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Publications

Publications

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  • All HBS Web  (119)
    • People  (1)
    • News  (14)
    • Research  (93)
  • Faculty Publications  (36)

Show Results For

  • All HBS Web  (119)
    • People  (1)
    • News  (14)
    • Research  (93)
  • Faculty Publications  (36)
← Page 2 of 119 Results →
  • 1994
  • Chapter

Foreign Direct Investment in Eastern Europe: Some Economic Considerations

By: K. Froot
Keywords: Markets; Asset Pricing; Corporate Finance; Market Imperfections; Foreign Direct Investment; Europe
Citation
Related
Froot, K. "Foreign Direct Investment in Eastern Europe: Some Economic Considerations." In The Transition in Eastern Europe (Restructuring). Vol. 2, edited by O. Blanchard, K. Froot, and J. Sachs, 293–318. Chicago: University of Chicago Press, 1994.
  • Forthcoming
  • Article

Reflexivity in Credit Markets

By: Robin Greenwood, Samuel G. Hanson and Lawrence J. Jin
Reflexivity is the idea that investors' biased beliefs affect market outcomes and that market outcomes in turn affect investors’ future biases. We develop a dynamic behavioral model of the credit cycle featuring this two-way feedback loop. Investors form beliefs about... View Details
Keywords: Reflexivity; Attitudes; Financial Markets; Forecasting and Prediction; Investment; Credit
Citation
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Greenwood, Robin, Samuel G. Hanson, and Lawrence J. Jin. "Reflexivity in Credit Markets." Journal of Finance (forthcoming).
  • 25 Apr 2014
  • News

Strategists analyze market forces—great strategists also look beyond the market

government and interest groups that also seek market imperfections and try to fix them through legal or social means. "These non-market forces can affect the 'rules' of competition: think of Google's... View Details
  • Article

Beyond the Reach of the Invisible Hand: Impediments to Economic Activity, Market Failures, and Profitability

By: Dennis Yao
In this paper it is argued that failures of the competitive market are necessary conditions for supranormal profitability. Three fundamental causes of these market failures-production economies and sunk costs, transactions costs, and imperfect information-are developed... View Details
Keywords: Economics; Markets; Failure; Profit; Cost; Information; Market Transactions; Competition; Strategy; Production
Citation
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Yao, Dennis. "Beyond the Reach of the Invisible Hand: Impediments to Economic Activity, Market Failures, and Profitability." Strategic Management Journal 9 (Summer 1988): 59–70. (Harvard users click here for full text.)
  • March 2021
  • Article

Assortment Rotation and the Value of Concealment

By: Kris J. Ferreira and Joel Goh
Assortment rotation—the retailing practice of changing the assortment of products offered to customers—has recently been used as a competitive advantage for both brick-and-mortar and online retailers. We focus on product categories where consumers may purchase multiple... View Details
Keywords: Assortment Optimization; Retailing; Imperfect Information; Sales; Strategy; Consumer Behavior
Citation
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Ferreira, Kris J., and Joel Goh. "Assortment Rotation and the Value of Concealment." Management Science 67, no. 3 (March 2021): 1489–1507.

    Long-run Returns to Impact Investing in Emerging Markets and Developing Economies

    There is growing interest in impact investing, the idea of deploying capital to obtain both financial and social or environmental returns. Examination of every equity investment made by the International Finance Corporation, one of the largest and... View Details
    • 15 Jun 2012
    • Working Paper Summaries

    Reaching for Yield in the Bond Market

    Keywords: by Bo Becker & Victoria Ivashina
    • January 2009
    • Article

    Multinationals as Arbitrageurs? The Effect of Stock Market Valuations on Foreign Direct Investment

    By: Malcolm Baker, C. Fritz Foley and Jeffrey Wurgler
    Empirical evidence of imperfect integration across world capital markets suggests a role for cross-border arbitrage by multinationals. Consistent with multinational arbitrage as a determinant of foreign direct investment (FDI) patterns, we find that FDI flows increase... View Details
    Keywords: Multinational Firms and Management; Financial Markets; Foreign Direct Investment; Valuation; Capital Markets; Cross-Cultural and Cross-Border Issues; Cost; Forecasting and Prediction; Capital; Stocks; Integration
    Citation
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    Baker, Malcolm, C. Fritz Foley, and Jeffrey Wurgler. "Multinationals as Arbitrageurs? The Effect of Stock Market Valuations on Foreign Direct Investment." Review of Financial Studies 22, no. 1 (January 2009): 337–369.
    • fall 2008
    • Article

    The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market

    By: Kenneth A. Froot
    In this paper, I provide evidence concerning the imperfections in the reinsurance market. I try to get at some of the root causes of these imperfections, e.g., the behavior of ratings firms and the agency problems associated with the corporate form of ownership. I also... View Details
    Keywords: Catastrophe Risk; Corporate Finance; Banking And Insurance; Hedging; Banking; Financial Markets; Insurance; Policy; Risk Management; Natural Disasters; Cost of Capital; Asset Pricing; Insurance Industry
    Citation
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    Froot, Kenneth A. "The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market." Risk Management and Insurance Review 11, no. 2 (fall 2008): 281–294.
    • 06 Apr 2007
    • What Do You Think?

    Will Market Forces Stop Global Warming?

    Summing Up Debate on this month's questions occurred on at least three levels. Is global warming occurring? Do humans (primarily through CO2 emissions) have much to do with it? Should we rely on market forces to provide appropriate... View Details
    Keywords: by Jim Heskett; Energy; Utilities
    • March 2005
    • Case

    Windhoek Nature Reserve: Financing a Sustainable Conservation Model in Namibia

    In 2003, a Namibian entrepreneur was deciding how to finance and manage the risks of an ecotourism, nature reserve, venture project. Explores the challenges facing an entrepreneur operating in an emerging market with imperfect local financial and legal institutions. View Details
    Keywords: Emerging Markets; Entrepreneurship
    Citation
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    Hecht, Peter A., Brooke Parry Hecht, and Kavita Kapur Macleod. "Windhoek Nature Reserve: Financing a Sustainable Conservation Model in Namibia." Harvard Business School Case 205-066, March 2005.
    • March 2005 (Revised April 2005)
    • Case

    Ocean & Oil Holdings and the Leveraged Buyout of Agip Nigeria (A)

    In 2001, a Nigerian holding company was deciding how much to pay for a major Nigerian oil marketing firm. Explores the challenges facing a fast-growing, leveraged buyout firm operating in a global economy but constrained by imperfect local financial and legal... View Details
    Keywords: Leveraged Buyouts; Emerging Markets; Nigeria
    Citation
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    Hecht, Peter A., and Onche Ugbabe. "Ocean & Oil Holdings and the Leveraged Buyout of Agip Nigeria (A)." Harvard Business School Case 205-043, March 2005. (Revised April 2005.)
    • Spring 2013
    • Article

    Accounting Quality, Stock Price Delay, and Future Stock Returns

    By: Jeffrey Callen, Mozaffar N. Khan and Hai Lu
    In frictionless capital markets with complete information and rational investors, stock prices adjust to new information instantaneously and completely. However, a substantial body of research studies information imperfections such as asymmetric information and... View Details
    Keywords: Quality; Price; Stocks; Asset Pricing; Accounting
    Citation
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    Callen, Jeffrey, Mozaffar N. Khan, and Hai Lu. "Accounting Quality, Stock Price Delay, and Future Stock Returns." Contemporary Accounting Research 30, no. 1 (Spring 2013): 269–295.
    • Profile

    Katy Lankester

    Why was earning your MBA at HBS important to you? I came to business school to strengthen my judgement, because I believe as a leader I will be required to make important decisions with imperfect information. The big decisions will be... View Details
    Keywords: Health Care
    • 06 Jun 2007
    • Research & Ideas

    Behavioral Finance—Benefiting from Irrational Investors

    like computers in financial models. Behavioral finance replaces these idealized decision makers with real and imperfect people who have social, cognitive, and emotional biases. My work focuses on how the resulting inefficiencies in the... View Details
    Keywords: by Julia Hanna
    • 2009
    • Chapter

    Self-regulatory Institutions for Solving Environmental Problems: Perspectives and Contributions from the Management Literature

    By: Andrew A. King and Michael W. Toffel
    Scholars of management have long considered how institutions can help resolve market imperfections and thereby improve human welfare. Most previous research has emphasized the use of for-profit firms. Such institutions cannot effectively address many environmental... View Details
    Keywords: For-Profit Firms; Investment; Governing Rules, Regulations, and Reforms; Corporate Social Responsibility and Impact; Environmental Sustainability; Competitive Advantage
    Citation
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    King, Andrew A., and Michael W. Toffel. "Self-regulatory Institutions for Solving Environmental Problems: Perspectives and Contributions from the Management Literature." Chap. 4 in Governance for the Environment: New Perspectives, edited by Magali Delmas and Oran Young, 98–115. Cambridge University Press, 2009.
    • Article

    Organizational Innovation in the Multinational Enterprise: Internalization Theory and Business History

    By: Teresa da Silva Lopes, Mark Casson and Geoffrey Jones
    This article engages in a methodological experiment by using historical evidence to challenge a common misperception about internalization theory. The theory has often been criticized for maintaining that it assumes a hierarchically organized MNE based on knowledge... View Details
    Keywords: Internalization; Multinational Strategy; Business History; Organization And Management Theory; Globalization; Entrepreneurship; Governance; History; Organizations; Theory; Africa; Asia; Europe; Latin America; North and Central America
    Citation
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    da Silva Lopes, Teresa, Mark Casson, and Geoffrey Jones. "Organizational Innovation in the Multinational Enterprise: Internalization Theory and Business History." Journal of International Business Studies 50, no. 8 (October 2019): 1338–1358.
    • Teaching Interest

    Finance II (MBA Required Curriculum)

    By: Benjamin C. Esty

    This course builds on the foundation developed in Finance I, focusing on three sets of managerial decisions:

    • How to evaluate complex investments.
    • How to set and execute financial policies within a firm.
    • How to integrate... View Details
    Keywords: Finance
    • 2020
    • Working Paper

    Costly External Financing and Monetary Policy Transmission: Evidence from a Natural Experiment

    By: Emily Williams
    I provide new evidence that large and small banks have different external financing costs, which generates cross sectional variation in a deposits market pricing power channel of monetary policy transmission. I do so by exploiting a natural experiment using anti-trust... View Details
    Keywords: External Financing; Monetary Policy Transmission; Experiment; Banks and Banking; Financing and Loans; Interest Rates
    Citation
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    Williams, Emily. "Costly External Financing and Monetary Policy Transmission: Evidence from a Natural Experiment." Working Paper, April 2020.
    • February 2025
    • Article

    Estimating Models of Supply and Demand: Instruments and Covariance Restrictions

    By: Alexander MacKay and Nathan H. Miller
    We consider the identification of empirical models of supply and demand with imperfect competition. We show that a restriction on the covariance between unobserved demand and cost shocks can resolve endogeneity and identify the price parameter. We demonstrate how to... View Details
    Keywords: Demand Estimation; Identification; Endogeneity Bias; Covariance Restrictions; Ordinary Least Squares; Instrumental Variables; Price; Demand and Consumers; Competition
    Citation
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    Related
    MacKay, Alexander, and Nathan H. Miller. "Estimating Models of Supply and Demand: Instruments and Covariance Restrictions." American Economic Journal: Microeconomics 71, no. 1 (February 2025): 238–281. (Direct download.)
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