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- Faculty Publications (535)
Show Results For
- All HBS Web (1,062)
- Faculty Publications (535)
- 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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Collis, David, and Alexander MacKay. "Choosing the Right Esports Business Model." Harvard Business School Case 719-459, March 2019. (Revised March 2020.)