Richard Ivey Building 3341
- Private Equity
- Public Policy
- International Trade and Investment
- Cultural Industries
- Applied Microeconomics
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Assistant Professor, Business, Economics and Public Policy
Isaac Holloway is an Assistant Professor in the Business, Economics, and Public Policy group at Ivey Business School. His research is primarily focused on the interaction between firm characteristics and strategies and the macro environment in international markets. Applications include work in the areas of motion pictures, private equity, commercial services, and Chinese outward investment.
Before joining Ivey in 2015, Holloway was an Assistant Professor in the School of Economics and Management at Tsinghua University, in Beijing, and a Visiting Assistant Professor at the University of British Columbia's Sauder School of Business. He received his Ph.D. in Business Administration (business economics) from Sauder in 2012.
- Global Macroeconomics for Managers
- Ph.D. (Strategy and Business Economics), University of British Columbia
- MA (Economics), University of British Columbia
- B.Sc. (Mathematics), University of British Columbia
Recent Refereed Articles
2016, "Learning via Sequential Market Entry: Evidence from International Releases of U.S. Movies", Journal of International Economics, January 104: 104 - 121.
Abstract: Most U.S. movies are not distributed simultaneously to all of their foreign markets and many do not recoup the costs of market entry. In theory, sequential entry allows distributors to learn about their movies' quality from performance in successive markets. I find empirical evidence consistent with recent trade models of learning about export profitability: a one-standard-deviation increase in the update to expected box-office revenues from the previous round is associated with an increase in the probability of entry to a given market of approximately 20%. This effect is robust to controls for other potential determinants of entry, including extended gravity, seasonality of demand, and competition from local and imported pictures.
Link(s) to publication:
Holloway, I.R., Lee, H.S., Shen, T.,
2016, "Private Equity Firm Heterogeneity and Cross-Border Acquisitions", International Review of Economics and Finance, July 44: 118 - 144.
Abstract: We study the global competition among private equity (PE) buyout firms. Using a detailed database of PE firm characteristics, we investigate how PE firm heterogeneity across strategy and performance affects the volume of global acquisitions. A one-standard-deviation increase in a firm's average internal rate of return is associated with an approximate doubling of the number of deals in any given country. We also find that transaction costs associated with geographic, cultural, and administrative distance matter to different degrees across PE firms, and that these differences are related to the strategic profiles of the firms.
Link(s) to publication:
2014, "Foreign Entry, Quality, and Cultural Distance: Product-Level Evidence from U.S. Movie Exports", Review of World Economics, May 150(2): 371 - 392.
Abstract: This paper investigates the effect of quality on foreign entry using data on international movie exports and direct and revealed measures of movie quality. Strict quality sorting is predicted by a model of firm heterogeneity. An alternative model is random entry, in which entry decisions are independent of the movie’s quality. I develop a discrete choice model that allows for both of these extremes as special cases, and use graphical techniques and simulations to compare their predictions to the data. I then use regression analysis to estimate the effect of quality on the propensity to enter foreign markets. A one-standard-deviation increase in quality increases the probability of entry by 25–50 %. Systematic differences in taste for different genre types are used to estimate a measure of cultural distance between countries. Movies in “culturally dependent” genres are less likely to enter foreign markets and their probability of entry is less sensitive to quality. The cultural distance measure enters a gravity equation of US bilateral trade significantly.
Link(s) to publication:
Works in Progress
- “Learning via Sequential Market Entry: Evidence from International Releases of U.S. Movies”
- “Distance and Border Effects for Canadian Trade in Services”
- “Private Equity Firm Heterogeneity and Cross-Border Acquisitions” (with Hoan Soo Lee and Tao Shen)
- “Angel or Devil? The Influence of MNEs from an Emerging Market on Host-Country Corruption” (with Jie Yang)
- Assistant Professor, Tsinghua University (2012-2015)
- Visiting Assistant Professor, University of British Columbia (2014-2015)
- Instructor, University of British Columbia (Spring 2010, Spring 2012)