Publications

June 2013
Article

Issuer Quality and Corporate Bond Returns

By: Robin Greenwood and Samuel G. Hanson

We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the... View Details

Keywords: Quality; Bonds; Forecasting and Prediction; Credit

December 2009
Article

Intra-Industry Foreign Direct Investment

By: Laura Alfaro and Andrew Charlton

We use a new firm-level dataset that establishes the location, ownership, and activity of 650,000 multinational subsidiaries. Using a combination of four-digit-level information and input-output tables, we find the share of vertical FDI (subsidiaries that provide... View Details

Keywords: Business Subsidiaries; Competency and Skills; Foreign Direct Investment; Geographic Location; Multinational Firms and Management; Industry Structures; Production

10 Sep 2019
News

Small-business owners have no fear of a US recession, according to one online lender

28 Aug 2019
News

Universities Aim to Educate Family Offices on Grooming Next-Gen Leaders

15 Dec 2016
News

Trump must see that small business is the engine of America

16 Oct 2013
HBS Seminar

Minjae Song, University of Rochester

August 2012 (Revised June 2017)
Case

Australia: Commodities and Competitiveness

By: Richard H.K. Vietor and Laura Alfaro

For the past few decades, Australia has dealt with the benefits and costs of repeated mining booms—inflation, a housing bubble, a current account deficit and growing dependence on China. Between 1996 and 2007, however, Australia had most of these issues under control... View Details

Keywords: Commodities; Competitiveness; Carbon Tax; Environment; Capital Flows; Current Account; Mining; Economy; Problems and Challenges; Australia

Educators

Purchase

Malcolm Baker is the Robert G. Kirby Professor of Business Administration at the Harvard Business School, where he teaches the required course in finance and a short immersive program on investing in life sciences.

His research is in the... View Details

Keywords: asset management; biotechnology; financial services; high technology; investment banking industry; pharmaceuticals; private equity (LBO funds); shipping; transportation

Web

Dean Srikant Datar | About

Education, for Faculty Development, and for Faculty Recruiting. A graduate with distinction from the University of Bombay, Datar received gold medals upon graduation from the Indian Institute of Management, Ahmedabad, and the Institute of View Details

November 2010 (Revised April 2011)
Case

Magna International, Inc. (A)

By: Timothy A. Luehrman and Yuhai Xuan

Magna International, Inc., a Canadian-based automotive parts manufacturer, is considering whether and how to unwind its dual-class ownership structure. A family trust controlled by the founder owns a 0.65% economic interest in the company but has 66% of the votes via a... View Details

Keywords: Family Business; Restructuring; Cost vs Benefits; Governance Controls; Ownership Stake; Family Ownership; Auto Industry; Canada

Educators

Purchase

Article

Was the Wealth of Nations Determined in 1000 B.C.?

By: Diego A. Comin, Bill Easterly and Erick Gong

We assemble a dataset on technology adoption in 1000 B.C., 0 A.D., and 1500 A.D. for the predecessors to today's nation states. We find that this very old history of technology adoption is surprisingly significant for today's national development outcomes. Our strong... View Details

Keywords: Cost Accounting; Information Technology; Technology Adoption; Growth and Development; Adoption; Business Strategy; Cost; Cost Management; Cross-Cultural and Cross-Border Issues; Culture; Technology Industry

November 2019
Article

A Review of Bundled Payments in Total Joint Replacement

By: Olivia Manickas-Hill, Kevin J. Bozic and Thomas W. Feeley

The Bundled Payments for Care Improvement (BPCI) initiative, developed by the U.S. Center for Medicare & Medicaid Innovation, aims to reduce health care expenditures while maintaining or improving patient outcomes.
Several published reports evaluating the impact... View Details

Keywords: Bundled Payments; Health Care and Treatment; Cost Management

Purchase

Web

FAQs - Alumni

climate, health, and equity criteria. As an example, offsetting the emissions of an economy flight from San Francisco, CA to Boston, MA would cost $13.50. HBS has made significant reductions in its campus greenhouse gas emissions as part... View Details

01 Mar 2010
Op-Ed

A Golden Opportunity for Ford and GM

missing this golden opportunity. The last and perhaps most important lesson for leaders going through a crisis is that they cannot just play defense by cutting costs and waiting for the crisis to pass. They have to go on offense... View Details

Keywords: by Bill George; Auto

Web

Behavioral Finance & Financial Stability

sentiment in the US stock market More Info Leverage and the Beta Anomaly By: Malcolm P. Baker & Jeffrey Wurgler AUG 2020 Baker, Hoeyer, and Wurgler propose a simple tradeoff theory to explain the well-known weak empirical relationship between beta risk and the View Details

2020
Working Paper

On the Representativeness of Voter Turnout

By: Louis Kaplow and Scott Duke Kominers

Prominent theory research on voting uses models in which expected pivotality drives voters' turnout decisions and hence determines voting outcomes. It is recognized, however, that such work is at odds with Downs's paradox: in practice, many individuals turn out for... View Details

Keywords: Voter Turnout; Paradox Of Voting; Pivotality; Elections; Model; Voting; Behavior; Theory

2017
Working Paper

Inventory Management for Mobile Money Agents in the Developing World

By: Karthik Balasubramanian, David F. Drake and Douglas Fearing

Mobile money systems, platforms built and managed by mobile network operators to allow money to be stored as digital currency, have burgeoned in the developing world as a mechanism to transfer money electronically. Mobile money agents exchange cash for electronic value... View Details

Keywords: Currency; Mobile Technology; Market Platforms; Developing Countries and Economies

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