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  • 2024
  • Working Paper

Capital Market Integration and Growth across the United States

By: Leonardo D'Amico and Maxim Alekseev
What drives the integration of national financial markets and what are its consequences for regional growth? We digitize and collect US state-level banking data from 1953 to 1983 and document a tight link between high nominal short rates and financial integration,... View Details
Keywords: Interest Rates; Financial Markets; Economic Growth; Banks and Banking; Analytics and Data Science
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  • 2020
  • Working Paper

Sticky Capital Controls

By: Miguel Acosta-Henao, Laura Alfaro and Andres Fernandez
There is much ongoing debate on the merits of capital controls as effective policy instruments. The differing perspectives are due in part to a lack of empirical studies that look at the intensive margin of controls, which in turn has prevented a quantitative... View Details
Keywords: Capital Controls; Macroprudential Policies; Stickiness; Intensive; (S, S) Costs; Capital; Management; Macroeconomics
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  • 05 Jul 2023
  • What Do You Think?

How Are Middle Managers Falling Down Most Often on Employee Inclusion?

(DEI)—the holy trinity of organizational development at present. Team members with diverse backgrounds, especially in creative types of work, have been shown to deliver better ideas and bottom-line results than those in less diverse teams once the initial View Details
Keywords: by James Heskett
  • 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
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  • 01 Feb 2013
  • Working Paper Summaries

Dollar Funding and the Lending Behavior of Global Banks

Keywords: by Victoria Ivashina, David S. Scharfstein & Jeremy C. Stein; Financial Services
  • Web

Students on the Job Market - Doctoral

asymmetry manifests in analysts’ forecasts, stock returns on earnings announcement days, and even in the tone that analysts adopt in earnings conference calls. I argue these patterns have a common origin in frictions in the communication... View Details
  • July 2023
  • Article

So, Who Likes You? Evidence from a Randomized Field Experiment

By: Ravi Bapna, Edward McFowland III, Probal Mojumder, Jui Ramaprasad and Akhmed Umyarov
With one-third of marriages in the United States beginning online, online dating platforms have become important curators of the modern social fabric. Prior work on online dating has elicited two critical frictions in the heterosexual dating market. Women, governed by... View Details
Keywords: Online Dating; Internet and the Web; Analytics and Data Science; Gender; Emotions; Social and Collaborative Networks
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  • Web

Behavioral Finance & Financial Stability

prices. The authors use arbitrage activity in equity, fixed income, and foreign exchange markets to characterize the frictions and constraints facing intermediaries. They show that at least two types of segmentation drive arbitrage... View Details
  • 20 Sep 2011
  • Working Paper Summaries

Sovereigns, Upstream Capital Flows and Global Imbalances

Keywords: by Laura Alfaro, Sebnem Kalemli-Ozcan & Vadym Volosovych
  • 16 Apr 2018
  • Research & Ideas

Can Consumers Be Saved From Their Misguided Decisions?

choice exists, or think about it the wrong way, like Advil buyers. In a friction analysis, researchers theorize people are overwhelmed, and don’t take the time to investigate before making a decision. Too many things going on in a... View Details
Keywords: by Rachel Layne; Consulting; Retail
  • 17 Jan 2023
  • In Practice

8 Trends to Watch in 2023

As 2023 begins, businesses and employees face an uncertain economy and labor market, as the twin dilemmas of inflation and interest rates weigh on forecasts. Harvard Business School faculty share the top trends that they believe will shape the workplace and markets... View Details
Keywords: by Avery Forman
  • 02 Jun 2022
  • Research & Ideas

Blissful Thinking: When It Comes to Finding Happiness, 'Your Dreams Are Liars'

but many people aren’t working. And that’s because we have unbelievably high frictional unemployment, because people are changing jobs and they’re being really, really choosy. Now, the key thing you’d want to know, if you were running a... View Details
Keywords: by Dan Morrell
  • 07 Jun 2023
  • Blog Post

My One Case: MBA Class of 2023 Looks Back

derives from removing friction and obstacles for workers while allowing them to create more value. Kevin Huang (MD/MBA 2023) Kevin is a member of Section G. He will be joining Brigham and Women’s Hospital as a resident physician in... View Details
  • 23 Apr 2024
  • In Practice

Getting to Net Zero: The Climate Standards and Ecosystem the World Needs Now

With each month clocking record-breaking temperatures across the planet, this Earth Day reflected the renewed urgency of regulators and businesses to find climate-change solutions. The US Securities and Exchange Commission recently adopted new rules that will mandate... View Details
Keywords: by Rachel Layne
  • Web

Doing Business with China: Early American Trading Houses - A Chronicle of the China Trade

Russell, who began as an apprentice clerk for a maritime merchant in Middletown, Connecticut. In 1830 Augustine Heard became a partner in the firm. Four years later, poor health forced Heard to return to Boston, where he remained actively involved in the business.... View Details
  • 16 May 2023
  • In Practice

After Silicon Valley Bank's Flameout, What's Next for Entrepreneurs?

muted-than-expected impact of SVB’s failure indicates that many startups might be less limited by financing frictions than we thought. This is a good thing! While there are many barriers to venture growth—from challenges in getting the... View Details
Keywords: by Avery Forman; Technology; Financial Services
  • 03 Jan 2023
  • Book

Confront Workplace Inequity in 2023: Dig Deep, Build Bridges, Take Collective Action

intelligence that the company relied on, which led to friction with Google executives. Ultimately, they were both fired from Google, but brought visibility to these issues in the field. Similarly, actresses Jessica Chastain and Octavia... View Details
Keywords: by Pamela Reynolds
  • 06 Feb 2020
  • Research & Ideas

What We Learned from Reading Jeff Bezos’ Patents

Jeff told her he’d found a local professor who was letting him experiment with airplane wings and friction and drag.” Flash forward to today. Amazon is not only one of the world’s most powerful and innovative companies, but one of the... View Details
Keywords: by Tricia Gregg and Boris Groysberg; Retail
  • 11 Oct 2023
  • News

Soldier On

responsibilities of a leader at a moment like that? PJ: I think the majority of my leadership training comes from my time that I spent in the Marine Corps as an infantry officer. We were always taught that the leader should be at the point of View Details
  • 24 May 2018
  • Research & Ideas

Distance Still Matters in Business, Despite the Internet

you and your coauthors suggest that the idea that the internet is the “death of distance” is overstated. Could you discuss a bit how the internet/web does and does not reduce geography as a friction point for getting business done? Shane... View Details
Keywords: by Sean Silverthorne; Transportation; Telecommunications; Shipping; Publishing; Technology