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- 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...
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- 2022
- Working Paper
The Political Polarization of Corporate America
By: Vyacheslav Fos, Elisabeth Kempf and Margarita Tsoutsoura
Executive teams in U.S. firms are becoming increasingly partisan. We establish this new fact using political affiliations from voter registration records for top executives of S&P 1500 firms between 2008 and 2020. The new fact is explained by both an increasing share...
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- 2022
- Article
Regulatory Treatment of Changes in Fair Value and the Composition of Banks' Investment Portfolios
By: Michael Iselin, Jung Koo Kang and Joshua Madsen
In their implementation of Basel III, U.S. bank regulators are again including changes in the fair value of available-for-sale (AFS) debt securities in Tier 1 capital, but only for the largest U.S. banks. This paper investigates a potential impact of expanding this...
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- July 2022
- Article
The Pass-Through of Uncertainty Shocks to Households
By: Marco Di Maggio, Amir Kermani, Rodney Ramcharan, Vincent Yao and Edison Yu
Using new employer-employee matched data, this paper investigates the impact of uncertainty, as measured by idiosyncratic stock market volatility, on individual outcomes. We find that firms provide at best partial insurance to their workers. An increase in firm-level...
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Keywords:
Employment Risk;
Consumption;
Employment;
Risk and Uncertainty;
System Shocks;
Insurance;
Household;
Spending
- 2022
- Working Paper
The Impact of Minority Representation at Mortgage Lenders
By: W. Scott Frame, Ruidi Huang, Erik J. Mayer and Adi Sunderam
We study links between the labor market for loan officers and access to mortgage credit. Using novel data matching the (near) universe of mortgage applications to loan officers, we find that minorities are significantly underrepresented among loan officers. Minority...
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- May 2022
- Teaching Note
Volkswagen and Suzuki: A Match Made in Heaven (A)? and An Alliance Breaks Down (B1, B2)
By: Ranjay Gulati and Bradley Turner
Teaching Note for HBS Case Nos. 420-037, 420-038, and 420-039.
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- 2022
- Working Paper
Reputation Burning: Analyzing the Impact of Brand Sponsorship on Social Influencers
By: Magie Cheng and Shunyuan Zhang
The growth of the influencer marketing industry warrants an empirical examination of the effect of posting sponsored videos on an influencer’s reputation. We collect a novel dataset of user-generated YouTube videos created by prominent English-speaking influencers in...
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- March 2022
- Article
Learning to Rank an Assortment of Products
By: Kris Ferreira, Sunanda Parthasarathy and Shreyas Sekar
We consider the product ranking challenge that online retailers face when their customers typically behave as “window shoppers”: they form an impression of the assortment after browsing products ranked in the initial positions and then decide whether to continue...
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- February 2022
- Case
NFX Capital and Moov Technologies
By: Scott Duke Kominers and Nicole Tempest Keller
In July 2019, James Currier, a general partner at San Francisco-based NFX Ventures, was considering a seed stage investment of $1.5 million in Moov Technologies, a B2B marketplace for used industrial equipment. NFX was a venture capital firm focused on seed-stage...
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- January 2022 (Revised February 2022)
- Case
Envision Group
By: Gunnar Trumbull, Bonnie Yining Cao and Dawn H. Lau
Based in China, Envision was one of the world’s leading Greentech companies. Chief Executive Officer Lei Zhang had set the goal of achieving carbon neutrality across the company’s global operations and supply chain by 2022 and 2028 respectively. As part of its...
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Keywords:
Green Technology;
Climate Change;
Emerging Markets;
Information Technology;
Strategy;
Management;
Renewable Energy;
Energy Policy;
Environmental Sustainability;
Manufacturing Industry;
Auto Industry;
Green Technology Industry;
Battery Industry;
China;
United States;
Japan;
United Kingdom;
France
- January 2022
- Article
Investing Outside the Box: Evidence from Alternative Vehicles in Private Equity
By: Josh Lerner, Jason Mao, Antoinette Schoar and Nan R. Zhang
This paper uses previously unexplored custodial data to examine the use of alternative investment vehicles in private equity (PE) over four decades. We document a steep increase in the capital directed to alternative vehicles, with these vehicles approaching a 40%...
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- 2022
- Working Paper
Do Safety Management System Standards Indicate Safer Operations? Evidence from the OHSAS 18001 Occupational Health and Safety Standard
By: Kala Viswanathan, Matthew S. Johnson and Michael W. Toffel
Problem definition: In light of the enormous disruptions and costs associated with occupational injuries, companies and buyers are increasingly looking to voluntary occupational health and safety standards to improve worker safety. Yet because these standards...
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- December 2021
- Case
Burning Glass Technologies: From Data to Product
By: Suraj Srinivasan and Amy Klopfenstein
In May 2021, Matt Sigelman, CEO of Burning Glass Technologies, a company that provided labor market analytics for a variety of markets, navigates his company’s transition from data company to product company. Burning Glass originated as a service that used artificial...
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Keywords:
Information Technology;
Applications and Software;
Digital Platforms;
Internet and the Web;
Strategy;
Expansion;
Business Strategy;
Labor;
Employment;
Human Capital;
Jobs and Positions;
Job Design and Levels;
Job Search;
Human Resources;
Selection and Staffing;
Recruitment;
Employees;
Retention;
Competency and Skills;
Experience and Expertise;
Talent and Talent Management;
Analytics and Data Science;
Business Model;
Technology Industry;
North and Central America;
United States
- 2021
- Working Paper
Limits to Bank Deposit Market Power
By: Juliane Begenau and Erik Stafford
Claims about the market power of bank deposits in the banking literature are numerous and far reaching. Recently, a causal narrative has emerged in the banking literature: market power in bank deposits, measured as imperfect pass-through of short-term market rates on...
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- 2021
- Working Paper
The Incidence of the Corporate Income Tax Is Irrelevant for Its (Benefit-Based) Justification
Robust support for corporate income taxation is a puzzle for standard tax theory because the tax’s incidence is uncertain and unreliable. We propose a resolution: if the corporate tax is seen as a benefit-based tax, its normative appeal depends on the correspondence...
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- Article
Surgeons and Administrators Co-Creating Value
By: Michael Nurok, Thoralf Sundt, Robert S. Kaplan and Bruce Gewertz
Most hospitals have arms-length relationships with physicians, viewing them as people they must ‘‘manage,’’ not as potentially valuable strategic partners. But surgeons make clinical decisions every day that have great influence on both patient outcomes and hospital...
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- Article
Drive Innovation with Better Decision-Making
By: Linda A. Hill, Emily Tedards and Taran Swan
Despite their embrace of agile methods, many firms striving to innovate are struggling to produce breakthrough ideas. A key culprit, according to the authors, is an outdated, inefficient approach to decision-making. Today’s discovery-driven innovation processes involve...
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- 2022
- Working Paper
The International Price of Remote Work
By: Agostina Brinatti, Alberto Cavallo, Javier Cravino and Andres Drenik
We use data from a large web-based job platform to study how the price of remote work is determined in a globalized labor market. In the platform, workers located around the world compete for jobs that can be done remotely. We document that, despite the global nature...
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- October 2021 (Revised February 2022)
- Case
Green Hydrogen in Chile
By: Tarun Khanna, Jenyfeer Martínez Buitrago and Mariana Cal
In 2020, the Chilean government wants to promote green hydrogen, a technology with high potential to help mitigate climate change. President Sebastián Piñera, aware of the country's advantages to produce green hydrogen competitively, asks Energy Minister Juan Carlos...
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Keywords:
COVID-19 Pandemic;
Decision Making;
Alternative Energy;
Renewable Energy;
Climate Change;
Environmental Sustainability;
Green Technology;
Financial Instruments;
Energy Policy;
Government Administration;
Strategy;
Government and Politics;
Social Issues;
Energy Industry;
Latin America;
South America;
Chile
- 2021
- Working Paper
The Demand for Executive Skills
By: Stephen Hansen, Raffaella Sadun, Tejas Ramdas and Joseph B. Fuller
We use a unique corpus of job descriptions for C-suite positions to document skills requirements in top managerial occupations across a large sample of firms. A novel algorithm maps the text of each executive search into six separate skill clusters reflecting...
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