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Publications

Publications

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  • All HBS Web  (1,062)
    • People  (1)
    • 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 13 of 1,062 Results →
  • 2018
  • Working Paper

Corporate Refinancing, Covenants, and the Agency Cost of Debt

By: Daniel Green
How valuable are restrictive debt covenants in reducing the agency costs of debt? I exploit the revealed preference decision to refinance fixed-coupon bonds, which weighs observable interest rate savings against the unobservable costs of a change in restrictive... View Details
Keywords: Covenants; Refinancing; Corporate Bonds; Agency Costs; Debt Policy; Borrowing and Debt; Bonds; Interest Rates
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Green, Daniel. "Corporate Refinancing, Covenants, and the Agency Cost of Debt." Working Paper, 2018. (Revise and Resubmit, Journal of Finance.)
  • September 2013
  • Article

Prizes, Publicity, and Patents: Non-Monetary Awards as a Mechanism to Encourage Innovation

By: Petra Moser and Tom Nicholas
This paper exploits the selection of prize-winning technologies among exhibitors at the Crystal Palace Exhibition in 1851 to examine whether—and how—ex post prizes that are awarded to high-quality innovations may encourage future innovation. U.S. patent data... View Details
Keywords: Prizes; Innovation; Motivation and Incentives; Patents; Innovation and Invention
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Moser, Petra, and Tom Nicholas. "Prizes, Publicity, and Patents: Non-Monetary Awards as a Mechanism to Encourage Innovation." Journal of Industrial Economics 61, no. 3 (September 2013): 763–788.
  • July 2007
  • Article

Geographical Segmentation of U.S. Capital Markets

Demographic variation in savings behavior can be exploited to provide evidence on segmentation in US bank loan markets. Cities with a large fraction of seniors have higher volumes of bank deposits. Since many banks rely heavily on deposit financing, this affects local... View Details
Keywords: Age; Economy; Capital Markets; Banks and Banking; Financing and Loans; Local Range; United States
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Becker, Bo. "Geographical Segmentation of U.S. Capital Markets." Journal of Financial Economics 85, no. 1 (July 2007): 151–178.
  • Article

Little Patents and Big Secrets: Managing Intellectual Property

By: James J. Anton and Dennis A. Yao
Exploitation of an innovation commonly requires some disclosure of enabling knowledge (e.g., to obtain a patent or induce complementary investment). When property rights offer only limited protection, the value of the disclosure is offset by the increased threat of... View Details
Keywords: Patents; Management; Innovation and Invention; Knowledge; Rights; Value; Information; Corporate Disclosure
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Anton, James J., and Dennis A. Yao. "Little Patents and Big Secrets: Managing Intellectual Property." RAND Journal of Economics 35, no. 1 (Spring 2004): 1–22. (Harvard users click here for full text.)
  • February 2005
  • Article

Can Foreign Firms Bond Themselves Effectively by Renting U.S. Securities Laws?

By: Jordan I. Siegel
The study tests the functional convergence hypothesis, which states that foreign firms can leapfrog their countries' weak legal institutions by listing equities in New York and agreeing to follow U.S. securities law. Evidence shows that the SEC and minority... View Details
Keywords: Corporate Governance; Cross-listing; Reputation; Bonding; Business Ventures; Laws and Statutes; Financial Instruments; United States; Mexico
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Siegel, Jordan I. "Can Foreign Firms Bond Themselves Effectively by Renting U.S. Securities Laws?" Journal of Financial Economics 75, no. 2 (February 2005): 319–359. (The study tests the functional convergence hypothesis, which states that foreign firms can leapfrog their countries' weak legal institutions by listing equities in New York and agreeing to follow U.S. securities law. Evidence shows that the SEC and minority shareholders have not effectively enforced the law against cross-listed foreign firms. Detailed evidence from Mexico further shows that while some insiders exploited this weak legal enforcement with impunity, others that issued a cross-listing and passed through an economic downturn with a clean reputation went on to receive privileged long-term access to outside finance. As compared with legal bonding, reputational bonding better explains the success of cross-listings.)

    Financing the African Colonial State: The Revenue Imperative and Forced Labor

    Although recent studies on African colonial tax systems have deepened our understanding of early fiscal capacity building efforts in the region, they have largely... View Details

      Survival of the Fittest: The Impact of the Minimum Wage on Firm Exit

      Abstract: We study the impact of the minimum wage on firm exit in the restaurant industry, exploiting recent changes in the minimum wage at the city level. The evidence suggests that higher minimum wages increase overall exit rates for restaurants. However, lower... View Details
      • Forthcoming
      • Article

      Engaging Customers with AI in Online Chats: Evidence from a Randomized Field Experiment

      By: Shunyuan Zhang and Das Narayandas
      We examine how artificial intelligence (AI) affected the productivity of customer service agents and customer sentiment in online interactions. Collaborating with a meal delivery company, we conducted a randomized field experiment that exploited exogenous variation in... View Details
      Keywords: AI and Machine Learning; Customer Focus and Relationships; Performance Efficiency
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      Zhang, Shunyuan, and Das Narayandas. "Engaging Customers with AI in Online Chats: Evidence from a Randomized Field Experiment." Management Science (forthcoming).
      • 2019
      • Article

      Does Big Data Enhance Firm Innovation Competency? The Mediating Role of Data-driven Insights

      By: Maryam Ghasemaghaei and Goran Calic
      Grounded in gestalt insight learning theory and organizational learning theory, we collected data from 280 middle and top-level managers to investigate the impact of each big data characteristic (i.e., data volume, data velocity, data variety, and data veracity) on... View Details
      Keywords: Analytics and Data Science; Innovation and Invention; Learning
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      Ghasemaghaei, Maryam, and Goran Calic. "Does Big Data Enhance Firm Innovation Competency? The Mediating Role of Data-driven Insights." Journal of Business Research 104 (2019): 69–84.
      • 2022
      • Working Paper

      Failing Just Fine: Assessing Careers of Venture Capital-backed Entrepreneurs via a Non-wage Measure

      By: Natee Amornsiripanitch, Paul Gompers, George Hu, Will Levinson and Vladimir Mukharlyamov
      This paper proposes a non-pecuniary measure of career achievement, Seniority. Based on a database of over 5 million resumes, this metric exploits the variation in job titles and how long they take to attain. When non-monetary factors influence career choice, inference... View Details
      Keywords: Career Outcomes; Founders; Personal Development and Career; Venture Capital; Entrepreneurship
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      Amornsiripanitch, Natee, Paul Gompers, George Hu, Will Levinson, and Vladimir Mukharlyamov. "Failing Just Fine: Assessing Careers of Venture Capital-backed Entrepreneurs via a Non-wage Measure." NBER Working Paper Series, No. 30179, June 2022.
      • May 2016
      • Article

      Return Migration and Geography of Innovation in MNEs: A Natural Experiment of Knowledge Production by Local Workers Reporting to Return Migrants

      By: Prithwiraj Choudhury
      I study whether return migrants facilitate knowledge production by local employees working for them at geographically distant R&D locations. Using unique personnel and patenting data for 1,315 employees at the Indian R&D center of a Fortune 500 technology firm, I... View Details
      Keywords: Innovation; Innovation and Invention
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      Choudhury, Prithwiraj. "Return Migration and Geography of Innovation in MNEs: A Natural Experiment of Knowledge Production by Local Workers Reporting to Return Migrants." Journal of Economic Geography 16, no. 3 (May 2016): 585–610.
      • Research Summary

      Technological Change and Competitive Strategy

      Richard S. Rosenbloom continues to explore issues in the strategic management of technology and the relationship between technological change and competitive strategy. He is currently investigating the histories of radical technological innovations and their... View Details
      • February 2018
      • Article

      Financial Disclosure and Market Transparency with Costly Information Processing

      By: Marco Di Maggio and Marco Pagano
      We study a model where some investors (“hedgers”) are bad at information processing, while others (“speculators”) have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if... View Details
      Keywords: Financial Disclosure; Information Processing; Liquidity; Market Transparency; Rational Inattention; Information; Financial Liquidity; Knowledge Use and Leverage; Corporate Disclosure; Financial Markets; Investment
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      Di Maggio, Marco, and Marco Pagano. "Financial Disclosure and Market Transparency with Costly Information Processing." Review of Finance 22, no. 1 (February 2018): 117–153.
      • September 2005
      • Article

      Managerial Foresight and Attempted Rent Appropriation: Insider Trading on Knowledge of Imminent Breakthroughs

      By: Gautam Ahuja, Russell W. Coff and Peggy M. Lee
      In order to establish a competitive advantage, firms must acquire or create resources at a price below their value in use. Absent pure luck, this requires managers to exercise foresight about a resource's future value and/or complementarities with pre-existing... View Details
      Keywords: Strategy; Knowledge Use and Leverage
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      Ahuja, Gautam, Russell W. Coff, and Peggy M. Lee. "Managerial Foresight and Attempted Rent Appropriation: Insider Trading on Knowledge of Imminent Breakthroughs." Strategic Management Journal 26, no. 9 (September 2005): 791–808.
      • 2008
      • Mimeo

      Do Hedge Funds Profit from Mutual-Fund Distress?

      By: Joseph Chen, Samuel G. Hanson, Harrison Hong and Jeremy C. Stein
      This paper explores the question of whether hedge funds engage in frontrunning strategies that exploit the predictable trades of others. One potential opportunity for front-running arises when distressed mutual funds—those suffering large outflows of assets under... View Details
      Keywords: Investment Funds; Profit; Strategy; Forecasting and Prediction; Investment Return; Opportunities; Asset Management; Sales
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      Chen, Joseph, Samuel G. Hanson, Harrison Hong, and Jeremy C. Stein. "Do Hedge Funds Profit from Mutual-Fund Distress?" 2008. Mimeo.
      • March 2009
      • Article

      Loyalty-Based Portfolio Choice

      By: Lauren Cohen
      I evaluate the effect of loyalty on individuals' portfolio choice using a unique dataset of retirement contributions. I exploit the statutory difference that in 401(k) plans stand alone employees can invest directly in their division, while conglomerate employees must... View Details
      Keywords: Investment; Retirement; Decisions; Employees; Performance Evaluation; Business Conglomerates; Compensation and Benefits
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      Cohen, Lauren. "Loyalty-Based Portfolio Choice." Review of Financial Studies 22, no. 3 (March 2009): 1213–1245.
      • Article

      Financing Constraints, Home Equity and Selection into Entrepreneurship

      By: Thais Laerkholm Jensen, Søren Leth-Petersen and Ramana Nanda
      We exploit a mortgage reform that differentially unlocked home equity across the Danish population and study how this impacted selection into entrepreneurship. We find that increased entry was concentrated among entrepreneurs whose firms were founded in industries... View Details
      Keywords: Mortgage Reform; Home Equity; Financing Constraints; Entrepreneurs; Entrepreneurship; Mortgages; Denmark
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      Jensen, Thais Laerkholm, Søren Leth-Petersen, and Ramana Nanda. "Financing Constraints, Home Equity and Selection into Entrepreneurship." Journal of Financial Economics 145, no. 2A (August 2022): 318–337.
      • September 2019
      • Article

      Bankruptcy Spillovers

      By: Shai Bernstein, Emanuele Colonnelli, Xavier Giroud and Benjamin Iverson
      How do different bankruptcy approaches affect the local economy? Using U.S. Census microdata, we explore the spillover effects of reorganization and liquidation on geographically proximate firms. We exploit the random assignment of bankruptcy judges as a source of... View Details
      Keywords: Agglomeration; Insolvency and Bankruptcy; Economy; Governing Rules, Regulations, and Reforms
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      Bernstein, Shai, Emanuele Colonnelli, Xavier Giroud, and Benjamin Iverson. "Bankruptcy Spillovers." Special Issue on Labor and Finance. Journal of Financial Economics 133, no. 3 (September 2019): 608–633.
      • February 1991
      • Case

      Burlington Northern: The ARES Decision (B)

      By: Julie H. Hertenstein and Robert S. Kaplan
      The ARES team formally proposes that Burlington Northern implement the ARES system. The project meets resistance. In light of financial restructuring and high level of debt, executives wonder whether the company can afford ARES. Weak links during the ARES development... View Details
      Keywords: Accounting Audits; Restructuring; Cost vs Benefits; Decision Choices and Conditions; Borrowing and Debt; Capital Budgeting; Projects; Technology Adoption; Service Industry
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      Hertenstein, Julie H., and Robert S. Kaplan. "Burlington Northern: The ARES Decision (B)." Harvard Business School Case 191-123, February 1991.
      • 18 Mar 2022
      • News

      How the United States Can Use Trade Policy to Prevent a New Sino-Russian Alliance

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