WorldCat Identities

Harvard Business School Division of Research

Works: 570 works in 644 publications in 1 language and 666 library holdings
Roles: Publisher
Classifications: HB1, 330.072
Publication Timeline
Most widely held works by Harvard Business School
Pricing in the electrical oligopoly by R. G. M Sultan( Book )

1 edition published in 1975 in English and held by 6 WorldCat member libraries worldwide

Coerced confessions : self-policing in the shadow of the regulator by Jodi L Short( Book )

6 editions published between 2006 and 2007 in English and held by 5 WorldCat member libraries worldwide

As part of a recent trend toward more cooperative relations between regulators and industry, novel government programs are encouraging firms to monitor their own regulatory compliance and voluntarily report their own violations. In this study, we examine how regulatory enforcement activities influence organizations' decisions to self-police. We created a comprehensive dataset for the "Audit Policy," a United States Environmental Protection Agency (U.S. EPA) program that encourages companies to self-disclose violations of environmental laws and regulations in exchange for reduced sanctions. We find that facilities are more likely to self-disclose if they were recently subjected to one of several different enforcement measures and if they were provided with immunity from prosecution for self-disclosed violations
The pricing of U.S. catastrophe reinsurance by Kenneth Froot( Book )

1 edition published in 1997 in English and held by 4 WorldCat member libraries worldwide

We explore two theories that have been advanced to explain the patterns in U.S. catastrophe reinsurance pricing. The first is that price variation is tied to demand shocks, driven in effect by changes in actuarially expected losses. The second holds that the supply of capital to the reinsurance industry is less than perfectly elastic, with the consequences that prices are bid up whenever existing funds are depleted by catastrophe losses. Using detailed reinsurance contract data from Guy Carpenter & Co. over a 25-year period, we test these two theories. Our results suggest that capital market imperfections are more important than shifts in actuarial valuation for understanding catastrophe reinsurance pricing. Supply, rather than demand, shifts seem to explain most features of the market in the aftermath of a loss
Bond risk, bond return volatility, and the term structure of interest rates by Luis M Viceira( Book )

2 editions published in 2007 in English and held by 3 WorldCat member libraries worldwide

This paper explores time variation in bond risk, as measured by the covariation of bond returns with stock returns and with consumption growth, and in the volatility of bond returns. A robust stylized fact in empirical finance is that the spread between the yield on long-term bonds and short-term bonds forecasts positively future excess returns on bonds at varying horizons, and that the short-term nominal interest rate forecasts positively stock return volatility and exchange rate volatility. This paper presents evidence that movements in both the short-term nominal interest rate and the yield spread are positively related to changes in subsequent realized bond risk and bond return volatility. The yield spread appears to proxy for business conditions, while the short rate appears to proxy for inflation and economic uncertainty. A decomposition of bond betas into a real cash flow risk component, and a discount rate risk component shows that yield spreads have offsetting effects in each component. A widening yield spread is correlated with reduced cash-flow (or inflationary) risk for bonds, but it is also correlated with larger discount rate risk for bonds. The short rate forecasts only the discount rate component of bond beta
Incorporating price and inventory endogeneity in firm-level sales forecasting by Saravanan Kesavan( Book )

2 editions published in 2007 in English and held by 3 WorldCat member libraries worldwide

As numerous papers have argued, sales, inventory, and gross margin for a retailer are interrelated. We construct a simultaneous equation model to establish these interrelationships at a firm level. Using publicly available financial data we estimate the six causal effects among sales, inventory, and gross margin. Our results show that sales, inventory, and gross margin are mutually endogenous. In particular, we provide new evidence of the impact of inventory on sales and the interrelationship between gross margin and inventory. We also estimate the effects of exogenous explanatory variables such as store growth, proportion of new inventory, capital investment per store, selling expenditure, and index of consumer sentiment on sales, inventory, and gross margin. We show that our model can be used to benchmark retailers' performance in sales, inventory, and gross margin simultaneously. Finally, we show that our model can be used to generate sales forecasts even when sales were managed using inventory and gross margin. In numerical tests, sales forecasts from our model are more accurate than forecasts from time-series models that ignore inventory and price as well as forecasts from financial analysts
The effect of organizational context on individual performance by Robert S Huckman( Book )

3 editions published between 2002 and 2003 in English and held by 3 WorldCat member libraries worldwide

Many observers have suggested that highly skilled workers convey little in the way of competitive advantage for firms due to their mobility. Implicit in this view is the belief that organizations are not important in determining individual performance. In this study, we address this issue by examining skilled individuals who work within multiple organizations roughly simultaneously. Specifically, we consider the performance of cardiac surgeons, many of whom perform operations at multiple hospitals during the course of a given year. Using patient mortality as an outcome measure, we find that the quality of a surgeon's performance at a given hospital improves significantly with increases in his or her annual procedure volume at that hospital but does not significantly improve with increases in his or her volume at other hospitals. Our findings suggest that surgeon performance is not fully portable across hospitals (i.e., some portion of performance is firm specific). We consider the implications of our results for settings beyond health care
Mergers and acquisitions : an experimental analysis of synergies externalities and dynamics by Rachel T. A Croson( Book )

3 editions published between 2002 and 2004 in English and held by 3 WorldCat member libraries worldwide

It has been argued that the mergers and acquisitions observed in the 1990s improved market efficiency by capturing synergies between the firms. However, mergers between firms also impose externalities (both positive and negative) on the remaining industry. This paper describes a new equilibrium concept designed to explain and predict bargaining in this setting. We experimentally compare the predictive power of the new equilibrium concept in situations without and with externalities to that of competing concepts. We also examine other predictions of the new concept including the dynamics of mergers and outcome implications of those dynamics. Our experimental results support the predictions of the equilibrium concept and provide an organizing explanation for previously observed inconsistent results in event studies
Growth and the quality of foreign direct investment : is all FDI equal by Laura Alfaro( Book )

2 editions published in 2007 in English and held by 3 WorldCat member libraries worldwide

In this paper we distinguish different "qualities" of FDI to re-examine the relationship between FDI and growth. We use 'quality' to mean the effect of a unit of FDI on economic growth. However, this is difficult to establish because it is a function of many different country and project characteristics which are often hard to measure. Hence, we differentiate "quality FDI" in several different ways. First, we look at the possibility that the effects of FDI differ by sector. Second, we differentiate FDI based on objective qualitative industry characteristics including the average skill intensity and reliance on external capital. Third, we use a new dataset on industry-level targeting to analyze quality FDI based on the subjective preferences expressed by the receiving countries themselves. Finally, we use a two-stage least squares methodology to control for measurement error and endogeneity. Exploiting a new comprehensive industry level data set of 29 countries between 1985 and 2000, we find that the growth effects of FDI increase when we account for the quality of FDI
Adding bricks to clicks : the effects of store openings on sales through direct channels by Jill Avery( Book )

3 editions published in 2007 in English and held by 3 WorldCat member libraries worldwide

We assess the effect of opening physical retail stores on direct channel sales. Our data come from a leading U.S. retailer which opened four new stores; two openings occur in retail trading areas which had been previously served by direct channels alone and two openings occur in retail trading areas which had been served by both direct channels and existing physical stores. We hypothesize two effects, cannibalization and complementarity, and conjecture that the magnitude of these effects may be different at different points in time. We find that retail store openings initially cannibalize direct channel sales in the short term if physical stores do not already exist in the retail trading area, but then contribute to longer term complementary effects which work to overcome the losses from cannibalization. Our results are based on both interrupted time series analysis and a difference-in-differences analysis of six years of proprietary sales data and we use a novel zip code matching method to better isolate the effects of channel expansion. We argue for advantages to using zip code level data for methodological and consumer data privacy reasons
Capital controls, risk and liberalization cycles by Laura Alfaro( Book )

2 editions published between 2001 and 2002 in English and held by 3 WorldCat member libraries worldwide

In this paper, we have constructed an Overlapping-Generations model where agents vote on whether to open or close the economy to international capital flows. If the production function has a stochastic component, the political decisions are shaped by the risk over capital and labor returns. In an open economy, the capitalists (old) completely hedge their savings income. In contrast, in a closed economy, the workers (young) partiallyinsulate wages from the risk of the productivity shocks. We find three possibleequilibrium outcomes: economies that eventually remain open, those that eventually remain closed, and those that cycle between open and closed
Exploring the structure of complex software designs : an empirical study of open source and proprietary code by Alan MacCormack( Book )

3 editions published between 2004 and 2006 in English and held by 3 WorldCat member libraries worldwide

This paper reports data from a research project which seeks to characterize the differences in design structure between complex software products. In particular, we adopt a technique based upon Design Structure Matrices (DSMs) to map the dependencies between different elements of a design then develop metrics that allow us to compare the structures of these different DSMs
What Roosevelt took : the economic impact of the Panama Canal, 1903-29 by Noel Maurer( Book )

3 editions published in 2006 in English and held by 2 WorldCat member libraries worldwide

The Panama Canal was one of the largest public investments of its time. In the first decade of its operation, the Canal produced significant social returns for the United States. Most of these returns were due to the transportation of petroleum from California to the East Coast. Few of these returns, however, accrued to the Panamanian population or government. U.S. policy deliberately operated to minimize the effects of the Canal on the Panamanian economy. The major exception to this policy was the American anti-malarial campaign, which improved health conditions in the port cities
Global currency hedging by John Y Campbell( Book )

2 editions published in 2007 in English and held by 2 WorldCat member libraries worldwide

This paper considers the risk management problem of an investor who holds a diversified portfolio of global equities or bonds and chooses long or short positions in currencies to manage the risk of the total portfolio. Over the period 1975-2005, we find that a risk-minimizing global equity investor should short the Australian dollar, Canadian dollar, Japanese yen, and British pound but should hold long positions in the US dollar, the euro, and the Swiss franc. The resulting currency position tends to rise in value when equity markets fall. This strategy works well for investment horizons of one month to one year. In the past 15 years the risk-minimizing demand for the dollar appears to have weakened slightly, while demands for the euro and Swiss franc have strengthened. These changes may reflect the growing role for the euro as a reserve currency in the international financial system. The risk-minimizing currency strategy for a global bond investor is close to a full currency hedge, with a modest long position in the US dollar. Risk-reducing currencies have had lower average returns during our sample period, but the difference in average returns is smaller than would be implied by the global CAPM given the historical equity premium
The recovery window : organizational learning following ambiguous threats in high-risk organizations by Amy C Edmondson( Book )

2 editions published in 2004 in English and held by 2 WorldCat member libraries worldwide

Analyzing the events surrounding the Columbia shuttle tragedy, we explore a high-risk organization's response to a recovery window, defined as the period between an ambiguous threat and a major accident (or prevented accident) in which constructive collective action is feasible. We show that Columbia's recovery window was characterized by active discounting of risk, fragmented disciplinary-based analyses, and a wait-and-see orientation to action. We propose mechanisms at three levels of analysis to explain this confirmatory response. We then suggest an alternative, preferred response to ambiguous threats in high-risk systems, characterized by over-responsiveness and a learning orientation, which we call an exploratory response. Leadership is critical to moving an organization away from the natural tendency to downplay ambiguous threats and toward an exploratory response
Mental accounting and small windfalls : evidence from an online grocer by Katherine L Milkman( Book )

3 editions published in 2007 in English and held by 2 WorldCat member libraries worldwide

We study the effect of small windfalls on consumer spending decisions by examining the purchasing behavior of a sample of online grocery shoppers over the course of a year. We compare the purchases customers make when redeeming a $10-off coupon they received from their online grocer with the purchases the same customers make when shopping without a coupon. The standard permanent income or lifecycle theory of consumption predicts that grocery spending will be unaffected by the use of a $10-off coupon, while a simple mental accounting framework predicts that such a coupon will increase spending on groceries. Controlling for customer fixed effects and other relevant variables, we find that grocery spending increases by $1.59 with the use of a $10-off coupon
Capital flows and capital goods by Laura Alfaro( Book )

2 editions published in 2005 in English and held by 2 WorldCat member libraries worldwide

We examine one of the channels through which financial integration can help promote growth. In particular, we study the effects of capital account liberalization on the imports of capital goods. We pay particular attention to the effects of equity market liberalization. We find that for the period 1980-1997, after controlling for trade liberalization and other macroeconomic reforms and policies, stock market liberalization leads to a substantial increase in the share of imports of capital goods. Our results suggest that with the increased access to international capital firms noticeably increase their spending on imports of machinery and equipment. Thus, this paper provides evidence that access to international capital allows countries to enjoy the benefits embodied in international capital goods
Irving Fisher, economic forecasting, and the myth of the business cycle by Walter A Friedman( Book )

1 edition published in 2007 in English and held by 2 WorldCat member libraries worldwide

A premier economist of the twentieth century and a founder of neoclassical thought, Irving Fisher was also an active participant in the field of economic forecasting. Fisher made theoretical contributions to the understanding of economic fluctuations, popularized the use of index numbers, and wrote frequently on the importance of future expectations to businesspeople. He also published forecasts through syndicated newspaper columns and made public pronouncements on the future of the economy-including a notorious statement on the eve of the October 1929 stock-market crash that optimistically predicted that a new high "plateau" for stock prices had been reached. Despite Fisher's poor prediction on that occasion, he played a neglected, but significant role in the growth of the forecasting industry and in the rise of a class of early business analysts
Complexity, networks and knowledge flow by Olav Sorenson( Book )

2 editions published between 2003 and 2005 in English and held by 2 WorldCat member libraries worldwide

Because knowledge plays an important role in the creation of wealth, economic actors may attempt to skew the flow of knowledge in their favor. Managers of a firm may seek to spread knowledge widely within their organization but prevent its diffusion to rivals. Regional planners may strive for rapid diffusion of knowledge within a local economy but not beyond it. We ask, "when will knowledge developed in one area of dense social connections such as a firm, a geographic locale, or a technological community tend to diffuse to the edge of that area but not further?" Marrying an understanding of social networks with a view of knowledge transfer as a search process, we argue that the degree of knowledge inequality across social boundaries depends crucially on the nature of the knowledge at hand. Simple knowledge diffuses readily across boundaries because outsiders with poor connection to the source of the knowledge can compensate for their poor access by means of unaided local search. Complex knowledge resists diffusion even within the social circles in which it originated. With knowledge of moderate complexity, however, insiders can achieve diffusion by coupling high-fidelity transmission along social conduits with local search, while interdependencies stymie outsiders who rely more heavily on unaided search. Our core proposition, then, is that knowledge inequality across social boundaries reaches its maximum for knowledge of moderate complexity. To test this hypothesis, we examine patent data and compare citation rates across three types of social boundaries: within versus
Nominal versus indexed debt : a quantitative horse race by Laura Alfaro( Book )

2 editions published in 2005 in English and held by 2 WorldCat member libraries worldwide

There are different arguments in favor and against nominal and indexed debt which broadly include the incentive to default through inflation versus hedging against unforeseen shocks. We model these arguments and calibrate the model to assess the quantitative importance of each. We use a dynamic equilibrium model with tax distortion, government outlays, uncertainty, and contingent debt service, which we take to mean nominal debt. In the model, the benefits of defaulting through inflation are tempered by higher future interest rates. We obtain that calibrated costs from contingent inflation more than offset the benefits for any amount of nominal debt. We further discuss sustainability of nominal debt in volatile (developing) countries
Winning legally : the value of legal astuteness by Constance E Bagley( Book )

2 editions published in 2006 in English and held by 2 WorldCat member libraries worldwide

This paper explores the value of actively managing the legal dimensions of business. It draws on the dynamic capabilities approach and postulates that "legal astuteness" defined here as the ability of the top management team to communicate effectively with counsel and to work together to solve complex problems is a valuable dynamic capability. This paper posits that law and the tools it offers are an enabling force legally astute management teams can use to manage the firm more effectively. In particular, it proposes that legally astute management teams can, inter alia, use formal contracts as complements to relational governance to define and strengthen relationships and reduce transaction costs; create options; protect and enhance the realizable value of knowledge assets and certain other resources - and convert regulatory constraints into opportunities
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