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New research on geographic issues from Harvard Business School faculty on topics including location strategy, regional and national economic development, and location-based industry clusters.
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Branding Sells Cereal, Handbags, and Vacations. Can It Sell a Country?

by Danielle Kost

Countries such as Israel now realize they need to engage in public diplomacy as well as foreign diplomacy, and in place branding, not just political advocacy, says Elie Ofek. Open for comment; Comment(s) posted.

Can Miguel McKelvey Build the ‘Culture Operating System’ at WeWork?

Re: Jeffrey F. Rayport

How deeply does the culture of a startup matter? Can it be shaped? Professor Jeffrey Rayport discusses WeWork cofounder Miguel McKelvey’s innovative role in building a company culture to support rapid growth. Open for comment; Comment(s) posted.

The UK Needs a Bold Strategy Around Competition to Survive Brexit

by Michael Blanding

There is little doubt that the United Kingdom’s separation from Europe will reduce its competitiveness for the foreseeable future, argues Michael E. Porter. Here's what can be done about it. Open for comment; Comment(s) posted.

UK Competitiveness after Brexit

by Michael E. Porter

This paper discusses the UK’s economic performance and policy approach in the run-up to the June 2016 Brexit referendum, analyzes the impact of European Union membership and loss of membership on UK competitiveness, and sets forth a new strategic agenda to enhance UK competitiveness in the post-Brexit era.

Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach

by Akash Chattopadhyay, Matthew R. Lyle, and Charles C.Y. Wang

Over the last 20 years, shortcomings of classical asset-pricing models have motivated research in developing alternative methods for measuring ex ante expected stock returns. This study evaluates the main paradigms for deriving firm-level expected return proxies (ERPs) and proposes a new framework for estimating them.

Using Online Prices for Measuring Real Consumption Across Countries

by Alberto Cavallo, W. Erwin Diewert, Robert C. Feenstra, Robert Inklaar, and Marcel P. Timmer

The increasing availability of big data can improve measurement of real consumption in closer to real time. This study shows that online prices may enhance data of the International Comparisons Program, dramatically improving the frequency and transparency of purchasing power parities compared with traditional data collection methods.

Nowcasting Gentrification: Using Yelp Data to Quantify Neighborhood Change

by Edward L. Glaeser, Hyunjin Kim, and Michael Luca

This study finds that data from digital platforms (in this case, Yelp) can help forecast which neighborhoods are gentrifying and provide new ways to measure business landscape changes that accompany demographic changes.

Where Should We Build a Mall? The Formation of Market Structure and Its Effect on Sales

by Doug J. Chung, Kyoungwon Seo, and Reo Song

In spite of the recent surge in e-commerce, brick-and-mortar retail, specifically in the form of large-scale shopping malls, is still the dominant venue for consumer purchases in the developed world. The construction of mass-scale shopping malls has also experienced tremendous growth in newly industrialized countries such as China. This research provides a rigorous, yet practical, framework to understand and evaluate why retail stores join a shopping mall and how their decisions affect mall revenue. The model can be extended and applied to a number of settings where a decision maker must choose among alternative sites to construct a market, for example, for transportation hubs such as airports or train stations.

Capturing Value from IP in a Global Environment

by Juan Alcácer, Karin Beukel, and Bruno Cassiman

Challenges to capturing value from know-how and reputation through the use of different IP tools is an increasingly important matter of strategy for global enterprises. They will need to combine different institutional, market, and non-market mechanisms, but the precise combination of tools will depend on local and regional institutional and market conditions.

Location Fundamentals, Agglomeration Economies, and the Geography of Multinational Firms

by Laura Alfaro and Maggie Xiaoyang Chen

Understanding the location interdependence of multinational firms and how they agglomerate with one another is critical to designing and improving economic policies. These authors’ analysis, using a worldwide plant-level dataset and a novel index of agglomeration, yields a number of insights into the economic geography of multinational production. In addition to market access and comparative advantage motives, multinationals' location choices are significantly affected by agglomeration economies including not only vertical production linkages but also technology diffusion and capital-market externalities.

Internalizing Global Value Chains: A Firm-Level Analysis

by Laura Alfaro, Pol Antras, Davin Chor & Paola Conconi

Manufacturing activities that used to be performed in close proximity are increasingly fragmented across firms and countries. This paper provides strong evidence that considerations driven by contractual frictions critically shape firms' ownership decisions along their value chains.

Stop Talking About the Weather and Do Something: Three Ways to Finance Sustainable Cities

by John Macomber

How do we ensure that our cities are resilient in the face of inevitable future weather events like Hurricane Sandy? John Macomber offers three ways that the private sector can take action. Open for comment; 6 Comment(s) posted.

Kodak: A Parable of American Competitiveness

by Dina Gerdeman

When American companies shift pieces of their operations overseas, they run the risk of moving the expertise, innovation, and new growth opportunities just out of their reach as well, explains HBS Professor Willy Shih, who served as president of Eastman Kodak's digital imaging business for several years. Key concepts include: Outsourcing ends up chipping away at America's "industrial commons"—the collective R&D, engineering, and manufacturing capabilities that are crucial to new product development. If the United States wants to keep from slipping any further in its ability to compete on the industrial stage, the government must increase its support of scientific research and collaborate with the business and academic world. Open for comment; 32 Comment(s) posted.

Mindful Leadership: When East Meets West

by Sean Silverthorne

Harvard Business School professor William George is fusing Western understanding about leadership with Eastern wisdom about the mind to develop leaders who are self-aware and self-compassionate. An interview about his recent Mindful Leadership conference taught with a Buddhist meditation master. Key concepts include: People who are mindful—fully present and aware—can become more effective leaders. Leaders with low emotional intelligence often lack self-awareness and self-compassion, which can lead to a lack of self-regulation. Authenticity is developed by becoming more self-aware and having compassion for oneself. Group support provides nonjudgmental feedback in order to recognize blind spots, accept shortcomings, and gain confidence. Closed for comment; 33 Comment(s) posted.

Strategy and Execution for Emerging Markets

by Martha Lagace

How can multinationals, entrepreneurs, and investors identify and respond to new challenges and opportunities around the world? In this Q&A, HBS professors and strategy experts Tarun Khanna and Krishna G. Palepu offer a practical framework for succeeding in emerging markets. Plus: Book excerpt with action items. Key concepts include: The ambition level of large, fast-growing emerging markets around the world rivals that of companies in the United States in the late 19th and early 20th centuries. Khanna and Palepu outline how to identify and respond to institutional voids in product, labor, and capital markets. Investors and entrepreneurs can respond to niches in institutional infrastructure in the private sector, such as the need for information analyzers and advisors, aggregators and distributors, transaction facilitators, and more. A useful starting point for managers is to construct an institutional map to identify institutional voids—which may themselves present business opportunities. Western multinational companies as well as local entrepreneurs are innovating products to attract the emerging middle class. Such innovations could potentially benefit consumers living in mature markets. Closed for comment; 0 Comment(s) posted.

Marketing a Country: Promotion as a Tool for Attracting Foreign Investment.

by Louis T. Wells & Alvin G. Wint

Using marketing tools and techniques to attract foreign investors is a common practice for many countries. But finding the right mix of techniques and organizations to do the promotion is key to successful marketing programs. Closed for comment; 0 Comment(s) posted.