JUE Insight: Infrastructure and Finance: Evidence from India's GQ Highway Network - Article - Faculty & Research

<!DOCTYPE html> <html xmlns="http://www.w3.org/1999/xhtml" lang="en"> <head runat="server"> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <meta http-equiv="X-UA-Compatible" content="IE=edge"/> <title>JUE Insight: Infrastructure and Finance: Evidence from India's GQ Highway Network - Article - Faculty & Research - Harvard Business School</title> <link rel="stylesheet" type="text/css" href="https://webassets.hbs.edu/libs/framework/1.0/css/framework-async.min.css?v=1.0"><script>var MTIProjectId='7104cb2a-976d-4c0f-803f-1a83c9190762';</script><script defer type="text/javascript" src="https://webassets.hbs.edu/libs/framework/1.0/js/mtiFontTrackingCode.js"></script><meta name="HBSSearchUrl" content="/faculty/Pages/search.aspx"><meta name="PageBuildDateTime" content="2024-11-30 01:47:57 PM on "><meta name="viewport" content="width=device-width,initial-scale=1"><link rel="icon" href="https://webassets.hbs.edu/sites/home/favicon.ico"> <style>a[href*="TOFIX" i],a[href*="TODO" i] { background-color: yellow; } @media all and (-ms-high-contrast: none), (-ms-high-contrast: active) { .universal-banner-search-toggle svg {margin-top: -6px;} } .universal-banner-search { min-width: 400px; position: relative; } .universal-banner-menu-toggle { padding:6px; cursor: pointer; } .universal-banner-search-toggle { position: absolute; top: -9px; right: 10px; width: 50px; height: 49px; padding-top: 13px; padding-left: 2px; text-align: center; cursor: pointer; box-sizing: border-box; transition: all .3s cubic-bezier(0.5, 0, 0.1, 1) ; } .universal-banner-search-toggle svg { cursor: pointer; display:block; transition: all .3s cubic-bezier(0.5, 0, 0.1, 1) ; } .universal-banner-search-toggle.toggled { background-color: #a41034; transform: scale(0.65); } .universal-banner-search-toggle.toggled svg { transform: scale(0.9) rotate(-45deg) !important; } .universal-banner-search-input { xoverflow: hidden; xposition: relative; width:269px; } .universal-banner-search-input .universal-site-search-button { display:none; } .universal-banner-search-input .slide { transition: .3s opacity, .3s transform, 0s visibility 0.7s cubic-bezier(0.5, 0, 0.1, 1); xtransform: translateX(310px); opacity: 0; visibility: hidden; } .universal-banner-search-input.open .slide { transition: .3s opacity, .3s transform cubic-bezier(0.5, 0, 0.1, 1); xtransform: translateX(0); opacity: 1; visibility: visible; } .universal-banner .hbs-logo { padding: 8px 0px; } @media (max-width: 919px) and (min-width: 651px) {.responsive-framework .site-header .site-header-button { margin-left: 10px !important; margin-top: 25px !important; } .site-header .universal-banner-hamburger { position:relative; top:2px; left:2px; } .universal-banner-hamburger span { background: #000!important; } .universal-banner .hbs-logo img { height: 52px; } } .universal-banner-hamburger { width: 23px; height: 25px; position: relative; } @media (max-width: 650px) { .responsive-framework .site-header .site-header-button { margin-left: 10px !important; margin-top: 25px !important; } .universal-banner .hbs-logo { padding: 5px 0px; display: flex; justify-content: center; } .universal-banner .hbs-logo img { height: 42px; width: 99px; }.site-header .universal-banner-hamburger { height: 22px; width: 22px; position: relative; left: 4px; } .site-header .universal-banner-hamburger span { height: 3px; } .site-header .universal-banner-hamburger span:nth-child(1) { top: 2px; } .site-header .universal-banner-hamburger span:nth-child(2) { top: 9px; } .site-header .universal-banner-hamburger span:nth-child(3) { top: 16px; } .universal-banner-search-icon svg { width: 39px !important; } .universal-banner-hamburger span { background: #000!important; } } .universal-banner-hamburger span { display: block; position: absolute; height: 4px; width: 100%; background: #FFF; opacity: 1; left: 0; transform: rotate(0deg); transition: .3s cubic-bezier(0.5, 0, 0.1, 1) ; } .universal-banner-hamburger span:nth-child(1) { top: 0px; transform-origin: left center; } .universal-banner-hamburger span:nth-child(2) { top: 8px; transform-origin: left center; } .universal-banner-hamburger span:nth-child(3) { top: 16px; transform-origin: left center; } .universal-banner-hamburger.open span:nth-child(1) { transform: rotate(45deg); } .universal-banner-hamburger.open span:nth-child(2) { width: 0%; opacity: 0; } .universal-banner-hamburger.open span:nth-child(3) { transform: rotate(-45deg); } .skipto.hideme:focus { left: 0px; top: 0px; background-color: white; padding: 6px; width: auto; height: auto; } body:not(.user-is-tabbing) #skipto-main:focus { outline: none; } .above-nav-header .navbar>li:first-child>a { border-left: 1px rgba(255,255,255,0.4) solid; } .above-nav-header .navbar>li:last-child>a { border-right: 1px rgba(255,255,255,0.4) solid; } @media (max-width: 919px) and (min-width: 651px) { header.site-header.above-nav-header .site-header-button { margin-top: 6px!important; margin-bottom: 6px!important; } } .slider-container.slider-open .slider-open[aria-expanded=false] { opacity: 0.3; } .slider-container .btn-glass.slider-open { background-color: transparent !important; } ul.navbar.four li a {padding: 4px 80px 3px 80px!important;} ul.navbar.four li.nav-downloads a {padding: 4px 10px 3px 10px!important;} ul.navbar.four li a.active {padding: 4px 80px!important;} .component-framework .btn-glass.site-header-button {border:0;}.navbar li.nav-downloads{width: 260px; text-align: center;} .navbar .nav-downloads:hover {background: black;} .navbar .nav-downloads:hover > a {border-left:none;} .nav-downloads:hover > a.dropdown-toggle2 span.icon-expand {background-position: -240px -80px !important;} .navbar .nav-downloads:hover > .menu-head, .navbar .nav-downloads.active a {color: white!important;} .navbar li.nav-downloads li{ text-align: left; } .navbar > li.nav-downloads > ul.dropdown-menu2 li a{ margin: 1px 8px;padding: 6px 8px!important; } .navbar > li.nav-downloads .dropdown-menu2 > li.divider { min-width: 100px; margin-left: 8px; margin-right: 8px; } .navbar .dropdown-container2.nav-downloads > a:hover {text-decoration: none;} .navbar li.nav-downloads ul.dropdown-menu2 li a.hover { color: black!important; } .navbar .dropdown-container2.nav-downloads > a > span {margin-left: 10px;} .navbar .dropdown-container2.nav-downloads {position: relative !important;} .navbar .dropdown-container2.nav-downloads .dropdown-menu2 {position: absolute; top:38px !important;left:-1px;min-width:254px!important;} .navbar .dropdown-container2.nav-downloads.active {background-color: black;} .nav-downloads.active a.menu-head span.icon-expand {background-position: -240px -80px;} #flyout-navigation a.dropdown-toggle2 {padding-left: 0 !important;} #flyout-navigation a.dropdown-toggle2 .icon-expand {margin-left: 11px;} .flyout-panel .flyout-padding li a.dropdown-toggle2 {display:none;} @media (max-width: 1220px) and (min-width: 920px) { .site-header h1.gamma-uc.tablet-shrink { font-size: 28px!important; } .site-header h1.tablet-shrink + nav .toolbar > li > a { padding: 4px 4px 0 4px!important; } }@media (max-width: 650px) { .universal-banner-search-icon { height: 24px!important; padding-left: 10px; } .responsive-framework.pattern-framework .site-header .gamma-uc a.white.black-bg { box-shadow: 10px 0 0 black, 0px 0 0 black; padding-right: 0px; } } #sticky-header { position: fixed; overflow: hidden; background-color: inherit; height: 0; top:0!important; left:0; right:0; z-index: 110; transform: translate3d(0,0,0); transition: height .3s cubic-bezier(0.5, 0, 0.1, 1) ; } #sticky-header > div.wrapper { position: absolute; bottom:0; left:0; right:0; } #sticky-header.at-scroll-top { display: none; } .sticky-header-active .facetctrl-sticky.active, .sticky-header-active .filter-sticky.fixed { transition: margin .3s cubic-bezier(0.5, 0, 0.1, 1) ; } .sticky-header-expanded .facetctrl-sticky.active { margin-top:98px; } @media (max-width: 650px) { .sticky-header-expanded .filter-sticky.fixed { margin-top:98px; } .sticky-header-expanded .facetctrl-sticky.active { margin-top:98px; } } @media (min-width: 651px) and (max-width: 919px) { .sticky-header-expanded .filter-sticky.fixed { margin-top:118px; } .sticky-header-expanded .facetctrl-sticky.active { margin-top:113px; } } .sticky-header-active .universal-banner.sticky-header-cloned, .sticky-header-active .sticky-header-cloned .site-header-button { visibility: hidden; } @media screen and (min-width: 920px) { .body-layout { margin-left: 20px; } } .page-header h2.alpha.no-margin { margin-bottom: 0px!important; } .page-header .tagline a { text-decoration: underline; } .page-header .tagline a:hover { text-decoration: none; } @media (max-width: 650px) { .page-header .podcast-avatar-head div { position: relative!important; top: 0!important; } } .mobile-breadcrumb-container .plus-icon .plus-bar { transition: all .3s ease; transform-origin: 50% 50%; transform: rotate(0deg); } .mobile-breadcrumb-container.toggled .plus-icon .plus-bar { opacity: 0; transform: rotate(90deg); } .mobile-breadcrumb ul { margin:-2px 0 0 0; padding: 0 0 3px 33px; } #sticky-header .mobile-breadcrumb ul { border-bottom: 0; padding-bottom: 0; } .mobile-breadcrumb li { padding: 0; margin: 3px 0; list-style-type: none; } .mobile-breadcrumb li.active { position: relative; } .mobile-breadcrumb li.active:before { position: absolute; top: -2px; left: -23px; content: '→'; }.page-header .html p:last-of-type { margin-bottom: 12px; } @media (max-width: 919px) and (min-width: 651px) { .mobile-breadcrumb ul { padding: 0 0 3px 48px; } .mobile-indent { margin-left:48px; } } @media (max-width: 650px) { .mobile-indent { margin-left: 33px; }.page-header .html p:last-of-type { margin-bottom: 0px; } } .meta-content-type, .meta-content-type a{ color: #2BA79A; } .item-detail .metadata .bar{ padding-right: 8px; } .ua-mobile .body-container{ margin-left: 0px !important; } .ua-mobile .datesource{ margin-top: 0px !important; } .citation a.pdf span.pdf-append { display:none; }@media print { .profile-details .tablet-hidden.mobile-hidden, .profile-details .span3.sidebar, .profile-details .page-tabs-container, footer .social-grid, .ms-Fabric.ms-Layer-content.content-84 {display:none !important;} .profile-details .tablet-visible.mobile-visible, .profile-details .accordian.profile-tabs dd {display:block !important;overflow:visible !important;} .component-framework dl.accordian dd {position:static !important;margin-bottom:20px;} } .universal-footer .universal-footer-copyright ul.footer-links li { margin: 0px 11px; } .universal-footer .universal-footer-copyright ul.footer-links li:first-child { margin-left: 0px; } .universal-footer .universal-footer-copyright ul.footer-links li:last-child { margin-right: 0px; } @media (max-width: 670px) { .universal-footer .universal-footer-copyright ul.footer-links { display:flex; justify-content: center; flex-wrap: wrap; } .universal-footer .universal-footer-copyright ul.footer-links li { padding-bottom: 12px; } .universal-footer .universal-footer-copyright ul.footer-links li:first-child { margin-left: 11px; } .universal-footer .universal-footer-copyright ul.footer-links li:last-child { margin-right: 11px; } } .button-partial .button { display: inline-block; padding: 3px 18px; text-decoration: none; } .button-partial .button .hbsred-onhover-border { border:2px solid #A41034; } .button-partial svg { padding-top: 2px; padding-right: 8px; vertical-align: top; } ;</style> </head> <body class="expanded-grid-framework"> <header aria-label="Universal HBS Header" role="banner"><a href="#skipto-main" class="hideme skipto">Skip to Main Content</a><div class="universal-banner noindex"> <div class="color-framework grid-framework type-framework component-framework pattern-framework js-framework responsive-framework"> <div class="universal-header-v3"> <div class="black-bg"> <div class="container tablet-container mobile-container"> <div class="row"> <div class="span7"> <div class="hbs-logo" style="z-index: 100;"><a href="https://www.hbs.edu/" data-link-id="header-logo" aria-label="Harvard Business School Home"><img class="fluid" style="display: block;" loading="eager" width="151" height="64" src="https://webassets.hbs.edu/libs/framework/1.0/images/hbs-shield-3line.svg" alt=""></a></div> </div> <div class="span5 desktop-visible"> <div class="search-box tablet-hidden"> <div style="display:flex;margin-right:-8px;"> <div class="universal-banner-search-input"> <div class="slide"> <fieldset class="input" role="search"><input type="search" class="universal-site-search-query" aria-label="Search Text" name="qt" value="" data-placeholder="SEARCH" id="search-text" maxlength="250" style="box-sizing: content-box;float:none;" autocomplete="false"><input type="submit" class="universal-site-search-button" value="Search" id="search-submit"></fieldset> </div> </div> <div class="universal-banner-search" style="min-width:52px;"><a href="#" class="universal-banner-search-toggle block" aria-label="Toggle Search Box"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" style="fill:white;width:44px;" viewBox="0 0 177 100" version="1.1" focusable="false"> <path d="M137.686,11.342 C137.686,-15.909 115.595,-38 88.344,-38 C61.09,-38 39,-15.909 39,11.342 C39,36.724 58.168,57.607 82.818,60.355 L82.818,72.838 C79.304,74.521 76.898,77.714 76.898,81.419 L76.898,128.148 C76.898,133.588 82.023,138 88.345,138 C94.667,138 99.789,133.589 99.789,128.148 L99.789,81.419 C99.789,77.711 97.382,74.521 93.869,72.838 L93.869,60.354 C118.515,57.606 137.686,36.726 137.686,11.342 Z M56.032,11.225 C56.032,-6.759 70.606,-21.338 88.589,-21.338 C106.572,-21.338 121.142,-6.759 121.142,11.225 C121.142,29.205 106.572,43.78 88.589,43.78 C70.606,43.78 56.032,29.205 56.032,11.225 Z" transform="translate(88.343000, 50.000000) rotate(90.000000) translate(-88.343000, -50.000000) "/></svg></a></div> <div class="universal-banner-menu"><a href="#" class="universal-banner-menu-toggle block" aria-label="Toggle Flyout Menu"> <div class="universal-banner-hamburger"><span></span><span></span><span></span></div></a></div> </div> </div> </div> </div> </div> </div> </div> <div id="universal-slider-nav" class="hidden"> <nav class="gamma-uc site-title" aria-label="HBS Homepage"><a href="https://www.hbs.edu/Pages/default.aspx" class="white slidernav-ancillarynav-hbs-home">HBS Home</a></nav> <div class="hr" style="opacity: 0.3"></div> <nav aria-label="HBS Home Main"> <ul class="epsilon-uc unstyled unbulleted"> <li><a href="https://www.hbs.edu/about/Pages/default.aspx" class="slidernav-ancillarynav-about">About</a></li> <li><a href="https://www.hbs.edu/about/academic-programs/Pages/default.aspx" class="slidernav-ancillarynav-academic-programs">Academic Programs</a></li> <li><a href="https://www.alumni.hbs.edu/Pages/default.aspx" class="slidernav-ancillarynav-alumni">Alumni</a></li> <li><a href="https://www.hbs.edu/faculty/Pages/default.aspx" class="slidernav-ancillarynav-faculty-and-research">Faculty & Research</a></li> </ul> </nav> <div class="hr" style="opacity: 0.3"></div> <nav aria-label="HBS Home Utility"> <ul class="kappa-uc unstyled unbulleted"> <li><a href="https://www.library.hbs.edu/" class="slidernav-ancillarynav-baker-library">Baker Library</a></li> <li><a href="https://www.alumni.hbs.edu/giving/Pages/default.aspx" class="slidernav-ancillarynav-giving">Giving</a></li> <li><a href="https://hbr.org/" class="slidernav-ancillarynav-harvard-business-review">Harvard Business Review</a></li> <li><a href="https://www.hbs.edu/about/initiativesandprojects/Pages/default.aspx" class="slidernav-ancillarynav-initiatives">Initiatives</a></li> <li><a href="https://www.hbs.edu/news/Pages/landing.aspx" class="slidernav-ancillarynav-news">News</a></li> <li><a href="https://www.hbs.edu/recruiting/Pages/default.aspx" class="slidernav-ancillarynav-recruit">Recruit</a></li> </ul> </nav> <div class="hr" style="opacity: 0.3"></div> <nav aria-label="Footer"> <ul class="kappa-uc unstyled unbulleted"> <li><a href="https://www.hbs.edu/maps/" class="slidernav-ancillarynav-map-directions">Map / Directions</a></li> </ul> </nav> </div> </div> </div> </header> <div id="container" class="type-framework color-framework grid-framework component-framework pattern-framework js-framework responsive-framework"> <div class="teal-inherit responsive-type slider-inject" ><div class="inherit-bg sticky-header-container"></div><header class=" inherit-bg site-header noindex crawl-hidden" aria-label="Site Header" role="banner"> <div class="container bg-img-container link-controller"> <div class="desktop-hidden"><button class="site-header-button slider-backdrop-above slider-open btn-glass black" data-target="flyout-navigation"> <div class="universal-banner-hamburger"><span></span><span></span><span></span></div></button><button class="site-header-button slider-backdrop-above slider-open btn-glass black" data-target="flyout-search"> <div class="universal-banner-search-icon" style="height:26px;"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" style="fill:black;width:44px;position:relative;" viewBox="0 0 177 100" version="1.1" focusable="false"> <path d="M137.686,11.342 C137.686,-15.909 115.595,-38 88.344,-38 C61.09,-38 39,-15.909 39,11.342 C39,36.724 58.168,57.607 82.818,60.355 L82.818,72.838 C79.304,74.521 76.898,77.714 76.898,81.419 L76.898,128.148 C76.898,133.588 82.023,138 88.345,138 C94.667,138 99.789,133.589 99.789,128.148 L99.789,81.419 C99.789,77.711 97.382,74.521 93.869,72.838 L93.869,60.354 C118.515,57.606 137.686,36.726 137.686,11.342 Z M56.032,11.225 C56.032,-6.759 70.606,-21.338 88.589,-21.338 C106.572,-21.338 121.142,-6.759 121.142,11.225 C121.142,29.205 106.572,43.78 88.589,43.78 C70.606,43.78 56.032,29.205 56.032,11.225 Z" transform="translate(88.343000, 50.000000) rotate(90.000000) translate(-88.343000, -50.000000) "/></svg></div></button></div> <div class="gamma-uc site-home "> <div style="margin-top: 3px;"><a href="/faculty/Pages/default.aspx" class="white black-bg">Faculty & Research</a></div> </div> <div class="navigation" style=""> <div class="hr desktop-visible "></div> <nav class="mobile-hidden tablet-hidden " aria-label="Current Site"> <ul class="navbar sticky-header-appears" style="display:flex;justify-content:space-around;"> <li style="white-space:nowrap;" class=""><a href="/faculty/Pages/browse.aspx?faculty=Current" class=" first"> Faculty </a></li> <li style="white-space:nowrap;" class=""><a href="/faculty/research/Pages/default.aspx" class=" ">Research</a></li> <li style="white-space:nowrap;" class=""><a href="/faculty/topics/Pages/default.aspx" class=" ">Featured Topics</a></li> <li style="white-space:nowrap;" class=""><a href="/faculty/units/Pages/default.aspx" class=" last">Academic Units</a></li> </ul> </nav> </div> <div class="hr desktop-visible sticky-header-invisible"></div> </div> </header>  <div class="mainContainer link-controller" runat="server"> <main id="skipto-main" tabindex="-1" aria-label="Page content"> <div class="page-header inherit-bg" id=""> <div class="page-header-inner"> <div class="container tablet-container mobile-container vrule8 " style="position:relative;" id=""> <ul class="nu responsive-breadcrumb toggle-container"> <li class="responsive-breadcrumb-toggle"><a href="#" class="toggle-button">…</a><span class="txt-arrow" aria-hidden="true">→</span></li> <li><a href="https://www.hbs.edu/Pages/default.aspx" class="ink">Harvard Business School</a><span class="txt-arrow" aria-hidden="true">→</span></li> <li><a href="/faculty/Pages/default.aspx" class="ink">Faculty & Research</a><span class="txt-arrow" aria-hidden="true">→</span></li> </ul> <div class="row tablet-row"> <div class="span11"> <div class="alpha light black mobile-hidden tablet-hidden" style="margin: 0;"> Publications </div> <div class="alpha regular black desktop-hidden" style="margin: 0;"> Publications </div> <div class=""> <div class="sticky-header-hidden"></div> </div> </div> </div> <div class="shim22 mobile-hidden"></div> <div class="shim14 mobile-visible"></div> </div> </div> </div> <div class="container mobile-container tablet-container vrule8"> <div class="cap mobile-cap tablet-cap"></div> <div class=""> <div class="row"> <div class="span8"> <div class="row tablet-row mobile-row"> <div class="span8 tablet-span12 mobile-span12 item-detail"> <ul class="linear mu-uc datesource" style="margin-top:-4px"> <li>July 2024</li> <li class="meta-content-type"><a href="/faculty/research/publications/Pages/default.aspx?contentType=Articles">Article</a></li> <li>Journal of Urban Economics</li> </ul> <div class="shim5"></div> <h1 class="beta">JUE Insight: Infrastructure and Finance: Evidence from India's GQ Highway Network</h1> <div class="shim14"></div> <div class="nu add-underline">By: Abhiman Das, Ejaz Ghani, Arti Grover, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=337265&click=byline">William Kerr</a> and <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=294193&click=byline">Ramana Nanda</a></div> <div class="shim10"></div> <ul class="linear metadata"> <li class="nu"><span class="mu" style="padding-right: 5px;">Format:</span>Print</li> <li class="nu"><span class="bar"> | </span><span class="mu" style="padding-right: 5px;">Pages:</span>9 </li> </ul> <div class="shim20"></div> <div class="widget-sharebar" data-style="framework" data-print="true" data-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=64742">ShareBar</div> <div class="shim25"></div> <div class="row tablet-row mobile-row"> <div class="span8 tablet-span12"> <div class="body-container"> <h2 class="description-heading kappa-uc boldcn">Abstract</h2> <div class="description-content add-underline">We use data from Reserve Bank of India to study the impact of India's Golden Quadrilateral (GQ) highway project on finance-dependent activity. Loan volumes increase by 20-30% in districts along GQ and are stronger in industries more dependent upon external finance. Loan growth begins with increases in average branch size and in places with more pre-GQ loan activity. New branch openings come later, consistent with short-run adjustment costs to expanding branch networks. These patterns are not evident in placebo tests using delayed investments in NS-EW highways. Results suggest the depth of initial financial infrastructure shapes how infrastructure investments impact localities.</div> <div class="shim30"></div> <h2 class="keywords-heading kappa-uc boldcn">Keywords</h2> <div class="mu regular add-underline"><a href="/faculty/research/publications/Pages/default.aspx?q=Highways">Highways</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Finance">Finance</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Development">Development</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Infrastructure">Infrastructure</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Banks and Banking">Banks and Banking</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Transportation Networks">Transportation Networks</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Financing and Loans">Financing and Loans</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Growth and Development">Growth and Development</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=India">India</a></div> <div class="shim30"></div> <h2 class="citation-heading kappa-uc boldcn">Citation</h2> <div class="mu light citation add-underline">Das, Abhiman, Ejaz Ghani, Arti Grover, William Kerr, and Ramana Nanda. <A HREF="https://www.hbs.edu/faculty/Pages/download.aspx?name=DGGKN-JUE23 GQFinance.pdf">"JUE Insight: Infrastructure and Finance: Evidence from India's GQ Highway Network."</A> Art. 103593. <I>Journal of Urban Economics</I> 142 (July 2024).</div> <div class="shim30"></div> <ul class="linear"> <li><a href="https://www.hbs.edu/faculty/Pages/download.aspx?name=DGGKN-JUE23+GQFinance.pdf" class="btn hbsred-bg black-bg-onhover white kappa-uc boldcn no-append" role="button">Read Now</a></li> </ul> </div> </div> </div> </div> </div> <div class="tablet-rail4 mobile-rail4"></div> </div> <div class="span4 vrule-offset"> <div> <h3 class="kappa-uc" style="margin-top:-5px">About The Authors</h3> <div class="shim20"></div> <div class="row-left"> <div class="span1"><a href="/faculty/Pages/profile.aspx?facId=337265"><img src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=337265" class="fluid" style="border: 3px solid black;" alt="" width="80"></a></div> <div class="span99"> <h4 class="kappa"><a href="/faculty/Pages/profile.aspx?facId=337265">William R. Kerr</a></h4> <div class="nu">Entrepreneurial Management</div> <div class="shim10"></div> <div class="more"><span class="txt-arrow" aria-hidden="true">→</span><a href="/faculty/Pages/profile.aspx?facId=337265&view=publications">More Publications</a></div> </div> </div> <div class="shim20"></div> <div class="row-left"> <div class="span1"><a href="/faculty/Pages/profile.aspx?facId=294193"><img src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=294193" class="fluid" style="border: 3px solid black;" alt="" width="80"></a></div> <div class="span99"> <h4 class="kappa"><a href="/faculty/Pages/profile.aspx?facId=294193">Ramana Nanda</a></h4> <div class="nu">Entrepreneurial Management</div> <div class="shim10"></div> <div class="more"><span class="txt-arrow" aria-hidden="true">→</span><a href="/faculty/Pages/profile.aspx?facId=294193&view=publications">More Publications</a></div> </div> </div> </div> <div class="hr pubdetails-sidebar-divider" style="margin: 30px 0px;"></div> <div class="sidebar-margins"> <h3 class="kappa-uc" style="margin-top: 0px;">More from the Authors</h3> <ul class="media-list3 sidebar-stream "> <li class="media"> <div class=""> <div class=""> <ul class="linear mu-uc"> <li>January 2025</li> <li class="ash">Research Policy</li> </ul> <h4 class="kappa-uc"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66613" class="block" style="color: #2AA296;border:!px solid red;">Everyone Steps Back?: The Widespread Retraction of Crowd-Funding Support for Minority Creators When Migration Fear Is High</a></h4> <div class="nu add-underline">By: John (Jianqui) Bai, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=337265&click=byline">William R. Kerr</a>, Chi Wan and Alptug Yorulmaz</div> </div> </div> </li> <li class="media"> <div class=""> <div class=""> <ul class="linear mu-uc"> <li>2024</li> <li class="ash">Faculty Research</li> </ul> <h4 class="kappa-uc"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66662" class="block" style="color: #2AA296;border:!px solid red;">Why Has Construction Productivity Stagnated? The Role of Land-Use Regulation</a></h4> <div class="nu add-underline">By: Leonardo D’Amico, Edward Glaeser, Joseph Gyourko, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=337265&click=byline">William Kerr</a> and Giacomo A. M. Ponzetto</div> </div> </div> </li> <li class="media"> <div class=""> <div class=""> <ul class="linear mu-uc"> <li>2024</li> <li class="ash">Faculty Research</li> </ul> <h4 class="kappa-uc"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66590" class="block" style="color: #2AA296;border:!px solid red;">Priors, Experiments, Learning and Persuasion in (Bayesian) Entrepreneurial Finance</a></h4> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=294193&click=byline">Ramana Nanda</a></div> </div> </div> </li> </ul> </div> <div class="html "> <div class="popout-related-list" style="display:none;"> <div class="popout-inner"> <div class="mu" style="margin-bottom: 10px;">More from the Authors</div> <ul class="unbulleted"> <li class="nu"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66613">Everyone Steps Back?: The Widespread Retraction of Crowd-Funding Support for Minority Creators When Migration Fear Is High</a> By: John (Jianqui) Bai, William R. Kerr, Chi Wan and Alptug Yorulmaz</li> <li class="nu"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66662">Why Has Construction Productivity Stagnated? The Role of Land-Use Regulation</a> By: Leonardo D’Amico, Edward Glaeser, Joseph Gyourko, William Kerr and Giacomo A. M. Ponzetto</li> <li class="nu"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66590">Priors, Experiments, Learning and Persuasion in (Bayesian) Entrepreneurial Finance</a> By: Ramana Nanda</li> </ul> </div> </div> </div> </div> </div> </div> <div class="base mobile-base tablet-base"></div> <div class="vrule-gutter-base desktop-visible"></div> </div> </main> </div>  <div class="clear"></div> </div> <div class="back-to-top"><a href="#" class="icon-back-to-top" aria-label="Scroll back to top of page"></a></div><footer role="contentinfo"> <div class="universal-footer noindex" data-feature="universal-footer"> <div class="color-framework grid-framework type-framework component-framework pattern-framework js-framework responsive-framework"> <div class="black-bg link-controller white universal-footer-v3 responsive-type"> <div class="container tablet-container mobile-container"> <div class="shim48 desktop-visible"></div> <div class="shim36 tablet-visible"></div> <div class="shim28 mobile-visible"></div> <div class="hidden">ǁ</div> <div class="row tablet-row mobile-flip crawler-noindex"> <div class="span6 mobile-span6 tablet-span7 mobile-stacks"> <div class="shim2 mobile-visible"></div> <div class="hr white-bg mobile-visible" style="margin-left:0;"></div> <div class="shim34 mobile-visible"></div> <div class="row-left"> <div class="span2 mobile-span1"><a href="https://www.hbs.edu/maps/" id="header-map-pic-tablet" class="default-map-link"><img loading="lazy" width="172" height="160" class="white-stroke4 fluid nowarn" src="https://webassets.hbs.edu/templates/headers/images/footer_baker_172x160.jpg" alt="Campus Map"></a><div class="shim17"></div> </div> <div class="span99 address-block"> Harvard Business School<br> Soldiers Field<br> Boston, MA 02163<br><div class="shim6"></div> <div class="more"> <div class="shim6"></div><span class="txt-arrow" aria-hidden="true">→</span><a href="https://www.hbs.edu/maps/" id="footer-maps" class="default-map-link">Map & Directions</a></div> <div class="more mu"> <div class="shim6"></div><span class="txt-arrow" aria-hidden="true">→</span><a href="https://www.hbs.edu/about/Pages/contact.aspx">More Contact Information</a></div> <div class="shim17 desktop-visible"></div> <div class="shim23 tablet-visible"></div> </div> </div> </div> <div class="span6 tablet-span5 mobile-span6 mobile-flip-up"> <ul class="social-grid new-grid inherit-color-on-hover"> <li class="fb"><a href="https://www.facebook.com/pages/Boston-MA/Harvard-Business-School/66459568171/" class="block inherit-color-onhover" style="text-decoration:none;position:relative;height:48px;width:48px;" aria-label="Facebook"><svg xmlns="http://www.w3.org/2000/svg" width="48px" height="48px" viewBox="0 0 110 110" version="1.1" focusable="false"> <circle cx="55" cy="55" r="50" stroke-width="6" stroke="currentColor"/></svg><div style="position:absolute;top:9px;left:8px;"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="30" height="30" viewBox="0 0 100 100" version="1.1" focusable="false"> <g stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <g id="Facebook" fill-rule="nonzero" fill="currentColor"> <path d="M71.644898,50.0163265 L57.6285714,50.0163265 L57.6285714,99.9265306 L36.8938776,99.9265306 L36.8938776,50.0163265 L27.0244898,50.0163265 L27.0244898,32.3673469 L36.8938776,32.3673469 L36.8938776,20.922449 C36.8938776,12.7510204 40.7714286,0.00816326531 57.8408163,0.00816326531 L73.2204082,0.0653061224 L73.2204082,17.2 L62.044898,17.2 C60.2326531,17.2 57.6530612,18.1061224 57.6530612,22.0163265 L57.6530612,32.3673469 L73.4571429,32.3673469 L71.644898,50.0163265 Z"/> </g> </g></svg></div></a></li> <li class="twitter"><a href="https://twitter.com/HarvardHBS" class="block inherit-color-onhover" style="text-decoration:none;position:relative;height:48px;width:48px;" aria-label="Twitter"><svg xmlns="http://www.w3.org/2000/svg" width="48px" height="48px" viewBox="0 0 110 110" version="1.1" focusable="false"> <circle cx="55" cy="55" r="50" stroke-width="6" stroke="currentColor"/></svg><div style="position:absolute;top:11px;left:11px;"><svg xmlns="http://www.w3.org/2000/svg" xmlns:cc="http://creativecommons.org/ns#" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" height="27" width="27" viewBox="0 0 300.00006 244.18703" version="1.1" class="onhover-container twitter-icon" focusable="false"> <g transform="translate(-539.18 -568.86)" fill="currentColor" class="inherit-fill-onhover"> <path d="m633.9 812.04c112.46 0 173.96-93.168 173.96-173.96 0-2.6463-0.0539-5.2806-0.1726-7.903 11.938-8.6302 22.314-19.4 30.498-31.66-10.955 4.8694-22.744 8.1474-35.111 9.6255 12.623-7.5693 22.314-19.543 26.886-33.817-11.813 7.0031-24.895 12.093-38.824 14.841-11.157-11.884-27.041-19.317-44.629-19.317-33.764 0-61.144 27.381-61.144 61.132 0 4.7978 0.5364 9.4646 1.5854 13.941-50.815-2.5569-95.874-26.886-126.03-63.88-5.2508 9.0354-8.2785 19.531-8.2785 30.73 0 21.212 10.794 39.938 27.208 50.893-10.031-0.30992-19.454-3.0635-27.69-7.6468-0.009 0.25652-0.009 0.50661-0.009 0.78077 0 29.61 21.075 54.332 49.051 59.934-5.1376 1.4006-10.543 2.1516-16.122 2.1516-3.9336 0-7.766-0.38716-11.491-1.1026 7.7838 24.293 30.355 41.971 57.115 42.465-20.926 16.402-47.287 26.171-75.937 26.171-4.929 0-9.7983-0.28036-14.584-0.84634 27.059 17.344 59.189 27.464 93.722 27.464"/> </g></svg></div></a></li> <li class="youtube"><a href="https://www.youtube.com/user/HarvardBSchool/" class="block inherit-color-onhover" style="text-decoration:none;position:relative;height:48px;width:48px;" aria-label="YouTube"><svg xmlns="http://www.w3.org/2000/svg" width="48px" height="48px" viewBox="0 0 110 110" version="1.1" focusable="false"> <circle cx="55" cy="55" r="50" stroke-width="6" stroke="currentColor"/></svg><div style="position:absolute;top:11px;left:11px;"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="27" height="27" viewBox="0 0 100 100" version="1.1" focusable="false"> <g stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <g id="Youtube" fill-rule="nonzero" fill="currentColor"> <path d="M95.8333333,27.5 C94.7048223,23.4555714 91.5444286,20.2951777 87.5,19.1666667 C80.0416667,17.1666667 50,17.1666667 50,17.1666667 C50,17.1666667 20.0416667,17.125 12.5,19.1666667 C8.45557138,20.2951777 5.29517772,23.4555714 4.16666667,27.5 C2.7520054,35.1404545 2.05452793,42.896404 2.08333333,50.6666667 C2.05971215,58.4090998 2.75716792,66.1369098 4.16666667,73.75 C5.29517772,77.7944286 8.45557138,80.9548223 12.5,82.0833333 C19.9583333,84.0833333 50,84.0833333 50,84.0833333 C50,84.0833333 79.9583333,84.0833333 87.5,82.0833333 C91.5444286,80.9548223 94.7048223,77.7944286 95.8333333,73.75 C97.2148875,66.1342926 97.8844432,58.4065038 97.8333333,50.6666667 C97.8896269,42.8990092 97.2200504,35.143081 95.8333333,27.5 Z M40.4166667,65 L40.4166667,36.2916667 L65.4166667,50.6666667 L40.4166667,65 Z"/> </g> </g></svg></div></a></li> <li class="linkedin"><a href="https://www.linkedin.com/company/4867" class="block inherit-color-onhover" style="text-decoration:none;position:relative;height:48px;width:48px;" aria-label="LinkedIn"><svg xmlns="http://www.w3.org/2000/svg" width="48px" height="48px" viewBox="0 0 110 110" version="1.1" focusable="false"> <circle cx="55" cy="55" r="50" stroke-width="6" stroke="currentColor"/></svg><div style="position:absolute;top:12px;left:13px;"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="23" height="23" viewBox="0 0 100 100" version="1.1" class="onhover-container" focusable="false"> <g stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <g fill-rule="nonzero" fill="currentColor" class="linkedin inherit-fill-onhover"> <path d="M24.4043689,12.3014563 C24.4043689,19.0956311 18.9412621,24.6031553 12.2021845,24.6031553 C5.4631068,24.6031553 0,19.0956311 0,12.3014563 C-1.72461829e-15,5.50752427 5.4631068,0 12.2021845,0 C18.9415049,0 24.4043689,5.50752427 24.4043689,12.3014563 Z M22.618932,33.3332524 L1.98373786,33.3332524 L1.98373786,100 L22.618932,100 L22.618932,33.3332524 L22.618932,33.3332524 Z M55.6046117,33.3332524 L35.8131068,33.3332524 L35.8131068,100 L55.6046117,100 C55.6046117,100 55.6046117,75.2725728 55.6046117,65.0046117 C55.6046117,55.6298544 59.9199029,50.0495146 68.1791262,50.0495146 C75.7684466,50.0495146 79.4143204,55.4065534 79.4143204,65.0046117 C79.4143204,74.6029126 79.4143204,100 79.4143204,100 L99.9495146,100 C99.9495146,100 99.9495146,75.6446602 99.9495146,57.7876214 C99.9495146,39.9305825 89.8308252,31.2995146 75.6936893,31.2995146 C61.5565534,31.2995146 55.6043689,42.3114078 55.6043689,42.3114078 L55.6043689,33.3332524 L55.6046117,33.3332524 Z" class="linkedin-icon"/> </g> </g></svg></div></a></li> <li class="default instagram"><a href="https://instagram.com/harvardhbs" class="block inherit-color-onhover" style="text-decoration:none;position:relative;height:48px;width:48px;" aria-label="Instagram"><svg xmlns="http://www.w3.org/2000/svg" width="48px" height="48px" viewBox="0 0 110 110" version="1.1" focusable="false"> <circle cx="55" cy="55" r="50" stroke-width="6" stroke="currentColor"/></svg><div style="position:absolute;top:11px;left:11px;"><svg xmlns="http://www.w3.org/2000/svg" width="26" height="26" style="black-fill" viewBox="0 0 100 100" version="1.1" focusable="false"> <path fill="currentColor" d="M50,0 C36.4166667,0 34.7208333,0.0625 29.3875,0.3 C24.0625,0.55 20.4375,1.3875 17.25,2.625 C13.9625,3.9 11.1708333,5.6125 8.39166667,8.39166667 C5.6125,11.1708333 3.89583333,13.9583333 2.625,17.25 C1.3875,20.4375 0.545833333,24.0625 0.3,29.3875 C0.05,34.7208333 0,36.4166667 0,50 C0,63.5833333 0.0625,65.2791667 0.3,70.6125 C0.55,75.9333333 1.3875,79.5625 2.625,82.75 C3.9,86.0333333 5.6125,88.8291667 8.39166667,91.6083333 C11.1708333,94.3833333 13.9583333,96.1041667 17.25,97.375 C20.4416667,98.6083333 24.0666667,99.4541667 29.3875,99.7 C34.7208333,99.95 36.4166667,100 50,100 C63.5833333,100 65.2791667,99.9375 70.6125,99.7 C75.9333333,99.45 79.5625,98.6083333 82.75,97.375 C86.0333333,96.1 88.8291667,94.3833333 91.6083333,91.6083333 C94.3833333,88.8291667 96.1041667,86.0458333 97.375,82.75 C98.6083333,79.5625 99.4541667,75.9333333 99.7,70.6125 C99.95,65.2791667 100,63.5833333 100,50 C100,36.4166667 99.9375,34.7208333 99.7,29.3875 C99.45,24.0666667 98.6083333,20.4333333 97.375,17.25 C96.1,13.9625 94.3833333,11.1708333 91.6083333,8.39166667 C88.8291667,5.6125 86.0458333,3.89583333 82.75,2.625 C79.5625,1.3875 75.9333333,0.545833333 70.6125,0.3 C65.2791667,0.05 63.5833333,0 50,0 Z M50,9 C63.3458333,9 64.9375,9.06666667 70.2083333,9.29583333 C75.0833333,9.525 77.7291667,10.3333333 79.4875,11.025 C81.8291667,11.9291667 83.4875,13.0125 85.2458333,14.7583333 C86.9916667,16.5083333 88.075,18.1708333 88.9791667,20.5125 C89.6625,22.2708333 90.4791667,24.9166667 90.7,29.7916667 C90.9375,35.0666667 90.9916667,36.65 90.9916667,50 C90.9916667,63.35 90.9291667,64.9375 90.6833333,70.2083333 C90.4291667,75.0833333 89.6166667,77.7291667 88.9291667,79.4875 C87.9958333,81.8291667 86.9333333,83.4875 85.1833333,85.2458333 C83.4375,86.9916667 81.75,88.075 79.4333333,88.9791667 C77.6833333,89.6625 74.9958333,90.4791667 70.1208333,90.7 C64.8125,90.9375 63.25,90.9916667 49.875,90.9916667 C36.4958333,90.9916667 34.9333333,90.9291667 29.6291667,90.6833333 C24.75,90.4291667 22.0625,89.6166667 20.3125,88.9291667 C17.9416667,87.9958333 16.3125,86.9333333 14.5666667,85.1833333 C12.8125,83.4375 11.6916667,81.75 10.8166667,79.4333333 C10.1291667,77.6833333 9.32083333,74.9958333 9.06666667,70.1208333 C8.87916667,64.8708333 8.8125,63.25 8.8125,49.9375 C8.8125,36.6208333 8.87916667,34.9958333 9.06666667,29.6833333 C9.32083333,24.8083333 10.1291667,22.125 10.8166667,20.375 C11.6916667,18 12.8125,16.375 14.5666667,14.6208333 C16.3125,12.875 17.9416667,11.75 20.3125,10.8791667 C22.0625,10.1875 24.6916667,9.375 29.5666667,9.125 C34.8791667,8.9375 36.4416667,8.875 49.8125,8.875 L50,9 L50,9 Z M50,24.325 C35.8125,24.325 24.325,35.825 24.325,50 C24.325,64.1875 35.825,75.675 50,75.675 C64.1875,75.675 75.675,64.175 75.675,50 C75.675,35.8125 64.175,24.325 50,24.325 Z M50,66.6666667 C40.7916667,66.6666667 33.3333333,59.2083333 33.3333333,50 C33.3333333,40.7916667 40.7916667,33.3333333 50,33.3333333 C59.2083333,33.3333333 66.6666667,40.7916667 66.6666667,50 C66.6666667,59.2083333 59.2083333,66.6666667 50,66.6666667 Z M82.6916667,23.3125 C82.6916667,26.625 80,29.3125 76.6916667,29.3125 C73.3791667,29.3125 70.6916667,26.6208333 70.6916667,23.3125 C70.6916667,20.0041667 73.3833333,17.3166667 76.6916667,17.3166667 C79.9958333,17.3125 82.6916667,20.0041667 82.6916667,23.3125 Z"/></svg></div></a></li> <li class="default itunes"><a href="https://itunes.apple.com/us/podcast/cold-call/id1156646189" class="block inherit-color-onhover" style="text-decoration:none;position:relative;height:48px;width:48px;" aria-label="Itunes"><svg xmlns="http://www.w3.org/2000/svg" width="48px" height="48px" viewBox="0 0 110 110" version="1.1" focusable="false"> <circle cx="55" cy="55" r="50" stroke-width="6" stroke="currentColor"/></svg><div style="position:absolute;top:10px;left:10px;"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="27" height="27" viewBox="0 0 170 170" version="1.1" focusable="false"> <path fill="currentColor" d="m150.37 130.25c-2.45 5.66-5.35 10.87-8.71 15.66-4.58 6.53-8.33 11.05-11.22 13.56-4.48 4.12-9.28 6.23-14.42 6.35-3.69 0-8.14-1.05-13.32-3.18-5.197-2.12-9.973-3.17-14.34-3.17-4.58 0-9.492 1.05-14.746 3.17-5.262 2.13-9.501 3.24-12.742 3.35-4.929 0.21-9.842-1.96-14.746-6.52-3.13-2.73-7.045-7.41-11.735-14.04-5.032-7.08-9.169-15.29-12.41-24.65-3.471-10.11-5.211-19.9-5.211-29.378 0-10.857 2.346-20.221 7.045-28.068 3.693-6.303 8.606-11.275 14.755-14.925s12.793-5.51 19.948-5.629c3.915 0 9.049 1.211 15.429 3.591 6.362 2.388 10.447 3.599 12.238 3.599 1.339 0 5.877-1.416 13.57-4.239 7.275-2.618 13.415-3.702 18.445-3.275 13.63 1.1 23.87 6.473 30.68 16.153-12.19 7.386-18.22 17.731-18.1 31.002 0.11 10.337 3.86 18.939 11.23 25.769 3.34 3.17 7.07 5.62 11.22 7.36-0.9 2.61-1.85 5.11-2.86 7.51zm-31.26-123.01c0 8.1021-2.96 15.667-8.86 22.669-7.12 8.324-15.732 13.134-25.071 12.375-0.119-0.972-0.188-1.995-0.188-3.07 0-7.778 3.386-16.102 9.399-22.908 3.002-3.446 6.82-6.3113 11.45-8.597 4.62-2.2516 8.99-3.4968 13.1-3.71 0.12 1.0831 0.17 2.1663 0.17 3.2409z"/></svg></div></a></li> <li><a href="https://www.tiktok.com/@harvardhbs?lang=en" class="block inherit-color-onhover" style="text-decoration:none;position:relative;height:48px;width:48px;" aria-label="TikTok"><svg xmlns="http://www.w3.org/2000/svg" width="48px" height="48px" viewBox="0 0 110 110" version="1.1" focusable="false"> <circle cx="55" cy="55" r="50" stroke-width="6" stroke="currentColor"/></svg><div style="position:absolute;top:2px;left:3px;"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="43" height="43" version="1.1" id="tik_tok" x="0px" y="0px" viewBox="0 0 96 96" xml:space="preserve"> <g id="TikTok" fill-rule="nonzero" fill="currentColor"> <g> <path d="M66.9,29.6c-3.3-2.2-5.8-5.7-6.5-9.7c-0.2-0.9-0.3-1.8-0.3-2.7H49.4l0,42.7c-0.2,4.8-4.1,8.6-8.9,8.6 c-1.5,0-2.9-0.4-4.2-1c-2.9-1.5-4.8-4.5-4.8-7.9c0-4.9,4-9,9-9c0.9,0,1.8,0.2,2.6,0.4v-8.4v-2.5c-0.9-0.1-1.7-0.2-2.6-0.2 c-10.8,0-19.6,8.8-19.6,19.6c0,6.6,3.3,12.5,8.4,16.1c3.2,2.2,7.1,3.6,11.2,3.6c10.8,0,19.6-8.8,19.6-19.6V37.9 c4.2,3,9.3,4.8,14.8,4.8v-8.3V32C72,32,69.2,31.1,66.9,29.6z"/> </g> </g> </svg></div></a></li> </ul> <ul class="social-grid new-grid inherit-color-on-hover"> <li class="default more white" style="box-sizing:border-box;height:30px;padding-top: 5px;padding-left: 1px;"> <div class="button-partial"><a href="https://community.alumni.harvard.edu/give/16040805?appealcode=BW004" class="button hbsred-bg white white-bg-onhover hbsred-onhover hbsred-onhover-border eta regular" style="border: 2px solid #A41034; border: 1px solid white; display:inline-block; padding: 3px 3px; text-decoration: none; min-width: 176px; box-sizing: border-box;text-align:center;">Make a Gift</a></div> </li> </ul> </div> </div> <div class="shim17"></div> <div class="shim15 mobile-visible"></div> </div> <div class="universal-footer-copyright"> <div class="container tablet-container mobile-container nu"> <div class="shim12"></div> <div> <ul class="linear footer-links"> <li><a class="footer-sitemap" data-link-id="footer-sitemap" href="https://www.hbs.edu/siteindex/">Site Map</a></li> <li><a class="footer-employment" data-link-id="footer-employment" href="https://www.hbs.edu/employment/">Jobs</a></li> <li><a class="footer-harvard" data-link-id="footer-harvard" href="https://www.harvard.edu/">Harvard University</a></li> <li><a class="footer-trademarks" data-link-id="footer-trademarks" href="https://trademark.harvard.edu/pages/trademark-notice/">Trademarks</a></li> <li><a class="footer-policy" data-link-id="footer-policy" href="https://www.hbs.edu/about/campus-and-culture/policies/Pages/default.aspx">Policies</a></li> <li><a class="footer-accessibility-harvard" data-link-id="footer-accessibility-harvard" href="https://accessibility.harvard.edu/">Accessibility</a></li> <li><a class="footer-accessibility" data-link-id="footer-accessibility" href="https://accessibility.huit.harvard.edu/digital-accessibility-policy">Digital Accessibility</a></li> </ul> <div class="shim12"></div> <div class="copy-msg">Copyright <span aria-hidden="true">©</span> President & Fellows of Harvard College.</div> </div> </div> </div> </div> </div> </div> </footer> <script type="text/javascript" src="https://webassets.hbs.edu/libs/jquery/1.8.3/jquery.min.js"></script><script type="text/javascript" src="https://webassets.hbs.edu/libs/framework/1.0/js/framework.min.js"></script><script type="text/javascript" src="https://webassets.hbs.edu/libs/analytics/1.0/analytics-disabled.min.js"></script><script>window.assets = "https://webassets.hbs.edu"</script><script>(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-N2NWNWX');</script><script>window.IgnoreAnalyticsOverlay = true</script><script src="/faculty/js/faculty.js" type="text/javascript"></script><script> jQuery(function($){ if (window.headerinit) return; window.headerinit = 1; function toggleSearch(){ var $el = $('.universal-banner-search-toggle'); var val = $('.universal-banner-search-input .universal-site-search-query').val(); if ($el.hasClass('toggled') && $.trim(val)) { $('.universal-banner-search-input .universal-site-search-button').click() return; } $el.toggleClass('toggled'); if ($el.hasClass('toggled')) { window.setTimeout(function(){ $('.universal-site-search-query').focus(); },300) } $('.universal-banner-search-input').toggleClass('open'); } $(document).on('click','.universal-banner-search-toggle',function(){ toggleSearch(this); return false; }) $(".universal-banner-search-toggle").on("click",function(){ toggleSearch(this); return false; }) $(".slider-container").on('close',function(){ $(".universal-banner-hamburger").removeClass('open'); $(".universal-banner-menu-toggle").removeClass('toggled'); $("body").removeClass('slider-is-open'); }) $(document).on("click",".universal-banner-menu-toggle",function(){ if ($(this).hasClass('toggled')) { $('.slider-close').eq(0).click(); $(".universal-banner-hamburger").removeClass('open'); $(".universal-banner-menu-toggle").removeClass('toggled'); $("body").removeClass('slider-is-open'); } else { $('.slider-open').eq(0).click(); $("body").addClass('slider-is-open'); $('.universal-banner-hamburger').addClass('open'); $(".universal-banner-menu-toggle").addClass('toggled'); } //window.scrollTo(0,0); return false; }) $(".skipto").on("click",function(){ console.log("skip to main content"); $($(this).attr('href')).get(0).focus(); }) }); $(document).on( 'framework.resize', function() { // wait .1 seconds because the classes needed to adjust the min/max height haven't been added at this point // TODO: this is a bit kludgey and should be revisited setTimeout( function() { if (window.stickyHeader) { stickyHeader.setMinHeight(); stickyHeader.setMaxHeight(); stickyHeader.triggerExpand(); if ($(".page-header").hasClass('page-header-online')) { stickyHeader.triggerDisappear(); } } }, 100 ); }); function StickyHeader(){ this.hasScrolled = false; this.lastScrollTop = -1; this.currentHeight = 0; this.isVisible = false; this.disabled = false; this.velocitySamples = []; this.debug = $("#sticky-header-debug"); this.buildHeader(); this.setMinHeight(); this.setMaxHeight(); } StickyHeader.prototype.temporarilyDisabled = function() { this.disabled = true; var self = this; window.setTimeout(function(){ self.disabled = false; },500); } /* determine if the header navigation should be displayed while the user is scrolling down */ StickyHeader.prototype.setMinHeight = function() { // if the screen width is within the mobile or tablet range, hide the navigation on scroll, otherwise, show it if ($(".page-header").hasClass('page-header-online') && $( '.ua-mobile, .ua-tablet' ).length) { this.minHeight = 40; } else if ($(".page-header").hasClass('page-header-online')) { this.minHeight = 90; } else if ($( '.ua-mobile, .ua-tablet' ).length) { this.minHeight = 0; } else { this.minHeight = 40 } } /* determine how big the header should be when the user starts to scroll up */ StickyHeader.prototype.setMaxHeight = function() { // clear out the current max height this.maxHeight = 0; // add up the heights of the cloned stiky header elements as the new max height $( '.sticky-header-cloned' ).each( function( index, element ) { this.maxHeight += $( element ).height(); }.bind( this ) ); // Override for HBS online if($(".page-header").hasClass('page-header-online')) { if ($( '.ua-mobile, .ua-tablet' ).length > 0) { this.maxHeight = 0; } else { this.maxHeight = 90; } } } StickyHeader.prototype.buildHeader = function() { var headerHeight = $(".page-header").height(); // Override for HBS online if($(".page-header").hasClass('page-header-online')) { headerHeight = 0; } this.appearsAt = $(".page-header").offset().top + headerHeight; this.sticky = $('<div id="sticky-header" style="height:0; top: -5px;"></div>'); this.stickyWrap = $('<div class="wrapper"></div>'); var container = $(".site-header").parents('.grid-framework'); $( '.universal-banner, .site-header' ).each( function( index, element ) { this.stickyWrap.append( $( element ).clone() ); $( element ).addClass( 'sticky-header-cloned' ); }.bind( this ) ); this.sticky.append(this.stickyWrap); $(".sticky-header-container").append(this.sticky); } StickyHeader.prototype.triggerDisappear = function(){ this.sticky.addClass('at-scroll-top'); this.isVisible = false; this.currentHeight = 0; this.sticky.css('height',this.currentHeight); $("body").removeClass("sticky-header-active"); $("body").removeClass('sticky-header-expanded'); } StickyHeader.prototype.triggerAppear = function(){ if ($("body").hasClass('slider-is-open')) return; this.isVisible = true; $("body").addClass("sticky-header-active"); } StickyHeader.prototype.triggerExpand = function(){ if (this.disabled) return; if ($("body").hasClass('slider-is-open')) return; if (this.currentHeight == this.maxHeight) return; this.sticky.css('height',this.maxHeight-1); this.currentHeight = this.maxHeight; $("body").addClass('sticky-header-expanded'); } StickyHeader.prototype.triggerShrink = function(){ if ($( '.ua-mobile, .ua-tablet' ).length == 0 || !$(".page-header").hasClass('page-header-online')) { this.sticky.removeClass('at-scroll-top'); } var self = this; window.requestAnimationFrame(function(){ var newHeight = 0; if (self.isVisible) { newHeight = self.minHeight; } if (self.currentHeight == newHeight) return; self.sticky.css('height',newHeight); self.currentHeight = newHeight; $("body").removeClass('sticky-header-expanded'); }) } StickyHeader.prototype.redraw = function() { // This is costly to performance but unavoidable //const pageY = window.scrollY; //This throws a syntax error in IE11. var pageY = window.pageYOffset; var scrollUp = pageY < this.lastScrollTop; var scrollDistance = pageY - this.lastScrollTop; this.velocitySamples.push(Math.abs(scrollDistance)); if (this.velocitySamples.length > 10) { this.velocitySamples.shift(); } var totalDistance = 0; for (var i = 0;i<this.velocitySamples.length;i++){ totalDistance += this.velocitySamples[i]; } var velocity = totalDistance / this.velocitySamples.length; var debugVars = {}; if (pageY != this.lastScrollTop) { debugVars.pageY = pageY; debugVars.minHeight = this.minHeight; debugVars.maxHeight = this.maxHeight; debugVars.appearsAt = this.appearsAt; debugVars.velocity = velocity; debugVars.disabled = this.disabled; var html = ''; $.each(debugVars,function(k,v){ html += '<div>' + k + ': '+v +'</div>'; }) this.debug.html(html); if (pageY >= this.appearsAt) { this.triggerAppear(); } if ($(".page-header").hasClass('page-header-online') && $('.table-of-contents-wrapper').length && $('.table-of-contents-wrapper.jump-to').length == 0){ var tocWrap = $('.table-of-contents-wrapper'); var toc = tocWrap.children('.table-of-contents'); var tocItems = toc.find('.toc-item'); var stickyHeight = this.maxHeight; if ((pageY + stickyHeight) > tocWrap.offset().top && !toc.hasClass('sticky')) { toc.addClass('sticky'); } else if ((pageY + stickyHeight) <= tocWrap.offset().top && toc.hasClass('sticky')) { toc.removeClass('sticky'); } if (toc.hasClass('sticky')) { tocItems.each(function( index ) { var section = $($(this).children("a.toc-jump").attr("href")); if (section.length) { var sectionTop = section.offset().top - 45; var pageHeight = pageY + stickyHeight + toc.height(); if ((pageHeight > sectionTop) && !$(this).hasClass('current')) { tocItems.removeClass('current'); $(this).addClass('current'); } else if ((pageHeight <= sectionTop) && $(this).hasClass('current')) { $(this).removeClass('current'); } } }); } } if (pageY <= 0) { this.triggerDisappear(); } else if (scrollUp) { console.log('scroll up'); if ($(".page-header").hasClass('page-header-online') && pageY < (this.appearsAt - this.maxHeight)) { this.triggerDisappear(); } else if (velocity > 5 || pageY < this.appearsAt) { this.triggerExpand(); } } else if (pageY > this.appearsAt) { // If HBS online and mobile hide the sticky header if ($(".page-header").hasClass('page-header-online') && $( '.ua-mobile, .ua-tablet' ).length > 0) { this.triggerDisappear(); } this.triggerShrink(); } this.lastScrollTop = pageY; } this.hasScrolled = false; }; var _domready = _domready || []; _domready.push(function(){ if (document.getElementById('wcm-react-root')) return; if (window.stickyHeaderDisabled) return; window.stickyHeader = new StickyHeader(); var _onScroll = function () { if (!window.stickyHeader.hasScrolled) { window.requestAnimationFrame(function(){ window.stickyHeader.redraw(); }); } window.stickyHeader.hasScrolled = true; window.requestAnimationFrame(_onScroll); }; _onScroll(); //without this, the header flickers on online window.setTimeout(function(){ _onScroll(); },250) $(document).on('delay-sticky-nav',function(){ window.stickyHeader.temporarilyDisabled(); }) // needed for facet pages http://www.hbs.edu/news/Pages/default.aspx $(document).on('click',".facetctrl-sticky.active",function(){ $(document).trigger('delay-sticky-nav'); }) $(document).on('click',".filter-sticky.fixed",function(){ $(document).trigger('delay-sticky-nav'); }) }); </script> </body> </html>

CINXE.COM

JUE Insight: Infrastructure and Finance: Evidence from India's GQ Highway Network - Article - Faculty & Research - Harvard Business School