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- All HBS Web (17)
- Faculty Publications (6)
Show Results For
- All HBS Web (17)
- Faculty Publications (6)
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Results
- Forthcoming
- Article
Arbitrage Capital of Global Banks
By: Alyssa Anderson, Wenxin Du and Bernd Schlusche
We show that the role of unsecured, short-term wholesale funding for global banks has changed significantly in the post-financial-crisis regulatory environment. Global banks mainly use such funding to finance liquid, near risk-free arbitrage positions—in particular,... View Details
- September–October 2012
- Article
Egalitarianism, Cultural Distance, and Foreign Direct Investment: A New Approach
By: Jordan I. Siegel, Amir N. Licht and Shalom H. Schwartz
This study addresses an apparent impasse in the research on organizations' responses to cultural distance. Using historically motivated instrumental variables, we observe that egalitarianism distance has a negative causal impact on FDI flows. This effect is robust to a... View Details
Keywords: FDI; Neo-institutionalism; Multinational Firm; Cultural Distance; Egalitarianism; Regulatory Arbitrage; Pollution Haven Hypothesis; Foreign Direct Investment; Global Strategy; Culture; Entrepreneurship
Siegel, Jordan I., Amir N. Licht, and Shalom H. Schwartz. "Egalitarianism, Cultural Distance, and Foreign Direct Investment: A New Approach." Organization Science 23, no. 5 (September–October 2012). (This study addresses an apparent impasse in the research on organizations' responses to cultural distance. Using historically motivated instrumental variables, we observe that egalitarianism distance has a negative causal impact on FDI flows. This effect is robust to a broad set of competing accounts, including the effects of other cultural dimensions, various features of the prevailing legal and regulatory regimes, other features of the institutional environment, economic development, and time-invariant unobserved characteristics of origin and host countries. We further show that egalitarianism correlates in a conceptually compatible way with an array of organizational practices pertinent to firms' interactions with non-financial stakeholders, such that national differences in these egalitarianism-related features may affect firms' international expansion decisions.)
- 2023
- Working Paper
Segmented Going-Public Markets and the Demand for SPACs
By: Angela Ma, Miles Zheng and Jessica Bai
We provide a regulatory-arbitrage-based explanation for the origin and proliferation of the Special Purpose Acquisition Company (SPAC). SPAC sponsors act as non-bank intermediaries, and the SPAC market structure appeals to yield-seeking investors and riskier,... View Details
Keywords: Special Purpose Acquisition Companies; Non-bank Intermediaries; Regulatory Arbitrage; Adverse Selection; Initial Public Offering
Ma, Angela, Miles Zheng, and Jessica Bai. "Segmented Going-Public Markets and the Demand for SPACs." Working Paper, 2023.
- 2021
- Article
To Thine Own Self Be True? Incentive Problems in Personalized Law
By: Jordan M. Barry, John William Hatfield and Scott Duke Kominers
Recent years have seen an explosion of scholarship on “personalized law.” Commentators foresee a world in which regulators armed with big data and machine learning techniques determine the optimal legal rule for every regulated party, then instantaneously disseminate... View Details
Keywords: Personalized Law; Regulation; Regulatory Avoidance; Regulatory Arbitrage; Law And Economics; Law And Technology; Law And Artificial Intelligence; Futurism; Moral Hazard; Elicitation; Signaling; Privacy; Law; Governing Rules, Regulations, and Reforms; Information Technology; AI and Machine Learning
Barry, Jordan M., John William Hatfield, and Scott Duke Kominers. "To Thine Own Self Be True? Incentive Problems in Personalized Law." Art. 2. William & Mary Law Review 62, no. 3 (2021).
- 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
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.)
- 2016
- Working Paper
Credit Migration and Covered Interest Rate Parity
By: Gordon Y Liao
I document economically large and persistent discrepancies in the pricing of credit risk between corporate bonds denominated in different currencies. The discrepancies amount to 50-100 basis points on trillions of dollars of debt notional. I relate this violation of... View Details
Keywords: Market Segmentation; Debt Issuance; Covered Interest Rate Parity; Cross-currency Basis; Credit Risk; Financial Markets; Credit
Liao, Gordon Y. "Credit Migration and Covered Interest Rate Parity." Working Paper, October 2016.
- Web
Behavioral Finance & Financial Stability
from Pension and Insurance companies. Regulatory changes are used to provide collaborating evidence that the curvature of the yield curve is shaped through this demand channel. Related Themes: Credit Markets, Size & Growth of the... View Details
- Web
Named Fellowship Funds - Alumni
University to promote the translation of Harvard’s biomedical innovation for the benefit of people throughout the world. The Mace P. Blicksilver (MBA 1980) Endowed Fellowship Mace P. Blicksilver (MBA 1980) founded Marblehead Trading Group in 1998 to conduct proprietary... View Details
- Web
Research - Behavioral Finance & Financial Stability
fintech platform, the authors find that, compared to actual outcomes of the fintech platform’s model, the counterfactual outcomes based on a “traditional model” used for regulatory reporting purposes would result in a 60% higher... View Details
- 01 Jun 2008
- News
America the Difficult
Fritz Foley, University of Michigan professor James R. Hines Jr., and I have shown that distorted environments are precisely where multinational firms have an advantage relative to local firms. In countries with weak capital markets and burdensome View Details
- 30 Jul 2008
- Op-Ed
Why the U.S. Should Encourage FDI
relative to local firms. In countries with weak capital markets and burdensome regulatory regimes, multinational firms can use their internal capital and product markets to access global resources while local firms can't. In effect, these... View Details
Keywords: by Mihir A. Desai
- 29 Jan 2019
- First Look
New Research and Ideas, January 29, 2019
effect of the P&I sector on yields and to show that P&I demand is in part driven by hedging linked to the regulatory discount curve. When regulators reduce the dependence of the regulatory discount... View Details
Keywords: Dina Gerdeman
- 12 Feb 2019
- First Look
New Research and Ideas, February 12, 2019
collection and privacy. Finally, we discuss emerging challenges surrounding software-driven medical devices, including open regulatory questions, advancements in underlying digital technology, and the likely necessity of new payment and... View Details
Keywords: Dina Gerdeman
- 05 Mar 2013
- First Look
First Look: March 5
and Alexis BrownellHarvard Business School Case 813-121 Rebeca Minguela hopes to create an arbitrage platform, similar to Rocket Internet, that can bring start-up ideas and opportunities to Spain. However, Blink Booking, her first venture... View Details
Keywords: Sean Silverthorne
- 07 Feb 2017
- First Look
First Look at New Research: February 7
explores how the nature of risk itself has changed over time. It highlights key aspects that have shaped the evolving industry, including shifts in risk engineering and risk management, the development of actuarial science, and the impact of changes in political and... View Details
Keywords: Sean Silverthorne
- 01 Dec 2013
- News
Curing Health Care
every time," Tecco notes. "It's a great example of using technology to reduce costs and save time." Musing on the risk-reward equation of launching a start-up in the digital health space, Tecco acknowledges that the tough regulatory... View Details
- Web
Print View - Course Catalog
negotiate and win a deal, and considerations when structuring financing options. It will explore underwriting, deal structure and considerations including taxation, legal and regulatory matters, technology, facilities management, design... View Details