Publications
Publications
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(7,811)
- Faculty Publications (974)
- May 2022
- Case
Rawbank's Illico Cash: Can 'Fast Money' Overcome Cash Dependency in the DRC?
By: Lauren Cohen and Grace Headinger
Thomas de Dreux-Brézé, the Head of Strategy and Project Management at Rawbank Congo in the Democratic Republic of the Congo (DRC), was perplexed as he reviewed annual adoption rates for the bank’s launch of Illico Cash 2.0. As the bank’s mobile money app, Illico Cash... View Details
Keywords: Fintech; Inflation; Deflation; Rural; Urban; Emerging Market; Mobile Technology; Finance; Money; Inflation and Deflation; Business Growth and Maturation; Decision Choices and Conditions; Demographics; Developing Countries and Economies; Corporate Entrepreneurship; Behavioral Finance; Currency; Banks and Banking; Commercial Banking; Financial Strategy; Rural Scope; Urban Scope; Innovation Strategy; Emerging Markets; Network Effects; Consumer Behavior; Mobile and Wireless Technology; Technology Adoption; Banking Industry; Financial Services Industry; Technology Industry; Congo, Democratic Republic of the
- 2022
- Working Paper
Distributional Consequences of Monetary Policy Across Races: Evidence from the U.S. Credit Register
By: Laura Alfaro, Ester Faia and Camelia Minoiu
We examine the consequences of monetary policy on racial disparities, focusing on the role of bank lending to firms through collateral and selection channels. Leveraging comprehensive loan-level data from the U.S. credit register (Y-14Q) of the Federal Reserve, we show... View Details
- 2023
- Working Paper
Uniform Rate Setting and the Deposit Channel
By: Juliane Begenau and Erik Stafford
U.S. banks predominantly use uniform deposit rate setting policies, particularly the largest banks. Uniform rate setting ignores local market concentration, and is therefore inconsistent with the identification strategy used to provide cross-sectional evidence of the... View Details
- April 2022 (Revised August 2022)
- Case
Conflicts of Interest at Uptown Bank
By: Jonas Heese
In 2013, two employees debated whether to blow the whistle on their employer, Bell Bank, after completing an internal review that revealed undisclosed conflicts of interest. Bell Bank’s Asset Management business disproportionately invested clients’ money in Bell Bank’s... View Details
Keywords: Whistleblower; Whistleblowing; Mutual Funds; Conflicts Of Interest; Decision Making; Decisions; Judgments; Ethics; Moral Sensibility; Values and Beliefs; Finance; Financial Institutions; Banks and Banking; Financial Management; Investment; Investment Funds; Governance; Corporate Accountability; Corporate Disclosure; Corporate Governance; Governance Compliance; Governance Controls; Policy; Law; Legal Liability; Social Psychology; Motivation and Incentives; Perception; Perspective; Trust; Financial Services Industry; North and Central America; United States
- 2022
- Book
Decision Leadership: Empowering Others to Make Better Choices
By: Don A. Moore and Max H. Bazerman
When we think of leaders, we often imagine lone, inspirational figures lauded for their behaviors, attributes, and personal decisions, and leadership books often reinforce that view. However, this approach ignores a leader’s mission to empower others. Applying decades... View Details
- March 31, 2022
- Article
Two Approaches to Capping Health Care Prices
By: Michael E. Chernew, Maximilian J. Pany and Leemore S. Dafny
High health care prices for the privately-insured contribute to high premiums, which put downward pressure on wages, and induce employers to reduce benefit generosity and charge employees more for coverage. As the average annual premium for family coverage currently... View Details
- March 30, 2022
- Article
To Retain Employees, Support Their Passions Outside Work
By: Lauren C Howe, Jon M. Jachimowicz and Jochen I. Menges
With more and more people quitting, leaders need to find new ways to boost retention. One under-recognized way to keep employees on board is to give them the flexibility and resources they need to pursue their out-of-work passions. Drawing on their research, the... View Details
- March 2022 (Revised July 2022)
- Case
Climate Action in Miami
The Miami metropolitan area is a global epicenter of climate risk from heat and sea level rise, but leaders have only recently mobilized for action to respond to this systemic challenge. Resilient 305 began a collaboration across officials in the cities of Miami and... View Details
- 2022
- Working Paper
Do Startups Benefit from Their Investors' Reputation? Evidence from a Randomized Field Experiment
By: Shai Benjamin Bernstein, Kunal Mehta, Richard Townsend and Ting Xu
We analyze a field experiment conducted on AngelList Talent, a large online search platform for startup jobs. In the experiment, AngelList randomly informed job seekers of whether a startup was funded by a top-tier investor and/or was funded recently. We find that the... View Details
- March 2022
- Case
Copper Nationalization in Chile
By: Jeremy Friedman, John Masko and Jingyu Liu
In 1970 Chile became the first country to elect a Marxist president through open, multi-party elections in Salvador Allende. In his first year as president, Allende nationalized the copper industry, Chile’s largest export industry that was developed and owned by US... View Details
- March 2022
- Case
Metric
By: Christina Wallace, Rebecca Cink and Maria Lappas
Megan Murday, the founder of Metric, an environmental, social, and corporate governance (ESG) analytics startup, must decide which customer segment to target as a beachhead market. She received positive feedback from a Swiss venture capital (VC) firm, indicating their... View Details
- 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
Markups to Financial Intermediation in Foreign Exchange Markets
By: Jonathan Wallen
On average from 2013 to 2020, foreign asset managers in net sold forward 1.1 trillion U.S. dollars. This forward sale of dollars hedges the currency mismatch of foreign investment in U.S. dollar assets. By accommodating this demand, U.S. and European banks earn an... View Details
- February 2022 (Revised May 2022)
- Case
Jaypee Infratech and the Indian Bankruptcy Code
By: Kristin Mugford, William Vrattos and Radhika Kak
In 2016, India passed a new bankruptcy law (IBC) to counter a brewing bank crisis and increased corporate distress. Homebuilder Jaypee Infratech, one of India largest distressed companies (the “dirty dozen”) began restructuring under the IBC in 2017. Two years later,... View Details
Keywords: Restructuring; Decisions; Judgments; Voting; Developing Countries and Economies; Financial Crisis; Public Sector; Asset Pricing; Borrowing and Debt; Corporate Finance; Credit; Insolvency and Bankruptcy; Debt Securities; Bonds; Investment Return; Price; Government Legislation; Laws and Statutes; Bids and Bidding; Business and Stakeholder Relations; Risk and Uncertainty; Valuation; Real Estate Industry; India; Delhi
- February 2022
- Supplement
SpartanNash Company: The Amazon Warrants (A)
By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher
As of 12/31/21, Amazon held $22 billion of equity and warrants in related companies. In fact, it often requests a free grant of warrants when it enters into a new commercial agreement with a supplier. Over the past 20 years, Amazon has gotten warrants almost 20... View Details
- January 2022
- Case
SpartanNash Company: The Amazon Warrants (A)
By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher
As of 12/31/21, Amazon held $22 billion of equity and warrants in related companies. In fact, it often requests a free grant of warrants when it enters into a new commercial agreement with a supplier. Over the past 20 years, Amazon has gotten warrants in almost 20... View Details
- 2022
- Chapter
CIP Deviations, the Dollar, and Frictions in International Capital Markets
By: Wenxin Du and Jesse Schreger
The covered interest rate parity (CIP) condition is a fundamental arbitrage relationship in international finance. In this chapter, we review its breakdown during the Global Financial Crisis and its continued failure in the subsequent decade. We review how to measure... View Details
- 2022
- Working Paper
Many Markets Make Good Neighbors: Multimarket Contact and Deposit Banking
By: John William Hatfield and Jonathan Wallen
We investigate the relationship between the interest rates offered to consumers in a deposit banking market and the contact that banks in that market have with each other in other markets.
We show, in a simple theoretical model, that such overlapping relationships... View Details
- 2021
- Working Paper
Limits to Bank Deposit Market Power
By: Juliane Begenau and Erik Stafford
Claims about the market power of bank deposits in the banking literature are numerous and far reaching. Recently, a causal narrative has emerged in the banking literature: market power in bank deposits, measured as imperfect pass-through of short-term market rates on... View Details
- 2021
- Article
Public Health Risks Arising from Food Supply Chains: Challenges and Opportunities
By: Lu Chen, Donovan Guittieres, Retsef Levi, Elisabeth Paulson, Georgia Perakis, Nicholas Renegar and Stacy Springs
Safe, healthy, and resilient food supply chains are essential to ensuring the livelihood and well-being of humans and societies, as well as local and global economies. However, the ability to provide and sustain access to nutritious and safe food continues to be a... View Details