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- All HBS Web (252)
- Faculty Publications (69)
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- 2023
- Working Paper
The Market for Sharing Interest Rate Risk: Quantities and Asset Prices
By: Umang Khetan, Jane Li, Ioana Neamtu and Ishita Sen
We study the extent of interest rate risk sharing across the financial system using granular positions and transactions data in interest rate swaps. We show that pension and insurance (PF&I) sector emerges as a natural counterparty to banks and corporations: overall,...
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Keywords:
Interest Rates;
Investment Funds;
Banks and Banking;
Insurance;
Investment Banking;
Risk and Uncertainty
Khetan, Umang, Jane Li, Ioana Neamtu, and Ishita Sen. "The Market for Sharing Interest Rate Risk: Quantities and Asset Prices." Harvard Business School Working Paper, No. 24-052, February 2024.
- November 2020 (Revised March 2023)
- Teaching Note
Unrest in Chile
By: Vincent Pons, John Masko, Rafael Di Tella and William Mullins
In 2020, Chileans would head to the ballot box to decide their country’s future. Many international observers credited Chile’s decades of neoliberal governance with turning the country into Latin America’s “Tiger,” a prosperous, diversified economy on its way to...
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- 2017
- Working Paper
Lessons Unlearned? Corporate Debt in Emerging Markets
By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate...
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Keywords:
Corporate Debt;
Financial Fragility;
Firm-level Data;
Large Firms;
Emerging Markets;
Borrowing and Debt;
Corporate Finance;
Financial Condition
Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza. "Lessons Unlearned? Corporate Debt in Emerging Markets." Harvard Business School Working Paper, No. 17-097, May 2017. (Revised October 2017. NBER Working Paper Series, No. 23407, May 2017)
- 2018
- Book
A Crisis of Beliefs: Investor Psychology and Financial Fragility
By: Nicola Gennaioli and Andrei Shleifer
The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A...
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Keywords:
Financial Fragility;
Economic Risk;
Investor Behavior;
Behavioral Economics;
Financial Crisis;
Risk and Uncertainty;
Financial Markets;
Investment;
Values and Beliefs;
United States
Gennaioli, Nicola, and Andrei Shleifer. A Crisis of Beliefs: Investor Psychology and Financial Fragility. Princeton University Press, 2018.
- April 2020 (Revised July 2020)
- Case
Unrest in Chile
By: Vincent Pons, William Mullins, John Masko, Annelena Lobb and Rafael Di Tella
In 2020, Chileans would head to the ballot box to decide their country’s future. Many international observers credited Chile’s decades of neoliberal governance with turning the country into Latin America’s “Tiger,” a prosperous, diversified economy on its way to...
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Keywords:
Developing Countries and Economies;
Macroeconomics;
Economy;
Political Elections;
Public Opinion;
Social Issues;
Equality and Inequality;
System Shocks;
Chile;
Latin America
Pons, Vincent, William Mullins, John Masko, Annelena Lobb, and Rafael Di Tella. "Unrest in Chile." Harvard Business School Case 720-033, April 2020. (Revised July 2020.)
- 2009
- Working Paper
Technology Innovation and Diffusion as Sources of Output and Asset Price Fluctuations
By: Diego A. Comin, Mark Gertler and Ana Maria Santacreu
We develop a model in which innovations in an economy's growth potential are an important driving force of the business cycle. The framework shares the emphasis of the recent "new shock" literature on revisions of beliefs about the future as a source of fluctuations,...
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Keywords:
Business Cycles;
Economic Growth;
Asset Pricing;
Technological Innovation;
Mathematical Methods;
System Shocks;
Technology Adoption
Comin, Diego A., Mark Gertler, and Ana Maria Santacreu. "Technology Innovation and Diffusion as Sources of Output and Asset Price Fluctuations." Harvard Business School Working Paper, No. 09-134, May 2009. (Revise and Resubmit at the Journal of Political Economy.)
- Article
Doing Business with Strangers: Reputation in Online Service Marketplaces
By: Antonio Moreno and Christian Terwiesch
Online service marketplaces allow service buyers to post their project requests and service providers to bid for them. To reduce the transactional risks, marketplaces typically track and publish previous seller performance. By analyzing a detailed transactional data...
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Moreno, Antonio, and Christian Terwiesch. "Doing Business with Strangers: Reputation in Online Service Marketplaces." Information Systems Research 25, no. 4 (December 2014): 865–886.
- September 2014
- Article
Income Inequality and Social Preferences for Redistribution and Compensation Differentials
By: William R. Kerr
In cross-sectional studies, countries with greater income inequality typically exhibit less support for government-led redistribution and greater acceptance of wage inequality (e.g., United States versus Western Europe). If individual nations evolve along this pattern,...
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Kerr, William R. "Income Inequality and Social Preferences for Redistribution and Compensation Differentials." Journal of Monetary Economics 66 (September 2014): 62–78.
- January 2021
- Article
Turbulence, Firm Decentralization and Growth in Bad Times
By: Philippe Aghion, Nicholas Bloom, Brian Lucking, Raffaella Sadun and John Van Reenen
What is the optimal form of firm organization during “bad times”? We present a model of delegation within the firm to show that the effect is ambiguous. The greater turbulence following macro shocks may benefit decentralized firms because the value of local information...
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Keywords:
Decentralization;
Growth;
Turbulence;
Great Recession;
Organizational Design;
System Shocks;
Economic Growth;
Performance
Aghion, Philippe, Nicholas Bloom, Brian Lucking, Raffaella Sadun, and John Van Reenen. "Turbulence, Firm Decentralization and Growth in Bad Times." American Economic Journal: Applied Economics 13, no. 1 (January 2021): 133–169.
- 15 Apr 2014
- First Look
First Look: April 15
Poverty and Crime: Evidence from Rainfall and Trade Shocks in India By: Iyer, Lakshmi, and Petia Topalova Abstract—Does poverty lead to crime? We shed light on this question using two independent and exogenous View Details
Keywords:
Sean Silverthorne
- 14 Dec 2009
- Research & Ideas
Can Entrepreneurs Drive People Movers to Success?
transport/ride launched in 1967), and numerous airports. However, these systems were largely designed to move a large number of people on a fixed schedule along a track from point to point to point. In today's revival, people movers are...
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- Article
The New Face of Chinese Industrial Policy: Making Sense of Anti-Dumping Cases in the Petrochemical and Steel Industries.
Why have China's petrochemical and steel industries behaved so differently in seeking trade protection through anti-dumping measures, especially given that both industries face the full force of the global economy? We argue that the patterning of anti-dumping actions...
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Keywords:
Policy;
Trade;
Economy;
Horizontal Integration;
Vertical Integration;
Motivation and Incentives;
Marketing Channels;
Industry Structures;
System Shocks;
Price;
Restructuring;
Interests;
Energy Industry;
Steel Industry;
China
Abrami, Regina M., and Yu Zheng. "The New Face of Chinese Industrial Policy: Making Sense of Anti-Dumping Cases in the Petrochemical and Steel Industries." Journal of East Asian Studies 11, no. 3 (September–December 2011).
- 2016
- Working Paper
Foreign Competition and Domestic Innovation: Evidence from U.S. Patents
By: David Autor, David Dorn, Gordon H. Hanson, Pian Shu and Gary Pisano
Manufacturing is the locus of U.S. innovation, accounting for more than three quarters of U.S. corporate patents. The rise of import competition from China has represented a major competitive shock to the sector, which in theory could benefit or stifle innovation. In...
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Keywords:
Patents;
Competition;
System Shocks;
Trade;
Innovation and Invention;
Manufacturing Industry;
China;
United States
Autor, David, David Dorn, Gordon H. Hanson, Pian Shu, and Gary Pisano. "Foreign Competition and Domestic Innovation: Evidence from U.S. Patents." NBER Working Paper Series, No. 22879, December 2016.
- 17 May 2010
- Research & Ideas
What Brazil Teaches About Investor Protection
could change the level of government ownership of banks and corporations in a permanent way. Once the government starts rescuing the financial system from a big shock it is hard to justify not having the...
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- 30 Mar 2010
- First Look
First Look: March 30
individuals in Great Britain, Canada, France, and Germany, all countries with universal health care systems. At the national level, reductions in medical care are related to the degree to which individuals must pay for it, and within countries are strongly associated...
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Keywords:
Sean Silverthorne
- Fall 2020
- Article
Sizing Up Corporate Restructuring in the COVID Crisis
By: Robin Greenwood, Benjamin Iverson and David Thesmar
In the wake of the COVID-19 pandemic, the financial and legal system will need to deal with a surge of financial distress in the business sector. Some firms will be able to survive, while others will face bankruptcy and thus need to be liquidated or reorganized. Many...
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Greenwood, Robin, Benjamin Iverson, and David Thesmar. "Sizing Up Corporate Restructuring in the COVID Crisis." Brookings Papers on Economic Activity (Fall 2020). (Also NBER Working Paper, No. 28104.)
- August 2023 (Revised October 2023)
- Case
Beyond the Barricades: Chile 2023
Chile, often considered among Latin America's greatest economic success stories, suffered a shocking wave of protests in October 2019, as its citizens demanded reforms across healthcare and education systems, and protested inequality and rising costs of living. As...
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Keywords:
Government Administration;
Developing Countries and Economies;
Economic Growth;
Social Issues;
Wealth and Poverty;
Public Opinion;
Equality and Inequality;
Public Administration Industry;
Chile;
Latin America;
South America
Spar, Debora, Willis Emmons, Leonard A. Schlesinger, and Ruth Costas. "Beyond the Barricades: Chile 2023." Harvard Business School Case 324-005, August 2023. (Revised October 2023.)
- 30 Jun 2015
- First Look
First Look: June 30, 2015
best uses of technology and other support systems create frontline service heroes and heroines, so leaders use technology to elevate the most important and eliminate the worst service jobs; (7) satisfying customers is not enough, so...
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Keywords:
Carmen Nobel
- 30 Apr 2024
- Book
When Managers Set Unrealistic Expectations, Employees Cut Ethical Corners
introduced, and the hourly wage system was replaced by a system of base pay with productivity incentives for meeting targets. Service advisers were given product-specific sales quotas—sell so many brake...
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Keywords:
by Dina Gerdeman
- 16 Apr 2019
- First Look
New Research and Ideas, April 16, 2019
including patients, physicians, employers, insurance companies, and the government need to recognize that value is best defined as “a given health outcome per dollar of cost expended.” In this article, we examine some of the challenges to creating and implementing a...
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Keywords:
Dina Gerdeman