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Publications

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    • All HBS Web  (263)
      • Faculty Publications  (81)

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      • 2023
      • Working Paper

      Spatial Mobility, Economic Opportunity, and Crime

      By: Gaurav Khanna, Carlos Medina, Anant Nyshadham, Daniel Ramos-Menchelli, Jorge Tamayo and Audrey Tiew
      Neighborhoods are strong determinants of both economic opportunity and criminal activity. Does improving connectedness between segregated and unequal parts of a city predominantly import opportunity or export crime? We use a spatial general equilibrium framework to...  View Details
      Keywords: Urban Development; Transportation Networks; Crime and Corruption; Transportation Industry; Medellín; Colombia; South America
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      Khanna, Gaurav, Carlos Medina, Anant Nyshadham, Daniel Ramos-Menchelli, Jorge Tamayo, and Audrey Tiew. "Spatial Mobility, Economic Opportunity, and Crime." Working Paper, September 2023.
      • 2023
      • Working Paper

      The Effects of Cryptocurrency Wealth on Household Consumption and Investment

      By: Darren Aiello, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson and Jason Kotter
      This paper uses transaction-level data across millions of accounts to identify cryptocurrency investors and evaluate how fluctuations in individual crypto wealth affect household consumption, equity investment, and local real estate markets. We estimate an MPC out of...  View Details
      Keywords: Cryptocurrency; Marginal Propensity To Consume; Household Balance Sheet; Real Estate; Etherium; Bitcoin; Investment; Housing; Spending
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      Aiello, Darren, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson, and Jason Kotter. "The Effects of Cryptocurrency Wealth on Household Consumption and Investment." Harvard Business School Working Paper, No. 23-077, June 2023.
      • 2023
      • Working Paper

      Evaluation and Learning in R&D Investment

      By: Alexander P. Frankel, Joshua L. Krieger, Danielle Li and Dimitris Papanikolaou
      We examine the role of spillover learning in shaping the value of exploratory versus incremental R&D. Using data from drug development, we show that novel drug candidates generate more knowledge spillovers than incremental ones. Despite being less likely to reach...  View Details
      Keywords: Research and Development; Forecasting and Prediction; Valuation; Pharmaceutical Industry
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      Frankel, Alexander P., Joshua L. Krieger, Danielle Li, and Dimitris Papanikolaou. "Evaluation and Learning in R&D Investment." Harvard Business School Working Paper, No. 23-074, May 2023. (NBER Working Paper Series, No. 31290, May 2023.)
      • April 2023
      • Article

      Racial Inequality in Work Environments

      By: Letian Zhang
      This article explores racial stratification in work environments. Inequality scholars have long identified racial disparities in wage and occupational attainment, but workers’ careers and well-being are also shaped by elements of their work environment, including firm...  View Details
      Keywords: Discrimination; Race; Equality and Inequality; Working Conditions; Personal Development and Career; Organizational Culture
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      Zhang, Letian. "Racial Inequality in Work Environments." American Sociological Review 88, no. 2 (April 2023): 252–283.
      • 2021
      • Working Paper

      The Contribution of High-Skilled Immigrants to Innovation in the United States

      By: Shai Bernstein, Rebecca Diamond, Abhisit Jiranaphawiboon, Timothy McQuade and Beatriz Pousada
      We characterize the contribution of immigrants to US innovation, both through their direct productivity as well as through their indirect spillover effects on their native collaborators. To do so, we link patent records to a database containing the first five digits of...  View Details
      Keywords: Innovation; Economic Growth; Immigrants; Innovation and Invention; Collaborative Innovation and Invention; Patents; Innovation Strategy
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      Bernstein, Shai, Rebecca Diamond, Abhisit Jiranaphawiboon, Timothy McQuade, and Beatriz Pousada. "The Contribution of High-Skilled Immigrants to Innovation in the United States." Harvard Business School Working Paper, No. 22-065, December 2021. (NBER Working Paper Series, No. 30797, December 2022.)
      • September 2022
      • Article

      Regulatory Spillover and Workplace Racial Inequality

      By: Letian Zhang
      This paper suggests that affirmative action bans in the U.S. public sector may influence racial inequality in the private sector. Since the 1990s, nine states have banned affirmative action practice in public universities and state governments. Though these bans have...  View Details
      Keywords: Inequality; Regulation; Law; Organizational Norm; CEO; Affirmative Action; Organizations; Private Sector; Equality and Inequality; Diversity; Race; Governing Rules, Regulations, and Reforms
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      Zhang, Letian. "Regulatory Spillover and Workplace Racial Inequality." Administrative Science Quarterly 67, no. 3 (September 2022): 595–629.
      • 2022
      • Working Paper

      Consumer Demand with Social Influences: Evidence from an E-Commerce Platform

      By: El Hadi Caoui, Chiara Farronato, John J. Horton and Robert Schultz
      For some kinds of goods, rarity itself is valued. "Fashionable'" goods are demanded in part because they are unique. In this paper, we explore the economics of rare goods using auctions of limited-edition shoes held by an e-commerce platform. We model endogenous entry...  View Details
      Keywords: Rare Goods; Scarcity; E-commerce; Consumer Behavior; Auctions
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      Caoui, El Hadi, Chiara Farronato, John J. Horton, and Robert Schultz. "Consumer Demand with Social Influences: Evidence from an E-Commerce Platform." NBER Working Paper Series, No. 30351, August 2022.
      • July 2022
      • Article

      Estimating Spillovers from Publicly Funded R&D: Evidence from the US Department of Energy

      By: Kyle Myers and Lauren Lanahan
      We quantify the magnitude of R&D spillovers created by grants to small firms from the US Department of Energy. Our empirical strategy leverages variation due to state-specific matching policies, and we develop a new approach to measuring both geographic and...  View Details
      Keywords: Innovation; Energy; R&D; Grants; Innovation and Invention; Research and Development; Patents; Performance; United States
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      Myers, Kyle, and Lauren Lanahan. "Estimating Spillovers from Publicly Funded R&D: Evidence from the US Department of Energy." American Economic Review 112, no. 7 (July 2022): 2393–2423.
      • 2022
      • Working Paper

      Training, Communications Patterns, and Spillovers Inside Organizations

      By: Miguel Espinosa and Christopher T. Stanton
      We study direct productivity changes and spillovers after a randomized training program for the frontline workers in a Colombian government agency. While trained workers improved their individual production, we also find substantial spillovers that affected managers'...  View Details
      Keywords: Spillovers; Labor Productivity; Firm Objectives, Organization, And Behavior; Training; Performance Productivity
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      Espinosa, Miguel, and Christopher T. Stanton. "Training, Communications Patterns, and Spillovers Inside Organizations." NBER Working Paper Series, No. 30224, July 2022. (Revise and Resubmit at Journal of Political Economy .)
      • 2022
      • Working Paper

      Causal Inference During A Pandemic: Evidence on the Effectiveness of Nebulized Ibuprofen as an Unproven Treatment for COVID-19 in Argentina

      By: Sebastian Calonico, Rafael Di Tella and Juan Cruz Lopez Del Valle
      Many medical decisions during the pandemic were made without the support of causal evidence obtained in clinical trials. We study the case of nebulized ibuprofen (NaIHS), a drug that was extensively used on COVID-19 patients in Argentina amidst wild claims about its...  View Details
      Keywords: COVID-19; Drug Treatment; Health Pandemics; Health Care and Treatment; Decision Making; Outcome or Result; Argentina
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      Calonico, Sebastian, Rafael Di Tella, and Juan Cruz Lopez Del Valle. "Causal Inference During A Pandemic: Evidence on the Effectiveness of Nebulized Ibuprofen as an Unproven Treatment for COVID-19 in Argentina." NBER Working Paper Series, No. 30084, May 2022.
      • Article

      Corruption and Firms

      By: Emanuele Colonnelli and Mounu Prem
      We estimate the causal real economic effects of a randomized anti-corruption crackdown on local governments in Brazil using rich micro-data on corruption and firms. After anti-corruption audits, municipalities experience an increase in the number of firms concentrated...  View Details
      Keywords: Crime and Corruption; Economy; Business and Government Relations; Policy; Brazil
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      Colonnelli, Emanuele, and Mounu Prem. "Corruption and Firms." Review of Economic Studies 89, no. 2 (March 2022): 695–732.
      • February 2022
      • Article

      Client Concerns about Information Spillovers from Sharing Audit Partners

      By: Jung Koo Kang, Clive Lennox and Vivek Pandey
      We hypothesize that companies in the same product market avoid sharing the same audit partner when they are concerned about possible information spillovers. Consistent with our hypothesis, we find that product market rivals are less likely to share the same partner...  View Details
      Keywords: Information Spillovers; Audit Partners; Proprietary Costs; Product Market Rivals; Audit Fee; Audit Quality; Information; Accounting Audits
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      Kang, Jung Koo, Clive Lennox, and Vivek Pandey. "Client Concerns about Information Spillovers from Sharing Audit Partners." Art. 101434. Journal of Accounting & Economics 73, no. 1 (February 2022).
      • November 2021
      • Article

      Borrower Leakage from Costly Screening: Evidence from SME Lending in Peru

      By: Irani Arraiz, Miriam Bruhn, Benjamin N. Roth, Claudia Ruiz-Ortega and Rodolfo Stucchi
      We provide evidence that commercial lenders in Peru suffer leakages in their loan approval process. Leveraging a discontinuity in the loan approval process of a large bank, we find that receiving a loan approval from the bank causes loan applicants to receive offers...  View Details
      Keywords: Information Spillovers; SME Lending; Financial Inclusion; Banks and Banking; Financing and Loans; Small Business; Information; Peru
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      Arraiz, Irani, Miriam Bruhn, Benjamin N. Roth, Claudia Ruiz-Ortega, and Rodolfo Stucchi. "Borrower Leakage from Costly Screening: Evidence from SME Lending in Peru." Journal of Development Economics 153 (November 2021).
      • 2021
      • Working Paper

      What Drives the Finance Academia Wage Premium?

      By: Claire Célérier, Boris Vallée and Alexey Vasilenko
      This paper documents the existence of a significant wage finance premium in academia, and investigates its underlying mechanism. By exploiting an extensive dataset covering wages, publications and socio-demographics for 60,000 public-university faculty from all fields,...  View Details
      Keywords: Finance Wage Premium; Finance Academia; Wages; Higher Education
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      Célérier, Claire, Boris Vallée, and Alexey Vasilenko. "What Drives the Finance Academia Wage Premium?" Working Paper, September 2021.
      • 2021
      • Working Paper

      Proxy Advisory Firms and Corporate Shareholder Engagement

      By: Aiyesha Dey, Joshua White and Austin Starkweather
      We examine the influence of proxy advisors on firms’ shareholder engagement behavior. Our analyses exploit a quasi-natural experiment using Say-On-Pay voting outcomes near a threshold that triggers a review of engagement activities by Institutional Shareholder Services...  View Details
      Keywords: Proxy Advisors; ISS; Shareholder Engagement; Disclosure; Business and Shareholder Relations; Executive Compensation; Corporate Disclosure
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      Dey, Aiyesha, Joshua White, and Austin Starkweather. "Proxy Advisory Firms and Corporate Shareholder Engagement." Harvard Business School Working Paper, No. 21-137, June 2021. (Revised February 2022.)
      • 2021
      • Working Paper

      Once Bitten, Twice Shy: Learning from Corporate Fraud and Corporate Governance Spillovers

      By: Trung Nguyen
      This paper finds that investors learn from their experience with corporate fraud and financial misconduct and modify their investment behavior to avoid suspicious firms and increase corporate governance efforts. More specially, mutual funds that experienced corporate...  View Details
      Keywords: Institutional Investors; Investor Experience; Shareholder Voting; Corporate Fraud; Corporate Governance; Institutional Investing; Behavior; Change; Learning
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      Nguyen, Trung. "Once Bitten, Twice Shy: Learning from Corporate Fraud and Corporate Governance Spillovers." Harvard Business School Working Paper, No. 21-135, June 2021.
      • May 2021
      • Article

      Private and Social Returns to R&D: Drug Development and Demographics

      By: Efraim Benmelech, Janice Eberly, Dimitris Papanikolaou and Joshua Krieger
      Investment in intangible capital such as R&D has increased dramatically since the 1990s. However, productivity growth remains sluggish in recent years. One potential reason is that a significant share of the increase in intangible investment is geared toward consumer...  View Details
      Keywords: Drug Development; Research and Development; Investment Return; Demographics; Pharmaceutical Industry
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      Benmelech, Efraim, Janice Eberly, Dimitris Papanikolaou, and Joshua Krieger. "Private and Social Returns to R&D: Drug Development and Demographics." AEA Papers and Proceedings 111 (May 2021): 336–340.
      • December 2020
      • Article

      Monetary Policy and Global Banking

      By: Falk Bräuning and Victoria Ivashina
      When central banks adjust interest rates, the opportunity cost of lending in local currency changes, but—in absence of frictions—there is no spillover effect to lending in other currencies. However, when equity capital is limited, global banks must benchmark domestic...  View Details
      Keywords: Global Banks; Monetary Policy Transmission; Cross-border Lending; Banks and Banking; Financial Markets; Global Range
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      Bräuning, Falk, and Victoria Ivashina. "Monetary Policy and Global Banking." Journal of Finance 75, no. 6 (December 2020): 3055–3095.
      • 2023
      • 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 is a contentious topic in U.S. entrepreneurship policy. We model a setting where foreign corporate investments in Silicon Valley may allow U.S. entrepreneurs to pursue technologies that they could not otherwise, but may also lead to...  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. (Revised September 2023. Conditionally Accepted, Journal of Monetary Economics.)
      • 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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      Roche, Maria P., Alexander Oettl, and Christian Catalini. "(Co-) Working in Close Proximity: Knowledge Spillovers and Social Interactions." Harvard Business School Working Paper, No. 21-024, May 2020. (Revised February 2022.)
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