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      • 2022
      • Article

      Missing Novelty in Drug Development

      By: Joshua Krieger, Danielle Li and Dimitris Papanikolaou
      We provide evidence that risk aversion leads pharmaceutical firms to underinvest in radical innovation. We introduce a new measure of drug novelty based on chemical similarity and show that firms face a risk-reward trade-off: novel drug candidates are less likely to...  View Details
      Keywords: Drug Development; Risk Aversion; Research and Development; Innovation and Invention; Investment; Pharmaceutical Industry
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      Krieger, Joshua, Danielle Li, and Dimitris Papanikolaou. "Missing Novelty in Drug Development." Review of Financial Studies 35, no. 2 (February 2022): 636–679.
      • August 2021 (Revised November 2021)
      • Case

      The NCB Capital Turnaround: Waking the Sleeping Giant

      By: Sandra J. Sucher, Gamze Yucaoglu, Shalene Gupta and Fares Khrais
      The case opens in 2019, five years after, Sarah Al Suhaimi, CEO of NCB Capital (NCBC), the investment arm of Saudi’s largest bank, NCB, took the helm. Having successfully turned the business to make it the market leader, she was contemplating her next steps as...  View Details
      Keywords: Turnaround; Investment Banking; Financial Institutions; Change Management; Leadership; Business Model; Strategy; Business and Stakeholder Relations; Management Teams; Asset Management; Growth and Development Strategy; Saudi Arabia
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      Sucher, Sandra J., Gamze Yucaoglu, Shalene Gupta, and Fares Khrais. "The NCB Capital Turnaround: Waking the Sleeping Giant." Harvard Business School Case 322-043, August 2021. (Revised November 2021.)
      • Article

      The Harmonization of Lending Standards within Banks through Mandated Loan-Level Transparency

      By: Jung Koo Kang, Maria Loumioti and Regina Wittenberg-Moerman
      We explore whether the introduction of transparent reporting rules increases credit standard harmonization within a bank. We exploit the new loan-level reporting rules imposed on banks that borrow from the European Central Bank using repurchase agreements...  View Details
      Keywords: Transparency; External And Internal Reporting; Credit Term Harmonization; Regulatory Scrutiny; Banks and Banking; Credit; Financial Reporting; Governing Rules, Regulations, and Reforms; Learning
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      Kang, Jung Koo, Maria Loumioti, and Regina Wittenberg-Moerman. "The Harmonization of Lending Standards within Banks through Mandated Loan-Level Transparency." Journal of Accounting & Economics 72, no. 1 (August 2021): 101386.
      • 2021
      • Working Paper

      Beefing IT Up for Your Investor? Open Sourcing and Startup Funding: Evidence from GitHub

      By: Annamaria Conti, Christian Peukert and Maria Roche
      We study the participation of nascent firms in open-source communities and its implications for attracting VC funding. To do so, we exploit unique data on 160,065 US startups linking information from Crunchbase to firms' GitHub accounts. Estimating a within-startup...  View Details
      Keywords: Startups; Technology Strategy; GitHub; Machine Learning; Business Startups; Venture Capital; Information Technology; Strategy
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      Conti, Annamaria, Christian Peukert, and Maria Roche. "Beefing IT Up for Your Investor? Open Sourcing and Startup Funding: Evidence from GitHub." Harvard Business School Working Paper, No. 22-001, July 2021. (Revised September 2021.)
      • April 2021 (Revised January 2022)
      • Case

      SA Taxi: A Vehicle for Empowerment? (A)

      By: Nien-he Hsieh, Dilyana Karadzhova Botha and F. Christopher Eaglin
      SA Taxi was a vertically integrated business that operated in South Africa’s distinctive taxi industry. Despite being plagued by violence, informal structures, unsafe road practices and lack of government support, the taxi industry had grown to become South Africa’s...  View Details
      Keywords: Corporate Accountability; Ownership; Ownership Stake; Business and Stakeholder Relations; Equality and Inequality; Race; Situation or Environment; Transportation Industry; South Africa; Africa
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      Hsieh, Nien-he, Dilyana Karadzhova Botha, and F. Christopher Eaglin. "SA Taxi: A Vehicle for Empowerment? (A)." Harvard Business School Case 321-138, April 2021. (Revised January 2022.)
      • April 2021 (Revised January 2022)
      • Supplement

      SA Taxi: A Vehicle for Empowerment? (B)

      By: Nien-he Hsieh, Dilyana Karadzhova Botha and F. Christopher Eaglin
      SA Taxi was a vertically integrated business that operated in South Africa’s distinctive taxi industry. Despite being plagued by violence, informal structures, unsafe road practices and lack of government support, the taxi industry had grown to become South Africa’s...  View Details
      Keywords: Corporate Accountability; Ownership; Ownership Stake; Business and Stakeholder Relations; Equality and Inequality; Race; Situation or Environment; Transportation Industry; South Africa; Africa
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      Hsieh, Nien-he, Dilyana Karadzhova Botha, and F. Christopher Eaglin. "SA Taxi: A Vehicle for Empowerment? (B)." Harvard Business School Supplement 321-141, April 2021. (Revised January 2022.)
      • February 2021
      • Article

      A Dynamic Theory of Multiple Borrowing

      By: Daniel Green and Ernest Liu
      Multiple borrowing—a borrower obtains overlapping loans from multiple lenders—is a common phenomenon in many credit markets. We build a highly tractable, dynamic model of multiple borrowing and show that, because overlapping creditors may impose default externalities...  View Details
      Keywords: Commitment; Multiple Borrowing; Common Agency; Misallocation; Microfinance; Investment; Mathematical Methods
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      Green, Daniel, and Ernest Liu. "A Dynamic Theory of Multiple Borrowing." Journal of Financial Economics 139, no. 2 (February 2021): 389–404.
      • 2021
      • Working Paper

      Crisis Interventions in Corporate Insolvency

      By: Samuel Antill and Christopher Clayton
      We model the optimal resolution of insolvent firms in general equilibrium. Absent externalities, the optimal corporate-insolvency system encourages lending by letting banks assign liquidations ex-post. We show that a social planner optimally intervenes in such a system...  View Details
      Keywords: Insolvent Firms; Government Intervention; Liquidation; Econometric Models; Insolvency and Bankruptcy; Governance; Policy
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      Antill, Samuel, and Christopher Clayton. "Crisis Interventions in Corporate Insolvency." Working Paper, February 2021.
      • 2021
      • Working Paper

      Exclusive Dealing and Entry by Competing Two-Sided Platforms

      By: Cristian Chica, Kenneth Chuk and Jorge Tamayo
      We study competition between horizontally differentiated platforms offering exclusive and non-exclusive contracts to one side of the market (content providers). The introduction of non-exclusive contracts in addition to exclusive contracts softens the competition for...  View Details
      Keywords: Two-Sided Markets; Platform Price Competition; Network Externalities; Exclusive Contracts; Multi-homing; Two-Sided Platforms; Price; Competition; Contracts
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      Chica, Cristian, Kenneth Chuk, and Jorge Tamayo. "Exclusive Dealing and Entry by Competing Two-Sided Platforms." Harvard Business School Working Paper, No. 21-092, March 2021.
      • September 2020
      • Case

      Disrupting Justice at RightNow: Persevere, Pivot or Perish

      By: Shikhar Ghosh and Amir Reza Rezvani
      The case examines the focus of an early stage company, and how an unexpected external incidence can threaten or void the business model. It encompasses issues such as defining and pivoting a business model, organizational requirements for a pivot, investor relations,...  View Details
      Keywords: Legal Aspects Of Business; Startup; Teams; Pivot; Financing; Entrepreneurship; Law; Venture Capital; Business Startups; Financing and Loans; Business Model; Organizational Change and Adaptation; Legal Services Industry; Germany
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      Ghosh, Shikhar, and Amir Reza Rezvani. "Disrupting Justice at RightNow: Persevere, Pivot or Perish." Harvard Business School Case 821-027, September 2020.
      • September 2020 (Revised November 2020)
      • Case

      d.light

      By: Michael Chu, Krishna G. Palepu and Dilyana Karadzhova Botha
      Kenyan off-grid-solar pioneer d.light can power entire homes in rural Africa but must now decide how to fund the growth of its asset-heavy business model. Ned Tozun and Sam Goldman founded d.light in 2006 to transform lives through solar solutions enabling access to...  View Details
      Keywords: Alternative Energy; Business Model; Capital; Emerging Markets; Expansion; Financial Strategy; Renewable Energy; Strategy; Social Entrepreneurship; Energy Industry; Africa; Kenya; India
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      Chu, Michael, Krishna G. Palepu, and Dilyana Karadzhova Botha. "d.light." Harvard Business School Case 321-069, September 2020. (Revised November 2020.)
      • 2020
      • Chapter

      Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy

      By: Laura Alfaro and Fabio Kanczuk
      In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. Additionally, emerging countries are increasingly deviating from inflation targeting regimes, managing their exchange rate and engaging in...  View Details
      Keywords: Reserves; Exchange Rate; Sovereign Finance; Currency Exchange Rate; Policy
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      Alfaro, Laura, and Fabio Kanczuk. "Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy." In Asset Management at Central Banks and Monetary Authorities: New Practices in Managing International Foreign Exchange Reserves, edited by Jacob Bjorheim. Springer, 2020. (Book link.)
      • May 2020 (Revised July 2020)
      • Case

      Justice-as-a-Service at RightNow

      By: Shikhar Ghosh and Amir Reza Rezvani
      The case examines the focus of an early stage company, and how an unexpected external incidence can threaten or void the business model. It encompasses issues such as minimal viable product, defining and pivoting a business model, organizational requirements for a...  View Details
      Keywords: Legacy Business; Teams; Startup; Business Models; Pivot; Entrepreneurship; Law; Venture Capital; Business Startups; Business Model; Organizational Change and Adaptation; Strategy; Legal Services Industry; Germany
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      Ghosh, Shikhar, and Amir Reza Rezvani. "Justice-as-a-Service at RightNow." Harvard Business School Case 820-117, May 2020. (Revised July 2020.)
      • April 2020 (Revised August 2020)
      • Case

      CredEx Fintech: Business Model Transformation During the Digital Era

      By: Laura Huang, Raphael Amit and Xu Han
      Founded in 2010, CredEx has been a fast and constant innovator in the microfinance industry in China. Tang Xia, CEO and co-founder of CredEx, has led the company through a number of profound business model innovations in response to external environment changes, which...  View Details
      Keywords: Digitization; Fintech; Business Model; Innovation and Invention; Transformation; Microfinance; Organizational Change and Adaptation
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      Huang, Laura, Raphael Amit, and Xu Han. "CredEx Fintech: Business Model Transformation During the Digital Era." Harvard Business School Case 420-080, April 2020. (Revised August 2020.)
      • 2020
      • Working Paper

      Costly External Financing and Monetary Policy Transmission: Evidence from a Natural Experiment

      By: Emily Williams
      I provide new evidence that large and small banks have different external financing costs, which generates cross sectional variation in a deposits market pricing power channel of monetary policy transmission. I do so by exploiting a natural experiment using anti-trust...  View Details
      Keywords: External Financing; Monetary Policy Transmission; Experiment; Banks and Banking; Financing and Loans; Interest Rates
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      Williams, Emily. "Costly External Financing and Monetary Policy Transmission: Evidence from a Natural Experiment." Working Paper, April 2020.
      • 2020
      • Working Paper

      Sticky Capital Controls

      By: Miguel Acosta-Henao, Laura Alfaro and Andres Fernandez
      There is much ongoing debate on the merits of capital controls as effective policy instruments. The differing perspectives are due in part to a lack of empirical studies that look at the intensive margin of controls, which in turn has prevented a quantitative...  View Details
      Keywords: Capital Controls; Macroprudential Policies; Stickiness; Intensive; (S, S) Costs; Capital; Management; Macroeconomics
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      Acosta-Henao, Miguel, Laura Alfaro, and Andres Fernandez. "Sticky Capital Controls." NBER Working Paper Series, No. 26997, April 2020.
      • March 2020
      • Article

      Do Fire Sales Create Externalities?

      By: Sergey Chernenko and Adi Sunderam
      We develop three novel measures of how much of the price impact of their trading different mutual funds internalize. We show that mutual funds that internalize more of their price impact hold larger cash buffers and use these buffers more aggressively to accommodate...  View Details
      Keywords: Fire Sales; Externalities; Investment Funds; Price; Financial Liquidity; Management
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      Chernenko, Sergey, and Adi Sunderam. "Do Fire Sales Create Externalities?" Journal of Financial Economics 135, no. 3 (March 2020): 602–628.
      • 2019
      • Working Paper

      The Great Convergence: Skill Accumulation and Mass Education in Africa and Asia, 1870-2010

      By: Ewout Frankema and Marlous van Waijenburg
      While human capital has gained prominence in new vintages of growth theory, economists have struggled to find the positive externalities of mass education in developing economies. We shed new light on the economic significance of the global 'schooling revolution' by...  View Details
      Keywords: Mass Education; Skill Premium; History; Human Capital; Education; Competency and Skills; Labor; Cost; Africa; Asia
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      Frankema, Ewout, and Marlous van Waijenburg. "The Great Convergence: Skill Accumulation and Mass Education in Africa and Asia, 1870-2010." Centre for Economic Policy Research (CEPR) Discussion Paper, No. 14150, November 2019.
      • 2019
      • Working Paper

      The Economic Effects of Private Equity Buyouts

      By: Steven J. Davis, John Haltiwanger, Kyle Handley, Ben Lipsius, Josh Lerner and Javier Miranda
      We examine thousands of U.S. private equity (PE) buyouts from 1980 to 2013, a period that saw huge swings in credit market tightness and GDP growth. Our results show striking, systematic differences in the real-side effects of PE buyouts, depending on buyout type and...  View Details
      Keywords: Private Equity Buyouts; Impact; Private Equity; Economics; Employment; Performance Productivity; Wages
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      Davis, Steven J., John Haltiwanger, Kyle Handley, Ben Lipsius, Josh Lerner, and Javier Miranda. "The Economic Effects of Private Equity Buyouts." Harvard Business School Working Paper, No. 20-046, October 2019.
      • September 2019
      • Article

      Bankruptcy Spillovers

      By: Shai Bernstein, Emanuele Colonnelli, Xavier Giroud and Benjamin Iverson
      How do different bankruptcy approaches affect the local economy? Using U.S. Census microdata, we explore the spillover effects of reorganization and liquidation on geographically proximate firms. We exploit the random assignment of bankruptcy judges as a source of...  View Details
      Keywords: Agglomeration; Insolvency and Bankruptcy; Economy; Governing Rules, Regulations, and Reforms
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      Bernstein, Shai, Emanuele Colonnelli, Xavier Giroud, and Benjamin Iverson. "Bankruptcy Spillovers." Special Issue on Labor and Finance. Journal of Financial Economics 133, no. 3 (September 2019): 608–633.
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