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- 2022
- Working Paper
Distributional Consequences of Monetary Policy Across Races: Evidence from the U.S. Credit Register
By: Laura Alfaro, Ester Faia and Camelia Minoiu
We examine the consequences of monetary policy on racial disparities, focusing on the role of bank lending to firms through collateral and selection channels. Leveraging comprehensive loan-level data from the U.S. credit register (Y-14Q) of the Federal Reserve, we show...
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- Article
Do the Right Firms Survive Bankruptcy?
By: Samuel Antill
In U.S. Chapter 11 bankruptcy cases, firms are either reorganized, acquired, or liquidated. I show that decisions to liquidate often reduce creditor recovery, costing creditors billions of dollars every year. I exploit the within-district random assignment of...
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- Article
We Need Better Carbon Accounting. Here's How to Get There.
By: Robert S. Kaplan and Karthik Ramanna
Any effective system of greenhouse gas (GHG) accounting needs to measure each company’s supply-chain carbon impacts accurately. Such information would provide visibility and incentives for the company to make more climate-friendly product-specification and purchasing...
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- 2022
- Book
Les multinationales suisses dans l'arène politique (1942–1993) [Swiss Multinationals in the Political Arena (1942–1993)]
By: Sabine Pitteloud
En décembre 2020, les Suisses votaient sur l’initiative populaire « pour des multinationales responsables ». Cet épisode récent a rappelé que la régulation de l’activité des sociétés multinationales fait l’objet de luttes politiques, auxquelles participent les...
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Keywords:
Multinational Enterprise;
Multinational Companies;
Multinational Corporations;
Lobbying;
Business ＆ Government Relations;
Labor Relations;
Relocation;
Offshoring And Outsourcing;
Corporate Regulation;
Transnational Regulation;
Multinational Firms and Management;
Business and Government Relations;
Governing Rules, Regulations, and Reforms;
International Relations;
Food and Beverage Industry;
Food and Beverage Industry;
Food and Beverage Industry;
Switzerland
- February 2022 (Revised April 2022)
- Case
BUA Group
By: John D. Macomber, Pippa Tubman Armerding and Wale Lawal
BUA Group must decide between investments in cement, road building, power generation, or sugar. Private businesses are important to economic development in Africa. Students must assess the competitive nature of each of these industries, the magnitude of capital...
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- February 2022 (Revised February 2022)
- Case
Fondeadora
Norman Müller and René Serrano, cofounders of Fondeadora, a Mexican “neobank,” had lined up a $12.5 million in Series A funding round in 2020 only to run into a major obstacle: The lead investor was Gradient Ventures, a venture firm launched by Alphabet, Inc., and...
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- 2022
- Working Paper
Calling All Issuers: The Market for Debt Monitoring
By: Huaizhi Chen, Lauren Cohen and Weiling Liu
A substantial fraction of local governments refinance their long-term debt with significant delays—resulting in sizable losses. Using data from 2001 to 2018, we estimate that U.S. municipals lost over $31 billion from this delayed refinancing, whereas the entire U.S....
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- 2022
- Working Paper
Consumer Reviews and Regulation: Evidence from NYC Restaurants
By: Chiara Farronato and Georgios Zervas
We investigate the informativeness of hygiene signals in online reviews, and their effect on consumer choice and restaurant hygiene. We first extract signals of hygiene from Yelp. Among all dimensions that regulators monitor through mandated restaurant inspections, we...
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- 2022
- Working Paper
The Impact of Campaign Finance Rules on Candidate Selection and Electoral Outcomes: Evidence from France
By: Nikolaj Broberg, Vincent Pons and Clémence Tricaud
This paper investigates the effects of campaign finance rules on electoral outcomes. In French departmental and municipal elections, candidates competing in districts above 9,000 inhabitants face spending limits and are eligible for public reimbursement if they obtain...
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- January 2022
- Background Note
Common Prosperity? China Shifts Left
By: William C. Kirby and Noah B. Truwit
Since the founding of the People’s Republic of China in 1949, the ruling Chinese Communist Party (CCP) has been mistrustful of entrepreneurs and the private sector that operates outside the government’s authority. In its first decades under Mao Zedong, the CCP...
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Keywords:
Market Reform;
Gdp;
Government Administration;
Government and Politics;
Private Sector;
Governing Rules, Regulations, and Reforms;
Economy;
Globalized Economies and Regions;
Entrepreneurship;
Business and Government Relations;
Globalized Markets and Industries;
Social Issues;
Society;
Economic Growth;
China
- 2021
- Working Paper
Dynamic Pricing Algorithms, Consumer Harm, and Regulatory Response
By: Alexander J. MacKay and Samuel Weinstein
Pricing algorithms are rapidly transforming markets, from ride-sharing apps, to air travel, to online retail. Regulators and scholars have watched this development with a wary eye. Their focus so far has been on the potential for pricing algorithms to facilitate...
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- January 2022
- Article
Global Behaviors, Perceptions, and the Emergence of Social Norms at the Onset of the COVID-19 Pandemic
By: Lukas Hensel, Marc Witte, Stefano Caria, Thiemo Fetzer, Stefano Fiorin, Friedrich M. Goetz, Margarita Gomez, Johannes Haushofer, Andriy Ivchenko, Gordon T. Kraft-Todd, Elena Reutskaja, Christopher Roth, Erez Yoeli and Jon M. Jachimowicz
We conducted a large-scale survey covering 58 countries and over 100,000 respondents between late March and early April 2020 to study beliefs and attitudes towards citizens' and governments' responses at the onset of the COVID-19 pandemic. Most respondents reported...
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- November 2021
- Article
Strict ID Laws Don't Stop Voters: Evidence from a U.S. Nationwide Panel, 2008–2018
By: Enrico Cantoni and Vincent Pons
U.S. states increasingly require identification to vote—an ostensive attempt to deter fraud that prompts complaints of selective disenfranchisement. Using a difference-in-differences design on a 1.6-billion-observations panel dataset, 2008–2018, we find that the laws...
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- 2021
- Working Paper
Who Benefits from Online Gig Economy Platforms?
By: Christopher Stanton and Catherine Thomas
This paper estimates the magnitude and distribution of surplus from the knowledge worker gig economy using data from an online labor market. Labor demand elasticities determine workers’ wages, and buyers’ past market experience shapes both their job posting frequency...
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- 2021
- Working Paper
The Business of K-12 Education in China
By: Geoffrey Jones and Yuhai Wu
This working paper examines the evolution of K-12 education in China, especially between 1985 and the present day, drawing extensive interviews with participants in the educational sector. China has been hugely successful in reaching almost 100 percent literacy,...
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- October 2021
- Case
Financial Reporting at Mattel
By: Aiyesha Dey, Trung Nguyen, Marshal Herrmann and Julia Kelley
In September 2020, Diana Ferguson was nearing her first Audit Committee meeting as the newly appointed Audit Committee chair of Mattel, Inc. Mattel was just recovering from an accounting scandal which had revealed the company’s poor internal controls and weak board...
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Keywords:
Accounting;
Accounting Audits;
Financial Reporting;
Financial Statements;
Governance;
Corporate Accountability;
Corporate Disclosure;
Corporate Governance;
Governance Compliance;
Governance Controls;
Governing Rules, Regulations, and Reforms;
Governing and Advisory Boards;
Lawsuits and Litigation;
Business and Shareholder Relations;
Entertainment and Recreation Industry;
Entertainment and Recreation Industry;
Entertainment and Recreation Industry;
North and Central America;
United States;
California
- October 2021
- Article
Can Self-Regulation Save Digital Platforms?
By: Michael A. Cusumano, Annabelle Gawer and David B. Yoffie
This article explores some of the critical challenges facing self-regulation and the regulatory environment for digital platforms. We examine several historical examples of firms and industries that attempted self-regulation before the Internet. All dealt with similar...
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- September 2021
- Article
Learning from Deregulation: The Asymmetric Impact of Lockdown and Reopening on Risky Behavior During COVID-19
By: Edward L. Glaeser, Ginger Zhe Jin, Michael Luca and Benjamin T. Leyden
During the COVID-19 pandemic, states issued and then rescinded stay-at-home orders that restricted mobility. We develop a model of learning by deregulation, which predicts that lifting stay-at-home orders can signal that going out has become safer. Using restaurant...
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- Article
Regulating Hospital Prices Based on Market Concentration Is Likely to Leave High-Price Hospitals Unaffected
By: Maximilian J. Pany, Michael E. Chernew and Leemore S. Dafny
Concern about high hospital prices for commercially insured patients has motivated several proposals to regulate these prices. Such proposals often limit regulations to highly concentrated hospital markets. Using a large sample of 2017 US commercial insurance claims,...
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- Article
The Harmonization of Lending Standards within Banks through Mandated Loan-Level Transparency
By: Jung Koo Kang, Maria Loumioti and Regina Wittenberg-Moerman
We explore whether the introduction of transparent reporting rules increases credit standard harmonization within a bank. We exploit the new loan-level reporting rules imposed on banks that borrow from the European Central Bank using repurchase agreements...
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