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- Faculty Publications (11)
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- January 2021
- Article
ETF Activity and Informational Efficiency of Underlying Securities
By: Lawrence Glosten, Suresh Nallareddy and Yuan Zou
This paper investigates the effect of exchange-traded funds’ (ETFs’) activity on the short-run informational efficiency of their underlying securities. We find that ETF activity increases short-run informational efficiency for stocks with weak information environments....
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Glosten, Lawrence, Suresh Nallareddy, and Yuan Zou. "ETF Activity and Informational Efficiency of Underlying Securities." Management Science 67, no. 1 (January 2021): 22–47.
- 13 Mar 2008
- Working Paper Summaries
An Investigation of Earnings Management through Marketing Actions
- 25 May 2021
- Research & Ideas
White Airbnb Hosts Earn More. Can AI Shrink the Racial Gap?
White people who host rental properties on Airbnb earn significantly more per year than Black hosts, but a “race blind” pricing algorithm could help close that income gap, new research shows. Black hosts who rely on Airbnb’s algorithm to...
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- 30 Jul 2008
- Op-Ed
Why the U.S. Should Encourage FDI
are. They appear to systematically earn low returns on their investments in American corporate assets. “The singular fact about foreign direct investors in the United States is just how unsuccessful they...
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by Mihir A. Desai
- July 1999
- Article
Analysts' Forecast Accuracy: Do Ability and Portfolio Complexity Matter
By: Michael B. Clement
Prior studies have identified systematic and time persistent differences in analysts’ earnings forecast accuracy, but have not explained why the differences exist. Using the I/B/E/S Detail History database, this study finds that forecast accuracy is positively...
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Clement, Michael B. "Analysts' Forecast Accuracy: Do Ability and Portfolio Complexity Matter." Journal of Accounting & Economics 27, no. 3 (July 1999): 285–303.
- 13 Jul 2007
- Working Paper Summaries
Economic Catastrophe Bonds
- January 2023 (Revised August 2023)
- Case
Nick Saban: Embracing 'The Process' of Sustaining Success
By: Ranjay Gulati and Eppa Rixey
Nick Saban, head coach of the University of Alabama football team from 2007-2022, fielded teams that won 183 of 208 games (88%), including a record-tying six national championships. Saban’s approach to coaching, known to many as “The Process,” and the consistent...
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Keywords:
Purpose;
Leadership And Managing People;
Football;
Recruiting;
Talent Acquisition;
Talent And Talent Management;
Talent Development And Retention;
Organization Change And Adaptation;
Organizational Behavior;
Sports;
Leadership;
Leadership Development;
Organizational Culture;
Organizational Change and Adaptation;
Sports Industry;
United States
- 2019
- Working Paper
Do Banks Have an Edge?
By: Juliane Begenau and Erik Stafford
Overall, no! We show that the level and time series variation in cash flows for most bank activities are well matched by capital market portfolios with similar interest rate and credit risk to what banks report to hold. Ignoring operating expenses, bank loans earn high...
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Keywords:
Banks;
Market Efficiency;
Bank Capital;
Bank Debt;
CAPM;
Banking;
Bank Deposits;
Bank Funding Advantage;
Leverage;
Maturity Transformation;
Replicating Portfolio;
Efficiency;
Banks and Banking;
Capital Markets;
Performance Evaluation;
Performance Efficiency;
Banking Industry;
United States
Begenau, Juliane, and Erik Stafford. "Do Banks Have an Edge?" Harvard Business School Working Paper, No. 18-060, January 2018. (Revised October 2019.)
- Research Summary
The Role of Financial and Information Intermediaries in the Capital Markets
Hutton's research investigates the role of financial analysts and short sellers in the pricing of equity securities. Recently, Hutton examines (with Patricia Dechow and Richard Sloan) the role of sell-side analysts' earnings forecasts in the pricing of common equity...
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- March 2016 (Revised April 2019)
- Technical Note
ESG Metrics: Reshaping Capitalism?
By: George Serafeim
In the past twenty-five years, the world had seen an exponential growth in the number of companies reporting environmental, social and governance (ESG) data. Investor interest in ESG data also grew rapidly. A growing belief that increasing levels of social inequality...
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Keywords:
Capitalism;
Sustainability;
Accountability;
Corporate Social Responsibility;
Responsibilities To Society;
Environment;
Social Impact Investment;
ESG;
Corporate Social Responsibility and Impact;
Environmental Sustainability;
Measurement and Metrics;
Integrated Corporate Reporting;
Corporate Accountability;
Accounting;
Economic Systems
Serafeim, George, and Jody Grewal. "ESG Metrics: Reshaping Capitalism?" Harvard Business School Technical Note 116-037, March 2016. (Revised April 2019.)
- 11 Oct 2016
- First Look
October 11, 2016
Christopher T. Stanton Abstract—Small business owners and others in self-employment have the option to transition to paid work. If there is initial uncertainty about earnings in entrepreneurship, this option increases the expected...
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Sean Silverthorne
- 26 Sep 2013
- Working Paper Summaries
Playing Favorites: How Firms Prevent the Revelation of Bad News
- January 2008
- Article
Innovation Killers: How Financial Tools Destroy Your Capacity to Do New Things
By: Clayton M. Christensen, Stephen P. Kaufman and Willy C. Shih
Most companies aren't half as innovative as their senior executives want them to be (or as their marketing claims suggest they are). What's stifling innovation? There are plenty of usual suspects, but the authors finger three financial tools as key accomplices....
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Keywords:
Investment;
Innovation and Management;
Growth and Development Strategy;
Business and Shareholder Relations;
Prejudice and Bias;
Value Creation
Christensen, Clayton M., Stephen P. Kaufman, and Willy C. Shih. "Innovation Killers: How Financial Tools Destroy Your Capacity to Do New Things." Special Issue on HBS Centennial. Harvard Business Review 86, no. 1 (January 2008).
- 19 Aug 2008
- First Look
First Look: August 19, 2008
Consequences to Missing Quarterly Earnings Benchmarks Authors:Rick Mergenthaler, Shiva Rajgopal, Suraj Srinivasan Abstract We find that missing quarterly earnings benchmarks, especially the analyst consensus...
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Sean Silverthorne
- 17 Apr 2009
- Working Paper Summaries
The Investment Strategies of Sovereign Wealth Funds
- 12 Feb 2008
- First Look
First Look: February 12, 2007
but all share a belief in the importance of understanding change over time. Publisher's site: http://www.oup.com/us/catalog/general/subject/Business/History/ The Effect of Macro Information Environment Change on the Quality of Management View Details
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Martha Lagace
- 20 Feb 2008
- First Look
First Look: February 20, 2008
strategy—using carefully designed management meetings to review operational and strategic data Drawing on extensive research and detailed case studies from a broad array of industries, The Execution Premium presents a systematic and...
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Martha Lagace
- 07 Jul 2008
- Research & Ideas
Innovation Corrupted: How Managers Can Avoid Another Enron
complexities and legal ambiguities of the Enron case, and to indict Skilling, Lay, and former chief accounting officer Rick Causey. Federal prosecutors claimed that Enron used the Raptors and other off-balance-sheet entities to inflate its reported View Details
- 24 Sep 2013
- First Look
First Look: September 24
Earnings Call By: Eccles, Robert G., and George Serafeim Abstract—One of the challenges companies claim to face in making sustainability a core part of their strategy and operations is that the market does not care about sustainability,...
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Sean Silverthorne
- 05 Dec 2022
- Research & Ideas
5 Companies Where Employees Move Up the Ladder Fast
say. Companies are also facing more scrutiny from regulators and investors who are increasingly evaluating how employers treat workers. And they’ve been blamed for creating economic conditions that cause half of American workers born in the 1980s to View Details
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by Pamela Reynolds