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March 2006 (Revised November 2006)
Case

China: To Float or Not To Float? (E)- ABB Investment in China

By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel

In July 2005, China revalued its currency by 2.1% and adjusted its exchange rate regime toward a more market-based system. ABB, a global power and automation technologies company based out of Switzerland with operations in China, was among those companies confronted... View Details

Keywords: Currency Exchange Rate; Investment; Multinational Firms and Management; International Relations; Problems and Challenges; Value Creation; China; Switzerland

July 2005
Article

The Consequences of Labor Market Flexibility: Panel Evidence Based on Survey Data

By: Rafael Di Tella and Robert MacCulloch

We introduce a new data set on hiring and firing restrictions for 21 OECD countries for the period 1984 –1990. The data are based on surveys of business people in the countries covered, so the indices we use are subjective in nature. Controlling for country and time... View Details

Keywords: Job Security Provisions; Subjective Data; Unemployment; Employment; Labor; Markets; Data and Data Sets

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October 2008
Article

Sociopolitical Dynamics in Relations Between Top Managers and Security Analysts: Favor Rendering, Reciprocity, and Analyst Stock Recommendations

By: James Westphal and Michael B. Clement

We examine how the disclosure of negative firm information may prompt top executives to render personal and professional favors for security analysts, who may reciprocate by rating firms relatively positively. We further examine how negative ratings may prompt... View Details

Keywords: Corporate Disclosure; Relationships; Power and Influence; Ethics

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April 2011 (Revised February 2013)
Background Note

How Government Debt Accumulates

By: Dante Roscini and Jonathan Schlefer

This note discusses the economics of government-debt accumulation. Fiscal deficits are only part of the picture; other factors include the level of debt as a percent of nominal GDP; the interest rate; the inflation rate; the growth rate; and changes in the exchange... View Details

Keywords: Government and Politics; Borrowing and Debt

03 Oct 2016
News

Immigrants Play a Disproportionate Role in American Entrepreneurship

Forthcoming
Article

Segmented Arbitrage

By: Emil Siriwardane, Adi Sunderam and Jonathan Wallen

We use arbitrage activity in equity, fixed income, and foreign exchange markets to characterize the frictions and constraints facing intermediaries. The average pairwise correlation between the 32 arbitrage spreads that we study is 22%. These low correlations are... View Details

Keywords: Financial Intermediation; Arbitrage; Intermediary-based Asset Pricing; Finance; Segmentation

Keep Your AI Projects on Track

AI—and especially its newest star, generative AI—is today a central theme in corporate boardrooms, leadership discussions, and casual exchanges among employees eager to supercharge their productivity. Sadly, beneath the aspirational headlines and tantalizing... View Details

2021
Working Paper

Competitive Two-Part Tariffs

By: Jorge Tamayo and Guofu Tan

We study competitive two-part tariffs in a model of asymmetric duopoly firms that offer (vertically and horizontally) differentiated products. We show that the sign of the markup for each product depends on the average expected demand among all customers as well as the... View Details

Keywords: Product Differentiation; Two-part Tariffs; Marginal-cost Pricing; Cross-subsidization; Competition; Price

September 2004 (Revised February 2007)
Case

Hedging Currency Risks at AIFS

By: Mihir A. Desai, Vincent Dessain and Anders Sjoman

The American Institute for Foreign Studies (AIFS) organizes study abroad programs and cultural exchanges for American students. The firm's revenues are mainly in U.S. dollars, but most of its costs are in eurodollars and British pounds. The company's controllers review... View Details

Keywords: Foreign Direct Investment; Investment Funds; Financial Strategy; Forecasting and Prediction; Revenue; Credit Derivatives and Swaps; Currency; Currency Exchange Rate; Education Industry; North and Central America

2008
Chapter

Matching and Market Design

By: Muriel Niederle, Alvin E. Roth and Tayfun Sonmez

Matching is the part of economics concerned with who transacts with whom and how. Models of matching, starting with the Gale-Shapley deferred acceptance algorithm, have been particularly useful in studying labour markets and in helping design clearinghouses to fix... View Details

Keywords: Market Design; Marketplace Matching; Outcome or Result; Mathematical Methods

December 1985 (Revised August 1994)
Case

Metromedia Broadcasting Corp.

Describes the market for high-yield, or "junk," bonds and includes summaries of academic research on the risk/return characteristics of high-yield securities. Describes the role of Drexel Burnham Lambert in the primary and secondary markets for high-yield debt.... View Details

Keywords: Financial Instruments; Capital Markets; Media and Broadcasting Industry

February 1985 (Revised September 1988)
Case

Komatsu Ltd.

By: Christopher A. Bartlett

Reviews and updates the structure and characteristics of the earth-moving equipment industry presented in the companion case, Caterpillar Tractor Co. After revealing that CAT has suffered major financial losses during the period from 1981 through 1984, the case... View Details

Keywords: Financial Crisis; Machinery and Machining; Price; Growth and Development; Brands and Branding; Product Development; Production; Competitive Strategy; Global Strategy; Manufacturing Industry; Agriculture and Agribusiness Industry; Industrial Products Industry

May 2018 (Revised January 2019)
Teaching Note

Lind Equipment

By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld

Teaching Note for HBS No. 212-012. Lind Equipment, a Canadian manufacturer and distributor of industrial electrical safety equipment, was purchased in December 2007 by Brian Astl (HBS 2006) and Sean Van Doorselaer. Lind’s performance was negatively impacted by the... View Details

Keywords: Recession; Seller Debt; Equity; Financial Condition; Borrowing and Debt; Capital; Revenue; Financing and Loans; Financial Strategy; Financial Management; Acquisition; Financial Crisis; Currency Exchange Rate; Insolvency and Bankruptcy; Manufacturing Industry; Industrial Products Industry

15 Aug 2007
Op-Ed

3 Steps to Reduce Financial System Risk

firm can have unintended negative consequences for the system as a whole. Fixing The Future What about the future? If left unchecked, systemic risk in the international financial system will increase owing to the combination of... View Details

Keywords: by Mohamed El-Erian; Financial Services; Banking

June 12, 2017
Article

Corporate Balance Sheets in Emerging Markets: A Comparison of the Global Crisis and the Asian Financial Crisis

By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza

Leverage levels in emerging market firms rose dramatically in the aftermath of the Global Crisis. This column examines whether concerns of a repeat of the Asian financial crisis, which was largely attributed to corporate financial roots, are justified. While firm... View Details

Keywords: Financial Crisis; Emerging Markets; System Shocks

2019
Article

More Amazon Effects: Online Competition and Pricing Behaviors

By: Alberto Cavallo

I study how online competition, with its shrinking margins, algorithmic pricing technologies, and the transparency of the web, can change the pricing behavior of large retailers in the U.S. and affect aggregate inflation dynamics. In particular, I show that in the past... View Details

Keywords: Amazon; Online Prices; Inflation; Uniform Pricing; Price Stickiness; Monetary Economics; Economics; Macroeconomics; Inflation and Deflation; System Shocks; United States

April 2002
Article

The Determination of Unemployment Benefits

By: Rafael Di Tella and Robert J. MacCulloch

While much empirical research exists on labor market consequences of unemployment benefits, there is remarkably little evidence on the forces determining benefits. We present a simple model where workers desire insurance against unemployment risk and benefits increase... View Details

Keywords: Unemployment; Compensation and Benefits

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Article

Survive Another Day: Using Changes in the Composition of Investments to Measure the Cost of Credit Constraints

By: Luis Garicano and Claudia Steinwender

We introduce a novel empirical strategy to measure the size of credit shocks. Theoretically, we show that credit shocks reduce the value of long-term relative to short-term investments. Empirically, we can therefore compare the reduction of long-term relative to... View Details

Keywords: Credit Constraints; Credit Crunch; Spain; Investment Behavior; Credit Squeeze; Financial Crisis; Economic Growth; Investment; Credit; Manufacturing Industry; Spain; European Union

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2017
Working Paper

Lessons Unlearned? Corporate Debt in Emerging Markets

By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza

This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate... View Details

Keywords: Corporate Debt; Financial Fragility; Firm-level Data; Large Firms; Emerging Markets; Borrowing and Debt; Corporate Finance; Financial Condition

Research Summary

Heteroskedasticity Autocorrelation Consistent Covariance Matrix Estimation with Wavelets

I propose a new HAC estimator based on the wavelet representation of the spectral density. Whereas kernel-based HAC estimators [e.g. Newey West (1987) Andrews (1991)] have a fixed bandwidth, a wavelet estimator has bandwidths that vary across wavelet resolution... View Details

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