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All HBS Web
(1,274)
- People (1)
- News (330)
- Research (767)
- Events (4)
- Multimedia (1)
- Faculty Publications (152)
- Spring 2016
- Article
Risk Neglect in Equity Markets
By: Malcolm Baker
The link between measures of risk and return within the equity market has been very weak over the past 47 years: in the United States, returns on high-risk stocks have cumulatively fallen short of the returns on low-risk stocks, during a period when the equity market...
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Baker, Malcolm. "Risk Neglect in Equity Markets." Journal of Portfolio Management 42, no. 3 (Spring 2016): 12–25.
- December 2023
- Article
Recover, Explore, Practice: The Transformative Potential of Sabbaticals
By: Kira Schabram, Matt Bloom and DJ DiDonna
Sabbaticals have seen an exponential growth in adoption over the last two decades and are ascribed extensive benefits by employers and employees alike. Little is known, however, about how individuals spend their time or how their experiences impact them after they...
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Schabram, Kira, Matt Bloom, and DJ DiDonna. "Recover, Explore, Practice: The Transformative Potential of Sabbaticals." Academy of Management Discoveries 9, no. 4 (December 2023): 441–468.
- Article
Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements
By: Malcolm Baker, Lubomir Litov, Jessica Wachter and Jeffrey Wurgler
We consider measures of stock-picking skill of mutual fund managers based on the earnings announcement returns of the stocks that they hold and trade. Relative to standard approaches, this approach focuses on an especially informative subset of the returns data,...
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Baker, Malcolm, Lubomir Litov, Jessica Wachter, and Jeffrey Wurgler. "Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements." Journal of Financial and Quantitative Analysis 45, no. 5 (October 2010): 1111 –1131.
- Forthcoming
- Article
Activist Directors: Determinants and Consequences
By: Ian D. Gow, Sa-Pyung Sean Shin and Suraj Srinivasan
This paper examines determinants and consequences of hedge fund activism, focusing on activist directors, i.e., directors appointed in response to activist demands. Using a sample of 3,259 activism events from 2004 to 2016, we identify 1,623 activist directors....
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Gow, Ian D., Sa-Pyung Sean Shin, and Suraj Srinivasan. "Activist Directors: Determinants and Consequences." Review of Accounting Studies (forthcoming). (Pre-published online July 12, 2023.)
- Article
Optimal Capital-Gains Taxation under Limited Information
By: Jerry R. Green and Eytan Sheshinski
Taxation of capital gains at realization may distort individuals' decisions regarding holding or selling during an asset's lifetime. This creates the problem of designing a tax structure for capital gains so as to induce efficient patterns of holding and selling....
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Green, Jerry R., and Eytan Sheshinski. "Optimal Capital-Gains Taxation under Limited Information." Journal of Political Economy 86, no. 6 (December 1978): 1143–1158.
- September 2007
- Article
Assessing the Performance of Business Unit Managers
By: J. Bouwens and Laurence van Lent
Using a sample of 140 managers, we investigate the use of various performance metrics in determining the periodic assessment, bonus decisions, and career paths of business unit managers. We show that the weight on accounting return measures is associated with the...
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Bouwens, J., and Laurence van Lent. "Assessing the Performance of Business Unit Managers." Journal of Accounting Research 45, no. 4 (September 2007): 667–697.
- February 2013 (Revised October 2013)
- Case
Investindustrial Exits Ducati
By: Francois Brochet and Karol Misztal
In early 2012, Investindustrial, a European private equity group, publicly announced their intention to sell their 76.7% stake in Ducati Motor Holding S.p.A., an iconic Italian producer of sport performance motorcycles. The decision followed a six-year turnaround...
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Keywords:
Cost vs Benefits;
Private Equity;
Valuation;
Investment Return;
Brands and Branding;
Financial Services Industry;
Motorcycle Industry;
Hong Kong;
Italy
Brochet, Francois, and Karol Misztal. "Investindustrial Exits Ducati." Harvard Business School Case 113-058, February 2013. (Revised October 2013.)
- November 2013
- Supplement
Arch Wireless, Inc. (B): Food for Vultures
By: Stuart C. Gilson
In 2002, a hedge fund investor acquires the distressed bank debt of a bankrupt wireless paging company and converts his holding into common stock of the reorganized entity. Determining his likely return from this investment is challenging, given that the entire...
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- June 2012
- Article
Short Termism: Don't Blame the Investors
By: Francois Brochet, George Serafeim and Maria Loumioti
The article presents research on executives and corporation investor relations. A study is conducted of the language used by executives in conference calls discussing earnings with investors and financial analysts. A correlation was found between the use of language...
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Keywords:
Financial Management;
Business Earnings;
Managerial Roles;
Investment;
Agency Theory;
Communication Strategy;
Business and Shareholder Relations
Brochet, Francois, George Serafeim, and Maria Loumioti. "Short Termism: Don't Blame the Investors." Harvard Business Review 90, no. 6 (June 2012).
- 2005
- Working Paper
Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements
By: Malcolm Baker, Lubomir Litov, Jessica Wachter and Jeffrey Wurgler
We consider measures of stock-picking skill of mutual fund managers based on the earnings announcement returns of the stocks that they hold and trade. Relative to standard approaches, this approach focuses on an especially informative subset of the returns data,...
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Keywords:
Stocks;
Asset Management;
Business Earnings;
Forecasting and Prediction;
Competency and Skills
Baker, Malcolm, Lubomir Litov, Jessica Wachter, and Jeffrey Wurgler. "Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements." NBER Working Paper Series, No. w10685, February 2005. (First Draft in 2004.)
- 27 May 2011
- Working Paper Summaries
An Empirical Decomposition of Risk and Liquidity in Nominal and Inflation-Indexed Government Bonds
Keywords:
by Carolin E. Pflueger & Luis M. Viceira
- March 2013
- Article
The Client Is King: Do Mutual Fund Relationships Bias Analyst Recommendations?
By: Michael Firth, Chen Lin, Ping Liu and Yuhai Xuan
This paper investigates whether the business relations between mutual funds and brokerage firms influence sell-side analyst recommendations. Using a unique data set that discloses brokerage firms' commission income derived from each mutual fund client as well as the...
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Firth, Michael, Chen Lin, Ping Liu, and Yuhai Xuan. "The Client Is King: Do Mutual Fund Relationships Bias Analyst Recommendations?" Journal of Accounting Research 51, no. 1 (March 2013): 165–200.
- June 2009
- Article
Highbrow Films Gather Dust: Time-inconsistent Preferences and Online DVD Rentals
By: Katherine L. Milkman, Todd Rogers and Max H. Bazerman
We report on a field study demonstrating systematic differences between the preferences people anticipate they will have over a series of options in the future and their subsequent revealed preferences over those options. Using a novel panel data set, we analyze the...
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Keywords:
Decision Choices and Conditions;
Forecasting and Prediction;
Film Entertainment;
Demand and Consumers;
Renting or Rental;
Power and Influence;
Prejudice and Bias;
Online Technology;
Motion Pictures and Video Industry
Milkman, Katherine L., Todd Rogers, and Max H. Bazerman. "Highbrow Films Gather Dust: Time-inconsistent Preferences and Online DVD Rentals." Management Science 55, no. 6 (June 2009): 1047–1059.
- 2007
- Working Paper
Highbrow Films Gather Dust: Time-inconsistent Preferences and Online DVD Rentals
By: Katherine L. Milkman, Todd Rogers and Max H. Bazerman
We report on a field study demonstrating systematic differences between the preferences people anticipate they will have over a series of options in the future and their subsequent revealed preferences over those options. Using a novel panel data set, we analyze the...
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Keywords:
Internet and the Web;
Decision Choices and Conditions;
Attitudes;
Conflict and Resolution;
Emotions;
Film Entertainment;
Cognition and Thinking;
Entertainment and Recreation Industry
Milkman, Katherine L., Todd Rogers, and Max H. Bazerman. "Highbrow Films Gather Dust: Time-inconsistent Preferences and Online DVD Rentals." Harvard Business School Working Paper, No. 07-099, June 2007. (Revised July 2007, December 2007, April 2008, September 2008, January 2009.)
- December 2011
- Article
Stock Price Fragility
By: Robin Greenwood and David Thesmar
We investigate the relationship between ownership structure of financial assets and non-fundamental risk. We define an asset to be fragile if it is susceptible to non-fundamental trading shocks. An asset can be fragile because of concentrated ownership or because its...
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Keywords:
Stocks;
Price;
Ownership;
Risk and Uncertainty;
Assets;
System Shocks;
Financial Liquidity;
Forecasting and Prediction;
Investment Return;
Volatility;
Relationships;
United States
Greenwood, Robin, and David Thesmar. "Stock Price Fragility." Journal of Financial Economics 102, no. 3 (December 2011): 471–490.
- January 2002 (Revised September 2002)
- Case
Corporate Renewal in America
By: Bruce R. Scott and Thomas S. Mondschean
Discusses various macroeconomic, regulatory, technological, and financial forces that led to increased corporate restructuring in the United States beginning in the mid-1980s. The U.S. financial system is often viewed as the most developed in the world and a model for...
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Keywords:
Performance Evaluation;
Corporate Governance;
Macroeconomics;
Economic Systems;
Restructuring;
Markets;
Private Sector;
Corporate Finance;
Germany;
Japan;
United States
Scott, Bruce R., and Thomas S. Mondschean. "Corporate Renewal in America." Harvard Business School Case 702-018, January 2002. (Revised September 2002.)
- Article
Real Estate Opportunity Funds
By: Nori Gerardo Lietz, Thea C. Hahn and David Geltner
Real estate opportunity funds are one of the fastest-growing segments of the real estate investment industry, similar in some basic respects to other private equity and alternative investment asset classes that seek high returns by taking on more risk in highly...
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Keywords:
Real Estate;
Opportunity Funds;
Investment Management;
Property;
Investment Funds;
Management;
Performance Consistency
Lietz, Nori Gerardo, Thea C. Hahn, and David Geltner. "Real Estate Opportunity Funds." Journal of Portfolio Management 31, no. 5 (2005): 143–153. (Special Real Estate Issue 2005.)
- 2020
- Working Paper
Mortgage Prepayment, Race, and Monetary Policy
By: Kristopher Gerardi, Paul Willen and David Hao Zhang
Over the period 2005 to 2015, Black borrowers paid more than 40 basis points higher mortgage interest rates than Non-Hispanic white borrowers. We show that the main reason is that Non-Hispanic white borrowers are much more likely to exploit periods of falling interest...
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Keywords:
Mortgages;
Consumer Behavior;
Race;
Ethnicity;
Equality and Inequality;
Policy;
United States
Gerardi, Kristopher, Paul Willen, and David Hao Zhang. "Mortgage Prepayment, Race, and Monetary Policy." Working Paper, September 2020.
- July 2007
- Article
Earnings Announcement Premia and Limits to Arbitrage
By: Daniel Cohen, Aiyesha Dey, Thomas Lys and Shyam Sunder
We examine the factors underlying the presence of earnings announcement premia. We find that the premia persist beyond the sample period examined in prior studies (ending in 1988), although they decline in magnitude after 1988. Further, premia are lower on the expected...
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Cohen, Daniel, Aiyesha Dey, Thomas Lys, and Shyam Sunder. "Earnings Announcement Premia and Limits to Arbitrage." Journal of Accounting & Economics 43, nos. 2-3 (July 2007): 153–180.