• 2021
• Working Paper

Population Interference in Panel Experiments

By: Iavor I Bojinov, Kevin Wu Han and Guillaume Basse

The phenomenon of population interference, where a treatment assigned to one experimental unit affects another experimental unit's outcome, has received considerable attention in standard randomized experiments. The complications produced by population interference in...  View Details

Keywords: Finite Population; Potential Outcomes; Dynamic Causal Effects; Mathematical Methods

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Bojinov, Iavor I., Kevin Wu Han, and Guillaume Basse. "Population Interference in Panel Experiments." Harvard Business School Working Paper, No. 21-100, March 2021.

• 2021
• Article

CDS Trading and Nonrelationship Lending Dynamics

By: Jung Koo Kang, Christopher Williams and Regina Wittenberg-Moerman

We investigate how credit default swaps (CDSs) affect lenders’ incentives to initiate new lending relationships. We predict that CDSs reduce adverse selection that nonrelationship lead arrangers face when competing for loans. Consistently, we find that a loan is...  View Details

Keywords: Credit Default Swaps; CDS Market; Non-relationship Lending; Debt Contracts; Adverse Selection; Lending Monitoring; Cross-selling

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Kang, Jung Koo, Christopher Williams, and Regina Wittenberg-Moerman. "CDS Trading and Nonrelationship Lending Dynamics." Review of Accounting Studies 26, no. 1 (March 2021): 258–292.

• 2021
• Working Paper

How Much Should We Trust Staggered Difference-In-Differences Estimates?

By: Andrew C. Baker, David F. Larcker and Charles C.Y. Wang

Difference-in-differences analysis with staggered treatment timing is frequently used to assess the impact of policy changes on corporate outcomes in academic research. However, recent advances in econometric theory show that such designs are likely to be biased in the...  View Details

Keywords: Difference In Differences; Staggered Difference-in-differences Designs; Generalized Difference-in-differences; Dynamic Treatment Effects; Mathematical Methods

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Baker, Andrew C., David F. Larcker, and Charles C.Y. Wang. "How Much Should We Trust Staggered Difference-In-Differences Estimates?" European Corporate Governance Institute Finance Working Paper, No. 736/2021, February 2021. (Harvard Business School Working Paper, No. 21-112, April 2021.)

• March 2021
• Article

The Crowd Emotion Amplification Effect

By: Amit Goldenberg, Erika Weisz, Timothy D. Sweeney, Mina Cikara and James Gross

How do people go about reading a room or taking the temperature of a crowd? When people catch a brief glimpse of an array of faces, they can only focus their attention on some of the faces. We propose that perceivers preferentially attend to faces exhibiting strong...  View Details

Keywords: Crowds; Social Cognition; Intergroup Dynamics; Emotions; Perception; Judgments; Analysis

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Goldenberg, Amit, Erika Weisz, Timothy D. Sweeney, Mina Cikara, and James Gross. "The Crowd Emotion Amplification Effect." Psychological Science 32, no. 3 (March 2021): 437–450.

• 2021
• Article

The Virtues and Limitations of Dynamic Capabilities

By: Bharat Anand and David J. Collis

Dynamic capabilities have been identified as a key determinant of competitive advantage. This paper explores the foundations of dynamic capabilities, and the limits to their effectiveness, first theoretically and then through the case of Danaher, the most successful...  View Details

Keywords: Dynamic Capabilities; Danaher; Resources; Theory Of The Firm; Value-based Strategy; Organizations; Performance Effectiveness; Competitive Advantage; Strategy

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Anand, Bharat, and David J. Collis. "The Virtues and Limitations of Dynamic Capabilities." Strategic Management Review 2, no. 1 (2021): 47–78.

• January 2021
• Article

Commuting and Innovation: Are Closer Inventors More Productive?

By: Hongyu Xiao, Andy Wu and Jaeho Kim

We estimate the causal effect of workplace–home commuting distance on inventor productivity. We construct a novel panel of U.S. inventors with precisely measured workplace–home distances and inventor-level productivity. Our identification strategy exploits firm office...  View Details

Keywords: Commuting; Proximity; Inventors; Innovation; Relocation; Telecommuting; Geographic Location; Technological Innovation; Innovation and Management; Innovation Strategy; United States

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Xiao, Hongyu, Andy Wu, and Jaeho Kim. "Commuting and Innovation: Are Closer Inventors More Productive?" Art. 103300. Journal of Urban Economics 121 (January 2021).

• January 2021
• Article

The Effects of Menu Costs on Retail Performance: Evidence from Adoption of the Electronic Shelf Label Technology

By: Ioannis Stamatopoulos, Achal Bassamboo and Antonio Moreno

We use the adoption of electronic shelf labels (ESLs) by an international grocery retailer in 2015 to identify the effects of physical menu costs (i.e., labor and material costs of price adjustment) on retail performance. We find that the installation of ESLs increased...  View Details

Keywords: Retail Operations; Dynamic Pricing; Revenue Management; Operations; Price; Revenue; Management; Retail Industry

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Stamatopoulos, Ioannis, Achal Bassamboo, and Antonio Moreno. "The Effects of Menu Costs on Retail Performance: Evidence from Adoption of the Electronic Shelf Label Technology." Management Science 67, no. 1 (January 2021): 242–256.

• 2021
• Working Paper

The Psychosocial Value of Employment

By: Reshmaan Hussam, Erin M. Kelley, Gregory Lane and Fatima Zahra

In settings where employment opportunities are scarce, the inability to work may generate psychosocial harm. This paper presents a causal estimate of the psychosocial value of employment in the Rohingya refugee camps of Bangladesh. We engage 745 individuals in a field...  View Details

Keywords: Psychosocial Wellbeing; Employment; Refugees; Social Psychology; Well-being

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Hussam, Reshmaan, Erin M. Kelley, Gregory Lane, and Fatima Zahra. "The Psychosocial Value of Employment." Working Paper, May 2021.

• 2020
• Working Paper

Dog Eat Dog: Measuring Network Effects Using a Digital Platform Merger

By: Chiara Farronato, Jessica Fong and Andrey Fradkin

Digital platforms are increasingly the subject of regulatory scrutiny. In comparison to multiple competitors, a single platform may increase consumer welfare if network effects are large or may decrease welfare due to higher prices or reduction in platform variety. We...  View Details

Keywords: Digital Platforms; Market Platforms; Network Effects; Measurement and Metrics

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Farronato, Chiara, Jessica Fong, and Andrey Fradkin. "Dog Eat Dog: Measuring Network Effects Using a Digital Platform Merger." NBER Working Paper Series, No. 28047, November 2020.

• 2020
• Working Paper

Income Volatility Increases Financial Impatience

By: Colin West, A.V. Whillans and Sanford DeVoe

Using a multi-method approach, we investigate whether income volatility is associated with financial impatience—the preference to receive a small sum of money immediately over a larger sum of money later. We find that experiencing more income volatility—including a...  View Details

Keywords: Income Volatility; Compensation; Impatience; Time Preferences; Income; Personal Finance; Behavior; Demographics; Policy

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West, Colin, A.V. Whillans, and Sanford DeVoe. "Income Volatility Increases Financial Impatience." Harvard Business School Working Paper, No. 21-053, October 2020.

• 2020
• Working Paper

The Effects of Temporal Distance on Intra-Firm Communication: Evidence from Daylight Savings Time

By: Jasmina Chauvin, Prithwiraj Choudhury and Tommy Pan Fang

Cross-border communication costs have plummeted and enabled the global distribution of work, but frictions attributable to distance persist. We estimate the causal effects of temporal distance stemming from time zone differences on intra-firm communication. We argue...  View Details

Keywords: Communication Patterns; Time Zones; Geographic Frictions; Knowledge Workers; Multinational Companies; Communication; Multinational Firms and Management; Geographic Location

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Chauvin, Jasmina, Prithwiraj Choudhury, and Tommy Pan Fang. "The Effects of Temporal Distance on Intra-Firm Communication: Evidence from Daylight Savings Time." Harvard Business School Working Paper, No. 21-052, September 2020.

• 2020
• Working Paper

Estimating Causal Effects in the Presence of Partial Interference Using Multivariate Bayesian Structural Time Series Models

By: Fiammetta Menchetti and Iavor Bojinov

Researchers regularly use synthetic control methods for estimating causal effects when a sub-set of units receive a single persistent treatment, and the rest are unaffected by the change. In many applications, however, units not assigned to treatment are nevertheless...  View Details

Keywords: Causal Inference; Partial Interference; Synthetic Controls; Bayesian Structural Time Series; Mathematical Methods

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Menchetti, Fiammetta, and Iavor Bojinov. "Estimating Causal Effects in the Presence of Partial Interference Using Multivariate Bayesian Structural Time Series Models." Harvard Business School Working Paper, No. 21-048, October 2020.

• 2020
• Working Paper

Open Source Software and Global Entrepreneurship

By: Nataliya Langburd Wright, Frank Nagle and Shane Greenstein

Does more activity in open source lead to more entrepreneurial activity and, if so, how much, and in what direction? This study measures how participation on the GitHub open source platform affects the founding of new ventures globally. We estimate these effects using...  View Details

Keywords: Open Source Software; GitHub; Software; Entrepreneurship; Global Range; Development Economics

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Wright, Nataliya Langburd, Frank Nagle, and Shane Greenstein. "Open Source Software and Global Entrepreneurship." Harvard Business School Working Paper, No. 20-139, June 2020. (Revised July 2020.)

• June 2020
• Background Note

Customer Management Dynamics and Cohort Analysis

By: Elie Ofek, Barak Libai and Eitan Muller

The digital revolution has allowed companies to amass considerable amounts of data on their customers. Using this information to generate actionable insights is fast becoming a critical skill that firms must master if they wish to effectively compete and win in today’s...  View Details

Keywords: Cohort Analysis; Customers; Data and Data Sets; Segmentation; Analysis; Customer Value and Value Chain

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Ofek, Elie, Barak Libai, and Eitan Muller. "Customer Management Dynamics and Cohort Analysis." Harvard Business School Background Note 520-122, June 2020.