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All HBS Web
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- Faculty Publications (3,324)
- Forthcoming
- Article
Reflexivity in Credit Markets
By: Robin Greenwood, Samuel G. Hanson and Lawrence J. Jin
Reflexivity is the idea that investors' biased beliefs affect market outcomes and that market outcomes in turn affect investors’ future biases. We develop a dynamic behavioral model of the credit cycle featuring this two-way feedback loop. Investors form beliefs about...
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Greenwood, Robin, Samuel G. Hanson, and Lawrence J. Jin. "Reflexivity in Credit Markets." Journal of Finance (forthcoming).
- Research Summary
Research
Professor Norton's research can be grouped into two broad areas. First, he explores the effects of social norms on people’s attitudes and behavior, addressing the key role that social factors play in shaping the preferences of individuals. This work has a particular...
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- Research Summary
Research Questions
By: Anita Elberse
One overarching question drives my research: What are effective marketing strategies for managers in creative industries?
I focus on three sub-questions:
- How can managers in creative industries effectively manage products and product... View Details
- Forthcoming
- Article
Sampling Bias in Entrepreneurial Experiments
By: Ruiqing Cao, Rembrand Koning and Ramana Nanda
Using data from a prominent online platform for launching new digital products, we document that ‘sampling bias’—defined as the difference between a startup’s target customer base and the actual sample on which early ‘beta tests’ are conducted—has a systematic and...
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Cao, Ruiqing, Rembrand Koning, and Ramana Nanda. "Sampling Bias in Entrepreneurial Experiments." Management Science (forthcoming). (Pre-published online December 14, 2023.)
- Teaching Interest
Scaling Ventures, HBS Online
This course is for startup founders and senior leaders who have achieved product-market fit and now need to successfully guide their company through cycles of rapid growth and organizational change. Topics include optimal growth rate, recruiting and motivating...
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- Research Summary
Securities Industry
By: D. Quinn Mills
I have recently published two books about the bull market of the 1990s. The first deals with the internet bubble; the second deals with the large company financial reporting scandals. Both books consider the events, causes (including matters of ethics) , and what...
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- Research Summary
Seeing Thought
By: Gerald Zaltman
This program of research combines the results from ZMET studies to create marketing stimuli such as advertising, retail store designs, product concepts, product design, and so forth, which are then presented to a sample of consumers whose reactions are observed using...
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- Forthcoming
- Article
Segmented Arbitrage
We use arbitrage activity in equity, fixed income, and foreign exchange markets to characterize the frictions and constraints facing intermediaries. The average pairwise correlation between the 32 arbitrage spreads that we study is 22%. These low correlations are...
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Keywords:
Financial Intermediation;
Arbitrage;
Intermediary-based Asset Pricing;
Finance;
Segmentation
Siriwardane, Emil, Adi Sunderam, and Jonathan Wallen. "Segmented Arbitrage." Journal of Finance (forthcoming).
- Research Summary
Selection and Market Reallocation: Productivity Gains from Multinational Production
By: Laura Alfaro
Assessing the productivity gains from multinational production has been a vital topic of economic research and policy debate. Positive aggregate productivity gains are often attributed to within-firm productivity improvement; however, an alternative, less emphasized...
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- Research Summary
Selection, Reallocation, and Spillover: Identifying the Sources of Gains from Multinational Production (with Maggie Chen)
By: Laura Alfaro
Quantifying the gains from multinational production has been a vital topic of economic research. Positive productivity gains are often attributed to knowledge spillover from multinational to domestic firms. An alternative, less stressed explanation is firm selection... View Details
- Teaching Interest
Social Entrepreneurship and Innovation
Combining the tools of philanthropy, business and advocacy (or mission, margin and mandate), social entrepreneurs have tackled long-standing societal issues like teacher training, college access, global public health, renewable energy and sanitation. Social...
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- Research Summary
Social Marketing and Cause Marketing
Rangan is studying the role of marketing in influencing social change by focusing on the adoption of social products and ideas such as family planning, economic development, drug abuse prevention, health care, and recycling. Rangan is attempting to determine how social...
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- Forthcoming
- Article
Supply and Demand and the Term Structure of Interest Rates
By: Robin Greenwood, Samuel G. Hanson and Dimitri Vayanos
We survey the growing literature emphasizing the role that supply-and-demand forces play in shaping the term structure of interest rates. Our starting point is the Vayanos and Vila (2009, 2021) model of the term structure of default-free bond yields, which we present...
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Greenwood, Robin, Samuel G. Hanson, and Dimitri Vayanos. "Supply and Demand and the Term Structure of Interest Rates." Annual Review of Financial Economics (forthcoming).
- Research Summary
Surviving the Global Financial Crisis: Foreign Ownership and Establishment Performance
By: Laura Alfaro
We examine the differential response of establishments to the recent global financial crisis with particular emphasis on the role of foreign ownership. Using a worldwide establishment panel dataset, we investigate how multinational subsidiaries around the world...
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- Teaching Interest
The Business of Entertainment, Media, and Sports (Executive Education)
By: Anita Elberse
In the business of entertainment, digital technologies are dramatically disrupting the way products are developed, marketed, and distributed. As a result of this paradigm shift, entertainment executives and content producers are challenged to effectively allocate...
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- 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).
- Forthcoming
- Book
The Everything Token: How NFTs and Web3 Will Transform the Way We Buy, Sell, and Create
By: Steve Kaczynski and Scott Duke Kominers
We demystify the coming digital revolution, showing how NFTs will transform our online and offline interactions.
NFTs aren’t just pictures on the internet, or a fad that has come and gone. Rather, they’re a new technology for creating digital assets and... View Details
NFTs aren’t just pictures on the internet, or a fad that has come and gone. Rather, they’re a new technology for creating digital assets and... View Details
Keywords:
Economic Systems;
Microeconomics;
Entrepreneurship;
Cultural Entrepreneurship;
Information Technology;
Innovation and Invention;
Innovation Strategy;
Digital Platforms;
Digital Strategy;
Digital Transformation;
Internet and the Web;
Technology Adoption;
Marketing;
Marketing Strategy;
Product Marketing;
Product Positioning;
Markets;
E-commerce;
Market Design;
Value;
Customer Value and Value Chain;
Collaborative Innovation and Invention;
Innovation and Management;
Organizational Structure;
Customer Ownership;
Ownership;
Consumer Products Industry;
Consumer Products Industry;
Consumer Products Industry;
Consumer Products Industry;
Consumer Products Industry;
Consumer Products Industry;
Consumer Products Industry;
Consumer Products Industry;
Consumer Products Industry
Kaczynski, Steve, and Scott Duke Kominers. The Everything Token: How NFTs and Web3 Will Transform the Way We Buy, Sell, and Create. Portfolio/Penguin, forthcoming.
- Research Summary
The Global Agglomeration of Multinational Firms
By: Laura Alfaro
The explosion of multinational activities in recent decades is rapidly transforming the global landscape of industrial production. But are the emerging clusters of multinational production the rule or the exception? What drives the offshore agglomeration of...
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- Forthcoming
- Article
The Impact of Minority Representation at Mortgage Lenders
By: W. Scott Frame, Ruidi Huang, Erica Jiang, Yeonjoon Lee, Will Liu, Erik J. Mayer and Adi Sunderam
We study links between the labor market for loan officers and access to mortgage credit. Using novel data matching the (near) universe of mortgage applications to loan officers, we find that minorities are significantly underrepresented among loan officers. Minority...
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Keywords:
Household Finance;
Demographic Economics;
Financial Institutions;
Diversity;
Prejudice and Bias;
Mortgages;
Personal Finance
Frame, W. Scott, Ruidi Huang, Erica Jiang, Yeonjoon Lee, Will Liu, Erik J. Mayer, and Adi Sunderam. "The Impact of Minority Representation at Mortgage Lenders." Journal of Finance (forthcoming).
- Forthcoming
- Article
The Labor Market Effects of Loan Guarantee Programs
By: Jean-Noël Barrot, Thorsten Martin, Julien Sauvagnat and Boris Vallée
We investigate the labor market effects of a loan guarantee program targeting French SMEs during the financial crisis. Exploiting differences in regional treatment intensity in a border discontinuity design, we uncover a central trade-off for such interventions. While...
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Barrot, Jean-Noël, Thorsten Martin, Julien Sauvagnat, and Boris Vallée. "The Labor Market Effects of Loan Guarantee Programs." Review of Financial Studies (forthcoming).