Publications

2010
Working Paper

Crashes and Collateralized Lending

By: Jakub W. Jurek and Erik Stafford

This paper develops a parsimonious static model for characterizing financing terms in collateralized lending markets. We characterize the systematic risk exposures for a variety of securities and develop a simple indifference-pricing framework to value the systematic... View Details

Keywords: Financial Crisis; Borrowing and Debt; Cost of Capital; Credit; Financing and Loans; Interest Rates; Investment; Framework; Risk and Uncertainty; Financial Services Industry

March 2009
Article

Risk Management and Calculative Cultures

By: Anette Mikes

Enterprise risk management (ERM) has recently emerged as a widespread practice in financial institutions. It has been increasingly codified and encrypted into regulatory, corporate governance and organisational management blueprints. A burgeoning literature of... View Details

Keywords: Risk Management; Practice; Banks and Banking; Corporate Governance; Value; Business and Shareholder Relations; Managerial Roles; Culture; Governing Rules, Regulations, and Reforms; Business or Company Management; Financial Services Industry

Find at Harvard

2007
Working Paper

New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability

By: Dale F. Gray, Robert C. Merton and Zvi Bodie

This paper proposes a new approach to improve the way central banks can analyze and manage the financial risks of a national economy. It is based on the modern theory and practice of contingent claims analysis (CCA), which is successfully used today at the level of... View Details

Keywords: Financial Crisis; Macroeconomics; Central Banking; Risk Management

Article

Firms, Crowds, and Innovation

By: Teppo Felin, Karim R. Lakhani and Michael L. Tushman

The purpose of this article is to suggest a (preliminary) taxonomy and research agenda for the topic of “firms, crowds, and innovation” and to provide an introduction to the associated special issue. We specifically discuss how various crowd-related phenomena and... View Details

Keywords: Crowdsourcing; Innovation; Open Innovation; Organization Theory; Collaborative Innovation and Invention; Organizations; Theory; Strategy

20 Mar 2014
Working Paper Summaries

Waste, Recycling and Entrepreneurship in Central and Northern Europe, 1870-1940

Keywords: by Geoffrey Jones & Andrew Spadafora

January 2023
Article

Racial Diversity and Racial Policy Preferences: The Great Migration and Civil Rights

By: Alvaro Calderon, Vasiliki Fouka and Marco Tabellini

Between 1940 and 1970, more than 4 million African Americans moved from the South to the North of the United States, during the Second Great Migration. This same period witnessed the struggle and eventual success of the civil rights movement in ending institutionalized... View Details

Keywords: Civil Rights; Great Migration; History; Race; Rights; Prejudice and Bias; Government Legislation

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October 2015
Article

The Multinational Firm and Geopolitics: Europe, Russian Energy, and Power

By: Rawi Abdelal

Multinational firms unavoidably exert influence over politics through power that is generated by both structure and process. While both political economy and management scholars address international firms, neither field has an adequate understanding of the reciprocal... View Details

Keywords: Multinational Firms and Management; Government and Politics; Economics; Europe; Russia

11 Jan 2021
Working Paper Summaries

The Political Effects of Immigration: Culture or Economics?

Keywords: by Alberto Alesina and Marco Tabellini

TeachingInterests

Interpretability and Explainability in Machine Learning

By: Himabindu Lakkaraju

As machine learning models are increasingly being employed to aid decision makers in high-stakes settings such as healthcare and criminal justice, it is important to ensure that the decision makers correctly understand and consequent trust the functionality of these... View Details

December 2004
Case

Money and Banking in America

By: Nancy F. Koehn and Stephen A. Mihm

Provides a concise overview of the critical role that money and the nation's banking system have played in the development of the U.S. economy. Tells the story of money and banking in the United States, from the earliest settlements in the colonial era through the 20th... View Details

Keywords: History; Money; Banks and Banking; United States

Educators

07 Jul 2023
Blog Post

Fostering Candor in Teams and Organizations

Candidates consider many factors when seeking new job opportunities – location, role, benefits, and compensation to name just a few. Yet there is another element that may be more difficult to explain on View Details

Keywords: All Industries

30 Jul 2015
Working Paper Summaries

Networks and the Macroeconomy: An Empirical Exploration

Keywords: by Daron Acemoglu, Ufuk Akcigit & William Kerr

2024
Working Paper

Principles and Content for Downstream Emissions Disclosures

By: Robert S. Kaplan and Karthik Ramanna

In a previous paper, we proposed the E-liability carbon accounting algorithm for companies to measure and subsequently reduce their own and their suppliers’ emissions. Some investors and stakeholders, however, want companies to also be accountable for downstream... View Details

Keywords: Carbon Emissions; Disclosure; Carbon Footprint; Climate Change; Measurement and Metrics; Corporate Disclosure; Environmental Sustainability; Corporate Social Responsibility and Impact

2014
Working Paper

Waste, Recycling and Entrepreneurship in Central and Northern Europe, 1870–1940

By: Geoffrey Jones and Andrew Spadafora

This working paper examines the role of entrepreneurs in the municipal solid waste industry in industrialized central and northern Europe from the late nineteenth century to the 1940s. It explores the emergence of numerous German, Danish, and other European... View Details

Keywords: Environmental Entrepreneurship; Business History; Entrepreneurship; Health; History; Green Technology Industry; Germany; Denmark; Hungary; United Kingdom

SSRN

2008
Working Paper

Agency and Institutions: A Review of Institutional Entrepreneurship

By: Julie Battilana, Bernard Leca and Eva Boxenbaum

This paper analyzes the literature that has been published on institutional entrepreneurship since Paul DiMaggio introduced the notion in 1988. Based on a systematic selection and analysis of articles, the paper outlines an emerging consensus on the definition and... View Details

Keywords: Corporate Entrepreneurship; Body of Literature; Research

27 Apr 2021
Research & Ideas

New Research: Surviving Bankruptcy, Useful Economics, and Retirement

workplace. Across six studies, we found convergent evidence that emotional acknowledgment led to greater perceptions of costliness, and in turn, to higher evaluations of trust.” Working Papers Deregulation,... View Details

October 2001 (Revised December 2001)
Background Note

Extraterritorial Applications of Antitrust Law: U.S. and Japanese Approaches

By: Guhan Subramanian and Michelle Kalka

This case describes the differebt approaches the United States and Japan have taken to extend the jurisdiction of their antitrust laws to foreign companies. The section on the United States, in particular, focuses on the evolving logic of the Supreme Court in dealing... View Details

Keywords: Laws and Statutes; Lawfulness; Government Legislation; Policy; Business or Company Management; Government and Politics; Pulp and Paper Industry; United States; Japan

Educators

Article

Managing Healthcare Costs and Value

By: Robert S. Kaplan, Michael E. Porter and Mark L. Frigo

Rising health care costs are a major global challenge. A number of factors contribute to this trend, including aging populations and medical technology. But an underlying and misunderstood source of health care’s escalating costs has been the inability of health care... View Details

Keywords: Health Care and Treatment; Cost; Cost Management; Cost Accounting; Health Industry

November 2008
Journal Article

Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises

By: Mihir A. Desai, C. Fritz Foley and Kristin Forbes

This paper examines how financial constraints and product market exposures determine the response of multinational and local firms to sharp depreciations. U.S. multinational affiliates increase sales, assets, and investment significantly more than local firms during,... View Details

Keywords: Economic Growth; Financial Crisis; Currency; Private Equity; Foreign Direct Investment; Multinational Firms and Management; Emerging Markets; United States