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  • 2009
  • Working Paper

Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act

By: Dhammika Dharmapala, C. Fritz Foley and Kristin J. Forbes
This paper analyzes the impact on firm behavior of the Homeland Investment Act of 2004, which provided a one-time tax holiday for the repatriation of foreign earnings by U.S. multinationals. The analysis controls for endogeneity and omitted variable bias by using... View Details
Keywords: Investment; Multinational Firms and Management; Government Legislation; Taxation; Business and Shareholder Relations; Behavior; United States
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    Best-selling and New Cases by Ben Esty

    Best-Selling Cases:  

      1) Eaton: Portfolio Transformation & Cost of... View Details

    • 2025
    • Working Paper

    Tax Elasticities of Top Donors: Evidence from Family Foundations

    By: Simon Essig Aberg
    High net-worth donors who give through a family foundation or donor-advised fund constitute the fastest growing segment of charitable giving in the United States. Using a novel database of foundation tax filings, I document facts about top donors, estimate how they... View Details
    Keywords: Philanthropy and Charitable Giving; Taxation; Motivation and Incentives
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    • April 2012
    • Article

    Share Issuance and Factor Timing

    By: Robin Greenwood and Samuel G. Hanson
    We show that characteristics of stock issuers can be used to forecast important common factors in stocks' returns such as those associated with book-to-market, size, and industry. Specifically, we use differences between the attributes of stock issuers and repurchasers... View Details
    Keywords: Investment Portfolio; Stock Shares; Forecasting and Prediction; Investment Return; Policy; Profit
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    • 20 Oct 2009
    • First Look

    First Look: October 20

    in the U.S. economy, and the rise of China, all of which posed new challenges to policy management. In 2009, the global economy remained mired in a deep crisis following the subprime meltdown in the U.S. The situation was also a true... View Details
    Keywords: Martha Lagace
    • 27 Apr 2010
    • First Look

    First Look: April 27

    our results suggest that the predictive value of accruals and market participants' ability to process it are a significant driver of accrual-based anomalies. Consumer Policy Author:J. Gunnar Trumbull Publication:Chap. 26 in The Oxford... View Details
    Keywords: Martha Lagace
    • 22 Apr 2014
    • First Look

    First Look: April 22

    http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1719204 Payout Policy By: Farre-Mensa, Joan, Roni Michaely, and Martin C. Schmalz Abstract—We survey the literature on payout... View Details
    Keywords: Sean Silverthorne
    • 04 Dec 2018
    • First Look

    New Research and Ideas, December 4, 2018

    to shareholders $7 trillion via buybacks and dividends, over 96% of their aggregate net income, prompting claims that "short-termism" is impairing firms' ability to invest and innovate. We show that, when taking into account both direct and indirect equity issuances,... View Details
    Keywords: Dina Gerdeman
    • Web

    Finance - Faculty & Research

    subsequent insurance demand. Using a seven-year panel, we develop three main findings. First, recent experience matters for demand, consistent with overinference from small samples. Second, spillovers also matter, in the sense that the recent View Details
    • Web

    Entrepreneurship - Faculty & Research

    what we have learned so far about the potential and limits of microfinance and how insights from research and practice can help inform the industry's current products, policies and future developments. Initiatives & Projects The Arthur... View Details
    • 29 Sep 2009
    • First Look

    First Look: September 29

      Working PapersLocal Dividend Clienteles Authors:Bo Becker, Zoran Ivkovich, and Scott WeisbennerNBER Working Paper Series, No. 15175, July 2009 Abstract We exploit demographic variation to identify the effect of dividend demand on firm View Details
    Keywords: Martha Lagace
    • 21 Jul 2022
    • Research & Ideas

    Did Pandemic Stimulus Funds Spur the Rise of 'Meme Stocks'?

    February 2021, for example, 72 percent received stimulus checks and half of them planned to invest those funds. To test their work further, researchers examined how Hong Kong’s similar cash payouts affected its markets, and found a... View Details
    Keywords: by Rachel Layne; Financial Services
    • Web

    HBS - Financials | Supplemental Financial Information

    number of students elected to take advantage of the School’s deferral and leave policies because of COVID, reducing enrollment by 14 percent from fiscal 2020. By contrast, enrollment in fiscal 2022 was 1,870 students, in line with the... View Details
    • Web

    HBS - Financials | Supplemental Financial Information

    tuition and fee revenue from the MBA program decreased 17 percent to $113 million from $136 million in fiscal 2020, as a number of students chose to take advantage of the School's deferral and leave policies during the pandemic. To put... View Details
    • 17 Mar 2009
    • First Look

    First Look: March 17, 2009

      Working PapersFemale Empowerment: Impact of a Commitment Savings Product in the Philippines Authors:Nava Ashraf, Dean Karlan, and Wesley Yin Abstract Female 'empowerment' has increasingly become a policy goal, both as an end to itself... View Details
    Keywords: Martha Lagace
    • Web

    HBS - Financials | Supplemental Financial Information

    deferral and leave policies granted by HBS to first-year and second-year students in fiscal 2021, during the peak of the COVID pandemic. With both classes including deferred students in fiscal 2023, total enrollment increased 8 percent to... View Details
    • 18 Aug 2009
    • First Look

    First Look: August 18

    one mechanism for capturing the performance benefits of diversity in experience and provide insight into how the management of experience accumulation affects team performance. Download the paper: http://www.hbs.edu/research/pdf/09-145.pdf   PublicationsInstitutional... View Details
    Keywords: Martha Lagace
    • 15 Mar 2011
    • First Look

    First Look: March 15

      PublicationsDo Strong Fences Make Strong Neighbors? Authors:Mihir Desai and Dhammika Dharmapala Publication:National Tax Journal 63 (December 2010) Abstract Many features of U.S. tax policy towards multinational firms—including the... View Details
    Keywords: Sean Silverthorne
    • 21 Oct 2014
    • First Look

    First Look: October 21

    Economics Payout Policy By: Farre-Mensa, Joan, Roni Michaely, and Martin C. Schmalz Abstract—We survey the literature on payout policy, with a particular emphasis on... View Details
    Keywords: Sean Silverthorne
    • 25 Apr 2016
    • News

    Just Rewards

    workforce, streamlined operations, and grown business. At Greggs, his policy of putting employees first was initially criticized by shareholders, but the approach yielded positive results for all and illustrated the benefits of investing... View Details