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All HBS Web
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- Faculty Publications (90)
- February 2021 (Revised August 2021)
- Case
Equity Bank: Challenging a Giant
By: Lauren H. Cohen, Michael Chitavi and Spencer C. N. Hagist
Equity Bank and CEO Dr. James Mwangi must find a way to advance from their hard-fought ascension to second largest bank in Kenya by toppling financial giant Safaricom. Doing so means developing a new strategy and tackling technological frontiers no institution in the...
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Cohen, Lauren H., Michael Chitavi, and Spencer C. N. Hagist. "Equity Bank: Challenging a Giant." Harvard Business School Case 221-080, February 2021. (Revised August 2021.)
- November 2020
- Case
The 1,000-Year Plan: Lee Kum Kee and Sustaining a Family Culture
By: Lauren Cohen, Dawn H. Lau and Billy Chan
The Lee family, whose Hong Kong-based Lee Kum Kee company has established itself as a legend within the Chinese and Asian sauce world, sets out to create a daring new vision of what family legacy means. With the family business having been established in 1888, and by...
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Keywords:
Family Business;
Mission and Purpose;
Values and Beliefs;
Business and Community Relations;
Organizational Structure;
Strategic Planning
Cohen, Lauren, Dawn H. Lau, and Billy Chan. "The 1,000-Year Plan: Lee Kum Kee and Sustaining a Family Culture." Harvard Business School Case 221-047, November 2020.
- November 2020
- Article
Casting Conference Calls
By: Lauren Cohen, Dong Lou and Christopher J. Malloy
We explore a subtle but important mechanism through which firms can control information flow to the markets. We find that firms that “cast” their conference calls by disproportionately calling on bullish analysts tend to underperform in the future. Firms that call on...
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Cohen, Lauren, Dong Lou, and Christopher J. Malloy. "Casting Conference Calls." Management Science 66, no. 11 (November 2020): 5015–5039. (Winner of the First Prize, Crowell Memorial Award for Best Paper in Quantitative Investments, PanAgora Asset Management, 2014.)
- October 2020
- Article
IQ from IP: Simplifying Search in Portfolio Choice
By: Huaizhi Chen, Lauren Cohen, Umit Gurun, Dong Lou and Christopher J. Malloy
Using a novel database that tracks web traffic on the SEC’s EDGAR servers between 2004 and 2015, we show that mutual fund managers gather information on a very particular subset of firms and insiders, and their surveillance is very persistent over time. This tracking...
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Keywords:
Tracked Trades;
Return Predictability;
Institutional Trading;
Insider Trading;
Institutional Investing;
Information;
Investment Portfolio;
Decisions;
Management
Chen, Huaizhi, Lauren Cohen, Umit Gurun, Dong Lou, and Christopher J. Malloy. "IQ from IP: Simplifying Search in Portfolio Choice." Journal of Financial Economics 138, no. 1 (October 2020): 118–137. (Winner of the First Prize, Crowell Memorial Award for Best Paper in Quantitative Investments, PanAgora Asset Management, 2019.)
- 2020
- Working Paper
The ESG-Innovation Disconnect: Evidence from Green Patenting
By: Lauren Cohen, Umit G. Gurun and Quoc H. Nguyen
No firm or sector of the global economy is untouched by innovation. In equilibrium, innovators will flock to (and innovation will occur where) the returns to innovative capital are the highest. In this paper, we document a strong empirical pattern in green patent...
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Keywords:
ESG (Environmental, Social, Governance) Performance;
Investment;
Decision Making;
Policy;
Energy;
Green Technology;
Technological Innovation;
Patents
Cohen, Lauren, Umit G. Gurun, and Quoc H. Nguyen. "The ESG-Innovation Disconnect: Evidence from Green Patenting." NBER Working Paper Series, No. 27990, October 2020. (Winner of the Fordham University Gabelli School of Business – PVH Corp. Global Thought Leadership Grant on Corporate Social Responsibility, 2020.)
- June 2020
- Article
Lazy Prices
By: Lauren Cohen, Christopher J. Malloy and Quoc Nguyen
We explore the implications of a subtle "default" choice that firms make in their regular reporting practices, namely that firms typically repeat what they most recently reported. Using the complete history of regular quarterly and annual filings by U.S. corporations...
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Keywords:
Default Behavior;
Inertia;
Firms;
Disclosure;
Information;
Business or Company Management;
Behavior;
Annual Reports;
Corporate Disclosure;
Financial Reporting;
United States
Cohen, Lauren, Christopher J. Malloy, and Quoc Nguyen. "Lazy Prices." Journal of Finance 75, no. 3 (June 2020): 1371–1415. (Winner of the First Prize, Chicago Quantitative Alliance Academic Paper Competition, 2016. Winner of the Jack Treynor Prize for superior work in the field of investment management and financial markets, sponsored by the Q-Group,The Institute for Quantitative Research in Finance, 2016. Winner of the Hillcrest Behavioral Finance Prize, 2016.)
- December 2019
- Article
Patent Trolls: Evidence from Targeted Firms
By: Lauren Cohen, Umit Gurun and Scott Duke Kominers
We provide the first large-sample evidence on the behavior and impact of nonpracticing 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;
Innovation;
Patents;
Lawsuits and Litigation;
Ethics;
Innovation and Invention
Cohen, Lauren, Umit Gurun, and Scott Duke Kominers. "Patent Trolls: Evidence from Targeted Firms." Management Science 65, no. 12 (December 2019): 5461–5486. (Cited in the United States Federal Trade Commission Report on Patent Assertion Entities, 2016.)
- October 2019
- Case
China Merchants Bank: Ushering in the Era of Family Office in China
By: Lauren Cohen, Hao Gao, Billy Chan and Dawn H. Lau
China Merchants Bank, the sixth-largest lender in China, intends to boost its family office business as a result of an increase in the population of ultra-high net worth individuals. Already ranked China’s number-one private bank with AUM exceeding US$300 billion, the...
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Keywords:
Family Office;
Strategy;
Banks and Banking;
Organizational Design;
Competitive Strategy;
Banking Industry;
China
Cohen, Lauren, Hao Gao, Billy Chan, and Dawn H. Lau. "China Merchants Bank: Ushering in the Era of Family Office in China." Harvard Business School Case 220-032, October 2019.
- May 2019 (Revised May 2020)
- Case
fidentiaX: The Tradable Insurance Marketplace on Blockchain
By: Alexander Braun, Lauren H. Cohen and Jiahua Xu
Three years ago, Alvin Ang and his partner founded fidentiaX in Singapore, with the ambition to create the world’s first marketplace for tradable insurance policies on blockchain. With a 26-page white paper, the start-up closed a successful fundraising round through an...
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Keywords:
Blockchain;
Insurance;
Corporate Entrepreneurship;
Technology Adoption;
Business Strategy;
Insurance Industry;
Technology Industry;
Singapore
Braun, Alexander, Lauren H. Cohen, and Jiahua Xu. "fidentiaX: The Tradable Insurance Marketplace on Blockchain." Harvard Business School Case 219-116, May 2019. (Revised May 2020.)
- November 2018
- Supplement
Triangulate (B) Post Mortem
By: Thomas Eisenmann and Lauren Barley
Eisenmann, Thomas, and Lauren Barley. "Triangulate (B) Post Mortem." Harvard Business School Supplement 819-080, November 2018.
- June 2018
- Background Note
Introduction to Life Settlements
By: Alexander Braun, Lauren H. Cohen, Christopher J. Malloy and Jiahua Xu
Life insurance is an asset owned by the majority of American adults (61%). Note that this 61% penetration rate is essentially at parity with home ownership (64%) and higher than that of 401(k) retirement account ownership (53%). Life settlements, or life insurance...
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Braun, Alexander, Lauren H. Cohen, Christopher J. Malloy, and Jiahua Xu. "Introduction to Life Settlements." Harvard Business School Background Note 218-127, June 2018.
- June 2018 (Revised January 2019)
- Case
Membership Rewards® from American Express
By: Shelle Santana, Frances X. Frei and Lauren G. Pickle
Credit and charge card issuer American Express (Amex) had developed a strong reputation among consumers due in part to its Membership Rewards (MR) loyalty program, first established in 1991. Through MR, all Amex cardholders could accumulate and redeem “points” based on...
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Keywords:
Financial Services;
Customer Loyalty;
Credit Cards;
Marketing Strategy;
Product Marketing;
Brands and Branding;
Customer Value and Value Chain;
Value Creation;
Financial Services Industry;
Banking Industry;
North America;
United States
Santana, Shelle, Frances X. Frei, and Lauren G. Pickle. "Membership Rewards® from American Express." Harvard Business School Case 518-079, June 2018. (Revised January 2019.)
- May 2018 (Revised June 2018)
- Case
Ashar Group: Brokers and Co-opetition in the Life Settlement Industry
By: Alexander Braun, Lauren H. Cohen, Christopher J. Malloy and Jiahua Xu
Connecting life insurance policyholders with potential investors (called Life Settlement Providers), Ashar Group plays a pivotal role in the industry. Its current position is, however, increasingly being challenged by consumer-direct models, led by major providers...
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Keywords:
Insurance;
Investment;
Markets;
Competitive Strategy;
Cooperation;
Financial Services Industry
Braun, Alexander, Lauren H. Cohen, Christopher J. Malloy, and Jiahua Xu. "Ashar Group: Brokers and Co-opetition in the Life Settlement Industry." Harvard Business School Case 218-109, May 2018. (Revised June 2018.)
- 2018
- Working Paper
Buying the Verdict
By: Lauren H. Cohen and Umit G. Gurun
We document evidence that firms systematically increase specialized, locally targeted advertising following the firm being taken to trial in that given location—precisely following initiation of the suit. In particular, we use legal actions brought against publicly...
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Cohen, Lauren H., and Umit G. Gurun. "Buying the Verdict." NBER Working Paper Series, No. 24542, April 2018.
- March 2018
- Teaching Note
Project Titan at Northrop Grumman
By: C. Fritz Foley, Lauren G. Pickle, David Lane and F. Katelynn Boland
Teaching Note for HBS No. 215-001. In March of 2011, Northrop Grumman divested shipbuilding assets through the spin-off of Huntington Ingalls Industries. This case reviews many of the key questions faced by Northrop's CEO, CFO, and top management team during this...
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- March 2018
- Case
Lufax: FinTech and the Transformation of Wealth Management in China
By: Christopher J. Malloy, Lauren H. Cohen and Anthony K. Woo
This case examines the rise and competitive positioning of Lufax, an online marketplace headquartered in Shanghai, China, and a pioneer in the origination and trading of financial assets. The company had grown at a remarkable rate, and was awarded “Trading Platform of...
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Keywords:
Asset Management;
Internet and the Web;
Competitive Strategy;
Situation or Environment;
Product Positioning;
Financial Services Industry;
China
Malloy, Christopher J., Lauren H. Cohen, and Anthony K. Woo. "Lufax: FinTech and the Transformation of Wealth Management in China." Harvard Business School Case 218-088, March 2018.
- Article
"Troll" Check? A Proposal for Administrative Review of Patent Litigation
By: Lauren Cohen, John Golden, Umit Gurun and Scott Duke Kominers
The patent system is commonly justified as a way to promote social welfare and, more specifically, technological progress. For years, however, there has been concern that patent litigation is undermining, rather than furthering, these goals. Particularly in the United...
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Cohen, Lauren, John Golden, Umit Gurun, and Scott Duke Kominers. "Troll" Check? A Proposal for Administrative Review of Patent Litigation. Boston University Law Review 97, no. 5 (October 2017): 1775–1841.
- September 2017 (Revised June 2019)
- Case
Dianrong: Marketplace Lending, Blockchain, and 'The New Finance' in China
By: Christopher J. Malloy, Lauren H. Cohen and Anthony K. Woo
This case examines the strategic positioning of Dianrong, one of the largest online peer-to-peer (P2P) lending platforms in China, in its attempt to become a foundational player in the expansion of the FinTech sector in Asia. Dianrong had recently announced the...
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Keywords:
Financing and Loans;
Internet and the Web;
Supply Chain;
Finance;
Innovation and Invention;
Competition;
Product Positioning;
Strategy;
Financial Services Industry;
China
Malloy, Christopher J., Lauren H. Cohen, and Anthony K. Woo. "Dianrong: Marketplace Lending, Blockchain, and 'The New Finance' in China." Harvard Business School Case 218-043, September 2017. (Revised June 2019.)
- 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.
- 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.)