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- Faculty Publications (519)
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- All HBS Web (1,044)
- Faculty Publications (519)
- January 2011 (Revised June 2011)
- Supplement
Fixed Income Arbitrage in a Financial Crisis (C): TED Spread and Swap Spread in November 2008
Investment manager Albert Mills confronts an apparent arbitrage opportunity during the global financial crisis of 2008 when he notices an unusually low-- and briefly negative-- thirty-year U.S. dollar fixed-floating swap spread. Mills must decide if there is an... View Details
Keywords: Bonds; Financial Management; Investment Return; Financial Crisis; Financial Services Industry; United States
Taliaferro, Ryan D., and Stephen Blyth. "Fixed Income Arbitrage in a Financial Crisis (C): TED Spread and Swap Spread in November 2008." Harvard Business School Supplement 211-051, January 2011. (Revised June 2011.)
- June 2010
- Article
A Gap-Filling Theory of Corporate Debt Maturity Choice
By: Robin Greenwood, Samuel G. Hanson and Jeremy C. Stein
We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government debt. We document that... View Details
Keywords: Business Ventures; Decision Choices and Conditions; Borrowing and Debt; Financial Liquidity; Investment Return; Government and Politics
Greenwood, Robin, Samuel G. Hanson, and Jeremy C. Stein. "A Gap-Filling Theory of Corporate Debt Maturity Choice." Journal of Finance 65, no. 3 (June 2010): 993–1028. (Supplementary results in Internet Appendix.)
- 24 Jun 2009
- Working Paper Summaries
Don’t Just Survive—Thrive: Leading Innovation in Good Times and Bad
Keywords: by Lynda M. Applegate & J. Bruce Harreld
- 2020
- Working Paper
An Executive Order Worth $100 Billion: The Impact of an Immigration Ban's Announcement on Fortune 500 Firms' Valuation
By: Dany Bahar, Prithwiraj Choudhury and Britta Glennon
On June 22, 2020, President Trump issued an Executive Order (EO) that suspended new work visas, barring nearly 200,000 foreign workers and their dependents from entering the United States and preventing American companies from hiring skilled immigrants using H-1B or L1... View Details
Keywords: Visa; Foreign Workers; Fortune 500; Immigration; Policy; System Shocks; Business Ventures; Valuation
Bahar, Dany, Prithwiraj Choudhury, and Britta Glennon. "An Executive Order Worth $100 Billion: The Impact of an Immigration Ban's Announcement on Fortune 500 Firms' Valuation." Harvard Business School Working Paper, No. 21-055, October 2020.
- 2010
- Working Paper
Decoding Inside Information
By: Lauren Cohen, Christopher Malloy and Lukasz Pomorski
Using a simple empirical strategy, we decode the information in insider trades. Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable "routine" insider trading that is not informative for the future of firms.... View Details
Keywords: Forecasting and Prediction; Stocks; Financial Markets; Investment; Investment Return; Investment Portfolio; Market Transactions
Cohen, Lauren, Christopher Malloy, and Lukasz Pomorski. "Decoding Inside Information." NBER Working Paper Series, No. 16454, October 2010. (Winner of Institute for Quantitative Investment Research (INQUIRE) Grant presented by Institute for Quantitative Investment Research. Winner of Chicago Quantitative Alliance Academic Paper Competition. First Prize presented by Chicago Quantitative Alliance.)
- May 2006 (Revised July 2007)
- Case
Creating Meaning for the Customer: The Case of GMACI
Excellence in exploiting customer information and leveraging its affiliation to the GM group are among the strategic options that GMAC Insurance CEO Gary Kusumi is considering. GMAC Insurance, the wholly-owned auto insurance subsidiary of General Motors, formed through... View Details
Keywords: Customer Relationship Management; Decision Choices and Conditions; Knowledge Use and Leverage; Strategy; Auto Industry; Insurance Industry
Martinez-Jerez, Francisco de Asis, Nathan Mangum, and Joshua Bellin. "Creating Meaning for the Customer: The Case of GMACI." Harvard Business School Case 106-073, May 2006. (Revised July 2007.)
- 18 Nov 2014
- HBS Seminar
Steve Tadelis, University of California Berkeley Haas School of Business
- Article
Why Every Organization Needs an Augmented Reality Strategy
By: Michael E. Porter and James E. Heppelmann
While the physical world is three-dimensional, most data is trapped on two-dimensional pages and screens. This gulf between the real and digital worlds prevents us from fully exploiting the volumes of information now available to us. Augmented reality (AR), a set of... View Details
Keywords: Technological Innovation; Innovation Strategy; Organizational Change and Adaptation; Performance Effectiveness
Porter, Michael E., and James E. Heppelmann. "Why Every Organization Needs an Augmented Reality Strategy." Harvard Business Review 95, no. 6 (November–December 2017): 46–57.
- TeachingInterests
Driving Digital Strategy
Technology, like a relentless force of nature, is reshaping industries at an unprecedented pace. It poses a threat to those who resist and fail to adapt. But it also presents unparalleled opportunities to those audacious enough to harness its... View Details
- 2021
- Working Paper
The Luck of the Draw: The Causal Effect of Physicians on Birth Outcomes
By: Arlen Guarin, Christian Posso, Estefania Saravia and Jorge Tamayo
Identifying the effect of physicians’ skills on health outcomes is a challenging task due to the nonrandom sorting between physicians and hospitals. We overcome this challenge by exploiting a Colombian government program that randomly assigned 2,126 physicians to 618... View Details
Keywords: Physicians' Health Skills; Health Birth Outcomes; Birthing Outcomes; Experimental Evidence; Health Care and Treatment; Competency and Skills; Outcome or Result; Health Industry; Colombia
Guarin, Arlen, Christian Posso, Estefania Saravia, and Jorge Tamayo. "The Luck of the Draw: The Causal Effect of Physicians on Birth Outcomes." Harvard Business School Working Paper, No. 22-015, February 2021. (R&R American Economic Journal.)
- 2024
- Working Paper
The Seeds of Ideology: Historical Immigration and Political Preferences in the United States
By: Paola Giuliano and Marco Tabellini
We study the long run effects of immigration on American political ideology. Exploiting
cross-county variation in the presence of European immigrants between 1900
and 1930, we establish a novel result: historical European immigration is associated
with stronger... View Details
Keywords: Political Ideology; Preferences For Redistribution; Cultural Transmission; Immigration; History; Values and Beliefs; Welfare; United States
Giuliano, Paola, and Marco Tabellini. "The Seeds of Ideology: Historical Immigration and Political Preferences in the United States." Harvard Business School Working Paper, No. 20-118, May 2020. (Revised July 2024. Revise and resubmit at the Journal of the European Economic Association. Available also from VOX, UCLA Anderson Review, Weekendavisen, Cato Institute, Luxembourg Institute of Socio-Economic Research (LISER), World Financial Review, and Newsweek.)
- March 2020
- Article
The Politics of M&A Antitrust
By: Mihir N. Mehta, Suraj Srinivasan and Wanli Zhao
Antitrust regulators play a critical role in protecting market competition. We examine whether firms can use the political process to opportunistically influence antitrust reviews of corporate merger transactions. We exploit the fact that in some mergers, acquirers... View Details
Keywords: Political Economy; Antitrust; FTC; DOJ; Mergers and Acquisitions; Government and Politics; Power and Influence
Mehta, Mihir N., Suraj Srinivasan, and Wanli Zhao. "The Politics of M&A Antitrust." Journal of Accounting Research 58, no. 1 (March 2020): 5–53. (Previously circulated under title "Political Influence and Merger Antitrust Reviews.")
- November 2010 (Revised January 2012)
- Case
CNOOC: Building a World-Class Energy Company
By: Joseph L. Bower, Nancy Hua Dai and Michael Shih-ta Chen
Fu Chengyu is the fifth CEO to lead China National Offshore Oil Company - an SOE founded in 1982 to exploit Chinese offshore deposits. In 2010 he is trying to decide how to drive further growth in a company that has grown 556 times in less than 30 years, with profits... View Details
Keywords: Talent and Talent Management; Leadership Development; Growth and Development Strategy; Resource Allocation; Organizational Culture; State Ownership; Competitive Strategy; Energy Industry; China
Bower, Joseph L., Nancy Hua Dai, and Michael Shih-ta Chen. "CNOOC: Building a World-Class Energy Company." Harvard Business School Case 311-074, November 2010. (Revised January 2012.)
- 2007
- Working Paper
Noncompetes and Inventor Mobility: Specialists, Stars, and the Michigan Experiment
Several scholars have documented the positive consequences of job-hopping by inventors, including knowledge spillovers and agglomeration and the concentration of spinoffs. This work investigates a possible antecedent of inventor mobility: regional variation in the... View Details
Marx, Matt, Deborah Strumsky, and Lee Fleming. "Noncompetes and Inventor Mobility: Specialists, Stars, and the Michigan Experiment." Harvard Business School Working Paper, No. 07-042, January 2007.
- August 2023
- Article
Can Security Design Foster Household Risk-Taking?
By: Laurent Calvet, Claire Célérier, Paolo Sodini and Boris Vallée
This paper shows that securities with a non-linear payoff design can foster household risk-taking. We demonstrate this effect empirically by exploiting the introduction of capital guarantee products in Sweden from 2002 to 2007. The fast and broad adoption of these... View Details
Keywords: Financial Innovation; Household Finance; Structured Products; Stock Market Participation; Finance; Innovation and Invention; Household; Personal Finance; Risk and Uncertainty; Behavior; Market Participation
Calvet, Laurent, Claire Célérier, Paolo Sodini, and Boris Vallée. "Can Security Design Foster Household Risk-Taking?" Journal of Finance 78, no. 4 (August 2023): 1917–1966.
- 2025
- Working Paper
Threat and Assimilation: Evidence from Refugees in Germany
By: Philipp Jaschke, Sulin Sardoschau and Marco Tabellini
This paper studies the effects of local threat on the cultural assimilation and economic integration of refugees, exploiting plausibly exogenous variation in their allocation across German regions between 2013 and 2016. We use representative survey data and... View Details
Keywords: Assimilation; Threat Hypothesis; Migration; Cultural Change; Refugees; Culture; Identity; Germany
Jaschke, Philipp, Sulin Sardoschau, and Marco Tabellini. "Threat and Assimilation: Evidence from Refugees in Germany." Harvard Business School Working Paper, No. 22-043, December 2021. (Revised January 2025. Also available from NBER, and featured on Le Monde.)
- Working Paper
The Long-Run Dynamics of Electricity Demand: Evidence from Municipal Aggregation
By: Tatyana Deryugina, Alexander MacKay and Julian Reif
Economic theory suggests that demand is more elastic in the long run relative to the short run, but evidence on the empirical relevance of this phenomenon is scarce. We study the dynamics of residential electricity demand by exploiting price variation arising from a... View Details
Deryugina, Tatyana, Alexander MacKay, and Julian Reif. "The Long-Run Dynamics of Electricity Demand: Evidence from Municipal Aggregation." NBER Working Paper Series, No. 23483, October 2017.
- March 2002 (Revised May 2003)
- Case
NeoPets, Inc.
By: Thomas R. Eisenmann and Elizabeth Kind
NeoPets, a rapidly growing Internet start-up, faces decisions about its international expansion strategy--whether to enter a joint venture with a conglomerate in Singapore to exploit Asian markets as well as which other regions to target. NeoPets allows its... View Details
Keywords: Expansion; Global Strategy; Network Effects; Joint Ventures; Business Conglomerates; Age; Internet and the Web; Product Positioning; Digital Marketing; Internet and the Web; Corporate Entrepreneurship; Information Technology Industry; Asia; Singapore
Eisenmann, Thomas R., and Elizabeth Kind. "NeoPets, Inc." Harvard Business School Case 802-100, March 2002. (Revised May 2003.)
Michael L. Tushman
Michael Tushman holds degrees from Northeastern University (B.S.E.E.), Cornell University (M.S.), and the Sloan School of Management at M.I.T. (Ph.D.). Tushman was on the faculty of the Graduate School of Business, Columbia University, from 1976 to 1998 where he was... View Details
- February 2015
- Case
TouchTunes and the Connected Digital Jukebox Platform
By: Alan MacCormack and Noah Fisher
The case describes innovation and new product development at TouchTunes, the leader in the Digital Jukebox market. In March 2013, after releasing its innovative "Virtuo" jukebox developed in collaboration with frog design, TouchTunes was at a crossroads. Having... View Details