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  • June 2019
  • Article

Social Risk, Fiscal Risk, and the Portfolio of Government Programs

By: Samuel G. Hanson, David S. Scharfstein and Adi Sunderam
We develop a model of government portfolio choice in which a benevolent government chooses the scale of risky projects in the presence of market failures and tax distortions. These two frictions generate motives to manage social risk and fiscal risk. Social risk... View Details
Keywords: Risk Management; Government and Politics; Programs
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  • 01 Oct 2021
  • Research & Ideas

Dying to Lead: How Reaching the Top Can Kill You Sooner

A warning to CEOs and other top executives in high-pressure positions: Job stress could shave years off your life, causing you to die younger than lower-level workers, new research suggests. After all, modern CEOs face taxing work... View Details
Keywords: by Jay Fitzgerald
  • 12 Jan 2016
  • First Look

January 12, 2016

exposure to workplace attributes that contribute to poor health. We used General Social Survey data to estimate differential exposures to workplace conditions, results from a meta-analysis that estimated the effect of workplace conditions... View Details
Keywords: Carmen Nobel
  • 14 Oct 2016
  • Working Paper Summaries

A Welfarist Role for Nonwelfarist Rules: An Example with Envy

Keywords: by Matthew Weinzierl
  • Article

Corruption and Firms

By: Emanuele Colonnelli and Mounu Prem
We estimate the causal real economic effects of a randomized anti-corruption crackdown on local governments in Brazil using rich micro-data on corruption and firms. After anti-corruption audits, municipalities experience an increase in the number of firms concentrated... View Details
Keywords: Crime and Corruption; Economy; Business and Government Relations; Policy; Brazil
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  • 18 Jun 2007
  • Op-Ed

Leveling the Executive Options Playing Field

examining the role of stock options in executive compensation; the incidence of stock option abuses; how stock option compensation is reported to stockholders under generally accepted accounting principles versus how the same compensation... View Details
Keywords: by Mihir Desai
  • 17 Apr 2012
  • Working Paper Summaries

Technology Choice and Capacity Portfolios Under Emissions Regulation

Keywords: by David Drake, Paul R. Kleindorfer & Luk N. Van Wassenhove
  • March 2021
  • Article

The Variation in Capacity Remuneration Requirements in European Electricity Markets

By: Conor Hickey, Derek Bunn, Paul Deane, Celine McInerney and Brian O' Gallachoir
This paper provides the first EU wide analysis of the variation in Capacity Remuneration Requirements throughout Europe which aim to resolve the “missing money” problems in various member states. The findings of this analysis point to an asymmetric investment case for... View Details
Keywords: Environmental Regulation; Investment; Utilities Industry; Europe
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  • 05 Jul 2006
  • Research & Ideas

Reinventing the Dowdy Savings Bond

moderate-income families. Low-risk and low-profile, savings bonds have been around for decades, offering the dual benefit of funding the national debt while acting as a savings vehicle for millions of Americans. In "Reinventing Savings Bonds," an article in... View Details
Keywords: by Julia Hanna; Banking; Financial Services
  • Forthcoming
  • Article

Who Values Democracy?

By: Max Miller
This paper examines the conventional view that redistribution is central to the democratization process using data from stock markets. Consistent with this view, democratizations have a large, negative impact on asset valuations driven by a rise in redistribution risk.... View Details
Keywords: Government and Politics; Risk and Uncertainty; Financial Crisis; Macroeconomics; Financial Markets; Valuation
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  • 26 Jul 2011
  • First Look

First Look: July 26

inclusion among "tax expenditures" and occasional calls for its repeal. This paper analyzes the extent to which tax deferral and other policies inefficiently subsidize U.S. direct investment abroad. Investments are dynamically... View Details
Keywords: Sean Silverthorne
  • 20 May 2014
  • Research & Ideas

Managing the Family Business: Survival’s Secret Sauce

But long-term success-even for a family company-can be explained in a rather simple, straightforward way. Here are some high points to consider. Grow Every Generation In order to stay alive commercially as a family, you must grow your... View Details
  • 2016
  • Working Paper

Financing Payouts

By: Joan Farre-Mensa, Roni Michaely and Martin Schmalz
We study the extent to which firms rely on the capital markets to fund their payouts. We find that 42% of firms that pay out capital also initiate debt or equity issues in the same year, resulting in 32% of aggregate payouts being externally financed. Most firms with... View Details
Keywords: Payout Policy; Financing Decisions; Debt Issues; Equity Issues; Capital Structure; Decision Making; Financing and Loans; Corporate Finance
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  • April 2010
  • Article

Endowments, Fiscal Federalism, and the Cost of Capital for States: Evidence from Brazil, 1891-1930

By: Andre C. Martinez Fritscher and Aldo Musacchio
There is a large literature looking at the determinants of country risk (defined as the difference between the yield of a sovereign's bonds and the risk-free rate). In this paper, we contribute to the discussion by arguing that an important explanatory factor is the... View Details
Keywords: Bonds; Performance Capacity; Taxation; Revenue; Governance; Geographic Location; Trade; Price; Cost of Capital; Risk and Uncertainty; Public Administration Industry; Brazil
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  • 13 Jan 2015
  • First Look

First Look: January 13

increase private savings by taxing savings up front instead of in retirement? Roth 401(k) contributions are not tax-deductible in the contribution year, but withdrawals in retirement are untaxed. The more common before-tax 401(k)... View Details
Keywords: Sean Silverthorne
  • 2017
  • Working Paper

Investment Timing with Costly Search for Financing

By: Samuel Antill
I develop a dynamic model of investment timing in which firms must first choose when to search for external financing. Search is costly and the arrival of investors is uncertain, leading to delay in financing and investment. Depending on parameters, my model can... View Details
Keywords: Real Options; Search And Bargaining; Time-varying Financial Conditions; Investment; Venture Capital; Mathematical Methods
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  • August 2020 (Revised November 2022)
  • Case

George Soros: The Stateless Statesman

By: Geoffrey Jones and Wendy Ying
This case traces the business career and philanthropic activities of George Soros. The Hungarian-born Soros made a fortune as a hedge fund investor after establishing Quantum Fund on the tax haven island of Curaçao in the Netherlands Antilles in 1973 where he was... View Details
Keywords: Hedge Fund; Philanthropy; Populism; Finance; Philanthropy and Charitable Giving; Political Elections; Personal Development and Career; Leadership Style; Financial Services Industry; Europe; Hungary; United Kingdom; North and Central America; United States
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  • 05 Jun 2009
  • What Do You Think?

What Does Slower Economic Growth Really Mean?

Summing Up If not useful growth, what are we measuring? And why? This column does not thrive on general agreement. And this past month discussants came close to general agreement on the proposition that... View Details
Keywords: by Jim Heskett; Financial Services; Construction; Real Estate
  • 07 Jul 2008
  • Research & Ideas

Innovation Corrupted: How Managers Can Avoid Another Enron

building on intense lobbying to encourage further domestic deregulation and limit federal oversight of the energy industry, Skilling encouraged Enron executives to exploit to the hilt recent Securities and Exchange Commission rule changes as well as then-current View Details
Keywords: by Martha Lagace; Energy; Utilities
  • 23 Nov 2010
  • First Look

First Look: November 23

case:http://cb.hbsp.harvard.edu/cb/product/810007-PDF-ENG Generation Health: A Pioneer in Genetics Benefit Management (B) Robert F. HigginsHarvard Business School Supplement 811-005 Supplements the (A) case. Purchase this... View Details
Keywords: Sean Silverthorne

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