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Publications

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  • All HBS Web  (37)
    • Faculty Publications  (8)

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    • All HBS Web  (37)
      • Faculty Publications  (8)

      Markups Remove Markups →

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      • 2022
      • Working Paper

      Markups to Financial Intermediation in Foreign Exchange Markets

      By: Jonathan Wallen
      On average from 2013 to 2020, foreign asset managers in net sold forward 1.1 trillion U.S. dollars. This forward sale of dollars hedges the currency mismatch of foreign investment in U.S. dollar assets. By accommodating this demand, U.S. and European banks earn an...  View Details
      Keywords: Foreign Exchange; Financial Intermediation; Arbitrage; Market Power; Regulations; Currency; Assets; Interest Rates; Banking Industry
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      Wallen, Jonathan. "Markups to Financial Intermediation in Foreign Exchange Markets." Working Paper, March 2022.
      • 2022
      • Working Paper

      Rising Markups and the Role of Consumer Preferences

      By: Hendrik Döpper, Alexander MacKay, Nathan H. Miller and Joel Stiebale
      We characterize the evolution of markups for consumer products in the United States from 2006 to 2019. We use detailed data on prices and quantities for products in more than 100 distinct product categories to estimate demand systems with flexible consumer preferences....  View Details
      Keywords: Market Power; Markups; Demand Estimation; Consumer Products; Retailers; Product; Price; Demand and Consumers; Consumer Behavior
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      Döpper, Hendrik, Alexander MacKay, Nathan H. Miller, and Joel Stiebale. "Rising Markups and the Role of Consumer Preferences." Harvard Business School Working Paper, No. 22-025, October 2021. (Revised October 2022. Direct download.)
      • 2022
      • Working Paper

      Customer Churn and Intangible Capital

      By: Scott R. Baker, Brian Baugh and Marco Sammon
      Intangible capital is a crucial and growing piece of firms’ capital structure and helps to explain long run trends in concentration and markups. We develop new firm level metrics regarding a key component of intangible capital—customer churn—using a class of household...  View Details
      Keywords: Customer Base; Transaction Data; Customer Churn; Intangible Capital; Capital; Capital Structure; Customers; Corporate Finance
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      Baker, Scott R., Brian Baugh, and Marco Sammon. "Customer Churn and Intangible Capital." Working Paper, October 2022.
      • 2021
      • Working Paper

      Deregulation, Market Power, and Prices: Evidence from the Electricity Sector

      By: Alexander MacKay and Ignacia Mercadal
      When deciding whether to introduce market competition in a regulated industry, a regulator faces an important tradeoff. Market-based prices can provide incentives to allocate resources more efficiently and reduce costs, but the presence of market power may lead to...  View Details
      Keywords: Deregulation; Market Power; Markups; Prices; Electricity; Energy; Markets; Governing Rules, Regulations, and Reforms; Price; Utilities Industry
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      MacKay, Alexander, and Ignacia Mercadal. "Deregulation, Market Power, and Prices: Evidence from the Electricity Sector." Harvard Business School Working Paper, No. 21-095, February 2021. (Revised December 2022. Direct download.)
      • 2021
      • Working Paper

      Competitive Two-Part Tariffs

      By: Jorge Tamayo and Guofu Tan
      We study competitive two-part tariffs in a model of asymmetric duopoly firms that offer (vertically and horizontally) differentiated products. We show that the sign of the markup for each product depends on the average expected demand among all customers as well as the...  View Details
      Keywords: Product Differentiation; Two-part Tariffs; Marginal-cost Pricing; Cross-subsidization; Competition; Price
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      Tamayo, Jorge, and Guofu Tan. "Competitive Two-Part Tariffs." Harvard Business School Working Paper, No. 21-089, March 2021. (R&R American Economic Journal: Microeconomics.)
      • Article

      The Value of Trading Relations in Turbulent Times

      By: Marco Di Maggio, Amir Kermani and Zhaogang Song
      This paper investigates how dealers’ trading relations shape their trading behavior in the corporate bond market. Dealers charge lower spreads to dealers with whom they have the strongest ties and more so during periods of market turmoil. Systemically important dealers...  View Details
      Keywords: OTC Markets; Network; Corporate Bonds; Crisis; Intermediation Chains; Leaning Against The Wind; Networks; Bonds; Behavior; Financial Crisis
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      Di Maggio, Marco, Amir Kermani, and Zhaogang Song. "The Value of Trading Relations in Turbulent Times." Journal of Financial Economics 124, no. 2 (May 2017): 266–284.
      • August 2001 (Revised February 2005)
      • Case

      Dakota Office Products

      By: Robert S. Kaplan
      The senior management team of Dakota, an office products distributor, is concerned about the company's first loss in history. Explores the role for activity based costing and customer profitability measurement in a distribution company. Dakota's customers are...  View Details
      Keywords: Activity Based Costing and Management; Order Taking and Fulfillment; Profit; Distribution; Customers; Distribution Industry
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      Kaplan, Robert S. "Dakota Office Products." Harvard Business School Case 102-021, August 2001. (Revised February 2005.)
      • Article

      Liquidity Constraints and the Cyclical Behavior of Markups

      By: David S. Scharfstein and Judith A. Chevalier
      Citation
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      Scharfstein, David S., and Judith A. Chevalier. "Liquidity Constraints and the Cyclical Behavior of Markups." American Economic Review: Papers and Proceedings 85, no. 2 (May 1995): 390–396.
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