C. Fritz Foley
There are 5 articles for this faculty member.
About Faculty in this Article:
C. Fritz Foley is an associate professor in the Finance unit at Harvard Business School.
Ethnic Innovation and US Multinational Firm Activity
| Authors: | C. Fritz Foley and William R. Kerr |
|---|---|
| Published: | September 14, 2011 |
| Paper Release Date: | August 2011 |
| Feature: | Working Papers |
What effects do immigrant scientists and engineers have on the global activities of the firms that employ them? To what extent do these high-skilled immigrants help US multinationals capitalize on foreign opportunities? Professors Foley and Kerr analyze key data concerning US patents, direct investment abroad, research and development, and the ownership structure of firms. They show that immigration enhances the competitiveness of US multinationals. Taken together, the results have implications for immigration policies. Many debates about immigration focus on the potentially deleterious impact of low wage immigrants on the domestic workforce. However, Foley and Kerr point out that immigrants who are skilled enough to engage in innovative activity generate benefits for firms that are seeking to do business abroad.
Tax Policy and the Efficiency of US Direct Investment Abroad
| Authors: | Mihir A. Desai, C. Fritz Foley, and James R. Hines Jr. |
|---|---|
| Published: | August 3, 2011 |
| Paper Release Date: | July 2011 |
| Feature: | Working Papers |
The tax policy toward multinational firms has come under increased scrutiny with the rise of global activities of firms and concerns that these activities displace activities at home. This scrutiny has raised the question of whether current tax policy inefficiently subsidizes the foreign activities of firms. Mihir A. Desai, C. Fritz Foley, and James R. Hines, Jr. consider this claim by applying the theory of dynamic efficiency to the activities of multinational firms. Specifically, by comparing direct investment abroad with repatriated investment returns over the last sixty years, they conclude that firms are not investing to dynamically inefficient levels, suggesting that current tax policy is not an inefficient subsidy.
Poultry in Motion: A Study of International Trade Finance Practices
| Authors: | Pol Antras and C. Fritz Foley |
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| Published: | July 15, 2011 |
| Paper Release Date: | May 2011 |
| Feature: | Working Papers |
When engaging in international trade, exporters must decide which financing terms to use in their transactions. Should they ask the importers to pay for goods before they are loaded for shipment, ask them to pay after the goods have arrived at their destination, or should they use some form of bank intermediation like a letter of credit? In this paper, Pol Antrās and C. Fritz Foley investigate this question by analyzing detailed data on the activities of a single US-based firm that exports frozen and refrigerated food products, primarily poultry. The data cover roughly $7 billion in sales to more than 140 countries over the 1996-2009 period and contain comprehensive information on the financing terms used in each transaction.
Published in 2010
Agency Costs, Mispricing, and Ownership Structure
| Authors: | Sergey Chernenko, C. Fritz Foley and Robin Greenwood |
|---|---|
| Published: | June 9, 2010 |
| Feature: | Working Papers |
Under what circumstances do firms access capital markets when the potential for agency costs is high? The prevailing view holds that controlling shareholders sell shares to outsiders only when internal capital is inadequate to fund attractive investment opportunities. While the role of market efficiency in corporate finance has attracted considerable research attention, the interaction of stock market mispricing with agency problems is not well understood. HBS doctoral graduate Sergey Chernenko and professors C. Fritz Foley and Robin Greenwood propose a new explanation—based on stock market mispricing—for why firms with a controlling shareholder raise outside equity, even when firms cannot commit not to expropriate minority shareholders.
Published in 2005
IPR: Protecting Your Technology Transfers
| Q&A with: | C. Fritz Foley |
|---|---|
| Published: | October 24, 2005 |
| Feature: | Research & Ideas |
Countries are adopting stronger intellectual property rights to entice international corporate investment. But who really benefits from IPR? Should multinationals feel secure that their secrets will be protected? A Q&A with professor C. Fritz Foley.
