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  • 2018
  • Working Paper

Corporate Refinancing, Covenants, and the Agency Cost of Debt

By: Daniel Green
How valuable are restrictive debt covenants in reducing the agency costs of debt? I exploit the revealed preference decision to refinance fixed-coupon bonds, which weighs observable interest rate savings against the unobservable costs of a change in restrictive... View Details
Keywords: Covenants; Refinancing; Corporate Bonds; Agency Costs; Debt Policy; Borrowing and Debt; Bonds; Interest Rates
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  • 2023
  • Working Paper

The Market for Sharing Interest Rate Risk: Quantities and Asset Prices

By: Ishita Sen, Umang Khetan, Jane Li and Ioana Neamtu
We study the extent of interest rate risk sharing across the financial system using granular positions and transactions data in interest rate swaps. We show that pension and insurance (PF&I) sector emerges as a natural counterparty to banks and corporations: overall,... View Details
Keywords: Interest Rates; Investment Funds; Banks and Banking; Insurance; Investment Banking; Risk and Uncertainty
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  • 2015
  • Chapter

Leading Socially Responsible, Value-Creating Corporations

By: Daniel A Brown, Rakesh Khurana and James O'Toole
We explore the role of the corporate leader in creating value for stakeholders throughout three eras: one of naïve idealism, one of naïve cynicism, and an emerging era of rugged idealism. We explain how the role of the corporate leader and society's perceptions of this... View Details
Keywords: Stakeholder Management; Value; Shared Value; Institution; Business School; Stakeholder Engagement; Value Creation; Leadership; Corporate Social Responsibility and Impact; Alignment; Business Education; Business and Stakeholder Relations
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  • 21 Dec 2010
  • First Look

First Look: December 21

article reviews recent research conducted by the authors that finds that intellectual property rights reform increases technology transfers, foreign direct investment inflows, and industrial development. It also places the findings of... View Details
  • June 2023
  • Article

How New Ideas Diffuse in Science

By: Mengjie Cheng, Daniel Scott Smith, Xiang Ren, Hancheng Cao, Sanne Smith and Daniel A. McFarland
What conditions help new ideas spread? Can knowledge entrepreneurs’ position and develop new ideas in ways that help them take off? Most innovation research focuses on products and their reference. That focus ignores the ideas themselves and the broader ideational... View Details
Keywords: Innovation Adoption; Natural Language Processing; Knowledge; Science; Innovation and Invention; Knowledge Sharing; Analytics and Data Science
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  • 30 Oct 2018
  • First Look

New Research and Ideas, October 30, 2018

incremental shifts towards sustainability to abandoning for-profit business entirely and re-wilding and conserving millions of acres of lands in Latin America. The book's distinctiveness lies in the use of original empirical data and the... View Details
Keywords: Dina Gerdeman
  • February 2021
  • Article

A Dynamic Theory of Multiple Borrowing

By: Daniel Green and Ernest Liu
Multiple borrowing—a borrower obtains overlapping loans from multiple lenders—is a common phenomenon in many credit markets. We build a highly tractable, dynamic model of multiple borrowing and show that, because overlapping creditors may impose default externalities... View Details
Keywords: Commitment; Multiple Borrowing; Common Agency; Misallocation; Microfinance; Investment; Mathematical Methods
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  • Article

Active World Model Learning with Progress Curiosity

By: Kuno Kim, Megumi Sano, Julian De Freitas, Nick Haber and Daniel Yamins
World models are self-supervised predictive models of how the world evolves. Humans learn world models by curiously exploring their environment, in the process acquiring compact abstractions of high bandwidth sensory inputs, the ability to plan across long temporal... View Details
Keywords: World Models; Mathematical Methods
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  • 05 Jun 2018
  • First Look

New Research and Ideas, June 5, 2018

Vincent, and Clémence Tricaud Abstract—In French parliamentary and local elections, candidates ranked first and second in the first round automatically qualify for the second round, while a third candidate qualifies only when selected by... View Details
Keywords: Dina Gerdeman
  • Article

Why Do Pro Forma and Street Earnings Not Reflect Changes in GAAP? Evidence from SFAS 123R

By: Ian D. Gow, Mary E. Barth and Daniel Taylor
This study examines how key market participants—managers and analysts—responded to SFAS 123R's controversial requirement that firms recognize stock-based compensation expense. Despite mandated recognition of the expense, some firms' managers exclude it from pro forma... View Details
Keywords: Motivation and Incentives; Employee Stock Ownership Plan
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  • 26 Jun 2020
  • Blog Post

(PPE)ople First: Bringing Critical Personal Protective Equipment to Boston Hospitals

Sophie Bai (HBS 2020) is working with classmates Danielle Waldman (HBS 2020), Elaine Liu (HBS 2020), Natalie Knipp (HBS 2020), Graham Lieberman (HBS 2017), Arting Chang (HBS2020), Qimei Luo, Matthew Wozny (HBS 2019), Anna Ike (HBS 2021),... View Details
  • Web

Entrepreneurial Management Awards & Honors - Faculty & Research

one of 100 Black Board Members Making a Difference by Board Prospects in 2024. Archie L. Jones : Received the 2024 Dr. James I. Cash Advancing Pathways Award. Olivia S. Kim : Winner of the 2024 Best Paper Award at the Red Rock Finance... View Details
  • 27 Aug 2019
  • Blog Post

Meet the PRIDE Club

during events such as National Coming Out Day, World AIDS Day, and Transgender Day of Visibility. Additionally, we work with the administration to increase the representation and inclusion of LGBTQ+ people among faculty, staff, and students, as well as in our course... View Details
  • 27 Jun 2017
  • First Look

First Look at New Research and Ideas, June 27

relationship between green business and governments. The struggles of entrepreneurial pioneers have rarely proved profitable, as they were forced to compete with conventional businesses that ignored negative environmental externalities and were often subsidized View Details
Keywords: Sean Silverthorne
  • 11 Mar 2021
  • News

Leading with Heart

share with everybody that at the end of the eight-week marathon, I would typically ask a couple of students to tell their story about their company or about themselves. And in my class, I remember your sharing that journey of yours. By... View Details
  • February 2011 (Revised June 2011)
  • Case

Stock Reform of Shenzhen Development Bank

By: Li Jin, Li Liao, Aldo Sesia and Jianyi Wu
Shenzhen Development Bank, China's first publicly traded company, was undergoing the non-tradable share reform. Its current controlling shareholder, private equity firm Newbridge Capital LLC, needs to negotiate with its diverse minority shareholders to find a... View Details
Keywords: Capital; Private Equity; Investment; Corporate Governance; Managerial Roles; Emerging Markets; Negotiation; Business and Shareholder Relations; Conflict of Interests; Banking Industry; China
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  • 2014
  • Working Paper

Speaking of Corporate Social Responsibility

By: Hao Liang, Christopher Marquis, Luc Renneboog and Sunny Li Sun
We argue that the language spoken by corporate decision makers influences their firms' social responsibility and sustainability practices. Linguists suggest that obligatory future-time-reference (FTR) in a language reduces the psychological importance of the future.... View Details
Keywords: Language; Future-Time-Reference; Categories; Culture; Corporate Social Responsibility; Sustainability; Communication; Corporate Social Responsibility and Impact
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  • 2023
  • Working Paper

Efficient Discovery of Heterogeneous Quantile Treatment Effects in Randomized Experiments via Anomalous Pattern Detection

By: Edward McFowland III, Sriram Somanchi and Daniel B. Neill
In the recent literature on estimating heterogeneous treatment effects, each proposed method makes its own set of restrictive assumptions about the intervention’s effects and which subpopulations to explicitly estimate. Moreover, the majority of the literature provides... View Details
Keywords: Causal Inference; Program Evaluation; Algorithms; Distributional Average Treatment Effect; Treatment Effect Subset Scan; Heterogeneous Treatment Effects
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  • Web

Launching Tech Ventures | HBS Online

Laguna Health Care Strategy & Innovation Leader Determine which startups to invest in by understanding the key metrics that dictate whether a venture has achieved product-market fit and is ready for scaling. “The course is useful for... View Details
  • 02 Aug 2011
  • First Look

First Look: August 2

workday events can make or break employees' inner work lives. But it's forward momentum in meaningful work—progress that creates the best inner work lives. Through rigorous analysis of nearly 12,000 diary entries provided by 238 employees... View Details
Keywords: Sean Silverthorne