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- All HBS Web
(888)
- News (113)
- Research (681)
- Events (5)
- Multimedia (1)
- Faculty Publications (339)
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- 2020
- Working Paper
Contract Duration and the Costs of Market Transactions
By: Alexander MacKay
The optimal duration of a supply contract balances the costs of reselecting a supplier against the costs of being matched to an inefficient supplier when the contract lasts too long. I develop a structural model of contract duration that captures this tradeoff and... View Details
Keywords: Vertical Relationships; Transaction Costs; Contract Duration; Identification; Supply Chain; Cost; Contracts; Auctions; Mathematical Methods
MacKay, Alexander. "Contract Duration and the Costs of Market Transactions." Harvard Business School Working Paper, No. 18-058, December 2017. (Revised May 2020. Direct download.)
- August 2022
- Article
Contract Duration and the Costs of Market Transactions
By: Alexander MacKay
The optimal duration of a supply contract balances the costs of reselecting a supplier against the costs of being matched to an inefficient supplier when the contract lasts too long. I develop a structural model of contract duration that captures this tradeoff and... View Details
Keywords: Supply Contracts; Intermediate Goods; Switching Costs; Vertical Relationships; Transaction Costs; Contract Duration; Identification; Supply Chain; Cost; Contracts; Auctions; Mathematical Methods
MacKay, Alexander. "Contract Duration and the Costs of Market Transactions." American Economic Journal: Microeconomics 14, no. 3 (August 2022): 164–212.
- October 2004 (Revised February 2007)
- Background Note
Foreign Exchange Markets and Transactions
By: Mihir A. Desai, Christina Pham, Kathleen Luchs and Yanjun Wang
Provides information on the foreign exchange market and exchange rate movements. Describes the different types of foreign exchange transactions, including spot transactions, forwards, swaps, futures, and options. Includes worked examples to help students understand the... View Details
Keywords: Currency Exchange Rate
Desai, Mihir A., Christina Pham, Kathleen Luchs, and Yanjun Wang. "Foreign Exchange Markets and Transactions." Harvard Business School Background Note 205-016, October 2004. (Revised February 2007.)
- May 2025
- Article
Transaction Cost Economics in the Digital Economy: A Research Agenda
By: Frank Nagle, Robert Seamans and Steve Tadelis
Transaction cost economics theory explains when it is more efficient for a transaction between two parties to occur across the market or within an organization. How does transaction cost economics apply in the digital economy, which relies on digital transactions? In... View Details
Keywords: Transaction Cost Economics; Digital Economy; Economics; Cost; Markets; Research; Digital Transformation
Nagle, Frank, Robert Seamans, and Steve Tadelis. "Transaction Cost Economics in the Digital Economy: A Research Agenda." Strategic Organization 23, no. 2 (May 2025): 351–365.
- 2020
- Working Paper
Transaction Cost Economics in the Digital Economy: A Research Agenda
By: Frank Nagle, Robert Seamans and Steve Tadelis
Transaction Cost Economics (TCE) theory has played an important role in understanding when it is more efficient for a transaction between two parties to occur within the market or within an organization. However, as more transactions occur in a digitally-mediated... View Details
Keywords: Transaction Cost Economics; Digital Economy; Economics; Cost; Markets; Research; Digital Transformation
Nagle, Frank, Robert Seamans, and Steve Tadelis. "Transaction Cost Economics in the Digital Economy: A Research Agenda." Harvard Business School Working Paper, No. 21-009, July 2020.
- October 2005
- Teaching Note
Foreign Exchange Markets and Transactions (TN)
By: Mihir A. Desai and Kathleen Luchs
Keywords: Currency Exchange Rate
- 2024
- Working Paper
Primary Capital Market Transactions and Index Funds
By: Marco Sammon and Chris Murray
We document the effects of mechanical buying by CRSP-index-tracking funds on post-IPO returns and IPO deal structure. Leveraging a difference-in-differences-style design built on a 2017 CRSP rule change, we find that expected index fund demand leads fast track IPOs to... View Details
Keywords: Investment Funds; Initial Public Offering; Investment Return; Price; Market Transactions; Financial Markets
Sammon, Marco, and Chris Murray. "Primary Capital Market Transactions and Index Funds." Working Paper, August 2024.
- 2012
- Article
The Architecture of Transaction Networks: A Comparative Analysis of Hierarchy in Two Sectors
By: Jianxi Luo, Carliss Y. Baldwin, Daniel E. Whitney and Christopher L. Magee
Many products are manufactured in networks of firms linked by transactions, but comparatively little is known about how or why such transaction networks differ. This article investigates the transaction networks of two large sectors in Japan at a single point in time.... View Details
Keywords: Transactions; Hierarchy; Industry Architecture; Innovation; Networks; Market Transactions; Vertical Integration; Industry Structures; Innovation and Invention; Auto Industry; Electronics Industry; Japan
Luo, Jianxi, Carliss Y. Baldwin, Daniel E. Whitney, and Christopher L. Magee. "The Architecture of Transaction Networks: A Comparative Analysis of Hierarchy in Two Sectors." Industrial and Corporate Change 21, no. 6 (December 2012): 1307–1335.
- summer 2003
- Article
The Drivers of Market Efficiency in Revlon Transactions
Subramanian, Guhan. "The Drivers of Market Efficiency in Revlon Transactions." Journal of Corporation Law 28, no. 4 (summer 2003): 2003–2004.
- 2025
- Working Paper
Pulp Friction: The Value of Quantity Contracts in Decentralized Markets
By: Olivier Darmouni, Simon Essig Aberg and Juha Tolvanen
Firms in decentralized markets often trade using quantity contracts, agreements that specify quantity prior to the point of sale. These contracts are valuable because they provide quantity assurance, as trading frictions could prevent a buyer and seller from matching... View Details
Keywords: Decentralized Markets; Trading Frictions; Market Structure; Transaction Costs; Contracts; Market Transactions; Pulp and Paper Industry
Darmouni, Olivier, Simon Essig Aberg, and Juha Tolvanen. "Pulp Friction: The Value of Quantity Contracts in Decentralized Markets." Working Paper, May 2025.
- September 1987 (Revised November 1992)
- Background Note
Note on Transaction and Translation Exposure
By: W. Carl Kester and Richard P. Melnick
Describes the transaction and translation exposures that companies doing business internationally face when foreign exchange rates change. Also discusses how to measure and cover both types of exposure. Covering techniques are demonstrated using examples of forward... View Details
Kester, W. Carl, and Richard P. Melnick. "Note on Transaction and Translation Exposure." Harvard Business School Background Note 288-017, September 1987. (Revised November 1992.)
- 23 Jan 2018
- Working Paper Summaries
Transaction Costs and the Duration of Contracts
Keywords: by Alexander MacKay
- September 2023
- Article
(Not) Paying for Diversity: Repugnant Market Concerns Associated with Transactional Approaches to Diversity Recruitment
In a 20-month ethnographic study, I examine how a technology firm, ShopCo (a pseudonym), considered 13 different recruitment platforms to attract racial minority engineering candidates. I find that when choosing whether to adopt recruitment platforms focused on racial... View Details
Jackson, Summer R. "(Not) Paying for Diversity: Repugnant Market Concerns Associated with Transactional Approaches to Diversity Recruitment." Administrative Science Quarterly 68, no. 3 (September 2023): 824–866.
- 2010
- Working Paper
Marketplace Institutions Related to the Timing of Transactions
By: Alvin E. Roth
This paper describes the unraveling of transaction dates in several markets, including the labor markets for new lawyers hired by large law firms and for gastroenterology fellows, and the market for post-season college football bowls. Together these will illustrate... View Details
Keywords: Talent and Talent Management; Market Timing; Market Transactions; Marketplace Matching; Competitive Strategy
Roth, Alvin E. "Marketplace Institutions Related to the Timing of Transactions." NBER Working Paper Series, No. 16556, November 2010.
- January 1994
- Article
Jumping the Gun: Imperfections and Institutions Related to the Timing of Market Transactions
By: A. E. Roth and X. Xing
Keywords: Market Transactions
Roth, A. E., and X. Xing. "Jumping the Gun: Imperfections and Institutions Related to the Timing of Market Transactions." American Economic Review 84, no. 4 (January 1994): 992–1044.
- 14 Feb 2008
- Conference Presentation
Where Do Transactions Come From? Modularity, Transactions and the Boundaries of Firms
Keywords: Market Transactions
- July 1994 (Revised July 1995)
- Case
VeriFone: The Transaction Automation Company (A)
By: Richard L. Nolan, Donna B. Stoddard and Hossam Galal
Describes VeriFone's new organizational model and its role in catapulting VeriFone to a market leadership position. Examines the impact of information technology and information access on the ability to leverage global resources, market responsiveness, and... View Details
Keywords: Leading Change; Leadership Development; Market Transactions; Information Technology; Organizational Design; Knowledge Use and Leverage; Organizational Structure; Information Management; Information Technology Industry
Nolan, Richard L., Donna B. Stoddard, and Hossam Galal. "VeriFone: The Transaction Automation Company (A)." Harvard Business School Case 195-088, July 1994. (Revised July 1995.)
- January 2018 (Revised February 2018)
- Technical Note
Making Markets
Explains how to identify and capitalize on marketplace design opportunities. Defines markets and marketplaces and describes the basic functions of each. Discusses attributes (e.g., heterogeneity of participants' preferences and asymmetry in available information) that... View Details
Keywords: Marketplaces; Two-Sided Markets; Entrepreneurship; Market Design; Digital Platforms; Marketplace Matching; Market Participation; Market Transactions; Market Entry and Exit; Digital Platforms; Auctions
Eisenmann, Thomas R., and Scott Duke Kominers. "Making Markets." Harvard Business School Technical Note 818-096, January 2018. (Revised February 2018.)
- June 1997
- Case
VeriFone: The Transaction Automation Company (A) Abridged
Describes VeriFone's new organizational model and its role in catapulting VeriFone to a market leadership position. Examines the impact of information technology and information access on the ability to leverage global resources, market responsiveness, and... View Details
Keywords: Information Technology; Organizational Structure; Globalized Markets and Industries; Information Management; Strategic Planning; Resource Allocation; Leadership Development; Information Technology Industry
McFarlan, F. Warren. "VeriFone: The Transaction Automation Company (A) Abridged." Harvard Business School Case 397-116, June 1997.
- Working Paper
Measuring the Perceived Liquidity of the Corporate Bond Market
By: Sergey Chernenko and Adi Sunderam
We propose a novel measure of bond market liquidity that does not depend on transaction data: the strength of the cross-sectional relationship between mutual fund cash holdings and fund flow volatility. Our measure captures how liquid funds perceive their portfolio... View Details
Chernenko, Sergey, and Adi Sunderam. "Measuring the Perceived Liquidity of the Corporate Bond Market." NBER Working Paper Series, No. 27092, May 2020.