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Show Results For
-
All HBS Web
(4,960)
- People (20)
- News (1,173)
- Research (2,774)
- Events (6)
- Multimedia (7)
- Faculty Publications (1,475)
- March 2016
- Teaching Note
MasterCard: Driving Financial Inclusion
By: Sunil Gupta
Since joining MasterCard (MC) in 2010, CEO Ajay Banga had made advancing financial inclusion (FI)—bringing formal financial services to marginalized populations—an important goal for the company. In 2014, MC had entered a number of partnerships with governments and...
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- August 1992 (Revised September 2004)
- Background Note
Introduction to Financial Ratios and Financial Statement Analysis
By: William J. Bruns Jr.
Introduces and describes meaning and uses for financial ratios to assess profitability, activity, solvency and leverage, and returns to shareholders.
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Bruns, William J., Jr. "Introduction to Financial Ratios and Financial Statement Analysis." Harvard Business School Background Note 193-029, August 1992. (Revised September 2004.)
- August 2008
- Article
Economic Links and Predictable Returns
By: Lauren Cohen and Andrea Frazzini
This paper finds evidence of return predictability across economically linked firms. We test the hypothesis that in the presence of investors subject to attention constraints, stock prices do not promptly incorporate news about economically related firms, generating...
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Keywords:
Economics;
Price;
Assets;
Analytics and Data Science;
Customers;
Stocks;
Equity;
Strategy;
Investment Return;
Forecasting and Prediction
Cohen, Lauren, and Andrea Frazzini. "Economic Links and Predictable Returns." Journal of Finance 63, no. 4 (August 2008). (Winner of Smith Breeden Prize for the Best Paper Published in the Journal of Finance in Asset Pricing (Distinguished Paper) 2008. Winner of Chicago Quantitative Alliance Academic Paper Competition. First Prize presented by Chicago Quantitative Alliance. Winner of BSI Gamma Foundation Research Grant presented by BSI Gamma Foundation.)
- 2005
- Working Paper
Aggregate Corporate Liquidity and Stock Returns
By: Robin Greenwood
Aggregate investment in cash and liquid assets as a share of total corporate investment is negatively related to subsequent U.S. stock market returns between 1947 and 2003. The share of cash in total investment is a more stable predictor of returns than scaled price...
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- 2020
- Working Paper
How ESG Issues Become Financially Material to Corporations and Their Investors
By: George Serafeim
Management and disclosure of environmental, social and governance (ESG) issues have received substantial interest over the last decade. In this paper, we outline a framework of how ESG issues become financially material, affecting corporate profitability and valuation....
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Keywords:
Materiality;
ESG;
Pharmaceutical Companies;
Business Ethics;
Sustainability;
Environment;
Disclosure;
Disclosure And Access;
Regulation;
Social Impact;
Environmental Sustainability;
Social Issues;
Corporate Governance;
Ethics;
Corporate Disclosure;
Corporate Accountability;
Resource Allocation;
Finance;
Accounting;
Valuation
Freiberg, David, Jean Rogers, and George Serafeim. "How ESG Issues Become Financially Material to Corporations and Their Investors." Harvard Business School Working Paper, No. 20-056, November 2019. (Revised November 2020.)
- Article
Liquidity Provision and Stock Return Predictability
By: Mark Seasholes and Terrence Hendershott
This paper examines the trading behavior of two groups of liquidity providers (specialists and competing market makers) using a six-year panel of NYSE data. Trades of each group are negatively correlated with contemporaneous price changes. To test for return...
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Keywords:
Liquidity;
Market Makers;
Market Efficiency;
Inventory;
Liquidity Provision;
Market Design;
Financial Liquidity;
Stocks;
Investment Return
Seasholes, Mark, and Terrence Hendershott. "Liquidity Provision and Stock Return Predictability." Journal of Banking & Finance 45 (August 2014): 140–151.
- June 2013
- Article
Issuer Quality and Corporate Bond Returns
By: Robin Greenwood and Samuel G. Hanson
We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the...
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Greenwood, Robin, and Samuel G. Hanson. "Issuer Quality and Corporate Bond Returns." Review of Financial Studies 26, no. 6 (June 2013): 1483–1525. (Internet Appendix Here.)
- August 2004 (Revised September 2004)
- Background Note
Note on Bond Valuation and Returns
All securities can be evaluated based on certain common characteristics: value, rate of return, risk, maturity, and so forth. This case examines how bonds are valued and how their rates of return are computed. It begins with basic definitions and features of...
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Chacko, George C., Peter A. Hecht, Vincent Dessain, and Monika Stachowiak. "Note on Bond Valuation and Returns." Harvard Business School Background Note 205-008, August 2004. (Revised September 2004.)
- 2018
- Article
Cracking the Organizational Challenge of Pursuing Joint Social and Financial Goals: Social Enterprise as a Laboratory to Understand Hybrid Organizing
By: Julie Battilana
While in recent decades the social and business sectors have evolved on fairly separate tracks, today companies are increasingly expected to generate social value in addition to profit. As a result, they also increasingly face the distinct challenge of pursuing social...
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Keywords:
Hybrid Organizations;
Hybrid Organizing;
Multiple Goals;
Social Enterprise;
Goals and Objectives;
Organizational Design;
Organizational Culture
Battilana, Julie. "Cracking the Organizational Challenge of Pursuing Joint Social and Financial Goals: Social Enterprise as a Laboratory to Understand Hybrid Organizing." M@n@gement 21, no. 4 (2018): 1278–1305.
- 26 Feb 2008
- Working Paper Summaries
Long-Run Stockholder Consumption Risk and Asset Returns
- February 2018
- Article
Financial Disclosure and Market Transparency with Costly Information Processing
By: Marco Di Maggio and Marco Pagano
We study a model where some investors (“hedgers”) are bad at information processing, while others (“speculators”) have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if...
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Keywords:
Financial Disclosure;
Information Processing;
Liquidity;
Market Transparency;
Rational Inattention;
Information;
Financial Liquidity;
Knowledge Use and Leverage;
Corporate Disclosure;
Financial Markets;
Investment
Di Maggio, Marco, and Marco Pagano. "Financial Disclosure and Market Transparency with Costly Information Processing." Review of Finance 22, no. 1 (February 2018): 117–153.
- 2014
- Article
Bond Supply and Excess Bond Returns
By: Robin Greenwood and Dimitri Vayanos
We examine empirically how the maturity structure of government debt affects bond yields and excess returns. Our analysis is based on a theoretical model of preferred habitat in which clienteles with strong preferences for specific maturities trade with arbitrageurs....
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Greenwood, Robin, and Dimitri Vayanos. "Bond Supply and Excess Bond Returns." Review of Financial Studies 27, no. 3 (March 2014): 663–713. (Also earlier version NBER Working Paper Series, No. 13806, February 2008.)
- 2012
- Working Paper
Issuer Quality and Corporate Bond Returns
By: Robin Greenwood and Samuel G. Hanson
We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the...
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Keywords:
Price;
Credit;
Risk and Uncertainty;
Investment Return;
Forecasting and Prediction;
Bonds;
Market Design;
Cost of Capital;
Mathematical Methods;
System Shocks
Greenwood, Robin, and Samuel G. Hanson. "Issuer Quality and Corporate Bond Returns." Harvard Business School Working Paper, No. 11-065, January 2011. (Revised September 2012, Internet Appendix Here.)
- December 2009
- Article
Long-Run Stockholder Consumption Risk and Asset Returns
By: Christopher J. Malloy, Tobias J. Moskowitz and Annette Vissing-Jorgensen
We provide new evidence on the success of long-run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting micro-level household consumption data, we show that long-run stockholder consumption risk better captures cross-sectional variation in...
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Malloy, Christopher J., Tobias J. Moskowitz, and Annette Vissing-Jorgensen. "Long-Run Stockholder Consumption Risk and Asset Returns." Journal of Finance 64, no. 6 (December 2009): 2427–2480. (Finalist for the 2010 Smith Breeden Prize for the best paper in the Journal of Finance.)
- 09 Jun 2020
- Working Paper Summaries
Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time
- December 2020
- Article
Stock Market Returns and Consumption
By: Marco Di Maggio, Amir Kermani and Kaveh Majlesi
This paper employs Swedish data containing security level information on households' stock holdings to investigate how consumption responds to changes in stock market returns. We exploit households’ portfolio weights in previous years as an instrument for actual...
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Keywords:
Capital Gain;
Dividend Income;
Consumption;
Near-rational Behavior;
Investment Return;
Household;
Spending;
Behavior
Di Maggio, Marco, Amir Kermani, and Kaveh Majlesi. "Stock Market Returns and Consumption." Journal of Finance 75, no. 6 (December 2020): 3175–3219. (DFA Distinguished Paper Prize.)
- TeachingInterests
Investing: Risk, Return and Impact (MBA)
By: Shawn A. Cole
This is an investing/finance course, designed to build on skills introduced in the RC finance course, but with an emphasis on how and whether investors should incorporate what have traditionally been considered “non-financial” criteria in their decisions: for... View Details
- Forthcoming
- Article
The Allocation of Socially Responsible Capital
By: Daniel Green and Benjamin N. Roth
Portfolio allocation decisions increasingly incorporate social values. We develop a tractable framework to study how competition between investors to own socially valuable assets affects social welfare. Relative to the most common social-investing strategies, we...
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Keywords:
Socially Responsible Investing;
Investment Portfolio;
Welfare;
Social Issues;
Investment Return
Green, Daniel, and Benjamin N. Roth. "The Allocation of Socially Responsible Capital." Journal of Finance (forthcoming).
- September – October 2007
- Article
Trading Patterns and Excess Comovement of Stock Returns
By: Robin Greenwood and Nathan Sosner
n April 2000, 30 stocks were replaced in the Nikkei 225 Index. The unusually broad index redefinition allowed for a study of the effects of index-linked trading on the excess comovement of stock returns. A large increase occurred in the correlation of trading volume of...
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Greenwood, Robin, and Nathan Sosner. "Trading Patterns and Excess Comovement of Stock Returns." Financial Analysts Journal 63, no. 5 (September–October 2007): 69–81.
- 09 Dec 2021
- News
Higher Returns
with a “t.” $68 trillion of wealth transferring from baby boomers and older generations to millennials and younger generations over the next 25 years. Most studies suggest that 80 percent or more of the...
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