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- Faculty Publications (261)
Show Results For
-
All HBS Web
(819)
- News (124)
- Research (611)
- Events (1)
- Multimedia (1)
- Faculty Publications (261)
- July 2005
- Article
The Consequences of Labor Market Flexibility: Panel Evidence Based on Survey Data
By: Rafael Di Tella and Robert MacCulloch
We introduce a new data set on hiring and firing restrictions for 21 OECD countries for the period 1984 –1990. The data are based on surveys of business people in the countries covered, so the indices we use are subjective in nature. Controlling for country and time...
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Keywords:
Job Security Provisions;
Subjective Data;
Unemployment;
Employment;
Labor;
Markets;
Data and Data Sets
Di Tella, Rafael, and Robert MacCulloch. "The Consequences of Labor Market Flexibility: Panel Evidence Based on Survey Data." European Economic Review 49, no. 5 (July 2005): 1225–59.
- March 2006 (Revised November 2006)
- Case
China: To Float or Not To Float? (E)- ABB Investment in China
By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
In July 2005, China revalued its currency by 2.1% and adjusted its exchange rate regime toward a more market-based system. ABB, a global power and automation technologies company based out of Switzerland with operations in China, was among those companies confronted...
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Keywords:
Currency Exchange Rate;
Investment;
Multinational Firms and Management;
International Relations;
Problems and Challenges;
Value Creation;
China;
Switzerland
Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "China: To Float or Not To Float? (E)- ABB Investment in China." Harvard Business School Case 706-035, March 2006. (Revised November 2006.)
- October 2008
- Article
Sociopolitical Dynamics in Relations Between Top Managers and Security Analysts: Favor Rendering, Reciprocity, and Analyst Stock Recommendations
By: James Westphal and Michael B. Clement
We examine how the disclosure of negative firm information may prompt top executives to render personal and professional favors for security analysts, who may reciprocate by rating firms relatively positively. We further examine how negative ratings may prompt...
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Westphal, James, and Michael B. Clement. "Sociopolitical Dynamics in Relations Between Top Managers and Security Analysts: Favor Rendering, Reciprocity, and Analyst Stock Recommendations." Academy of Management Journal 51, no. 5 (October 2008): 873–897.
- April 2011 (Revised February 2013)
- Background Note
How Government Debt Accumulates
By: Dante Roscini and Jonathan Schlefer
This note discusses the economics of government-debt accumulation. Fiscal deficits are only part of the picture; other factors include the level of debt as a percent of nominal GDP; the interest rate; the inflation rate; the growth rate; and changes in the exchange...
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Roscini, Dante, and Jonathan Schlefer. "How Government Debt Accumulates." Harvard Business School Background Note 711-087, April 2011. (Revised February 2013.)
- Forthcoming
- Article
Segmented Arbitrage
We use arbitrage activity in equity, fixed income, and foreign exchange markets to characterize the frictions and constraints facing intermediaries. The average pairwise correlation between the 32 arbitrage spreads that we study is 22%. These low correlations are...
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Keywords:
Financial Intermediation;
Arbitrage;
Intermediary-based Asset Pricing;
Finance;
Segmentation
Siriwardane, Emil, Adi Sunderam, and Jonathan Wallen. "Segmented Arbitrage." Journal of Finance (forthcoming).
- 03 Oct 2016
- News
Immigrants Play a Disproportionate Role in American Entrepreneurship
Keep Your AI Projects on Track
AI—and especially its newest star, generative AI—is today a central theme in corporate boardrooms, leadership discussions, and casual exchanges among employees eager to supercharge their productivity. Sadly, beneath the aspirational headlines and tantalizing...
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- September 2004 (Revised February 2007)
- Case
Hedging Currency Risks at AIFS
By: Mihir A. Desai, Vincent Dessain and Anders Sjoman
The American Institute for Foreign Studies (AIFS) organizes study abroad programs and cultural exchanges for American students. The firm's revenues are mainly in U.S. dollars, but most of its costs are in eurodollars and British pounds. The company's controllers review...
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Keywords:
Foreign Direct Investment;
Investment Funds;
Financial Strategy;
Forecasting and Prediction;
Revenue;
Credit Derivatives and Swaps;
Currency;
Currency Exchange Rate;
Education Industry;
North and Central America
Desai, Mihir A., Vincent Dessain, and Anders Sjoman. "Hedging Currency Risks at AIFS." Harvard Business School Case 205-026, September 2004. (Revised February 2007.)
- 2008
- Chapter
Matching and Market Design
By: Muriel Niederle, Alvin E. Roth and Tayfun Sonmez
Matching is the part of economics concerned with who transacts with whom and how. Models of matching, starting with the Gale-Shapley deferred acceptance algorithm, have been particularly useful in studying labour markets and in helping design clearinghouses to fix...
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- December 1985 (Revised August 1994)
- Case
Metromedia Broadcasting Corp.
Describes the market for high-yield, or "junk," bonds and includes summaries of academic research on the risk/return characteristics of high-yield securities. Describes the role of Drexel Burnham Lambert in the primary and secondary markets for high-yield debt....
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Mason, Scott P. "Metromedia Broadcasting Corp." Harvard Business School Case 286-044, December 1985. (Revised August 1994.)
- 2021
- Working Paper
Competitive Two-Part Tariffs
By: Jorge Tamayo and Guofu Tan
We study competitive two-part tariffs in a model of asymmetric duopoly firms that offer (vertically and horizontally) differentiated products. We show that the sign of the markup for each product depends on the average expected demand among all customers as well as the...
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Keywords:
Product Differentiation;
Two-part Tariffs;
Marginal-cost Pricing;
Cross-subsidization;
Competition;
Price
Tamayo, Jorge, and Guofu Tan. "Competitive Two-Part Tariffs." Harvard Business School Working Paper, No. 21-089, March 2021. (R&R American Economic Journal: Microeconomics.)
- February 1985 (Revised September 1988)
- Case
Komatsu Ltd.
Reviews and updates the structure and characteristics of the earth-moving equipment industry presented in the companion case, Caterpillar Tractor Co. After revealing that CAT has suffered major financial losses during the period from 1981 through 1984, the case...
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Keywords:
Financial Crisis;
Machinery and Machining;
Price;
Growth and Development;
Brands and Branding;
Product Development;
Production;
Competitive Strategy;
Global Strategy;
Manufacturing Industry;
Agriculture and Agribusiness Industry;
Industrial Products Industry
Bartlett, Christopher A. "Komatsu Ltd." Harvard Business School Case 385-277, February 1985. (Revised September 1988.)
- April 2002
- Article
The Determination of Unemployment Benefits
By: Rafael Di Tella and Robert J. MacCulloch
While much empirical research exists on labor market consequences of unemployment benefits, there is remarkably little evidence on the forces determining benefits. We present a simple model where workers desire insurance against unemployment risk and benefits increase...
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Di Tella, Rafael, and Robert J. MacCulloch. "The Determination of Unemployment Benefits." Journal of Labor Economics 20, no. 2 (April 2002): 404–34.
- May 2018 (Revised January 2019)
- Teaching Note
Lind Equipment
By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld
Teaching Note for HBS No. 212-012. Lind Equipment, a Canadian manufacturer and distributor of industrial electrical safety equipment, was purchased in December 2007 by Brian Astl (HBS 2006) and Sean Van Doorselaer. Lind’s performance was negatively impacted by the...
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- Article
Survive Another Day: Using Changes in the Composition of Investments to Measure the Cost of Credit Constraints
By: Luis Garicano and Claudia Steinwender
We introduce a novel empirical strategy to measure the size of credit shocks. Theoretically, we show that credit shocks reduce the value of long-term relative to short-term investments. Empirically, we can therefore compare the reduction of long-term relative to...
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Keywords:
Credit Constraints;
Credit Crunch;
Spain;
Investment Behavior;
Credit Squeeze;
Financial Crisis;
Economic Growth;
Investment;
Credit;
Manufacturing Industry;
Spain;
European Union
Garicano, Luis, and Claudia Steinwender. "Survive Another Day: Using Changes in the Composition of Investments to Measure the Cost of Credit Constraints." Review of Economics and Statistics 98, no. 5 (December 2016): 913–924.
- June 12, 2017
- Article
Corporate Balance Sheets in Emerging Markets: A Comparison of the Global Crisis and the Asian Financial Crisis
By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
Leverage levels in emerging market firms rose dramatically in the aftermath of the Global Crisis. This column examines whether concerns of a repeat of the Asian financial crisis, which was largely attributed to corporate financial roots, are justified. While firm...
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Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza. "Corporate Balance Sheets in Emerging Markets: A Comparison of the Global Crisis and the Asian Financial Crisis." Vox, CEPR Policy Portal (June 12, 2017).
- 15 Aug 2007
- Op-Ed
3 Steps to Reduce Financial System Risk
firm can have unintended negative consequences for the system as a whole. Fixing The Future What about the future? If left unchecked, systemic risk in the international financial system will increase owing to the combination of...
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- 2019
- Article
More Amazon Effects: Online Competition and Pricing Behaviors
By: Alberto Cavallo
I study how online competition, with its shrinking margins, algorithmic pricing technologies, and the transparency of the web, can change the pricing behavior of large retailers in the U.S. and affect aggregate inflation dynamics. In particular, I show that in the past...
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Keywords:
Amazon;
Online Prices;
Inflation;
Uniform Pricing;
Price Stickiness;
Monetary Economics;
Economics;
Macroeconomics;
Inflation and Deflation;
System Shocks;
United States
Cavallo, Alberto. "More Amazon Effects: Online Competition and Pricing Behaviors." Jackson Hole Economic Symposium Conference Proceedings (Federal Reserve Bank of Kansas City) (2019).
- August 2011 (Revised November 2018)
- Case
Lind Equipment
By: Richard S. Ruback and Royce Yudkoff
Lind Equipment failed to meet its loan covenants with its senior bank lender in the summer of 2008, just six months after it was acquired. While the senior bank debt comprised only 6% of the capital used in the acquisition and was fully secured, it exercised its right...
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Keywords:
Financial Condition;
Borrowing and Debt;
Capital;
Revenue;
Financing and Loans;
Financial Strategy;
Financial Management;
Acquisition;
Financial Crisis;
Currency Exchange Rate;
Insolvency and Bankruptcy;
Manufacturing Industry;
Industrial Products Industry
Ruback, Richard S., and Royce Yudkoff. "Lind Equipment." Harvard Business School Case 212-012, August 2011. (Revised November 2018.)
- 2017
- Working Paper
Lessons Unlearned? Corporate Debt in Emerging Markets
By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate...
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Keywords:
Corporate Debt;
Financial Fragility;
Firm-level Data;
Large Firms;
Emerging Markets;
Borrowing and Debt;
Corporate Finance;
Financial Condition
Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza. "Lessons Unlearned? Corporate Debt in Emerging Markets." Harvard Business School Working Paper, No. 17-097, May 2017. (Revised October 2017. NBER Working Paper Series, No. 23407, May 2017)