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Show Results For
-
All HBS Web
(2,092)
- People (1)
- News (553)
- Research (1,268)
- Events (2)
- Multimedia (5)
- Faculty Publications (617)
- Forthcoming
- Article
The Disappearing Index Effect
By: Robin Greenwood and Marco Sammon
The abnormal return associated with a stock being added to the S&P 500 has fallen from an average
of 7.4% in the 1990s to 0.3% over the past decade. This has occurred despite a significant increase in the
share of stock market assets linked to the index. A similar...
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Greenwood, Robin, and Marco Sammon. "The Disappearing Index Effect." Journal of Finance (forthcoming).
- Article
The Error at the Heart of Corporate Leadership
By: Joseph L. Bower and Lynn S. Paine
Agency theory, a new model of governance promulgated by academic economists in the 1970s, is behind the idea that corporate managers should make shareholder value their primary concern and that boards should ensure they do. The theory regards shareholders as owners of...
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Bower, Joseph L., and Lynn S. Paine. "The Error at the Heart of Corporate Leadership." Harvard Business Review 95, no. 3 (May–June 2017): 50–60. (Reprinted in HBR’s 10 Must Reads: The Definitive Management Ideas of the Year from Harvard Business Review 2019, Boston, Mass: Harvard Business Review Press, 2019, pp. 165-192.)
- 2007
- Other Unpublished Work
Implementing Technology
By: Diego Comin and Bart Hobijn
We introduce a tractable model of endogenous growth in which the returns to innovation are determined by the technology adoption decisions of the users of new technologies. Technology adoption involves an implementation investment that determines the initial...
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Keywords:
Learning;
Investment;
Investment Return;
Innovation and Invention;
Growth and Development Strategy;
Performance Productivity;
Technology Adoption
Comin, Diego, and Bart Hobijn. "Implementing Technology." November 2007. (Revise and resubmit at the Journal of Economic Theory.)
- 19 Jan 2022
- Blog Post
From Retail to HBS: How I’m Building a Career Path at the Intersection of Arts, Culture, and Business
challenge to predict what would resonate with customers when dealing with such subjective, creative products – but that blend of art and science is also what made it so fun for me. Why did you decide to pursue an MBA? After college, I had a vague idea that I would want...
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- 23 Aug 2006
- Working Paper Summaries
Capturing Benefits from Tomorrow’s Technology in Today’s Products: The Effect of Absorptive Capacity
- 09 Dec 2002
- Research & Ideas
UnileverA Case Study
that foreign firms possess an "advantage" when they invest in a foreign market, it might be expected that they would earn higher returns than their domestic competitors. 7 This seems to be the...
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- April 2012
- Article
Share Issuance and Factor Timing
By: Robin Greenwood and Samuel G. Hanson
We show that characteristics of stock issuers can be used to forecast important common factors in stocks' returns such as those associated with book-to-market, size, and industry. Specifically, we use differences between the attributes of stock issuers and repurchasers...
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Keywords:
Investment Portfolio;
Stock Shares;
Forecasting and Prediction;
Investment Return;
Policy;
Profit
Greenwood, Robin, and Samuel G. Hanson. "Share Issuance and Factor Timing." Journal of Finance 67, no. 2 (April 2012): 761–798. (Internet Appendix Here.)
- 2004
- Working Paper
Judging Fund Managers by the Company They Keep
By: Randolph Cohen, Joshua Coval and Lubo Pástor
We develop a performance evaluation approach in which a fund manager's skill is judged by the extent to which his investment decisions resemble the decisions of managers with distinguished performance records. The proposed performance measures are estimated more...
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Cohen, Randolph, Joshua Coval, and Lubo Pástor. "Judging Fund Managers by the Company They Keep." NBER Working Paper Series, No. W9359, January 2004.
- November 2022
- Case
Ajax Health: A New Model for Medical Technology Innovation
By: Regina E. Herzlinger and Ben Creo
This case teaches key success factors for both startup and established MedTech firms. It examines how to structure a firm to maximize innovation and financial returns with organizational structures that better align the incentives for the different skill sets...
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Keywords:
Business Startups;
Success;
Innovation Strategy;
Mergers and Acquisitions;
Market Entry and Exit;
Financial Strategy;
Business Model;
Partners and Partnerships;
Entrepreneurship;
Private Equity;
Technology Industry;
Medical Devices and Supplies Industry
Herzlinger, Regina E., and Ben Creo. "Ajax Health: A New Model for Medical Technology Innovation." Harvard Business School Case 323-043, November 2022.
Samuel L. Hayes
Samuel L. Hayes holds the Jacob H. Schiff Chair in Investment Banking Emeritus, at the Harvard Business School. He has taught at the School since 1970, prior to which he was a tenured member of the faculty of the Columbia University Graduate School of Business. He... View Details
- July–August 2021
- Article
Why You Aren't Getting More from Your Marketing AI
By: Eva Ascarza, Michael Ross and Bruce G.S. Hardie
Fewer than 40% of companies that invest in AI see gains from it, usually because of one or more of these errors: (1) They don’t ask the right question, and end up directing AI to solve the wrong problem. (2) They don’t recognize the differences between the value of...
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Keywords:
Artificial Intelligence;
Marketing;
Decision Making;
Communication;
Framework;
AI and Machine Learning
Ascarza, Eva, Michael Ross, and Bruce G.S. Hardie. "Why You Aren't Getting More from Your Marketing AI." Harvard Business Review 99, no. 4 (July–August 2021): 48–54.
- 26 Jun 2020
- Research & Ideas
Why Japanese Businesses Are So Good at Surviving Crises
people in the area regained confidence that life was returning to normal. Niinami’s company also donated lunch to Soma City elementary school students for three days in April before the school could get lunch service going again. When he...
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Keywords:
by Dina Gerdeman
- May–June 2020
- Article
Interfirm Ties Between Ventures and Limited Partners of Venture Capital Funds: Performance Effects in Financial Markets
By: Umit Ozmel, M. Deniz Yavuz, Timothy E. Trombley and Ranjay Gulati
We argue that strong indirect ties are conducive to the transfer of private information, which provides an advantage in identifying profitable investment opportunities. In our context, a strong indirect tie is generated between an investor and a focal firm if the...
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Ozmel, Umit, M. Deniz Yavuz, Timothy E. Trombley, and Ranjay Gulati. "Interfirm Ties Between Ventures and Limited Partners of Venture Capital Funds: Performance Effects in Financial Markets." Organization Science 31, no. 3 (May–June 2020): 698–719.
- July 2009 (Revised September 2009)
- Case
The Blackstone Group: Merlin Entertainment
The Blackstone Group had conducted a roll-up of theme parks and attractions business in Europe. It was considering how to generate liquidity for its investors. Blackstone entered the theme parks and attractions business in Europe by acquiring a majority stake in...
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Keywords:
Mergers and Acquisitions;
Cost vs Benefits;
Private Equity;
Financial Liquidity;
Investment Return;
Risk Management;
Leasing;
Entertainment and Recreation Industry;
Europe
El-Hage, Nabil N., and Brenda W. Chia. "The Blackstone Group: Merlin Entertainment." Harvard Business School Case 210-014, July 2009. (Revised September 2009.)
- 20 Mar 2012
- Working Paper Summaries
The Stock Selection and Performance of Buy-Side Analysts
- Article
R&D: A Small Contribution to Productivity Growth
By: Diego Comin
In this paper I evaluate the contribution of R&D investments to productivity growth. The basis for the analysis are the free entry condition and the fact that most R&D innovations are embodied. Free entry yields a relationship between the resources devoted to R&D and...
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Keywords:
Research and Development;
Investment;
Interest Rates;
Performance Productivity;
Technological Innovation;
Perspective;
United States
Comin, Diego. "R&D: A Small Contribution to Productivity Growth." Journal of Economic Growth 9, no. 4 (December 2004). (This paper was featured in BusinessWeek and Il Corriere Della Sera.)
- March 2005
- Article
Short- and Long-term Demand Curves for Stocks: Theory and Evidence on the Dynamics of Arbitrage
By: Robin Greenwood
I develop a framework to analyze demand curves for multiple risky securities at extended horizons in a setting with limits-to-arbitrage. Following an unexpected change in uninformed investor demand for several assets, I predict returns of each security to be...
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Keywords:
Limits To Arbitrage;
Event Studies;
Demand Curves;
Portfolio Choice;
Framework;
Demand and Consumers;
Change;
Risk and Uncertainty;
Debt Securities;
Forecasting and Prediction;
Stocks;
Assets;
Investment Portfolio;
System Shocks;
Price;
Japan
Greenwood, Robin. "Short- and Long-term Demand Curves for Stocks: Theory and Evidence on the Dynamics of Arbitrage." Journal of Financial Economics 75, no. 3 (March 2005): 607–649.
- 2014
- Article
The Growth and Limits of Arbitrage: Evidence from Short Interest
By: Samuel G. Hanson and Adi Sunderam
We develop a novel methodology to infer the amount of capital allocated to quantitative equity arbitrage strategies. Using this methodology, which exploits time-variation in the cross section of short interest, we document that the amount of capital devoted to value...
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Hanson, Samuel G., and Adi Sunderam. "The Growth and Limits of Arbitrage: Evidence from Short Interest." Review of Financial Studies 27, no. 4 (April 2014): 1238–1286. (Winner of the RFS Rising Scholar Prize 2014. Internet Appendix Here.)
- 09 Nov 2022
- In Practice
COP27: What Can Business Leaders Do to Fight Climate Change Now?
The US government’s newly passed Inflation Reduction Act will direct $370 billion toward advancing renewal energy and reducing greenhouse gas emissions—the country's largest investment in fighting climate change so far. As business and government leaders around the...
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Keywords:
by Lynn Schenk and Danielle Kost
- 30 Jun 2009
- First Look
First Look: June 30
short-term volatility of inflation-indexed bond returns do not invalidate the basic case for these bonds, that they provide a safe asset for long-term investors. Governments should expect inflation-indexed bonds to be a relatively cheap...
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Keywords:
Martha Lagace