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Show Results For
-
All HBS Web
(3,057)
- People (5)
- News (669)
- Research (2,006)
- Events (8)
- Multimedia (14)
- Faculty Publications (847)
- 09 Jun 2020
- News
Fed action, debt markets and stocks
- Article
Investor Sentiment in the Stock Market
By: Malcolm Baker and Jeffrey Wurgler
We examine how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. We test this prediction by...
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Keywords:
Financial Markets;
Stocks;
Investment Return;
Valuation;
Forecasting and Prediction;
Volatility;
Price;
Risk and Uncertainty;
Behavioral Finance
Baker, Malcolm, and Jeffrey Wurgler. "Investor Sentiment in the Stock Market." Journal of Economic Perspectives 21, no. 2 (Spring 2007): 129–151.
- 15 Feb 2013
- Working Paper Summaries
Expectations of Returns and Expected Returns
- February 2020 (Revised April 2021)
- Case
StockX: The Stock Market of Things
By: Chiara Farronato, John J. Horton, Annelena Lobb and Julia Kelley
Founded in 2015 by Dan Gilbert, Josh Luber, and Greg Schwartz, StockX was an online platform where users could buy and sell unworn luxury and limited-edition sneakers. Sneaker resale prices often fluctuated over time based on supply and demand, creating a robust...
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Keywords:
Markets;
Auctions;
Bids and Bidding;
Demand and Consumers;
Consumer Behavior;
Analytics and Data Science;
Market Design;
Digital Platforms;
Market Transactions;
Marketplace Matching;
Supply and Industry;
Analysis;
Price;
Product Marketing;
Product Launch;
Apparel and Accessories Industry;
Fashion Industry;
North and Central America;
United States;
Michigan;
Detroit
Farronato, Chiara, John J. Horton, Annelena Lobb, and Julia Kelley. "StockX: The Stock Market of Things." Harvard Business School Case 620-062, February 2020. (Revised April 2021.)
- 06 Feb 2018
- News
The stock market goes off-road
- 30 Nov 2016
- Working Paper Summaries
The Stock Market and Bank Risk-Taking
- May 2011
- Article
Institutional Stock Trading on Loan Market Information
By: Victoria Ivashina and Zheng Sun
Over the past decade, one of the most important developments in the corporate loan market has been the increasing participation of institutional investors in lending syndicates. As lenders, institutional investors routinely receive private information about borrowers....
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Ivashina, Victoria, and Zheng Sun. "Institutional Stock Trading on Loan Market Information ." Journal of Financial Economics 100, no. 2 (May 2011): 284–303.
- 01 Jun 2010
- News
Do inefficient stock markets drive bad governance?
- March 2011
- Article
Do Sell-Side Stock Analysts Exhibit Escalation of Commitment?
By: John Beshears and Katherine L. Milkman
This paper presents evidence that when an analyst makes an out-of-consensus forecast of a company's quarterly earnings that turns out to be incorrect, she escalates her commitment to maintaining an out-of-consensus view on the company. Relative to an analyst who was...
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Keywords:
Escalation Of Commitment;
Stock Market;
Updating;
Behavioral Economics;
Motivation and Incentives;
Behavior;
Consumer Behavior;
Financial Markets;
Forecasting and Prediction
Beshears, John, and Katherine L. Milkman. "Do Sell-Side Stock Analysts Exhibit Escalation of Commitment?" Journal of Economic Behavior & Organization 77, no. 3 (March 2011): 304–317.
The Stock Market and Bank Risk-Taking
We argue that stock market pressure to generate earnings encourages banks to increase risk. We measure risk using confidential supervisory ratings as well as financial information released in regulatory filings. We document that there is an increase in the risk-taking...
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- 2023
- Working Paper
The Stock Market and Bank Risk-Taking
By: David S. Scharfstein and Antonio Falato
Using confidential supervisory risk ratings, we document that banks increase risk after they go public compared to a control group of banks that filed to go public but withdrew their filings for plausibly exogenous reasons. The increase in risk increases short-term...
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Scharfstein, David S., and Antonio Falato. "The Stock Market and Bank Risk-Taking." Working Paper, September 2023.
- March 2004 (Revised October 2013)
- Case
Innocents Abroad: Currencies and International Stock Returns
By: Mihir A. Desai, Kathleen Luchs, Elizabeth A. Meyer and Mark Veblen
What do international stocks contribute to the portfolio of a U.S. investor? How do currencies interact with stock price movements in determining the benefits of international diversification? This case helps students compare the risks and returns of foreign stock...
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Keywords:
Diversification;
International CAPM;
CAPM;
Home Bias;
Currency Risk;
Exchange Rate Risk;
International Stock Market Returns;
United States;
Currency Exchange Rate;
Stocks;
Financial Markets;
International Finance;
Investment Return;
Currency;
Risk and Uncertainty;
Emerging Markets;
Investment Portfolio;
Financial Services Industry;
United States;
Australia;
Canada;
China;
Germany;
India;
Japan;
United Kingdom
Desai, Mihir A., Kathleen Luchs, Elizabeth A. Meyer, and Mark Veblen. "Innocents Abroad: Currencies and International Stock Returns." Harvard Business School Case 204-141, March 2004. (Revised October 2013.)
- February 1985 (Revised August 1994)
- Case
MMP: Money Market Preferred Stock
El-Hage, Nabil N. "MMP: Money Market Preferred Stock." Harvard Business School Case 285-112, February 1985. (Revised August 1994.)
- April 2021 (Revised July 2021)
- Case
StockX: The Stock Market of Things (Abridged)
By: Chiara Farronato, John J. Horton, Annelena Lobb and Julia Kelley
Founded in 2015 by Dan Gilbert, Josh Luber, and Greg Schwartz, StockX was an online platform where users could buy and sell unworn luxury and limited-edition sneakers. Sneaker resale prices often fluctuated over time based on supply and demand, creating a robust...
View Details
Keywords:
Markets;
Auctions;
Bids and Bidding;
Demand and Consumers;
Consumer Behavior;
Analytics and Data Science;
Market Design;
Digital Platforms;
Market Transactions;
Marketplace Matching;
Supply and Industry;
Analysis;
Price;
Product Marketing;
Product Launch;
Apparel and Accessories Industry;
Fashion Industry;
North and Central America;
United States;
Michigan;
Detroit
Farronato, Chiara, John J. Horton, Annelena Lobb, and Julia Kelley. "StockX: The Stock Market of Things (Abridged)." Harvard Business School Case 621-107, April 2021. (Revised July 2021.)
- 29 Nov 2010
- News
Why the stock market isn't fair
- 2022
- Article
Which Corporate ESG News Does the Market React To?
By: George Serafeim and Aaron Yoon
Using a dataset that classifies firm-level ESG news as positive and negative, we examine how stock prices react to different types of ESG news. We analyze 111,020 firm-day observations for 3,126 companies and find that prices react only to issues identified as...
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Keywords:
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Ratings;
Social Capital;
Environment;
Sustainability;
CSR;
Stock Price;
Stock Market Expectations;
Materiality;
Market Reaction;
Environmental Sustainability;
Governance;
Social Issues;
Performance;
News
Serafeim, George, and Aaron Yoon. "Which Corporate ESG News Does the Market React To?" Financial Analysts Journal 78, no. 1 (2022): 59–78.
- Fast Answer
Stock market capitalization: exchanges, industries, countries
Where can I find stock market capitalization for an exchange, index or country? Global Financial Data World...
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- August 2005 (Revised April 2014)
- Teaching Note
Innocents Abroad: Currencies and International Stock Returns
By: Mihir A. Desai, Kathleen Luchs, Elizabeth A. Meyer and Mark Veblen
What do international stocks contribute to the portfolio of a U.S. investor? How do currencies interact with stock price movements in determining the benefits of international diversification? This case helps students compare the risks and returns of foreign stock...
View Details
Keywords:
Diversification;
International CAPM;
CAPM;
Home Bias;
Currency Risk;
Exchange Rate Risk;
International Stock Market Returns;
Financial Services Industry;
United States;
Currency Exchange Rate;
Stocks;
Financial Markets;
International Finance;
Investment Return;
Currency;
Risk and Uncertainty;
Emerging Markets;
Investment Portfolio;
United States;
Australia;
Canada;
China;
Germany;
India;
Japan;
United Kingdom
- February 2015
- Article
Corporate Investment and Stock Market Listing: A Puzzle?
By: John Asker, Joan Farre-Mensa and Alexander Ljungqvist
We investigate whether short-termism distorts the investment decisions of stock market listed firms. To do so, we compare the investment behavior of observably similar public and private firms using a new data source on private U.S. firms, assuming for identification...
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Asker, John, Joan Farre-Mensa, and Alexander Ljungqvist. "Corporate Investment and Stock Market Listing: A Puzzle?" Review of Financial Studies 28, no. 2 (February 2015): 342–390.
- 2020
- Working Paper
Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time
By: Laura Alfaro, Anusha Chari, Andrew Greenland and Peter K. Schott
We show that unexpected changes in the trajectory of COVID-19 infections predict U.S. stock returns, in real time. Parameter estimates indicate that an unanticipated doubling (halving) of projected infections forecasts next-day decreases (increases) in aggregate U.S....
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Keywords:
COVID-19;
Stock Returns;
Health Pandemics;
Stocks;
Investment Return;
Forecasting and Prediction
Alfaro, Laura, Anusha Chari, Andrew Greenland, and Peter K. Schott. "Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time." NBER Working Paper Series, No. 26950, April 2020. (Revised May 2020.)