Publications

2013
Working Paper

Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly

By: Malcolm Baker and Jeffrey Wurgler

Minimum capital requirements are a central tool of banking regulation. Setting them balances a number of factors, including any effects on the cost of capital and in turn the rates available to borrowers. Standard theory predicts that, in perfect and efficient capital... View Details

Keywords: Risk and Uncertainty; Cost of Capital; Capital Markets; Banks and Banking; Banking Industry; United States

Spring 2011
Article

CSR as Reputation Insurance: Primum Non Nocere

By: Dylan B. Minor and John Morgan

We provide a theoretical framework showing how CSR activities can insure a firm against lost reputation in the face of adverse events. We offer evidence for this linkage through a case study and a multi-year analysis of stock price responses for S&P 500 companies... View Details

Keywords: Corporate Social Responsibility; Insurance; Risk Management; Marketing Strategy; Corporate Social Responsibility and Impact; Reputation

October 2021
Article

Can Self-Regulation Save Digital Platforms?

By: Michael A. Cusumano, Annabelle Gawer and David B. Yoffie

This article explores some of the critical challenges facing self-regulation and the regulatory environment for digital platforms. We examine several historical examples of firms and industries that attempted self-regulation before the Internet. All dealt with similar... View Details

Keywords: Self-regulation; Government Regulation; Digital Platforms; Governing Rules, Regulations, and Reforms

09 Apr 2024
News

To Serve and Protect the Markets

Every day, in her role as the director of the Atlanta Regional Office of the Securities and Exchange Commission (SEC), Nekia Hackworth Jones (MBA 2004) stands in the breach between the $100 trillion in securities traded on U.S. equity markets and the bad actors who... View Details

Keywords: Margie Kelley

Fast Answer

Stock market capitalization: exchanges, industries, countries

Where can I find stock market capitalization for an exchange, index or country? Global Financial Data World Development Indicators Select... View Details

05 Nov 2009
Research & Ideas

A Market for Human Cadavers in All but Name?

Views of Market Society." Annual Review of Sociology 22:285-311. Goodwin, Michele. 2006. Black Markets: The Supply and Demand of Body Parts. New York, NY: Cambridge University Press. Harrington, David E., and Edward A. Sayre. 2006.... View Details

Keywords: by Michel Anteby; Health

Article

Holdout in the Assembly of Complements: A Problem for Market Design

By: Scott Duke Kominers and E. Glen Weyl

Holdout problems prevent private (voluntary and self-financing) assembly of complementary goods—such as land or dispersed spectrum—from many self-interested sellers. While mechanisms that fully respect sellers' property rights cannot alleviate these holdout problems,... View Details

Keywords: Governance; Market Design; Property

Web

Research & Teaching - Creating Emerging Markets

indicate about the respective market environments? How did business leaders in India, Chile and the Gulf respond to the liberalization of regulation in their respective countries? What challenges did... View Details

November 2022
Case

The Battle Among Channels for Marketing Pharmaceuticals: UpScript, Pharmacy Benefit Managers, and Direct-to-Consumer Sales

By: Regina E. Herzlinger and Tiffany Farrell

Can an online, direct-to-consumer pharmacy both improve the quality and speed of care for patients who need branded drugs and stabilize profits for pharmaceutical manufacturers? UpScript, after years spent achieving legal and regulatory compliance and simultaneous... View Details

Keywords: DTC; Internet and the Web; Marketing Channels; Customer Value and Value Chain; Governing Rules, Regulations, and Reforms; Competitive Strategy; Service Delivery; Growth and Development Strategy; Pharmaceutical Industry; Health Industry; Retail Industry

Educators

01 Aug 2008
Research & Ideas

Does Market Capitalism Have a Future?

We showed it to important business leaders—some HBS alumni, some not—from around the world and asked them for their views on potential problem areas and what role HBS might play in addressing them. The fact is that in many parts of the world, firms are not privately... View Details

Keywords: by Garry Emmons

06 Jun 2013
Working Paper Summaries

Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly

Keywords: by Malcolm Baker & Jeffrey Wurgler; Banking; Financial Services

01 Sep 2008
News

Is Market Capitalism Headed for Trouble?

fact is that in many parts of the world, firms are not privately owned, and markets are regulated in various ways in all countries. Still, we found that most people we talked to understood the differences... View Details

Keywords: Garry Emmons; Colleges, Universities, and Professional Schools; Educational Services; Management, Scientific, and Technical Consulting Services; Professional Services

2023
Government Testimony

Congressional Statement for the Record, Hearing on Factors Influencing the High Cost of Insurance for Consumers

By: Ishita Sen

Keywords: Insurance; Price; Markets; Insurance Industry

2024
Article

Beyond the 510(k): The Regulation of Novel Moderate-Risk Medical Devices, Intellectual Property Considerations, and Innovation Incentives in the FDA’s De Novo Pathway

By: Mateo Aboy, Cristina Crespo and Ariel Stern

Moderate-risk medical devices constitute 99% of those that have been regulated by the U.S. Food and Drug Administration (FDA) since it gained authority to regulate medical technology nearly five decades ago. This article presents an analysis of the interaction between... View Details

Keywords: Governing Rules, Regulations, and Reforms; Health Care and Treatment; Technology Adoption; Technological Innovation; Safety; Medical Devices and Supplies Industry; United States

Blog Post

Health Care Transparency: The Fox Is Guarding the Chicken Coop in Washington Again

By: Regina E. Herzlinger

Now that more people can shop directly for their own health insurance under the Affordable Care Act, they have been transformed from potential patients to consumers, and like any other consumers of goods or services, they want to know if what they're buying is any... View Details

Keywords: Transparency; Health Care; Health Insurance; Health Care and Treatment; Health Industry

August 2019
Case

The Allstate Corporation, 2019

By: John R. Wells and Benjamin Weinstock

In July 2019, Allstate, the United States’ number-three property and casualty (P/C) insurer, released its second-quarter earnings, which reported first-half revenues of $22.1 billion, up 11.4% year-over-year. Shareholders cheered the top-line growth, but P/C premiums... View Details

Keywords: Insurance Companies; Strategic Analysis; Strategic Change; Insurance; Strategy; Strategic Planning; Organizational Change and Adaptation; Competitive Strategy; Insurance Industry; North America

Educators

09 Mar 2017
News

India’s capital market a ‘great story’, says Harvard professor Suraj Srinivasan

2023
Working Paper

The Market for Sharing Interest Rate Risk: Quantities and Asset Prices

By: Ishita Sen, Umang Khetan, Jane Li and Ioana Neamtu

We study the extent of interest rate risk sharing across the financial system using granular positions and transactions data in interest rate swaps. We show that pension and insurance (PF&I) sector emerges as a natural counterparty to banks and corporations: overall,... View Details

Keywords: Interest Rates; Investment Funds; Banks and Banking; Insurance; Investment Banking; Risk and Uncertainty

SSRN