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- May 2009
- Article
Synchronicity and Firm Interlocks in an Emerging Market
By: Tarun Khanna and Catherine Thomas
Stock price synchronicity has been attributed to poor corporate governance and a lack of firm-level transparency. This paper investigates the association between different kinds of firm interlocks, control groups, and synchronicity in Chile. A unique data set... View Details
- 2009
- Working Paper
Regional Trade Integration and Multinational Firm Strategies
By: Pol Antras and C. Fritz Foley
This paper analyzes the effects of the formation of a regional trade agreement on the level and nature of multinational firm activity. We examine aggregate data that captures the response of U.S. multinational firms to the formation of the ASEAN free trade agreement.... View Details
- March 2009
- Journal Article
Does Individual Performance Affect Entrepreneurial Mobility? Empirical Evidence from the Financial Analysis Market
By: Boris Groysberg, Ashish Nanda and M. Julia Prats
Our paper contributes to the studies on the relationship between workers' human capital and their decision to become self-employed as well as their probability to survive as entrepreneurs. Analysis from a panel data set of research analysts in investment banks over... View Details
- March 2009
- Article
Earnings Management and Corporate Tax Shelters, and Book-Tax Alignment
By: Mihir Desai and Dhammika Dharmapala
This paper reviews recent evidence analyzing the link between earnings management and corporate tax avoidance and considers the implications for how policymakers should evaluate the financial reporting environment facing firms. A real-world tax shelter is dissected to... 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
- Article
Why Doesn't Capitalism Flow to Poor Countries?
By: Rafael Di Tella and Robert MacCulloch
We show that capitalism is far from common around the world. Outside a small group of rich countries, heavy regulation of business, leftist rhetoric, and interventionist beliefs flourish. We relate these phenomena to the presence of corruption, with causality running... View Details
- February 2009 (Revised May 2010)
- Case
Orange: Read&Go
By: Thomas R. Eisenmann, Toby E. Stuart, Bhaskar Chakravorti, Vincent Marie Dessain, Simon Harrow and Elena Corsi
In late 2008, Orange (aka France Telecom) must decide if launching Read&Go, an electronic newsstand built around an e-paper reader, would be successful. The case describes (1) Orange's strategy; (2) the company's new product development process; (3) e-paper technology,... View Details
- February 2009
- Journal Article
Domestic Effects of the Foreign Activities of U.S. Multinationals
By: Mihir A. Desai, C. Fritz Foley and James R. Hines Jr.
Do firms investing abroad simultaneously reduce their domestic activity? This paper analyzes the relationship between the domestic and foreign operations of American manufacturing firms between 1982 and 2004 by instrumenting for changes in foreign operations with GDP... View Details
- January 2009 (Revised February 2010)
- Case
Necessity and Invention: Monetary Policy Innovation and the Subprime Crisis
By: Aldo Musacchio and Dante Roscini
This case describes the efforts of Ben Bernanke, Chairman of the Federal Reserve, to improve liquidity in money markets during the subprime crisis. The case explains the four main new tools for monetary policy (or quantitative easing) the Federal Reserve has used... View Details
- 2009
- Working Paper
An Ounce of Prevention: The Power of Public Risk Management in Stabilizing the Financial System
By: David A. Moss
The magnitude of the current financial crisis reflects the failure of an economic and regulatory philosophy that had proved increasingly influential in policy circles over the past three decades.
This paper suggests (1) that contrary to the prevailing wisdom,... View Details
- May 2009
- Article
Asymmetric Information Effects on Loan Spreads
The paper estimates the cost arising from information asymmetry between the lead bank and members of the lending syndicate. In a lending syndicate, the lead bank retains only a fraction of the loan but acts as the intermediary between the borrower and the syndicate... View Details
- 2009
- Working Paper
Authority versus Persuasion
This paper studies a principal's trade-off between using persuasion versus using interpersonal authority to get the agent to "do the right thing"; from the principal's perspective (when the principal and agent openly disagree on the right course of action). It shows... View Details
- 2009
- Chapter
Entry, Exit and Labour Productivity in U.K. Retailing: Evidence from Micro Data
By: Jonathan Haskel and Raffaella Sadun
The paper investigates the U.K. retail sector using store and firm-level data between 1998 and 2003. First, we present the first exhaustive description of the U.K. retail sector using micro data sources. Second, in the spirit of Foster, Haltiwanger, and Krizan (2002),... View Details
- January 2009
- Article
FDI, Productivity, and Financial Development
By: Laura Alfaro, Sebnem Kalemli-Ozcan and Selin Sayek
This paper examines the effect of foreign direct investment (FDI) on growth by focusing on the complementarities between FDI inflows and financial markets. In our earlier work, we found that FDI is beneficial for growth only if the host country has well-developed... View Details
- 2009
- Article
India Transformed: Insights from the Firm Level 1988–2007
By: Laura Alfaro and Anusha Chari
Using firm-level data, this paper analyzes the transformation of India's economic structure following the implementation of economic reforms. The focus of the study is on publicly listed and unlisted firms from across a wide spectrum of manufacturing and services... View Details
- Article
Putting Patients First: Social Marketing Strategies for Treating HIV in Developing Nations
By: Zoe Chance and Rohit Deshpandé
It is more than mere coincidence that the highest rates of HIV occur in the world's poorest countries. Of the over 40 million people currently living with HIV, 95 percent are in the developing world. The first part of this paper explores the economics of HIV and... View Details
- 2009
- Book
Quanto Sei (a)Morale?: Leadership Etica E Psicologia Della Decisione
By: Max Bazerman
This is a collection of my papers on ethics, translated into Italian. View Details
- January 2009
- Journal Article
The Fiscal Impact of High-skilled Emigration: Flows of Indians to the U.S.
By: Mihir Desai, D. Kapur, J. McHale and K Rogers
Easing immigration restrictions for the highly skilled in developed countries portends a future of increased human capital outflows from developing countries. The myriad consequences of these developments for developing countries include the direct loss of the fiscal... View Details
- 2009
- Working Paper
Virtual Team Learning: Reflecting and Acting, Alone or With Others
By: Deborah L. Soule and Lynda M. Applegate
This paper examines virtual team learning in new product development situations. New product development activities manifest novelty, uncertainty and complexity, presenting an extreme need for learning in the course of the work. We present data from an exploratory... View Details
- December 2008
- Article
Style Investing and Institutional Investors
By: Kenneth A. Froot and Melvyn Teo
This paper explores institutional investors' trades in stocks grouped by style and the relationship of these trades with equity market returns. It aggregates transactions drawn from a large universe of approximately $6 trillion of institutional funds. To analyze style... View Details