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All HBS Web
(115,739)
- Faculty Publications (149)
- November 2017
- Comment
Discussion: Do Common Inherited Beliefs and Values Influence CEO Pay?
By: Lauren Cohen
The origin of preferences is something we know strikingly little about in economics. Given the central importance of preferences, we have not invested nearly the time we should into this concept. And so, as an overarching research direction, I am heartened by the push...
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Cohen, Lauren. "Discussion: Do Common Inherited Beliefs and Values Influence CEO Pay?" Journal of Accounting & Economics 64, nos. 2-3 (November 2017): 368–370.
- Article
Patent Trolling Isn't Dead—It's Just Moving to Delaware
By: Lauren Cohen, Umit G. Gurun and Scott Duke Kominers
Cohen, Lauren, Umit G. Gurun, and Scott Duke Kominers. "Patent Trolling Isn't Dead—It's Just Moving to Delaware." Harvard Business Review (website) (June 28, 2017).
- February 2017
- Article
Resident Networks and Corporate Connections: Evidence from World War II Internment Camps
By: Lauren Cohen, Umit Gurun and Christopher J. Malloy
We demonstrate that simply by using the ethnic makeup surrounding a firm’s location, we can predict, on average, which trade links are valuable for firms. Using customs and port authority data on the international shipments of all U.S. publicly traded firms, we show...
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Keywords:
Information Networks;
Trade Links;
Firm Behavior;
Networks;
Geographic Location;
Ethnicity;
Organizations;
Trade
Cohen, Lauren, Umit Gurun, and Christopher J. Malloy. "Resident Networks and Corporate Connections: Evidence from World War II Internment Camps." Journal of Finance 72, no. 1 (February 2017): 207–248. (Winner of First Prize, the Inaugural Hakan Orbay Research Award, 2015.)
- 2017
- Chapter
Empirical Evidence on the Behavior and Impact of Patent Trolls: A Survey
By: Lauren Cohen, Umit Gurun and Scott Duke Kominers
We survey the empirical literature on non-practicing entity (NPE) litigation behavior and its consequences. We document both aggregate trends and cross-sectional differences amongst various types of NPEs. Survey evidence illustrates a number of ways in which NPEs can...
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Keywords:
Patent Trolls;
NPEs;
PAEs;
Innovation;
Patents;
Lawsuits and Litigation;
Innovation and Invention
Cohen, Lauren, Umit Gurun, and Scott Duke Kominers. "Empirical Evidence on the Behavior and Impact of Patent Trolls: A Survey." In Patent Assertion Entities and Competition Policy, edited by D. Daniel Sokol. Cambridge University Press, 2017.
- December 2016
- Article
Industry Window Dressing
By: Huaizhi Chen, Lauren Cohen and Dong Lou
We explore a new mechanism by which investors take correlated shortcuts and present evidence that managers undertake actions—in the form of sales management—to take advantage of these shortcuts. Specifically, we exploit a regulatory provision wherein a firm’s primary...
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Keywords:
Investor Shortcuts;
Industry Classification;
Opportunistic Managerial Behavior;
Discontinuity;
Management Practices and Processes;
Investment;
Sales
Chen, Huaizhi, Lauren Cohen, and Dong Lou. "Industry Window Dressing." Review of Financial Studies 29, no. 12 (December 2016): 3354–3393.
- July 2016
- Case
Disintermediating the Banks: ThinCats and the Peer-to-Peer Lending Industry
By: Lauren Cohen, Tom Grant, Christopher Malloy and William Powley
Cohen, Lauren, Tom Grant, Christopher Malloy, and William Powley. "Disintermediating the Banks: ThinCats and the Peer-to-Peer Lending Industry." Harvard Business School Case 217-007, July 2016.
- Article
The Growing Problem of Patent Trolling
By: Lauren Cohen, Umit Gurun and Scott Duke Kominers
The last decade has seen a sharp rise in patent litigation in the U.S., with 2015 having one of the highest patent lawsuit counts on record. In theory, this could be a consequence of growth in the commercialization of technology and innovation—patent lawsuits increase...
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Keywords:
Patent Aggregators;
Patent Litigation;
Patent Pools;
Patent Trolls;
Patents;
Lawsuits and Litigation;
United States
Cohen, Lauren, Umit Gurun, and Scott Duke Kominers. "The Growing Problem of Patent Trolling." Science 352, no. 6285 (April 29, 2016): 521–522. (Explanatory Video.)
- 2016
- Article
Cloaked Trading
By: Lauren Cohen, Dong Lou and Christopher J. Malloy
Using a novel, proprietary database of micro-level trading activities by asset managers, we show strong evidence of asset managers engaging in strategic trading in order to “cloak” their most valuable trades. This takes the form, for instance, of a manager who sells...
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Cohen, Lauren, Dong Lou, and Christopher J. Malloy. "Cloaked Trading." Journal of Investment Consulting 17, no. 2 (2016): 69–80. (Winner of the Best Paper Prize of the Journal of Investment Consulting Academic Paper Competition, 2016 ; Winner of the Institute for Quantitative Investment Research (INQUIRE) Grant, 2014.)
- Article
Congress Must Look Forward in Reining in Patent Trolls
By: Lauren Cohen, Umit G. Gurun and Scott Duke Kominers
Cohen, Lauren, Umit G. Gurun, and Scott Duke Kominers. "Congress Must Look Forward in Reining in Patent Trolls." Massachusetts Lawyers Weekly (May 28, 2015).
- April 2015
- Case
Domeyard: Starting a High-Frequency Trading (HFT) Hedge Fund
By: Lauren Cohen, Christopher Malloy and Matthew Foreman
The principals at Domeyard, a start-up high frequency trading (HFT) hedge fund based in Cambridge, faced a myriad of important decisions: which markets to trade on, how to raise capital, and from whom to raise capital. Many of these decisions were standard for...
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Cohen, Lauren, Christopher Malloy, and Matthew Foreman. "Domeyard: Starting a High-Frequency Trading (HFT) Hedge Fund." Harvard Business School Case 215-036, April 2015.
- Blog Post
How U.S. Laws Protecting America's Best Ideas Are Killing Innovation
By: Lauren Cohen, Umit G. Gurun and Scott Duke Kominers
Cohen, Lauren, Umit G. Gurun, and Scott Duke Kominers. "How U.S. Laws Protecting America's Best Ideas Are Killing Innovation." Fortune.com, Postcards Blog (January 22, 2015). http://fortune.com/2015/01/22/how-u-s-laws-protecting-americas-best-ideas-are-killing-innovation/.
- December 2014
- Case
The Complexity of Vanguard's Entry Decision into ETFs (A)
By: Lauren Cohen, Christopher Malloy and Tina Tang
Cohen, Lauren, Christopher Malloy, and Tina Tang. "The Complexity of Vanguard's Entry Decision into ETFs (A) ." Harvard Business School Case 215-038, December 2014.
- August 2014
- Article
Friends in High Places
By: Lauren Cohen and Christopher Malloy
We demonstrate that personal connections amongst U.S. politicians have a significant impact on Senate voting behavior. Networks based on alumni connections between politicians are consistent predictors of voting behavior. We estimate sharp measures that control for...
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Keywords:
Vote Trading;
Networks;
Legislation;
Logrolling;
Earmarks;
Voting;
Government Legislation;
Social and Collaborative Networks;
United States
Cohen, Lauren, and Christopher Malloy. "Friends in High Places." American Economic Journal: Economic Policy 6, no. 3 (August 2014): 63–91.
- 2018
- Working Paper
Patent Trolls: Evidence from Targeted Firms
By: Lauren Cohen, Umit G. Gurun and Scott Duke Kominers
We provide the first large-sample evidence on the behavior and impact of non-practicing entities (NPEs) in the intellectual property space. We find that on average, NPEs appear to behave as opportunistic “patent trolls.” NPEs sue cash-rich firms—and target cash in...
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Keywords:
Patent Trolls;
NPEs;
PAEs;
Innovation;
Patents;
Ethics;
Lawsuits and Litigation;
Innovation and Invention;
Corporate Finance
Cohen, Lauren, Umit G. Gurun, and Scott Duke Kominers. "Patent Trolls: Evidence from Targeted Firms." Harvard Business School Working Paper, No. 15-002, July 2014. (Revised June 2018.)
- December 2013
- Article
Legislating Stock Prices
By: Lauren Cohen, Karl Diether and Christopher Malloy
We demonstrate that legislation has a simple, yet previously undetected impact on stock prices. Exploiting the voting record of legislators whose constituents are the affected industries, we show that the votes of these "interested" legislators capture important...
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Keywords:
Legislator Incentives;
Voting;
Return Predictability;
Lobbying;
Motivation and Incentives;
Government Legislation;
Stocks
Cohen, Lauren, Karl Diether, and Christopher Malloy. "Legislating Stock Prices." Journal of Financial Economics 110, no. 3 (December 2013): 574–595. (Winner of Fama-DFA Prize for the Best Paper Published in the Journal of Financial Economics in Asset Pricing (Distinguished Paper) 2013.)
- September 2013
- Case
Stock Pitching at Freelin Capital
By: Lauren Cohen
Cohen, Lauren. "Stock Pitching at Freelin Capital." Harvard Business School Case 214-005, September 2013.
- August 2013
- Teaching Note
Seeking Alpha in the Afterlife: CMG Life Services and the Life Settlement Industry
By: Lauren Cohen
- July 2013 (Revised August 2013)
- Case
Seeking Alpha in the Afterlife: CMG Life Services and the Life Settlement Industry
By: Lauren Cohen
Cohen, Lauren. "Seeking Alpha in the Afterlife: CMG Life Services and the Life Settlement Industry." Harvard Business School Case 214-011, July 2013. (Revised August 2013.)
- 2013
- Chapter
Who Chooses Board Members?
By: Ali Akyol and Lauren Cohen
We exploit a recent regulation passed by the US Securities and Exchange Commission (SEC) to explore the nomination of board members to US publicly traded firms. In particular, we focus on firms’ use of executive search firms versus allowing internal members (often...
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Keywords:
Boards;
Boards Of Directors;
Executive Search Firms;
Governance;
SEC Regulation;
Governing and Advisory Boards;
Management Succession;
Executive Compensation
Akyol, Ali, and Lauren Cohen. "Who Chooses Board Members?" In Advances in Financial Economics, Vol. 16, edited by Kose John, Anil K. Makhija, and Stephen P. Ferris, 43–77. Emerald Group Publishing, 2013.