Publications

Research Summary

Manager Specific Human Capital Investment: A Model of Block Trading and Firm Stability

I develop a model in which workers can undertake specific human capital investments in the firm and in the manager employed by the firm. If the manager leaves the firm, a worker has to decide whether to join her in the new firm or stay in the old firm. In case of... View Details

Web

Global Industry Bubble Watch - Behavioral Finance & Financial Stability

Data Global Industry Bubble Watch Download Data Set in Excel View Sector: Consumer Discretionary Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Real Estate Telecommunication Services Utilities Sector:... View Details

2023
Working Paper

Channeled Attention and Stable Errors

By: Tristan Gagnon-Bartsch, Matthew Rabin and Joshua Schwartzstein

We develop a framework for assessing when somebody will eventually notice that she has a misspecified model of the world, premised on the idea that she neglects information that she deems—through the lens of her misconceptions—to be irrelevant. In doing so, we... View Details

Keywords: Attentional Stability; Cognition and Thinking; Attitudes; Information; Theory

June 1998
Article

The Politics of Monetary Leadership and Followership: Stability in the European Monetary System Since the Currency Crisis of 1992

By: Rawi Abdelal

Despite widespread scepticism, there is a fundamental continuity in the stability of the European Monetary System (EMS) before and after the 1992 crisis. Although speculative pressures provoked European leaders to widen the fluctuation bands of the Exchange Rate... View Details

Keywords: Money; Leadership; System; Balance and Stability; Europe

2007
Working Paper

New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability

By: Dale F. Gray, Robert C. Merton and Zvi Bodie

This paper proposes a new approach to improve the way central banks can analyze and manage the financial risks of a national economy. It is based on the modern theory and practice of contingent claims analysis (CCA), which is successfully used today at the level of... View Details

Keywords: Financial Crisis; Macroeconomics; Central Banking; Risk Management

23 Sep 2008
Working Paper Summaries

New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability

Keywords: by Dale F. Gray, Robert C. Merton & Zvi Bodie

Web

2018 Financial Risk and Regulation Survey - Behavioral Finance & Financial Stability

makers, HBS faculty members, and leading HBS alumni to examine and reflect on the events of the fall of 2008. In preparation for this event, the Behavioral Finance and Financial Stability Project (BFFS) at HBS conducted the 2018 Financial... View Details

April 2025
Article

Dynamic Silos: Increased Modularity and Decreased Stability in Intra-organizational Communication Networks During the COVID-19 Pandemic

By: Tiona Zuzul, Emily Cox Pahnke, Jonathan Larson, Christopher White, Patrick Bourke, Nicholas Caurvina, Neha Parikh Shah, Fereshteh Amini, Youngser Park, Joshua Vogelstein, Jeffrey Weston and Carey E. Priebe

Workplace communications around the world were drastically altered by COVID-19, related work-from-home orders, and the rise of remote work. To understand these shifts, we analyzed aggregated, anonymized metadata from over 360 billion emails within 4,361 organizations... View Details

Keywords: Remote Work; COVID-19; Communication Technology; Organizational Change and Adaptation

10 Dec 2020
News

CEO turnover hit lowest level in years as boards sought stability during COVID's early days

2010
Other Unpublished Work

Split Decisions: How Social and Economic Choices Affect the Stability of Founding Teams

By: Matt Marx and Noam Wasserman

Keywords: Decision Making; Entrepreneurship; Economics; Society

04 May 2009
Working Paper Summaries

An Ounce of Prevention: The Power of Public Risk Management in Stabilizing the Financial System

Keywords: by David A. Moss; Banking; Financial Services

November 2019
Other Article

Corrigendum to "Multilateral Matching"

By: Keisuke Bando, Toshiyuki Hirai, John William Hatfield and Scott Duke Kominers

We identify an error in the claim by Hatfield and Kominers (2015) that every stable outcome in the setting of multilateral matching with contracts is efficient. We then show that the result can be recovered under a suitable differentiability condition. View Details

Keywords: Matching; Stability; Competitive Equilibrium; Networks; Joint Ventures; Balance and Stability

September 2019
Article

Trading Networks with Frictions

By: Tamás Fleiner, Ravi Jagadeesan, Zsuzsanna Jankó and Alexander Teytelboym

We show how frictions and continuous transfers jointly affect equilibria in a model of matching in trading networks. Our model incorporates distortionary frictions such as transaction taxes and commissions. When contracts are fully substitutable for firms, competitive... View Details

Keywords: Trading Networks; Frictions; Competitive Equilibrium; Matching With Contracts; Stability; Trail Stability

June 2013
Article

Vacancies in Supply Chain Networks

By: John William Hatfield and Scott Duke Kominers

We use the supply chain matching framework to study the effects of firm exit. We show that the exit of an initial supplier or end consumer has monotonic effects on the welfare of initial suppliers and end consumers but may simultaneously have positive and negative... View Details

Keywords: Matching; Networks; Stability; Vacancy Chains; Market Entry and Exit; Supply Chain

Article

A Constant Bound for the Periods of Parallel Chip-firing Games with Many Chips

By: Paul Myer Kominers and Scott Duke Kominers

We prove that any parallel chip-firing game on a graph G with at least 4|E(G)| − |V(G)| chips stabilizes, i.e., such a game has eventual period of length 1. Furthermore, we obtain a polynomial bound on the number of rounds before stabilization. This result is a... View Details

Keywords: Chip-firing; Parallel Chip-firing; Stabilization

Purchase

Article

Multilateral Matching

By: John William Hatfield and Scott Duke Kominers

We introduce a matching model in which agents engage in joint ventures via multilateral contracts. This approach allows us to consider production complementarities previously outside the scope of matching theory. We show analogues of the first and second welfare... View Details

Keywords: Matching; Stability; Competitive Equilibrium; Core; Networks; Competition; Joint Ventures; Balance and Stability; Groups and Teams; Entrepreneurship

Purchase

2025
Working Paper

Government-Brokerage Analysts and Market Stabilization: Evidence from China

By: Sheng Cao, Xianjie He, Charles C.Y. Wang and Huifang Yin

We show analysts at government-controlled brokerage firms serve as a market stabilization tool in China. Using earnings forecasts from 2005–2019, we find government-brokerage analysts issue relatively more optimistic—yet less accurate and timely—forecasts during... View Details

Keywords: Sell-side Analysts; Forecast Optimism; Forecast Accuracy; Government Incentives; Market Stabilization; Government Ownership; Coordinated Economies; Stocks; Forecasting and Prediction; Business and Government Relations; Emerging Markets

SSRN