Publications

2007
Book

Capital Rules: The Construction of Global Finance

By: Rawi Abdelal

Keywords: Capital; Governing Rules, Regulations, and Reforms; Finance

04 May 2016
What Do You Think?

What Does Boaty McBoatface Tell Us About Brand Control on the Internet?

When Should Control Over a Brand Be Ceded to the Public? The verdict is in. Our hardly scientific poll has endorsed the name of Boaty McBoatface for the new research vessel being commissioned by the UK’s National Environment Research... View Details

Keywords: by James Heskett; Advertising

2016
Article

Organizational Decision-Making and Information: Angel Investments by Venture Capital Partners

By: Andy Wu

We study information aggregation in organizational decision-making for the financing of entrepreneurial ventures. We introduce a formal model of voting where agents face costly tacit information to improve their decision quality. Equilibrium outcomes suggest a... View Details

Keywords: Entrepreneurial Finance; Angel Investors; Organization Design; Voting; Group Decision-making; Information; Strategy; Organizations; Entrepreneurship; Decision Making; Financing and Loans

December 8, 2022
Article

The New China Shock: How Beijing’s Party-State Capitalism Is Changing the Global Economy

By: Margaret M. Pearson, Meg Rithmire and Kellee S. Tsai

In the wake of the global financial crisis of 2008, China began to move away from the market-based approach that had shaped its economic policies for three decades, and toward something that might be termed “party-state capitalism,” which involves a high degree of... View Details

Keywords: International Relations; Globalized Economies and Regions; Economic Systems; Trade; China

Register to Read

November 2010
Teaching Note

Citigroup 2007: Financial Reporting and Regulatory Capital (TN)

By: Edward J. Riedl, Suraj Srinivasan and Sharon Katz

Teaching Note for 111041. View Details

Keywords: Financial Statements; Capital; Governing Rules, Regulations, and Reforms; Financial Services Industry

2007
Chapter

Labor Market Regulations and European Venture Capital Investment

By: Ant Bozkaya and William R. Kerr

Keywords: Venture Capital; Investment; Human Capital; Governing Rules, Regulations, and Reforms; Government and Politics; Business and Government Relations; Europe

27 Apr 2021
Research & Ideas

IPO or M&A? How Venture Capital Shapes a Startup's Future

successes” because they deliver a venture to a well-resourced owner while mostly recouping backers’ investments. However, they’re not without complication: A startup’s founders might feel pressure to yield to the plans of an aligned investor group. Founders will also... View Details

Keywords: by Rachel Layne

18 Jun 2020
Working Paper Summaries

The Rise of the Investor State: State Capital in the Chinese Economy

Keywords: by Hao Chen and Meg Rithmire

April 2024
Article

America’s Crisis of Civic Virtue

By: Arthur C. Brooks

The world is witnessing a loss of faith in both capitalism and democracy, which seemed nearly unimaginable just a generation ago. Many blame “the other party.” Others blame capitalism’s flaws, as market systems increase inequality, which is inherently undemocratic —... View Details

Keywords: Capitalism; Political Culture; Civil Society or Community; Economic Systems; Government and Politics; Values and Beliefs

2009
Chapter

The Principles of Embedded Liberalism: Social Legitimacy and Global Capitalism

By: Rawi Abdelal and John G. Ruggie

In this essay we revisit the principles of “embedded liberalism” and argue for their relevance to the contemporary global economy. The most essential principle is the need for markets to enjoy social legitimacy, because their political sustainability ultimately depends... View Details

Keywords: Economic Systems; Ethics; International Finance; Globalization; Multinational Firms and Management; Corporate Governance; Governing Rules, Regulations, and Reforms; Labor

2011
Article

Too Big to Live: Why We Must Stamp Out State Monopoly Capitalism

The problems of excessive economic concentration, so lucidly and incisively analysed here, are not limited to the financial services industry. For the problem is now widespread: while five firms control 80% of the banking industry, a similar or greater concentration is... View Details

Keywords: Economic Systems; Monopoly

December 2019
Case

The Business of Pain: Johnson & Johnson and the Promise of Opioids

By: Erik Snowberg, Trevor Fetter and Amy W. Schulman

This case is designed to provide an engrossing overview of stakeholder capitalism through a vigorous discussion of the conflicts that can arise when trying to serve multiple stakeholders. In 2007, Johnson & Johnson’s (J&J) subsidiary Janssen has to decide whether or... View Details

Keywords: Opioids; Addiction; Stakeholder Capitalism; Business and Stakeholder Relations; Product Launch; Decision Making; Ethics; Social Issues; Pharmaceutical Industry

2010
Mimeo

An Analysis of the Impact of 'Substantially Heightened' Capital Requirements on Large Financial Institutions

By: Anil Kashyap, Jeremy C. Stein and Samuel G. Hanson

We examine the impact of "substantially heightened" capital requirements on large financial institutions, and on their customers. Our analysis yields three main conclusions. First, the frictions associated with raising new external equity finance are likely to be... View Details

Keywords: Financial Institutions; Governing Rules, Regulations, and Reforms; Capital; Equity; Financing and Loans; Credit

February 2006
Article

Writing the Rules of Global Finance: France, Europe, and Capital Liberalization

By: Rawi Abdelal

Keywords: International Finance; Governing Rules, Regulations, and Reforms; Capital; France; Europe

October 2012 (Revised April 2017)
Case

Brazil's Enigma: Sustaining Long-Term Growth

By: Laura Alfaro, Hilary White and Haviland Sheldahl-Thomason

Over the past decade, Brazil's future as a leading world economic power appeared certain. An expanding middle class and commodity boom had fueled economic growth, with GDP growth hitting a peak of 7.5% in 2010. However, the high cost of conducting business in Brazil,... View Details

Keywords: Capital Controls; Inflation; Exchange Rates; Stimulus; Competitiveness; Productivity Growth; Foreign Investment; Infrastructure; Inflation and Deflation; Currency Exchange Rate; Brazil

1979
Chapter

Capital Requirements in the Regulation of Financial Intermediaries: A Discussion

By: Robert C. Merton

Keywords: Capital; Financial Markets; Financial Institutions; Governing Rules, Regulations, and Reforms; Policy; Business and Government Relations; Financial Services Industry

24 Jul 2000
Research & Ideas

Something Ventured, Something Gained: A European View of Venture Capital

Venture capital is a tale of two continents, HBS professor Josh Lerner (coauthor of the book The Venture Capital Cycle) explained in his opening remarks at a Global Alumni Conference panel titled... View Details

Keywords: by James E. Aisner; Financial Services

February 2019 (Revised May 2019)
Case

Schneider Electric: Opening Up to External Innovation

By: Antonio Davila

Schneider Electric competes in tough but stable markets around energy management, automation, and control of infrastructures ranging from homes to production plants. New technologies and new approaches to serving markets are challenging the status quo. To take... View Details

Keywords: Corporate Venture Capital; Accelerator; Corporate Entrepreneurship; Collaborative Innovation and Invention; Disruptive Innovation; Innovation and Management; Innovation Strategy; Technological Innovation; Organizational Design; Energy Industry; Manufacturing Industry; France; United States

Article

Perceptions and the Politics of Finance: Junk Bonds and the Regulatory Seizure of First Capital Life

By: S. C. Gilson, H. DeAngelo and L. DeAngelo

In May 1991, one month after seizing Executive Life, California regulators seized First Capital Life (FCLIC). Both insurers were Drexel clients with large junk bond holdings, and both had experienced 'bank runs.' FCLIC's run followed regulators' televised comments that... View Details

Keywords: Finance; Bonds; Governing Rules, Regulations, and Reforms