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    • COVID-19 Business Impact Center
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      Cold Call
      A podcast featuring faculty discussing cases they've written and the lessons they impart.
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      • 23 Feb 2021
      • Cold Call Podcast

      Examining Race and Mass Incarceration in the United States

      The late 20th century saw dramatic growth in incarceration rates in the United States. Of the more than 2.3 million people in US prisons, jails, and detention centers in 2020, 60 percent were Black or Latinx. Harvard Business School assistant professor Reshmaan Hussam probes the assumptions underlying the current prison system, with its huge racial disparities, and considers what could be done to address the crisis of the American criminal justice system in her case, “Race and Mass Incarceration in the United States.”  Open for comment; 0 Comment(s) posted.

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      Business CyclesRemove Business Cycles →

      Page 1 of 5 Results
      • 07 Jun 2020
      • Working Paper Summaries

      Financial Distancing: How Venture Capital Follows the Economy Down and Curtails Innovation

      by Sabrina T. Howell, Josh Lerner, Ramana Nanda, and Richard Townsend

      Common wisdom holds that VC investment and VC-backed startups are relatively insulated from downturns. This study shows that the relative quantity and quality of innovation declines more for VC-backed firms than for other types of firms during downturns.

      • 11 Dec 2018
      • Research & Ideas

      Free Trade Needs Nurturing—and Other Lessons from History

      by Staff

      Global free trade is not the natural order of things, so it needs to be carefully tended to and maintained. Sophus Reinert and Dante Roscini discuss trade over time and what history teaches. Open for comment; Comment(s) posted.

      • 17 Nov 2016
      • Working Paper Summaries

      Sovereign Risk, Currency Risk, and Corporate Balance Sheets

      by Wenxin Du and Jesse Schreger

      Why would a country default on its sovereign debt when the government could instead inflate it away? The authors argue that a government is more inclined to default than inflate when the currency mismatch of the corporate sector implies large adverse balance sheet effects from a currency depreciation. To make this argument they construct a dataset on the currency composition of emerging market external borrowing. Results show that the corporate sector relies on external foreign currency debt even as sovereigns have swiftly moved toward borrowing in their own currency.

      • 08 Sep 2016
      • Working Paper Summaries

      A Model of Credit Market Sentiment

      by Robin Greenwood, Samuel G. Hanson, and Lawrence J. Jin

      Recent empirical research in finance and economics has revived the idea that investor sentiment drives credit booms and busts. To explore the drivers of sentiment in credit markets, the authors model the two-way feedback between credit market sentiment and credit market outcomes. In their model the propagation of credit cycles is driven by the interplay between expectations and the refinancing nature of credit markets.

      • 04 Mar 2016
      • Working Paper Summaries

      Credit-Market Sentiment and the Business Cycle

      by David Lopez-Salido, Jeremy C. Stein, and Egon Zakrajsek

      Using United States data from 1929 to 2013, Jeremy C. Stein and colleagues emphasize the role of credit-market sentiment as an important driver of the business cycle.

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