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  • 05 Sep 2006
  • Working Paper Summaries

International Financial Integration and Entrepreneurship

Keywords: by Laura Alfaro & Andrew Charlton
  • August 2023
  • Article

Can Security Design Foster Household Risk-Taking?

By: Laurent Calvet, Claire Célérier, Paolo Sodini and Boris Vallée
This paper shows that securities with a non-linear payoff design can foster household risk-taking. We demonstrate this effect empirically by exploiting the introduction of capital guarantee products in Sweden from 2002 to 2007. The fast and broad adoption of these... View Details
Keywords: Financial Innovation; Household Finance; Structured Products; Stock Market Participation; Finance; Innovation and Invention; Household; Personal Finance; Risk and Uncertainty; Behavior; Market Participation
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  • 1979
  • Article

Approximating the Efficiency Gain of Tax Reforms

By: Jerry R. Green and Eytan Sheshinski
Proper analysis of tax reform requires evaluation of the welfare effects induced by a change from one tax system to another. We present two methods for estimating these changes using only local information pertaining to an initial equilibrium with distortive taxes. It... View Details
Keywords: Taxation; Governing Rules, Regulations, and Reforms; Change; Analysis
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  • Research Summary

Level Playing Fields in International Financial Regulation

Joint work with Alan Morrison, Saïd Business School, Oxford.

We study a model of featuring two economies with adverse selection of and moral hazard by bankers. We demonstrate... View Details

  • September 1997 (Revised October 1997)
  • Case

French Pension System, The: On the Verge of Retirement?

By: David A. Moss, Anne Dias and Bertrand O. Stephann
Surveys the French pension system, its particular institutional characteristics, and some of the critical challenges and opportunities facing French reformers. Like almost every other industrialized country, France has a large pay-as-you-go public pension system that... View Details
Keywords: Retirement; Compensation and Benefits; Capital Markets; Economic Growth; Labor; Problems and Challenges; Opportunities; Welfare; Investment; Governing Rules, Regulations, and Reforms; Public Administration Industry; France
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  • 2007
  • Other Unpublished Work

Implementing Technology

By: Diego Comin and Bart Hobijn
We introduce a tractable model of endogenous growth in which the returns to innovation are determined by the technology adoption decisions of the users of new technologies. Technology adoption involves an implementation investment that determines the initial... View Details
Keywords: Learning; Investment; Investment Return; Innovation and Invention; Growth and Development Strategy; Performance Productivity; Technology Adoption
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  • May 2021
  • Article

Private and Social Returns to R&D: Drug Development and Demographics

By: Efraim Benmelech, Janice Eberly, Dimitris Papanikolaou and Joshua Krieger
Investment in intangible capital such as R&D has increased dramatically since the 1990s. However, productivity growth remains sluggish in recent years. One potential reason is that a significant share of the increase in intangible investment is geared toward consumer... View Details
Keywords: Drug Development; Research and Development; Investment Return; Demographics; Pharmaceutical Industry
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  • April 1999
  • Case

French Pension System, The: On The Verge Of Retirement? (Abridged)

By: David A. Moss
Surveys the French pension system, its particular institutional characteristics, and some of the critical challenges and opportunities facing French reformers. Like almost every other industrialized country, France has a large pay-as-you-go public pension system that... View Details
Keywords: Retirement; Governing Rules, Regulations, and Reforms; Policy; Economic Growth; Economics; Capital Markets; Wages; Public Administration Industry; France
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  • 2011
  • Working Paper

Fiduciary Duties and Equity-Debtholder Conflicts

By: Bo Becker and Per Stromberg
We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity-debt conflicts. A 1991 Delaware bankruptcy ruling changed the nature of corporate directors' fiduciary duties in firms incorporated in that state.... View Details
Keywords: Borrowing and Debt; Capital Structure; Equity; Insolvency and Bankruptcy; Governing Rules, Regulations, and Reforms; Laws and Statutes; Conflict and Resolution; Welfare or Wellbeing; Delaware
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  • August 2020 (Revised May 2021)
  • Case

PayPal: The Next Chapter

By: Michael Porter, Mark Kramer and Annelena Lobb
Can a social purpose and stakeholder capitalism confer a powerful competitive advantage in the age of COVID-19? For PayPal, the answer is yes. After spinning off from eBay in a 2015 IPO, the company declared its purpose as "democratizing financial services" by ensuring... View Details
Keywords: Mission and Purpose; Finance; Business and Stakeholder Relations; Social Entrepreneurship; Competitive Advantage; Financial Services Industry
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  • 19 Mar 2013
  • Working Paper Summaries

Carry Trade and Exchange-Rate Regimes

Keywords: by Laura Alfaro & Fabio Kanczuk

    Do Networks Help People To Manage Poverty?

    Social support networks can provide much-needed emotional, material, and financial help for people living in poverty, yet little is known about how social capital is created and augmented within such networks. Further, these networks can be eroded by sustained... View Details

    • 2009
    • Working Paper

    Securing Jobs or the New Protectionism?: Taxing the Overseas Activities of Multinational Firms

    By: Mihir A. Desai
    Tax policy toward American multinational firms would appear to be approaching a crossroads. The presumed linkages between domestic employment conditions and the growth of foreign operations by American firms have led to calls for increased taxation on foreign... View Details
    Keywords: Multinational Firms and Management; Policy; Taxation; Job Cuts and Outsourcing; United States
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      Rafael M. Di Tella

      I received my first degree in Economics in 1990 from the Universidad de Buenos Aires, Argentina and a D.Phil in Economics from Oxford University in 1996. After a short stay in Argentina I joined Harvard Business School in July 1997, where I... View Details

      Keywords: broadcasting; state government
      • 23 Aug 2006
      • Op-Ed

      The Real Wal-Mart Effect

      imposes on society by securing subsidies, driving employees toward public welfare systems, creating urban sprawl, and destroying jobs in competing operations. Thus, juxtaposing these customer savings against the estimate cited by Fishman... View Details
      Keywords: by Pankaj Ghemawat & Ken A. Mark; Retail
      • 29 Apr 2016
      • HBS Seminar

      Richard Freeman, Harvard University & NBER

      • 09 Jan 2014
      • Working Paper Summaries

      Economic Transition and Private-Sector Labor Demand: Evidence from Urban China

      Keywords: by Lakshmi Iyer, Xin Meng, Nancy Qian & Xiaoxue Zhao
      • 19 Jan 2016
      • First Look

      January 19, 2016

      reasons—and revisits the associated implications for investing and corporate finance, examining asset allocation, high leverage in financial firms, low leverage in industrial firms, private equity, venture capital, and bank capital... View Details
      Keywords: Sean Silverthorne
      • Research Summary

      Overview

      By: Reshmaan N. Hussam

      Engaged with field work in South Asia and East Africa, Professor Hussam places a focus on exploring questions with strong theoretical motivation in the economics literature as well as relevant downstream policy implications. Her research spans four broad interests.... View Details

      • Research Summary

      Non-Financial Incentives

      My research shows how firms combine many facets of internal governance to motivate managers. A perspective that underlies much of my research is that managers are not motivated by financial rewards alone: “it’s not just about the... View Details