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    • All HBS Web  (120,065)
      • Faculty Publications  (315)

      Alfaro, LauraRemove Alfaro, Laura →

      ← Page 2 of 315 Results →
      • 2023
      • Working Paper

      Can Evidence-Based Information Shift Preferences Towards Trade Policy?

      By: Laura Alfaro, Maggie X. Chen and Davin Chor
      Amid public skepticism about trade, we investigate whether evidence-based information--a concise statement of a research finding--can shape preferences towards trade policy. Across survey experiments conducted over 2018-2022 on U.S. general population samples, we... View Details
      Keywords: Evidence; Preference; Trade Policy; Information; Trade; Policy; Attitudes
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      Alfaro, Laura, Maggie X. Chen, and Davin Chor. "Can Evidence-Based Information Shift Preferences Towards Trade Policy?" Harvard Business School Working Paper, No. 22-062, March 2022. (Revised October 2024. NBER Working Paper Series, No. 31240, May 2023)
      • 2021
      • Chapter

      The Pandemic Can Be Used as a Cover for Wasteful Spending

      By: Laura Alfaro
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      Alfaro, Laura. "The Pandemic Can Be Used as a Cover for Wasteful Spending." In Latin America: The Post-Pandemic Decade. Conversations with 16 Latin American Economists, edited by Ilan Goldfajn and Eduardo Levy Yeyati. London: CEPR Press, 2021.
      • 2024
      • Working Paper

      Omnia Juncta in Uno: Foreign Powers and Trademark Protection in Shanghai's Concession Era

      By: Laura Alfaro, Cathy Bao, Maggie X. Chen, Junjie Hong and Claudia Steinwender
      We investigate how firms and markets adapt to trademark protection, an extensively utilized but under-examined form of IP protection to address asymmetric information, by exploring a historical precedent: China’s 1923 trademark law. Exploiting unique, newly digitized... View Details
      Keywords: Trademark; Firm Dynamics; Intermediaries; Intellectual Property Institutions; Trademarks; Intellectual Property; Laws and Statutes; Outcome or Result; Organizational Change and Adaptation; China
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      Alfaro, Laura, Cathy Bao, Maggie X. Chen, Junjie Hong, and Claudia Steinwender. "Omnia Juncta in Uno: Foreign Powers and Trademark Protection in Shanghai's Concession Era." Harvard Business School Working Paper, No. 22-030, November 2021. (Revised July 2024.)
      • October 2021 (Revised February 2024)
      • Case

      Deficits and Debt: The U.S. Current Account

      By: Laura Alfaro and Richard Vietor
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      Alfaro, Laura, and Richard Vietor. "Deficits and Debt: The U.S. Current Account." Harvard Business School Case 322-044, October 2021. (Revised February 2024.)
      • 2021
      • Other Unpublished Work

      Fiscal Policy at a Time of Polarization: Addressing Latin America’s Tough Dilemmas

      By: Laura Alfaro, Guillermo Calvo, Augusto de la Torre, José de Gregorio, Roque Fernandez, Pablo Guidotti, Paulo Leme, Enrique Mendoza, Ernesto Talvi, Liliana Rojas-Suarez and Andrés Velasco
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      Alfaro, Laura, Guillermo Calvo, Augusto de la Torre, José de Gregorio, Roque Fernandez, Pablo Guidotti, Paulo Leme, Enrique Mendoza, Ernesto Talvi, Liliana Rojas-Suarez, and Andrés Velasco. "Fiscal Policy at a Time of Polarization: Addressing Latin America’s Tough Dilemmas." Comité Latinoamericano de Asuntos Financieros (CLAAF) Statement, No. 44, June 2021.
      • 2021
      • Working Paper

      Granular Corporate Hedging Under Dominant Currency

      By: Laura Alfaro, Mauricio Calani and Liliana Varela
      Foreign currency use can be a source of risk associated with currency mismatches, which firms can hedge using FX derivatives. This paper uncovers five novel facts about firms’ use of foreign currency (FX) derivatives employing a unique dataset covering the universe of... View Details
      Keywords: FX Derivatives; Hedging; Currency; Cash Flow; Emerging Markets; Chile
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      Alfaro, Laura, Mauricio Calani, and Liliana Varela. "Granular Corporate Hedging Under Dominant Currency." NBER Working Paper Series, No. 28910, June 2021. (Revised July 2022.)
      • 2020
      • Working Paper

      Currency Hedging in Emerging Markets: Managing Cash Flow Exposure

      By: Laura Alfaro, Mauricio Calani and Liliana Varela
      Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets in particular, is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of... View Details
      Keywords: Foreign Currency Hedging; FX Derivatives; Foreign Currency Debt; Currency Mismatch; Trade Credit; Currency; Cash Flow; Emerging Markets
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      Alfaro, Laura, Mauricio Calani, and Liliana Varela. "Currency Hedging in Emerging Markets: Managing Cash Flow Exposure." Harvard Business School Working Paper, No. 21-096, March 2021.
      • March 2021
      • Article

      On the Direct and Indirect Real Effects of Credit Supply Shocks

      By: Laura Alfaro, Manuel García-Santana and Enrique Moral-Benito
      We explore the real effects of bank-lending shocks and how they permeate the economy through buyer-supplier linkages. We combine administrative data on all Spanish firms with a matched bank-firm-loan dataset of all corporate loans from 2003 to 2013 to estimate... View Details
      Keywords: Credit Supply Shocks; Bank Lending Channel; Input-output Linkages; Output; Mechanisms; Trade Credits; Price Effects; Economics; Credit; System Shocks; Employment; Investment; Spain
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      Alfaro, Laura, Manuel García-Santana, and Enrique Moral-Benito. "On the Direct and Indirect Real Effects of Credit Supply Shocks." Journal of Financial Economics 139, no. 3 (March 2021): 895–921.
      • December 2020
      • Teaching Note

      Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States

      By: Laura Alfaro
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      Alfaro, Laura. "Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States." Harvard Business School Teaching Note 321-080, November 2020.
      • 2020
      • Chapter

      Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy

      By: Laura Alfaro and Fabio Kanczuk
      In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. Additionally, emerging countries are increasingly deviating from inflation targeting regimes, managing their exchange rate and engaging in... View Details
      Keywords: Reserves; Exchange Rate; Sovereign Finance; Currency Exchange Rate; Policy
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      Alfaro, Laura, and Fabio Kanczuk. "Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy." In Asset Management at Central Banks and Monetary Authorities: New Practices in Managing International Foreign Exchange Reserves, edited by Jacob Bjorheim. Springer, 2020. (Book link.)
      • August 2020 (Revised December 2020)
      • Case

      Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States

      By: Laura Alfaro, Mauricio Larrain, Carlos Vilches and Sarah Jeong
      On May 26, 2020, Latam Airlines became the largest airline in the world to be driven to bankruptcy by COVID-19. With a complex debt structure and international investor composition, the company decided to file for bankruptcy protection in the United States, which... View Details
      Keywords: Airlines; Pandemic; Coronavirus Pandemic; Health Pandemics; Air Transportation; Insolvency and Bankruptcy; Capital Markets; Strategy; Latin America; Chile; United States
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      Alfaro, Laura, Mauricio Larrain, Carlos Vilches, and Sarah Jeong. "Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States." Harvard Business School Case 321-027, August 2020. (Revised December 2020.)
      • 2020
      • Other Unpublished Work

      The COVID-19 Attack on Latin America: Proposals for an Effective Response

      By: Laura Alfaro, Guillermo Calvo, Augusto de la Torre, Jose de Gregorio, Roque Benjamin Fernandez, Pablo Guidotti, Paulo Leme, Enrique Mendoza, Liliana Rojas-Suarez and Andres Velasco
      Citation
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      Alfaro, Laura, Guillermo Calvo, Augusto de la Torre, Jose de Gregorio, Roque Benjamin Fernandez, Pablo Guidotti, Paulo Leme, Enrique Mendoza, Liliana Rojas-Suarez, and Andres Velasco. "The COVID-19 Attack on Latin America: Proposals for an Effective Response." Comité Latinoamericano de Asuntos Financieros (CLAAF) Statement, No. 43, July 2020.
      • July 2020
      • Teaching Note

      COVID-19: The Global Shutdown

      By: Laura Alfaro and Sarah Jeong
      In the first months of 2020, a pandemic overwhelmed the world. COVID-19, commonly known as the coronavirus, spread from China and created a severe public health emergency across countries. While an immediate fear of the disease’s impact on human life permeaacted... View Details
      Keywords: COVID-19; Health Pandemics; Trade; Microeconomics; Macroeconomics; Financial Crisis; Economy; Policy; Governance; Economic Systems; Economic Slowdown and Stagnation; Economic Sectors
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      Alfaro, Laura, and Sarah Jeong. "COVID-19: The Global Shutdown." Harvard Business School Teaching Note 321-021, July 2020.
      • 2020
      • Working Paper

      EMEs and COVID-19: Shutting Down in a World of Informal and Tiny Firms

      By: Laura Alfaro, Oscar Becerra and Marcela Eslava
      Emerging economies are characterized by an extremely high prevalence of informality, small-firm employment and jobs not fit for working from home. These features factor into how the COVID-19 crisis has affected the economy. We develop a framework that, based on... View Details
      Keywords: COVID-19; Emerging Economies; Informality; Firm-size Distribution; Health Pandemics; Developing Countries and Economies; Economy; System Shocks; Latin America
      Citation
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      Alfaro, Laura, Oscar Becerra, and Marcela Eslava. "EMEs and COVID-19: Shutting Down in a World of Informal and Tiny Firms." Harvard Business School Working Paper, No. 20-125, June 2020. (See application of the methodology to Latin American Countries in the IMF Regional Economic Outlook: Western Hemisphere 2020, Chapter 3. https://www.imf.org/en/Publications/REO/WH/Issues/2020/10/13/regional-economic-outlook-western-hemisphere.)
      • Jun 2020
      • Panel Discussion

      COVID-19 in Africa: Reflections, Challenges and Next Steps

      By: John D. Macomber, Mattias Fibiger, Hakeem Belo-Osagie, Shikhar Ghosh, Anywhere Sikochi, Laura Alfaro, Euvin Naidoo and Suraj Srinivasan
      In June 2020, the Africa Research Center hosted a four-part webinar series titled COVID-19: Reflections, Challenges and Next Steps. The series brought together alumni and friends from across Africa and provided the opportunity to get to know HBS professors who are... View Details
      Keywords: COVID-19; Health Pandemics; Macroeconomics; Leadership; Strategy; Africa
      Citation
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      Macomber, John D., Mattias Fibiger, Hakeem Belo-Osagie, Shikhar Ghosh, Anywhere Sikochi, Laura Alfaro, Euvin Naidoo, and Suraj Srinivasan. "COVID-19 in Africa: Reflections, Challenges and Next Steps." Harvard Business School Africa Research Center, June 2020.
      • May 2020 (Revised July 2020)
      • Case

      COVID-19: The Global Shutdown

      By: Laura Alfaro and Sarah Jeong
      In the first months of 2020, a pandemic overwhelmed the world. COVID-19, commonly known as the coronavirus, spread from China and created a severe public health emergency across countries. While an immediate fear of the disease’s impact on human life permeated society,... View Details
      Keywords: Trade; Microeconomics; Macroeconomics; Financial Crisis; Economy; Economic Systems; Economic Slowdown and Stagnation; Economic Sectors; Health Pandemics
      Citation
      Educators
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      Alfaro, Laura, and Sarah Jeong. "COVID-19: The Global Shutdown." Harvard Business School Case 320-108, May 2020. (Revised July 2020.)
      • 2020
      • Chapter

      Foreign Direct Investment, Finance and Economic Development

      By: Laura Alfaro and Jasmina Chauvin
      Research has sought to understand how foreign direct investment affects host economies. This paper reviews the empirical literature, specifically addressing the question: How does FDI affect economic development of host countries and what is the role of local financial... View Details
      Keywords: Foreign Direct Investment; Developing Countries and Economies; Financial Condition; Development Economics
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      Alfaro, Laura, and Jasmina Chauvin. "Foreign Direct Investment, Finance and Economic Development." In Encyclopedia of International Economics and Global Trade, Vol. 1: Foreign Direct Investment and the Multinational Enterprise, edited by Mariana Spatareanu, 231–258. World Scientific, 2020.
      • 2020
      • Working Paper

      Social Interactions in Pandemics: Fear, Altruism, and Reciprocity

      By: Laura Alfaro, Ester Faia, Nora Lamersdorf and Farzad Saidi
      In SIR models, homogeneous or with a network structure, infection rates are assumed to be exogenous. However, individuals adjust their behavior. Using daily data for 89 cities worldwide, we document that mobility falls in response to fear, as approximated by Google... View Details
      Keywords: Social Interactions; Pandemics; Mobility; Cities; SIR Networks; Social Preferences; Social Planner; Targeted Policies; Health Pandemics; Interpersonal Communication; Behavior; Policy
      Citation
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      Alfaro, Laura, Ester Faia, Nora Lamersdorf, and Farzad Saidi. "Social Interactions in Pandemics: Fear, Altruism, and Reciprocity." NBER Working Paper Series, No. 27134, May 2020.
      • 2021
      • Working Paper

      Elusive Safety: The New Geography of Capital Flows and Risk

      By: Laura Alfaro, Ester Faia, Ruth Judson and Tim Schmidt-Eisenlohr
      A confidential dataset with industry-level disaggregation of U.S. cross-border claims and liabilities, shows U.S. securities to be increasingly intermediated by tax-haven-financial-centers (THFC) and less regulated funds. These securities are risky, in... View Details
      Keywords: Tax Havens; Financial Centers; Geography Of Flows; Profit Shifting; Tax Avoidance; Risk; Safe Assets; Hetergeneous Firms; Endogenous Entry; Endogenous Monitoring; Regulatory Arbitrage; Assets; Safety; Risk and Uncertainty; Capital; Global Range
      Citation
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      Alfaro, Laura, Ester Faia, Ruth Judson, and Tim Schmidt-Eisenlohr. "Elusive Safety: The New Geography of Capital Flows and Risk." Harvard Business School Working Paper, No. 20-099, March 2020. (Revised February 2021.)
      • 2020
      • Working Paper

      Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time

      By: Laura Alfaro, Anusha Chari, Andrew Greenland and Peter K. Schott
      We show that unexpected changes in the trajectory of COVID-19 infections predict U.S. stock returns, in real time. Parameter estimates indicate that an unanticipated doubling (halving) of projected infections forecasts next-day decreases (increases) in aggregate U.S.... View Details
      Keywords: COVID-19; Stock Returns; Health Pandemics; Stocks; Investment Return; Forecasting and Prediction
      Citation
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      Alfaro, Laura, Anusha Chari, Andrew Greenland, and Peter K. Schott. "Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time." NBER Working Paper Series, No. 26950, April 2020. (Revised May 2020.)
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