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(447)
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Show Results For
- All HBS Web
(447)
- News (141)
- Research (274)
- Events (2)
- Multimedia (6)
- Faculty Publications (130)
- 2023
- Working Paper
How Resilient Is Venture-Backed Innovation? Evidence from Four Decades of U.S. Patenting
By: Sabrina T. Howell, Josh Lerner, Ramana Nanda and Richard Townsend
Despite theoretical predictions to the contrary, corporate innovation is strongly pro-cyclical. In this paper, we compare innovation in the economy as a whole to that of firms backed by venture capital (VC), a source of capital associated with the most impactful young... View Details
Keywords: Recessions; Venture Capital; Innovation and Invention; Patents; Business Cycles; Economic Slowdown and Stagnation
Howell, Sabrina T., Josh Lerner, Ramana Nanda, and Richard Townsend. "How Resilient Is Venture-Backed Innovation? Evidence from Four Decades of U.S. Patenting." Harvard Business School Working Paper, No. 20-115, May 2020. (Revised July 2023.)
- May 2018 (Revised January 2019)
- Teaching Note
Lind Equipment
By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld
Teaching Note for HBS No. 212-012. Lind Equipment, a Canadian manufacturer and distributor of industrial electrical safety equipment, was purchased in December 2007 by Brian Astl (HBS 2006) and Sean Van Doorselaer. Lind’s performance was negatively impacted by the... View Details
- 2010
- Book
A Call for Judgment: Sensible Finance for a Dynamic Economy
By: Amar Bhide
Our prosperity requires the enterprise of innumerable individuals and businesses who exercise their imagination and judgment—and bear responsibility for outcomes. And it is through dialogue and relationships that widespread enterprise is fostered, not merely prices in... View Details
Keywords: Recession; Banking; Banks; Finance; Economics; Macroeconomics; Banks and Banking; Banking Industry; Financial Services Industry
Bhide, Amar. A Call for Judgment: Sensible Finance for a Dynamic Economy. Oxford University Press, 2010.
- April 2010
- Class Lecture
Letting No Serious Crisis Go to Waste: Innovation and Entrepreneurship After the Great Recession (FSS)
By: Bhaskar Chakravorti
Chakravorti, Bhaskar. "Letting No Serious Crisis Go to Waste: Innovation and Entrepreneurship After the Great Recession (FSS)." Harvard Business School Class Lecture 810-706, April 2010.
- 27 Jun 2014
- Working Paper Summaries
Positive and Normative Judgments Implicit in US Tax Policy and the Costs of Unequal Growth and Recessions
Keywords: by Benjamin Lockwood & Matthew Weinzierl
- February 2016
- Article
Positive and Normative Judgments Implicit in U.S. Tax Policy, and the Costs of Unequal Growth and Recessions
By: Benjamin B. Lockwood and Matthew Weinzierl
Calculating the welfare implications of changes to economic policy or shocks to the economy requires economists to decide on a normative criterion. One way to make that decision is to elicit the relevant moral criteria from real-world policy choices, converting a... View Details
Lockwood, Benjamin B., and Matthew Weinzierl. "Positive and Normative Judgments Implicit in U.S. Tax Policy, and the Costs of Unequal Growth and Recessions." Journal of Monetary Economics 77 (February 2016): 30–47. (Also Harvard Business School Working Paper, No. 14-119, June 2014.)
- February 2015
- Article
The Great Recession, Insurance Mandates, and the Use of In Vitro Fertilization Services in the United States
By: Sorapop Kiatpongsan, Robert S. Huckman and Mark D. Hornstein
Objective: To investigate the relationship between economic activities, insurance mandates, and the use of in vitro fertilization (IVF) in the United States.
Design: We examined the correlation between the coincident index (a proxy for overall economic... View Details
Design: We examined the correlation between the coincident index (a proxy for overall economic... View Details
Keywords: Macroeconomics; Recessions; Medical Care; In Vitro Fertilization; Health Industry; United States
Kiatpongsan, Sorapop, Robert S. Huckman, and Mark D. Hornstein. "The Great Recession, Insurance Mandates, and the Use of In Vitro Fertilization Services in the United States." Fertility and Sterility 103, no. 2 (February 2015): 448–454.
- 2018
- Working Paper
Trust and Democracy: Leader Turnover during Economic Crises
By: Nathan Nunn, Nancy Qian and Jaya Y. Wen
We study the relationship between interpersonal trust and political stability in democratic countries. Using a six-decade-long annual country-level panel dataset, we find that recessions are more likely to cause political turnover in countries with lower levels of... View Details
Keywords: Interpersonal Trust; Recessions; Leader Turnover; Political Instability; Culture; Economic Slowdown and Stagnation; Trust; Political Elections
Nunn, Nathan, Nancy Qian, and Jaya Y. Wen. "Trust and Democracy: Leader Turnover during Economic Crises." NBER Working Paper Series, No. 24187, January 2018. (Revised February 2023. Available also from VOX and in Kellogg Insight.)
- October 2021 (Revised November 2022)
- Case
The 2012 Spanish Labor Reform: Lifting All Boats, or Leveling Down?
By: Vincent Pons, Rafael Di Tella, Santiago Botella and Elena Corsi
Since 1978, Spain had struggled to control unemployment. The country’s labor law was protective of employees hired long-term and companies used temporary contracts as buffers. In 2012, amid economic recession and a 23.6% unemployment rate, a center-right government of... View Details
Keywords: COVID-19 Pandemic; Labor Market; Unemployment; Recession; Globalized Markets and Industries; Government Legislation; International Relations; Working Conditions; Employment; Labor Unions; Contracts; Social Issues; Public Opinion; Governing Rules, Regulations, and Reforms; Spain; European Union
Pons, Vincent, Rafael Di Tella, Santiago Botella, and Elena Corsi. "The 2012 Spanish Labor Reform: Lifting All Boats, or Leveling Down?" Harvard Business School Case 722-008, October 2021. (Revised November 2022.)
- October 2014
- Supplement
Honeywell and the Great Recession: The Economic Recovery (B)
By: Sandra J. Sucher and Susan J. Winterberg
Five years after the Great Recession, Honeywell's CEO Dave Cote and his executive team reflect on the choices they made to manage costs and earnings forecasts during that uncertain time. They discuss which cost cutting measures they decided to take and their personal... View Details
Keywords: Layoffs; Furloughs; Downsizing; Work Sharing; Short Time Work; Recessions; Earnings Forecast; Job Cuts and Outsourcing; Cost Management; Executive Compensation; Crisis Management; Financial Crisis; Manufacturing Industry
Sucher, Sandra J., and Susan J. Winterberg. "Honeywell and the Great Recession: The Economic Recovery (B)." Harvard Business School Supplement 315-023, October 2014.
- July–August 2021
- Article
Lowering the Bar? External Conditions, Opportunity Costs, and High-Tech Startup Outcomes
By: Annamaria Conti and Maria P. Roche
We assess the heterogeneous impact of economic downturns on individuals’ decisions to bring high-technology ideas to the market in the form of new ventures. We thereby examine how worsening labor market conditions influence individuals’ opportunity costs of starting... View Details
Keywords: Necessity Entrepreneurship; Economic Conditions; Recessions; High-tech Startups; Opportunity Costs; Entrepreneurship; Economic Slowdown and Stagnation; Business Startups; Information Technology; Performance; Labor
Conti, Annamaria, and Maria P. Roche. "Lowering the Bar? External Conditions, Opportunity Costs, and High-Tech Startup Outcomes." Organization Science 32, no. 4 (July–August 2021): 965–986.
- March 2024
- Article
Flight to Safety: How Economic Downturns Affect Talent Flows to Startups
By: Shai Bernstein, Richard Townsend and Ting Xu
Using proprietary data from AngelList Talent, we study how individuals’ job search and application behavior changed during the COVID-19 downturn. We find that job seekers shifted their searches toward more established firms and away from early-stage startups, even... View Details
Bernstein, Shai, Richard Townsend, and Ting Xu. "Flight to Safety: How Economic Downturns Affect Talent Flows to Startups." Review of Financial Studies 37, no. 3 (March 2024): 837–881.
- 2022
- Working Paper
Flight to Safety: How Economic Downturns Affect Talent Flows to Startups
By: Shai Bernstein, Richard Townsend and Ting Xu
Using proprietary data from AngelList Talent, we study how individuals’ job search and application behavior changed during the COVID-19 downturn. We find that job seekers shifted their searches toward more established firms and away from early-stage startups, even... View Details
Keywords: Startup Labor Market; Flight To Safety; COVID-19; Recession; Business Startups; Human Capital; Business Cycles; Health Pandemics
Bernstein, Shai, Richard Townsend, and Ting Xu. "Flight to Safety: How Economic Downturns Affect Talent Flows to Startups." Harvard Business School Working Paper, No. 21-045, September 2020. (Revised March 2022.)
- November 2017
- Article
Credit-Induced Boom and Bust
By: Marco Di Maggio and Amir Kermani
Can a credit expansion induce a boom and bust in house prices and real economic activity? This paper exploits the federal preemption of national banks in 2004 from local laws against predatory lending to gauge the effect of the supply of credit on the real economy.... View Details
Keywords: Great Recession; Subprime; Credit Supply; Credit Expansion; Household Leverage; Household Debt; Preemption Rule; Mortgages; Laws and Statutes; Credit; Household; Borrowing and Debt; Economic Slowdown and Stagnation
Di Maggio, Marco, and Amir Kermani. "Credit-Induced Boom and Bust." Review of Financial Studies 30, no. 11 (November 2017): 3711–3758. (Lead article and Editor's choice
Winner of the 2018 RFS Rising Scholar Award.)
- October 2019
- Article
Partial Deregulation and Competition: Effects on Risky Mortgage Origination
By: Marco Di Maggio, Amir Kermani and Sanket Korgaonkar
We exploit the OCC's preemption of national banks from state laws against predatory lending as a quasi-experiment to study the effect of deregulation and its interaction with competition on the supply of complex mortgages. Following the preemption ruling, national... View Details
Keywords: Great Recession; Subprime; Complex Mortgages; Credit Supply; Household Debt; Preemption Rule; Competition; Mortgages; Government Legislation; Credit; Financial Crisis
Di Maggio, Marco, Amir Kermani, and Sanket Korgaonkar. "Partial Deregulation and Competition: Effects on Risky Mortgage Origination." Management Science 65, no. 10 (October 2019).
- May 2015
- Teaching Note
The United Kingdom and the Means to Prosperity
By: Laura Alfaro, Lakshmi Iyer and Hilary White
After struggling through the country's longest recession since 2008, the U.K. was expected to grow faster than any other G7 nation in 2014. Analysts wondered whether the return to growth was because, or in spite of, Prime Minister David Cameron's controversial £113... View Details
Keywords: United Kingdom; Austerity; Fiscal Deficits; Fiscal Policy; Keynesian Multiplier; Government; Government Policy; Recessions; Depression; Inequality; Government Intervention In The Markets; Stagnation; Public Finance; Economics; Macroeconomics; Government Administration; Business and Government Relations; Economic Growth; Economic Slowdown and Stagnation; Public Sector; Economy; Financial Crisis; Taxation; Government and Politics; United Kingdom
- 16 Aug 2022
- Op-Ed
Now Is the Time for Entrepreneurs to Play Offense
For the past six months, there has been a lot of handwringing about the market downturn. Most everyone has been advising entrepreneurs to marshal their capital, cut costs, and extend their runway. In essence, play defense. Many investors have been creating a whiplash... View Details
Keywords: by Jeffrey Bussgang
- 2014
- Working Paper
The State of Small Business Lending: Credit Access During the Recovery and How Technology May Change the Game
By: Karen G. Mills and Brayden McCarthy
Small businesses are core to America's economic competitiveness. Not only do they employ half of the nation's private sector workforce—about 120 million people—but since 1995 they have created approximately two-thirds of the net new jobs in our country. Yet in recent... View Details
Mills, Karen G., and Brayden McCarthy. "The State of Small Business Lending: Credit Access During the Recovery and How Technology May Change the Game." Harvard Business School Working Paper, No. 15-004, July 2014.