Publications
Publications
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- All HBS Web
(961)
- Faculty Publications (268)
- 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
- 2023
- Working Paper
Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers
By: Ufuk Akcigit, Sina T. Ates, Josh Lerner, Richard Townsend and Yulia Zhestkova
The treatment of foreign investors is a contentious topic in U.S. entrepreneurship policy. We
model a setting where foreign corporate investments in Silicon Valley may allow U.S. entrepreneurs
to pursue technologies that they could not otherwise, but may also lead to... 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
- August 2016 (Revised July 2017)
- Case
Diageo and Mey Icki: Turkish Delight or Turkish Hangover?
By: Dante Roscini and Gamze Yucaoglu
In September 2013, two years after its $2.1 billion acquisition of Mey Icki Sanayi ve Ticaret AS (Mey Icki), the principal spirits company in Turkey specializing in the local beverage, raki, Diageo, the world’s leading premium drinks company, was concerned about new... View Details
- February 2016 (Revised September 2017)
- Case
Mohamed Azab and Seha Capital
By: Richard G. Hamermesh and Sarah McAra
In January 2011, Mohamed Azab, founder and CEO of health care investment firm Seha Capital, made his first health care investment in Hassab Labs, a diagnostic lab in Alexandria, Egypt. Weeks later, a revolution erupted across the country as the Arab Spring swept... View Details
- October 2015
- Case
Clearwater Seafoods
Clearwater sought to market value-added shellfish products in a traditionally commodities based industry, while facing supply uncertainties and regulatory, environmental, and foreign exchange challenges. Clearwater harvested lobsters, clams, scallops, shrimp, and other... View Details
- October 2015 (Revised July 2017)
- Case
OMV Petrom: Investment as Partnership—When It Takes Three to Tango
By: Dante Roscini, Emer Maloney and Daniela Beyersdorfer
Petrom was privatized by the Romanian state in 2004 and acquired by Austrian oil company OMV, with the state retaining a 20.6% stake in the company. The situation was particularly challenging for the foreign investor since the sector in which the company operated was... View Details