Foreign Direct Investment and Ireland's Tiger Economy (B)

Laura  Alfaro; Matthew  Johnson

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Supplement | HBS Case Collection | March 2010 (Revised May 2013)

Foreign Direct Investment and Ireland's Tiger Economy (B)

by Laura Alfaro and Matthew Johnson

Keywords: Foreign Direct Investment; Northern Ireland;

Language: English

Format: Print

10 pages

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Citation:

Alfaro, Laura, and Matthew Johnson. "Foreign Direct Investment and Ireland's Tiger Economy (B)." Harvard Business School Supplement 710-057, March 2010. (Revised May 2013.)

About the Author

Laura Alfaro

Warren Alpert Professor of Business Administration

General Management

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Article | Journal of International Economics | May 2019

Corporate Debt, Firm Size and Financial Fragility in Emerging Markets

Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza

The post-Global Financial Crisis period shows a surge in corporate leverage in emerging markets and a number of countries with deteriorated corporate financial fragility indicators (Altman’s Z-score). Firm size plays a critical role in the relationship between leverage, firm fragility, and exchange rate movements in emerging markets. While the relationship between firm leverage and distress scores varies over time, the relationship between firm size and corporate vulnerability is relatively time invariant. All else being equal, large firms in emerging markets are more financially vulnerable and also systemically important. Consistent with the granular origins of aggregate fluctuations in Gabaix (2011), idiosyncratic shocks to the sales growth of large firms are positively and significantly correlated with GDP growth in our emerging markets sample. Relatedly, the negative impact of exchange rate shocks has a more acute impact on the sales growth of the more highly levered large firms.

Keywords: corporate debt; firm size; financial fragility; emerging market; Organizations; Borrowing and Debt; Financial Condition; Emerging Markets; System Shocks;

Citation:
Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza. "Corporate Debt, Firm Size and Financial Fragility in Emerging Markets." Journal of International Economics 118 (May 2019): 1–19. (Also NBER Working Paper 25459.) View Details

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Supplement | HBS Case Collection | January 2019 (Revised April 2019)

Brexit: A Withdrawal Agreement?

Laura Alfaro and Sarah Jeong

Keywords: Brexit; United Kingdom;

Citation:
Alfaro, Laura, and Sarah Jeong. "Brexit: A Withdrawal Agreement?" Harvard Business School Supplement 319-086, January 2019. (Revised April 2019.) View Details

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Teaching Note | HBS Case Collection | February 2019

Renegotiating NAFTA

Laura Alfaro and Sarah Jeong

Teaching Note for HBS No. 318-143.

Keywords: NAFTA; trade; Trade; North America;

Citation:
Alfaro, Laura, and Sarah Jeong. "Renegotiating NAFTA." Harvard Business School Teaching Note 319-096, February 2019. View Details

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Foreign Direct Investment and Ireland's Tiger Economy (B)

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