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- Faculty Publications (161)
- January 2011 (Revised March 2011)
- Case
Predictive Biosciences
By: Thomas R. Eisenmann, Jeffrey J. Bussgang and David Kiron
A small cancer diagnostics start-up is deciding whether to acquire a laboratory to make and sell its bladder cancer test or build its own manufacturing and sales team.
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Keywords:
Mergers and Acquisitions;
Factories, Labs, and Plants;
Business Startups;
Entrepreneurship;
Health Testing and Trials;
Growth and Development Strategy;
Product Development;
Biotechnology Industry
Eisenmann, Thomas R., Jeffrey J. Bussgang, and David Kiron. "Predictive Biosciences." Harvard Business School Case 811-015, January 2011. (Revised March 2011.)
- Article
Should I Become an Entrepreneur?
Bussgang, Jeffrey J. "Should I Become an Entrepreneur?" Harvard Business Review (website) (January 21, 2011).
- January – February 2011
- Article
Benchmarks as Limits to Arbitrage: Understanding the Low-Volatility Anomaly
By: Malcolm Baker, Brendan Bradley and Jeffrey Wurgler
Contrary to basic finance principles, high-beta and high-volatility stocks have long underperformed low-beta and low-volatility stocks. This anomaly may be partly explained by the fact that the typical institutional investor's mandate to beat a fixed benchmark...
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Keywords:
Volatility;
Stocks;
Investment Return;
Investment Portfolio;
Risk Management;
Performance Expectations
Baker, Malcolm, Brendan Bradley, and Jeffrey Wurgler. "Benchmarks as Limits to Arbitrage: Understanding the Low-Volatility Anomaly." Financial Analysts Journal 67, no. 1 (January–February 2011).
- November 30, 2010
- Article
Seven Social Transformations Unleashed by Mobile Devices
Rayport, Jeffrey F. "Seven Social Transformations Unleashed by Mobile Devices." MIT Technology Review (website) (November 30, 2010). (Lead Article for November 2010: Technology Review’s month of articles focused on business impacts of mobile computing and mobile social networking.)
- June 2010
- Article
Leadership Competencies for Implementing Planned Organizational Change
By: Julie Battilana, Mattia Gilmartin, Anne-Claire Pache, Metin Sengul and Jeffrey A. Alexander
This paper bridges the leadership and organizational change literatures by exploring the relationship between managers' leadership competencies (namely, their effectiveness at person-oriented and task-oriented behaviors) and the likelihood that they will emphasize the...
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Keywords:
Leadership;
Competency and Skills;
Organizational Change and Adaptation;
Planning;
Relationships;
Business Processes;
Projects;
Theory;
Change;
Behavior;
Health Industry;
United Kingdom
Battilana, Julie, Mattia Gilmartin, Anne-Claire Pache, Metin Sengul, and Jeffrey A. Alexander. "Leadership Competencies for Implementing Planned Organizational Change." Leadership Quarterly 21, no. 3 (June 2010).
- 2010
- Book
Mastering the VC Game: A Venture Capital Insider Reveals How to Get from Start-up to IPO on Your Terms
An essential, insider's guide to the secrets of the world of venture capital, written by one of the few people who have played on both sides of this high-stakes game. In it, you will find detailed insights, colorful stories, and practical advice gathered from...
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Keywords:
Business Startups;
Venture Capital;
Initial Public Offering;
Personal Development and Career
Bussgang, Jeffrey J. Mastering the VC Game: A Venture Capital Insider Reveals How to Get from Start-up to IPO on Your Terms. Portfolio, 2010.
- January 2010 (Revised March 2013)
- Case
foursquare
By: Mikolaj Jan Piskorski, Thomas R. Eisenmann, Jeffrey J. Bussgang and David Chen
Co-founders of foursquare are deciding how to respond to competitive threats and scale up the organization. Foursquare was a location-based online service that allowed users to "check in" to a location using an application on a smartphone. Foursquare kept track of a...
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Keywords:
Entrepreneurship;
Internet and the Web;
Mobile and Wireless Technology;
Competitive Advantage;
Web Services Industry;
United States
Piskorski, Mikolaj Jan, Thomas R. Eisenmann, Jeffrey J. Bussgang, and David Chen. "foursquare." Harvard Business School Case 711-418, January 2010. (Revised March 2013.)
- 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.
- December 2009 (Revised June 2011)
- Case
Curt Schilling's Next Pitch
By: Noam T. Wasserman, Jeffrey J. Bussgang and Rachel Gordon
As his major-league pitching career was starting to wind down in 2006, baseball all-star Curt Schilling decided to become an entrepreneur. Looking to focus his tenacity and his passion for online role-playing games on a new challenge, he founded an online gaming...
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Keywords:
Mergers and Acquisitions;
Business Startups;
Decision Choices and Conditions;
Entrepreneurship;
Financing and Loans;
Leadership;
Personal Development and Career;
Groups and Teams;
Video Game Industry
Wasserman, Noam T., Jeffrey J. Bussgang, and Rachel Gordon. "Curt Schilling's Next Pitch." Harvard Business School Case 810-053, December 2009. (Revised June 2011.)
- September 2009
- Module Note
Leading Teams Note
This note, which describes the architecture and processes that characterize effective teams, begins by detailing the steps involved in designing a team, from diagnosing the complexity, interdependence, and objectives of the task to harnessing the key resources teams...
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Keywords:
Interpersonal Communication;
Experience and Expertise;
Decision Choices and Conditions;
Knowledge Sharing;
Leadership;
Business Processes;
Groups and Teams
Polzer, Jeffrey T. "Leading Teams Note." Harvard Business School Module Note 410-051, September 2009.
- January 2009
- Article
Multinationals as Arbitrageurs? The Effect of Stock Market Valuations on Foreign Direct Investment
By: Malcolm Baker, C. Fritz Foley and Jeffrey Wurgler
Empirical evidence of imperfect integration across world capital markets suggests a role for cross-border arbitrage by multinationals. Consistent with multinational arbitrage as a determinant of foreign direct investment (FDI) patterns, we find that FDI flows increase...
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Keywords:
Multinational Firms and Management;
Financial Markets;
Foreign Direct Investment;
Valuation;
Capital Markets;
Cross-Cultural and Cross-Border Issues;
Cost;
Forecasting and Prediction;
Capital;
Stocks;
Integration
Baker, Malcolm, C. Fritz Foley, and Jeffrey Wurgler. "Multinationals as Arbitrageurs? The Effect of Stock Market Valuations on Foreign Direct Investment." Review of Financial Studies 22, no. 1 (January 2009): 337–369.
- June 2008
- Case
Threadless: The Business of Community
By: Karim R. Lakhani and Zahra Kanji
Threadless.com, the online, Chicago-based t-shirt company, was not your typical fashion apparel company. The company, run by Jake Nickell, Jacob DeHart, and Jeffrey Kalmikoff, turned the fashion business on its head by enabling anyone to submit designs for t-shirts and...
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Keywords:
Business Model;
Business Startups;
Innovation and Invention;
Product Design;
Partners and Partnerships;
Social and Collaborative Networks;
Apparel and Accessories Industry
Lakhani, Karim R., and Zahra Kanji. "Threadless: The Business of Community." Harvard Business School Multimedia/Video Case 608-707, June 2008.
- 2008
- Chapter
Identity Negotiation Processes Amidst Diversity: Understanding the Influence of Social Identity and Status Differences
By: Jeffrey T. Polzer and Heather M. Caruso
We integrate an identity negotiation framework with research on diversity, social identity theory, and status differences. This integration reveals the distinct advantages and challenges that high and low status people face when they engage in identity negotiation...
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- 2007
- Working Paper
Investor Sentiment in the Stock Market
By: Malcolm Baker and Jeffrey Wurgler
Real investors and markets are too complicated to be neatly summarized by a few selected biases and trading frictions. The "top down" approach to behavioral finance focuses on the measurement of reduced form, aggregate sentiment and traces its effects to stock returns....
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- 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.
- August 2006
- Article
Investor Sentiment and the Cross Section of Stock Returns
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:
Behavioral Finance;
Stocks;
Investment Return;
Forecasting and Prediction;
Motivation and Incentives;
Risk and Uncertainty;
Volatility
Baker, Malcolm, and Jeffrey Wurgler. "Investor Sentiment and the Cross Section of Stock Returns." Journal of Finance 61, no. 4 (August 2006): 1645–1680.
- August 2006
- Article
Predicting Returns with Managerial Decision Variables: Is There a Small-Sample Bias?
By: Malcolm Baker, Ryan Taliaferro and Jeffrey Wurgler
Many studies find that aggregate managerial decision variables, such as aggregate equity issuance, predict stock or bond market returns. Recent research argues that these findings may be driven by an aggregate time-series version of Schultz's (2003, Journal of Finance...
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Keywords:
Prejudice and Bias;
Fairness;
Managerial Roles;
Management Analysis, Tools, and Techniques;
Equity;
Bonds;
Financial Markets;
Investment;
Capital Markets;
Borrowing and Debt;
Investment Return
Baker, Malcolm, Ryan Taliaferro, and Jeffrey Wurgler. "Predicting Returns with Managerial Decision Variables: Is There a Small-Sample Bias?" Journal of Finance 61, no. 4 (August 2006): 1711–1730. (Section V of "Pseudo Market Timing and Predictive Regressions, NBER Working Paper Series, No. 10823, contains additional analyses.)
- 2005
- Working Paper
Investor Sentiment and the Cross-Section of Stock Returns
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 studying...
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Baker, Malcolm, and Jeffrey Wurgler. "Investor Sentiment and the Cross-Section of Stock Returns." NBER Working Paper Series, No. w10449, April 2005. (First draft in 2003.)
- 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,...
View Details
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.)
- 2005
- Working Paper
Pseudo Market Timing and Predictive Regressions
By: Malcolm Baker, Ryan Taliaferro and Jeffrey Wurgler
A number of studies claim that aggregate managerial decision variables, such as aggregate equity issuance, have power to predict stock or bond market returns. Recent research argues that these results may be driven by an aggregate time-series version of Schultz's...
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Keywords:
Managerial Roles;
Equity;
Market Timing;
Financial Instruments;
Investment Return;
Mathematical Methods
Baker, Malcolm, Ryan Taliaferro, and Jeffrey Wurgler. "Pseudo Market Timing and Predictive Regressions." NBER Working Paper Series, No. 10823, January 2005. (First Draft in 2004.)