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- 2015
- Working Paper
Full Substitutability
By: John William Hatfield, Scott Duke Kominers, Alexandru Nichifor, Michael Ostrovsky and Alexander Westkamp
Various forms of substitutability are essential for establishing the existence of
equilibria and other useful properties in diverse settings such as matching, auctions,
and exchange economies with indivisible goods. We extend earlier models' canonical
definitions of... View Details
- April 2015 (Revised January 2020)
- Case
Japan's Missing Arrow?
By: Laura Alfaro and Hilary White
In late December 2014, Shinzo Abe was elected to another term as the prime minister of Japan. His re-election was largely interpreted as a vote of confidence for his economics policies, collectively referred to as "Abenomics." Comprised of three "arrows," including... View Details
Keywords: Currency; Bonds; Government Bonds; Government Debt; Public Finance; Quantitative Easing; Stimulus; Fiscal Policy; Fiscal Deficits; Debt Management; Debt Reduction; Abenomics; Exchange Rate; Exports; Reform; Economics; Macroeconomics; Policy; Government Legislation; Government and Politics; Asia; Japan
- Spring 2015
- Article
Sovereign Debt Restructuring: Evaluating the Impact of the Argentina Ruling
By: Laura Alfaro
Recent rulings in the ongoing litigation over the pari passu clause in Argentinian sovereign debt instruments have generated considerable controversy. Some official-sector participants and academic articles have suggested that the rulings will disrupt or impede... View Details
- March 2015
- Case
Statoil: Transparency on Payments to Governments
By: George Serafeim
The Statoil case describes the challenge of increasing transparency, in extractive industries, around host county government payments. The case describes Statoil's reasoning behind voluntarily disclosing host country government payments, and the events that led to this... View Details
Keywords: Corruption; Disclosure; Disclosure Strategy; Regulation; Industry Self-regulation; Corporate Governance; Corporate Accountability; Bribery; Sustainability; Corporate Social Responsibility; Government Legislation; Cost vs Benefits; Corporate Disclosure; Mining; Mining Industry; United States
- February 2015
- Supplement
The Affordable Care Act (J): Healthcare.gov
By: Joseph L. Bower and Michael Norris
In the fall of 2013, Healthcare.gov launches as an insurance exchange for consumers to buy health insurance. The launch is filled with glitches, and some worry if it will imperil the fate of the entire ACA. View Details
- January 2015 (Revised October 2018)
- Case
Dogs of the Dow
By: Malcolm Baker, Samuel G. Hanson and James Weber
This case describes the Dogs of the Dow investment strategy, value investing, and using dividend yields as a means to determine intrinsic value. It also describes exchange traded notes and a particular exchange traded note, known as the Dogs of the Dow, which tracks... View Details
Keywords: Dow Jones; Dow Jones Industrial Average; Exchange Traded Note; Exchange Traded Fund; Value Investing; Benjamin Graham; Investment Strategy; Dividend Yield; Intrinsic Value; Dividend Discount Model; Michael O'Higgins; Financial Instruments; Investment; Strategy; Financial Services Industry; United States
- December 2014 (Revised November 2015)
- Case
Alibaba Goes Public (A)
In 2014 Alibaba debuted on the New York Stock Exchange, creating not only the largest IPO in history but this initial desire to list on the Hong Kong Stock Exchange was denied due to the company's desire to preserve its partner's control over decision rights. Why did... View Details
- November 2014
- Case
Oasys Water: Balancing Strategic Partnerships & Financing Decisions
By: Ramana Nanda, William A. Sahlman and Sid Misra
Oasys Water had developed a proprietary water treatment technology based on an innovative forward osmosis process that could remove dissolved solids from water more effectively and efficiently than existing technologies. As Oasys looked to scale, it was exploring... View Details
- October 2014 (Revised February 2017)
- Case
A Currency We Can Call Our Own: Populism, Banking Crises, and Exchange Rate Crises in Argentina, 1946–2002
By: Rafael Di Tella
The case describes Argentina's struggle to establish a credible monetary system under populist pressures and the recurrent use of exchange rate stabilization plans. It focuses on two episodes where there was "too little money" in the economy: during the hyperinflation... View Details
- 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
- 2014
- Working Paper
Why Don’t People Ask More Questions? Question-asking Promotes Information Exchange and Improves Interpersonal Perception
By: A.W. Brooks, J. Minson and K. Huang
- June 2014 (Revised November 2016)
- Case
Access Health CT: Marketing Affordable Care (A)
By: John A. Quelch and Michael Norris
At the close of open-enrollment in March of 2014, Kevin Counihan, CEO of Access Health CT, Connecticut's state health insurance exchange, stops to consider the success it has experienced so far and think about how to ensure its long-term sustainability. View Details
- Article
Analyzing Scrip Systems
By: Kris Johnson, David Simchi-Levi and Peng Sun
Scrip systems provide a nonmonetary trade economy for exchange of resources. We model a scrip system as a stochastic game and study system design issues on selection rules to match potential trade partners over time. We show the optimality of one particular rule in... View Details
- Article
Currency Unions, Product Introductions, and the Real Exchange Rate
By: Alberto Cavallo, Brent Neiman and Roberto Rigobon
We use a novel dataset of online prices of identical goods sold by four large global retailers in dozens of countries to study good-level real exchange rates and their aggregated behavior. First, in contrast to the prior literature, we demonstrate that the law of one... View Details
- May 2014
- Article
Incorporating Field Data into Archival Research
By: Eugene F. Soltes
I explore the use of field data in conjunction with archival evidence by examining Iliev, Miller, and Roth's (2014) analysis of an amendment to the Securities Exchange Act of 1934. This regulatory amendment allowed depositary banks to cross-list firms without the... View Details
- Article
Relational Pluralism Within and Between Organizations
By: Andrew Shipilov, Ranjay Gulati, Martin Kilduff, Stan Li and Wenpin Tsai
Relational pluralism exists when actors maintain multiple kinds of relationships with one another and develop multiple identities as a result. The outcomes of relational pluralism can include greater flexibility in building network ties, more stable exchange... View Details
- March 2014 (Revised June 2015)
- Case
Can Mexico Make Democracy Work?
By: Gunnar Trumbull and Jonathan Schlefer
Enrique Peña Nieto, the presidential candidate of the old Mexican ruling party elected in 2012, passed the most fundamental reforms in at least two decades. They included allowing private competition in the energy sector, including with the state-owned oil company,... View Details
Keywords: Democratization; Economic Development; Competition Policy; Exchange Rates; Comparative Advantage; Growth and Development; Government Legislation; Political Elections; Economic Growth; Governing Rules, Regulations, and Reforms; Energy Industry; Communications Industry; Banking Industry; Latin America; Mexico
- March 2014 (Revised May 2014)
- Teaching Note
The TELUS Share Conversion Proposal
By: Lucy White and Benjamin C. Esty
On February 21, 2013, TELUS announced a proposal to convert the firm's non-voting shares into voting shares on a one-to-one basis, thereby eliminating the firm's dual class structure. Shareholders were scheduled to vote on the proposal at the firm's annual general... View Details
Keywords: Proxy Contest; Proxy Battle; Proxy Advisor; ISS; Glass Lewis ＆ Co.; Hedge Fund; Short Selling; Share Lending; Telecommunications; Voting Rights; Empty Voting; Equity Decoupling; Share Unification; Dual Class Shares; Canada; Exchange Ratio; Shareholder Activism; Shareholder Votes; Investment Activism; Public Equity; Capital Structure; Investment Return; Corporate Governance; Corporate Finance; Ownership Stake; Business and Shareholder Relations; Valuation; Telecommunications Industry; Canada; British Columbia; United States; New York (city, NY)
- 2014
- Working Paper
Opting Out of Good Governance
By: C. Fritz Foley, Paul Goldsmith-Pinkham, Jonathan Greenstein and Eric Zwick
Cross-listing on a U.S. exchange does not bond foreign firms to follow the corporate governance rules of that exchange. Hand-collected data show that 80% of cross-listed firms opt out of at least one exchange governance rule, instead committing to observe the rules of... View Details
- 2014
- Chapter
Schumpeter's Plea: Historical Reasoning in Entrepreneurial Theory and Research
By: G. Jones and R. Daniel Wadhwani
This chapter draws on theories of entrepreneurship and history to explore the ways in which historical processes play an integral role in entrepreneurship. It builds off the plea by Joseph Schumpeter for an active exchange between historical approaches and theories of... View Details