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(1,111)
- People (1)
- News (184)
- Research (808)
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- Faculty Publications (334)
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- April 2002 (Revised April 2003)
- Case
Malaysia: Capital and Control
By: Rawi E. Abdelal and Laura Alfaro
On September 1, 1998, the government of Malaysia imposed currency and capital controls in response to the financial crisis that had swept Asia. The controls sparked an enormous controversy in the world of international finance. Some celebrated the controls for... View Details
Keywords: Capital Controls; Business and Government Relations; International Finance; Policy; Crisis Management; Balance and Stability; Globalized Economies and Regions; Malaysia
Abdelal, Rawi E., and Laura Alfaro. "Malaysia: Capital and Control." Harvard Business School Case 702-040, April 2002. (Revised April 2003.)
- 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
Acosta-Henao, Miguel, Laura Alfaro, and Andres Fernandez. "Sticky Capital Controls." NBER Working Paper Series, No. 26997, April 2020.
- April 2002 (Revised September 2002)
- Background Note
Capital Controls
By: Rawi E. Abdelal and Laura Alfaro
Only in the waning years of the 20th century did international financial markets begin to enjoy the freedom from government regulation that they had experienced before the first world war. By 2002, international capital markets had grown to be enormous--$1.2 trillion... View Details
Keywords: History; Policy; Business and Government Relations; Change Management; Cost vs Benefits; Governance Controls; Governance Compliance; Emerging Markets; Financial Markets; Network Effects; Banking Industry; Financial Services Industry
Abdelal, Rawi E., and Laura Alfaro. "Capital Controls." Harvard Business School Background Note 702-082, April 2002. (Revised September 2002.)
- 12 Jul 2020
- Working Paper Summaries
Sticky Capital Controls
- January 22, 2015
- Other Article
Are Capital Controls Effective? Firm-level Evidence from Brazil
By: Laura Alfaro, Anusha Chari and Fabio Kanczuk
Capital controls are back in fashion. This column discusses new firm-level evidence from Brazil showing that capital controls segment international financial markets, reduce external financing, and lower firm-level investment. They disproportionately affect small,... View Details
Alfaro, Laura, Anusha Chari, and Fabio Kanczuk. "Are Capital Controls Effective? Firm-level Evidence from Brazil." Vox, CEPR Policy Portal (January 22, 2015).
- February 1998
- Background Note
Contracting and Control in Venture Capital
By: Paul A. Gompers
Discusses the control mechanisms and contracts utilized by venture capitalists. The emphasis is on understanding potential conflicts of interest and how the contracts mitigate those conflicts. View Details
Keywords: Venture Capital; Governance Controls; Contracts; Business or Company Management; Conflict of Interests
Gompers, Paul A. "Contracting and Control in Venture Capital." Harvard Business School Background Note 298-067, February 1998.
- October 2002
- Teaching Note
Malaysia: Capital and Control (TN)
By: Rawi E. Abdelal and Laura Alfaro
Teaching Note for (9-702-040). View Details
Keywords: Malaysia
- March 2005 (Revised July 2007)
- Case
Capital Controls in Chile in the 1990s (A)
By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
In 1991, Chile adopted a framework of capital controls focused on reducing the massive flows of foreign investment coming into the country as international interest rates remained low. Capital inflows threatened the Central Bank's ability to manage the exchange rate... View Details
Keywords: Developing Countries and Economies; Economic Growth; Financial Crisis; Capital; Governance Controls; Business and Government Relations; Chile
Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "Capital Controls in Chile in the 1990s (A)." Harvard Business School Case 705-031, March 2005. (Revised July 2007.)
- September 2017
- Article
The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment
By: Laura Alfaro, Anusha Chari and Fabio Kanczuk
Emerging-market governments adopted capital control taxes to manage the massive surge in foreign capital inflows in the aftermath of the global financial crisis. Theory suggests that the imposition of capital controls can drive up the cost of capital and curb... View Details
Keywords: Capital Controls; Discriminatory Taxation; International Investment Barriers; Exports; Debt; Cost of Capital; Taxation; Investment; Borrowing and Debt; Equity; Brazil
Alfaro, Laura, Anusha Chari, and Fabio Kanczuk. "The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment." Journal of International Economics 108 (September 2017): 191–210. (Also see NBER Working Paper 20726.
See comment in Brookings Series: The Hutchins Roundup.
See also, feature in NBER Digest March 2015 issue. )
- March 2005 (Revised June 2005)
- Case
Capital Controls in Chile in the 1990s (B)
By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
Supplements the (A) case. View Details
Keywords: Governance Controls; Financial Crisis; Foreign Direct Investment; Currency Exchange Rate; Inflation and Deflation; Demand and Consumers; Interest Rates; Capital; System; Central Banking; Chile
Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "Capital Controls in Chile in the 1990s (B)." Harvard Business School Case 705-032, March 2005. (Revised June 2005.)
- 1986
- Other Unpublished Work
Capital Flight, Policy Credibility, and the Option Value of Foreign Exchange
By: K. A. Froot and S. van Wijnbergen
- November 2022
- Technical Note
National Security and Transnational Capitalism
By: Meg Rithmire
Though the relationship between national security and transnational commerce had long been interrogated and contested, the 2020s saw the escalation of concerns about insecurity and interdependence. These concerns manifested in a suite of institutional innovations and... View Details
Rithmire, Meg. "National Security and Transnational Capitalism." Harvard Business School Technical Note 723-016, November 2022.
- 2022
- Working Paper
Racial Diversity in Private Capital Fundraising
By: Johan Cassel, Josh Lerner and Emmanuel Yimfor
Black- and Hispanic-owned funds control a very modest share of assets in the private capital
industry. We find that the sensitivity of follow-on fundraising to fund performance
is greater for minority-owned groups, particularly for underperforming groups. We... View Details
Keywords: Buyouts; Capital Formation; Minorities; Venture Capital; Minority-owned Businesses; Race; Diversity; Investment Funds; Financial Services Industry
Cassel, Johan, Josh Lerner, and Emmanuel Yimfor. "Racial Diversity in Private Capital Fundraising." Harvard Business School Working Paper, No. 23-020, September 2022.
- February 2023
- Article
The Effect of Systems of Management Controls on Honesty in Managerial Reporting
By: Aishwarrya Deore, Susanna Gallani and Ranjani Krishnan
While budgetary controls with capital rationing are optimal in theory and widespread in practice, empirical research documents their association with higher employee dishonesty compared to budgetary controls without rationing. In this study, we examine whether... View Details
Keywords: Directing Controls; Misreporting; Mission Statements; Participative Budgeting; Stewardship Theory; Systems Of Management Controls; Capital; Budgets and Budgeting; Mission and Purpose
Deore, Aishwarrya, Susanna Gallani, and Ranjani Krishnan. "The Effect of Systems of Management Controls on Honesty in Managerial Reporting." Art. 101401. Accounting, Organizations and Society 105 (February 2023).
- Article
Are Private Equity Investors Looking for Control in Latin America?: Evidence from Twenty-five Countries from 2001 to 2008
By: Roberto Charvel
This article reviews how private equity investments approach controlling stakes in their portfolio companies through Latin America. View Details
Keywords: Venture Capital; Private Equity; Control Rights; Entrepreneurial Finance; Emerging Market; Business Ventures; Economics; Entrepreneurship; Finance; Financial Services Industry; Latin America
Charvel, Roberto. "Are Private Equity Investors Looking for Control in Latin America? Evidence from Twenty-five Countries from 2001 to 2008." Venture Equity Latin America 8, no. 17 (October 31, 2009).
- May 2005 (Revised February 2008)
- Teaching Note
Capital Controls in Chile in the 1990's (A & B) (TN)
By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
Teaching Note to (9-705-031). View Details
- 2013
- Working Paper
The Appeal of the Appropriate: Accounting, Risk Management, and the Competition for the Supply of Control Systems
By: Anette Mikes
How do certain risk measurements in organizations come to be seen as more reliable and acceptable than others? Taking a multiple-control perspective, I investigate the aftermath of a control debacle at a financial services company (MultiBank), focusing on its insurance... View Details
Keywords: Management Control Systems; Multiple Control Systems; Interactive Control Systems; Performance Measurement; Risk Measurement; Financialization Of Accounting; Institutional Logics; Banking; Risk Management; Fair Value Accounting; Insurance; Financial Services Industry
Mikes, Anette. "The Appeal of the Appropriate: Accounting, Risk Management, and the Competition for the Supply of Control Systems." Harvard Business School Working Paper, No. 12-115, June 2012. (Revised January 2013.)
- Research Summary
Corporate Control and Valuation
Richard S. Ruback's research and course development focus on applied corporate finance-in particular, corporate control transactions and valuation. His research on corporate control has yielded case studies on major transactions, such as the View Details
- Teaching Interest
Finance Reporting and Control
Financial Reporting and Control (FRC) is a course about how leaders can design and use performance measurement systems to build more effective organizations. Throughout their careers, business leaders are required to... View Details
- May 2007
- Article
Capital Flows and Capital Goods
By: Laura Alfaro and Eliza Hammel
Studying the relation between equity market liberalization and imports of capital goods, we examine one channel through which international financial integration can promote growth. For the period 1980–1997, we find that after controlling for other policies and... View Details
Keywords: Cash Flow; Equity; Financial Markets; Economy; Distribution Channels; Machinery and Machining; Capital
Alfaro, Laura, and Eliza Hammel. "Capital Flows and Capital Goods." Journal of International Economics 72, no. 1 (May 2007): 128–150. (Link to working paper version.)