Publications
Publications
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(3,406)
- Faculty Publications (903)
- 2022
- Chapter
Prioritarianism and Optimal Taxation
By: Matti Tuomala and Matthew Weinzierl
Prioritarianism has been at the center of the formal approach to optimal tax theory since its modern starting point in Mirrlees (1971), but most theorists’ use of it is motivated by tractability rather than explicit normative reasoning. We characterize analytically and... View Details
Keywords: Prioritarianism; Optimal Taxation; Utilitarianism; Redistribution; Inverse-optimum; Taxation; Theory; Policy
- March 2022
- Article
Contractual Restrictions and Debt Traps
By: Ernest Liu and Benjamin N. Roth
Microcredit and other forms of small-scale finance have failed to catalyze entrepreneurship in developing countries. In these credit markets, borrowers and lenders often bargain over not only the interest rate but also implicit restrictions on types of investment. We... View Details
- 2022
- Working Paper
High-Yield Debt Covenants and Their Real Effects
By: Falk Bräuning, Victoria Ivashina and Ali Ozdagli
High-yield debt including leveraged loans is characterized by incurrence financial covenants, or “cov-lite” provisions. A traditional loan agreement includes maintenance covenants, which require continuous compliance with the covenant threshold, and their violation... View Details
- March 2022
- Article
Loan Types and the Bank Lending Channel
By: Victoria Ivashina, Luc Laeven and Enrique Moral-Benito
Using credit-registry data for Spain and Peru, we document that four main types of commercial credit—asset-based loans, cash flow loans, trade finance and leasing—are easily identifiable and represent the bulk of corporate credit. We show that credit growth dynamics... View Details
- February 2022
- Case
Business Roundtable 2019 Statement: A New Paradigm or Business as Usual?
By: Charles C.Y. Wang and Amram Migdal
This note focuses on the antecedents of, reactions to, and clarifications about The Business Roundtable’s August 19, 2019, “Statement on the Purpose of a Corporation.” The note includes background information on corporate governance as practiced in the United States in... View Details
- 2022
- Chapter
Key Success Factors in Environmental Entrepreneurship: The Case of Wilderness Safaris
By: James E. Austin, Megan Epler Woods and Herman B. Leonard
This chapter analyzes the entrepreneurial conception and evolution of the Wilderness Safaris (WS) ecotourism enterprise operating in eight African countries. It illuminates a series of factors that contribute to positive environmental impact as well as financial... View Details
- January 2022 (Revised February 2022)
- Case
Envision Group
By: Gunnar Trumbull, Bonnie Yining Cao and Dawn H. Lau
Based in China, Envision was one of the world’s leading Greentech companies. Chief Executive Officer Lei Zhang had set the goal of achieving carbon neutrality across the company’s global operations and supply chain by 2022 and 2028 respectively. As part of its... View Details
Keywords: Green Technology; Climate Change; Emerging Markets; Information Technology; Strategy; Management; Renewable Energy; Energy Policy; Environmental Sustainability; Manufacturing Industry; Auto Industry; Green Technology Industry; Battery Industry; China; United States; Japan; United Kingdom; France
- January 2022
- Background Note
Residual Income Valuation Model
By: Charles C.Y. Wang and Albert Shin
This note explains the residual income valuation model (RIM), how it relates to "traditional" valuation models, the intuition behind its use, and empirical research related to its value relevance. RIM is theoretically equivalent to the dividend discount model and the... View Details
- 2022
- Chapter
Fiscal Development under Colonial and Sovereign Rule
By: Ewout Frankema and Marlous van Waijenburg
This chapter explores differences in the making of a ‘modern’ fiscal state under colonial and sovereign rule. Focusing on African and Asian colonies (1820–1970) and their respective European metropoles, it argues that while the introduction of ‘modern’... View Details
Keywords: Fiscal Modernization; Colonial Rule; Economic History; Sovereign Finance; History; Taxation; Africa; Asia
- 2022
- Conference Presentation
Organizational Competition: A Catalyst for Workplace Diversity and Desires for Uniqueness
By: Samantha N. Smith, Edward H. Chang, Erika L. Kirgios and Katherine L. Milkman
Competition is prevalent in organizations. For example, people often compete against their colleagues for status and recognition in the workplace or for opportunities for advancement. Workers also compete against others to get hired into organizations in the first... View Details
- Article
Small States in an Age of Empires: The Duchy of Parma's Colonial Moment, 1750–1770
By: Arnaud Orain and Sophus A. Reinert
Often thought of as the "Athens of Italy" during the Enlightenment, and as a microcosm of the Italian peninsula and of the eighteenth century alike, the Duchy of Parma played a unique role in the culture and politics of the age. This essay focuses on its "colonial... View Details
- 2021
- Working Paper
Racial Inequality in Organizations: A Systems Psychodynamic Perspective
By: Sanaz Mobasseri, William Kahn and Robin Ely
This paper uses systems psychodynamic concepts to develop a theory about the persistence of racial inequality in U.S. companies, treating White men as the dominant group and Black people as an illustrative subordinate group. We theorize that this persistence is rooted... View Details
- December 2021
- Case
Danish Crown: Feeding the Future
By: David E. Bell, Damien P. McLoughlin, Daniela Beyersdorfer and Mette Fuglsang Hjortshoej
Danish Crown, one of the world’s largest exporters of pork meat and one of Europe’s top five producers of beef, faced increasing headwinds in 2021, making CEO Jais Valeur feel like the core of the meat business was under attack. As a cooperative and prominent player in... View Details
Keywords: Agribusiness; Animal-Based Agribusiness; Food; Environmental Management; Climate Change; Environmental Sustainability; Nutrition; Cooperative Ownership; Change Management; Transition; Leadership; Leading Change; Marketing; Product Marketing; Corporate Strategy; Agriculture and Agribusiness Industry; Food and Beverage Industry; Europe; Denmark
- 2021
- Working Paper
The Incidence of the Corporate Income Tax Is Irrelevant for Its (Benefit-Based) Justification
Robust support for corporate income taxation is a puzzle for standard tax theory because the tax’s incidence is uncertain and unreliable. We propose a resolution: if the corporate tax is seen as a benefit-based tax, its normative appeal depends on the correspondence... View Details
- Article
Adaptive Machine Unlearning
By: Varun Gupta, Christopher Jung, Seth Neel, Aaron Roth, Saeed Sharifi-Malvajerdi and Chris Waites
Data deletion algorithms aim to remove the influence of deleted data points from trained models at a cheaper computational cost than fully retraining those models. However, for sequences of deletions, most prior work in the non-convex setting gives valid guarantees... View Details
- December 2021
- Article
The Evolutionary Nature of Breakthrough Innovation: An Empirical Investigation of Firm Search Strategies
By: Dominika Kinga Randle and Gary P. Pisano
Breakthrough innovation has been an important topic of study for generations of scholars. Previous research in this domain has focused on exploring the way breakthroughs emerge from cumulative combination and recombination of prior technologies and knowledge components... View Details
- 2021
- Working Paper
The Green Bonding Hypothesis: How Do Green Bonds Enhance the Credibility of Environmental Commitments?
By: Shirley Lu
This paper proposes and provides evidence on a green bonding hypothesis, where green bonds act as a commitment device that subjects firms to institutions holding them accountable to their environmental promises. I find that green-bond issuers face higher climate change... View Details
- 2022
- Working Paper
ESG: Hyperboles and Reality
By: George Serafeim
ESG has rapidly become a household name leading to both confusion about what it means and creating unrealistic expectations about its effects. In this paper, I draw on more than a decade of research to dispel several myths about ESG and provide answers to important... View Details
- October 1, 2021
- Article
An Evaluation of Cross-efficiency Methods: With an Application to Warehouse Performance.
By: B.M. Balk, M.R. De Koster, Christian Kaps and J.L. Zofio
Cross-efficiency measurement is an extension of Data Envelopment Analysis that allows for tie-breaking ranking of the Decision Making Units (DMUs) using all the peer evaluations. In this article we examine the theory of cross-efficiency measurement by comparing a... View Details
- October 2021
- Article
Communicating Resource Scarcity and Interpersonal Connection
By: Grant E. Donnelly, Anne V. Wilson, Ashley V. Whillans and Michael I. Norton
Consumers often cite insufficient time or money as an excuse for rejecting social invitations. We explore the effectiveness of these excuses in preserving interpersonal relationships. Six studies—including perceptions of couples planning their wedding—demonstrate that... View Details