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  • 2016
  • Working Paper

College Tuition, Public Finance and New Business Starts

By: Gareth Olds
A growing public discourse cites the rising cost of education and student debt overhang as a contributor to slow economic growth. A parallel discussion explores the causes of the secular decline in business dynamism and entrepreneurship rates in the United States over... View Details
Keywords: Cost; Higher Education; Entrepreneurship
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  • 28 Feb 2013
  • Working Paper Summaries

Do Display Ads Influence Search? Attribution and Dynamics in Online Advertising

Keywords: by Pavel Kireyev, Koen Pauwels & Sunil Gupta; Advertising
  • 2017
  • Working Paper

Lessons Unlearned? Corporate Debt in Emerging Markets

By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate... View Details
Keywords: Corporate Debt; Financial Fragility; Firm-level Data; Large Firms; Emerging Markets; Borrowing and Debt; Corporate Finance; Financial Condition
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  • 2011
  • Working Paper

Fractionalization and the Municipal Bond Market

We study the impact of ethnic and religious fractionalization on the U.S. municipal debt market and find that issuers from more ethnically and religiously fractionalized counties pay higher yields on their municipal debt. A two standard deviation increase in religious... View Details
Keywords: Ethnicity Characteristics; Bonds; Financial Markets; Investment Return; Geographic Location; City; Religion; United States
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  • 03 Jun 2022
  • Research & Ideas

In a Work-from-Anywhere World, How Remote Will Workers Go?

the city or town where you have an office. And, because of that, you can hire a more diverse workforce.” In the United States, this setup does create tax complexities, for instance if an employee draws a paycheck in one state but lives in... View Details
Keywords: by Kara Baskin
  • December 2006
  • Article

Europe vs America: Institutional Hysteresis in a Simple Normative Model

By: Rafael Di Tella and Robert MacCulloch
We show how the differences in US and European institutions can arise in a normative model. The paper focuses on the labor market and the government's decision to set unemployment benefits in response to an unemployment shock. The government balances insurance... View Details
Keywords: Optimal Unemployment Benefits; Labor Market Institutions; Hysteresis; Europe; United States
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    Market Power in Mortgage Lending and the Transmission of Monetary Policy

    We present evidence that high concentration in mortgage lending reduces the sensitivity of mortgage rates and refinancing activity to mortgage-backed security (MBS) yields. We isolate the direct effect of concentration and rule out alternative explanations in two ways.... View Details
    • 2009
    • Case

    Blaine Kitchenware, Inc.: Capital Structure: Brief Case No. 4040.

    By: Timothy A. Luehrman and Joel L. Heilprin
    A diversified mid-sized manufacturer of kitchen tools contemplates a stock repurchase in response to an unsolicited takeover. The company must analyze its debt capacity and optimal capital structure,while considering associated changes in firm value and stock price.... View Details
    Keywords: Capital Structure; Financial Strategy; Interest Rates; Taxation; Stocks; Consumer Products Industry
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    • February 2009
    • Article

    Optimal Reserve Management and Sovereign Debt

    By: Laura Alfaro and Fabio Kanczuk
    Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. However, given the sovereign's willingness-to-pay incentive problems, reserve accumulation may reduce sustainable debt levels. In addition, assuming... View Details
    Keywords: Borrowing and Debt; Motivation and Incentives; Decisions; Emerging Markets; Balance and Stability; Earnings Management; Policy; Interest Rates; International Finance; Cost
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    • May 2022
    • Case

    Timnit Gebru: 'SILENCED No More' on AI Bias and The Harms of Large Language Models

    By: Tsedal Neeley and Stefani Ruper
    Dr. Timnit Gebru—a leading artificial intelligence (AI) computer scientist and co-lead of Google’s Ethical AI team—was messaging with one of her colleagues when she saw the words: “Did you resign?? Megan sent an email saying that she accepted your resignation.” Heart... View Details
    Keywords: Ethics; Employment; Corporate Social Responsibility and Impact; Technological Innovation
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    • February 2015
    • Article

    'Open' Disclosure of Innovations, Incentives and Follow-on Reuse: Theory on Processes of Cumulative Innovation and a Field Experiment in Computational Biology

    By: Kevin J. Boudreau and Karim R. Lakhani
    Most of society's innovation systems―academic science, the patent system, open source, etc.―are "open" in the sense that they are designed to facilitate knowledge disclosure among innovators. An essential difference across innovation systems is whether disclosure is of... View Details
    Keywords: Open Innovation; Cumulative Innovation; Incentives; Search; Disclosure And Access; Knowledge Sharing; Motivation and Incentives; Collaborative Innovation and Invention
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    • 21 May 2012
    • Research & Ideas

    OSHA Inspections: Protecting Employees or Killing Jobs?

    gain access to workers' compensation data. Because the data were collected at the company level, the researchers limited their analysis to firms with only one plant, where the effects of an inspection on injury View Details
    Keywords: by Michael Blanding
    • 14 Jul 2003
    • Research & Ideas

    Understaffed and Overworked: What Now?

    focus, effective communication, and more than a pinch of dynamism. Those were certainly apparent in Andrus's response to her rather large dilemma. "I had a problem," she says, "but there were very specific things I focused... View Details
    Keywords: by Paul Michelman
    • June 2021
    • Case

    Modern Endowment Management: Paula Volent and the Bowdoin Endowment

    By: Luis M. Viceira, Emily R. McComb and Dean Xu
    This case examines modern endowment investment management through the lens of a leadership transition between Chief Investment Officers (CIOs). In March 2021, Paula Volent is about to step down as the CIO of the endowment of Bowdoin College after twenty-one years, and... View Details
    Keywords: Investment Portfolio; Investment Banking; Growth Management; Investment Return; Capital Markets; Interest Rates; Competition; Cost Management; Risk Management; Financial Liquidity; Performance Evaluation
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    • 18 May 2009
    • Research & Ideas

    The Unseen Link Between Savings and National Growth

    far-from-frontier countries shows that a 10 percent increase in the savings rate over the previous 10 years leads to an increase in the average growth rate over the next 10 years of 1.3 percent. We asked... View Details
    Keywords: by Sarah Jane Gilbert
    • 21 May 2013
    • Working Paper Summaries

    If Technology Has Arrived Everywhere, Why Has Income Diverged?

    Keywords: by Diego A. Comin & Martí Mestieri Ferrer
    • 2009
    • Working Paper

    Varied Experience, Team Familiarity, and Learning: The Mediating Role of Psychological Safety

    By: Bradley R. Staats, Francesca Gino and Gary P. Pisano
    Prior work examining the relationship of varied experience (i.e., the concurrent completion of multiple tasks) and learning by groups finds inconsistent results. We hypothesize that team familiarity, i.e, individuals' prior shared work experience, may help explain this... View Details
    Keywords: Experience and Expertise; Learning; Performance Effectiveness; Groups and Teams; Social Psychology; Familiarity
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    • 2018
    • Working Paper

    The Impact of Pensions and Insurance on Global Yield Curves

    By: Robin Greenwood and Annette Vissing-Jorgensen
    We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the ratio of pension assets (in... View Details
    Keywords: Pension Funds; Investment Funds; Insurance; Assets; Interest Rates; Bonds
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    • 09 Dec 2014
    • First Look

    First Look: December 9

    order to understand how socially imprinted WISEs may mitigate this negative relationship between social imprinting and economic productivity, we also conduct a comparative analysis of case studies. We find that one effective approach is... View Details
    Keywords: Sean Silverthorne
    • 31 Jul 2013
    • Working Paper Summaries

    Learning from Double-Digit Growth Experiences

    Keywords: by Eric D. Werker