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Harvard Business School Division of Research

Overview
Works: 575 works in 649 publications in 1 language and 668 library holdings
Roles: Publisher
Classifications: HB1, 330.072
Publication Timeline
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Publications about Harvard Business School
Publications by Harvard Business School
Most widely held works by Harvard Business School
Pricing in the electrical oligopoly by Ralph G Sultan( Book )
1 edition published in 1975 in English and held by 6 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 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 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
Capital controls, risk and liberalization cycles by Laura Alfaro( Book )
2 editions published between 2001 and 2002 in English and held by 3 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
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 libraries worldwide
We assess the effect of opening a retail store on direct channel sales in a natural experiment that resulted when a leading U.S. retail chain opened new stores in two retail trade areas that it had previously served by direct channels alone, and one retail trade area it had previously served with a combination of direct channels and stores. We hypothesize two effects: cannibalization and complementarity, and conjecuture that the magnitude of these effects may be different at different points in time. Using six years of proprietary sales data supplied by this retailer at a zip code level of aggregation, and modeling both by interrupted time series analysis and by difference-in-differences analysis, we estimate the level and duration of the effect of the store openings on direct sales relative to direct sales in matched control regions where there were no store openings. We find evidence of a short term cannibalization effect (except where stores predate the opening of the new store), followed by complementarity that eventually swamps the short term decline. We argue for advantages to using zip code level data for both methodological and consumer data privacy reasons
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 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
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 libraries worldwide
This paper reports data from a study that seeks to characterize the differences in design structure between complex software products. We use Design Structure Matrices (DSMs) to map dependencies between the elements of a design and define metrics that allow us to compare the structures of different designs. We use these metrics to compare the architectures of two software products - the Linux operating system and the Mozilla web browser - that were developed via contrasting modes of organization: specifically, open source versus proprietary development
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 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
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 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
Building organizational fitness in the 21st century by Michael Beer( Book )
1 edition published in 2002 in English and held by 3 libraries worldwide
The 21st century promises to be characterized by rapid change in technology and relentless competition spurred by globalization. It is hardly news that in this environment firms will have to possess the capacity toadapt or suffer the consequences - low performance and ultimately death and destruction. Unfortunately, firms do not seem to be adaptive. Consider these startling findings by Foster and Kaplan regarding the survival rate and performance of U.S. firms. Of those firms in the original "Forbes 100" list published in 1917, 61 ceased to exist by 1987. Of the remaining 39 only 18 stayed in the top 100
Auditing in the self reporting economy by Romana L Autrey( Book )
1 edition published in 2007 in English and held by 3 libraries worldwide
This paper examines the licensing of intellectual property in exchange for royalties that depend on the self-report of the licensee. The self-reporting aspect of the problem gives rise to demand for auditing by the licensor. We characterize the optimal royalty contract, accounting system choice by the licensee, and audit strategy choice by the licensor. We show when the owner prefers to license the property in exchange for a royalty and when it prefers to use the property directly. We also show that the internal control provisions of section 404 of Sarbanes-Oxley make royalty arrangements based on self-reporting more attractive
Innovation corrupted : the rise and fall of Enron by Malcolm S Salter( Book )
2 editions published between 2002 and 2004 in English and held by 3 libraries worldwide
This paper presents a brief historical overview of Enron's rise and fall and summarizes what the authors currently know about (1) the evolution of Enron's business model, (2) those organizational processes relied upon by senior Enron officials to drive and monitor the business, (3) emergent behavior related to the structuring, management, and valuation of major partnerships, and (4)oversight provided by Enron's management and board of directors. It concludes by posing the question of how Enron's story as anew, post-deregulation corporate model could have escaped critical analysis by the financial community, the business press, and other observers for so long. As such, this paper is an exercise in description, not interpretation. Since many of the facts about Enron's rise and fall have yet to be determined and agreed upon, this description must be considered tentative and incomplete. Nevertheless, the broad contours of the Enron story presented in this paper provide a sufficient basis for developing initial hypotheses about what might have caused such a swift and ignominious fall and what business and public policies might best protect employees, shareholders, and other relevant parties in the future from the kind of injuries experienced in Enron's swift decline into bankruptcy
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 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
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 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
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 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
Nominal versus indexed debt : a quantitative horse race by Laura Alfaro( Book )
2 editions published in 2005 in English and held by 2 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
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 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
Acquisitions and firm growth : creating Unilever's ice cream and tea business by Geoffrey Jones( Book )
1 edition published in 2006 in English and held by 2 libraries worldwide
The role of acquisitions has been widely discussed in management literature. There is considerable evidence that many acquisitions fail, often because of post-acquisition problems. More recently business historians have examined their role in the restructuring of the British, American and other economies after the Second World War. Yet the historical and management literatures have been poorly integrated. This article seeks to address some of the issues raised in the management literature by contributing a longitudinal case study of the use of acquisitions by Unilever to build the world's largest ice cream and tea businesses. The study supports recent resource based theory which argues that complementary rather than related acquisitions add value. It identifies the importance of local knowledge as a key complementary asset. It also identifies reasons why Unilever was able to integrate acquisitions quite successfully, including clear strategic intent and the fact that employee resistance was reduced because most acquisitions were agreed. Finally, Unilever could take a long-term view because of its size and relative unconcern for shareholder interests before the 1980s
Global currency hedging by John Y Campbell( Book )
2 editions published in 2007 in English and held by 2 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
Capital flows and capital goods by Laura Alfaro( Book )
2 editions published in 2005 in English and held by 2 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
 
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