Won with Mihir A. Desai the 2008 Pearson/Prentice Hall Prize for Best Paper in Financial Management for their paper (with James R. Hines Jr.) "Dividend Policy inside the Multinational Firm" (2007).
C. Fritz Foley
André R. Jakurski Professor of Business Administration
Senior Associate Dean for External Relations
André R. Jakurski Professor of Business Administration
Senior Associate Dean for External Relations
Fritz Foley is the André R. Jakurski Professor of Business Administration and Senior Associate Dean for External Relations at Harvard Business School. Prior to joining the HBS faculty in 2004, he taught at the University of Michigan Business School. He received a Ph. D. in Business Economics from Harvard University and a B.A. in Ethics, Politics, and Economics from Yale University.
Finance
Runner up for the 2009 Review of Financial Studies-Michael Brennan Best Paper Prize for his paper with Mihir Desai and Kristen Forbes, "Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises" (November 2008).
C. Fritz Foley is the Andre R. Jakurski Professor of Business Administration and Senior Associate Dean (SAD) for External Relations. As SAD, Foley works with ER to enhance alumni engagement, expand opportunities for lifelong learning, and develop fundraising efforts that advance the School’s priorities while deepening its global impact.
Foley previously served as Senior Associate Dean for Strategic Financial Planning, working closely with HBS CFO Richard P. Melnick in advising Dean Datar and former Dean Nohria on the School’s finances, and he continues to participate in the budget process, the multiyear financial planning process, and numerous other financial processes. He also chaired the Network and Community track of the Dean’s Digital Transformation Task Force, which was focused on exploring opportunities to educate and connect our alumni as lifelong learners.
Foley’s research focuses on corporate finance and the role of the CFO, and he currently teaches Corporate Financial Operations, a second-year MBA elective course he created. He also co-chairs Finance for Senior Executives and has taught in numerous other HBS Executive Education programs. Foley has published papers on investment, capital structure, working capital management, dividend policy, joint ventures, intellectual property, and corporate tax policy.
Prior to joining the HBS faculty in 2004, Foley taught at the University of Michigan Business School. He received a Ph.D. in Business Economics from Harvard University and a B.A. in Ethics, Politics, and Economics from Yale University.
- Books
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- Foley, C. Fritz, James R. Hines Jr., and David Wessel, eds. Global Goliaths: Multinational Corporations in the 21st Century Economy. Brookings Institution Press, 2021. View Details
- Journal Articles
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- Foley, C. Fritz, Paul Goldsmith-Pinkham, Jonathan Greenstein, and Eric Zwick. "Opting Out of Good Governance." Journal of Empirical Finance 46 (March 2018): 93–110. View Details
- Desai, Mihir, C. Fritz Foley, and James R. Hines Jr. "Trade Credit and Taxes." Review of Economics and Statistics 98, no. 1 (March 2016): 132–139. View Details
- Foley, C. Fritz, and Kalina Manova. "International Trade, Multinational Activity, and Corporate Finance." Annual Review of Economics 7 (2015): 119–146. View Details
- Antràs, Pol, and C. Fritz Foley. "Poultry in Motion: A Study of International Trade Finance Practices." Journal of Political Economy 123, no. 4 (August 2015): 853–901. (Revised May 2014. Online Appendix.) View Details
- Foley, C. Fritz, and William R. Kerr. "Ethnic Innovation and U.S. Multinational Firm Activity." Management Science 59, no. 7 (July 2013): 1529–1544. View Details
- Chernenko, Sergey, C. Fritz Foley, and Robin Greenwood. "Agency Costs, Mispricing, and Ownership Structure." Financial Management 41, no. 4 (Winter 2012): 885–914. View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Tax Policy and the Efficiency of U.S. Direct Investment Abroad." National Tax Journal 64, no. 4 (December 2011): 1055–1082. View Details
- Dharmapala, Dhammika, C. Fritz Foley, and Kristin J. Forbes. "Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act." Journal of Finance 66, no. 3 (June 2011): 753–787. View Details
- Foley, C. Fritz. "Welfare Payments and Crime." Review of Economics and Statistics 93, no. 1 (February 2011): 97–112. View Details
- Branstetter, Lee G., Ray Fisman, C. Fritz Foley, and Kamal Saggi. "Does Intellectual Property Rights Reform Spur Industrial Development?" Journal of International Economics 83, no. 1 (January 2011): 27–36. View Details
- Foley, C. Fritz, and Robin Greenwood. "The Evolution of Corporate Ownership after IPO: The Impact of Investor Protection." Review of Financial Studies 23, no. 3 (March 2010): 1231–1260. (Formerly NBER Working Paper No. 14557.) View Details
- Branstetter, Lee, C. Fritz Foley, and Kamal Saggi. "Has the Shift to Stronger Intellectual Property Rights Promoted Technology Transfer, FDI, and Industrial Development?" WIPO Journal 2, no. 1 (2010): 93–98. View Details
- Antras, Pol, Mihir Desai, and C. Fritz Foley. "Multinational Firms, FDI Flows and Imperfect Capital Markets." Quarterly Journal of Economics 124, no. 3 (August 2009): 1171–1219. View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Domestic Effects of the Foreign Activities of U.S. Multinationals." American Economic Journal: Economic Policy 1, no. 1 (February 2009): 181–203. View Details
- Baker, Malcolm, C. Fritz Foley, and Jeffrey Wurgler. "Multinationals as Arbitrageurs? The Effect of Stock Market Valuations on Foreign Direct Investment." Review of Financial Studies 22, no. 1 (January 2009): 337–369. View Details
- Desai, Mihir A., C. Fritz Foley, and Kristin Forbes. "Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises." Review of Financial Studies 21, no. 6 (November 2008). View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Capital Structure with Risky Foreign Investment." Journal of Financial Economics 88, no. 3 (June 2008): 534–553. View Details
- Foley, C. Fritz, Jay Hartzell, Sheridan Titman, and Garry Twite. "Why Do Firms Hold So Much Cash? A Tax-Based Explanation." Journal of Financial Economics 86, no. 3 (December 2007). View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Dividend Policy inside the Multinational Firm." Financial Management 36, no. 1 (Spring 2007). (Winner of Pearson/Prentice Hall Prize for Best Paper in Financial Management For the best paper published in Financial Management in the previous two years presented by Financial Management Association.) View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "The Internal Markets of Multinational Firms." Survey of Current Business 87, no. 3 (March 2007). View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "The Demand for Tax Haven Operations." Journal of Public Economics 90, no. 3 (March 2006): 513–531. View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Do Tax Havens Divert Economic Activity?" Economics Letters 90, no. 2 (February 2006): 219–224. View Details
- Branstetter, Lee G., Raymond Fisman, and C. Fritz Foley. "Do Stronger Intellectual Property Rights Increase International Technology Transfer? Empirical Evidence from U.S. Firm-Level Panel Data." Quarterly Journal of Economics 121, no. 1 (February 2006): 321–349. View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Taxation and Multinational Activity; New Evidence, New Interpretations." Survey of Current Business 82, no. 6 (February 2006): 16–22. View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Capital Controls, Liberalizations, and Foreign Direct Investment." Review of Financial Studies 19, no. 4 (Winter 2006): 1399–1431. View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Foreign Direct Investment and the Domestic Capital Stock." American Economic Review 95, no. 2 (May 2005): 33–38. View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Foreign Direct Investment in a World of Multiple Taxes." Journal of Public Economics 88, no. 12 (December 2004): 2727–2744. (This paper is a revised version of HBS Working Paper 03-047 and NBER Working Paper no. 8840.) View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "A Multinational Perspective on Capital Structure Choice and Internal Capital Markets." Journal of Finance 59, no. 6 (December 2004): 2451–2488. (Revised version of NBER Working Paper 9715.) View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "The Costs of Shared Ownership: Evidence From International Joint Ventures." Journal of Financial Economics 73, no. 2 (August 2004): 323–374. View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Venture Out Alone." Harvard Business Review 82, no. 3 (March 2004). View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Repatriation Taxes and Dividend Distortions." National Tax Journal 54, no. 4 (December 2001). View Details
- Kelegama, Saman, and C. Fritz Foley. "Impediments to Promoting Backward Linkages from the Garment Industry in Sri Lanka." World Development 27, no. 8 (August 1999): 1445–1460. View Details
- Book Chapters
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- Antras, Pol, and C. Fritz Foley. "Regional Trade Integration and Multinational Firm Strategies." In Costs and Benefits of Regional Economic Integration in Asia, edited by Robert J. Barro and Jong-Wha Lee. Oxford University Press, 2011. View Details
- Branstetter, Lee, and C. Fritz Foley. "Facts and Fallacies about U.S. FDI in China." In China's Growing Role in World Trade, edited by Robert Feenstra and Shang-Jin Wei. University of Chicago Press, 2010. View Details
- Desai, Mihir A., and C. Fritz Foley. "The Comovement of Returns and Investment within International Firms." In NBER International Seminar on Macroeconomics, edited by Richard H. Clarida, Jeffrey A. Frankel, Francesco Giavazzi, and Kenneth D. West, 197–230. Cambridge, MA: MIT Press, 2006. View Details
- Desai, Mihir A., C. Fritz Foley, and James R. Hines Jr. "Chains of Ownership, Regional Tax Competition, and Foreign Direct Investment." In Foreign Direct Investment in the Real and Financial Sector of Industrial Countries, edited by Heinz Herrmann and Robert Lipsey, 61–98. Heidelberg: Springer-Verlag, 2003. View Details
- Working Papers
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- Foley, C. Fritz, Agustin Hurtado, Andres Liberman, and Alberto Sepulveda. "The Effects of Information on Credit Market Competition: Evidence from Credit Cards." Working Paper, February 2020. View Details
- Feenstra, Robert C., Robert E. Lipsey, Lee G. Branstetter, C. Fritz Foley, James Harrigan, J. Bradford Jensen, Lori Kletzer, Catherine Mann, Peter K. Schott, and Greg C. Wright. "Report on the State of Available Data for the Study of International Trade and Foreign Direct Investment." NBER Working Paper Series, No. 16254, August 2010. View Details
- Cases and Teaching Materials
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- Egan, Mark, and C. Fritz Foley. "AB InBev: Brewing Up Forecasts during COVID-19." Harvard Business School Teaching Note 224-074, February 2024. View Details
- Foley, C. Fritz, and Donal O'Cofaigh. "AMC: The Zero Revenue Case." Harvard Business School Case 224-069, March 2024. (Revised July 2024.) View Details
- Egan, Mark, C. Fritz Foley, Esel Cekin, and Emilie Billaud. "AB InBev: Brewing Up Forecasts during COVID-19." Harvard Business School Case 224-020, September 2023. (Revised January 2024.) View Details
- Foley, C. Fritz, Celine Chammas, and Donal O'Cofaigh. "MicroStrategy’s Investment in Bitcoin." Harvard Business School Teaching Note 223-065, January 2023. View Details
- Foley, C. Fritz. "MicroStrategy's Investment in Bitcoin Excel Supplement." Harvard Business School Spreadsheet Supplement 222-711, February 2022. View Details
- Foley, C. Fritz. "MicroStrategy's Investment in Bitcoin." Harvard Business School Case 222-048, February 2022. (Revised March 2022.) View Details
- Foley, C. Fritz, and F. Katelynn Boland. "Legrand's Acquisition of Milestone." Harvard Business School Case 220-028, August 2019. View Details
- Foley, C. Fritz, and F. Katelynn Boland. "Investor Relations Practices at Edwards Lifesciences." Harvard Business School Case 219-058, November 2018. (Revised January 2019.) View Details
- Foley, C. Fritz, and F. Katelynn Boland. "The Financial Management of Harvard Business School." Harvard Business School Case 219-036, September 2018. View Details
- Foley, C. Fritz, and F. Katelynn Boland. "The Transformation of Microsoft." Harvard Business School Teaching Note 218-140, June 2018. View Details
- Foley, C. Fritz, Lauren G. Pickle, David Lane, and F. Katelynn Boland. "Project Titan at Northrop Grumman." Harvard Business School Teaching Note 218-103, March 2018. View Details
- Foley, C. Fritz, E. Scott Mayfield, and F. Katelynn Boland. "The Transformation of Microsoft." Harvard Business School Case 218-048, October 2017. View Details
- Foley, C. Fritz, Victor Wu, and F. Katelynn Boland. "Boston Public Schools' Long Term Financial Plan." Harvard Business School Spreadsheet Supplement 218-703, September 2017. View Details
- Foley, C. Fritz, Victor Wu, and F. Katelynn Boland. "Boston Public Schools' Long Term Financial Plan." Harvard Business School Case 218-031, August 2017. View Details
- Foley, C. Fritz. "GM's Capital Allocation Framework." Harvard Business School Spreadsheet Supplement 218-702, August 2017. View Details
- Foley, C. Fritz, F. Katelynn Boland, and Michael Lemm. "GM's Capital Allocation Framework." Harvard Business School Case 218-026, July 2017. (Revised September 2017.) View Details
- Foley, C. Fritz, and James Weber. "Project Moab at Hulu." Harvard Business School Case 218-050, November 2017. (Revised July 2019.) View Details
- Foley, C. Fritz, and Michael Lemm. "Designing Performance Metrics at GoDaddy." Harvard Business School Case 217-004, September 2016. View Details
- Foley, C. Fritz, and Agustin M. Hurtado. "Financial Services at Falabella (B)." Harvard Business School Supplement 217-017, September 2016. View Details
- Foley, C. Fritz, and Agustin M. Hurtado. "Spreadsheet Supplement for Financial Services at Falabella (A)." Harvard Business School Spreadsheet Supplement 217-701, September 2016. View Details
- Foley, C. Fritz, and Michael Lemm. "The Role of the Chief Financial Officer." Harvard Business School Technical Note 216-079, June 2016. (Revised October 2016.) View Details
- Foley, C. Fritz, and Agustin M. Hurtado. "Financial Services at Falabella (A)." Harvard Business School Case 217-016, September 2016. View Details
- Foley, C. Fritz, and Çiğdem Çelik. "Preparing a Concession Bid at TAV Airports Holding - Exhibit 7 Supplement Model." Harvard Business School Spreadsheet Supplement 216-710, April 2016. View Details
- Foley, C. Fritz, and Çiğdem Çelik. "Preparing a Concession Bid at TAV Airports Holding." Harvard Business School Spreadsheet Supplement 216-709, April 2016. View Details
- Foley, C. Fritz, and Çiğdem Çelik. "Preparing a Concession Bid at TAV Airports Holding." Harvard Business School Case 216-054, March 2016. View Details
- Foley, C. Fritz, and Nicholas Haas. "Transforming Alkermes into a Global Biopharmaceutical Company." Harvard Business School Case 215-079, May 2015. View Details
- Foley, C. Fritz, and Kevin Sharer. "Project Titan at Northrop Grumman." Harvard Business School Case 215-001, January 2015. (Revised September 2017.) View Details
- Foley, C. Fritz, Michael Shih-Ta Chen, and Keith Chi-Ho Wong. "Doing Business in Malaysia." Harvard Business School Case 713-431, September 2012. (Revised September 2014.) View Details
- Foley, C. Fritz, Ananth Raman, and Nathan C. Craig. "Inventory-Based Lending Industry Note." Harvard Business School Background Note 612-057, January 2012. (Revised June 2015.) View Details
- Foley, C. Fritz. "Financing International Trade." Harvard Business School Module Note 211-089, April 2011. View Details
- Foley, C. Fritz, and Matthew Johnson. "The Export-Import Bank of the United States (TN)." Harvard Business School Teaching Note 211-043, December 2010. View Details
- Foley, C. Fritz, and Matthew Johnson. "Belco Global Foods." Harvard Business School Case 211-033, October 2010. (Revised November 2010.) View Details
- Foley, C. Fritz, and Matthew Johnson. "The Export-Import Bank of the United States." Harvard Business School Case 211-032, October 2010. (Revised November 2010.) View Details
- Foley, C. Fritz, and Matthew Johnson. "Belco Global Foods (TN)." Harvard Business School Teaching Note 211-042, November 2010. View Details
- Foley, C. Fritz, Robin Greenwood, and James Quinn. "NEC Electronics." Harvard Business School Case 209-001, October 2008. (Revised November 2010.) View Details
- Foley, C. Fritz, and Robin Greenwood. "NEC Electronics (TN)." Harvard Business School Teaching Note 209-028, March 2009. (Revised November 2010.) View Details
- Foley, C. Fritz, and Matthew Johnson. "The Export-Import Bank of the United States (CW)." Harvard Business School Spreadsheet Supplement 211-705, October 2010. View Details
- Foley, C. Fritz, and Matthew Johnson. "Belco Global Foods: Spreadsheet Supplement (CW)." Harvard Business School Spreadsheet Supplement 211-703, October 2010. View Details
- Foley, C. Fritz, Matthew Johnson, and David Lane. "Note on International Trade Finance." Harvard Business School Background Note 211-007, September 2010. (Revised October 2010.) View Details
- Foley, C. Fritz, and Lena G. Goldberg. "Chrysler's Sale to Fiat (TN)." Harvard Business School Teaching Note 211-013, July 2010. View Details
- Foley, C. Fritz, and Linnea Meyer. "WL Ross and Plascar." Harvard Business School Case 209-091, March 2009. (Revised November 2009.) View Details
- Foley, C. Fritz, and Linnea Meyer. "WL Ross and Plascar (TN)." Harvard Business School Teaching Note 209-092, March 2009. (Revised November 2009.) View Details
- Foley, C. Fritz, and Matthew Johnson. "Noble Group (TN)." Harvard Business School Teaching Note 210-030, October 2009. (Revised October 2009.) View Details
- Foley, C. Fritz, Michael Shih-ta Chen, Matthew Johnson, and Linnea Meyer. "Noble Group." Harvard Business School Case 210-021, October 2009. View Details
- Foley, C. Fritz, and Matthew Johnson. "Noble Group (CW)." Harvard Business School Spreadsheet Supplement 210-702, October 2009. View Details
- Foley, C. Fritz, and Linnea Meyer. "Nomura's Global Growth: Picking Up Pieces of Lehman." Harvard Business School Case 210-017, August 2009. View Details
- Foley, C. Fritz, and Linnea Meyer. "Finansbank 2006." Harvard Business School Case 208-108, May 2008. (Revised June 2009.) View Details
- Foley, C. Fritz. "Restructuring Navigator Gar Plc (TN)." Harvard Business School Teaching Note 207-093, December 2006. (Revised April 2009.) View Details
- Foley, C. Fritz, and Linnea Meyer. "Finansbank 2006 (TN)." Harvard Business School Teaching Note 208-149, May 2008. (Revised April 2009.) View Details
- Foley, C. Fritz, and Linnea Meyer. "WL Ross and Plascar (CW)." Harvard Business School Spreadsheet Supplement 209-723, March 2009. View Details
- Foley, C. Fritz, Robin Greenwood, and James Quinn. "NEC Electronics (CW)." Harvard Business School Spreadsheet Supplement 209-711, November 2008. View Details
- Foley, C. Fritz, and Linnea Meyer. "Finansbank 2006 (CW)." Harvard Business School Spreadsheet Supplement 208-724, May 2008. View Details
- Foley, C. Fritz. "Restructuring Navigator Gas Transport Plc. (CW)." Harvard Business School Spreadsheet Supplement 207-713, March 2007. View Details
- Foley, C. Fritz. "Restructuring Navigator Gas Transport Plc." Harvard Business School Case 207-092, December 2006. (Revised January 2007.) View Details
- Gilson, Stuart C., C. Fritz Foley, and Perry Fagan. "Alphatec Electronics Pcl." Harvard Business School Case 200-004, February 2000. (Revised March 2001.) View Details
- Ghemawat, Pankaj, and C. Fritz Foley. "Cooperating to Compete: EGS of Turkey." Harvard Business School Case 799-024, September 1998. View Details
- Other Publications and Materials
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- Foley, C. Fritz. "Going Bust in Bangkok: Lessons from Bankruptcy Law Reform in Thailand." View Details
- Foley, C. Fritz, and Saman Kelegama. "Policy Issues on Promoting Backward Linkages from the Garment Industry in Sri Lanka." Research Studies -- Industrialisation Series, Institute of Policy Studies (Colombo, Sri Lanka), August 1996. View Details
- Awards & Honors
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Won with Mihir A. Desai the 2008 Pearson/Prentice Hall Prize for Best Paper in Financial Management for their paper (with James R. Hines Jr.) "Dividend Policy inside the Multinational Firm" (2007).Runner up for the 2009 Review of Financial Studies-Michael Brennan Best Paper Prize for his paper with Mihir Desai and Kristen Forbes, "Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises" (November 2008).
- Additional Information
- Areas of Interest