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  • 15 Sep 2014
  • Research & Ideas

Are the Most Talented Employees the Highest Paid? Yes—If They’re Bankers

on compensation of talented people, then you stop this mechanism, and you run the risk of having your company be less profitable," Vallée says. "You're putting a friction on a competitive market that's doing what it's meant to do." He... View Details
Keywords: by Carmen Nobel; Banking
  • 18 Jun 2013
  • First Look

First Look: June 18

managers-firms with the greatest information frictions prior to the rule change. We report three changes related to compensation after 1992 for division managers. First, within firms with dispersed managers, division manager pay co-moves... View Details
Keywords: Anna Secino
  • 28 Aug 2012
  • First Look

First Look: August 28

or 'institutional voids' on the value of corporate diversification. Specifically, we explore whether the presence of frictions in a country's capital markets, labor markets, and product markets, affect the excess value of diversified... View Details
Keywords: Sean Silverthorne
  • 30 Sep 2008
  • First Look

First Look: September 30, 2008

direct investment (FDI) flows arise endogenously when monitoring is nonverifiable and financial frictions exist. The mechanism generating MNC activity is not the risk of technological expropriation by local partners but the demands of... View Details
Keywords: Martha Lagace
  • 21 Nov 2017
  • First Look

First Look at New Research and Ideas, November 21, 2017

located upstream versus downstream from that stage, as well as by the firm's productivity. Our results suggest that contractual frictions play an important role in shaping the integration choices of firms around the world. Publisher's... View Details
Keywords: Sean Silverthorne
  • 03 Jan 2007
  • First Look

First Look: January 3, 2007

models predict that the division of stock returns into dividends and capital appreciation does not affect investor consumption patterns, while mental accounting and other economic frictions predict that investors have a higher propensity... View Details
Keywords: Sean Silverthorne
  • 03 Mar 2003
  • Research & Ideas

The Ingredients of a Deal Disaster

deal-driving third party (Ovitz). As a result, each side had an optimistic but badly distorted view of the other's real intentions, leading to post-deal friction and the sale of MCA a few years later to Seagram, at a substantial loss to... View Details
Keywords: by Ron S. Fortgang, David A. Lax & James K. Sebenius
  • 29 Sep 2015
  • First Look

September 29, 2015

contractual frictions play an important role in shaping the integration choices of firms around the world. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=49090 How Best-Self Activation Influences Emotions,... View Details
Keywords: Sean Silverthorne
  • 24 Apr 2012
  • First Look

First Look: April 24

would not be achieved even if the product offered a payout ratio comparable to U.S. insurance contracts. We present evidence suggesting that lack of trust, liquidity constraints, and limited salience are significant non-price frictions... View Details
Keywords: Carmen Nobel
  • 17 Jul 2018
  • First Look

New Research and Ideas, July 17, 2018

Programs By: Hanson, Samuel G., David S. Scharfstein, and Adi Sunderam Abstract—We develop a model of government portfolio choice in which a benevolent government chooses the scale of risky projects in the presence of market failures and tax distortions. These two... View Details
Keywords: Dina Gerdeman
  • 20 May 2014
  • First Look

First Look: May 20

governance, human capital, and informational frictions help account for the variation in management. Publisher's link: http://www.nber.org/papers/w20102 August 2013 Review of Economics and Statistics Does Planning Regulation Protect... View Details
Keywords: Sean Silverthorne
  • 06 Jun 2017
  • First Look

First Look at New Research and Ideas: June 6, 2017

index-based benchmarks do not adequately achieve this objective. Further, the index-benchmark selection is associated with governance-related frictions and is not driven by plausible alternative theories. Both structural calibration and... View Details
Keywords: Sean Silverthorne
  • 15 Nov 2016
  • First Look

November 15, 2016

payoffs differently than private households do. This gives the government a "social risk management" motive: projects that ameliorate market failures when household marginal utility is high are appealing. The second friction is that... View Details
Keywords: Sean Silverthorne
  • 21 Aug 2018
  • First Look

New Research and Ideas, August 21, 2018

the incentives of brokers, and brokers price discriminate based on a consumer's level of sophistication. The model estimates indicate that costly search is a key friction in retail financial markets, but the effects of search costs are... View Details
Keywords: Dina Gerdeman
  • 26 Jun 2018
  • First Look

New Research and Ideas, June 26, 2018

measures of constraints. These findings imply a high degree of market segmentation and suggest that frictions within specialized financial institutions prevent capital from flowing into the market at shorter horizons. Publisher's link:... View Details
Keywords: Dina Gerdeman
  • 17 Mar 2009
  • First Look

First Look: March 17, 2009

purchase low market-to-book targets. Instead, mergers pair together firms with similar ratios. We then build a continuous-time model of investment and merger activity combining search, scarcity, and asset complementarity to explain this like-buys-like result. We test... View Details
Keywords: Martha Lagace
  • 01 Aug 2012
  • What Do You Think?

Should CEOs Worry About ‘Too Big to Succeed?’

economies of scale are outweighed by frictions and inefficiencies that accompany bigness. This principle has served Nucor Steel well as it has risen to the premier place in US steel making. Similarly, Arkadi Kuhlmann, in putting together... View Details
Keywords: by James Heskett; Manufacturing; Financial Services
  • 13 Sep 2011
  • First Look

First Look: September 13

external information environment helps mitigate agency problems that arise when firms expand their operations across borders. This paper contributes to the literature by showing that the external information environment helps MNCs mitigate information View Details
Keywords: Sean Silverthorne
  • 23 May 2017
  • First Look

First Look at New Ideas and Research: May 23, 2017

substantial variation exists across organizations with regard to management, suggesting frictions in the broader diffusion of management knowledge. We argue that peer networks may allow for the diffusion of productive management across... View Details
Keywords: Carmen Nobel
  • 16 Aug 2016
  • First Look

August 16, 2016

frictions play a first-order role in determining market prices. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=49425 Popular Acceptance of Inequality Due to Brute Luck and Support for Classical Benefit-Based... View Details
Keywords: Sean Silverthorne

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