Publications
Publications
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(3,682)
- Faculty Publications (650)
- 2017
- Working Paper
International Business and Emerging Markets: A Long-Run Perspective
By: Geoffrey Jones
This working paper explores long-run patterns in the strategies of international business in developing countries. There was a massive wave of Western multinational investment in the developing world during the first wave of globalization before the 1920s. The... View Details
- 2017
- Chapter
Immigrant Entrepreneurship
By: William R. Kerr and Sari Pekkala Kerr
We examine immigrant entrepreneurship and the survival and growth of immigrant-founded businesses over time relative to native-founded companies. Our work quantifies immigrant contributions to new firm creation in a wide variety of fields and using multiple... View Details
- September 2017
- Article
The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment
By: Laura Alfaro, Anusha Chari and Fabio Kanczuk
Emerging-market governments adopted capital control taxes to manage the massive surge in foreign capital inflows in the aftermath of the global financial crisis. Theory suggests that the imposition of capital controls can drive up the cost of capital and curb... View Details
- September–October 2017
- Article
Why Do We Undervalue Competent Management?: Neither Great Leadership Nor Brilliant Strategy Matters Without Operational Excellence
By: Raffaella Sadun, Nicholas Bloom and John Van Reenen
A recurring message in business education is that you can’t compete on the basis of management processes because they’re easily copied. Operational effectiveness is table stakes in the competitive universe, it is often assumed, and thus cannot serve as a sustainable... View Details
- 2017
- Other Article
Designing an Agile Software Portfolio Architecture: The Impact of Coupling on Performance
By: Alan MacCormack and Robert Lagerstrom
The modern industrial corporation encompasses a myriad of different software applications, each of which must work in concert to deliver functionality to end-users. However, the increasingly complex and dynamic nature of competition in today’s product-markets dictates... View Details
- 2019
- Working Paper
Collusion in Markets with Syndication
By: John William Hatfield, Scott Duke Kominers, Richard Lowery and Jordan M. Barry
Many markets, including markets for IPOs and debt issuances, are syndicated: each winning bidder invites competitors to join its syndicate to complete production. Using repeated extensive form games, we show that collusion in syndicated markets may become easier as... View Details
- 2017
- Working Paper
Rethinking Measurement of Pay Disparity and its Relation to Firm Performance
By: Ethan Rouen
I develop measures of firm-level pay disparity and examine their relation to firm accounting performance. Using comprehensive compensation data for a large sample of firms, I find no statistically significant relation between the ratio of CEO-to-mean employee... View Details
- 2017
- Working Paper
Business History, the Great Divergence and the Great Convergence
By: Geoffrey Jones
This working paper provides a business history perspective on debates about the Great Divergence, the rise of the income gap between the West and the Rest, and the more recent Great Convergence, which has seen a narrowing of that gap. The literature on the timing and... View Details
- 2017
- Article
Affective, Cognitive and Behavioral Trajectories of Change Recipients in Global Organizations
By: B. S. Reiche, T. B. Neeley and N. Overmeyer
Research rarely addresses how change recipients respond to radical change across affective, cognitive, and behavioral dimensions over time. We examined a radical change in a recently acquired subsidiary of a U.S.-based global organization over a two-year period. With... View Details
- June 12, 2017
- Article
Corporate Balance Sheets in Emerging Markets: A Comparison of the Global Crisis and the Asian Financial Crisis
By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
Leverage levels in emerging market firms rose dramatically in the aftermath of the Global Crisis. This column examines whether concerns of a repeat of the Asian financial crisis, which was largely attributed to corporate financial roots, are justified. While firm... View Details
- Article
Does the Scope of the Sell-Side Analyst Industry Matter? An Examination of Bias, Accuracy, and Information Content of Analyst Reports
By: Kenneth Merkley, Roni Michaely and Joseph Pacelli
We examine changes in the scope of the sell-side analyst industry and whether these changes impact information dissemination and the quality of analysts’ reports. Our findings suggest that changes in the number of analysts covering an industry impact analyst... View Details
- 2017
- Working Paper
Digital Agility: The Impact of Software Portfolio Architecture on IT System Evolution
By: Alan MacCormack, Robert Lagerström, Martin Mocker and Carliss Y. Baldwin
The modern industrial firm increasingly relies on software to support its competitive position. However, the uncertain and dynamic nature of today’s global marketplace dictates that this software be continually evolved and adapted to meet new business challenges. This... View Details
- 2017
- Working Paper
Lessons Unlearned? Corporate Debt in Emerging Markets
By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate... View Details
- May 2017
- Article
Immigration and the Rise of American Ingenuity
By: Ufuk Akcigit, John Grigsby and Tom Nicholas
We build on the analysis in Akcigit, Grigsby, and Nicholas (2017) by using U.S. patent and census data to examine the relationship between immigration and innovation. We construct a measure of foreign born expertise and show that technology areas where immigrant... View Details
- May 2017
- Article
Psychologically Informed Implementations of Sugary-Drink Portion Limits
By: Leslie John, Grant Donnelly and Christina Roberto
In 2012, the New York City Board of Health prohibited restaurants from selling sugary drinks in containers larger than 16 ounces. Although a state court ruled that the Board of Health did not have the authority to implement such a policy, it remains a legally viable... View Details
- Article
Gains from Foreign Direct Investment: Macro and Micro Approaches
By: Laura Alfaro
This paper discussed the importance of an “integrated approach” to the study of the effects of FDI on host countries. Macro-level work that examines countries at different stages of development and institutional capacity is needed to surface the role of local... View Details
- Article
The Effects of Product Line Breadth: Evidence from the Automotive Industry
By: Antonio Moreno and Christian Terwiesch
Using a detailed data set from the U.S. automotive industry, we enrich the existing literature on product line breadth with new results that highlight previously unexplored operational aspects of its benefits and costs. We find that expanding product line breadth has a... View Details
- February 2017
- Article
Resident Networks and Corporate Connections: Evidence from World War II Internment Camps
By: Lauren Cohen, Umit Gurun and Christopher J. Malloy
We demonstrate that simply by using the ethnic makeup surrounding a firm’s location, we can predict, on average, which trade links are valuable for firms. Using customs and port authority data on the international shipments of all U.S. publicly traded firms, we show... View Details
- January 2017 (Revised January 2019)
- Case
The Rise and Fall of Lehman Brothers
By: Stuart C. Gilson, Kristin Mugford and Sarah L. Abbott
With nearly $700 billion in assets, Lehman was the largest U.S. bankruptcy in history. In 2007, Lehman achieved record earnings of over $4 billion on revenues of $60 billion. By September 2008 the fourth largest investment bank in the world was bankrupt. How had a... View Details
Keywords: Bankruptcy; Financial Distress; Accounting Policies; Business Ethics; Financial Reporting; Volatility; Judgments; Financial Crisis; Insolvency and Bankruptcy; Financial Liquidity; Investment Banking; Financial Management; Financial Strategy; Corporate Accountability; Corporate Disclosure; Corporate Governance; Crisis Management; Risk Management; Failure; Business and Government Relations; Ethics; Banking Industry; New York (city, NY)
- 2017
- Working Paper
The Rise of American Ingenuity: Innovation and Inventors of the Golden Age
By: Ufuk Akcigit, John Grigsby and Tom Nicholas
We examine the golden age of U.S. innovation by undertaking a major data collection exercise linking inventors from historical U.S. patents to Federal Censuses between 1880 and 1940 and to regional economic aggregates. We provide a theoretical framework to motivate the... View Details