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    Robert C. Merton

    Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management.

    Merton is University Professor Emeritus at Harvard University and was the George Fisher Baker Professor of... View Details

    Keywords: banking; brokerage; financial services; insurance industry; investment banking industry; retail financial services
    • 03 Nov 2011
    • Working Paper Summaries

    Pricing and Efficiency in the Market for IP Addresses

    Keywords: by Benjamin Edelman & Michael Schwarz; Publishing
    • July 2011
    • Case

    Edna McConnell Clark Foundation-Enabling a Performance Driven Philanthropic Capital Market

    By: Allen Grossman and Aldo Sesia
    The Edna McConnell Clark Foundation, focused on building the organizational capabilities of nonprofits that served the disadvantaged youth in the United States, has recently been named an intermediary in the federal government's new social innovation fund (SIF), which... View Details
    Keywords: Nonprofit Organizations; Organizational Change and Adaptation; Philanthropy and Charitable Giving; Financial Strategy; Performance Improvement; Capital Markets; United States
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    • 2015
    • Working Paper

    Multi-Sided Platforms

    By: Andrei Hagiu and Julian Wright
    We study the economic tradeoffs that drive organizations to position themselves closer to or further away from a multi-sided platform (MSP) business model, relative to three traditional alternatives: vertically integrated firms, resellers or input suppliers. These... View Details
    Keywords: Two Sided Markets; Reseller; Business Model; Multi-Sided Platforms; Vertical Integration
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    • 2010
    • Book

    A Call for Judgment: Sensible Finance for a Dynamic Economy

    By: Amar Bhide
    Our prosperity requires the enterprise of innumerable individuals and businesses who exercise their imagination and judgment—and bear responsibility for outcomes. And it is through dialogue and relationships that widespread enterprise is fostered, not merely prices in... View Details
    Keywords: Recession; Banking; Banks; Finance; Economics; Macroeconomics; Banks and Banking; Banking Industry; Financial Services Industry
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    • April 2010 (Revised April 2010)
    • Case

    Mercadona

    This case presents the predicament of a company trying to do right by its customers and its employees as the economic crisis of 2008 hits home. Fifteen years earlier, this Spanish supermarket chain had adopted its own version of total quality management, called the... View Details
    Keywords: Customer Satisfaction; Compensation and Benefits; Employee Relationship Management; Service Operations; Business Processes; Retail Industry; Spain
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    • Article

    Variety of Innovation in Global Value Chains

    By: Giulio Buciuni and Gary P. Pisano
    This article analyzes how the geography and organization of pre- and production stages in Global Value Chains (GVC) contribute to lead firms' innovation development. A novel approach in GVC studies is introduced based on transaction cost economics (TCE) and the... View Details
    Keywords: GVC; Global Value Chains; Manufacturing; Production; Global Range; Innovation and Invention
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    • August 2018 (Revised April 2019)
    • Case

    Fair Value Accounting at Berkshire Hathaway Inc. (A)

    By: Jonas Heese, Suraj Srinivasan, Francois Brochet and Christine Johnson
    In May 2018, Berkshire Hathaway announced an unprecedented loss of more than $1 billion for the first quarter of 2018. Warren Buffett blamed this loss on the new accounting rules for equity securities which he criticized. In the case ‘Fair Value Accounting at Berkshire... View Details
    Keywords: Equity Securities; FASB; Fair Value Accounting; Governing Rules, Regulations, and Reforms; Financial Services Industry
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    • Web

    PhD Programs - Doctoral

    Business Economics provides students the opportunity to study in both Harvard’s world-class Economics Department and Harvard Business School. Throughout the program, coursework includes exploration of... View Details
    • 2015
    • Working Paper

    The Probability of Rare Disasters: Estimation and Implications

    By: Emil Siriwardane
    I analyze a rare disasters economy that yields a measure of the risk neutral probability of a macroeconomic disaster, p*t. A large panel of options data provides strong evidence that p*t is the single factor driving option-implied jump risk measures in the cross... View Details
    Keywords: Financial Markets; Forecasting and Prediction; Financial Crisis; Macroeconomics
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    • Web

    Publications - Faculty & Research

    Capital ; Management ; Macroeconomics ; Governance Controls ; Mathematical Methods Citation Read Now Related Acosta-Henao, Miguel, Laura Alfaro, and Andrés Fernández. "Sticky Capital Controls." Art. 104104. Journal of International View Details
    • 27 Oct 2010
    • Working Paper Summaries

    The Intensive Margin of Technology Adoption

    Keywords: by Diego Comin & Martí Mestieri
    • 2018
    • Working Paper

    UK Competitiveness after Brexit

    By: Michael E. Porter
    On June 23rd, 2016 52% of UK voters opted to put their country on the path to leave the European Union by March 29, 2019. This result was a surprise to many, and went against the advice of the vast majority of economic experts and business leaders. Two years later, and... View Details
    Keywords: Competitiveness; International Relations; Trade; Economy; Strategy; United Kingdom
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    • 2016
    • Working Paper

    Credit Migration and Covered Interest Rate Parity

    By: Gordon Y Liao
    I document economically large and persistent discrepancies in the pricing of credit risk between corporate bonds denominated in different currencies. The discrepancies amount to 50-100 basis points on trillions of dollars of debt notional. I relate this violation of... View Details
    Keywords: Market Segmentation; Debt Issuance; Covered Interest Rate Parity; Cross-currency Basis; Credit Risk; Financial Markets; Credit
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    • Article

    Debt Maturity: Is Long-Term Debt Optimal?

    By: Laura Alfaro and Fabio Kanczuk
    We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity premium, sustainability, and service smoothing. We use a dynamic equilibrium model with tax distortions and government... View Details
    Keywords: Borrowing and Debt; Investment Return; Development Economics; Taxation; Risk and Uncertainty; Cost; Interest Rates; Developing Countries and Economies; Welfare; United States; Brazil
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    • 2015
    • Working Paper

    A Theory of Intergenerational Mobility

    By: Gary Becker, Scott Duke Kominers, Kevin Murphy and Jorg L. Spenkuch
    We develop a model of intergenerational resource transmission that emphasizes the link between cross-sectional inequality and intergenerational mobility. By drawing on first principles of human capital theory, we derive several novel results. In particular, we show... View Details
    Keywords: Intergenerational Mobility; Inequality; Complementarities; Human Capital; Equality and Inequality; Income; Family and Family Relationships
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    • September 26, 2018
    • Article

    Ownership and Power Structure: Together at Last

    By: Laura Alfaro, Nicholas Bloom, Paola Conconi, Harald Fadinger, Patrick Legros, Andrew Newman, Raffaella Sadun and John Van Reenen
    Economists have largely ignored the deep interdependency between integration and delegation. This column describes a new theory of integration and delegation choices aimed at shedding light on how these distinct elements of organizational design interact. Contrary to... View Details
    Keywords: Power; Organisational Design; Economics; Ownership; Organizational Design
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    • 2009
    • Other Unpublished Work

    Singapore Competitiveness Report

    By: Christian H.M. Ketels, Ashish Lall and Boon Siong Neo

    The 2009 Singapore Competitiveness Report, the first in this new series of regular assessments by the Asia Competitiveness Institute (ACI) at the Lee Kuan Yew School of Public Policy, provides data and analysis to inform the discussions on the impact of the crisis... View Details

    Keywords: Economic Growth; Financial Crisis; Macroeconomics; Microeconomics; Policy; Competitive Strategy; Singapore
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    • February 2018
    • Article

    Structural GARCH: The Volatility-Leverage Connection

    By: Robert F. Engle and Emil N. Siriwardane
    During the financial crisis, financial firm leverage and volatility both rose dramatically. Consequently, institutions are being asked to reduce leverage in order to reduce risk, though the effectiveness depends upon the role of capital structure in volatility. To... View Details
    Keywords: Leverage; Credit Risk; Crisis Management; Equity; Volatility; Credit; Risk Management; Financial Crisis
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    • January–February 2023
    • Article

    Data-Driven COVID-19 Vaccine Development for Janssen

    By: Dimitris Bertsimas, Michael Lingzhi Li, Xinggang Liu, Jennings Xu and Najat Khan
    The COVID-19 pandemic has spurred extensive vaccine research worldwide. One crucial part of vaccine development is the phase III clinical trial that assesses the vaccine for safety and efficacy in the prevention of COVID-19. In this work, we enumerate the first... View Details
    Keywords: COVID-19; Health Testing and Trials; Forecasting and Prediction; AI and Machine Learning; Research; Pharmaceutical Industry
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