Publications
Publications
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- All HBS Web
(1,079)
- Faculty Publications (341)
- April 2024
- Article
Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads
By: Samuel G. Hanson, Aytek Malkhozov and Gyuri Venter
We develop and test a model in which swap spreads are determined by end users' demand for
and constrained intermediaries’ supply of long-term interest rate swaps. Swap spreads reflect
compensation both for using scarce intermediary capital and for bearing convergence... View Details
- April–May 2024
- Article
Gone with the Big Data: Institutional Lender Demand for Private Information
By: Jung Koo Kang
I explore whether big-data sources can crowd out the value of private information acquired through lending relationships. Institutional lenders have been shown to exploit their access to borrowers’ private information by trading on it in financial markets. As a shock... View Details
- 2024
- Working Paper
Social Movements and Public Opinion in the United States
By: Amory Gethin and Vincent Pons
Recent social movements stand out by their spontaneous nature and lack of stable leadership, raising doubts on their ability to generate political change. This article provides systematic evidence on the effects of protests on public opinion and political attitudes.... View Details
- March 2024 (Revised September 2024)
- Case
Supercell 2.0: Clash of Plans
By: Jeffrey F. Rayport and George Gonzalez
Founded in 2010, Supercell was a Helsinki, Finland-based mobile gaming company that had developed and launched five global hit mobile games: Clash of Clans, Clash Royale, Hay Day, Brawl Stars, and Boom Beach. The company’s early philosophy was that it could produce... View Details
- 2025
- Working Paper
Exports in Disguise? Trade Rerouting During the U.S.-China Trade War
By: Ebehi Iyoha, Edmund Malesky, Jaya Wen and Sung-Ju Wu
This paper introduces a new measure of tariff evasion through rerouting and applies it to the
2018 U.S.–China trade war, focusing on Vietnam as a transit country. We use transaction-level trade data and define rerouting as the flow of a granular eight-digit Harmonized... View Details
- February 2024
- Article
Diversification as an Adaptive Learning Process: An Empirical Study of General-Purpose and Market-Specific Technological Know-How in New Market Entry
By: Dominika Kinga Randle and Gary P. Pisano
An enduring trait of modern corporations is their propensity to diversify into multiple lines of business. Penrosian theories conceptualize diversification as a strategy to exploit a firm’s fungible, yet “untradeable”, resources and point to redeployment of... View Details
- January 2024
- Article
Dog Eat Dog: Balancing Network Effects and Differentiation in a Digital Platform Merger
By: Chiara Farronato, Jessica Fong and Andrey Fradkin
Digital platforms are increasingly the subject of regulatory scrutiny. In comparison to multiple competitors, a single platform may increase consumer welfare if network effects are large or may decrease welfare due to higher prices or reduction in platform variety. We... View Details
- December 2023
- Article
Brokerage Relationships and Analyst Forecasts: Evidence from the Protocol for Broker Recruiting
By: Braiden Coleman, Michael Drake, Joseph Pacelli and Brady Twedt
In this study, we offer novel evidence on how the nature of brokerage-client relationships can influence the quality of equity research. We exploit a unique setting provided by the Protocol for Broker Recruiting to examine whether relaxed broker non-compete agreement... View Details
Keywords: Brokers; Analysts; Forecasts; Bias; Protocol; Investment; Research; Forecasting and Prediction
- 2023
- Working Paper
Learning by Investing: Entrepreneurial Spillovers from Venture Capital
By: Josh Lerner, Jinlin Li and Tong Liu
This paper studies how investing in venture capital (VC) affects the entrepreneurial outcomes of individual limited partners (LPs). Using comprehensive administrative data on entrepreneurial activities and VC fundraising and investments in China, we first document that... View Details
- November 2023
- Article
When Executives Pledge Integrity: The Effect of the Accountant's Oath on Firms' Financial Reporting
By: Jonas Heese, Gerardo Pérez Cavazos and Caspar David Peter
We study the effect of executives’ pledges of integrity on firms’ financial reporting outcomes by exploiting a 2016 regulation that requires holders of Dutch professional accounting degrees to pledge an integrity oath. We identify chief executive officers (CEOs) and... View Details
- 2022
- Working Paper
Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market
By: Zach Y. Brown, Mark Egan, Jihye Jeon, Chuqing Jin and Alex A. Wu
Index funds are one of the most common ways investors access financial markets and are perceived to be a transparent and low-cost alternative to active investment management. Despite these purported virtues of index fund investing and the introduction of new products... View Details
- October 2023
- Article
Innovation on Wings: When Do Nonstop Flights Matter for Global Innovation?
By: Dany Bahar, Prithwiraj Choudhury, Do Yoon Kim and Wesley Koo
We study whether, when, and how better connectivity through nonstop flights leads to positive innovation outcomes for firms in the global context. Using unique data of all flights emanating from 5,015 airports around the globe from 2005 to 2015 and exploiting a... View Details
- Summer 2023
- Article
(Un)principled Agents: Monitoring Loyalty after the End of the Royal African Company Monopoly
By: Anne Ruderman and Marlous van Waijenburg
The revocation of the Royal African Company's monopoly in 1698 inaugurated a transformation of the transatlantic slave trade. While the RAC’s exit from the slave trade has received scholarly attention, little is known about the company’s response to the loss of its... View Details
- September 2023
- Article
Consuming Contests: The Effect of Outcome Uncertainty on Spectator Attendance in the Australian Football League
By: Patrick Ferguson and Karim R. Lakhani
Contests that non-contestants consume for entertainment are a fixture of economic, cultural and political life. We exploit injury-induced changes to teams' line-ups in a professional sports setting to examine whether individuals prefer to consume contests that have... View Details
- September 2023
- Article
The Health Costs of Dirty Energy: Evidence from the Capacity Market in Colombia
By: Achyuta Adhvaryu, Theresa Molina, Anant Nyshadham, Jorge Tamayo and Nicholas Torres
The health effects of “dirty” (fossil fuel driven) energy production are difficult to measure accurately due to the endogeneity of fuel choice. We exploit an electricity policy in Colombia that generates a price-based trigger for the use of thermal energy sources.... View Details
- 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
- August 2023
- Article
Formal Employment and Organized Crime: Regression Discontinuity Evidence from Colombia
By: Gaurav Khanna, Carlos Medina, Anant Nyshadham, Jorge Tamayo and Nicolas Torres
Safety net programs, common in settings with high informality like Latin America, often use a means test to establish eligibility. We ask: in settings in which organised crime provides lucrative opportunities in the informal market, will discouraging formal employment... View Details
- 2023
- Working Paper
Much Ado About Nothing? Overreaction to Random Regulatory Audits
By: Samuel Antill and Joseph Kalmenovitz
Regulators often audit firms to detect non-compliance. Exploiting a natural experiment in the lobbying industry, we show that firms overreact to audits and this response distorts prices and reduces welfare. Each year, federal regulators audit a random sample of... View Details
- Summer 2023
- Article
Do Policies to Increase Access to Treatment for Opioid Use Disorder Work?
By: Eric Barrette, Leemore S. Dafny and Karen Shen
Even among commercially insured individuals, opioid use disorder is undertreated in the United States: nearly half receive no treatment within six months of a new diagnosis. Using a difference-in-differences specification exploiting the extension of insurance parity... View Details
- 2023
- Working Paper
Keep Your Enemies Closer: Strategic Platform Adjustments during U.S. and French Elections
By: Rafael Di Tella, Randy Kotti, Caroline Le Pennec and Vincent Pons
A key tenet of representative democracy is that politicians' discourse and policies should follow voters' preferences. In the median voter theorem, this outcome emerges as candidates strategically adjust their platform to get closer to their opponent. Despite its... View Details