Publications

2006
Working Paper

How Does Foreign Direct Investment Promote Economic Growth? Exploring the Effects of Financial Markets on Linkages

By: Laura Alfaro, Areendam Chanda, Sebnem Kalemli-Ozcan and Selin Sayek

02 Sep 2002
Research & Ideas

Foreign Multinationals in the U.S.: A Rocky Road

currently the world's largest ice cream and tea—and one of the largest home and personal care—companies, with a portfolio of brands including Lux, Dove, Pond's, Calvin Klein, Lipton, Hellmann's, and Ben & Jerry's. View Details

Keywords: by Sarah Jane Johnston & Martha Lagace

Research Summary

How Does Foreign Direct Investment Promote Economic Growth? Exploring the Effects of Financial Markets on Linkages (with Areendam Chanda, Sebnem Kalemli-Ozcan and Selin Sayek)

By: Laura Alfaro

The empirical literature finds mixed evidence on the existence of positive productivity externalities in the host country generated by foreign multinational companies. We propose a novel mechanism, which emphasizes the role of local financial markets in enabling... View Details

2023
Working Paper

Who Invests in Crypto? Wealth, Financial Constraints, and Risk Attitudes

By: Darren Aiello, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson and Jason Kotter

We provide a first look into the drivers of household cryptocurrency investing. Analyzing consumer transaction data for millions of U.S. households, we find that, except for high income early adopters, cryptocurrency investors resemble the general population. These... View Details

Keywords: Consumer Finance; Cryptocurrency; Fintech; Inflation; Portfolio Choice; Stimulus; Consumer Behavior; Risk and Uncertainty; Investment

SSRN

11 Sep 2018
Working Paper Summaries

IQ from IP: Simplifying Search in Portfolio Choice

Keywords: by Huaizhi Chen, Lauren Cohen, Umit Gurun, Dong Lou, and Christopher J. Malloy

Teaching Interest

Overview

By: Dante Roscini

Over the past decade, I have taught the course Business, Government and the International Economy, part of the required curriculum in the MBA program and the course Managing International Trade and Investment, part of the elective curriculum for second-year MBAs. View Details

Keywords: Trade; Investment; Foreign Direct Investment; Portfolio Investment; Risk Assessment; Political Economy; Globalized Firms And Management

March 2003
Article

Foreign Currency for Long-Term Investors

By: Luis M. Viceira, John Y. Campbell and Joshua S. White

Keywords: Currency; Investment

October 1972
Article

A Dynamic Model for Bond Portfolio Management

By: D. B. Crane and S. P. Bradley

Keywords: Bonds; Investment; Management

Teaching Interest

MBA Elective Curriculum: Investment Strategies

By: Malcolm P. Baker

This is a CORE course for students pursuing careers in finance. Thus, students interested in pursuing careers in mutual funds, hedge funds, pension funds, endowments, wealth management, financial consulting, marketing and client service, sales and trading,... View Details

October 2015 (Revised February 2016)
Technical Note

The Portfolio Improvement Rule and the CAPM

By: Robin Greenwood, Mark S. Seasholes and David Biery

Keywords: CAPM; Asset Management; Investment Portfolio; Investment Return

09 Apr 2001
Research & Ideas

Marketing a Country: Promotion as a Tool for Attracting Foreign Investment.

In examining the way governments choose a structure in which to conduct investment promotion activities we found that most of the organizational issues fell within the realm of the public-private choice of management of certain... View Details

Keywords: by Louis T. Wells & Alvin G. Wint

1978
Chapter

Managing a Bank Bond Portfolio over Time

By: D. B. Crane and S. P. Bradley

Keywords: Bonds; Investment Portfolio; Financial Management; Banks and Banking; Banking Industry

2009
Working Paper

The Impact of Private Equity Ownership on Portfolio Firms' Corporate Tax Planning

By: Brad Badertscher, Sharon P. Katz and Sonja Olhoft Rego

This study investigates whether private equity (PE) firms influence the tax practices of their portfolio firms. Prior research documents that PE firms create economic value in portfolio firms through effective governance, financial, and operational engineering. Given... View Details

Keywords: Private Equity; Investment Portfolio; Corporate Governance; Taxation; Ownership Stake; Value Creation

Article

Gains from Foreign Direct Investment: Macro and Micro Approaches

By: Laura Alfaro

This paper discussed the importance of an “integrated approach” to the study of the effects of FDI on host countries. Macro-level work that examines countries at different stages of development and institutional capacity is needed to surface the role of local... View Details

Keywords: Spillovers; Complementarities; Mechanism; Foreign Direct Investment; Economic Growth

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November 2019 (Revised January 2020)
Supplement

Taiwan Semiconductor Manufacturing Company Limited: A Global Company's China Strategy (B)

By: William C. Kirby, Billy Chan and Dawn H. Lau

After the legendary founder of Taiwan Semiconductor Manufacturing Company (TSMC) retired, the new chairman had to grapple with fresh challenges related to its China market: a recently opened factory in China had to find ways to reverse its financial loss and meet its... View Details

Keywords: Cross-cultural; Foreign Investment; Government; Business and Government Relations; Globalization; Change Management; Customer Relationship Management; Innovation Strategy; Global Strategy; Leadership; Semiconductor Industry; Taiwan; China

July 2003 (Revised January 2004)
Case

Carol Brewer's Investments

By: Richard S. Ruback and Julia Stevens

Following her husband's death in 1994, Carol Brewer took over the management of her family's investments. This case describes the decisions Brewer made during this process, including her choice to seek active account management, her selection of an investment firm, and... View Details

Keywords: Investment Funds; Investment Portfolio; Retirement; Decision Choices and Conditions; Financial Management; Personal Finance; Investment Banking; Investment Return

September 1972
Article

An Analytical Derivation of the Efficient Portfolio Frontier

By: Robert C. Merton

Keywords: Investment

May 2010 (Revised November 2010)
Case

Investment Technology Group

By: Clayton S. Rose and David Lane

Investment Technology Group (ITG) CEO Robert Gasser wondered if the financial crisis had permanently affected the firm's business model. A leader in trade analytics and execution for institutional equity investors, ITG had grown since its establishment in 1987 in step... View Details

Keywords: Customer Relationship Management; Financial Crisis; Investment; Resignation and Termination; Crisis Management; Product Positioning; Organizational Change and Adaptation; Financial Services Industry; Information Technology Industry; New York (city, NY)

June 2005 (Revised January 2006)
Case

Investment Policy at the Hewlett Foundation (2005)

By: Luis M. Viceira

In early January 2005, Laurance Hoagland Jr., VP and CIO of the William and Flora Hewlett Foundation (HF), and his investment team met to finish their recommendations to the HF Investment Committee for a new asset allocation policy for the foundation's investment... View Details

Keywords: Investment Portfolio; Risk and Uncertainty; Public Equity; Globalization; Investment; Property; Risk Management; Asset Management; Financial Services Industry