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  • 13 Feb 2007
  • First Look

First Look: February 13, 2007

deployment of their technology abroad. The paper demonstrates that when firms want to exploit technologies abroad, multinational firm (MNC) activity and foreign direct investment (FDI) flows arise endogenously when monitoring is nonverifiable and financial View Details
Keywords: Martha Lagace
  • 28 Aug 2012
  • First Look

First Look: August 28

or 'institutional voids' on the value of corporate diversification. Specifically, we explore whether the presence of frictions in a country's capital markets, labor markets, and product markets, affect the excess value of diversified... View Details
Keywords: Sean Silverthorne
  • 15 Sep 2014
  • Research & Ideas

Are the Most Talented Employees the Highest Paid? Yes—If They’re Bankers

on compensation of talented people, then you stop this mechanism, and you run the risk of having your company be less profitable," Vallée says. "You're putting a friction on a competitive market that's doing what it's meant to do." He... View Details
Keywords: by Carmen Nobel; Banking
  • 18 Jun 2013
  • First Look

First Look: June 18

managers-firms with the greatest information frictions prior to the rule change. We report three changes related to compensation after 1992 for division managers. First, within firms with dispersed managers, division manager pay co-moves... View Details
Keywords: Anna Secino
  • 18 Mar 2022
  • Blog Post

Career Advice: Transforming the Energy Industry

more sustainable world? In the short term, I’m committed to helping big companies decarbonize because we desperately need them to move today. Long term, I want to use my skills and experience to reduce the friction that tough-tech ideas... View Details
  • 16 Jan 2018
  • First Look

First Look at New Research and Ideas, January 16, 2018

developing more molecularly novel drug compounds, as opposed to more so-called "me-too" drugs. This pattern suggests that, on the margin, firms perceive novel drugs to be more valuable ex-ante investments but that financial View Details
Keywords: Sean Silverthorne
  • 29 Sep 2015
  • First Look

September 29, 2015

contractual frictions play an important role in shaping the integration choices of firms around the world. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=49090 How Best-Self Activation Influences Emotions,... View Details
Keywords: Sean Silverthorne
  • 24 Apr 2012
  • First Look

First Look: April 24

would not be achieved even if the product offered a payout ratio comparable to U.S. insurance contracts. We present evidence suggesting that lack of trust, liquidity constraints, and limited salience are significant non-price frictions... View Details
Keywords: Carmen Nobel
  • 16 Aug 2016
  • First Look

August 16, 2016

frictions play a first-order role in determining market prices. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=49425 Popular Acceptance of Inequality Due to Brute Luck and Support for Classical Benefit-Based... View Details
Keywords: Sean Silverthorne
  • 03 Mar 2003
  • Research & Ideas

The Ingredients of a Deal Disaster

deal-driving third party (Ovitz). As a result, each side had an optimistic but badly distorted view of the other's real intentions, leading to post-deal friction and the sale of MCA a few years later to Seagram, at a substantial loss to... View Details
Keywords: by Ron S. Fortgang, David A. Lax & James K. Sebenius
  • 20 May 2014
  • First Look

First Look: May 20

governance, human capital, and informational frictions help account for the variation in management. Publisher's link: http://www.nber.org/papers/w20102 August 2013 Review of Economics and Statistics Does Planning Regulation Protect... View Details
Keywords: Sean Silverthorne
  • 08 Oct 2013
  • First Look

First Look: October 8

environments. Further, this effect is larger when (i) there are greater cross-border frictions between the parent and subsidiary and (ii) the parents are relatively more involved in their subsidiaries' investment decision-making process.... View Details
Keywords: Sean Silverthorne
  • 15 Nov 2016
  • First Look

November 15, 2016

payoffs differently than private households do. This gives the government a "social risk management" motive: projects that ameliorate market failures when household marginal utility is high are appealing. The second friction is that... View Details
Keywords: Sean Silverthorne
  • Web

Staff Directory | Baker Library

reducing the friction of accessing content both through improved physical access and leveraging current and emerging technologies to provide digital access. In addition to experience in library administration, knowledge management,... View Details
  • 21 Nov 2017
  • First Look

First Look at New Research and Ideas, November 21, 2017

located upstream versus downstream from that stage, as well as by the firm's productivity. Our results suggest that contractual frictions play an important role in shaping the integration choices of firms around the world. Publisher's... View Details
Keywords: Sean Silverthorne
  • 17 Mar 2009
  • First Look

First Look: March 17, 2009

purchase low market-to-book targets. Instead, mergers pair together firms with similar ratios. We then build a continuous-time model of investment and merger activity combining search, scarcity, and asset complementarity to explain this like-buys-like result. We test... View Details
Keywords: Martha Lagace
  • 03 Apr 2019
  • Book

Fintech's Game-Changing Opportunities for Small Business

United States economy, and how innovation in financial services will reduce the friction and barriers in small-business lending, helping more of them thrive. In our Q&A, Mills, who served as a member of the Obama Cabinet and headed... View Details
Keywords: by Martha Lagace; Banking; Financial Services
  • 03 Jan 2007
  • First Look

First Look: January 3, 2007

models predict that the division of stock returns into dividends and capital appreciation does not affect investor consumption patterns, while mental accounting and other economic frictions predict that investors have a higher propensity... View Details
Keywords: Sean Silverthorne
  • 27 Feb 2018
  • First Look

First Look at New Research and Ideas, February 27, 2018

consequences. Reduced-form analysis shows that a firm's choice of index-based benchmarking is 1) driven by its compensation consultants' systematic tendencies and governance-related frictions and 2) associated with lower ROA, suggesting... View Details
Keywords: Sean Silverthorne
  • 07 Apr 2003
  • Research & Ideas

XTV: Xerox’s Attempted Recovery From “Fumbling the Future”

Xerox system. As Domit recalled, "The [Xerox proprietary] approach was costing around $15K and our approach was less than $1500, not including the IBM PC." 41 Domit's low-cost, "not invented here" system generated View Details
Keywords: by Henry Chesbrough