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- Faculty Publications (93)
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- All HBS Web (158)
- Faculty Publications (93)
- 2023
- Working Paper
Trusting Talent: Cross-Country Differences in Hiring
By: Letian Zhang and Shinan Wang
This article argues that a society’s social trust influences employers’ hiring strategies. In selecting workers, employers could either focus on applicants’ potential and select on foundational skills (e.g., social skills, math skills) or focus on their readiness and... View Details
Keywords: Selection and Staffing; Trust; Competency and Skills; Cross-Cultural and Cross-Border Issues; European Union
Zhang, Letian, and Shinan Wang. "Trusting Talent: Cross-Country Differences in Hiring." Working Paper, October 2023.
- 2020
- Working Paper
Digital Experimentation and Startup Performance: Evidence from A/B Testing
By: Rembrand Koning, Sharique Hasan and Aaron Chatterji
Recent work argues that experimentation is the appropriate framework for entrepreneurial strategy. We investigate this proposition by exploiting the time-varying adoption of A/B testing technology, which has drastically reduced the cost of experimentally testing... View Details
Keywords: Experimentation; A/B Testing; Data-driven Decision-making; Entrepreneurship; Strategy; Business Startups; Information Technology; Performance
Koning, Rembrand, Sharique Hasan, and Aaron Chatterji. "Digital Experimentation and Startup Performance: Evidence from A/B Testing." Harvard Business School Working Paper, No. 20-018, August 2019. (Revised September 2020. SSRN Working Paper Series, No. 3440291, August 2019)
- November–December 2024
- Article
Loss of Peers and Individual Worker Performance: Evidence From H-1B Visa Denials
By: Prithwiraj Choudhury, Kirk Doran, Astrid Marinoni and Chungeun Yoon
We study how restrictive immigration policies that result in the unexpected loss of co-workers affect the performance of skilled migrants employed in organizations. Specifically, we examine the impact of the loss of team members on their co-workers’ performance in... View Details
Keywords: Immigration; Performance Productivity; Employees; Human Capital; Ethnicity; Groups and Teams
Choudhury, Prithwiraj, Kirk Doran, Astrid Marinoni, and Chungeun Yoon. "Loss of Peers and Individual Worker Performance: Evidence From H-1B Visa Denials." Organization Science 35, no. 6 (November–December 2024): 2040–2063.
- 2020
- Working Paper
The Cost of Banking Deserts: Racial Disparities in Access to PPP Lenders and their Equilibrium Implications
By: Jeffrey Wang and David Hao Zhang
Many government support programs for small businesses are designed to pass through banks and credit unions. However, this poses barriers for minority communities that are less connected to financial institutions for obtaining this support. Using the latest program for... View Details
Keywords: Banking Deserts; Minority Communities; Paycheck Protection Program; Banks and Banking; Small Business; Demographics; Race; Government and Politics; Programs
Wang, Jeffrey, and David Hao Zhang. "The Cost of Banking Deserts: Racial Disparities in Access to PPP Lenders and their Equilibrium Implications." Working Paper, December 2020.
- 2017
- Working Paper
The Rise of American Ingenuity: Innovation and Inventors of the Golden Age
By: Ufuk Akcigit, John Grigsby and Tom Nicholas
We examine the golden age of U.S. innovation by undertaking a major data collection exercise linking inventors from historical U.S. patents to Federal Censuses between 1880 and 1940 and to regional economic aggregates. We provide a theoretical framework to motivate the... View Details
Akcigit, Ufuk, John Grigsby, and Tom Nicholas. "The Rise of American Ingenuity: Innovation and Inventors of the Golden Age." Harvard Business School Working Paper, No. 17-063, January 2017. (Revised June 2017.)
- February 2019 (Revised July 2019)
- Case
Sales Force Management at Nobel Ilac
By: Doug J. Chung and Gamze Yucaoglu
Nobel Ilac was a Turkish generic pharmaceutical company marketing more than 100 drugs in 20 countries and, as of 2017, had over 2,500 employees worldwide. Nobel had implemented a transformation strategy—more specifically, a customer segmentation plan—whereby the sales... View Details
Keywords: Sales Strategy; Compensation; Employee Retention; Recruiting; Pharmaceuticals; Salesforce Management; Strategy; Organizational Design; Human Resources; Compensation and Benefits; Employees; Retention; Recruitment; Pharmaceutical Industry; Turkey
Chung, Doug J., and Gamze Yucaoglu. "Sales Force Management at Nobel Ilac." Harvard Business School Case 519-067, February 2019. (Revised July 2019.)
- September 2011
- Article
Political Instability: Effects on Financial Development, Roots in the Severity of Economic Inequality
By: Mark J. Roe and Jordan I. Siegel
We here bring forward strong evidence that political instability impedes financial development, with its variation a primary determinant of differences in financial development around the world. As such, it needs to be added to the short list of major determinants of... View Details
Keywords: Financial Development; Political Instability; Government and Politics; Finance; Growth and Development; Economics; Equality and Inequality
Roe, Mark J., and Jordan I. Siegel. "Political Instability: Effects on Financial Development, Roots in the Severity of Economic Inequality." Journal of Comparative Economics 39, no. 3 (September 2011): 279–309. (We here bring forward strong evidence that political instability impedes financial development, with its variation a primary determinant of differences in financial development around the world. As such, it needs to be added to the short list of major determinants of financial development. First, structural conditions first postulated by
Engerman and Sokoloff (2002) as generating long-term inequality are shown here empirically to be exogenous determinants of political instability. Second, that exogenously-determined political instability in turn holds back financial development, even when we control for factors prominent in the last decade's cross-country studies of
financial development. The findings indicate that inequality-perpetuating conditions that result in political instability are fundamental roadblocks for international organizations like the World Bank that seek to promote financial development. The evidence here includes country fixed effect regressions and an instrumental model inspired by Engerman and Sokoloff's (2002) work, which to our knowledge has not yet been used in finance and which is consistent with current tests as valid instruments. Four conventional measures of national political instability — Alesina and Perotti's (1996) well-known index of instability, a subsequent index derived from Banks' (2005) work,
and two indices of managerial perceptions of nation-by-nation political instability — persistently predict a wide range of national financial development outcomes for recent decades. Political instability's significance is time consistent in cross-sectional regressions back to the 1960's, the period when the key data becomes available, robust
in both country fixed-effects and instrumental variable regressions, and consistent across multiple measures of instability and of financial development. Overall, the results indicate the existence of an important channel running from structural inequality to political instability, principally in nondemocratic settings, and then to financial
backwardness. The robust significance of that channel extends existing work demonstrating the importance of political economy explanations for financial development and financial backwardness. It should help to better understand which policies will work for financial development, because political instability has causes, cures, and effects quite distinct from those of many of the key institutions most studied in the past decade as explaining financial backwardness.)
- January 2009
- Article
Turbulent Firms, Turbulent Wages?
By: Diego A. Comin, Erica L. Groshen and Bess Rabin
Has greater turbulence among firms fueled rising wage instability in the U.S.? Gottschalk and Moffitt [1994] find that rising earnings instability was responsible for one third to one half of the rise in wage inequality during the 1980s. These growing transitory... View Details
Keywords: Wages; Production; Business Earnings; Fluctuation; Performance; Volatility; Relationships; Sales; Business Ventures; United States
Comin, Diego A., Erica L. Groshen, and Bess Rabin. "Turbulent Firms, Turbulent Wages?" Journal of Monetary Economics 56, no. 1 (January 2009).
- 2024
- Working Paper
Human-Computer Interactions in Demand Forecasting and Labor Scheduling Decisions
By: Caleb Kwon, Ananth Raman and Jorge Tamayo
We investigate whether corporate officers should grant managers discretion to override AI-driven demand forecasts and labor scheduling tools. Analyzing five years of administrative data from a large grocery retailer using such an AI tool, encompassing over 500 stores,... View Details
Keywords: AI and Machine Learning; Forecasting and Prediction; Working Conditions; Performance Productivity
Kwon, Caleb, Ananth Raman, and Jorge Tamayo. "Human-Computer Interactions in Demand Forecasting and Labor Scheduling Decisions." Working Paper, April 2024.
- Article
Inflation-Indexed Bonds and the Expectations Hypothesis
By: Carolin E. Pflueger and Luis M. Viceira
This paper empirically analyzes the Expectations Hypothesis (EH) in inflation-indexed (or real) bonds and in nominal bonds in the U.S. and in the U.K. We strongly reject the EH in inflation-indexed bonds and also confirm and update the existing evidence rejecting the... View Details
Keywords: TIPS; Breakeven Inflation; Return Predictability; Bond Risk Premia; Risk Management; Bonds; Financial Liquidity; Inflation and Deflation; United Kingdom; United States
Pflueger, Carolin E., and Luis M. Viceira. "Inflation-Indexed Bonds and the Expectations Hypothesis." Annual Review of Financial Economics 3 (2011): 139–158.
- March–April 2023
- Article
Pricing for Heterogeneous Products: Analytics for Ticket Reselling
By: Michael Alley, Max Biggs, Rim Hariss, Charles Herrmann, Michael Lingzhi Li and Georgia Perakis
Problem definition: We present a data-driven study of the secondary ticket market. In particular, we are primarily concerned with accurately estimating price sensitivity for listed tickets. In this setting, there are many issues including endogeneity, heterogeneity in... View Details
Keywords: Price; Demand and Consumers; AI and Machine Learning; Investment Return; Entertainment and Recreation Industry; Sports Industry
Alley, Michael, Max Biggs, Rim Hariss, Charles Herrmann, Michael Lingzhi Li, and Georgia Perakis. "Pricing for Heterogeneous Products: Analytics for Ticket Reselling." Manufacturing & Service Operations Management 25, no. 2 (March–April 2023): 409–426.
- 2025
- Working Paper
Tax Planning, Illiquidity, and Credit Risks: Evidence from DeFi Lending
By: Lisa De Simone, Peiyi Jin and Daniel Rabetti
This study establishes a plausible causal link between tax-planning-induced illiquidity and credit risks in lending markets. Exploiting an exogenous tax shock imposed by the Internal Revenue Service (IRS) on cryptocurrency gains, along with millions of transactions in... View Details
Keywords: Cryptocurrency; Taxation; Financial Liquidity; Credit; Financing and Loans; Financial Markets
De Simone, Lisa, Peiyi Jin, and Daniel Rabetti. "Tax Planning, Illiquidity, and Credit Risks: Evidence from DeFi Lending." Working Paper, February 2025.
- November 2024
- Article
Preference Externality Estimators: A Comparison of Border Approaches and IVs
By: Xi Ling, Wesley R. Hartmann and Tomomichi Amano
This paper compares two estimators—the Border Approach and an Instrumental Variable (IV) estimator—using a unified framework where identifying variation arises from “preference externalities,” following the intuition in Waldfogel (2003). We highlight two dimensions in... View Details
Ling, Xi, Wesley R. Hartmann, and Tomomichi Amano. "Preference Externality Estimators: A Comparison of Border Approaches and IVs." Management Science 70, no. 11 (November 2024): 7892–7910.
- May 1991 (Revised December 1994)
- Case
State of Connecticut Municipal Swap
By: Andre F. Perold
The state of Connecticut wants to raise $325 million of long-term fixed-rate debt. One alternative is to do this synthetically--issue long-term variable rate debt and enter into an interest rate swap. The case is a vehicle for analyzing various floating rate structures... View Details
Keywords: Borrowing and Debt; Credit Derivatives and Swaps; Interest Rates; Taxation; Management Analysis, Tools, and Techniques; Risk and Uncertainty; New England
Perold, Andre F. "State of Connecticut Municipal Swap." Harvard Business School Case 291-024, May 1991. (Revised December 1994.)
- 2018
- Working Paper
Taxation and Innovation in the 20th Century
By: Ufuk Akcigit, John Grigsby, Tom Nicholas and Stefanie Stantcheva
This paper studies the effect of corporate and personal taxes on innovation in the United States over the 20th century. We use three new datasets: a panel of the universe of inventors who patent since 1920; a dataset of the employment, location, and patents of firms... View Details
Akcigit, Ufuk, John Grigsby, Tom Nicholas, and Stefanie Stantcheva. "Taxation and Innovation in the 20th Century." NBER Working Paper Series, No. 24982, September 2018. (Forthcoming in Quarterly Journal of Economics.)
- June 1991
- Case
Continental Carriers, Inc.
By: W. Carl Kester
A U.S. trucking company is considering using debt for the first time to acquire another company. The directors of the company are divided in their opinion of the likely impact of leverage on Continental Carriers' performance. Their differences must be reconciled and a... View Details
Keywords: Debt Securities; Financing and Loans; Acquisition; Borrowing and Debt; Equity; Transportation Industry; United States
Kester, W. Carl. "Continental Carriers, Inc." Harvard Business School Case 291-080, June 1991.
- 2022
- Working Paper
The Need for Speed: The Impact of Capital Constraints on Strategic Misconduct
By: F. Christopher Eaglin
Under what conditions do firms engage in strategic misconduct? Why do they undertake actions that increase profitability yet break laws or violate strong norms often with costly consequences for public welfare? The strategic management literature offers two external... View Details
Keywords: Corporate Misconduct; Capital Constraints; Organizations; Crime and Corruption; Behavior; Situation or Environment; Capital
Eaglin, F. Christopher. "The Need for Speed: The Impact of Capital Constraints on Strategic Misconduct." Harvard Business School Working Paper, No. 22-056, February 2022.
- 2020
- Working Paper
Social Influence in the COVID-19 Pandemic: Community Establishments’ Closure Decisions Follow Those of Nearby Chain Establishments
By: Abhishek Nagaraj, Mathijs de Vaan, Saqib Mumtaz and Sameer Srivastava
As conveners that bring various stakeholders into the same physical space, firms can powerfully influence the course of pandemics such as COVID-19. Even when operating under government orders and health guidelines, firms have considerable discretion to keep their... View Details
Keywords: COVID-19; Peer Influence; Closure Decisions; Health Pandemics; Business Ventures; Decisions; Business and Community Relations
Nagaraj, Abhishek, Mathijs de Vaan, Saqib Mumtaz, and Sameer Srivastava. "Social Influence in the COVID-19 Pandemic: Community Establishments’ Closure Decisions Follow Those of Nearby Chain Establishments." Working Paper, December 2020.
- Forthcoming
- Article
Institutional Corporate Bond Pricing
By: Ishita Sen, Lorenzo Bretscher, Lukas Schmid and Varun Sharma
We propose an equilibrium corporate bond pricing model that accommodates the heterogeneity in institutional investors' preferences and mandates in an empirically tractable way. Our model, estimated on rich holdings data, quantifies investors' preferences and demand... View Details
Keywords: Corporate Bonds; Demand Systems; Insurance Companies; Mutual Funds; Liquidity; Bonds; Price; Investment Funds
Sen, Ishita, Lorenzo Bretscher, Lukas Schmid, and Varun Sharma. "Institutional Corporate Bond Pricing." Review of Financial Studies (forthcoming).
- 1980
- Article
Consumer Impulse Purchase and Credit Card Usage: An Empirical Examination Using the Log Linear Model
By: Rohit Deshpandé and S. Krishnan
Most of the work in impulse purchase behavior has investigated the association of socioeconomic variables and unplanned purchases with equivocal results. This paper examines the interrelationship between impulse purchases, credit card usage, cost of items bought, and... View Details