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- All HBS Web (668)
- Faculty Publications (148)
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- 11 Dec 2018
- Research & Ideas
Free Trade Needs Nurturing—and Other Lessons from History
looked for a solution to the lack of multilateral institutions to govern trade by creating GATT—the General Agreement on Tariffs and Trade—which later became the WTO. Reinert: One thing we keep relearning is...
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Keywords:
by Staff;
Auto;
Aerospace;
Chemical;
Consumer Products;
Electronics;
Energy;
Industrial Products;
Manufacturing;
Shipping;
Transportation
- 19 Jun 2013
- Research & Ideas
Analyzing Institutions to Solve Big Problems
The academic study of institutions provides important insights into topics such as job design and health-care reform. But the field is a complex one, and it's not always obvious to outsiders how the intellectual tools of the View Details
Keywords:
by Carmen Nobel & Anna Secino
- July 2015
- Article
The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts' Perceptions and Shifting Institutional Logics
By: Ioannis Ioannou and George Serafeim
We explore the impact of corporate social responsibility (CSR) ratings on sell-side analysts' assessments of firms' future financial performance. We suggest that when analysts perceive CSR as an agency cost, due to the prevalence of an agency logic, they produce...
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Keywords:
Corporate Social Responsibility;
Analysts;
Investment Recommendations;
Sustainability;
Institutional Logics;
Environment;
Corporate Social Responsibility and Impact;
Investment;
Corporate Governance;
United States
Ioannou, Ioannis, and George Serafeim. "The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts' Perceptions and Shifting Institutional Logics." Strategic Management Journal 36, no. 7 (July 2015): 1053–1081.
- 2021
- Working Paper
The Value of Intermediation in the Stock Market
By: Marco Di Maggio, Mark Egan and Francesco Franzoni
We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit...
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Keywords:
Financial Intermediation;
Institutional Investors;
Research Analysts;
Broker Networks;
Equity Trading;
Institutional Investing;
Financial Services Industry
Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Harvard Business School Working Paper, No. 20-016, August 2019. (Revised June 2021. Accepted at the Journal of Financial Economics.)
- February 2010 (Revised April 2011)
- Case
The Political Economy of Carbon Trading
By: Forest L. Reinhardt, J. Gunnar Trumbull, Mikell Hyman, Patia McGrath and Nazli Zeynep Uludere
Global climate change is an increasingly prominent political and business problem. Design of market-based systems to reduce carbon emissions has proven difficult. More broadly, national attempts to comply with the provisions of the Kyoto Protocol present both...
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Keywords:
Policy;
International Relations;
Risk Management;
Agreements and Arrangements;
Business and Government Relations;
Natural Environment;
Pollutants;
Climate Change;
Environmental Sustainability;
Public Administration Industry
Reinhardt, Forest L., J. Gunnar Trumbull, Mikell Hyman, Patia McGrath, and Nazli Zeynep Uludere. "The Political Economy of Carbon Trading." Harvard Business School Case 710-056, February 2010. (Revised April 2011.)
- Article
The Value of Intermediation in the Stock Market
By: Marco Di Maggio, Mark Egan and Francesco Franzoni
We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit...
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Keywords:
Financial Intermediation;
Institutional Investors;
Research Analysts;
Broker Networks;
Equity Trading;
Institutional Investing
Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Journal of Financial Economics 145, no. 2A (August 2022): 208–233.
- 2012
- Working Paper
Colonial Institutions, Trade Shocks, and the Diffusion of Elementary Education in Brazil, 1889–1930
By: Aldo Musacchio, Andre Martinez-Fritscher and Martina Viarengo
In this paper, we examine the role of trade shocks in promoting the diffusion of elementary education in subnational units in Brazil during a period (1889–1930) in which they had relative financial autonomy to collect export taxes and spend on public goods. The...
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Keywords:
History;
Literacy;
Voting;
Education;
Spending;
Performance Improvement;
Government and Politics;
Brazil
Musacchio, Aldo, Andre Martinez-Fritscher, and Martina Viarengo. "Colonial Institutions, Trade Shocks, and the Diffusion of Elementary Education in Brazil, 1889–1930." Harvard Business School Working Paper, No. 10-075, March 2010. (Revised December 2012.)
- 15 Jul 2011
- Working Paper Summaries
Poultry in Motion: A Study of International Trade Finance Practices
- 2024
- Working Paper
Economic Integration and the Transmission of Democracy
By: Marco Tabellini and Giacomo Magistretti
In this paper, we study the effects of economic integration with democratic partners
on democracy. We assemble a large country-level panel dataset from 1960 to 2015, and
exploit improvements in air, relative to sea, transportation to derive a time-varying
instrument...
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Keywords:
Democratization;
Institutional Development;
Economic Integration;
International Trade;
Democracy;
Political Preferences;
Institutions;
Trade;
Global Range;
Economics;
Government and Politics
Tabellini, Marco, and Giacomo Magistretti. "Economic Integration and the Transmission of Democracy." Harvard Business School Working Paper, No. 19-003, July 2018. (Revised March 2024. Available also from VOX, VOXEU, Atlantico, The Economist, Domani, and Ideas for India. Longer NBER working paper version available here. Accepted at the Review of Economic Studies.)
- 02 Mar 2017
- What Do You Think?
Is China About to Overtake the US for World Trade Leadership?
concentrate on fostering a stronger trade partnership between the US and China rather than thinking about it primarily as a competition. Janik Kersten commented that “China today is not yet taking part in all the View Details
Keywords:
by James Heskett
- 01 Aug 2018
- What Do You Think?
Are Free Trade and Free Markets Quaint Ideas From the Past?
businesses function alongside other institutions such as labor unions in an environment in which all are subservient to democratically elected governments. Are free trade and free markets quaint ideas from...
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Keywords:
by James Heskett
- April–May 2024
- Article
Gone with the Big Data: Institutional Lender Demand for Private Information
By: Jung Koo Kang
I explore whether big-data sources can crowd out the value of private information acquired through lending relationships. Institutional lenders have been shown to exploit their access to borrowers’ private information by trading on it in financial markets. As a shock...
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Keywords:
Analytics and Data Science;
Borrowing and Debt;
Financial Markets;
Value;
Knowledge Dissemination;
Financing and Loans
Kang, Jung Koo. "Gone with the Big Data: Institutional Lender Demand for Private Information." Art. 101663. Journal of Accounting & Economics 77, nos. 2-3 (April–May 2024).
- 2016
- Chapter
Trade Associations, State Building, and the Sherman Act: The U.S. Chamber of Commerce, 1912–25
By: Laura Phillips Sawyer
From its founding in 1912 through the interwar years, the Chamber’s history shows a persistent preoccupation with progressive economics and policy making. Rather than flouting the new ideas of institutional economics, which favored federal regulators overseeing data...
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Keywords:
Competition;
Fairness;
Supply and Industry;
Policy;
Business and Government Relations;
United States
Phillips Sawyer, Laura. "Trade Associations, State Building, and the Sherman Act: The U.S. Chamber of Commerce, 1912–25." Chap. 1 in Capital Gains: Business and Politics in Twentieth-Century America, edited by Richard R. John and Kim Phillips-Fein, 25–42. Hagley Perspectives on Business and Culture. Philadelphia, PA: University of Pennsylvania Press, 2016.
- Summer 2012
- Article
Epistemic Contests and the Legitimacy of the World Trade Organization: The Brazil–USA Cotton Dispute and the Incremental Balancing of Interests
By: Arthur A. Daemmrich
The World Trade Organization (WTO) features prominently in studies of international institutions, often cast either as a tool of rich-world domination over the poorer South or as a neutral mediator facilitating a tariff-free world of economic prosperity. This article...
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Keywords:
Organizations;
Trade;
Conflict and Resolution;
Consumer Products Industry;
Brazil;
United States
Daemmrich, Arthur A. "Epistemic Contests and the Legitimacy of the World Trade Organization: The Brazil–USA Cotton Dispute and the Incremental Balancing of Interests." Special Issue on Dispute Settlement at the WTO. Trade, Law and Development 4, no. 1 (Summer 2012): 200–240.
- November 2019
- Article
The Relevance of Broker Networks for Information Diffusion in the Stock Market
By: Marco Di Maggio, Francesco Franzoni, Amir Kermani and Carlo Sommavilla
This paper shows that the network of relationships between brokers and institutional investors shapes information diffusion in the stock market. We exploit trade-level data to show that central brokers gather information by executing informed trades, which is then...
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Keywords:
Broker Networks;
Institutional Investors;
Asset Prices;
Business and Shareholder Relations;
Institutional Investing;
Information;
Knowledge Dissemination;
Financial Markets;
Asset Pricing
Di Maggio, Marco, Francesco Franzoni, Amir Kermani, and Carlo Sommavilla. "The Relevance of Broker Networks for Information Diffusion in the Stock Market." Journal of Financial Economics 134, no. 2 (November 2019): 419–446.
- 2015
- Working Paper
The U.S. Experiment with Fair Trade Laws: State Police Powers, Federal Antitrust, and the Politics of 'Fairness,' 1890-1938
By: Laura Phillips Sawyer
Prior to the Great Depression and President Franklin Roosevelt's New Deal programs, considerable pressure for antitrust revision came from trade associations of independent proprietors. A perhaps unlikely leader, Edna Gleason, organized California's retail pharmacists...
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Keywords:
Competition;
Fairness;
Laws and Statutes;
Supply and Industry;
Business and Government Relations
Phillips Sawyer, Laura. "The U.S. Experiment with Fair Trade Laws: State Police Powers, Federal Antitrust, and the Politics of 'Fairness,' 1890-1938." Harvard Business School Working Paper, No. 16-060, November 2015.
- 10 Jan 2012
- Working Paper Summaries
The Evolving Basis for Legitimacy of the World Trade Organization: Dispute Settlement and the Rebalancing of Global Interests
Keywords:
by Arthur Daemmrich
- 2016
- Working Paper
The U.S. Chamber of Commerce and the Modern Administrative State, 1912–1925: Trade Associations, Codes of Fair Competition, and State Building
By: Laura Phillips Sawyer
From its founding in 1912 through the interwar years, the Chamber's history shows a persistent preoccupation with progressive economics and policy-making. Rather than flouting the new ideas of institutional economics, which favored federal regulators overseeing data...
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Phillips Sawyer, Laura. "The U.S. Chamber of Commerce and the Modern Administrative State, 1912–1925: Trade Associations, Codes of Fair Competition, and State Building." Harvard Business School Working Paper, No. 16-085, February 2016.
- Article
How Institutional Investors Frame Their Losses: Evidence on Dynamic Loss Aversion from Currency Portfolios
By: Kenneth A. Froot, John Arabadjis, Sonya Cates and Stephen Lawrence
Currency investors exhibit a tendency to cut risk by pairing both longs and shorts following losses and a weaker tendency to add risk following gains. By differentiating between position level, portfolio level, and aggregate cross-portfolio losses in currency...
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Keywords:
Loss Aversion;
Decision Choices and Conditions;
Currency;
Investment;
Risk Management;
Behavioral Finance
Froot, Kenneth A., John Arabadjis, Sonya Cates, and Stephen Lawrence. "How Institutional Investors Frame Their Losses: Evidence on Dynamic Loss Aversion from Currency Portfolios." Journal of Portfolio Management 38, no. 1 (Fall 2011): 60–68.
- 1990
- Chapter
Institutional Incentives for Protection: The American Use of Voluntary Export Restraints
By: J. J. Coleman and D. B. Yoffie