Institution - Publications - Faculty & Research

25 Jan 2024
News

Alumni Gain Insights on Nigeria’s New Government; Taipei Alumni Host Faculty Guest

Clubs News Clubs News HBS Alumni in Nigeria Discuss New Government’s Fiscal Policies To better understand the economic and policy direction of Nigeria’s newly sworn-in government, the HBS Association of Nigeria hosted a hybrid program on December 14 featuring Taiwo... View Details

Keywords: Margie Kelley

15 Jun 2021
News

Leading at State

Foreign Service Institute and is now the US chargé d’affaires to India. “A lot of what Harvard Business School has to offer is fundamental leadership training, change management, organizational management, and other things that are very... View Details

Keywords: leadership; international relations; politics; Executive Education

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News - Research Computing Services

regulatory requirements, and to support data security measures. New Requirements for Project Space Requests Effective February 11, all necessary compliance documentation, including Institutional Review Board (IRB) documentation, Data Use... View Details

27 Feb 2013
Working Paper Summaries

In Strange Company: The Puzzle of Private Investment in State-Controlled Firms

Keywords: by Mariana Pargendler, Aldo Musacchio & Sergio G. Lazzarini; Banking; Financial Services

Teaching Interest

Doing Business in Africa

By: John D. Macomber

This course introduces frameworks and models for smart and focused investing and operations across sectors, nations, industries, and time frames in Africa. Students will learn tools and skills to help navigate the business landscape of Africa in terms of selection... View Details

Keywords: Africa

January 2020
Case

Celata Bioinnovations

By: John R. Wells and Benjamin Weinstock

In December 2019, Jon Hu (HBS ‘19) and Dr. Samantha Dale Strasser, co-founders of Celata Bioinnovations, were raising $1 million to launch their company. They had founded Celata less than six months earlier with the aim of redefining the drug discovery process.... View Details

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HBS - The year in Review

Patrick, Massachusetts Institute of Technology President Dr. L. Rafael Reif, Harvard Medical School Dean Dr. George Daley, and Biogen Co-founder Dr. Phillip Sharp. More on the John Hawkins Collection CREATING A Sustainable Campus FY21... View Details

01 Mar 2023
News

Toward a Life Well Lived

in her LIFE Lab—part of the Digital, Data, and Design Institute at Harvard. Her aim is to learn, through a longitudinal study, what matters to people at various stages of their lives, as well as how that might change and why, which is... View Details

Keywords: Jennifer Gillespie; Educational Support Services; Educational Services

01 Oct 1997
News

Brice Cutrer Jones

program he instituted in 1992. Bred to yield the most intense flavors possible, the pea-sized Grand Cru grapes, derived from French clones, are harvested from the vineyard's rocky hillsides, sorted on a vibrating culling table invented by... View Details

Keywords: Judith A. Ross

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Events - Private Capital Project

David Coats (Managing Director & Co-Founder, Correlation Ventures), and Lea Stern (Assistant Professor, University of Washington and the Allen Institute for AI), moderated by Professor Victoria Ivashina (Co-head of HBS Private Capital... View Details

18 Aug 2003
Research & Ideas

How New Managers Become Great Managers

she set store standards, instituted training programs, and rejuvenated performance. Due to her success in operations over the next two years, this manager received two more challenging assignments. First, she became director of sales for... View Details

Keywords: by Linda Hill

16 May 2000
Research & Ideas

The Simple Economics of Open Source

Tirole, an economist at the University of Toulouse and the Massachusetts Institute of Technology. In their new working paper, "The Simple Economics of Open Source," Lerner and Tirole make the case that an idealistic notion of... View Details

Keywords: by Martha Lagace; Technology

September 2011
Article

Political Instability: Effects on Financial Development, Roots in the Severity of Economic Inequality

By: Mark J. Roe and Jordan I. Siegel

We here bring forward strong evidence that political instability impedes financial development, with its variation a primary determinant of differences in financial development around the world. As such, it needs to be added to the short list of major determinants of... View Details

Keywords: Financial Development; Political Instability; Government and Politics; Finance; Growth and Development; Economics; Equality and Inequality

Citation

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Roe, Mark J., and Jordan I. Siegel. "Political Instability: Effects on Financial Development, Roots in the Severity of Economic Inequality." Journal of Comparative Economics 39, no. 3 (September 2011): 279–309. (We here bring forward strong evidence that political instability impedes financial development, with its variation a primary determinant of differences in financial development around the world. As such, it needs to be added to the short list of major determinants of financial development. First, structural conditions first postulated by Engerman and Sokoloff (2002) as generating long-term inequality are shown here empirically to be exogenous determinants of political instability. Second, that exogenously-determined political instability in turn holds back financial development, even when we control for factors prominent in the last decade's cross-country studies of financial development. The findings indicate that inequality-perpetuating conditions that result in political instability are fundamental roadblocks for international organizations like the World Bank that seek to promote financial development. The evidence here includes country fixed effect regressions and an instrumental model inspired by Engerman and Sokoloff's (2002) work, which to our knowledge has not yet been used in finance and which is consistent with current tests as valid instruments. Four conventional measures of national political instability — Alesina and Perotti's (1996) well-known index of instability, a subsequent index derived from Banks' (2005) work, and two indices of managerial perceptions of nation-by-nation political instability — persistently predict a wide range of national financial development outcomes for recent decades. Political instability's significance is time consistent in cross-sectional regressions back to the 1960's, the period when the key data becomes available, robust in both country fixed-effects and instrumental variable regressions, and consistent across multiple measures of instability and of financial development. Overall, the results indicate the existence of an important channel running from structural inequality to political instability, principally in nondemocratic settings, and then to financial backwardness. The robust significance of that channel extends existing work demonstrating the importance of political economy explanations for financial development and financial backwardness. It should help to better understand which policies will work for financial development, because political instability has causes, cures, and effects quite distinct from those of many of the key institutions most studied in the past decade as explaining financial backwardness.)

Research Summary

Land in China's Political Economy

By: Meg Rithmire

Land Bargains and Chinese Capitalism: The Politics of Property Rights under Reform

Published October 2015

China since the 1980s has been the scene of unprecedented efforts at urban construction and growth, even in the absence of privatization... View Details

14 Mar 2014
HBS Seminar

Jeremy M. Levin, former President and CEO, Teva Pharmaceutical Industries

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News & Commentary - Advancing Racial Equity

Shai Feldman, Brandeis University; Amaney Jamal, Princeton University; David Makovsky, The Washington Institute and Koret Project on Arab-Israel Relations under President Obama; and Khalil Shikaki, Brandeis University. The panel was... View Details