Publications

SSRN

2019
Working Paper

Undisclosed Debt Sustainability

By: Laura Alfaro and Fabio Kanczuk

Over the past decade, non–Paris Club creditors, notably China, have become an important source of financing for low- and middle-income countries. In contrast with typical sovereign debt, these lending arrangements are not public, and other creditors have no information... View Details

Keywords: Sovereign Debt; Transparency; Sustainability; Sovereign Finance; Borrowing and Debt; Information; China

Research Summary

International Trade

Economists believe that there is substantial “missing trade” due to trade barriers, such as tariffs and transport costs, that constrain the global activities of firms. Professor Steinwender goes a step farther by studying indirect trade barriers, notably information... View Details

2025
Working Paper

Turning Away from the State: Trade Shocks and Informal Insurance in Brazil

By: Paula Rettl

How does economic globalization affect vote choices? Conventional wisdom holds that voters who lose from economic integration support parties that propose expanding the welfare state. However, in the Global South, where the state is frequently weak or under-resourced,... View Details

Keywords: Brazil; South America; Globalization; Global Strategy; Globalized Economies and Regions; Governance; Government and Politics; Government Administration; Latin America

Summer 2020
Article

Venture Capital's Role in Financing Innovation: What We Know and How Much We Still Need to Learn

By: Josh Lerner and Ramana Nanda

Venture capital is associated with some of the most high-growth and influential firms in the world. Academics and practitioners have effectively articulated the strengths of the venture model. At the same time, venture capital financing also has real limitations in its... View Details

Keywords: Innovation; Financing; Venture Capital; Financing and Loans; Technological Innovation

2010
Working Paper

A Behavioral Model of Demandable Deposits and Its Implications for Financial Regulation

By: Julio J. Rotemberg

A model is developed that rationalizes contracts that give depositors the right to obtain funds on demand even when depositors intend to use these funds for consumption in the future. This is explained by depositor overoptimism regarding their own ability to collect... View Details

Keywords: Banks and Banking; Insurance; Governing Rules, Regulations, and Reforms; Policy; Consumer Behavior; Financial Services Industry

Research Summary

Debt Maturity: Is Long-Term Debt Optimal? (with Fabio Kanczuk)

By: Laura Alfaro

We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity-term premium, tax smoothing, rolling over risk and the cost from defaulting. We use a dynamic equilibrium model with tax distortion,... View Details

Article

Debt Maturity: Is Long-Term Debt Optimal?

By: Laura Alfaro and Fabio Kanczuk

We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity premium, sustainability, and service smoothing. We use a dynamic equilibrium model with tax distortions and government... View Details

Keywords: Borrowing and Debt; Investment Return; Development Economics; Taxation; Risk and Uncertainty; Cost; Interest Rates; Developing Countries and Economies; Welfare; United States; Brazil

September 1997 (Revised October 1997)
Case

French Pension System, The: On the Verge of Retirement?

By: David A. Moss, Anne Dias and Bertrand O. Stephann

Surveys the French pension system, its particular institutional characteristics, and some of the critical challenges and opportunities facing French reformers. Like almost every other industrialized country, France has a large pay-as-you-go public pension system that... View Details

Keywords: Retirement; Compensation and Benefits; Capital Markets; Economic Growth; Labor; Problems and Challenges; Opportunities; Welfare; Investment; Governing Rules, Regulations, and Reforms; Public Administration Industry; France

Educators

2023
Working Paper

Much Ado About Nothing? Overreaction to Random Regulatory Audits

By: Samuel Antill and Joseph Kalmenovitz

Regulators often audit firms to detect non-compliance. Exploiting a natural experiment in the lobbying industry, we show that firms overreact to audits and this response distorts prices and reduces welfare. Each year, federal regulators audit a random sample of... View Details

Keywords: Governance Compliance; Governing Rules, Regulations, and Reforms; Price

SSRN

2017
Mimeo

Science for Society: Science and Technology Based Social Entrepreneurship

By: Tarun Khanna, Shashank Shah and Kundan Madireddy

This publication is an outcome of the team's research, engagement and interactions with over 25 science and technology-based social enterprises in India. It provides details on the research process, insightful outcomes and innovative impact.
Throughout the... View Details

Keywords: Social Entrepreneurship; Science-Based Business; Information Technology; Business and Community Relations; India

03 Sep 2013
Working Paper Summaries

How the Zebra Got Its Stripes: Imprinting of Individuals and Hybrid Social Ventures

Keywords: by Matthew Lee & Julie Battilana

Summer 2015
Article

The Effect of Delaware Doctrine on Freezeout Structure and Outcomes: Evidence on the Unified Approach

By: Fernan Restrepo and Guhan Subramanian

Historically, Delaware corporate law provided different standards of judicial review for buyouts by controlling shareholders (also known as "freezeouts") based on what transactional form was used: deferential business judgment review for freezeouts executed as tender... View Details

Keywords: Laws and Statutes; Business and Shareholder Relations; Delaware

Research Summary

Overview

In the light of multiple corporate debacles, financial crises and environmental disasters across the globe, the need for corporate goals to transition from simply maximizing shareholder wealth to optimizing stakeholder welfare is being echoed in various quarters. Dr.... View Details

Keywords: Corporate Responsibility; Stakeholder Management; Social Enterprise; Inclusive Growth; Business and Stakeholder Relations; Corporate Social Responsibility and Impact; India

Article

Undisclosed Debt Sustainability

By: Laura Alfaro and Fabio Kanczuk

Over the past decade, non-Paris Club creditors, notably China, have become an important source of financing for low- and middle-income countries. In contrast with typical sovereign debt, these lending arrangements are not public, and other creditors have no information... View Details

Keywords: Paris Club; Transparency; Sovereign Finance; Borrowing and Debt; International Finance

Purchase

May 2021
Article

Private and Social Returns to R&D: Drug Development and Demographics

By: Efraim Benmelech, Janice Eberly, Dimitris Papanikolaou and Joshua Krieger

Investment in intangible capital such as R&D has increased dramatically since the 1990s. However, productivity growth remains sluggish in recent years. One potential reason is that a significant share of the increase in intangible investment is geared toward consumer... View Details

Keywords: Drug Development; Research and Development; Investment Return; Demographics; Pharmaceutical Industry

Register to Read

2007
Working Paper

Proprietary vs. Open Two-Sided Platforms and Social Efficiency

By: Andrei Hagiu

This paper identifies a fundamental economic welfare tradeoff between two-sided open platforms and two-sided proprietary (closed) platforms connecting consumers and producers. Proprietary platforms create two-sided deadweight losses through monopoly pricing but at the... View Details

Keywords: Two-Sided Markets; Platforms; Indirect Network Effects; Product Variety; Social Efficiency; Two-Sided Platforms; Network Effects; Welfare or Wellbeing

July 2021
Article

Electronic Trace Data and Legal Outcomes: The Effect of Electronic Medical Records on Malpractice Claim Resolution Time

By: Sam Ransbotham, Eric Overby and Michael C. Jernigan

Information systems generate copious trace data about what individuals do and when they do it. Trace data may affect the resolution of lawsuits by, for example, changing the time needed for legal discovery. Trace data might speed resolution by clarifying what events... View Details

Keywords: Analytics and Data Science; Lawsuits and Litigation; Digital Transformation; Welfare; Health Industry