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Show Results For
-
All HBS Web
(3,324)
- People (9)
- News (685)
- Research (2,123)
- Events (33)
- Multimedia (25)
- Faculty Publications (1,224)
- December 1989
- Article
On the Consistency of Short-Run and Long-Run Exchange Rate Expectations
By: K. A. Froot and T. Ito
This paper examines whether short-term exchange rate expectations 'overreact' by comparing them with long-term expectations. We develop a set of nonlinear restrictions linking expectations at different forecast horizons. The restrictions impose consistency, a property...
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Keywords:
Currencies;
Exchange Rates;
International Macroeconomics;
Monetary Policy;
Currency Controls;
Fixed Exchange Rates;
Floating Exchange Rates;
Currency Bands;
Currency Zones;
Currency Areas;
Rational Expectations;
Asset Pricing
Froot, K. A., and T. Ito. "On the Consistency of Short-Run and Long-Run Exchange Rate Expectations." Journal of International Money and Finance 8, no. 4 (December 1989): 487–510. (Revised from NBER Working Paper No. 2577, May 1988.)
- 2008
- Working Paper
Catering through Nominal Share Prices
By: Malcolm Baker, Robin Greenwood and Jeffrey Wurgler
We propose and test a catering theory of nominal stock prices. The theory predicts that when investors place higher valuation on low-price firms, managers will maintain share prices at lower levels, and vice-versa. Using measures of time-varying catering...
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Baker, Malcolm, Robin Greenwood, and Jeffrey Wurgler. "Catering through Nominal Share Prices." NBER Working Paper Series, No. w13762, January 2008. (First Draft in 2007.)
Dynamically Integrating Knowledge in Teams: Transforming Resources into Performance
In knowledge-based environments, teams must develop a systematic approach to integrating knowledge resources throughout the course of projects in order to perform effectively. Yet, many teams fail to do so. Drawing on the resource-based view of the firm, we examine... View Details
- 2020
- Working Paper
Do Lenders Still Discriminate? A Robust Approach for Assessing Differences in Menus
By: David Hao Zhang and Paul Willen
We use a new methodology to assess mortgage pricing discrimination by race. We make four main contributions. First, we show that existing estimates of mortgage pricing differences by race can be confounded by a "menu problem," which is the problem associated with...
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Keywords:
Mortgages;
Financing and Loans;
Prejudice and Bias;
Race;
Measurement and Metrics;
Banking Industry;
United States
Zhang, David Hao, and Paul Willen. "Do Lenders Still Discriminate? A Robust Approach for Assessing Differences in Menus." Working Paper, September 2020.
- September 2019 (Revised May 2021)
- Case
pymetrics: International Expansion
By: John R. Wells and Benjamin Weinstock
In August 2018, pymetrics, a solution offering neuroscience-based recruiting tests, closed a $40 million funding round that valued the business at $160 million. Over 60 companies around the globe were using pymetrics tests in their recruiting process, including...
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Keywords:
BrainTech;
Psychodynamics;
Psychology;
Hiring Of Employees;
Hiring;
Strategic Evolution;
Strategy And Execution;
Startup;
Start-up;
Startups;
Start-ups;
Entrepreneur;
Bias;
Rapid Growth Stage;
Recruitment;
Selection and Staffing;
Strategy;
Business Startups;
Employment;
Growth and Development Strategy;
Global Strategy
Wells, John R., and Benjamin Weinstock. "pymetrics: International Expansion." Harvard Business School Case 720-376, September 2019. (Revised May 2021.)
- 2011
- Working Paper
The First Deal: The Division of Founder Equity in New Ventures
By: Thomas F. Hellmann and Noam Wasserman
This paper examines the division of founder shares in entrepreneurial ventures, focusing on the decision of whether or not to divide the shares equally among all founders. To motivate the empirical analysis we develop a simple theory of costly bargaining, where...
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Keywords:
Business Startups;
Decision Choices and Conditions;
Entrepreneurship;
Fairness;
Equity;
Managerial Roles;
Negotiation Deal;
Ownership Stake;
Value
Hellmann, Thomas F., and Noam Wasserman. "The First Deal: The Division of Founder Equity in New Ventures." NBER Working Paper Series, No. 16922, April 2011.
- September 2022
- Article
Health Externalities and Policy: The Role of Social Preferences
By: Laura Alfaro, Ester Faia, Nora Lamersdorf and Farzad Saidi
Social preferences facilitate the internalization of health externalities, for example by reducing mobility during a pandemic. We test this hypothesis using mobility data from 258 cities worldwide alongside experimentally validated measures of social preferences....
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Keywords:
Social Preferences;
Pandemics;
Mobility;
Health Externalities;
Mitigation Policies;
Health Pandemics;
Cooperation;
Behavior;
Policy
Alfaro, Laura, Ester Faia, Nora Lamersdorf, and Farzad Saidi. "Health Externalities and Policy: The Role of Social Preferences." Management Science 68, no. 9 (September 2022): 6751–6761.
- 2022
- Working Paper
Heterogeneity of Gain-Loss Attitudes and Expectations-Based Reference Points
By: Pol Campos-Mercade, Lorenz Goette, Thomas Graeber, Alex Kellogg and Charles Sprenger
Existing tests of reference-dependent preferences assume universal loss aversion. This paper examines heterogeneity in gain-loss attitudes, and explores its implications for identifying models of the reference point. In two experimental settings we measure gain-loss...
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Keywords:
Reference-dependent Preferences;
Rational Expectations;
Personal Equilibrium;
Endowment Effect;
Expectations-based Reference Points
Campos-Mercade, Pol, Lorenz Goette, Thomas Graeber, Alex Kellogg, and Charles Sprenger. "Heterogeneity of Gain-Loss Attitudes and Expectations-Based Reference Points." Working Paper, August 2022.
- 2012
- Working Paper
Average Marginal Income Tax Rates in New Zealand, 1907-2009
By: Debasis Bandyopadhyay, Robert J. Barro, Jeremy Couchman, Norman Gemmell, Gordon Y Liao and Fiona McAlister
Estimates of marginal tax rates (MTRs) faced by individual economic agents, and for various aggregates of taxpayers, are important for economists testing behavioural responses to changes in those tax rates. This paper reports estimates of a number of personal marginal...
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Bandyopadhyay, Debasis, Robert J. Barro, Jeremy Couchman, Norman Gemmell, Gordon Y Liao, and Fiona McAlister. "Average Marginal Income Tax Rates in New Zealand, 1907-2009." Working Paper, July 2012.
- February 2016
- Article
Do Measures of Financial Constraints Measure Financial Constraints?
By: Joan Farre-Mensa and Alexander Ljungqvist
Financial constraints are fundamental to empirical research in finance and economics. We propose two tests to evaluate how well measures of financial constraints actually capture constraints. We find that firms typically classified as constrained do not in fact behave...
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Keywords:
Corporate Finance
Farre-Mensa, Joan, and Alexander Ljungqvist. "Do Measures of Financial Constraints Measure Financial Constraints?" Review of Financial Studies 29, no. 2 (February 2016): 271–308.
- March 2016
- Article
The Cost of Friendship
By: Paul A. Gompers, Vladimir Mukharlyamov and Yuhai Xuan
We investigate how personal characteristics affect people's desire to collaborate and whether this attraction enhances or detracts from performance in venture capital. We find that venture capitalists who share the same ethnic, educational, or career background are...
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Gompers, Paul A., Vladimir Mukharlyamov, and Yuhai Xuan. "The Cost of Friendship." Journal of Financial Economics 119, no. 3 (March 2016): 626–644.
- January–February 2012
- Article
A Simple Model Relating Accruals to Risk, and its Implications for the Accrual Anomaly
By: Mozaffar N. Khan
This paper models systematic risk as a function of mean-reverting accruals. When the true abnormal returns are zero, but the true betas are empirically unobserved, the model predicts the anomalous pattern of empirical results on the accrual anomaly: (i) CAPM abnormal...
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Khan, Mozaffar N. "A Simple Model Relating Accruals to Risk, and its Implications for the Accrual Anomaly." Journal of Business Finance & Accounting 39, nos. 1-2 (January–February 2012): 35–59.
- April 2015
- Article
Incentivizing Calculated Risk-Taking: Evidence from an Experiment with Commercial Bank Loan Officers
By: Shawn Cole, Martin Kanz and Leora Klapper
This paper uses a series of experiments with commercial bank loan officers to test the effect of performance incentives on risk assessment and lending decisions. We first show that while high-powered incentives lead to greater screening effort and more profitable...
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Keywords:
Banking;
Management Processes;
Credit Products;
Experimental Economics;
Risk Management;
Motivation and Incentives;
Management Practices and Processes;
Financing and Loans;
Banking Industry
Cole, Shawn, Martin Kanz, and Leora Klapper. "Incentivizing Calculated Risk-Taking: Evidence from an Experiment with Commercial Bank Loan Officers." Journal of Finance 70, no. 2 (April 2015): 537–575.
- 2013
- Working Paper
Non-Standard Matches and Charitable Giving
By: Michael Sanders, Sarah Smith and Michael I. Norton
Many organisations, including corporations and governments, wish to encourage charitable giving, and offer incentives for their employees, customers and citizens to do so. The most common of these incentives is a match rate, where the organisation agrees to pay, for...
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Sanders, Michael, Sarah Smith, and Michael I. Norton. "Non-Standard Matches and Charitable Giving." Harvard Business School Working Paper, No. 13-094, May 2013.
- April 2010 (Revised September 2011)
- Case
Supply Chain Partners: Virginia Mason and Owens & Minor (A) (Abridged)
By: V.G. Narayanan and Lisa Brem
Owens & Minor (O&M) performed lean inventory services for Virginia Mason (VM) as its Alpha Vendor, but the outdated industry pricing model created perverse incentives and could not capture O&M's costs. Together, O&M and VM created an activity-based pricing model: Total...
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Keywords:
Supply Chain Management;
Partners and Partnerships;
Activity Based Costing and Management;
Business Model;
Non-Governmental Organizations;
Nonprofit Organizations;
Motivation and Incentives;
Asset Pricing;
Cost Accounting;
Fair Value Accounting;
Medical Devices and Supplies Industry
Narayanan, V.G., and Lisa Brem. "Supply Chain Partners: Virginia Mason and Owens & Minor (A) (Abridged)." Harvard Business School Case 110-063, April 2010. (Revised September 2011.)
- 2009
- Working Paper
Estimating the Effects of Large Shareholders Using a Geographic Instrument
By: Bo Becker, Henrik Cronqvist and Rudiger Fahlenbrach
Large shareholders may play an important role for firm performance and policies, but identifying this empirically presents a challenge due to the endogeneity of ownership structures. We develop and test an empirical framework which allows us to separate selection from...
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Keywords:
Business Headquarters;
Geographic Location;
Corporate Governance;
Governance Controls;
Performance Effectiveness;
Business and Shareholder Relations;
Mathematical Methods
Becker, Bo, Henrik Cronqvist, and Rudiger Fahlenbrach. "Estimating the Effects of Large Shareholders Using a Geographic Instrument." Harvard Business School Working Paper, No. 10-028, October 2009. (Revised February 2010.)
- 2009
- Article
Feeling the Heat: The Effects of Performance Pressure on Teams' Knowledge Use and Performance
By: Heidi K. Gardner
Why do some teams fail to use their members' knowledge effectively, even after having correctly identified each other's expertise? This paper identifies performance pressure as a critical barrier to effective knowledge utilization in teams. I theorize that performance...
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Keywords:
Experience and Expertise;
Knowledge Use and Leverage;
Performance Effectiveness;
Performance Expectations;
Groups and Teams
Gardner, Heidi K. "Feeling the Heat: The Effects of Performance Pressure on Teams' Knowledge Use and Performance." Academy of Management Annual Meeting Proceedings (2009).
- 2008
- Working Paper
Fixing Market Failures or Fixing Elections? Agricultural Credit in India
By: Shawn A. Cole
This paper integrates theories of political budget cycles with theories of tactical electoral redistribution to test for political capture in a novel way. Studying banks in India, I find that government-owned bank lending tracks the electoral cycle, with agricultural...
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Keywords:
Agribusiness;
Banks and Banking;
Financing and Loans;
Political Elections;
State Ownership;
Banking Industry;
India
Cole, Shawn A. "Fixing Market Failures or Fixing Elections? Agricultural Credit in India." Harvard Business School Working Paper, No. 09-001, July 2008.
- 31 Jan 2011
- News
2010 Distinguished Paper Award
- 04 Feb 2020
- News