Publications

06 Dec 2013
News

Valley of good works

January 2019 (Revised February 2020)
Case

Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG

By: Rebecca Henderson, George Serafeim, Josh Lerner and Naoko Jinjo

In the fall of 2018, Hiro Mizuno, the Chief Investment Officer (CIO) of GPIF, the Japanese Government Pension Fund, was reflecting on his efforts to integrate Environmental, Social and Governance (ESG) issues into every aspect of GPIF’s portfolio. His efforts ranged... View Details

Keywords: Pension Funds; ESG (Environmental, Social, Governance) Performance; Investment Funds; Environmental Sustainability; Social Issues; Governance; Leading Change; Economy; Performance Improvement; Japan

15 Dec 2005
News

Generosity Can Unite Us

June 2009
Journal Article

Taxes, Institutions and Foreign Diversification Opportunities

By: Mihir Desai and Dhammika Dharmapala

Investors can access foreign diversification opportunities through either foreign portfolio investment (FPI) or foreign direct investment (FDI). The worldwide tax regime employed by the U.S. potentially distorts this choice by penalizing FDI, relative to FPI, in... View Details

Keywords: International Finance; Foreign Direct Investment; Investment Portfolio; Multinational Firms and Management; Taxation; Diversification; United States

SSRN

Jerry R. Green

David A. Wells Professor of Political Economy

John Leverett Professor in the University

Harvard University

Jerry Green is the John Leverett Professor in the University and the David A. Wells... View Details

Keywords: aerospace; education industry; insurance industry; professional services

August 2019 (Revised March 2022)
Case

Lemonade: Disrupting Insurance with Instant Everything, Killer Prices, and a Big Heart

By: Elie Ofek and Danielle Golan

Launching its first products in the fall of 2016 in New York, insurtech startup Lemonade was on a mission to disrupt the insurance market by using AI and behavioral economics principles. The company offered renters, homeowners, and condo insurance and mainly targeted... View Details

Keywords: AI; Business Startups; Insurance; Technological Innovation; Business Model; Disruption; Brands and Branding; Growth and Development Strategy; Global Strategy; Decision Making; Insurance Industry; Technology Industry

2011
Article

Strike Three: Discrimination, Incentives, and Evaluation

By: Christopher Parsons, J. Sulaeman, M. Yates and D. Hamermesh

Major League Baseball umpires express their racial/ethnic preferences when they evaluate pitchers. Strikes are called less often if the umpire and pitcher do not match race/ethnicity, but mainly where there is little scrutiny of umpires. Pitchers understand the... View Details

Keywords: Wages; Motivation and Incentives; Prejudice and Bias; Ethnicity; Race; Performance Productivity; Sports; Sports Industry

2023
Working Paper

Market Exclusivity and Innovation: Evidence From Antibiotics

By: Edward Kong and Olivia Zhao

The US incentivizes drug innovation via patents as well as market exclusivity periods awarded by the US Food and Drug Administration. We estimate the causal effects of extending market exclusivity for an important drug class: antibiotics. Using a... View Details

Keywords: Health Testing and Trials; Innovation and Invention; Motivation and Incentives; Government Administration; Government Legislation; Pharmaceutical Industry; United States

SSRN

12 Apr 2011
First Look

First Look: April 12

Handbook for Banking and Governance, edited by James Barth, Chen Lin, and Clas Wihlborg. Cheltenham, U.K.: Edward Elgar Publishing, forthcoming Abstract In this chapter, we examine the characteristics of acquisition of private firms by... View Details

Keywords: Sean Silverthorne

March 2006 (Revised November 2006)
Case

China: To Float or Not To Float? (E)- ABB Investment in China

By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel

In July 2005, China revalued its currency by 2.1% and adjusted its exchange rate regime toward a more market-based system. ABB, a global power and automation technologies company based out of Switzerland with operations in China, was among those companies confronted... View Details

Keywords: Currency Exchange Rate; Investment; Multinational Firms and Management; International Relations; Problems and Challenges; Value Creation; China; Switzerland

Research Summary

Executive Compensation

Professor Meulbroek is investigating the gap between what equity-linked compensation costs the firm and what it is worth to managers. This gap arises because such compensation prevents managers from fully diversifying their holdings, so managers must bear firm-specific... View Details

Research Summary

Knowledge flows and capability acquisition

By: Willy C. Shih

Technological advancements are a major source of improvement in competiveness, and a firm’s incentives to invest are diminished when the knowledge generated is involuntarily dispersed to competitors. While intellectual property rights can moderate this flow to the... View Details

Keywords: Knowledge Aspects Of Strategy; Knowledge Management; Knowledge Spillovers; Knowledge Acquisition; Manufacturing Industry; Biotechnology Industry; Technology Industry; United States; China

07 Aug 2012
First Look

First Look: August 7

gives rise to (i) a commons problem (to better satisfy their individual preference for variety, users have an incentive to consume more applications than the number that maximizes joint utility); (ii) an... View Details

Keywords: Sean Silverthorne

June 2020
Article

Informing Dissent

By: Hillary Greene and Dennis Yao

The first part of this commentary argues that because the production of dissent depends on the availability of information, greater attention should focus on government restrictions on access to official information. At no time is this more important than when... View Details

Keywords: Dissent; Information Monopoly; Economics Of Speech; Freedom Of Information Act (FOIA); Self-censorship; Social Pressure; Information; Government and Politics; Spoken Communication; Society

March 2011
Article

Cheaper Patents

By: Tom Nicholas

The 1883 Patents Act in Britain provides perspective for modern patent policy reforms because it radically changed incentives for inventors by reducing filing fees by 84 percent. Patents increased 2.5 fold after the reform, which was evenly distributed across the... View Details

Keywords: Patents; Global Range; Distribution; Demand and Consumers; Organizational Structure; Business Processes; Innovation and Invention; Innovation and Management; Policy; Governing Rules, Regulations, and Reforms; Fluctuation; Motivation and Incentives; Distribution Industry; United States; Great Britain

2021
Working Paper

Which Markets (Don't) Drive Pharmaceutical Innovation? Evidence From U.S. Medicaid Expansions

By: Craig Garthwaite, Rebecca Sachs and Ariel Dora Stern

Pharmaceutical innovation policy involves managing a tradeoff between high prices for new products in the short-term and stronger incentives to develop products for the future. Prior research has documented a causal relationship between market size and pharmaceutical... View Details

Keywords: Pharmaceuticals; Medicaid; Innovation and Invention; Policy; Markets; Research and Development; Pharmaceutical Industry

Article

Adding Value by Talking More

By: Robert S. Kaplan, Derek A. Haas and Jonathan Warsh

The prevailing fee-for-service payment model has led health care administrators and physician practices to impose severe constraints on the time physicians spend talking, for which they are reimbursed poorly or not at all. New value-based reimbursement models, however,... View Details

Keywords: Value Creation; Cost Management; Health Care and Treatment; Customer Focus and Relationships; Health Industry

2010
Book

The New Science of Retailing: How Analytics Are Transforming the Supply Chain and Improving Performance

By: Marshall Fisher and Ananth Raman

Retailers today are drowning in data but lacking in insight: They have huge volumes of information at their disposal. But they're unsure of how to sort through it and use it to make smart decisions. The result? They're struggling with profit-sapping supply chain... View Details

Keywords: Profit; Knowledge Use and Leverage; Logistics; Supply Chain Management; Mathematical Methods; Retail Industry

July–August 2012
Article

A Better Way to Tax U.S. Businesses

By: Mihir Desai

The article argues that U.S. taxation reform should reduce corporate taxes, incorporate an awareness of the global marketplace, and generate revenue-neutral incentives for innovation. According to the article, a reduction in corporate tax rates would be offset by a tax... View Details

Keywords: Corporate Social Responsibility and Impact; Taxation; Globalization; Labor; Innovation and Invention; United States