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Publications

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    • All HBS Web  (898)
      • Faculty Publications  (27)

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      Do Household Wealth Shocks Affect Productivity? Evidence from Innovative Workers During the Great Recession
      Find and Replace: R&D Investment Following the Erosion of Existing Products
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      • February 2021
      • Article

      Do Household Wealth Shocks Affect Productivity? Evidence from Innovative Workers During the Great Recession

      By: S. Bernstein, T. McQuade and R. Townsend
      We investigate how the deterioration of household balance sheets affects worker productivity, and, in turn, economic downturns. Specifically, we compare the output of innovative workers who experienced differential declines in housing wealth during the financial crisis...  View Details
      Keywords: Great Recession; Household; Financial Condition; System shocks; Employees; Performance productivity
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      Bernstein, S., T. McQuade, and R. Townsend. "Do Household Wealth Shocks Affect Productivity? Evidence from Innovative Workers During the Great Recession." Journal of Finance 76, no. 1 (February 2021): 57–111.
      • January 2021
      • Article

      Turbulence, Firm Decentralization and Growth in Bad Times

      By: Philippe Aghion, Nicholas Bloom, Brian Lucking, Raffaella Sadun and John Van Reenen
      What is the optimal form of firm organization during “bad times”? We present a model of delegation within the firm to show that the effect is ambiguous. The greater turbulence following macro shocks may benefit decentralized firms because the value of local information...  View Details
      Keywords: Decentralization; Growth; Turbulence; Great Recession; Organizational Design; System shocks; Economic Growth; Performance
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      Aghion, Philippe, Nicholas Bloom, Brian Lucking, Raffaella Sadun, and John Van Reenen. "Turbulence, Firm Decentralization and Growth in Bad Times." American Economic Journal: Applied Economics 13, no. 1 (January 2021): 133–169.
      • 2020
      • Working Paper

      Vertical Integration of Healthcare Providers Increases Self-Referrals and Can Reduce Downstream Competition: The Case of Hospital-Owned Skilled Nursing Facilities

      By: David Cutler, Leemore S. Dafny, David Grabowski, Steven S. Lee and Christopher Ody
      The landscape of the U.S. healthcare industry is changing dramatically as healthcare providers expand both within and across markets. While federal antitrust agencies have mounted several challenges to same-market combinations, they have not challenged any...  View Details
      Keywords: Antitrust; Health Care And Treatment; Vertical Integration; Organizational Structure; Competition; Health Industry; United States
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      Cutler, David, Leemore S. Dafny, David Grabowski, Steven S. Lee, and Christopher Ody. "Vertical Integration of Healthcare Providers Increases Self-Referrals and Can Reduce Downstream Competition: The Case of Hospital-Owned Skilled Nursing Facilities." NBER Working Paper Series, No. 28305, December 2020.
      • Article

      Foreign Competition and Domestic Innovation: Evidence from U.S. Patents

      By: David Autor, David Dorn, Gordon H. Hanson, Gary P. Pisano and Pian Shu
      Manufacturing accounts for more than three-quarters of U.S. corporate patents. The competitive shock to this sector emanating from China's economic ascent could in theory either augment or stifle U.S. innovation. Using three decades of U.S. patents matched to corporate...  View Details
      Keywords: Patents; production; Trade; Competition; Innovation And Invention; United States
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      Autor, David, David Dorn, Gordon H. Hanson, Gary P. Pisano, and Pian Shu. "Foreign Competition and Domestic Innovation: Evidence from U.S. Patents." American Economic Review: Insights 2, no. 3 (September 2020): 357–374.
      • Summer 2020
      • Article

      Is It Time to Rethink Globalized Supply Chains?: The COVID-19 Pandemic Should Be a Wake-up Call for Managers and Prompt Them to Consider Actions That Will Improve Their Resilience to Future Shocks

      By: Willy C. Shih
      The COVID-19 pandemic has exposed the complex interdependencies of globalized supply chains. While these global multistage production networks had spread during a relatively benign environment of falling trade barriers and increasing interdependencies among countries,...  View Details
      Keywords: Supply Chains; Pandemic; Resilience; Supply Chain Management; Supply Chain; Global Range; Health Pandemics; Disruption; System shocks; Crisis Management; Manufacturing Industry; United States; Asia; Europe; China
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      Shih, Willy C. "Is It Time to Rethink Globalized Supply Chains? The COVID-19 Pandemic Should Be a Wake-up Call for Managers and Prompt Them to Consider Actions That Will Improve Their Resilience to Future Shocks." MIT Sloan Management Review 61, no. 4 (Summer 2020): 16–18.
      • Fall 2019
      • Article

      Endogenous Productivity of Demand-Induced R&D: Evidence from Pharmaceuticals

      By: Kyle Myers and Mark Pauly
      We examine trends in the productivity of the pharmaceutical sector over the past three decades. Motivated by Ricardo’s insight that productivity and rents are endogenous to demand when inputs are scarce, we examine the industry’s aggregate R&D production function....  View Details
      Keywords: Innovation; Productivity; Pharmaceuticals; Innovation And Invention; Performance productivity; Pharmaceutical Industry
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      Myers, Kyle, and Mark Pauly. "Endogenous Productivity of Demand-Induced R&D: Evidence from Pharmaceuticals." RAND Journal of Economics 50, no. 3 (Fall 2019): 591–614.
      • June 2019
      • Case

      The Shale Revolution: America's Energy Independence?

      By: Richard H.K. Vietor and Howaida Kamel
      The shale revolution has upended oil and gas markets for nearly a decade and has positioned the U.S. to become a net energy exporter by 2020. Technological improvements pushed productivity forward which has had positive overall positive affects for the U.S. economy....  View Details
      Keywords: Shale Oil; Shale Gas; Lng; Energy Policy; Drilling Technology; Energy; Trade; Economics; Macroeconomics; Policy; Energy Industry; Manufacturing Industry; United States; Middle East
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      Vietor, Richard H.K., and Howaida Kamel. "The Shale Revolution: America's Energy Independence?" Harvard Business School Case 719-076, June 2019.
      • 2019
      • Working Paper

      Government Technology Policy, Social Value, and National Competitiveness

      By: Frank Nagle
      This study seeks to better understand the impact that government technology procurement regulations have on social value and national competitiveness. To do this, it examines the impact of a change in France’s technology procurement policy that required government...  View Details
      Keywords: Social Value; Competitiveness; Government Administration; Technology; Acquisition; Policy; Value
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      Nagle, Frank. "Government Technology Policy, Social Value, and National Competitiveness." Harvard Business School Working Paper, No. 19-103, March 2019.
      • February 2019 (Revised March 2019)
      • Case

      Populism in Bolivia: From Goni's Neoliberal Shock to Evo's Oil Contract Renegotiations

      By: Vincent Pons, Rafael Di Tella and Annelena Lobb
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      Pons, Vincent, Rafael Di Tella, and Annelena Lobb. "Populism in Bolivia: From Goni's Neoliberal Shock to Evo's Oil Contract Renegotiations." Harvard Business School Case 719-001, February 2019. (Revised March 2019.)
      • 2020
      • Working Paper

      Find and Replace: R&D Investment Following the Erosion of Existing Products

      By: Joshua Krieger, Xuelin Li and Richard T. Thakor
      How do innovative firms react when existing products experience negative shocks? We explore this question with detailed project-level data from drug development firms. Using FDA Public Health Advisories as idiosyncratic negative shocks to approved drugs, we first...  View Details
      Keywords: R&d Investments; Drug Development; Product Shocks; System shocks; Research And Development; Investment; Behavior; Pharmaceutical Industry
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      Krieger, Joshua, Xuelin Li, and Richard T. Thakor. "Find and Replace: R&D Investment Following the Erosion of Existing Products." Harvard Business School Working Paper, No. 19-058, December 2018. (Revised May 2020.)
      • August 2018 (Revised August 2018)
      • Case

      The De Beers Group: Launching Lightbox Jewelry for Lab-Grown Diamonds

      By: Benjamin C. Esty
      In May 2018, the De Beers Group shocked the diamond industry when it announced it was launching a new fashion jewelry brand of laboratory-grown (synthetic) diamonds. The reaction was swift as people sought to understand the company’s motivations: was it a “huge gamble”...  View Details
      Keywords: Diamonds; Differentiation; New Business; Strategy Development; Strategy Execution; Scope; Adjacency; Core; Commoditization; New Product Launch; Mining; Retail; Corporate Strategy; Business Strategy; Disruption; Value Creation; product Launch; Segmentation; Expansion; Competitive Advantage; United States; United Kingdom
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      Esty, Benjamin C. "The De Beers Group: Launching Lightbox Jewelry for Lab-Grown Diamonds." Harvard Business School Case 719-408, August 2018. (Revised August 2018.)
      • April 2017
      • Article

      Private Equity and Industry Performance

      By: Shai Bernstein, Josh Lerner, Morten Sorensen and Per Stromberg
      The growth of the private equity industry has spurred concerns about its potential impact on the economy more generally. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have...  View Details
      Keywords: Private Equity; Markets; Entrepreneurship; Performance; Economy
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      Bernstein, Shai, Josh Lerner, Morten Sorensen, and Per Stromberg. "Private Equity and Industry Performance." Management Science 63, no. 4 (April 2017): 1198–1213.
      • 2016
      • Working Paper

      Foreign Competition and Domestic Innovation: Evidence from U.S. Patents

      By: David Autor, David Dorn, Gordon H. Hanson, Pian Shu and Gary Pisano
      Manufacturing is the locus of U.S. innovation, accounting for more than three quarters of U.S. corporate patents. The rise of import competition from China has represented a major competitive shock to the sector, which in theory could benefit or stifle innovation. In...  View Details
      Keywords: Patents; Competition; System shocks; Trade; Innovation And Invention; Manufacturing Industry; China; United States
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      Autor, David, David Dorn, Gordon H. Hanson, Pian Shu, and Gary Pisano. "Foreign Competition and Domestic Innovation: Evidence from U.S. Patents." NBER Working Paper Series, No. 22879, December 2016.
      • 2016
      • Chapter

      Networks and the Macroeconomy: An Empirical Exploration

      By: Daron Acemoglu, Ufuk Akcigit and William R. Kerr
      The propagation of macroeconomic shocks through input-output and geographic networks can be a powerful driver of macroeconomic fluctuations. We first exposit that in the presence of Cobb-Douglas production functions and consumer preferences, there is a specific pattern...  View Details
      Keywords: Economic Fluctuations; Geographic Collocation; Input-output Linkages; Networks; Propagation; shocks; Networks; Fluctuation; System shocks; Macroeconomics
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      Acemoglu, Daron, Ufuk Akcigit, and William R. Kerr. "Networks and the Macroeconomy: An Empirical Exploration." In NBER Macroeconomics Annual 2015, Vol. 30, edited by Martin Eichenbaum and Jonathan Parker, 273–335. Chicago, IL: University of Chicago Press, 2016.
      • August 2015
      • Article

      Poultry in Motion: A Study of International Trade Finance Practices

      By: Pol Antràs and C. Fritz Foley
      This paper analyzes the financing terms that support international trade and sheds light on how these terms shape the impact of economic shocks on trade. Analysis of transaction-level data from a U.S.-based exporter of frozen and refrigerated food products, primarily...  View Details
      Keywords: Risk And Uncertainty; International Finance; Financing And Loans; Trade
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      Antràs, Pol, and C. Fritz Foley. "Poultry in Motion: A Study of International Trade Finance Practices." Journal of Political Economy 123, no. 4 (August 2015): 853–901. (Revised May 2014. Online Appendix.)
      • 2015
      • Working Paper

      Networks and the Macroeconomy: An Empirical Exploration

      By: Daron Acemoglu, Ufuk Akcigit and William Kerr
      The propagation of macroeconomic shocks through input-output and geographic networks can be a powerful driver of macroeconomic fluctuations. We first exposit that in the presence of Cobb-Douglas production functions and consumer preferences there is a specific pattern...  View Details
      Keywords: Economic Fluctuations; Geographic Collocation; Input-output Linkages; Networks; Propagation; shocks; Networks; Fluctuation; System shocks; Macroeconomics
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      Acemoglu, Daron, Ufuk Akcigit, and William Kerr. "Networks and the Macroeconomy: An Empirical Exploration." Harvard Business School Working Paper, No. 16-006, July 2015.
      • 2013
      • Book

      Wall Street Research: Past, Present, and Future

      By: Boris Groysberg and Paul M. Healy
      Wall Street equity analysts provide research products and services on publicly-traded companies to institutional and retail investors to help them make more profitable investment decisions. During the last ten years Wall Street research has been battered by a series of...  View Details
      Keywords: Financial Analysts; Investment Banks; Conflicts Of Interest; Accounting; Financial Institutions; Financial Services Industry; United States
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      Groysberg, Boris, and Paul M. Healy. Wall Street Research: Past, Present, and Future. Palo Alto, CA: Stanford University Press, 2013.
      • 2013
      • Working Paper

      Managing Firms in an Emerging Economy: Evidence from the Time Use of Indian CEOs

      By: Raffaella Sadun
      The success or failure of a company is often ascribed to the behavior of its CEO. Yet little is known about what top managers actually do, whether this matters for firm performance, and why it differs across firms. We provide some answers by developing a new survey...  View Details
      Keywords: Management Style; Performance; Outcome Or Result; Management Teams; Manufacturing Industry; India
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      Sadun, Raffaella. "Managing Firms in an Emerging Economy: Evidence from the Time Use of Indian CEOs." Working Paper, 2013.
      • January 2012 (Revised June 2013)
      • Case

      Dow Chemical: Innovating for Sustainability

      By: Robert G. Eccles, George Serafeim and Shelley Xin Li
      Dow Chemical is one of the few major American industrial corporations that was founded in the late 19th century that is still in existence. From its origins producing bromine out of the brine underneath Midland, Michigan, the company has evolved from a diversified...  View Details
      Keywords: Innovation Strategy; Environmental Sustainability; Chemical Industry
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      Eccles, Robert G., George Serafeim, and Shelley Xin Li. "Dow Chemical: Innovating for Sustainability." Harvard Business School Case 112-064, January 2012. (Revised June 2013.)
      • 2009
      • Working Paper

      Private Equity and Industry Performance

      By: Josh Lerner
      The growth of the private equity industry has spurred concerns about its potential impact on the economy more generally. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have...  View Details
      Keywords: Private Equity; Investment; Common Law; Industry Growth; Performance productivity; Europe; United Kingdom; United States
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      Lerner, Josh. "Private Equity and Industry Performance." Harvard Business School Working Paper, No. 10-045, December 2009. (NBER Working Paper Series, No. 14861, April 2009.)
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      Do Household Wealth Shocks Affect Productivity? Evidence from Innovative Workers During the Great Recession
      Find and Replace: R&D Investment Following the Erosion of Existing Products
      → Search All HBS Web
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