Publications

2014
Book

Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond

By: Aldo Musacchio and Sergio G. Lazzarini

In this book we describe the transformation of state capitalism from a model in which governments owned and ran corporations and broadly controlled the allocation of financial resources into two new varieties of state capitalism: Leviathan as a majority and as a... View Details

Research Summary

Board Independence and the Design of Executive Compensation

In this project, I analyze the compensation decisions of boards of directors. Compensation decisions not only serve to motivate executives, but also affect a board's reputation for independence. Although greater managerial influence over the board has the obvious... View Details

2014
Chapter

Negotiation Processes as Sources of (and Solutions to) Interorganizational Conflict

By: Elizabeth Long Lingo, Colin Fisher and Kathleen L. McGinn

We investigate how structural features of negotiations can affect interaction processes and how negotiations can be not only a solution to, but also a source of, inter-organizational conflict. Principals, agents, and teams face different sets of constraints and... View Details

Keywords: Negotiation; Conflict; Organizational Management; Organizations; Conflict Management; Negotiation Process; Theory

Purchase

March 2014
Article

Cyclicality of Credit Supply: Firm Level Evidence

By: Bo Becker and Victoria Ivashina

Theory predicts that there is a close link between bank credit supply and the evolution of the business cycle. Yet fluctuations in bank-loan supply have been hard to quantify in the time series. While loan issuance falls in recessions, it is not clear if this is due to... View Details

Keywords: Business Cycles; Borrowing and Debt; Credit; Banks and Banking; Bonds; Financial Markets; Financing and Loans; Banking Industry

SSRN

2021
Working Paper

Investment as the Opportunity Cost of Dividend Signaling

By: Zach Kaplan and Gerardo Pérez Cavazos

We provide evidence that firms with weak investment opportunities (those whose current earnings justify a greater valuation than firms with strong investment opportunities) signal their permanent earnings level through their dividends. In the cross-section, we show... View Details

Keywords: Dividend Signaling; Investment; Opportunities

June 2022
Article

The Use and Misuse of Patent Data: Issues for Finance and Beyond

By: Josh Lerner and Amit Seru

Patents and citations are powerful tools for understanding innovation increasingly used in financial economics (and management research more broadly). Biases may result, however, from the interactions between the truncation of patents and citations and the changing... View Details

Keywords: Patents; Analytics and Data Science; Corporate Finance; Research

03 Jan 2011
Research & Ideas

Most Popular Articles of 2010

Leadership As a subject of scholarly inquiry, leadership-and who leaders are, what makes them tick, how they affect others-has been neglected for decades. The Handbook of Leadership View Details

Keywords: by Staff

Levels of Meaning

Serge Heftler-Louiche, former manager of Coty. Another example is I.M. Singer, namesake of the Singer sewing machine empire. Singer himself was an odd, eccentric character, but... View Details

2008
Working Paper

Rethinking the Role of History in Law & Economics: The Case of the Federal Radio Commission in 1927

By: David A. Moss and Jonathan B. Lackow

In the study of law and economics, there is a danger that historical inferences from theory may infect historical tests of theory. It is imperative, therefore, that historical tests always involve a vigorous search not only for confirming evidence, but for... View Details

Keywords: Economic History; Decision Choices and Conditions; Government Legislation; Law; Media and Broadcasting Industry

fall 2008
Article

The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market

By: Kenneth A. Froot

In this paper, I provide evidence concerning the imperfections in the reinsurance market. I try to get at some of the root causes of these imperfections, e.g., the behavior of ratings firms and the agency problems associated with the corporate form of ownership. I also... View Details

Keywords: Catastrophe Risk; Corporate Finance; Banking And Insurance; Hedging; Banking; Financial Markets; Insurance; Policy; Risk Management; Natural Disasters; Cost of Capital; Asset Pricing; Insurance Industry

Web

Podcasts - Managing the Future of Work

his Managing the Future of Work co-chair and podcast co-host, Joe Fuller, lead author of the project’s latest report, Hidden Workers: The Case for Caregivers. Worker welfare: From View Details

07 Dec 2018
Video

Current Events Through the Lens of Theory: Samsung's Bid for the Low End

23 Jun 2017
News

A 'Pillar' of Entrepreneurship

interview with VentureFizz, Wilcox discusses the bright future of the Boston startup scene, Pillar’s focus on machine intelligence and healthcare technology, and his own approach to investing. “Each meeting,... View Details

Keywords: Management of Companies and Enterprises; Management of Companies and Enterprises

12 Aug 2009
Working Paper Summaries

Culture Clash: The Costs and Benefits of Homogeneity

Keywords: by Eric J. Van den Steen

August 2006
Article

Investor Sentiment and the Cross Section of Stock Returns

By: Malcolm Baker and Jeffrey Wurgler

We examine how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. We test this prediction by... View Details

Keywords: Behavioral Finance; Stocks; Investment Return; Forecasting and Prediction; Motivation and Incentives; Risk and Uncertainty; Volatility