Publications
Publications
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- All HBS Web
(960)
- Faculty Publications (272)
- April 2022
- Article
Going Out or Opting Out? Capital, Political Vulnerability, and the State in China's Outward Investment
By: Meg Rithmire
How do state-business relations interact with outward investment in authoritarian regimes? This paper examines this question in the context of China’s rapid transformation into a major capital exporter. While most political economy scholarship focuses on firms’... View Details
- 2022
- Working Paper
Markups to Financial Intermediation in Foreign Exchange Markets
By: Jonathan Wallen
On average from 2013 to 2020, foreign asset managers in net sold forward 1.1 trillion U.S. dollars. This forward sale of dollars hedges the currency mismatch of foreign investment in U.S. dollar assets. By accommodating this demand, U.S. and European banks earn an... View Details
- Article
Business Investment in Education in Emerging Markets Since the 1960s
By: Valeria Giacomin, Geoffrey Jones and Erica Salvaj
This article examines non-profit investments by business in education in emerging markets between the 1960s and the present day. Using a sample of 110 interviews with business leaders from an oral history database, the study shows that more than three-quarters of such... View Details
- August 2021 (Revised November 2021)
- Case
The NCB Capital Turnaround: Waking the Sleeping Giant
By: Sandra J. Sucher, Gamze Yucaoglu, Shalene Gupta and Fares Khrais
The case opens in 2019, five years after, Sarah Al Suhaimi, CEO of NCB Capital (NCBC), the investment arm of Saudi’s largest bank, NCB, took the helm. Having successfully turned the business to make it the market leader, she was contemplating her next steps as... View Details
- 2021
- Other Unpublished Work
Obsolescence of the Obsolescing Bargain: Why Governments Must Get Investor-State Contracts Right
By: Louis T. Wells and Karl P. Sauvant
Gone are the days when governments could easily renegotiate natural resource and other investment contracts if foreign investors, e.g., reaped bonanzas from rising resource prices, surprisingly rich discoveries, or terms that were too favorable. Today, international... View Details
- January 2021 (Revised August 2021)
- Case
ByteDance: TikTok and the Trials of Going Viral
By: William C. Kirby and John P. McHugh
In 2020, TikTok became the most valuable start-up ever. The short-form, video-sharing social media platform emerged as the crown jewel of the Chinese technology firm ByteDance, realizing 850 million monthly users and an estimated worth of $180 billion. However, a... View Details
Keywords: China; Technology; Startup; Start-up; International Strategy; Global Strategy And Leadership; Innovation; Political Risk; Regulations; Trump; Foreign Policy; Foreign Investment; Chinese Internet Market; Global Strategy; Crisis Management; Risk and Uncertainty; Entrepreneurship; Globalized Economies and Regions; Government Legislation; Innovation and Management; Governing Rules, Regulations, and Reforms; Internet and the Web; Social Media; Technology Industry; China; United States
- December 2020
- Article
Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy
By: Wenxin Du, Carolin Pflueger and Jesse Schreger
We document that governments whose local currency debt provides them with greater hedging benefits actually borrow more in foreign currency. We introduce two features into a government's debt portfolio choice problem to explain this finding: risk-averse lenders and... View Details
- 2020
- Chapter
Foreign Direct Investment, Finance and Economic Development
By: Laura Alfaro and Jasmina Chauvin
Research has sought to understand how foreign direct investment affects host economies. This paper reviews the empirical literature, specifically addressing the question: How does FDI affect economic development of host countries and what is the role of local financial... View Details
- November 2019 (Revised January 2020)
- Supplement
Taiwan Semiconductor Manufacturing Company Limited: A Global Company's China Strategy (B)
By: William C. Kirby, Billy Chan and Dawn H. Lau
After the legendary founder of Taiwan Semiconductor Manufacturing Company (TSMC) retired, the new chairman had to grapple with fresh challenges related to its China market: a recently opened factory in China had to find ways to reverse its financial loss and meet its... View Details
- 2019
- Working Paper
Why Does Business Invest in Education in Emerging Markets? Why Does It Matter?
By: Valeria Giacomin, G. Jones and Erica Salvaj
This working paper examines why a significant number of businesses have made non-profit investments in education in emerging markets between the 1960s and the present day. Using a sample of 110 interviews with business leaders from an oral history database at the... View Details
- July 2018 (Revised July 2018)
- Teaching Note
Argentina Power—Don’t Cry for Me Argentina
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
Teaching Note for HBS No. 218-041. This case concerns a complex potential energy infrastructure investment in Argentina by a global conglomerate shortly after Mauricio Macri (“Macri”) became President of Argentina in 2015. The central issues are (i) why was a country... View Details
- July 2018
- Article
Global Collaborative Patents
By: Sari Pekkala Kerr and William R. Kerr
We study the prevalence and traits of global collaborative patents for U.S. public companies, where the inventor team is located both within and outside of the United States. Collaborative patents are frequently observed when a corporation is entering into a new... View Details
- May 2018
- Article
U.S. Treasury Premium
By: Wenxin Du, Joanne Im and Jesse Schreger
We quantify the difference in the convenience yield of U.S. Treasuries and government bonds of other developed countries by measuring the deviation from covered interest parity between government bond yields. We call this wedge the “U.S. Treasury Premium.” We document... View Details
- February 2018
- Case
Infrastructure in Nigeria: Unlocking Pension Fund Investments
By: John Macomber and Pippa Tubman Armerding
The so-called “infrastructure finance gap” was a problem in Nigeria as in many parts of the world. Infrastructure projects like power plants and dams were very large capital investments that could generate long-term consistent cash flows, but their financing and... View Details
- 2018
- Chapter
Transportation Cost and the Geography of Foreign Investment
By: Laura Alfaro and Maggie Chen
Falling transportation costs and rapid technological progress in recent decades have precipitated an explosion of cross-border flows in goods, services, investments, and ideas led by multinational firms. Extensive research has sought to understand the geographic... 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
- 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
- 2017
- Chapter
Multinational Activity in Emerging Markets: How and When Does Foreign Direct Investment Promote Growth?
By: Laura Alfaro
Among the prominent economic trends in recent decades is the exponential increase in flows of goods and capital driven by technological progress and a falling number of restrictions. A key driver of this phenomenon has been the cross-border production, foreign... View Details
- December 2016 (Revised December 2018)
- Case
From Start-Up to Grown-Up Nation: The Future of the Israeli Innovation Ecosystem
By: Elie Ofek and Margot Eiran
In June 2016, Benjamin (Bibi) Netanyahu, Prime Minister of Israel, wrestled with how to sustain Israel’s strong innovation track record and the country’s reputation as the “startup nation.” Despite the economic miracle the country had wrought since its founding, he... View Details
Keywords: Israel; Israeli Start-up Nation; Innovation Economy; Entrepreneurial Mindset; Scaling-up; Unicorns; Innovation Clusters; High-tech; Innovation Management; Multinational Corporation R＆D Centers; Social Equality; Two-tier Economy; Liberalizing An Economy; Foreign Investment; Military Service; Quality Of Human Capital; Socioeconomic Gaps; Labor Force Participation; Government Initiatives; Innovation and Management; Entrepreneurship; Venture Capital; Business Startups; Government and Politics; Economy; Equality and Inequality; Education; Resource Allocation; Globalization; Israel
- September 2016 (Revised September 2016)
- Case
The Tavistock Group and the Australian Agricultural Company
By: Dante Roscini and Matthew Preble
In late 2015, Dr. Shehan Dissanayake, a managing director and board member of Bahamian investment firm The Tavistock Group (Tavistock), the largest shareholder in the Australian Agricultural Company (AACo), one of the country's largest agribusinesses, faces a... View Details