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  • 2021
  • Working Paper

Elusive Safety: The New Geography of Capital Flows and Risk

By: Laura Alfaro, Ester Faia, Ruth Judson and Tim Schmidt-Eisenlohr
A confidential dataset with industry-level disaggregation of U.S. cross-border claims and liabilities, shows U.S. securities to be increasingly intermediated by tax-haven-financial-centers (THFC) and less regulated funds. These securities are risky, in... View Details
Keywords: Tax Havens; Financial Centers; Geography Of Flows; Profit Shifting; Tax Avoidance; Risk; Safe Assets; Hetergeneous Firms; Endogenous Entry; Endogenous Monitoring; Regulatory Arbitrage; Assets; Safety; Risk and Uncertainty; Capital; Global Range
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  • July 2021
  • Article

Multinationality and Capital Structure Dynamics: A Corporate Governance Explanation

By: Daniel Gyimah, Nana Abena Kwansa, Anthony K. Kyiu and Anywhere Sikochi
This paper examines the impact of corporate governance on capital structure dynamics. Using ordinary least squares regressions on 17,496 firm-year observations for 2,294 U.S. multinational companies (MNCs) over the period 1990–2018, we find that MNCs with strong... View Details
Keywords: Multinationality; Speed Of Adjustment; Corporate Governance; Multinational Firms and Management; Capital Structure
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  • 27 Feb 2019
  • HBS Seminar

David Robinson, Fuqua School of Business at Duke University

  • 2013
  • Chapter

Who Chooses Board Members?

By: Ali Akyol and Lauren Cohen
We exploit a recent regulation passed by the US Securities and Exchange Commission (SEC) to explore the nomination of board members to US publicly traded firms. In particular, we focus on firms’ use of executive search firms versus allowing internal members (often... View Details
Keywords: Boards; Boards Of Directors; Executive Search Firms; Governance; SEC Regulation; Governing and Advisory Boards; Management Succession; Executive Compensation
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  • 06 Nov 2012
  • First Look

First Look: November 6

Science (forthcoming) Abstract While monitoring and regulation can be used to combat socially costly unethical conduct, their intended targets are often able to avoid regulation or hide their behavior. This surrenders at least part of the... View Details
Keywords: Sean Silverthorne
  • 10 Dec 2013
  • First Look

First Look: December 10

Pekkala Kerr, and William R. Kerr Abstract—Measures of entrepreneurship, such as average establishment size and the prevalence of start-ups, correlate strongly with employment growth across and within metropolitan areas, but the View Details
Keywords: Sean Silverthorne
  • 20 Oct 2009
  • First Look

First Look: October 20

Shareholders Using a Geographic Instrument Authors:Bo Becker, Henrik Cronqvist, and Rüdiger Fahlenbrach Abstract Large shareholders may play an important role for firm performance and policies, but identifying this empirically presents a challenge due to the View Details
Keywords: Martha Lagace
  • 30 Jun 2009
  • First Look

First Look: June 30

provided a one-time tax holiday for the repatriation of foreign earnings by U.S. multinationals. The analysis controls for endogeneity and omitted variable bias by using instruments that identify the firms likely to receive the largest... View Details
Keywords: Martha Lagace
  • 29 Sep 2009
  • First Look

First Look: September 29

endogenous vertical differentiation concerns. We discuss how our study helps improve our understanding of notions of strategy, business model, and tactics in the field of strategy. Download the paper:... View Details
Keywords: Martha Lagace
  • 30 Apr 2013
  • First Look

First Look: April 30

through affective mechanisms.   Working Papers Innovation, Reallocation and Growth By: Acemoglu, Daron, Ufuk Akcigit, Nicholas Bloom, and William Kerr Abstract—We build a model of firm-level innovation, productivity growth and reallocation featuring View Details
Keywords: Sean Silverthorne
  • Web

Business & Environment - Faculty & Research

Responsible Investments That Make Firms More Profitable By: George Serafeim Article Transition to Clean Technology By: Daron Acemoglu, Ufuk Akcigit, Douglas Hanley and William R. Kerr We develop a microeconomic model of endogenous growth... View Details
  • 13 Feb 2007
  • First Look

First Look: February 13, 2007

deployment of their technology abroad. The paper demonstrates that when firms want to exploit technologies abroad, multinational firm (MNC) activity and foreign direct investment (FDI) flows arise endogenously when View Details
Keywords: Martha Lagace
  • 15 Sep 2009
  • First Look

First Look: September 15

standard preferences and show that the endogenous structure of the network is conducive to sharing by a significant number of peers, even if sharing is costlier than freeriding. We build on this model of p2p to analyze the optimal... View Details
Keywords: Martha Lagace
  • 01 Feb 2011
  • First Look

First Look: Feb. 1

change in directions that favor new sets of interests (for a review, see Battilana, 2010). A second factor that contributes to institutional change is determining whether the processes are endogenous to the everyday functioning of... View Details
  • 30 Sep 2008
  • First Look

First Look: September 30, 2008

direct investment (FDI) flows arise endogenously when monitoring is nonverifiable and financial frictions exist. The mechanism generating MNC activity is not the risk of technological expropriation by local... View Details
Keywords: Martha Lagace
  • 25 Nov 2014
  • First Look

First Look: November 25

traditional endogenous growth theory and to new theoretical approaches that focus on variability in innovation outcomes within the firm size distribution. Using new data on 11,514 U.S. R&D firms active during the interwar and... View Details
Keywords: Carmen Nobel
  • 06 Apr 2010
  • First Look

First Look: April 6

cannibalization and endogenous vertical differentiation concerns. We discuss how our study helps improve our understanding of notions of strategy, business model, and tactics in the field of strategy. Context, Agency, and Identity: The... View Details
Keywords: Martha Lagace
  • 02 Oct 2018
  • First Look

New Research and Ideas, October 2, 2018

forthcoming Annual Review of Economics History, Micro Data and Endogenous Growth By: Akcigit, Ufuk, and Tom Nicholas Abstract—Economic growth is concerned with long-run changes, and as a result historical data should be especially... View Details
Keywords: Dina Gerdeman
  • 25 Feb 2014
  • First Look

First Look: February 25

affect purchases by endogenizing viewing interest. We find that entertainment has an inverted U-shape relationship with purchase intent. Importantly, we separate entertainment into that which comes before the brand versus that which comes... View Details
Keywords: Sean Silverthorne
  • 06 May 2014
  • First Look

First Look: May 6

the absence of good news. This commitment provides the latter a greater incentive to collect information than a monitor holding the aggregate claim would have. Thus debt and equity are shown to be complementary instruments in firm... View Details
Keywords: Sean Silverthorne