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Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers
The treatment of foreign investors has been a contentious topic in U.S. entrepreneurship policy in recent years. This paper examines foreign...
Bankruptcy Spillovers
How do different bankruptcy approaches affect the local economy? Using U.S. Census microdata, we explore the spillover effects of reorganization and...
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  • 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; Executive Compensation; Disclosure
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  • 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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  • 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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  • 2021
  • Working Paper

Information Spillovers in Experience Goods Competition
By: Zhuoqiong Charlie Chen, Christopher Stanton and Catherine Thomas
When experience goods compete, consuming one product can be informative about value for similar untried products. We study a two-period model of duopoly competition in markets that have this feature and where firms can price discriminate between consumers based on...  View Details
Keywords: Experience Goods; Competition; Information; Valuation; Consumer Behavior; Demand and Consumers; Price
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  • 2021
  • Working Paper

Cross-Contextual Spillovers in Behavior Change
By: Reshmaan Hussam and Dayea Oh
We study the process of behavior change across contexts in the setting of hand hygiene in rural Bangladesh. We randomize an education intervention across classrooms to trace school-to-home spillovers in handwashing and randomize the proportion of students who receive...  View Details
Keywords: Handwashing; Interventions; Health; Behavior; Change; Bangladesh
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  • 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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  • August 2020
  • Article

Workplace Knowledge Flows
By: Jason Sandvik, Richard Saouma, Nathan Seegert and Christopher Stanton
We conducted a field experiment in a sales firm to test whether improving knowledge flows between coworkers affects productivity. Our design allows us to compare different management practices and to isolate whether frictions to knowledge transmission primarily reside...  View Details
Keywords: Knowledge Sharing; Interpersonal Communication; Employees; Performance Productivity; Sales; Motivation and Incentives
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  • June 2020
  • Article

U.S. Monetary Policy and Emerging Market Credit Cycles
By: Falk Bräuning and Victoria Ivashina
Foreign banks’ lending to firms in emerging market economies (EMEs) is large and denominated predominantly in U.S. dollars. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical U.S. monetary easing cycle,...  View Details
Keywords: Global Business Cycle; Monetary Policy; Reaching For Yield; Money; Policy; Credit; Emerging Markets
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  • 2020
  • Chapter

Foreign Direct Investment, Finance and Economic Development
By: Laura Alfaro and Jasmina Chauvin
Research has sought to understand how foreign direct investment affects host economies. This paper reviews the empirical literature, specifically addressing the question: How does FDI affect economic development of host countries and what is the role of local financial...  View Details
Keywords: Foreign Direct Investment; Developing Countries and Economies; Financial Condition; Development Economics
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  • March 2020
  • Article

Do Fire Sales Create Externalities?
By: Sergey Chernenko and Adi Sunderam
We develop three novel measures of how much of the price impact of their trading different mutual funds internalize. We show that mutual funds that internalize more of their price impact hold larger cash buffers and use these buffers more aggressively to accommodate...  View Details
Keywords: Fire Sales; Externalities; Investment Funds; Price; Financial Liquidity; Management
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  • 2020
  • Working Paper

Free Riding in Loan Approvals: 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 free ride off their peer’s screening efforts. Leveraging a discontinuity in the loan approval process of a large bank, we find competing lenders responded to additional loan approvals by issuing approvals of their...  View Details
Keywords: Financing and Loans; Small Business; Competition; Information; Peru
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  • 2021
  • Working Paper

Local Shocks and Internal Migration: The Disparate Effects of Robots and Chinese Imports in the US
By: Marius Faber, Andres Sarto and Marco Tabellini
Migration has long been considered one of the key mechanisms through which labor markets adjust to economic shocks. In this paper, we analyze the migration response of American workers to two of the most important shocks that hit US manufacturing since the late 1990s...  View Details
Keywords: Migration; Employment; Technology; Trade; System Shocks; United States
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  • 2019
  • Working Paper

Does Apple Anchor a Shopping Mall? The Effect of the Technology Stores on the Formation of Market Structure
By: Doug J. Chung, Kyoungwon Seo and Reo Song
This study examines the effect of technology stores—company-owned Apple and Microsoft retail stores—on mall configuration. We formulate a structural model that considers the endogenous location decisions of retail stores, taking into account both market characteristics...  View Details
Keywords: Apple Store; New Anchor Store; Discrete Game; Complete Information; Multiple Equilibria; GPGPU Technology; Simulator; Bayesian Estimation; Shopping Mall; Spillover
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  • 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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  • September 2019
  • Article

Bankruptcy Spillovers
By: Shai Bernstein, Emanuele Colonnelli, Xavier Giroud and Benjamin Iverson
How do different bankruptcy approaches affect the local economy? Using U.S. Census microdata, we explore the spillover effects of reorganization and liquidation on geographically proximate firms. We exploit the random assignment of bankruptcy judges as a source of...  View Details
Keywords: Agglomeration; Insolvency and Bankruptcy; Economy; Governing Rules, Regulations, and Reforms
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  • 2018
  • Article

Prior Ties and the Limits of Peer Effects on Startup Team Performance
By: Sharique Hasan and Rembrand Koning
We conduct a field experiment at an entrepreneurship bootcamp to investigate whether interaction with proximate peers shapes a nascent startup team's performance. We find that teams whose members lack prior ties to others at the bootcamp experience peer effects that...  View Details
Keywords: Field Experiment; Peer Effects; Office Space; Knowledge Spillovers; Accelerators; Entrepreneurship; Knowledge Sharing; Performance; Technology Industry; India
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  • June 21, 2019
  • Article

When Tech Companies Compete on Their Own Platforms
By: Feng Zhu
One common complaint from third parties about platform businesses is that they see what succeeds on their platforms and then enter the most profitable areas themselves, often decimating third parties in the process. Studies have identified several motivations for...  View Details
Keywords: Platform-based Markets; Platform-owner Entry; Market Platforms; Market Entry and Exit; Competition
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  • 2019
  • Working Paper

The Comprehensive Effects of a Digital Paywall Sales Strategy
By: Doug J. Chung, Ho Kim and Reo Song
This paper explores the multiple and comprehensive effects of a digital paywall sales strategy, an increasingly common means of go-to-market for media firms. Specifically, we examine the effects of a digital paywall on a media firm’s two sources of income—subscription...  View Details
Keywords: Digital Paywall; Demand Substitution; Spillover Effect; Synthetic Control; Sales; Strategy; Media; Newspapers; Publishing Industry
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  • 2018
  • Working Paper

The Contribution of High-Skilled Immigrants to Innovation in the United States
By: Shai Benjamin Bernstein, Rebecca Diamond, 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 Strategy; Collaborative Innovation and Invention
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  • Fall 2018
  • Article

The Value of Fit Information in Online Retail: Evidence from a Randomized Field Experiment
By: Santiago Gallino and Antonio Moreno
Online channels generate frictions when selling products with nondigital attributes, such as apparel. Customers may be reluctant to purchase products they have not been able to try on, and those customers who do purchase may return products when they do not fit as...  View Details
Keywords: Supply Chain Information; Fit Uncertainty; Online Retail; Randomized Field Experiment; Virtual Fitting Room; Digital Retail; Customization and Personalization; Online Technology; Value; Performance Improvement; Apparel and Accessories Industry; Retail Industry
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Are you looking for?

Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers
The treatment of foreign investors has been a contentious topic in U.S. entrepreneurship policy in recent years. This paper examines foreign...
Bankruptcy Spillovers
How do different bankruptcy approaches affect the local economy? Using U.S. Census microdata, we explore the spillover effects of reorganization and...
→ Search All HBS Web