforcement of foreign bribery. Using exogenous variation in the timing and geographic location of U.S. Congressional elections, we find that the probability of a Foreign... View Details
- November 2021
- Article
Ratings, Reviews, and the Marketing of New Products
By: Itay P. Fainmesser, Dominique Olié Lauga and Elie Ofek
We study how user-generated content (UGC) about new products impacts a firm's advertising and pricing decisions and the effect on profits and market dynamics. We construct a two-period model where consumers value quality and are heterogeneous in their taste for the new... View Details
- 2023
- Working Paper
Cognitive Uncertainty in Intertemporal Choice
By: Benjamin Enke and Thomas Graeber
This paper studies the relevance of cognitive uncertainty – subjective uncertainty over one's utility-maximizing action – for understanding and predicting intertemporal choice. The main idea is that when people are cognitively noisy, such as when a decision is complex,... View Details
- 2021
- Working Paper
The Business of K-12 Education in China
By: Geoffrey Jones and Yuhai Wu
This working paper examines the evolution of K-12 education in China, especially between 1985 and the present day, drawing extensive interviews with participants in the educational sector. China has been hugely successful in reaching almost 100 percent literacy,... View Details
- October 2021
- Article
Changing Gambling Behavior through Experiential Learning
By: Shawn A. Cole, Martin Abel and Bilal Zia
This paper tests experiential learning as a debiasing tool to reduce gambling in South Africa, through a randomized field experiment. The study implements a simple, interactive game that simulates the odds of winning the national lottery through dice rolling.... View Details
- October 2021
- Article
Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks
By: Caroline Flammer, Michael W. Toffel and Kala Viswanathan
This paper examines whether—in the absence of mandated disclosure requirements—shareholder activism can elicit greater disclosure of firms’ exposure to climate change risks. We find that environmental shareholder activism increases the voluntary disclosure of climate... View Details
Keywords: Transparency; Reporting; Shareholder Engagement; Shareholder Activism; Climate Change; Risk and Uncertainty; Environmental Management; Investment Activism; Corporate Disclosure; Communication Strategy; Information Publishing; Measurement and Metrics; Corporate Social Responsibility and Impact; Problems and Challenges; United States
- September 2021
- Article
Did Technology Contribute to the Housing Boom? Evidence from MERS
By: Stefan Lewellen and Emily Williams
We examine the effects of the Mortgage Electronic Registration System, or MERS, on mortgage origination volumes and foreclosure rates prior to the Great Recession. MERS was introduced in the late 1990s and significantly reduced the cost and time associated with... View Details
- 2021
- Article
An Empirical Examination of Sell-Side Brokerage Analysts' Published Research, Concierge Services, and High-Touch Services
By: David A. Maber, Boris Groysberg and Paul M. Healy
This paper uses a proprietary panel dataset to categorize and quantify the activities that sell-side brokerage analysts use to build and sustain their network of buy-side client relations. We then examine the marginal impact of these activities on key analyst outcome... View Details
- September 2021
- Comment
Commentary on ‘2019 Academic Marketing Climate Survey: Motivation, Results and Recommendations', by Jeff Galak and Barbara E. Kahn
By: John A. Deighton
This paper reflects on the conclusions of a survey by Galak and Kahn on the climate experienced by faculty of all genders and ethnicities in the marketing departments of US business schools. View Details
- 2021
- Working Paper
Employee Ownership and Wealth Inequality: A Path to Reducing Wealth Concentration
By: Thomas Dudley and Ethan Rouen
This paper examines the impact of an economy-wide shift to broad-based employee ownership on wealth concentration in the United States. Relying on government data, we show that if all private firms became 30% employee-owned, the wealth distribution would be profoundly... View Details
- September 2021
- Article
Innovation in the 21st Century: Architectural Change, Purpose, and the Challenges of Our Time
Understanding the process of innovation has been a central concern of management researchers, but despite this progress, there remains much that we do not understand. Deepening our knowledge is critically important given the enormous environmental and social challenges... View Details
- September 2021
- Article
Kidney Exchange: An Operations Perspective
By: Itai Ashlagi and Alvin E. Roth
Many patients in need of a kidney transplant have a willing but incompatible (or poorly matched) living donor. Kidney exchange programs arrange exchanges among such patient-donor pairs, in cycles and chains of exchange, so each patient receives a compatible kidney.... View Details
- September 2021
- Article
Shaking Things Up: Disruptive Events and Inequality
By: Letian Zhang
This paper develops a theory of how disruptive events could reduce racial and gender inequality in organizations. Despite pressure from regulators and advocates, racial and gender inequality in the workplace remains high. I theorize that because such inequality is... View Details
- Article
Targeting Weather Insurance Markets
By: Anita Mukherjee, Shawn Cole and Jeremy Tobacman
The suitability of insurance products often depends greatly on individual circumstances. This paper examines the challenges of heterogeneity in a relatively new product, weather‐indexed insurance. This index insurance product has been launched in over a dozen... View Details
Keywords: Index Insurance; Labor Markets; Self-insurance; Self-protection; Weather; Insurance; Markets; Household; Risk Management