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- 2009
- Book
Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed and What to Do About It
By: Josh Lerner
In response to the financial crisis, governments are being far more aggressive in intervening to promote economic activity, a trend that shows little tendency of alleviating. This book looks at the experiences of governments in encouraging entrepreneurs and venture... View Details
- Article
Optimal Taxation in Theory and Practice
By: N. Gregory Mankiw, Matthew C. Weinzierl and Danny Yagan
We highlight and explain eight lessons from optimal tax theory and compare them to the last few decades of OECD tax policy. As recommended by theory, top marginal income tax rates have declined, marginal income tax schedules have flattened, redistribution has risen... View Details
- 2009
- Working Paper
Systemic Risk and the Refinancing Ratchet Effect
By: Amir E. Khandani, Andrew W. Lo and Robert C. Merton
The confluence of three trends in the U.S. residential housing market—rising home prices, declining interest rates, and near-frictionless refinancing opportunities—led to vastly increased systemic risk in the financial system. Individually, each of these trends is... View Details
- 2009
- Working Paper
Systemic Risk and the Refinancing Ratchet Effect
By: Amir E. Khandani, Andrew W. Lo and Robert C. Merton
The confluence of three trends in the U.S. residential housing market-rising home prices, declining interest rates, and near-frictionless refinancing opportunities-led to vastly increased systemic risk in the financial system. Individually, each of these trends is... View Details
- August 2009
- Article
Inexperienced Investors and Bubbles
By: Robin Greenwood and Stefan Nagel
We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the... View Details
- May 2009 (Revised January 2011)
- Case
Enel: Power, Russia, and Global Markets
By: Rawi E. Abdelal, Richard H.K. Vietor and Sogomon Tarontsi
Although the global trend toward liberalization of electric utilities forced Enel, the largest power company in Italy, to give up some of its assets in its home base, it also opened up many opportunities abroad, including in Russia, one of the largest electricity... View Details
- April 2009 (Revised April 2009)
- Background Note
Note on the Nonprofit Sector
By: Allen S. Grossman and Naomi Greckol-Herlich
This note introduces students to the current state of the nonprofit sector around the world. It also provides insight into the sector's origin and purpose as well as the identifying important current trends. The note draws on numerous sources to provide a single... View Details
- September 2008 (Revised June 2011)
- Case
Examining the Adoption of Drug-Eluting Stents
By: Elie Ofek
Marketers are often tasked with exploring the factors that impact the long-run adoption of a new product or technology. The new product under consideration here is the drug-eluting stent: a device which props open a clogged artery to the heart and then releases... View Details
- 2008
- Working Paper
From Social Control to Financial Economics: The Linked Ecologies of Economics and Business in Twentieth Century America
By: Marion Fourcade and Rakesh Khurana
As the main producers of managerial elites, business schools represent strategic research sites for understanding the formation of economic practices and representations. This article draws on historical material to analyze the changing place of economics in American... View Details
- 2008
- Other Unpublished Work
From Public Purpose to Financial Economics: The Linked Ecologies of Economics and Business in Twentieth Century America
By: Marion Fourcade and Rakesh Khurana
As the main producers of managerial elites, business schools represent strategic research sites for understanding the formation of economic practices and representations. This article draws on historical material to analyze the changing place of economics in American... View Details
- 2008
- Working Paper
The Agglomeration of U.S. Ethnic Inventors
By: William R. Kerr
The ethnic composition of US inventors is undergoing a significant transformation—with deep impacts for the overall agglomeration of US innovation. This study applies an ethnic-name database to individual US patent records to explore these trends with greater detail.... View Details
- Article
A Head Start on Succession
By: Joseph L. Bower
Our studies of CEO succession over the past several years have shown some improvements in the trends in CEO turnover, often resulting from outside pressures for improved oversight and better corporate governance. The next step in improving CEO succession—and ultimately... View Details
- May 2008
- Article
Coerced Confessions: Self-Policing in the Shadow of the Regulator
By: Jodi L. Short and Michael W. Toffel
As part of a recent trend toward more cooperative relations between regulators and industry, novel government programs are encouraging firms to monitor their own regulatory compliance and voluntarily report their own violations. In this study, we examine how regulatory... View Details
- February 2008 (Revised June 2011)
- Background Note
Social Networks: The Portals of Web 2.0
By: Stephen P. Bradley and Nancy Bartlett
Social networks have evolved into influential, compelling and persuasive systems, the portals of Web 2.0 and one of the most powerful media phenomena in 2008. This note provides a brief background and description of various social network sites including MySpace,... View Details
- 2008
- Working Paper
Product Development and Learning in Project Teams: The Challenges are the Benefits
By: Amy C. Edmondson and Ingrid M. Nembhard
The value of teams in new product development (NPD) is undeniable. Both the interdisciplinary nature of the work and industry trends necessitate that professionals from different functions work together on development projects to create the highest quality product in... View Details
- October 2007
- Article
The Effectiveness of Pre-Release Advertising for Motion Pictures: An Empirical Investigation Using a Simulated Market
By: Anita Elberse and Bharat N. Anand
One of the most visible and publicized trends in the movie industry is the escalation in movie advertising expenditures over time. Yet, the returns to movie advertising are poorly understood. The main reason is that disentangling the causal effect of advertising on... View Details
- Article
Gross National Happiness As an Answer to the Easterlin Paradox?
By: Rafael Di Tella and Robert MacCulloch
The Easterlin Paradox refers to the fact that happiness data are typically stationary in spite of considerable increases in income. This amounts to a rejection of the hypothesis that current income is the only argument in the utility function. We find that the... View Details
- 2007
- Working Paper
Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends
By: Mihir A. Desai and Dhammika Dharmapala
This paper investigates how taxes influence portfolio choices by exploring the response to the distinctive treatment of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA). JGTRRA lowered the dividend tax rate to 15% for American equities... View Details
- June 2007 (Revised April 2008)
- Case
Say on Pay
By: Jay W. Lorsch, V.G. Narayanan and Alexis Chernak
Briefly describes the trend in 2006 and 2007 in the United States to give shareholders an advisory vote on executive compensation. Highlights a few examples where shareholders have successfully garnered a majority in support of an advisory vote measure on company proxy... View Details
- 2008
- Working Paper
The Ethnic Composition of U.S. Inventors
By: William R. Kerr
The ethnic composition of US scientists and engineers is undergoing a significant transformation. This study applies an ethnic-name database to individual patent records granted by the United States Patent and Trademark Office to document these trends with greater... View Details