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- All HBS Web (2,055)
- Faculty Publications (587)
- October 2018
- Article
A Theory of Intergenerational Mobility
By: Gary Becker, Scott Duke Kominers, Kevin Murphy and Jorg L. Spenkuch
We develop a model of intergenerational resource transmission that emphasizes the link between cross-sectional inequality and intergenerational mobility. By drawing on first principles of human capital theory, we derive several novel results. In particular, we show...
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Keywords:
Intergenerational Mobility;
Inequality;
Complementarities;
Equality and Inequality;
Human Capital;
Income;
Family and Family Relationships
Becker, Gary, Scott Duke Kominers, Kevin Murphy, and Jorg L. Spenkuch. "A Theory of Intergenerational Mobility." Journal of Political Economy 126, no. S1 (October 2018): S7–S25.
- February 2018
- Article
Structural GARCH: The Volatility-Leverage Connection
By: Robert F. Engle and Emil N. Siriwardane
During the financial crisis, financial firm leverage and volatility both rose dramatically. Consequently, institutions are being asked to reduce leverage in order to reduce risk, though the effectiveness depends upon the role of capital structure in volatility. To...
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Keywords:
Leverage;
Credit Risk;
Crisis Management;
Equity;
Volatility;
Credit;
Risk Management;
Financial Crisis
Engle, Robert F., and Emil N. Siriwardane. "Structural GARCH: The Volatility-Leverage Connection." Review of Financial Studies 31, no. 2 (February 2018): 449–492.
- 08 Sep 2015
- Working Paper Summaries
Through the Grapevine: Network Effects on the Design of Executive Compensation Contracts
Keywords:
by Susanna Gallani
- 2006
- Working Paper
The Effect of Dividends on Consumption
By: Malcolm Baker, Stefan Nagel and Jeffrey Wurgler
Classical models predict that the division of stock returns into dividends and capital appreciation does not affect investor consumption patterns, while mental accounting and other economic frictions predict that investors have a higher propensity to consume from stock...
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Baker, Malcolm, Stefan Nagel, and Jeffrey Wurgler. "The Effect of Dividends on Consumption." NBER Working Paper Series, No. 12288, June 2006. (First Draft in 2005.)
- 2015
- Working Paper
A Theory of Intergenerational Mobility
By: Gary Becker, Scott Duke Kominers, Kevin Murphy and Jorg L. Spenkuch
We develop a model of intergenerational resource transmission that emphasizes the link between cross-sectional inequality and intergenerational mobility. By drawing on first principles of human capital theory, we derive several novel results. In particular, we show...
View Details
Keywords:
Intergenerational Mobility;
Inequality;
Complementarities;
Human Capital;
Equality and Inequality;
Income;
Family and Family Relationships
Becker, Gary, Scott Duke Kominers, Kevin Murphy, and Jorg L. Spenkuch. "A Theory of Intergenerational Mobility." Working Paper, August 2015.
- 03 Nov 2011
- Working Paper Summaries
Pricing and Efficiency in the Market for IP Addresses
- July 2011
- Case
Edna McConnell Clark Foundation-Enabling a Performance Driven Philanthropic Capital Market
By: Allen Grossman and Aldo Sesia
The Edna McConnell Clark Foundation, focused on building the organizational capabilities of nonprofits that served the disadvantaged youth in the United States, has recently been named an intermediary in the federal government's new social innovation fund (SIF), which...
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Keywords:
Nonprofit Organizations;
Organizational Change and Adaptation;
Philanthropy and Charitable Giving;
Financial Strategy;
Performance Improvement;
Capital Markets;
United States
Grossman, Allen, and Aldo Sesia. "Edna McConnell Clark Foundation-Enabling a Performance Driven Philanthropic Capital Market." Harvard Business School Case 312-006, July 2011.
- September 26, 2018
- Article
Ownership and Power Structure: Together at Last
By: Laura Alfaro, Nicholas Bloom, Paola Conconi, Harald Fadinger, Patrick Legros, Andrew Newman, Raffaella Sadun and John Van Reenen
Economists have largely ignored the deep interdependency between integration and delegation. This column describes a new theory of integration and delegation choices aimed at shedding light on how these distinct elements of organizational design interact. Contrary to...
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Alfaro, Laura, Nicholas Bloom, Paola Conconi, Harald Fadinger, Patrick Legros, Andrew Newman, Raffaella Sadun, and John Van Reenen. "Ownership and Power Structure: Together at Last." Vox, CEPR Policy Portal (September 26, 2018).
- 28 Jul 2015
- First Look
First Look: July 28, 2015
Publications In press Chap. 1 in Business Models and Modelling The Business Model: Nature and Benefits By: Casadesus-Masanell, Ramon, and John Heilbron Abstract—This paper considers the nature of the...
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Keywords:
Carmen Nobel
- 2015
- Working Paper
The Probability of Rare Disasters: Estimation and Implications
By: Emil Siriwardane
I analyze a rare disasters economy that yields a measure of the risk neutral probability of a macroeconomic disaster, p*t. A large panel of options data provides strong evidence that p*t is the single factor driving option-implied jump risk measures in the cross...
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Siriwardane, Emil. "The Probability of Rare Disasters: Estimation and Implications." Harvard Business School Working Paper, No. 16-061, November 2015.
- 01 Feb 2012
- What Do You Think?
Is Support for Small Business Misplaced?
small business. (Because of outsourcing) It is big networks made up of small partners. And the way to make this type of enterprise thrive does not really follow either model (big or small). It is a third way." The importance of small...
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Keywords:
by James Heskett
- 2017
- Working Paper
Tort Reform and Innovation
By: Alberto Galasso and Hong Luo
Current academic and policy debates focus on the impact of tort reforms on physicians’ behavior and medical costs. This paper examines whether these reforms also affect incentives to develop new technologies. We develop a theoretical model which predicts that the...
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Keywords:
Lawsuits and Litigation;
Laws and Statutes;
Innovation and Invention;
Medical Devices and Supplies Industry
Galasso, Alberto, and Hong Luo. "Tort Reform and Innovation." Working Paper, August 2017. (Accepted for publication in Journal of Law and Economics.)
- 17 Sep 2021
- News
AI Can Help Address Inequity — If Companies Earn Users’ Trust
- September 2023 (Revised January 2024)
- Case
Icahn Enterprises: Ponzi Scheme or Sound Investment
By: Aiyesha Dey, Jonas Heese and James Weber
Icahn Enterprises, a publicly traded limited partnership founded and operated by famed activist investor Carl Icahn, had earned above market returns for over a decade. Between 2018 and early 2023, it had a compound annual return of 31%. Icahn invested in undervalued...
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Dey, Aiyesha, Jonas Heese, and James Weber. "Icahn Enterprises: Ponzi Scheme or Sound Investment." Harvard Business School Case 124-013, September 2023. (Revised January 2024.)
- 2012
- Article
The Excess Burden of Government Indecision
By: Francisco J. Gomes, Laurence J. Kotlikoff and Luis M. Viceira
Governments are known for procrastinating when it comes to resolving painful policy problems. Whatever the political motives for waiting to decide, procrastination distorts economic decisions relative to what would arise with early policy resolution. In so doing, it...
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Keywords:
Saving;
Risk and Uncertainty;
Investment Portfolio;
Decision Choices and Conditions;
Retirement;
Policy;
Government and Politics
Gomes, Francisco J., Laurence J. Kotlikoff, and Luis M. Viceira. "The Excess Burden of Government Indecision." Tax Policy and the Economy 26 (2012): 125–163.
- December 2003 (Revised October 2014)
- Case
Alusaf Hillside Project
By: Kenneth S. Corts and John R. Wells
The aluminum industry has suffered from long periods of depressed prices and profits interspersed with relatively short-lived price and profit peaks. The case investigates why this has occured, focusing on the decision Alusaf must make on whether to invest in a major...
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Keywords:
Decision Making;
Business Cycles;
Financial Crisis;
Metals and Minerals;
Financial Strategy;
Investment;
Price;
Profit;
Demand and Consumers;
Industry Structures
Corts, Kenneth S., and John R. Wells. "Alusaf Hillside Project." Harvard Business School Case 704-458, December 2003. (Revised October 2014.)
- November 2019 (Revised April 2020)
- Case
Danone: Changing the Food System
By: David E. Bell, Federica Gabrieli and Daniela Beyersdorfer
Emmanuel Faber, Chairman and CEO of the food and beverage company Danone, believed that humankind had only ten years to bend the curve on climate change and restore the biodiversity that the global food and agricultural ecosystem was critically dependent on. Upon...
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Keywords:
Animal-Based Agribusiness;
Plant-Based Agribusiness;
Food;
Nutrition;
Quality;
Business and Stakeholder Relations;
Environmental Sustainability;
Climate Change;
Business Model;
Food and Beverage Industry;
Agriculture and Agribusiness Industry;
France
Bell, David E., Federica Gabrieli, and Daniela Beyersdorfer. "Danone: Changing the Food System." Harvard Business School Case 520-053, November 2019. (Revised April 2020.)
- Web
PhD Programs - Doctoral
requirement to possess a business degree before joining the program The PhD in Business Economics provides students the opportunity to study in both Harvard’s world-class Economics Department and Harvard...
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- 06 Jun 2005
- Research & Ideas
Microsoft vs. Open Source: Who Will Win?
attention trying to figure out ways to fight this battle. Q: Could you summarize your results? A: First of all, let us make a caveat regarding our approach. Our methodology is formal economic modelling. What this means is that we...
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- Article
Debt Maturity: Is Long-Term Debt Optimal?
By: Laura Alfaro and Fabio Kanczuk
We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity premium, sustainability, and service smoothing. We use a dynamic equilibrium model with tax distortions and government...
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Keywords:
Borrowing and Debt;
Investment Return;
Development Economics;
Taxation;
Risk and Uncertainty;
Cost;
Interest Rates;
Developing Countries and Economies;
Welfare;
United States;
Brazil
Alfaro, Laura, and Fabio Kanczuk. "Debt Maturity: Is Long-Term Debt Optimal?" Review of International Economics 17, no. 5 (November 2009): 890–905. (Also Harvard Business School Working Paper, No. 06-005 and NBER Working Paper No. 13119.)