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- All HBS Web (509)
- Faculty Publications (218)
Show Results For
- All HBS Web (509)
- Faculty Publications (218)
- 09 Sep 2008
- First Look
First Look: September 9, 2008
Working PapersHow Firms Respond to Being Rated Authors:Aaron K. Chatterji, Michael W. Toffel Abstract While many independent rating systems are designed primarily to help buyers overcome information... View Details
Keywords: Sean Silverthorne
- 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
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.
- Article
The End of Chimerica
For the better part of the past decade, the world economy has been marked by an economic order that combined Chinese export-led development with U.S. over-consumption. The financial crisis of 2007-09 likely marks the beginning of the end of the Chimerican relationship.... View Details
Ferguson, Niall, and Moritz Schularick. "The End of Chimerica." International Finance 14, no. 1 (Spring 2011): 1–26.
- July 1986 (Revised July 1991)
- Case
Nippon-WTI Ltd.
By: W. Carl Kester and Glynn Ferguson
A Japanese joint venture between a U.S. parent and a Japanese parent has proposed that 100% of the U.S. parent's product be produced in Japan rather than the 40% currently being manufactured there. This would require the U.S. parent to give up a dollar profit earned on... View Details
Keywords: Joint Ventures; Currency Exchange Rate; Profit; Product; Production; Strategy; Manufacturing Industry; Asia; Japan; United States
Kester, W. Carl, and Glynn Ferguson. "Nippon-WTI Ltd." Harvard Business School Case 287-006, July 1986. (Revised July 1991.)
- December 2007
- Article
Contingent Political Capital and International Alliances: Evidence from South Korea
By: Jordan I. Siegel
Though prior research has suggested that a company's ties to political networks have only a positive value or no value, this study examines whether political network ties can also be a significant liability for companies. Analyzing South Korea as a representative... View Details
Keywords: Political Networks; Sociopolitical Networks; Government and Politics; Capital; Alliances; South Korea
Siegel, Jordan I. "Contingent Political Capital and International Alliances: Evidence from South Korea." Administrative Science Quarterly 52, no. 4 (December 2007): 621 – 666. (Though prior research has suggested that a company's ties to political networks have only a positive value or no value, this study examines whether political network ties can also be a significant liability for companies. Analyzing South Korea as a representative emerging economy, I find that being tied through elite sociopolitical networks to the regime in power significantly increased the rate at which South Korean companies formed cross-border strategic alliances, but also that being tied through elite sociopolitical networks to the political enemies of the regime in power significantly decreased that rate. Results show that an unexpected change in political regime could quickly change a political liability into an asset and that network ties continued to be important determinants of cross-border alliance activity as South Korea proceeded with liberalization. The present study sheds further light on the so-called dark side of embeddedness by focusing on who is negatively targeted by having the "wrong friends" at the wrong time. Just as positive ties can lead to favor exchange and other benefits for companies, negative ties can lead companies to be the victims of discrimination, resource exclusion, and even occasional expropriation and sabotage between rival sociopolitical networks.)
- February 1986 (Revised January 1996)
- Background Note
Currency Swaps
Describes uses of foreign currency swaps and development of both interest rate and foreign currency swaps market. Emphasis on calculation of all-in costs using foreign currency swaps and conversion of basis points in one currency to basis points in a different... View Details
Mason, Scott P. "Currency Swaps." Harvard Business School Background Note 286-073, February 1986. (Revised January 1996.)
- 26 Aug 2014
- First Look
First Look: August 26
Publications August 2014 Management Science Smart People Ask for (My) Advice: Seeking Advice Boosts Perceptions of Competence By: Brooks, A.W., F. Gino, and M.E. Schweitzer Abstract—Although individuals can derive substantial benefits from View Details
Keywords: Sean Silverthorne
- Research Summary
Overview
By: Ethan C. Rouen
Relying on empirical archival methodologies—as well as techniques in data science—to develop and structure new sources of data by which to approach questions of looming disclosure changes, Professor Rouen has focused on one of the Securities and Exchange Commission’s... View Details
- Research Summary
Buyers, Sellers, Manufacturers in China’s Emerging Market around 1900
Ever since the economic reforms in the post-Mao period China’s economy as an emerging market has attracted much interest. However, we tend to forget that China was already an emerging market at the turn of the 19th century, if not earlier. This... View Details
- July 2010 (Revised March 2012)
- Case
China 'Unbalanced'
By: Diego A. Comin and Richard H.K. Vietor
In 2010, Wen Jiabao looked back at the financial crisis with some satisfaction. Using aggressive fiscal and monetary policy, China had weathered the crisis successfully, growing 8.7% annually in 2010. Most of the unemployed workers had returned to work, often... View Details
Keywords: Economic Growth; Financial Crisis; Trade; Currency Exchange Rate; Investment; Local Range; Growth and Development Strategy; Demand and Consumers; China
Comin, Diego A., and Richard H.K. Vietor. "China 'Unbalanced'." Harvard Business School Case 711-010, July 2010. (Revised March 2012.)
- 12 Oct 2006
- First Look
First Look: October 12, 2006
Working PapersDo Corporate Social Responsibility Ratings Predict Corporate Social Performance? Authors:Aaron K. Chatterji, David I. Levine, and Michael W. Toffel Abstract Ratings of corporations'... View Details
Keywords: Sean Silverthorne
- April 1988 (Revised May 1992)
- Case
Gaz de France
By: W. Carl Kester
The treasurer of Gaz de France is an aggressive, proactive manager of his company's liability structure, running one of the largest swap books of any non-financial corporation in the world. Currency futures, interbank forwards, and currency options are also frequently... View Details
Keywords: Decisions; Borrowing and Debt; Currency Exchange Rate; Credit Derivatives and Swaps; Policy; Management; Organizational Structure; Energy Industry; Europe
Kester, W. Carl. "Gaz de France." Harvard Business School Case 288-030, April 1988. (Revised May 1992.)
- 25 Apr 2017
- First Look
First Look at New Research, April 25
changes in the minimum wage at the city level. The evidence suggests that higher minimum wages increase overall exit rates for restaurants. However, lower quality restaurants, which are already closer to the margin of exit, are... View Details
Keywords: Sean Silverthorne
- Web
Global Crises Data by Country - Behavioral Finance & Financial Stability
exchange rate crises, stock market crises, sovereign debt growth and default, and many other data series. To see Carmen’s related research, please visit her website here. The BFFS Project keeps this data... View Details
- 20 Dec 2011
- First Look
First Look: December 20
These abnormal returns are actually higher the greater the percentage of a firm's capital listed on non-U.S. exchanges but are unrelated to the corporate governance and legal environment in foreign issuers' home country. These results... View Details
Keywords: Carmen Nobel
- May 2018
- Article
U.S. Treasury Premium
By: Wenxin Du, Joanne Im and Jesse Schreger
We quantify the difference in the convenience yield of U.S. Treasuries and government bonds of other developed countries by measuring the deviation from covered interest parity between government bond yields. We call this wedge the “U.S. Treasury Premium.” We document... View Details
Du, Wenxin, Joanne Im, and Jesse Schreger. "U.S. Treasury Premium." Journal of International Economics 112 (May 2018): 167–181.
- 18 Oct 2011
- First Look
First Look: October 18
involuntarily closed for overdraft activity may have limited or no access to the formal banking system. In the period 2000 through 2005, there were approximately 30 million checking accounts reportedly closed for excessive overdrafting. Closure View Details
Keywords: Sean Silverthorne
- Article
On the Political Economy of Temporary Stabilization Programs
By: Laura Alfaro
This paper provides a political economy explanation for temporary exchange-rate-based stabilization programs by focusing on the distributional effects of real exchange-rate appreciation. I propose an economy in which agents are endowed with either tradable or... View Details
Keywords: Government and Politics; Economy; Balance and Stability; Programs; Currency Exchange Rate; Cash; Value; Distribution
Alfaro, Laura. "On the Political Economy of Temporary Stabilization Programs." Economics & Politics 14, no. 2 (July 2002): 133–161.
- Research Summary
Overview
Yanhua Bird's research encompasses two streams: (1) entrepreneurship and social innovation — how the design and structure of alternative forms of enterprises influence their activities and success, with a focus on peer-to-peer markets and social enterprises, and (2)... View Details
- April 2011 (Revised December 2017)
- Case
Latvia: Navigating the Strait of Messina
By: Rafael Di Tella, Rawi Abdelal and Natalie Kindred
This case describes Latvia's transition from a Soviet republic into an EU member, its economic boom and subsequent bust in 2008, and its policy response. After implementing significant economic and political reforms in order to qualify for EU membership in 2004, Latvia... View Details
Keywords: Currency Exchange Rate; Competitive Strategy; Economic Growth; Policy; Financial Crisis; Economic Slowdown and Stagnation; Latvia
Di Tella, Rafael, Rawi Abdelal, and Natalie Kindred. "Latvia: Navigating the Strait of Messina." Harvard Business School Case 711-053, April 2011. (Revised December 2017.)