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- 2024
- Working Paper
The Real Effects of Bankruptcy Forum Shopping
By: Samuel Antill and Aymeric Bellon
Many non-Delaware firms strategically file for bankruptcy in Delaware. Should this "forum shopping" be allowed? This question has motivated six congressional bill proposals over decades of policy debate. Using a novel natural experiment and Census-Bureau microdata, we... View Details
- November 2024
- Background Note
Nonprofit Governance: Some Basics
By: Lynn S. Paine and Will Hurwitz
This background note discusses basics about the prevalence, purpose, and unique legal, governance and regulatory dynamics of nonprofits and their boards of directors. The note describes both similarities and differences between for-profit and non-profit governance,... View Details
- 2024
- Working Paper
Catalysts for Climate Solutions: Corporate Responses to Venture Capital Financing of Climate-tech Startups
By: Shirley Lu, George Serafeim and Simon Xu
We study whether incumbent firms increase their product focus on climate solutions in response to venture capital (VC) financing of climate-tech startups. Using large language models to measure a firm's focus on climate solutions, we find that incumbents in similar... View Details
- November 2024
- Article
Price Discounts and Cheapflation During the Post-Pandemic Inflation Surge
By: Alberto Cavallo and Oleksiy Kryvtsov
We study how within-store price variation changes with inflation, and whether households exploit it to attenuate the inflation burden. We use micro price data for food products sold by 91 large multi-channel retailers in ten countries between 2018 and 2024. Measuring... View Details
- November 2024
- Article
The Health Costs of Cost Sharing
By: Amitabh Chandra, Evan Flack and Ziad Obermeyer
What happens when patients suddenly stop their medications? We study the health consequences of drug interruptions caused by large, abrupt, and arbitrary changes in price. Medicare’s prescription drug benefit as-if-randomly assigns 65-year-olds a drug budget as a... View Details
- October 10, 2024
- Article
Characteristics of Creative Individuals: An Umbrella Review Protocol
By: Alex Thabane, Tyler McKechnie, Phillip Staibano, Goran Calic, Colin Kruse, Jason W. Busse, Samee Parpia and Mohit Bhandari
The properties of creative products–novelty and usefulness–are generally agreed upon by researchers. Yet, consensus is lacking on which personal and environmental factors contribute to an individual’s creative potential, or to what extent. substantial research work has... View Details
- 2024
- Working Paper
Public Sector SME Grading System in Emerging Markets: A Focus on Nigeria
By: Saveshen Pillay, Anywhere Sikochi, Charles Odii, Zaakirah Ismail, Regina Bamaiyi and Denise Mubaiwa
In this paper, we explore the impact of creating a public sector nano, micro, small and medium
enterprise (nMSME) grading system in Nigeria. Using insights from work with the Nigerian
government, the first country in Africa to attempt to establish a public sector SME... View Details
- September 2024 (Revised September 2024)
- Teaching Note
Leading Culture Change at SEB
By: Amy C. Edmondson and Cat Huang
Teaching Note for HBS Case No. 621-074. The Risk organization at SEB, a leading Nordic financial services group founded in 1856, undertook a culture change program focused on psychological safety, empathic listening, and strategic framing. The program enabled risk... View Details
- 2024
- Working Paper
Markups and Cost Pass-through Along the Supply Chain
By: Santiago E. Alvarez, Alberto Cavallo, Alexander MacKay and Paolo Mengano
We study markups and pricing strategies along the supply chain. Our unique dataset combines detailed price and cost information from a large global manufacturer with matched retail prices collected online for the period July 2018 through June 2023. We show that total... View Details
- August 2024
- Article
Partisans neither Expect nor Receive Reputational Rewards for Sharing Falsehoods over Truth Online.
By: Isaias Ghezae, Jillian J. Jordan, Izzy Gainsburg, Mohsen Mosleh, Gordon Pennycook, Robb Willer and David Rand
A frequently invoked explanation for the sharing of false over true political information is that partisans are motivated by their reputations. In particular, it is often argued that by indiscriminately sharing news that is favorable to one’s political party,... View Details
- 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
- 2024
- Working Paper
How Inflation Expectations De-Anchor: The Role of Selective Memory Cues
By: Nicola Gennaioli, Marta Leva, Raphael Schoenle and Andrei Shleifer
In a model of memory and selective recall, household inflation expectations remain rigid when inflation is anchored but exhibit sharp instability during inflation surges, as similarity prompts retrieval of forgotten high-inflation experiences. Using data from the New... View Details
- June 2024
- Article
Inflation with COVID Consumption Baskets
By: Alberto Cavallo
The Covid-19 pandemic led to changes in expenditure patterns that introduced significant bias in the measurement of Consumer Price Index (CPI) inflation. Using publicly-available data on card transactions, I updated the official CPI weights and re-calculated inflation... View Details
- June 2024
- Article
Information Spillovers in Experience Goods Competition
By: Zhuoqiong Charlie Chen, Christopher Stanton and Catherine Thomas
When experience goods compete, consuming one product can be informative about value for similar untried products. We study a two-period model of duopoly competition in markets that have this feature and where firms can price discriminate between consumers based on... View Details
- May 2, 2024
- Article
Require Hospitals to Disclose Their Pandemic Plans Now
By: Regina E. Herzlinger, Richard J. Boxer and Ben Creo
The COVID-19 pandemic demonstrated that U.S. hospital and health care systems were ill-prepared for the surge of patients who overwhelmed available health care resources. An overlooked resource deserves more attention: the availability of intensive care unit (ICU)... View Details
- 2024
- Working Paper
Bank Runs and Interest Rates: A Revolving Lines Perspective
By: Falk Bräuning and Victoria Ivashina
Revolving credit is at the core of the banking business. Corporate revolving credit lines are demandable claims; thus, similar to a traditional bank run on deposits, sudden widespread drawdowns on credit lines can be destabilizing to the banking sector. However, we... View Details
- May 2024 (Revised May 2024)
- Case
Market by Met Council: Revolutionizing Food Pantries in the Digital Age
By: Elisabeth Paulson and Michael W. Toffel
In fall 2023, the Food Program of Met Council—America’s largest Jewish charity dedicated to fighting poverty—completed the rollout of the newest version of its digital pantry platform to twelve food pantries in the Met Council food pantry network. The digital... View Details
- May 2024
- Article
The Health Risks of Generative AI-Based Wellness Apps
By: Julian De Freitas and G. Cohen
Artifcial intelligence (AI)-enabled chatbots are increasingly being used to
help people manage their mental health. Chatbots for mental health and
particularly ‘wellness’ applications currently exist in a regulatory ‘gray area’.
Indeed, most generative AI-powered... View Details
- 2024
- Working Paper
Dusting Off the Old Ones: Drug Licensing to Startups, Innovation Success and Efficiency
By: Mosab Hammoudeh, Joshua Lev Krieger and Jiajie Xu
This paper investigates whether moving R&D from incumbents to startups can increase innovation. Using comprehensive drug development data, we examine the outcomes of drug projects licensed from large firms to startups. We find that these projects licensed to startups... View Details
- 2024
- Working Paper
Appropriate Entrepreneurship? The Rise of China and the Developing World
By: Josh Lerner, Junxi Liu, Jacob Moscona and David Yang
Global innovation and entrepreneurship has traditionally been dominated by a handful
of high-income countries, especially the US. This paper investigates the international
consequences of the rise of a new hub for innovation, focusing on the dramatic
growth of... View Details