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All HBS Web
(1,318)
- News (334)
- Research (774)
- Events (1)
- Multimedia (1)
- Faculty Publications (465)
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- 2012
- Article
A Reduced-Form Approach to Behavioral Public Finance
By: Sendhil Mullainathan, Joshua Schwartzstein and William Congdon
Research in behavioral public finance has blossomed in recent years, producing diverse empirical and theoretical insights. This article develops a single framework with which to understand these advances. Rather than drawing out the consequences of specific...
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Mullainathan, Sendhil, Joshua Schwartzstein, and William Congdon. "A Reduced-Form Approach to Behavioral Public Finance." Annual Review of Economics 4 (2012): 511–540.
- 2018
- Chapter
Behavioral Household Finance
By: John Beshears, James J. Choi, David Laibson and Brigitte C. Madrian
This chapter provides an overview of household finance. The first part summarizes key facts regarding household financial behavior, emphasizing empirical regularities that are inconsistent with the standard classical economic model and discussing extensions of the...
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Keywords:
Personal Finance;
Global Range;
Household;
Behavior;
Strategy;
Governing Rules, Regulations, and Reforms;
Product Design;
Welfare
Beshears, John, James J. Choi, David Laibson, and Brigitte C. Madrian. "Behavioral Household Finance." In Handbook of Behavioral Economics: Foundations and Applications 1, edited by B. Douglas Bernheim, Stefano DellaVigna, and David Laibson, 177–276. Amsterdam: Elsevier, 2018.
- February 2007
- Case
Behavioral Finance at JP Morgan
By: Malcolm P. Baker and Aldo Sesia
Following a successful model in Europe, JP Morgan has introduced a set of five U.S. retail mutual funds with an investment philosophy and marketing strategy grounded in behavioral finance. The asset management group believes that understanding investor biases like...
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Keywords:
Banks and Banking;
Investment Funds;
Behavioral Finance;
Competitive Advantage;
Asset Management;
Marketing Strategy;
Product Marketing;
Customer Focus and Relationships;
Banking Industry;
Financial Services Industry;
United States;
Europe
Baker, Malcolm P., and Aldo Sesia. "Behavioral Finance at JP Morgan." Harvard Business School Case 207-084, February 2007.
- Teaching Interest
Behavioral Finance (Econ 970, Spring 2015)
Second-year undergraduate course covering recent advances in the field of behavioral finance. The course begins by examining some of the most canonical pricing anomalies, such as claims to identical cashflows trading at different prices in different markets, and...
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- Article
Capital Market-Driven Corporate Finance
By: Malcolm Baker
Much of empirical corporate finance focuses on sources of the demand for various forms of capital, not the supply. Recently, this has changed. Supply effects of equity and credit markets can arise from a combination of three ingredients: investor tastes, limited...
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Keywords:
Behavioral Finance;
Limits To Arbitrage;
Market Efficiency;
Securities Issuance;
Supply Effects;
Corporate Finance;
Investment;
Price;
Capital Markets;
Equity;
Financial Services Industry
Baker, Malcolm. "Capital Market-Driven Corporate Finance." Annual Review of Financial Economics 1 (2009): 181–205.
- 2019
- Chapter
Behavioral Economics and Health-Care Markets
By: Amitabh Chandra, Benjamin Handel and Joshua Schwartzstein
This chapter summarizes research in behavioral health economics, focusing on insurance markets and product markets in health care. We argue that the prevalence of choice difficulties and biases leading to mistakes in these markets establish a special place for them in...
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Keywords:
Behavioral Economics;
Consumer Behavior;
Economics;
Health Care and Treatment;
Insurance;
Markets
Chandra, Amitabh, Benjamin Handel, and Joshua Schwartzstein. "Behavioral Economics and Health-Care Markets." Chap. 6 in Handbook of Behavioral Economics: Foundations and Applications 2, edited by B. Douglas Bernheim, Stefano DellaVigna, and David Laibson, 459–502. Amsterdam: Elsevier/North-Holland, 2019.
- 06 Jun 2007
- Research & Ideas
Behavioral Finance—Benefiting from Irrational Investors
Least Resistance," a paper forthcoming in the Journal of Financial Economics, the authors argue that this sort of passive behavior can have a significant effect on how companies make strategic financing...
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Keywords:
by Julia Hanna
- 2007
- Chapter
Behavioral Corporate Finance: A Survey
By: Malcolm Baker, Richard Ruback and Jeffrey Wurgler
Research in behavioral corporate finance takes two distinct approaches. The first emphasizes that investors are less than fully rational. It views managerial financing and investment decisions as rational responses to securities market mispricing. The second approach...
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Keywords:
Decisions;
Prejudice and Bias;
Debt Securities;
Financial Management;
Price;
Theory;
Investment;
Problems and Challenges;
Behavioral Finance;
Corporate Finance
Baker, Malcolm, Richard Ruback, and Jeffrey Wurgler. "Behavioral Corporate Finance: A Survey." In The Handbook of Corporate Finance, Volume 1: Empirical Corporate Finance, edited by Espen Eckbo. New York: Elsevier/North-Holland, 2007.
- 12 May 2015
- Working Paper Summaries
Financing Payouts
- Fall 2011
- Article
A Brief Postwar History of U.S. Consumer Finance
By: Gunnar Trumbull and Peter Tufano
In this brief history of U.S. consumer finance since World War II, the sector is defined based on the functions delivered by firms in the form of payments, savings and investing, borrowing, managing risk, and providing advice. Evidence of major trends in consumption,...
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Keywords:
Consumer Finance;
Consumer Credit;
U.s. History;
Consumer Behavior;
Personal Finance;
Credit;
Trends;
History;
United States
Trumbull, Gunnar, and Peter Tufano. "A Brief Postwar History of U.S. Consumer Finance." Business History Review 85, no. 3 (Fall 2011): 461–498.
- 16 Jan 2006
- Research & Ideas
Adam Smith, Behavioral Economist?
from one of Smith's earlier works, The Theory of Moral Sentiments, that caught the attention of Harvard Business School professor Nava Ashraf and coauthors Colin Camerer and George Loewenstein. In "Adam Smith, Behavioral...
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Keywords:
by Ann Cullen
- May 1999
- Background Note
Note on Behavioral Pricing
The note introduces the behavioral or psychological aspects of consumer price acceptance. Begins by reviewing the traditional economic approach to product pricing and consumer price acceptance--namely, that consumers should be willing to purchase anytime a product's...
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Keywords:
Customer Satisfaction;
Decisions;
Fairness;
Price;
Marketing Strategy;
Behavior;
Perspective;
Public Opinion
Gourville, John T. "Note on Behavioral Pricing." Harvard Business School Background Note 599-114, May 1999.
- 2013
- Chapter
Behavioral Corporate Finance: A Current Survey
By: Malcolm Baker and Jeffrey Wurgler
We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The market timing and catering approach views managerial financing and investment decisions as rational managerial responses to securities mispricing. The...
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Keywords:
Managerial Roles;
Theory;
Corporate Finance;
Financial Management;
Investment;
Market Timing;
Behavioral Finance;
Prejudice and Bias;
Economics;
Forecasting and Prediction
Baker, Malcolm, and Jeffrey Wurgler. "Behavioral Corporate Finance: A Current Survey." In Handbook of the Economics of Finance, Volume 2A: Corporate Finance, edited by George M. Constantinides, Milton Harris, and Rene M. Stulz, 357–424. Handbooks in Economics. New York: Elsevier, 2013.
- Research Summary
Financing New Business Formation
By: Paul A. Gompers
New business creation has become a potent force for economicdevelopment in the United States. Prior to 1980, large firms created the majority of new jobs in the American economy. While considerable debate rages over whether small firms are the source of recent job...
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- Article
Behavioral Hazard in Health Insurance
By: Katherine Baicker, Sendhil Mullainathan and Joshua Schwartzstein
A fundamental implication of standard moral hazard models is overuse of low-value medical care because copays are lower than costs. In these models, the demand curve alone can be used to make welfare statements, a fact relied on by much empirical work. There is ample...
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Baicker, Katherine, Sendhil Mullainathan, and Joshua Schwartzstein. "Behavioral Hazard in Health Insurance." Quarterly Journal of Economics 130, no. 4 (November 2015): 1623–1667. (Online Appendix.)
- 06 Jun 2016
- Research & Ideas
Skills and Behaviors that Make Entrepreneurs Successful
financed them—declared such brick-and-mortar businesses were dinosaurs on their way to extinction. The success of Bluemercury proved the critics wrong. “We’ve always had a hard time being able to identify the skills and View Details
Keywords:
by HBS Working Knowledge
- 2022
- Article
The Effects of Public and Private Equity Markets on Firm Behavior
By: Shai Bernstein
In this article, I review the theoretical and empirical literature on the effects of public and private equity markets on firm behavior, emphasizing the consequences that emerge from disclosure requirements, ownership concentration, and degree of firm standardization....
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Keywords:
Corporate Finance And Governance;
Financing Policy;
Commercialization;
Capital Markets;
Private Equity;
Public Equity;
Venture Capital;
Innovation and Invention;
Cost of Capital
Bernstein, Shai. "The Effects of Public and Private Equity Markets on Firm Behavior." Annual Review of Financial Economics 14 (2022): 295–318.
- Article
The Economics of Structured Finance
By: Joshua D. Coval, Jakub W. Jurek and Erik Stafford
This paper investigates the spectacular rise and fall of structured finance. The essence of structured finance activities is the pooling of economic assets like loans, bonds, and mortgages, and the subsequent issuance of a prioritized capital structure of claims, known...
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Keywords:
Financial Crisis;
Asset Management;
Debt Securities;
Investment;
Risk Management;
Behavior
Coval, Joshua D., Jakub W. Jurek, and Erik Stafford. "The Economics of Structured Finance." Journal of Economic Perspectives 23, no. 1 (Winter 2009): 3–25.
- 09 Apr 2009
- Working Paper Summaries
The Economics of Structured Finance
- June 1990
- Article
Herd Behavior and Investment
By: David S. Scharfstein and Jeremy Stein
Scharfstein, David S., and Jeremy Stein. "Herd Behavior and Investment." American Economic Review 80, no. 3 (June 1990): 465–479.