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- All HBS Web (1,824)
- Faculty Publications (556)
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- February 2016
- Article
Positive and Normative Judgments Implicit in U.S. Tax Policy, and the Costs of Unequal Growth and Recessions
By: Benjamin B. Lockwood and Matthew Weinzierl
Calculating the welfare implications of changes to economic policy or shocks to the economy requires economists to decide on a normative criterion. One way to make that decision is to elicit the relevant moral criteria from real-world policy choices, converting a... View Details
Lockwood, Benjamin B., and Matthew Weinzierl. "Positive and Normative Judgments Implicit in U.S. Tax Policy, and the Costs of Unequal Growth and Recessions." Journal of Monetary Economics 77 (February 2016): 30–47. (Also Harvard Business School Working Paper, No. 14-119, June 2014.)
- December 2013
- Article
Leviathan as a Minority Shareholder: Firm-level Implications of State Equity Purchases
By: Carlos F. K. V. Inoue, Sergio G. Lazzarini and Aldo Musacchio
In many countries, firms face institutional voids that raise the costs of doing business and thwart entrepreneurial activity. We examine a particular mechanism to address those voids: minority state ownership. Due to their minority nature, such stakes are less affected... View Details
Keywords: Business Groups; Development Banks; State Capitalism; Performance; State Ownership; Brazil
Inoue, Carlos F. K. V., Sergio G. Lazzarini, and Aldo Musacchio. "Leviathan as a Minority Shareholder: Firm-level Implications of State Equity Purchases." Academy of Management Journal 56, no. 6 (December 2013).
- 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
- November–December 1994
- Article
A Framework for Risk Management
By: K. Froot, David S. Scharfstein and J. Stein
Keywords: Catastrophe Risk; Cost Of Capital; Banking And Insurance; Hedging; Banking; Decision Choice And Uncertainty; Framework; Risk Management; Corporate Finance; Asset Pricing; Financial Markets; Insurance; Policy; Natural Disasters; Insurance Industry
Froot, K., David S. Scharfstein, and J. Stein. "A Framework for Risk Management." Harvard Business Review 72, no. 6 (November–December 1994): 59–71. (Revised from "Developing a Risk Management Strategy," Harvard Business School Working Paper No. 95-021. Reprinted in Bank of America Journal of Applied Corporate Finance 7, no. 3 (fall 1994): 22-33; Marsh & McLennan Companies' Viewpoint 24 (spring 1995): 21-37; and in Corporate Risk: Strategies and Management, edited by Greg Brown and Don Chew, London: Risk Books, December 1999.)
- 2025
- Working Paper
Generative AI Use by Capital Market Information Intermediaries: Evidence from Seeking Alpha
By: Mark Bradshaw, Chenyang Ma, Benjamin Yost and Yuan Zou
We study the use of generative AI for firm-specific financial analysis on the Seeking Alpha platform. We find that, after the initial launch of ChatGPT in November 2022, the share of AI-generated articles rose sharply to 13.4% of all articles, then declined in late... View Details
Keywords: Generative Ai; Seeking Alpha; Equity Research; Large Language Models; Gpt; AI and Machine Learning; Information Publishing; Financial Markets
Bradshaw, Mark, Chenyang Ma, Benjamin Yost, and Yuan Zou. "Generative AI Use by Capital Market Information Intermediaries: Evidence from Seeking Alpha." Harvard Business School Working Paper, No. 25-055, April 2025.
- 2016
- Article
Organizational Decision-Making and Information: Angel Investments by Venture Capital Partners
By: Andy Wu
We study information aggregation in organizational decision-making for the financing of entrepreneurial ventures. We introduce a formal model of voting where agents face costly tacit information to improve their decision quality. Equilibrium outcomes suggest a... View Details
Keywords: Entrepreneurial Finance; Angel Investors; Organization Design; Voting; Group Decision-making; Information; Strategy; Organizations; Entrepreneurship; Decision Making; Financing and Loans
Wu, Andy. "Organizational Decision-Making and Information: Angel Investments by Venture Capital Partners." Academy of Management Best Paper Proceedings (2016): 189–194.
- 2014
- Working Paper
Crony Capitalism, American Style: What Are We Talking About Here?
This paper seeks to reduce the ambiguity surrounding our understanding of what crony capitalism is, what it is not, what costs crony capitalism leaves in its wake, and how we might contain it. View Details
Keywords: Democracy; Industrial Governance; Institutional Corruption; Crony Capitalism; Lobbying; Campaign Finance; Costs; Cronyism; Business Ethics; Campaign Finance Reform; Revolving Door; Economic Systems; Ethics; Political Elections; Financing and Loans; United States
Salter, Malcolm S. "Crony Capitalism, American Style: What Are We Talking About Here?" Harvard Business School Working Paper, No. 15-025, October 2014.
- 2009
- Book
Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed and What to Do About It
By: Josh Lerner
In response to the financial crisis, governments are being far more aggressive in intervening to promote economic activity, a trend that shows little tendency of alleviating. This book looks at the experiences of governments in encouraging entrepreneurs and venture... View Details
Keywords: Economic Growth; Financial Crisis; Entrepreneurship; Venture Capital; Policy; Business and Government Relations
Lerner, Josh. Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed and What to Do About It. Princeton University Press, 2009. (Winner of Axiom Business Book Award. Gold Medal in Entrepreneurship presented by Jenkins Group Inc. Winner of PROSE Award for Excellence in Business, Finance & Management “For Professional and Scholarly Excellence” presented by Association of American Publishers.)
- May–June 2023
- Article
The High Cost of Neglecting Low-Wage Workers: Six Mistakes That Companies Make—and How They Can Do Better
By: Joseph Fuller and Manjari Raman
Many companies blame outside factors for the trouble they’ve been having in finding and retaining frontline workers: the pandemic, the government’s stimulus checks, the intrinsic nature of low-wage work. The authors argue that in fact the real problem lies in six big... View Details
Keywords: Retention; Recruitment; Human Capital; Personal Development and Career; Compensation and Benefits; Performance Productivity
Fuller, Joseph, and Manjari Raman. "The High Cost of Neglecting Low-Wage Workers: Six Mistakes That Companies Make—and How They Can Do Better." Harvard Business Review 101, no. 3 (May–June 2023): 40–48.
- June 2018
- Supplement
Valuing Snap After the IPO Quiet Period (C)
By: Marco Di Maggio, Benjamin C. Esty and Gregory Saldutte
Analyzes Snap’s value and analyst recommendations following the events described in the (B) case. View Details
Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; Advertising Industry; Entertainment and Recreation Industry; Web Services Industry; United States; California
Di Maggio, Marco, Benjamin C. Esty, and Gregory Saldutte. "Valuing Snap After the IPO Quiet Period (C)." Harvard Business School Supplement 218-116, June 2018.
- June 2018 (Revised October 2018)
- Teaching Note
Valuing Snap After the IPO Quiet Period (A), (B), and (C)
By: Marco Di Maggio and Benjamin C. Esty
Teaching Note for HBS Nos. 218-095, 218-096, and 218-116. View Details
Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; Advertising Industry; Entertainment and Recreation Industry; Web Services Industry; United States; California
- June 2018 (Revised April 2021)
- Supplement
Valuing Snap After the IPO Quiet Period
By: Benjamin C. Esty, Marco Di Maggio and Greg Saldutte
Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; United States; California
- June 2018
- Supplement
Valuing Snap After the IPO Quiet Period (B)
By: Marco Di Maggio and Benjamin C. Esty
Analyzes Snap’s value and analyst recommendations following the events described in the (A) case. View Details
Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; Advertising Industry; Entertainment and Recreation Industry; Web Services Industry; United States; California
Di Maggio, Marco, and Benjamin C. Esty. "Valuing Snap After the IPO Quiet Period (B)." Harvard Business School Supplement 218-096, June 2018.
- 1995
- Chapter
Incentive Problems in Financial Contracting: Impacts on Corporate Financing, Investment, and Risk Management Policies
By: K. Froot
Keywords: Catastrophe Risk; Corporate Finance; Cost Of Capital; Banking And Insurance; Asset Pricing; Hedging; Banking; Decision Choice And Uncertainty; Financial Markets; Insurance; Policy; Risk Management; Natural Disasters; Insurance Industry
Froot, K. "Incentive Problems in Financial Contracting: Impacts on Corporate Financing, Investment, and Risk Management Policies." Chap. 7 in The Global Financial System: A Functional Perspective, by D. B. Crane, K. A. Froot, Scott P. Mason, André Perold, R. C. Merton, Z. Bodie, E. R. Sirri, and P. Tufano, 225–261. Boston: Harvard Business School Press, 1995. (Revised from Harvard Business School Working Paper No. 95-020.)
- June 2008
- Article
Bringing the Context Back In: Settings and the Search for Syndicate Partners in Venture Capital Investment Networks
Most existing network-based theories of relationship formation, whether based on homophily or structural constraint, imply that actors form highly cohesive, homogenous clusters. Yet real networks also include many "bridging" ties—isolated links between parties that... View Details
Keywords: Venture Capital; Networks; Theory; Partners and Partnerships; Investment; Risk and Uncertainty; Business Growth and Maturation; Size; Geographic Location
Sorenson, Olav, and Toby E. Stuart. "Bringing the Context Back In: Settings and the Search for Syndicate Partners in Venture Capital Investment Networks." Administrative Science Quarterly 53, no. 2 (June 2008).
- June 2018 (Revised April 2021)
- Case
Valuing Snap After the IPO Quiet Period (A)
By: Marco Di Maggio, Benjamin C. Esty and Gregory Saldutte
Snap, the disappearing message app, went public at $17 per share on March 2, 2017, making its two 20-something founders the youngest self-made billionaires in the country. Over the next three weeks, 14 analysts made investment recommendations on Snap: two with buy... View Details
Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; ＂DCF Valuation,＂; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; Advertising Industry; Entertainment and Recreation Industry; Web Services Industry; United States; California
Di Maggio, Marco, Benjamin C. Esty, and Gregory Saldutte. "Valuing Snap After the IPO Quiet Period (A)." Harvard Business School Case 218-095, June 2018. (Revised April 2021.)
- January 2021 (Revised October 2024)
- Case
Aptiv PLC Board of Directors (A)
By: Lynn S. Paine and Will Hurwitz
Aptiv’s board must decide whether a joint venture with an auto maker is the right next step in the company’s efforts to develop and commercialize a production-ready autonomous driving system. While many commentators believed that Aptiv’s self-driving technologies had... View Details
Keywords: Automotive Industry; Bankruptcy Reorganization; Board Of Directors; Board Committees; Board Decisions; Board Dynamics; Corporate Boards; Innovation And Strategy; Legal Aspects Of Business; Spin Off; Strategic Alliances; Strategic Change; Strategic Evolution; Supplier Relationships; Technological Change; Corporate Governance; Governing and Advisory Boards; Innovation Strategy; Going Public; Joint Ventures; Leadership; Restructuring; Technological Innovation; Transformation; Auto Industry; Europe; United States
Paine, Lynn S., and Will Hurwitz. "Aptiv PLC Board of Directors (A)." Harvard Business School Case 321-050, January 2021. (Revised October 2024.)
- September 2011
- Article
Information Risk and Fair Value: An Examination of Equity Betas
By: Edward J. Riedl and George Serafeim
Using a sample of U.S. financial institutions, we exploit recent mandatory disclosures of financial instruments designated as fair value level 1, 2, and 3 to test whether greater information risk in financial instrument fair values leads to higher cost of capital. We... View Details
Keywords: Forecasting and Prediction; Assets; Cost of Capital; Financial Institutions; Financial Instruments; Corporate Disclosure; Information; Risk and Uncertainty; Value; United States
Riedl, Edward J., and George Serafeim. "Information Risk and Fair Value: An Examination of Equity Betas." Journal of Accounting Research 49, no. 4 (September 2011): 1083–1122.
- Article
The Market for Catastrophe Risk: A Clinical Examination
By: K. A. Froot
Keywords: Catastrophe Risk; Corporate Finance; Cost Of Capital; Banking And Insurance; Asset Pricing; Hedging; Banking; Insurance; Decision Choice And Uncertainty; Financial Markets; Policy; Risk Management; Natural Disasters; Insurance Industry
Froot, K. A. "The Market for Catastrophe Risk: A Clinical Examination." Journal of Financial Economics 60, nos. 2-3 (May 2001): 529–571. (Revised from NBER Working Paper No. 8110, February 2001. Reprinted in The Economics of Natural Hazards, part of the International Library of Critical Writings in Economics series edited by Mark Blaug, Edward Elgar Publishing Limited, 2003.)
- 08 Sep 2020
- Sharpening Your Skills
Capitalism Works Better When I Can See What You're Doing
good place to start The Upside of Highlighting a Product's DownsidesResearchers discover what happens when companies embrace product transparency, accentuating the positive—and the negative. Deconstructing the Price TagExplaining what it... View Details
Keywords: by Sean Silverthorne