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Publications

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    • All HBS Web  (677)
      • Faculty Publications  (130)

      Optimal Capital Taxation Remove Optimal Capital Taxation →

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      • 2022
      • Chapter

      Prioritarianism and Optimal Taxation

      By: Matti Tuomala and Matthew Weinzierl
      Prioritarianism has been at the center of the formal approach to optimal tax theory since its modern starting point in Mirrlees (1971), but most theorists’ use of it is motivated by tractability rather than explicit normative reasoning. We characterize analytically and...  View Details
      Keywords: Prioritarianism; Optimal Taxation; Utilitarianism; Redistribution; Inverse-optimum; Taxation; Theory; Policy
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      Tuomala, Matti, and Matthew Weinzierl. "Prioritarianism and Optimal Taxation." In Prioritarianism in Practice, edited by Matthew Adler and Ole Norheim. Cambridge University Press, 2022. (Also published in HBR Insights, December 2020.)
      • 2021
      • Chapter

      Building Small Business Utopia: How Artificial Intelligence and Big Data Can Increase Small Business Success

      By: Karen G. Mills and Annie Dang
      Small business lending has remained unchanged for decades, laden with frictions and barriers that prevent many small businesses from accessing the capital they need to succeed. Financial technology, or “fintech,” promises to change this trajectory. In 2010, new fintech...  View Details
      Keywords: Big Data; Fintech; Artificial Intelligence; Small Business; Financing and Loans; Capital; Success; AI and Machine Learning; Analytics and Data Science
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      Mills, Karen G., and Annie Dang. "Building Small Business Utopia: How Artificial Intelligence and Big Data Can Increase Small Business Success." In Big Data in Small Business, edited by Carsten Lund Pedersen, Adam Lindgreen, Thomas Ritter, and Torsten Ringberg. Edward Elgar Publishing, 2021.
      • 2021
      • Working Paper

      Investment Committee Voting and the Financing of Innovation

      By: Andrey Malenko, Ramana Nanda, Matthew Rhodes-Kropf and Savitar Sundaresan
      We provide novel evidence on voting practices used by the investment committees of prominent venture capital investors in the U.S. A substantial share of these VCs use a voting rule for seed and early stage investments where a single `champion' is sufficient for the...  View Details
      Keywords: Optimal Voting Rules; Innovation and Invention; Venture Capital; Investment; Decision Making; Voting
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      Malenko, Andrey, Ramana Nanda, Matthew Rhodes-Kropf, and Savitar Sundaresan. "Investment Committee Voting and the Financing of Innovation." Harvard Business School Working Paper, No. 21-131, June 2021.
      • 2021
      • Article

      Designing, Not Checking, for Policy Robustness: An Example with Optimal Taxation

      By: Benjamin B. Lockwood, Afras Sial and Matthew C. Weinzierl
      Economists typically check the robustness of their results by comparing them across plausible ranges of parameter values and model structures. A preferable approach to robustness—for the purposes of policymaking and evaluation—is to design policy that takes these...  View Details
      Keywords: Optimal Taxation; Income Tax; Social Welfare; Elasticity; Income; Taxation; Policy
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      Lockwood, Benjamin B., Afras Sial, and Matthew C. Weinzierl. "Designing, Not Checking, for Policy Robustness: An Example with Optimal Taxation." Tax Policy and the Economy 35 (2021).
      • March 2021 (Revised June 2021)
      • Case

      Scale and Scope at Drake Real Estate Partners

      By: Christina R. Wing and David Lane
      Realizing in early 2021 that their pending real estate investment fund would likely be oversubscribed, Drake Real Estate Partners co-founders Nicolás Ibáñez and David Cotterman were considering how best to continue to diversify their investor base and how to optimize...  View Details
      Keywords: Business Growth and Maturation; Family Business; Investment; Ownership; Value Creation; Financial Services Industry; Real Estate Industry; United States; Latin America; Chile
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      Wing, Christina R., and David Lane. "Scale and Scope at Drake Real Estate Partners." Harvard Business School Case 621-065, March 2021. (Revised June 2021.)
      • 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

      No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions

      By: Robert C. Merton and Richard T. Thakor
      This paper analyzes the costs and benefits of a no-fault-default debt structure as an alternative to the typical bankruptcy process. We show that the deadweight costs of bankruptcy can be avoided or substantially reduced through no-fault-default debt, which permits a...  View Details
      Keywords: No-fault Default; Chapter 11; Insolvency and Bankruptcy; Borrowing and Debt; Governing Rules, Regulations, and Reforms; Financial Institutions; Contracts
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      Merton, Robert C., and Richard T. Thakor. "No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions." NBER Working Paper Series, No. 28341, January 2021.
      • 2020
      • Working Paper

      Prioritarianism and Optimal Taxation

      By: Matti Tuomala and Matthew C. Weinzierl
      Prioritarianism has been at the center of the formal approach to optimal tax theory since its modern starting point in Mirrlees (1971), but most theorists’ use of it is motivated by tractability rather than explicit normative reasoning. We characterize analytically and...  View Details
      Keywords: Prioritarianism; Optimal Taxation; Utilitarianism; Redistribution; Inverse-optimum; Taxation; Theory
      Citation
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      Tuomala, Matti, and Matthew C. Weinzierl. "Prioritarianism and Optimal Taxation." Harvard Business School Working Paper, December 2020.
      • December 2020
      • Article

      Stock Market Returns and Consumption

      By: Marco Di Maggio, Amir Kermani and Kaveh Majlesi
      This paper employs Swedish data containing security level information on households' stock holdings to investigate how consumption responds to changes in stock market returns. We exploit households’ portfolio weights in previous years as an instrument for actual...  View Details
      Keywords: Capital Gain; Dividend Income; Consumption; Near-rational Behavior; Investment Return; Household; Spending; Behavior
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      Di Maggio, Marco, Amir Kermani, and Kaveh Majlesi. "Stock Market Returns and Consumption." Journal of Finance 75, no. 6 (December 2020): 3175–3219. (DFA Distinguished Paper Prize.)
      • 2020
      • Working Paper

      Determinants of Early-Stage Startup Performance: Survey Results

      By: Thomas R. Eisenmann
      To explore determinants of new venture performance, the CEOs of 470 early-stage startups were surveyed regarding a broad range of factors related to their venture’s customer value proposition, product management, marketing, technology and operations, financial...  View Details
      Keywords: Startups; Survey Research; Performance Analysis; Entrepreneurship; Performance; Analysis; Business Startups; Failure; Surveys
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      Eisenmann, Thomas R. "Determinants of Early-Stage Startup Performance: Survey Results." Harvard Business School Working Paper, No. 21-057, October 2020.
      • 2020
      • Working Paper

      Designing, Not Checking, for Policy Robustness: An Example with Optimal Taxation

      By: Benjami Lockwood, Afras Y. Sial and Matthew C. Weinzierl
      Economists typically check the robustness of their results by comparing them across plausible ranges of parameter values and model structures. A preferable approach to robustness—for the purposes of policymaking and evaluation—is to design policy that takes these...  View Details
      Keywords: Optimal Taxation; Robust Optimization; Taxation; Income; Policy; Design
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      Lockwood, Benjami, Afras Y. Sial, and Matthew C. Weinzierl. "Designing, Not Checking, for Policy Robustness: An Example with Optimal Taxation." NBER Working Paper Series, No. 28098, November 2020.
      • 2020
      • Working Paper

      Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers

      By: Ufuk Akcigit, Sina T. Ates, Josh Lerner, Richard Townsend and Yulia Zhestkova
      The treatment of foreign investors has been a contentious topic in U.S. entrepreneurship policy in recent years. This paper examines foreign corporate investments in Silicon Valley from a theoretical and empirical perspective. We model a setting where such funding may...  View Details
      Keywords: Innovation; Corporate Venture Capital; Knowledge Spillovers; Innovation and Invention; Foreign Direct Investment; Venture Capital; Entrepreneurship; Policy; United States
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      Akcigit, Ufuk, Sina T. Ates, Josh Lerner, Richard Townsend, and Yulia Zhestkova. "Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers." Harvard Business School Working Paper, No. 21-043, September 2020.
      • 2022
      • Working Paper

      Optimal Illiquidity

      By: John Beshears, James J. Choi, Christopher Clayton, Christopher Harris, David Laibson and Brigitte C. Madrian
      We calculate the socially optimal level of illiquidity in an economy populated by households with taste shocks and naive present bias. The government chooses mandatory contributions to accounts, each witha different pre-retirement withdrawal penalty. Collected...  View Details
      Keywords: Illiquidity; Commitment; Flexibility; Savings; Social Security; Retirement; Government Legislation; Taxation; Saving
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      Beshears, John, James J. Choi, Christopher Clayton, Christopher Harris, David Laibson, and Brigitte C. Madrian. "Optimal Illiquidity." Working Paper, July 2022.
      • June 2020
      • Article

      Understanding Different Approaches to Benefit-Based Taxation

      By: Robert Scherf and Matthew C. Weinzierl
      The normative principle of benefit-based taxation has exerted substantial influence on many areas of public finance, but it has been largely set aside in the modern theoretical approach to optimal income taxation, where welfarist objectives dominate. A prerequisite for...  View Details
      Keywords: Benefit-based Taxation; Public Goods; Lindahl; Optimal Taxation; Taxation
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      Scherf, Robert, and Matthew C. Weinzierl. "Understanding Different Approaches to Benefit-Based Taxation." Fiscal Studies: The Journal of Applied Public Economics 41, no. 2 (June 2020): 385–410. (Also Harvard Business School Working Paper, No. 19-070, August 2019. (Revised January 2019), and NBER Working Paper Series, No. 26276, September 2019.)
      • 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.
      • February 2020 (Revised August 2021)
      • Case

      Australia: Commodities, Competitiveness, Climate and China

      By: Richard H.K. Vietor and Laura Alfaro
      For the past few decades, Australia has dealt with the benefits and costs of repeated mining booms—inflation, a housing bubble, a current account deficit, and growing dependence on China. Between 1996 and 2007, however, Australia had most of these issues under control...  View Details
      Keywords: Commodities; Competitiveness; Carbon Tax; Environment; Capital Flows; Current Account; Mining; Economy; Problems and Challenges; Climate Change; Taxation; Competition; Financial Condition; Government and Politics; Inflation and Deflation; Environmental Sustainability; Australia
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      Vietor, Richard H.K., and Laura Alfaro. "Australia: Commodities, Competitiveness, Climate and China." Harvard Business School Case 720-028, February 2020. (Revised August 2021.)
      • 2019
      • Working Paper

      Thinking Outside the Box (12): The Benefits of Increased Transparency in Employer-Sponsored Health Insurance for the 180 Million Insured

      By: Regina E. Herzlinger and Barak D. Richman
      Economists have long noted that the tax exclusion of employer-sponsored insurance (ESI) caused workers to purchase health plans that differ in price and other characteristics from those they would otherwise choose for themselves. We explore the short-term and long-term...  View Details
      Keywords: After-tax Income; Consumer-driven Health Care; Health Care Costs; Health Insurance; Income Inequality; Tax Policy; Health Care and Treatment; Cost; Insurance; Income; Equality and Inequality; Taxation; Policy; United States
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      Herzlinger, Regina E., and Barak D. Richman. "Thinking Outside the Box (12): The Benefits of Increased Transparency in Employer-Sponsored Health Insurance for the 180 Million Insured." Duke Law School Public Law & Legal Theory Series, No. 2020-4, December 2019.
      • October 2019 (Revised August 2020)
      • Case

      The Predictive Index

      By: Lynda M. Applegate and James Weber
      Mike Zani and Daniel Muzquiz needed to decide next steps to create a new category in the human resources consulting industry and scale their company.
      Zani and Muzquiz, serial entrepreneurs, acquired Predictive Index in 2014. Previously, as clients of the...  View Details
      Keywords: Human Resources; Selection and Staffing; Talent and Talent Management; Recruitment; Corporate Entrepreneurship; Venture Capital; Change Management; Disruptive Innovation; Digital Platforms; Growth and Development Strategy; Consulting Industry; Service Industry; United States
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      Applegate, Lynda M., and James Weber. "The Predictive Index." Harvard Business School Case 820-034, October 2019. (Revised August 2020.)
      • July 2019
      • Article

      Optimal Capital Structure and Bankruptcy Choice: Dynamic Bargaining vs Liquidation

      By: Samuel Antill and Steven R. Grenadier
      We model a firm’s optimal capital structure decision in a framework in which it may later choose to enter either Chapter 11 reorganization or Chapter 7 liquidation. Creditors anticipate equityholders’ ex-post reorganization incentives and price them into the ex-ante...  View Details
      Keywords: Default; Dynamic Bargaining; Capital Structure; Insolvency and Bankruptcy; Mathematical Methods
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      Antill, Samuel, and Steven R. Grenadier. "Optimal Capital Structure and Bankruptcy Choice: Dynamic Bargaining vs Liquidation." Journal of Financial Economics 133, no. 1 (July 2019): 198–224.
      • March 2019
      • Supplement

      KITEA (F): Expanding in Africa

      By: Ramon Casadesus-Masanell and Gamze Yucaoglu
      he case opens in 2018 after KITEA has recorded two years of double-digit sales growth following IKEA’s entry into the Moroccan market. It then traces the factors that contributed to KITEA’s success and that led Tana Africa Capital Limited to acquire a minority stake in...  View Details
      Keywords: Retail; KITEA; IKEA; Furniture; Furniture Industry; Entry Strategy; Responding To Entry; Localization; Competitive Interaction; Private Sector; For-Profit Firms; Business Strategy; Strategic Planning; Competitive Strategy; Competitive Advantage; Adaptation; Corporate Strategy; Success; Expansion; Strategy; Retail Industry; Africa; North Africa; Morocco
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      Casadesus-Masanell, Ramon, and Gamze Yucaoglu. "KITEA (F): Expanding in Africa." Harvard Business School Supplement 719-423, March 2019.
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