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Publications

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  • All HBS Web  (1,062)
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    • News  (91)
    • Research  (858)
    • Events  (18)
  • Faculty Publications  (535)

Show Results For

  • All HBS Web  (1,062)
    • People  (1)
    • News  (91)
    • Research  (858)
    • Events  (18)
  • Faculty Publications  (535)
← Page 11 of 1,062 Results →
  • 2020
  • Working Paper

Internal Models, Make Believe Prices, and Bond Market Cornering

By: Ishita Sen and Varun Sharma
Exploiting position-level heterogeneity in regulatory incentives to misreport and novel data on regulators, we document that U.S. life insurers inflate the values of corporate bonds using internal models. We estimate an additional $9-$18 billion decline in regulatory... View Details
Keywords: Life Insurers; Capital Regulation; Internal Models; Corporate Bonds; Regulatory Supervision; Concentrated Ownership; Bonds; Capital; Governing Rules, Regulations, and Reforms; Insurance; Investment Portfolio
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Sen, Ishita, and Varun Sharma. "Internal Models, Make Believe Prices, and Bond Market Cornering." Working Paper, June 2020.
  • 2015
  • Working Paper

Understanding Conformity: An Experimental Investigation

By: B. Douglas Bernheim and Christine L Exley
Some theories of conformity hold that social equilibrium either standardizes inferences or promotes a shared understanding of conventions and norms among individuals with fixed heterogeneous preferences (belief mechanisms). Others depict tastes as fluid and hence... View Details
Keywords: Conformity; Norms; Image Motivation; Prosocial Behavior; Motivation and Incentives; Behavior; Standards
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Bernheim, B. Douglas, and Christine L Exley. "Understanding Conformity: An Experimental Investigation." Harvard Business School Working Paper, No. 16-070, December 2015.
  • July 2018
  • Article

Global Collaborative Patents

By: Sari Pekkala Kerr and William R. Kerr
We study the prevalence and traits of global collaborative patents for U.S. public companies, where the inventor team is located both within and outside of the United States. Collaborative patents are frequently observed when a corporation is entering into a new... View Details
Keywords: Innovation; Ethnic Networks; Migration; Technology Transfer; Mobility; Information Technology; Globalized Firms and Management; Diasporas; Patents; Ethnicity; Entrepreneurship; Research and Development; Foreign Direct Investment; Innovation and Invention; Globalization; United States
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Kerr, Sari Pekkala, and William R. Kerr. "Global Collaborative Patents." Economic Journal 128, no. 612 (July 2018): F235–F272.
  • 2015
  • Working Paper

Banks' Risk Exposures

By: Juliane Begenau, Monika Piazzesi and Martin Schneider
This paper studies U.S. banks' exposure to interest rate and credit risk. We exploit the factor structure in interest rates to represent many bank positions in terms of simple factor portfolios. This approach delivers time varying measures of exposure that are... View Details
Keywords: Risk and Uncertainty; Interest Rates; Credit; Banks and Banking; United States
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Begenau, Juliane, Monika Piazzesi, and Martin Schneider. "Banks' Risk Exposures." NBER Working Paper Series, No. 21334, July 2015.
  • 2014
  • Working Paper

Return on Political Investment in the American Jobs Creation Act of 2004

By: Hui Chen, Katherine Gunny and Karthik Ramanna
Prior literature raises a "puzzle" of high rates of return on corporate political investment, but evidence for this puzzle is largely descriptive in nature. We exploit the setting of the American Jobs Creation Act's passage in 2004 to provide more robust estimates of... View Details
Keywords: Accounting; Business and Government Relations; Corporate Finance; United States
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Chen, Hui, Katherine Gunny, and Karthik Ramanna. "Return on Political Investment in the American Jobs Creation Act of 2004." Harvard Business School Working Paper, No. 15-050, December 2014.
  • July 2014
  • Article

Smart Money? The Effect of Education on Financial Outcomes

By: Shawn A. Cole, Anna Paulson and Gauri Kartini Shastry
Household financial decisions are important for household welfare, economic growth and financial stability. Yet, our understanding of the determinants of financial decision-making is limited. Exploiting exogenous variation in state compulsory schooling laws in both... View Details
Keywords: Personal Finance; Investment; Decisions; Behavior; Financial Condition
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Cole, Shawn A., Anna Paulson, and Gauri Kartini Shastry. "Smart Money? The Effect of Education on Financial Outcomes." Review of Financial Studies 27, no. 7 (July 2014): 2022–2051.
  • December 2009
  • Article

Long-Run Stockholder Consumption Risk and Asset Returns

By: Christopher J. Malloy, Tobias J. Moskowitz and Annette Vissing-Jorgensen
We provide new evidence on the success of long-run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting micro-level household consumption data, we show that long-run stockholder consumption risk better captures cross-sectional variation in... View Details
Keywords: Asset Pricing; Stocks; Investment Return; Investment Portfolio; Risk Management
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Malloy, Christopher J., Tobias J. Moskowitz, and Annette Vissing-Jorgensen. "Long-Run Stockholder Consumption Risk and Asset Returns." Journal of Finance 64, no. 6 (December 2009): 2427–2480. (Finalist for the 2010 Smith Breeden Prize for the best paper in the Journal of Finance.)

    Taking Innovation to the Streets: Microgeography, Physical Structure, and Innovation

    In this paper, I analyze how the physical layout of cities affects innovation by influencing the organization of knowledge exchange. I exploit a novel data set covering all census block groups in the contiguous United States with information on innovation outcomes,... View Details

    • July 2023
    • Article

    The Old Boys' Club: Schmoozing and the Gender Gap

    By: Zoë B. Cullen and Ricardo Perez-Truglia
    Offices are social places. Employees and managers take breaks together and talk about family and hobbies. In this study, we show that employees’ social interactions with their managers can be advantageous for their careers, and that this phenomenon contributes to the... View Details
    Keywords: Career; Promotions; Social Interactions; Networking; Interpersonal Communication; Familiarity; Equality and Inequality; Gender
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    Cullen, Zoë B., and Ricardo Perez-Truglia. "The Old Boys' Club: Schmoozing and the Gender Gap." American Economic Review 113, no. 7 (July 2023): 1703–1740. (Lead Article.)
    • July 2022
    • Article

    Countercyclical Prudential Buffers and Bank Risk-taking

    By: Manuel Illueca, Lars Norden, Joseph Pacelli and Gregory F. Udell
    We investigate the effects of countercyclical prudential buffers on bank risk-taking. We exploit the introduction of dynamic loan loss provisioning in Spain, mandating that banks use historical average loss rates in their estimation of loan loss provisions. We find... View Details
    Keywords: Banks; Bank Regulation; Macroprudential Policies; Bank Lending; Loan Loss Provisioning; Risk Taking; Banks and Banking; Financing and Loans; Governing Rules, Regulations, and Reforms; Risk and Uncertainty
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    Illueca, Manuel, Lars Norden, Joseph Pacelli, and Gregory F. Udell. "Countercyclical Prudential Buffers and Bank Risk-taking." Art. 100961. Journal of Financial Intermediation 51 (July 2022).
    • 2025
    • Working Paper

    How Do Households Suppress the Price of Tail Risk?

    By: Laurent Calvet, Claire Célérier, Gordon Liao and Boris Vallée
    This paper investigates the effects of the issuance of retail products with non-linear payoffs on option prices. For a given underlying asset, when the outstanding volume of products embedding a short-put position increases, implied volatility at the corresponding... View Details
    Keywords: Security Design; Dividend; Options; Structured Products; Market Segmentation; Financial Instruments; Design; Volatility; Markets; Segmentation
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    Calvet, Laurent, Claire Célérier, Gordon Liao, and Boris Vallée. "How Do Households Suppress the Price of Tail Risk?" Working Paper, 2025.
    • May 2022
    • Article

    Can Gambling Increase Savings? Empirical Evidence on Prize-Linked Savings Accounts

    By: Shawn A. Cole, Benjamin Iverson and Peter Tufano
    This paper studies the adoption and impact of prize-linked savings (PLS) accounts, which offer lottery-like payouts to individual account holders in lieu of interest. Using microlevel data from a bank in South Africa, we show that PLS is attractive to a broad group of... View Details
    Keywords: Household Finance; Banking; Savings; Prize-linked Savings; Lottery; Household; Personal Finance; Saving; Banks and Banking
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    Cole, Shawn A., Benjamin Iverson, and Peter Tufano. "Can Gambling Increase Savings? Empirical Evidence on Prize-Linked Savings Accounts." Management Science 68, no. 5 (May 2022): 3282–3308.
    • October 2019
    • Article

    Returns to Talent and the Finance Wage Premium

    By: Boris Vallée and Claire Célérier
    To study the role of talent in finance workers' pay, we exploit a special feature of the French higher education system. Wage returns to talent have been significantly higher and have risen faster in finance since the 1980s than in other sectors. Both wage returns to... View Details
    Keywords: Compensation; Finance; Compensation and Benefits; Wages; Banking Industry
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    Vallée, Boris, and Claire Célérier. "Returns to Talent and the Finance Wage Premium." Review of Financial Studies 32, no. 10 (October 2019): 4005–4040.
    • 2017
    • Working Paper

    The Effects of Media Slant on Firm Behavior

    By: Vishal P. Baloria and Jonas Heese
    The media can impose reputational costs on firms because of its important role as an information intermediary and its ability to negatively slant coverage. We exploit a quasi-natural experiment that holds constant the information event across firms, but varies the... View Details
    Keywords: Media Slant; Reputational Capital; Strategic Corporate Decisions
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    Baloria, Vishal P., and Jonas Heese. "The Effects of Media Slant on Firm Behavior." Harvard Business School Working Paper, No. 18-015, August 2017.
    • February 2018
    • Article

    Heterogeneous Technology Diffusion and Ricardian Trade Patterns

    By: William R. Kerr
    This study tests the importance of Ricardian technology differences for international trade. The empirical analysis has three comparative advantages: including emerging and advanced economies, isolating panel variation regarding the link between productivity and... View Details
    Keywords: Exports; Comparative Advantage; Technological Transfer; Innovation; Networks; Patents; Residency; Technology Adoption; Trade; Research and Development; Immigration; United States
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    Kerr, William R. "Heterogeneous Technology Diffusion and Ricardian Trade Patterns." World Bank Economic Review 32, no. 1 (February 2018): 163–182.
    • May 2017
    • Article

    When Discounts Raise Costs: The Effect of Copay Coupons on Generic Utilization

    By: Leemore S. Dafny, Christopher Ody and Matt Schmitt
    Branded pharmaceutical manufacturers frequently offer “copay coupons” that insulate consumers from cost sharing, thereby undermining insurers’ ability to influence drug utilization. We study the impact of copay coupons on branded drugs first facing generic entry... View Details
    Keywords: Brands and Branding; Insurance Industry; Pharmaceutical Industry
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    Dafny, Leemore S., Christopher Ody, and Matt Schmitt. "When Discounts Raise Costs: The Effect of Copay Coupons on Generic Utilization." American Economic Journal: Economic Policy 9, no. 2 (May 2017): 91–123.
    • 2013
    • Working Paper

    Heterogeneous Technology Diffusion and Ricardian Trade Patterns

    By: William R. Kerr
    This study tests the importance of Ricardian technology differences for international trade. The empirical analysis has three comparative advantages: including emerging and advanced economies, isolating panel variation regarding the link between productivity and... View Details
    Keywords: Exports; Comparative Advantage; Technological Transfer; Innovation; Networks; Patents; Residency; Technology Adoption; Trade; Research and Development; Immigration; United States
    Citation
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    Kerr, William R. "Heterogeneous Technology Diffusion and Ricardian Trade Patterns." Harvard Business School Working Paper, No. 14-039, November 2013. (NBER Working Paper Series, No. 19657, November 2013.)

      When Discounts Raise Costs: The Effect of Copay Coupons on Generic Utilization

      Branded pharmaceutical manufacturers frequently offer “copay coupons” that insulate consumers from cost-sharing, thereby undermining insurers’ ability to influence drug utilization. We study the impact of copay coupons on branded drugs first facing generic entry... View Details
      • September 2023
      • Article

      The Health Costs of Dirty Energy: Evidence from the Capacity Market in Colombia

      By: Achyuta Adhvaryu, Theresa Molina, Anant Nyshadham, Jorge Tamayo and Nicholas Torres
      The health effects of “dirty” (fossil fuel driven) energy production are difficult to measure accurately due to the endogeneity of fuel choice. We exploit an electricity policy in Colombia that generates a price-based trigger for the use of thermal energy sources.... View Details
      Keywords: Pollution; Health Disorders; Energy Industry; Colombia
      Citation
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      Adhvaryu, Achyuta, Theresa Molina, Anant Nyshadham, Jorge Tamayo, and Nicholas Torres. "The Health Costs of Dirty Energy: Evidence from the Capacity Market in Colombia." Art. 103116. Journal of Development Economics 164 (September 2023).
      • March 2019 (Revised March 2020)
      • Case

      Choosing the Right Esports Business Model

      By: David Collis and Alexander MacKay
      Two esports entrepreneurs must choose on which business model to focus their time and money. After successfully launching an online esports coaching platform, a number of new opportunities emerge in the rapidly growing esports space that now has close to one billion... View Details
      Keywords: Entrepreneurial Ecosystems; Business Development; Esports; Business Ventures; Entrepreneurship; Business Model; Management; Strategy; Sports; Entertainment and Recreation Industry; Information Technology Industry; Media and Broadcasting Industry; Sports Industry; Video Game Industry; North and Central America; Europe; Asia
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      Collis, David, and Alexander MacKay. "Choosing the Right Esports Business Model." Harvard Business School Case 719-459, March 2019. (Revised March 2020.)
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