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- 2022
- Working Paper
The Retail Habitat
By: Toomas Laarits and Marco Sammon
Retail investors trade hard-to-value stocks. Controlling for size, stocks with a high share of retail-initiated trades are composed of more intangible capital, have longer duration cash-flows and a higher likelihood of being mispriced. Consistent with retail-heavy...
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Keywords:
Retail;
Retail Trade;
Intangible Capital;
Mispricing;
Investment;
Valuation;
Business Earnings
- 2022
- Working Paper
How Do Copayment Coupons Affect Branded Drug Prices and Quantities Purchased?
By: Leemore S. Dafny, Kate Ho and Edward Kong
Drug copayment coupons to reduce patient cost-sharing have become nearly ubiquitous for high-priced brand-name prescription drugs. Medicare bans such coupons on the grounds that they are kickbacks that induce utilization, but they are commonly used by...
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- 2021
- Working Paper
Time Dependency, Data Flow, and Competitive Advantage
Data is fundamental to machine learning-based products and services and is considered strategic due to its externalities for businesses, governments, non-profits, and more generally for society. It is renowned that the value of organizations (businesses, government...
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- 2019
- Chapter
From Coast to Hinterland: Fiscal State Formation in British and French West Africa, c. 1880–1960
By: Ewout Frankema and Marlous van Waijenburg
This chapter contrasts and compares the ways different colonial states in West Africa developed local fiscal capacity. We show that per capita revenues were higher in the more commercialised coastal export economies than in remote parts of the interior. We argue that...
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Keywords:
Fiscal Capacity;
Public Debt;
French West Africa;
British West Africa;
Geography;
History;
Africa
- October 2019 (Revised October 2019)
- Case
Epic Games
By: Andy Wu and Christopher Zhang
Epic Games entered a stagnant market with its PC-games digital storefront in 2018, in the context of incumbent competitors such as Steam, its meteoric rise via Fortnite, and imminent industry shifts in gaming distribution. On the surface, Epic Games Store’s competitive...
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- October 2019
- Teaching Note
Granite Equity Partners
By: Victoria Ivashina and Terrence Shu
This teaching note accompanies HBS case 219-040, “Granite Equity Partners,” which follows the private equity firm as it evaluates the potential acquisition of Tyrell Corp., a Minnesota-based quality control biomaterials company. Granite Equity’s fund was different from...
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- 2020
- Chapter
Business, Ethics and Institutions. The Evolution of Turkish Capitalism in a Comparative Perspective
By: Asli M. Colpan and Geoffrey Jones
This chapter offers a survey of the evolution of Turkish capitalism from the 19th century Ottoman Empire until the present day. It shows that Turkish business over the last century and a half was shaped in an institutional context similar to those in many developing...
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- 2019
- Working Paper
Migrant Inventors and the Technological Advantage of Nations
We investigate the relationship between the presence of migrant inventors and the dynamics of innovation in the migrants’ receiving countries. We find that countries are 25% to 50% more likely to gain advantage in patenting in certain technologies given a twofold...
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- 2018
- Book
High-Skilled Migration to the United States and Its Economic Consequences
By: Gordon H. Hanson, William R. Kerr and Sarah Turner
Immigration policy is one of the most contentious public policy issues in the United States today. High-skilled immigrants represent an increasing share of the U.S. workforce, particularly in science and engineering fields. These immigrants affect economic growth,...
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- February 2018
- Article
Heterogeneous Technology Diffusion and Ricardian Trade Patterns
By: William R. Kerr
This study tests the importance of Ricardian technology differences for international trade. The empirical analysis has three comparative advantages: including emerging and advanced economies, isolating panel variation regarding the link between productivity and...
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- Article
Landing the First Job: The Value of Intermediaries in Online Hiring
By: Christopher Stanton and Catherine Thomas
Online markets for remote labor services allow workers and firms to contract with each other directly. Despite this, intermediaries—called outsourcing agencies—have emerged in these markets. This paper shows that agencies signal to employers that inexperienced workers...
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- September 2015
- Article
Banks as Patient Fixed-Income Investors
By: Samuel G. Hanson, Andrei Shleifer, Jeremy C. Stein and Robert W. Vishny
We examine the business model of traditional commercial banks when they compete with shadow banks. While both types of intermediaries create safe "money-like" claims, they go about this in different ways. Traditional banks create money-like claims by holding illiquid...
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- August 2015
- Article
A Comparative-Advantage Approach to Government Debt Maturity
By: Robin Greenwood, Samuel G. Hanson and Jeremy C. Stein
We study optimal government debt maturity in a model where investors derive monetary services from holding riskless short-term securities. In a setting where the government is the only issuer of such riskless paper, it trades off the monetary premium associated with...
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- 2015
- Working Paper
Can Marshall's Clusters Survive Globalization?
By: Giulio Buciuni and Gary P. Pisano
It is widely presumed that in today's globalized economy, the value of geographic clustering of manufacturing industries is no longer valuable. Manufacturing is represented as a highly mobile "commodity" that can be sourced from anywhere in the world where factor costs...
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- February 2015
- Article
'Open' Disclosure of Innovations, Incentives and Follow-on Reuse: Theory on Processes of Cumulative Innovation and a Field Experiment in Computational Biology
By: Kevin J. Boudreau and Karim R. Lakhani
Most of society's innovation systems―academic science, the patent system, open source, etc.―are "open" in the sense that they are designed to facilitate knowledge disclosure among innovators. An essential difference across innovation systems is whether disclosure is of...
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- November 2014
- Teaching Note
American Airlines in 2011
By: Willy Shih
The American Airlines in 2011 case set was developed to provide a setting for the comparative analysis of two very different business models in the U.S. domestic airline industry—the network carrier and the low cost carrier (LCC). These models offer very different...
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- March 2014 (Revised June 2015)
- Case
Can Mexico Make Democracy Work?
By: Gunnar Trumbull and Jonathan Schlefer
Enrique Peña Nieto, the presidential candidate of the old Mexican ruling party elected in 2012, passed the most fundamental reforms in at least two decades. They included allowing private competition in the energy sector, including with the state-owned oil company,...
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Keywords:
Democratization;
Economic Development;
Competition Policy;
Exchange Rates;
Comparative Advantage;
Growth and Development;
Government Legislation;
Political Elections;
Economic Growth;
Governing Rules, Regulations, and Reforms;
Energy Industry;
Communications Industry;
Banking Industry;
Latin America;
Mexico
- March 2014
- Article
Do Analysts Follow Managers Who Switch Companies? An Analysis of Relationships in the Capital Markets
By: Francois Brochet, Gregory S. Miller and Suraj Srinivasan
We examine the importance of professional relationships developed between analysts and managers by investigating analyst coverage decisions in the context of CEO and CFO moves between publicly listed firms. We find that top executive moves from an origin firm to a...
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- 2014
- Article
Attentional Rhythm: A Temporal Analogue of Object-Based Attention
By: Julian De Freitas, Brandon Liverence and Brian J. Scholl
The underlying units of attention are often discrete visual objects. Perhaps the clearest form of evidence for this is the same-object advantage: Following a spatial cue, responses are faster to probes occurring on the same object than they are to probes occurring on...
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- 2013
- Working Paper
Heterogeneous Technology Diffusion and Ricardian Trade Patterns
By: William R. Kerr
This study tests the importance of Ricardian technology differences for international trade. The empirical analysis has three comparative advantages: including emerging and advanced economies, isolating panel variation regarding the link between productivity and...
View Details