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- Faculty Publications (15)
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- All HBS Web (73)
- Faculty Publications (15)
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- 2022
- Working Paper
Retail Investors’ Contrarian Behavior Around News, Attention, and the Momentum Effect
By: Cheng (Patrick) Luo, Enrichetta Ravina, Marco Sammon and Luis M. Viceira
Using a large panel of U.S. brokerage accounts trades and positions, we show that a large fraction of retail investors trade as contrarians after large earnings surprises, especially for loser stocks, and that such contrarian trading contributes to post earnings...
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Keywords:
Retail Investors;
Post Earnings Announcement Drift;
Price Momentum;
Behavioral Finance;
Investment;
Demographics
Luo, Cheng (Patrick), Enrichetta Ravina, Marco Sammon, and Luis M. Viceira. "Retail Investors’ Contrarian Behavior Around News, Attention, and the Momentum Effect." Working Paper, June 2022.
- September 2010 (Revised March 2012)
- Case
AQR's Momentum Funds (A)
By: Daniel Baird Bergstresser, Lauren H. Cohen, Randolph B. Cohen and Christopher J. Malloy
AQR is a hedge fund based in Greenwich, Connecticut, that is considering offering a wholly new line of product to retail investors, namely the ability to invest in the price phenomenon known as momentum. There is a large body of empirical evidence supporting momentum...
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Keywords:
Financial Strategy;
Investment Funds;
Investment Portfolio;
Governing Rules, Regulations, and Reforms;
Product Development;
Financial Services Industry;
Greenwich
Bergstresser, Daniel Baird, Lauren H. Cohen, Randolph B. Cohen, and Christopher J. Malloy. "AQR's Momentum Funds (A)." Harvard Business School Case 211-025, September 2010. (Revised March 2012.)
- 2020
- Article
Public Sentiment and the Price of Corporate Sustainability
By: George Serafeim
Combining corporate sustainability performance scores based on environmental, social, and governance (ESG) data with big data measuring public sentiment about a company’s sustainability performance, I find that the valuation premium paid for companies with strong...
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Keywords:
Sustainability;
ESG;
ESG (Environmental, Social, Governance) Performance;
Investment Management;
Investment Strategy;
Big Data;
Machine Learning;
Environment;
Environmental Sustainability;
Corporate Governance;
Performance;
Asset Pricing;
Investment;
Management;
Strategy;
Human Capital;
Public Opinion;
Value;
Analytics and Data Science
Serafeim, George. "Public Sentiment and the Price of Corporate Sustainability." Financial Analysts Journal 76, no. 2 (2020): 26–46.
- 2023
- Working Paper
Contagious Anomalies
By: Angela Ma and Miles Zheng
This paper shows that anomaly strategy contagion contributes a key component of risks induced by arbitrageur trading. We present three main findings: (1) Contagion deteriorates the market liquidity of the contaminated strategy. (2) Increased contagion risk predicts...
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Ma, Angela, and Miles Zheng. "Contagious Anomalies." Working Paper, 2023.
- September 2003 (Revised May 2006)
- Case
Eyeblaster: Enabling the Next Generation of Online Advertising
By: Elie Ofek
Eyeblaster management has to decide on the best course of action to sustain its momentum from enabling online rich media advertising. Pressure from competitors is forcing the company to re-evaluate its previous marketing strategy that focused primarily on getting...
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Keywords:
Business Model;
Marketing Strategy;
Market Entry and Exit;
Performance Evaluation;
Digital Marketing;
Growth and Development Strategy
Ofek, Elie. "Eyeblaster: Enabling the Next Generation of Online Advertising." Harvard Business School Case 504-005, September 2003. (Revised May 2006.)
- May 2024
- Article
Production Complementarity and Information Transmission Across Industries
By: Charles M.C. Lee, Terrence Tianshuo Shi, Stephen Teng Sun and Ran Zhang
Economic theory suggests that production complementarity is an important driver of sectoral co-movements and business cycle fluctuations. We operationalize this concept using a measure of production complementarity proximity (COMPL) between any two companies. We show...
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Lee, Charles M.C., Terrence Tianshuo Shi, Stephen Teng Sun, and Ran Zhang. "Production Complementarity and Information Transmission Across Industries." Art. 103812. Journal of Financial Economics 155 (May 2024).
- Research Summary
Systematic Risk in the Housing Markets
A one-factor pricing model is employed to investigate the internal consistency of single family home and professionally-managed property prices during 1986-2006. The risk fac-tor used here is the US real estate index, which has much stronger explanatory power than the...
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- October 2012
- Case
Romney vs. Obama and U.S. Energy Policy
By: Rawi Abdelal and Kaitlyn Tuthill
In 2012, the energy sector in the United States was demanding major reform. Prices of oil and gas had continued to cripple the middle and lower class as the U.S. economy slowly recovered. At the same time, the U.S. lagged behind developed economies in production of...
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Keywords:
Mitt Romney;
Barack Obama;
Energy;
Election Outcomes;
Climate Change;
Renewable Energy;
Political Elections;
Policy;
Business and Government Relations;
Public Administration Industry;
United States
Abdelal, Rawi, and Kaitlyn Tuthill. "Romney vs. Obama and U.S. Energy Policy." Harvard Business School Case 713-050, October 2012.
- 16 Feb 2016
- First Look
February 16, 2016
https://pubwww.hbs.edu/faculty/Pages/item.aspx?num=50588 forthcoming Marketing Science Minimum Advertised Pricing: Patterns of Violation in Competitive Retail Markets By: Israeli, Ayelet, Eric Anderson, and Anne Coughlan Abstract—Manufacturers in many industries frequently...
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Keywords:
Sean Silverthorne
- 06 Oct 2015
- First Look
October 6, 2015
and challenges created by digital technology and describe some of the most pressing policy issues. As digital technologies continue to gain in momentum and importance, it has become clear that digitization has features that do not fit...
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Keywords:
Sean Silverthorne
- 15 Jan 2013
- First Look
First Look: January 15
disruption. Download the paper: https://pubwww.hbs.edu/faculty/Pages/item.aspx?num=43906 Cases & Course MaterialsRomney vs. Obama and U.S. Energy Policy Abdelal, Rawi, and Kaitlyn TuthillHarvard Business School Case 713-050 In 2012, the energy sector in the United States was...
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Keywords:
Sean Silverthorne
- 04 Dec 2012
- First Look
First Look: December 4
opportunity to launch a new venture that would use SMS to deliver crop price information to farmers in India. The case describes the structure of Indian agriculture and the problems experienced by farmers, who were often exploited by...
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Keywords:
Carmen Nobel
- 16 Nov 2016
- Research & Ideas
Turning One Thousand Customers into One Million
differently from the early adopters who had been acquired in bulk or by word of mouth. In particular, they were not as forgiving of lower-quality products and services, and not as willing to pay premium prices for anything less than...
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- 18 Jul 2023
- Research & Ideas
Will Global Demand for Oil Peak This Decade?
Is the globe’s thirst for oil finally topping out? A major international energy watcher says yes, predicting last month that demand for global oil for transport will peak around 2026, plateau for all uses by 2028, and possibly hit a zenith by the end of the decade....
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- 19 Apr 2010
- Research & Ideas
The History of Beauty
revolution had turned perfume into a branded product, sold at different price points in different distribution channels, and increasingly gendered. While historically men and women had used the same scents, they now began to like to smell...
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- 07 Jul 2003
- Research & Ideas
4+2 = Sustained Business Success
The dot-com boom of the 1990s had changed the rules of business forever, it seemed; all you needed was a sexy IPO, cold nerve, and the magic carpet of momentum trading. But even as entrepreneurs and venture capitalists were dismissing...
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- 04 Jun 2001
- What Do You Think?
What’s the Future of the Subscription Model?
Summing Up The Subscription Model: Down but Not Out Just as manufacturing organizations are once again adopting a subscription model as a means of pricing product-service packages marketed as solutions, it appears that Internet-based...
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Keywords:
by James Heskett
- 06 Sep 2004
- Research & Ideas
The Innovator’s Battle Plan
momentum behind the widely practiced mantra "serve our customers" is often nearly impossible to overcome. The mainstream market tends to reject the innovation. Frustrated managers and engineers leave, form a new company, and...
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- 29 Jan 2021
- Op-Ed
How Influencers, Celebrities, and FOMO Can Win Over Vaccine Skeptics
timeline also removes uncertainty and instills confidence in the process. The combination of confidence and convenience can generate momentum and enthusiasm not just for early adopters and the early majority, but for the late majority and...
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- 07 Feb 2012
- First Look
First Look: February 7
and how quoted prices might reflect expectations that are hard to justify. Regardless of which valuation method is employed (e.g., residual income, discounted cash flow, multiples), the case provides a platform (i) to map the firm's key...
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Keywords:
Sean Silverthorne