Publications
Publications
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- All HBS Web
(149)
- Faculty Publications (41)
- 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
- March 2016
- Article
Trade Credit and Taxes
By: Mihir Desai, C. Fritz Foley and James R. Hines Jr.
This paper analyzes the extent to which firms use trade credit to reallocate capital in response to tax incentives. Tax-induced differences in pretax returns encourage the use of trade credit to reallocate capital from firms facing low tax rates to those facing high... View Details
- December 2014
- Article
Private Equity, Jobs, and Productivity
By: Steven J. Davis, John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner and Javier Miranda
Private equity critics claim that leveraged buyouts bring huge job losses. To investigate this claim, we construct and analyze a new dataset that covers U.S. private equity transactions from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments... View Details
- December 2014
- Other Article
Private Equity, Jobs, and Productivity—Online Appendix
By: Steven J. Davis, John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner and Javier Miranda
Private equity critics claim that leveraged buyouts bring huge job losses. To investigate this claim, we construct and analyze a new dataset that covers U.S. private equity transactions from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments... View Details
- Article
Deregulation, Misallocation, and Size: Evidence from India
By: Laura Alfaro and Anusha Chari
This paper examines the impact of the deregulation of compulsory industrial licensing in India on firm size dynamics and reallocation of resources within industries. Following deregulation, resource misallocation declines, and the left-hand tail of the firm size... View Details
- 2017
- Working Paper
Innovation, Reallocation and Growth
By: Daron Acemoglu, Ufuk Akcigit, Harun Alp, Nicholas Bloom and William R. Kerr
We build a model of firm-level innovation, productivity growth, and reallocation featuring endogenous entry and exit. A new and central economic force is the selection between high- and low-type firms, which differ in terms of their innovative capacity. We estimate the... View Details
- November 2012
- Article
The Organization of Firms Across Countries
By: Nicholas Bloom, Raffaella Sadun and John Van Reenen
We argue that social capital as proxied by trust increases aggregate productivity by affecting the organization of firms. To do this we collect new data on the decentralization of investment, hiring, production, and sales decisions from Corporate Headquarters to local... View Details
Keywords: Decentralization; Social Capital; Theory Of The Firm; Firm Objectives, Organization, And Behavior; Business Economics; Management Of Technological Innovation And R＆D; Technological Change: Choices And Consequences; Diffusion Processes; Organizational Structure; Performance Productivity; Trust; Technology Adoption; Multinational Firms and Management
- 2012
- Other Unpublished Work
Selection, Reallocation, and Knowledge Spillover: Identifying the Sources of Productivity Gains from Multinational Activity
By: Laura Alfaro and Maggie X. Chen
The impact of multinational activity on host-country productivity has been a major topic of economic research. A positive impact can be attributed to knowledge spillovers from foreign multinational to domestic firms or a less stressed, alternative explanation—firm... View Details
- 2011
- Working Paper
The Organization of Firms Across Countries
By: Nicholas Bloom, Raffaella Sadun and John Van Reenen
We argue that social capital as proxied by trust increases aggregate productivity by affecting the organization of firms. To do this we collect new data on the decentralization of investment, hiring, production, and sales decisions from Corporate Headquarters to local... View Details
- Article
Organizational Ambidexterity in Action: How Managers Explore and Exploit
By: Charles A. O'Reilly III and Michael L. Tushman
Dynamic capabilities have been proposed as a useful way to understand how organizations are able to adapt to changes in technology and markets. Organizational ambidexterity, the ability of senior managers to seize opportunities through the orchestration and integration... View Details
- February 2011
- Article
Dividend Taxes and International Portfolio Choice
By: Mihir Desai and Dhammika Dharmapala
This paper investigates how dividend taxes influence portfolio choices, using the response to the distinctive treatment of a subset of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003. An open-economy after-tax capital asset... View Details
- 2008
- Working Paper
The Decentering of the Global Firm
By: Mihir A. Desai
This paper describes recent changes in the relationship between firms and nation states. Firms are typically linked to the nation in which they began and are considered to have fixed national identities. While firms have reallocated various activities around the world... View Details
- November 2006 (Revised May 2014)
- Case
Li Ka-Shing and the Growth of Cheung Kong
By: Nitin Nohria, Anthony J. Mayo and Mark Benson
Events in the history of Cheung Kong's growth reveal how Li Ka-Shing applied his skills as a "first-class noticer" to complex political and socioeconomic environments. While Li's determination to succeed is legendary, so are his skills in reading and responding to the... View Details
- February 1995 (Revised April 1996)
- Case
MW Petroleum Corporation (B)
By: Timothy A. Luehrman, Peter Tufano and Barbara Wall
Amoco Corp. is negotiating to sell a wholly-owned subsidiary, MW Petroleum, to Apache Corp. MW owns large reserves of oil and gas comprising many properties at different stages of engineering, development, and production. The proposed acquisition is a large one for... View Details
- Research Summary
Deregulation, Misallocation, and Size: Evidence from India
By: Laura Alfaro
This paper examines the impact of the deregulation of compulsory industrial licensing in India on firm size dynamics and reallocation of resources within industries. Following deregulation, resource misallocation declines, and the left-hand tail of the firm size... View Details
- Research Summary
Global Supply Chains: The Looming “Great Reallocation”
By: Laura Alfaro
Global supply chains have come under unprecedented stress as a result of US-China trade tensions, the Covid-19 pandemic, and geopolitical shocks. We document shifts in the pattern of US participation in global value chains over the last four decades, in terms of... View Details
- Research Summary
Overview
By: Kyle R. Myers
Professor Myers studies the economics of what determines the rate and direction of innovation. He has examined the reallocation of scientists through the use of targeted research grants at the National Institutes of Health, and is working to further understand how... View Details
Keywords: Technology Networks; Commercialization; Science-Based Business; Research and Development; Knowledge Management; Patents; Innovation Strategy; Technological Innovation; Health Care and Treatment; Entrepreneurship; Health; Innovation and Invention; Science; Technology; Knowledge; Intellectual Property; Economics; Microeconomics; Biotechnology Industry; Health Industry; Pharmaceutical Industry; Technology Industry
- Forthcoming
- Article
Public Disclosure of Private Meetings: Does Observing Peers’ Information Acquisition Affect Analysts’ Attention Allocation?
By: Yi Ru, Ronghuo Zheng and Yuan Zou
We investigate the impact of observing peers’ information acquisition on financial analysts’ allocation of attention. Using the timely disclosure mandate by the Shenzhen Stock Exchange as a setting, we find that, shortly after analysts observe that a firm has been... View Details
- Research Summary
Selection and Market Reallocation: Productivity Gains from Multinational Production
By: Laura Alfaro
Assessing the productivity gains from multinational production has been a vital topic of economic research and policy debate. Positive aggregate productivity gains are often attributed to within-firm productivity improvement; however, an alternative, less emphasized... View Details
- Research Summary
Selection, Reallocation, and Spillover: Identifying the Sources of Gains from Multinational Production (with Maggie Chen)
By: Laura Alfaro
Quantifying the gains from multinational production has been a vital topic of economic research. Positive productivity gains are often attributed to knowledge spillover from multinational to domestic firms. An alternative, less stressed explanation is firm selection... View Details