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Determinants of Small Business Reopening Decisions After COVID Restrictions Were Lifted 取消COVID限制后小企业重新开放决策的决定因素
Harvard Business School: Entrepreneurial Management Unit Working Paper Series Pub Date : 2020-06-01 DOI: 10.2139/ssrn.3634162
Dylan Balla-Elliott, Zoë B. Cullen, E. Glaeser, Michael Luca, Christopher Stanton
{"title":"Determinants of Small Business Reopening Decisions After COVID Restrictions Were Lifted","authors":"Dylan Balla-Elliott, Zoë B. Cullen, E. Glaeser, Michael Luca, Christopher Stanton","doi":"10.2139/ssrn.3634162","DOIUrl":"https://doi.org/10.2139/ssrn.3634162","url":null,"abstract":"The COVID-19 pandemic led to dramatic economic disruptions, including government-imposed restrictions that required millions of American businesses to temporarily close. We present three main facts about business decisions to reopen at the end of the lockdown, using a nation-wide survey of thousands of small businesses. First, the plurality of firms reopened within days of the end of legal restrictions, suggesting that the lockdowns were generally binding for businesses - although a sizable minority delayed their reopening. Second, decisions to delay reopenings were not driven by public health concerns. Instead, businesses in high-proximity sectors planned to reopen more slowly because of expectations of stricter regulation rather than concerns about public health. Third, pessimistic demand projections played the primary role in explaining delays among firms that could legally reopen. Owners expected demand to be one-third lower than before the crisis throughout the pandemic. Using experimentally induced shocks to perceived demand, we find that a 10% decline in expected demand results in a 1.5 percentage point (8%) increase in the likelihood that firms expected to remain closed for at least one month after being legally able to open.","PeriodicalId":102305,"journal":{"name":"Harvard Business School: Entrepreneurial Management Unit Working Paper Series","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133471792","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
The Project on Impact Investments' Impact Investment Database 影响投资项目的影响投资数据库
Harvard Business School: Entrepreneurial Management Unit Working Paper Series Pub Date : 2020-05-13 DOI: 10.2139/ssrn.3930171
M. Burton, Shawn Cole, Abhish Dev, C. Jarymowycz, Leslie A. Jeng, J. Lerner, Fanele Mashwama, Cynthia Xu, Rob Zochowski
{"title":"The Project on Impact Investments' Impact Investment Database","authors":"M. Burton, Shawn Cole, Abhish Dev, C. Jarymowycz, Leslie A. Jeng, J. Lerner, Fanele Mashwama, Cynthia Xu, Rob Zochowski","doi":"10.2139/ssrn.3930171","DOIUrl":"https://doi.org/10.2139/ssrn.3930171","url":null,"abstract":"Impact investing has grown significantly over the past 15 years. From a niche investing segment with only $25 billion AUM in 2013 (WEF 2013), it experienced double-digit growth and developed into a market with an estimated $502 billion AUM (Mudaliapar and Dithrich 2019). Despite the growth and maturation of impact investing, gathering complete and accurate data on the characteristics of this industry continues to be a challenge. This paper describes the creation of a new dataset on both impact investors and the portfolio companies they fund, comprising 445 impact investors and 14,165 portfolio companies. We code impact investors according to established categories such as legal form, types of investments and return objectives. We then develop measures of the relative importance of social impact for each investor in an effort to add a new analytic categorization. We conclude by describing the distribution of investors and firms across these various categories.","PeriodicalId":102305,"journal":{"name":"Harvard Business School: Entrepreneurial Management Unit Working Paper Series","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127151042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Inside the Black Box of the Corporate Staff: Social Networks and the Implementation of Corporate Strategy 企业员工黑箱内部:社交网络与企业战略实施
Harvard Business School: Entrepreneurial Management Unit Working Paper Series Pub Date : 2012-12-16 DOI: 10.2139/ssrn.1804220
Adam M. Kleinbaum, Toby E. Stuart
{"title":"Inside the Black Box of the Corporate Staff: Social Networks and the Implementation of Corporate Strategy","authors":"Adam M. Kleinbaum, Toby E. Stuart","doi":"10.2139/ssrn.1804220","DOIUrl":"https://doi.org/10.2139/ssrn.1804220","url":null,"abstract":"In multidivisional firms, the corporate staff is central to the implementation of corporate-level strategy, but empirical evidence on its function is limited. We examine one corporate staff through e-mail analysis. We find sharp cross-sectional differences in communication patterns: staff members have networks that are larger, more integrative, and richer in structural holes. However, much of this difference is attributed to sorting processes, rather than being caused by employment in the corporate staff per se. Further, once people receive the ‘corporate imprimatur,’ they retain aspects of it even when they move back to the line organization. These results imply that the literature's emphasis on structure as a means to achieve coordination undervalues a selection process in which individuals with broad networks match to coordination-focused jobs in the corporate staff. Copyright © 2013 John Wiley & Sons, Ltd.","PeriodicalId":102305,"journal":{"name":"Harvard Business School: Entrepreneurial Management Unit Working Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129322501","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 65
Combining Banking with Private Equity Investing 将银行业与私募股权投资相结合
Harvard Business School: Entrepreneurial Management Unit Working Paper Series Pub Date : 2012-04-16 DOI: 10.2139/ssrn.1571921
Lily H. Fang, V. Ivashina, J. Lerner
{"title":"Combining Banking with Private Equity Investing","authors":"Lily H. Fang, V. Ivashina, J. Lerner","doi":"10.2139/ssrn.1571921","DOIUrl":"https://doi.org/10.2139/ssrn.1571921","url":null,"abstract":"Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to debt. Using financing terms and ex-post performance, we show that overall banks do not make superior equity investments to those of standalone private equity groups. Instead, they appear to expand their private equity engagement to take advantage of the credit market booms while capturing private benefits from cross-selling of other banking services.","PeriodicalId":102305,"journal":{"name":"Harvard Business School: Entrepreneurial Management Unit Working Paper Series","volume":"130 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133224393","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 93
Historical Trajectories and Corporate Competences in Wind Energy 风能的历史轨迹和企业能力
Harvard Business School: Entrepreneurial Management Unit Working Paper Series Pub Date : 2011-05-04 DOI: 10.2139/SSRN.1831471
Geoffrey Jones, L. Bouamane
{"title":"Historical Trajectories and Corporate Competences in Wind Energy","authors":"Geoffrey Jones, L. Bouamane","doi":"10.2139/SSRN.1831471","DOIUrl":"https://doi.org/10.2139/SSRN.1831471","url":null,"abstract":"This working paper surveys the business history of the global wind energy turbine industry between the late nineteenth century and the present day. It examines the long-term prominence of firms headquartered in Denmark, the more fluctuating role of US-based firms, and the more recent growth of German, Spanish, Indian and Chinese firms. While natural resource endowment in wind has not been very significant in explaining the country of origin of leading firms, the existence of rural areas not supplied by grid electricity was an important motivation for early movers in both the US and Denmark. Public policy was the problem rather than the opportunity for wind entrepreneurs before 1980, but beginning with feed-in tariffs and other policy measures taken in California, policy mattered a great deal. However, Danish firms, building on inherited technological capabilities and benefiting from a small-scale and decentralized industrial structure, benefited more from Californian public policies. The more recent growth of German, Spanish and Chinese firms reflected both home country subsidies for wind energy and strong local content policies, whilst successful firms pursued successful strategies to acquire technologies and develop their own capabilities.","PeriodicalId":102305,"journal":{"name":"Harvard Business School: Entrepreneurial Management Unit Working Paper Series","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127096057","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 21
The Economics of Technology Sharing: Open Source and Beyond 技术共享的经济学:开源和超越
Harvard Business School: Entrepreneurial Management Unit Working Paper Series Pub Date : 2004-11-01 DOI: 10.2139/ssrn.620904
Jean Tirole, Josh Lerner
{"title":"The Economics of Technology Sharing: Open Source and Beyond","authors":"Jean Tirole, Josh Lerner","doi":"10.2139/ssrn.620904","DOIUrl":"https://doi.org/10.2139/ssrn.620904","url":null,"abstract":"This paper reviews our understanding of the growing open source movement. We highlight how many aspects of open source software appear initially puzzling to an economist. As we have acknowledged, our ability to answer confidently many of the issues raised here questions is likely to increase as the open source movement itself grows and evolves. At the same time, it is heartening to us how much of open source activities can be understood within existing economic frameworks, despite the presence of claims to the contrary. The labor and industrial organization literatures provide lenses through which the structure of open source projects, the role of contributors, and the movement's ongoing evolution can be viewed.","PeriodicalId":102305,"journal":{"name":"Harvard Business School: Entrepreneurial Management Unit Working Paper Series","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114886348","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 18
Payout Policy 派息政策
Harvard Business School: Entrepreneurial Management Unit Working Paper Series Pub Date : 2002-04-01 DOI: 10.2139/ssrn.2400618
Joan Farre-Mensa, Roni Michaely, Martin C. Schmalz
{"title":"Payout Policy","authors":"Joan Farre-Mensa, Roni Michaely, Martin C. Schmalz","doi":"10.2139/ssrn.2400618","DOIUrl":"https://doi.org/10.2139/ssrn.2400618","url":null,"abstract":"We survey the literature on payout policy, with a particular emphasis on developments in the last two decades. Of the traditional motives of why firms pay out (agency, signaling, and taxes), the cross-sectional empirical evidence is most persuasive in favor of agency considerations. Studies centered on the May 2003 dividend tax cut confirm that differences in the taxation of dividends and capital gains have only a second-order impact on setting payout policy. None of the three traditional explanations can account for secular changes in how payouts are made over the last 30 years, during which repurchases have replaced dividends as the prime vehicle for corporate payouts. Other payout motives such as changes in compensation practices and management incentives are better able to explain the observed variation in payout patterns over time than the traditional motives. The most recent evidence suggests that further insights can be gained from viewing payout decisions as an integral part of a firm’s larger financial ecosystem, with important implications for financing, investment, and risk management.","PeriodicalId":102305,"journal":{"name":"Harvard Business School: Entrepreneurial Management Unit Working Paper Series","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116601935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 511
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