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  • 2023
  • Working Paper

The Imperfect Intermediation of Money-Like Assets
By: Jonathan Wallen and Jeremy C. Stein
We study supply-and-demand effects in the U.S. Treasury bill market by comparing the returns on T-bills to the administered policy rate on the Federal Reserve’s reverse repurchase (RRP) facility. In spite of the arguably more money-like properties of an investment in...  View Details
Keywords: Debt Securities; Demand and Consumers; Price
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  • February 2022 (Revised April 2022)
  • Module Note

Market Imperfections and Strategy
By: Hong Luo
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  • 2021
  • Working Paper

Limits to Bank Deposit Market Power
By: Juliane Begenau and Erik Stafford
Claims about the market power of bank deposits in the banking literature are numerous and far reaching. Recently, a causal narrative has emerged in the banking literature: market power in bank deposits, measured as imperfect pass-through of short-term market rates on...  View Details
Keywords: Bank Deposits; Market Power; Net Interest Margin (NIM); Banks and Banking; Interest Rates; Risk and Uncertainty
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  • October 2021 (Revised April 2022)
  • Module Note

Market Imperfections and Strategy
By: Hong Luo
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  • March 2021
  • Article

Assortment Rotation and the Value of Concealment
By: Kris J. Ferreira and Joel Goh
Assortment rotation—the retailing practice of changing the assortment of products offered to customers—has recently been used as a competitive advantage for both brick-and-mortar and online retailers. We focus on product categories where consumers may purchase multiple...  View Details
Keywords: Assortment Optimization; Retailing; Imperfect Information; Sales; Strategy; Consumer Behavior
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  • 2021
  • Working Paper

Long-Run Returns to Impact Investing in Emerging Markets and Developing Economies
By: Shawn Cole, Martin Melecky, Florian Mölders and Tristan Reed
There is growing interest in impact investing, the idea of deploying capital to obtain both financial and social or environmental returns. Examination of every equity investment made by the International Finance Corporation, one of the largest and longest-operating...  View Details
Keywords: Impact Investing; Investment; Emerging Markets; Developing Countries and Economies; Investment Return
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  • 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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  • Article

Organizational Innovation in the Multinational Enterprise: Internalization Theory and Business History
By: Teresa da Silva Lopes, Mark Casson and Geoffrey Jones
This article engages in a methodological experiment by using historical evidence to challenge a common misperception about internalization theory. The theory has often been criticized for maintaining that it assumes a hierarchically organized MNE based on knowledge...  View Details
Keywords: Internalization; Multinational Strategy; Business History; Organization And Management Theory; Globalization; Entrepreneurship; Governance; History; Organizations; Theory; Africa; Asia; Europe; Latin America; North and Central America
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  • 2019
  • Working Paper

Reflexivity in Credit Markets
By: Robin Greenwood, Samuel G. Hanson and Lawrence J. Jin
Reflexivity is the idea that investors' biased beliefs affect market outcomes, and that market outcomes in turn affect investors' beliefs. We develop a behavioral model of the credit cycle featuring such a two-way feedback loop. In our model, investors form beliefs...  View Details
Keywords: Reflexivity; Attitudes; Financial Markets; Forecasting and Prediction; Investment; Credit
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  • 2023
  • Working Paper

Estimating Models of Supply and Demand: Instruments and Covariance Restrictions
By: Alexander MacKay and Nathan H. Miller
We consider the identification of empirical models of supply and demand with imperfect competition. We show that a covariance restriction on unobserved demand and cost shocks resolves endogeneity and identifies the price parameter. We demonstrate how to employ...  View Details
Keywords: Demand Estimation; Identification; Endogeneity Bias; Covariance Restrictions; Ordinary Least Squares; Instrumental Variables; Price; Demand and Consumers; Competition
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  • Article

Integrated Strategy: Residual Market and Exchange Imperfections as the Foundation of Sustainable Competitive Advantage
By: Felix Oberholzer-Gee and Dennis Yao
Market imperfections are central to understanding the mechanisms that permit firms to capture value. Many of these imperfections are competed away when firms struggle to attain and defend competitive advantages, making markets more efficient in the process. The...  View Details
Keywords: Integrated Strategy; Nonmarket Strategy; Market Imperfections; Strategy; Competitive Advantage; Governing Rules, Regulations, and Reforms
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  • 2013
  • Chapter

Market Imperfections and Sustainable Competitive Advantage
By: Felix Oberholzer-Gee and Dennis Yao
This chapter reviews the main theories in strategic management that seek to explain persistent differences in profitability across companies. We argue that these differences are ultimately explained by market imperfections. Studying differences in financial performance...  View Details
Keywords: Strategic Management; Market Imperfections; Five Forces Framework; Competitive Advantage; Profit
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  • August 2009
  • Article

Multinational Firms, FDI Flows and Imperfect Capital Markets
By: Pol Antras, Mihir Desai and C. Fritz Foley
Keywords: Business Ventures; Capital; Markets
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  • 2009
  • Chapter

Self-regulatory Institutions for Solving Environmental Problems: Perspectives and Contributions from the Management Literature
By: Andrew A. King and Michael W. Toffel
Scholars of management have long considered how institutions can help resolve market imperfections and thereby improve human welfare. Most previous research has emphasized the use of for-profit firms. Such institutions cannot effectively address many environmental...  View Details
Keywords: For-Profit Firms; Investment; Governing Rules, Regulations, and Reforms; Corporate Social Responsibility and Impact; Environmental Sustainability; Competitive Advantage
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  • January 2009
  • Article

Multinationals as Arbitrageurs? The Effect of Stock Market Valuations on Foreign Direct Investment
By: Malcolm Baker, C. Fritz Foley and Jeffrey Wurgler
Empirical evidence of imperfect integration across world capital markets suggests a role for cross-border arbitrage by multinationals. Consistent with multinational arbitrage as a determinant of foreign direct investment (FDI) patterns, we find that FDI flows increase...  View Details
Keywords: Multinational Firms and Management; Financial Markets; Foreign Direct Investment; Valuation; Capital Markets; Cross-Cultural and Cross-Border Issues; Cost; Forecasting and Prediction; Capital; Stocks; Integration
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  • fall 2008
  • Article

The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market
By: Kenneth A. Froot
In this paper, I provide evidence concerning the imperfections in the reinsurance market. I try to get at some of the root causes of these imperfections, e.g., the behavior of ratings firms and the agency problems associated with the corporate form of ownership. I also...  View Details
Keywords: Catastrophe Risk; Corporate Finance; Banking And Insurance; Hedging; Banking; Financial Markets; Insurance; Policy; Risk Management; Natural Disasters; Cost of Capital; Asset Pricing; Insurance Industry
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  • 2007
  • Working Paper

Multinational Firms, FDI Flows and Imperfect Capital Markets
By: Pol Antras, Mihir A. Desai and C. Fritz Foley
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  • 1998
  • Chapter

Capital Formation and Investment in Venture Markets: An Assessment of Market Imperfections
By: P. Gompers
Keywords: Capital Markets; Venture Capital; Investment
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  • September 1996
  • Article

Capital Market Imperfections and Countercyclical Markups: Theory and Evidence
By: Judith A. Chevalier and David S. Scharfstein
Keywords: Capital; Markets; Theory
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  • 1995
  • Book

The Global Financial System: A Functional Perspective
By: D. B. Crane, K. A. Froot, Scott P. Mason, André Perold, R. C. Merton, Z. Bodie, E. R. Sirri and P. Tufano
Keywords: Corporate Finance; Imperfect Markets; Behavioral Finance; Asset Pricing
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