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  • 2022
  • Working Paper

What Triggers National Stock Market Jumps?
By: Scott Baker, Nicholas Bloom, Steve Davis and Marco Sammon
We examine newspapers the day after major stock-market jumps to evaluate the proximate cause, geographic source, and clarity of these events from 1900 in the US, 1930 in the UK and 1980 in 12 other countries. We find four main results. First, the United States plays an...  View Details
Keywords: Uncertainty; Policy Uncertainty; Stock Market; Financial Markets; Volatility; Risk and Uncertainty; Policy
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  • 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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  • 2020
  • Working Paper

(Co-) Working in Close Proximity: Knowledge Spillovers and Social Interactions
By: Maria P. Roche, Alexander Oettl and Christian Catalini
We examine the influence of physical proximity on between-firm knowledge spillovers at one of the largest technology co-working hubs in the United States. Relying on the random assignment of office space to the hub's 251 startups, we find that proximity positively...  View Details
Keywords: Startups; Knowledge Integration; Co-working Hub; Micro-geography; Business Startups; Knowledge Sharing; Technology Adoption; Geographic Location; Interpersonal Communication; Performance
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  • 2021
  • Working Paper

International Evidence on the Effects of a Local Presence by U.S. Credit Rating Agencies
By: Liran Eliner, Michael Machokoto and Anywhere Sikochi
Major U.S. credit rating agencies are criticized for failing to understand developments in other economies and thereby impeding capital access by assigning lower ratings. Consistent with this, we find that Moody's and S&P credit ratings are more favorable after the...  View Details
Keywords: Credit Rating Agencies; Credit Ratings; Rating Adjustments; Rating Disagreement; Geographic Proximity; Soft Information; Credit; Geographic Location; Local Range
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  • 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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  • Article

Extending the Role of Headquarters Beyond the Firm Boundary: Entrepreneurial Alliance Innovation
By: Jaeho Kim and Andy Wu
Prior research on corporate headquarters (CHQ) characteristics identifies the impact of CHQ location and composition on the innovation outcomes of internal subsidiaries. However, given that external strategic alliances with high-tech entrepreneurial firms represent a...  View Details
Keywords: Alliance; Innovation; Corporate Headquarters; Geographic Proximity; Entrepreneurship; Corporate Strategy; Alliances; Joint Ventures; Innovation and Invention; Business Headquarters; Geographic Location
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  • 2018
  • Working Paper

It is Easy to be Brave From a Safe Distance: Proximity to the SEC and Insider Trading
By: Trung Nguyen and Quoc H. Nguyen
We use hand-collected data from SEC’s litigation releases for insider trading violations to examine the effect of geographic distance on its enforcement activities and insider trading activities. First, we find that the SEC is more likely to investigate companies that...  View Details
Keywords: SEC; Enforcement; Financial Misconduct; Insider Trading; Geographic Proximity; Governance Compliance; Law Enforcement; Geographic Location; Finance; Crime and Corruption
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  • Article

A Field Experiment on Search Costs and the Formation of Scientific Collaborations
By: Kevin Boudreau, Tom Brady, Ina Ganguli, Patrick Gaule, Eva C. Guinan, Anthony Hollenberg and Karim R. Lakhani
We present the results of a field experiment conducted at Harvard Medical School to understand the extent to which search costs affect matching among scientific collaborators. We generated exogenous variation in search costs for pairs of potential collaborators by...  View Details
Keywords: Search Costs; Cost; Marketplace Matching; Groups and Teams; Science; Collaborative Innovation and Invention
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  • June 2016
  • Article

Vaccination Rates Are Associated with Functional Proximity but Not Base Proximity of Vaccination Clinics
By: John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian and Gwendolyn I. Reynolds
Background: Routine annual influenza vaccinations are recommended for persons 6 months of age and older, but less than half of U.S. adults get vaccinated. Many employers offer employees free influenza vaccinations at workplace clinics, but even then take-up is...  View Details
Keywords: Geographic Location; Employees; Health Care and Treatment
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  • December 2014
  • Article

Location Strategies for Agglomeration Economies
By: Juan Alcacer and Wilbur Chung
Geographically concentrated industry activity creates pools of skilled labor and specialized suppliers, and increases opportunities for knowledge spillovers. The strategic value of these agglomeration economies may vary by firm, depending upon the relative value of...  View Details
Keywords: Location Strategies; Location Choices; Agglomeration Economies; Strategy; Value Creation; Geographic Location; Industry Clusters; Microeconomics; Manufacturing Industry; United States
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  • September 2014 (Revised September 2015)
  • Case

Doing Business in Morocco
By: Jill Avery, Tonia Junker and Daniela Beyersdorfer
This case examines the challenges and opportunities of doing business in Morocco. It highlights Morocco's ongoing economic transformation in the decades leading up to 2014 in the context of its historical, political, and cultural background. The case summarizes some of...  View Details
Keywords: Emerging Market; Emerging Economies; Africa; Global Strategy; Operations Management; Development Economics; Geographic Scope; Globalization; Business History; Emerging Markets; Market Entry and Exit; Operations; Strategy; Auto Industry; Africa; Morocco
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  • 2014
  • Working Paper

The Organizational and Geographic Drivers of Absorptive Capacity: An Empirical Analysis of Pharmaceutical R&D Laboratories
By: Francesca Lazzeri and Gary P. Pisano
Scholars and practitioners alike now recognize that a firm's capacity to assimilate and use know-how from external sources—what Cohen and Levinthal (1990) called "absorptive capacity"—plays a central role in innovation performance. In recent years, a common strategy...  View Details
Keywords: Geographic Location; Industry Clusters; Knowledge Acquisition; Pharmaceutical Industry; San Francisco; San Diego; Massachusetts
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  • December 2009
  • Article

Intra-Industry Foreign Direct Investment
By: Laura Alfaro and Andrew Charlton
We use a new firm-level dataset that establishes the location, ownership, and activity of 650,000 multinational subsidiaries. Using a combination of four-digit-level information and input-output tables, we find the share of vertical FDI (subsidiaries that provide...  View Details
Keywords: Business Subsidiaries; Competency and Skills; Foreign Direct Investment; Geographic Location; Multinational Firms and Management; Industry Structures; Production
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  • 2007
  • Working Paper

Intra-Industry Foreign Direct Investment
By: Laura Alfaro and Andrew Charlton
We use a new firm level data set that establishes the location, ownership, and activity of 650,000 multinational subsidiaries -- close to a comprehensive picture of global multinational activity. A number of patterns emerge from the data. Most foreign direct investment...  View Details
Keywords: Multinational Firms and Management; Business Subsidiaries; Foreign Direct Investment; Geographic Location; Supply and Industry; Vertical Integration
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  • 2007
  • Working Paper

What Causes Industry Agglomeration? Evidence from Coagglomeration Patterns
By: Glenn Ellison, Edward Glaeser and William R. Kerr
Many industries are geographically concentrated. Many mechanisms that could account for such agglomeration have been proposed. We note that these theories make different predictions about which pairs of industries should be coagglomerated. We discuss the measurement of...  View Details
Keywords: Geographic Location; Labor; Industry Clusters; Transportation; Manufacturing Industry; United States
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  • July 2004 (Revised May 2008)
  • Case

Beacon Lakes
By: Arthur I Segel, Robert Barlick Jr and Jose Gonzalez
In September 2001, Armando Codina, the CEO and chairman of Codina Group, is facing the decision of whether to go ahead as planned with its $220 million Beacon Lakes project, a 6.6-million-square-foot warehouse and office park in Miami's Airport West submarket. Although...  View Details
Keywords: Decision Making; Urban Scope; Business and Government Relations; Natural Environment; Expansion; Environmental Sustainability; Real Estate Industry; Everglades National Park; Miami
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  • 2018
  • Chapter

Are Licensing Markets Local? An Analysis of the Geography of Vertical Licensing Agreements in Bio-Pharmaceuticals
By: Juan Alcacer, John Cantwell and Michelle Gittelman
As the value chain of the pharmaceutical industry disaggregates, upstream discovery is increasingly carried out by small research-specialized firms while downstream development, testing and marketing is conducted by global pharmaceutical firms. Licensing plays an...  View Details
Keywords: Geographic Location; Local Range; Rights; Research and Development; Biotechnology Industry; Pharmaceutical Industry
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  • Research Summary

International Competitiveness in High Technology and Science Based Sectors
By: Gary P. Pisano

This research project examines shifts in competitive capabilities of companies and countries in high technology and science based businesses.  It is particularly concerned with the potential loss of such capabilities in various industrial sectors in the...  View Details

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