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- Faculty Publications (164)
- October 2020
- Case
Fiscal Responses to COVID-19
For the first half of 2020, the COVID-19 crisis seemed on the verge of spiraling out of control. The business world struggled to figure out what COVID meant for macroeconomics. Extended restrictions limiting human interaction meant an end to normal economic production,...
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Keywords:
Fiscal Policy;
COVID;
COVID-19;
Economic Analysis;
Economic Downturn;
Economic Conditions;
Economic Governance;
Economic Systems;
Economy;
Health Pandemics;
Finance;
Policy;
United States;
Germany;
France;
European Union
Abdelal, Rawi, Rafael Di Tella, Vincent Pons, and Galit Goldstein. "Fiscal Responses to COVID-19." Harvard Business School Case 721-011, October 2020.
- 2020
- Chapter
Climate Change Is Going to Transform Where and How We Build
By: John D. Macomber
As fires, floods, and droughts increasingly threaten homes, businesses, and other institutions, climate risk has become financial risk. This implies that homeowners and investors have been making location decisions without properly pricing the cost of potential peril,...
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Macomber, John D. "Climate Change Is Going to Transform Where and How We Build." In Climate Change: The Insights You Need from Harvard Business Review. Vol. 12. HBR Insights Series. Boston, MA: Harvard Business Review Press, 2020.
- July 2020
- Article
Recovering the Logic of Double Effect for Business: Intentions, Proportionality, and Impermissible Harms
By: Rosemarie Monge and Nien-hê Hsieh
Business actors often act in ways that may harm other parties. While the law aims to restrict harmful behavior and to provide remedies, legal systems do not anticipate all contingencies and legal regulations are not always well enforced. This article argues that the...
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Keywords:
Double Effect;
Intention;
Exploitation;
Risk;
Practical Ethics;
Competition;
Risk and Uncertainty;
Ethics
Monge, Rosemarie, and Nien-hê Hsieh. "Recovering the Logic of Double Effect for Business: Intentions, Proportionality, and Impermissible Harms." Business Ethics Quarterly 30, no. 3 (July 2020): 361–387. (doi: 10.1017/beq.2019.39.)
- June 2020
- Article
Informing Dissent
By: Hillary Greene and Dennis Yao
The first part of this commentary argues that because the production of dissent depends on the availability of information, greater attention should focus on government restrictions on access to official information. At no time is this more important than when...
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Keywords:
Dissent;
Information Monopoly;
Economics Of Speech;
Freedom Of Information Act (FOIA);
Self-censorship;
Social Pressure;
Information;
Government and Politics;
Spoken Communication;
Society
Greene, Hillary, and Dennis Yao. "Informing Dissent." Law, Culture and the Humanities 16, no. 2 (June 2020): 200–212.
- May 2020 (Revised March 2022)
- Case
The Coronavirus (COVID-19) Pandemic and the Global Economy (A)
By: Alberto Cavallo and Christian Godwin
In April 2020, the world struggled to contain the exponential escalation of the coronavirus (COVID-19) pandemic. Dozens of countries had imposed restrictions on travel, work, and social gatherings. A large share of the global population was under lockdowns and...
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Keywords:
COVID-19 Pandemic;
Demand and Consumers;
Supply and Industry;
Finance;
Central Banking;
Financial Markets;
International Finance;
Globalization;
Government and Politics;
Health Pandemics;
Decision Making;
Macroeconomics;
Employment;
Crisis Management;
Supply Chain;
Risk and Uncertainty;
Air Transportation Industry;
Banking Industry;
Consumer Products Industry;
Employment Industry;
Financial Services Industry;
Food and Beverage Industry;
Health Industry;
Medical Devices and Supplies Industry;
Pharmaceutical Industry;
Public Administration Industry;
Retail Industry;
Service Industry;
Shipping Industry;
Tourism Industry;
Travel Industry;
Asia;
China;
Europe;
Latin America;
Africa;
United States
Cavallo, Alberto, and Christian Godwin. "The Coronavirus (COVID-19) Pandemic and the Global Economy (A)." Harvard Business School Case 720-031, May 2020. (Revised March 2022.)
- 2020
- Working Paper
Food Security and Human Mobility During the COVID-19 Lockdown
By: Prithwiraj Choudhury, Wesley W. Koo, Xina Li, Nishant Kishore, Satchit Balsari and Tarun Khanna
During the COVID-19 crisis, millions of migrants around the world face food insecurity. This could force migrants to travel during the pandemic, exposing them to health risks and accelerating the spread of the virus. Anecdotal evidence demonstrates the importance of...
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Keywords:
COVID-19;
Migrants;
Food Security;
Mobility;
Health Pandemics;
Food;
Distribution;
Policy;
Global Range
Choudhury, Prithwiraj, Wesley W. Koo, Xina Li, Nishant Kishore, Satchit Balsari, and Tarun Khanna. "Food Security and Human Mobility During the COVID-19 Lockdown." Harvard Business School Working Paper, No. 20-113, May 2020.
- 2020
- Working Paper
Social Interactions in Pandemics: Fear, Altruism, and Reciprocity
By: Laura Alfaro, Ester Faia, Nora Lamersdorf and Farzad Saidi
In SIR models, homogeneous or with a network structure, infection rates are assumed to be exogenous. However, individuals adjust their behavior. Using daily data for 89 cities worldwide, we document that mobility falls in response to fear, as approximated by Google...
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Keywords:
Social Interactions;
Pandemics;
Mobility;
Cities;
SIR Networks;
Social Preferences;
Social Planner;
Targeted Policies;
Health Pandemics;
Interpersonal Communication;
Behavior;
Policy
Alfaro, Laura, Ester Faia, Nora Lamersdorf, and Farzad Saidi. "Social Interactions in Pandemics: Fear, Altruism, and Reciprocity." NBER Working Paper Series, No. 27134, May 2020.
- March 2020 (Revised August 2020)
- Case
Culture at Google
By: Nien-hê Hsieh, Amy Klopfenstein and Sarah Mehta
Beginning in 2017, technology (tech) company Google faced a series of employee-relations issues that threatened its unique culture of innovation and open communication. Issues included protests surrounding Google’s contracts with the U.S. government, restrictions of...
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Keywords:
Human Resources;
Employee Relationship Management;
Recruitment;
Retention;
Resignation and Termination;
Labor;
Working Conditions;
Employment;
Labor Unions;
Wages;
Law;
Lawsuits and Litigation;
Rights;
Ethics;
Values and Beliefs;
Fairness;
Organizations;
Organizational Culture;
Mission and Purpose;
Social Psychology;
Attitudes;
Behavior;
Conflict Management;
Trust;
Motivation and Incentives;
Prejudice and Bias;
Power and Influence;
Information Technology;
Internet and the Web;
Information Infrastructure;
Society;
Social Issues;
Culture;
Civil Society or Community;
Demographics;
Diversity;
Ethnicity;
Gender;
Race;
Technology Industry;
North and Central America;
United States;
California
Hsieh, Nien-hê, Amy Klopfenstein, and Sarah Mehta. "Culture at Google." Harvard Business School Case 320-050, March 2020. (Revised August 2020.)
- March 2020
- Article
Which Early Withdrawal Penalty Attracts the Most Deposits to a Commitment Savings Account?
By: John Beshears, James J. Choi, Christopher Harris, David Laibson, Brigitte C. Madrian and Jung Sakong
Previous research has shown that some people voluntarily use commitment contracts that restrict their own choice sets. We study how people divide money between two accounts: a liquid account that permits unrestricted withdrawals and a commitment account that is...
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Keywords:
Quasi-hyperbolic Discounting;
Present Bias;
Sophistication;
Naiveté;
Commitment;
Flexibility;
Savings;
Contract Design;
Defined Contribution Retirement Plan;
401 (K);
IRA;
Saving;
Behavior;
Contracts;
Design;
Interest Rates
Beshears, John, James J. Choi, Christopher Harris, David Laibson, Brigitte C. Madrian, and Jung Sakong. "Which Early Withdrawal Penalty Attracts the Most Deposits to a Commitment Savings Account?" Art. 104144. Journal of Public Economics 183 (March 2020).
- February 2020 (Revised June 2020)
- Case
Shaping the Governance Debate at ISS
By: Suraj Srinivasan, Jonah S. Goldberg and Calvin O. Liou
ISS is the world’s largest provider of corporate governance research, data, analytics, and voting services. The case uses the effort of the Securities and Exchange Commission (SEC) to impose an array of new regulations that would severely restrict the functioning of...
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Keywords:
Proxy Advisory Services;
Corporate Governance;
Research;
Investment;
Governing Rules, Regulations, and Reforms;
Business and Shareholder Relations;
Institutional Investing
Srinivasan, Suraj, Jonah S. Goldberg, and Calvin O. Liou. "Shaping the Governance Debate at ISS." Harvard Business School Case 120-085, February 2020. (Revised June 2020.)
- January 2020
- Article
The Impact of Mass Shootings on Gun Policy
By: Michael Luca, Deepak Malhotra and Christopher Poliquin
There have been dozens of high-profile mass shootings in recent decades. This paper presents three main findings about the impact of mass shootings on gun policy. First, mass shootings evoke large policy responses. A single mass shooting leads to a 15% increase in the...
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Luca, Michael, Deepak Malhotra, and Christopher Poliquin. "The Impact of Mass Shootings on Gun Policy." Art. 104083. Journal of Public Economics 181 (January 2020).
- December 2019 (Revised November 2023)
- Background Note
Legal Analysis: Insider Trading Liability
By: Trevor Fetter, Eugene F. Soltes and Grant Wahlquist
There are numerous restrictions against trading on material, nonpublic information (MNPI)—typically called “insider trading.” This note describes the limitations facing managers and investors as enforced civilly and criminally within the United States.
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Fetter, Trevor, Eugene F. Soltes, and Grant Wahlquist. "Legal Analysis: Insider Trading Liability." Harvard Business School Background Note 320-080, December 2019. (Revised November 2023.)
- 2019
- Working Paper
The Impact of the General Data Protection Regulation on Internet Interconnection
By: Ran Zhuo, Bradley Huffaker, KC Claffy and Shane Greenstein
The Internet comprises thousands of independently operated networks, where bilaterally negotiated interconnection agreements determine the flow of data between networks. The European Union’s General Data Protection Regulation (GDPR) imposes strict restrictions on...
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Keywords:
Personal Data;
Privacy Regulation;
GDPR;
Interconnection Agreements;
Internet and the Web;
Governing Rules, Regulations, and Reforms;
European Union
Zhuo, Ran, Bradley Huffaker, KC Claffy, and Shane Greenstein. "The Impact of the General Data Protection Regulation on Internet Interconnection." NBER Working Paper Series, No. 26481, November 2019.
- 2019
- Article
Pay-for-Monopoly?: An Assessment of Reverse Payment Deals by Pharmaceutical Companies
By: Sana Rafiq and Max Bazerman
Abstract
Over the past eighteen years, pharmaceutical firms have developed a blueprint to impede competition in order
to maintain their monopoly profits. This scheme, termed pay-for-delay, involves direct or indirect payment of
money from a branded-drug manufacturer...
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Rafiq, Sana, and Max Bazerman. "Pay-for-Monopoly? An Assessment of Reverse Payment Deals by Pharmaceutical Companies." Journal of Behavioral Economics for Policy 3, no. 1 (2019): 37–43.
- 2019
- Working Paper
Identification Using Border Approaches and IVs
By: Xing Li, Wesley R. Hartmann and Tomomichi Amano
We document that recent quasi-experimental strategies for identifying advertising effects can be derived from a model in which ad decisions are made at a more aggregate level than conversion is measured. Next, we show that the identifying variation in one of these...
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Li, Xing, Wesley R. Hartmann, and Tomomichi Amano. "Identification Using Border Approaches and IVs." Working Paper, June 2019.
- 2023
- Working Paper
The Customer Journey as a Source of Information
By: Nicolas Padilla, Eva Ascarza and Oded Netzer
In the face of heightened data privacy concerns and diminishing third-party data access,
firms are placing increased emphasis on first-party data (1PD) for marketing decisions.
However, in environments with infrequent purchases, reliance on past purchases 1PD...
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Keywords:
Customer Journey;
Privacy;
Consumer Behavior;
Analytics and Data Science;
AI and Machine Learning;
Customer Focus and Relationships
Padilla, Nicolas, Eva Ascarza, and Oded Netzer. "The Customer Journey as a Source of Information." Harvard Business School Working Paper, No. 24-035, October 2023. (Revised October 2023.)
- May 2019
- Background Note
Founders' Agreements
By: Shikhar Ghosh, Shweta Bagai and Sanchali Pal
Crafting a Founders’ Agreement is an important component of startup infrastructure as it documents a complex set of decisions that build a company’s roots. Its four key elements are: roles and responsibilities, rights (decision rights, rewards, position on board),...
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Keywords:
Founders' Agreements;
Team Management;
Contingency Planning;
Business Startups;
Equity;
Entrepreneurship
Ghosh, Shikhar, Shweta Bagai, and Sanchali Pal. "Founders' Agreements." Harvard Business School Background Note 819-143, May 2019.
- 2018
- Working Paper
Corporate Refinancing, Covenants, and the Agency Cost of Debt
By: Daniel Green
How valuable are restrictive debt covenants in reducing the agency costs of debt? I exploit the revealed preference decision to refinance fixed-coupon bonds, which weighs observable interest rate savings against the unobservable costs of a change in restrictive...
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Keywords:
Covenants;
Refinancing;
Corporate Bonds;
Agency Costs;
Debt Policy;
Borrowing and Debt;
Bonds;
Interest Rates
Green, Daniel. "Corporate Refinancing, Covenants, and the Agency Cost of Debt." Working Paper, 2018. (Revise and Resubmit, Journal of Finance.)
- 2024
- Working Paper
Estimating Models of Supply and Demand: Instruments and Covariance Restrictions
By: Alexander MacKay and Nathan H. Miller
We consider the identification of empirical models of supply and demand with imperfect
competition. We show that a restriction on the covariance between unobserved demand and
cost shocks can resolve endogeneity and identify the price parameter. We demonstrate how
to...
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Keywords:
Demand Estimation;
Identification;
Endogeneity Bias;
Covariance Restrictions;
Ordinary Least Squares;
Instrumental Variables;
Price;
Demand and Consumers;
Competition
MacKay, Alexander, and Nathan H. Miller. "Estimating Models of Supply and Demand: Instruments and Covariance Restrictions." Harvard Business School Working Paper, No. 19-051, October 2018. (Revised January 2024. Direct download.)
- Article
Applying Random Coefficient Models to Strategy Research: Identifying and Exploring Firm Heterogeneous Effects
By: Juan Alcácer, Wilbur Chung, Ashton Hawk and Gonçalo Pacheco-de-Almeida
Strategy aims at understanding the differential effects of firms’ actions on performance. However, standard regression models estimate only the average effects of these actions across firms. Our paper discusses how random coefficient models (RCMs) may generate new...
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Alcácer, Juan, Wilbur Chung, Ashton Hawk, and Gonçalo Pacheco-de-Almeida. "Applying Random Coefficient Models to Strategy Research: Identifying and Exploring Firm Heterogeneous Effects." Strategy Science 3, no. 3 (September 2018): 481–553.