Publications

August 2012 (Revised March 2014)
Technical Note

4M: Four-Markets Analysis for Emerging Economies

By: Eric Werker

This technical note describes a methodology for evaluating the political economy of business-government relations in an emerging or frontier economy. The note argues that there are not one but four markets in an emerging economy: the market of "rentiers" such as mining... View Details

Keywords: Frontier Markets; Emerging Markets

December 2002
Article

The Persistence of Emerging Market Equity Flows

By: K. A. Froot and J. Donohue

Keywords: Asset Pricing; Equity Investment; Forecasting and Prediction; Behavioral Finance; Stocks; Investment Return; Market Transactions; Performance Expectations; Financial Services Industry

March 2023
Article

Not from Concentrate: Collusion in Collaborative Industries

By: Jordan M. Barry, John William Hatfield, Scott Duke Kominers and Richard Lowery

The chief principle of antitrust law and theory is that reducing market concentration—having more, smaller firms instead of fewer, bigger ones—reduces anticompetitive behavior. We demonstrate that this principle is fundamentally incomplete.

In many... View Details

SSRN

Forthcoming
Article

Calling All Issuers: The Market for Debt Monitoring

By: Huaizhi Chen, Lauren Cohen and Weiling Liu

95% of long-term municipal bonds have callable features, and yet we find new evidence of a substantial fraction of local governments exercising these valuable options sub-optimally, with significant delays – resulting in sizable losses. Using data from 2001 to 2019, we... View Details

Keywords: Bonds; Financial Institutions; Governing Rules, Regulations, and Reforms; Government Administration; Financing and Loans

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04 Apr 2000
Research & Ideas

The Right Way to Restructure Conglomerates in Emerging Markets

Western corporate strategies have long been held up as role models for businesses in emerging markets. The reaction to recent financial crises in Asia and Latin America has only served to reinforce this practice. The multilateral View Details

Keywords: by Tarun Khanna & Krishna Palepu

January 2013
Case

Luotang Power: Variances Explained

By: Robert Simons and Craig Chapman

The general manager of Luotang Power, a coal-fired power plant located in central China, reviews annual results before a meeting with the board of directors. He thought the company performed well during the year and both plant availability and fuel economy had improved... View Details

Keywords: China; Financial Statements; Management Accounting; Variance Analysis; Environmental Regulations; Incentives; Electric Power Generation; Contracts; Valuation; Energy Generation; Accounting; Performance Evaluation; Energy Industry; China

November 1993
Article

The Changing Character of Stock Market Liquidity

By: André Perold and James F. Gammill

Keywords: Stocks; Markets; Financial Liquidity

1987
Chapter

State Trading and the Futures Market

By: James E. Austin and Kenneth L. Hoadley

Keywords: Futures and Commodity Futures; Government and Politics; Financial Markets

January 2009
Article

Multinationals as Arbitrageurs? The Effect of Stock Market Valuations on Foreign Direct Investment

By: Malcolm Baker, C. Fritz Foley and Jeffrey Wurgler

Empirical evidence of imperfect integration across world capital markets suggests a role for cross-border arbitrage by multinationals. Consistent with multinational arbitrage as a determinant of foreign direct investment (FDI) patterns, we find that FDI flows increase... View Details

Keywords: Multinational Firms and Management; Financial Markets; Foreign Direct Investment; Valuation; Capital Markets; Cross-Cultural and Cross-Border Issues; Cost; Forecasting and Prediction; Capital; Stocks; Integration

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29 Apr 2013
Research & Ideas

Diagnosing the ‘Flutie Effect’ on College Marketing

Boston College's greatest marketing campaign lasted about six seconds. It's called the "Flutie Effect." In a 1984 game against the University of Miami, BC quarterback Doug Flutie threw a last-second "Hail Mary" pass 48... View Details

Keywords: by Sean Silverthorne; Education; Advertising; Sports

05 Sep 2019
Working Paper Summaries

The Value of Intermediation in the Stock Market

Keywords: by Marco Di Maggio, Mark Egan, and Francesco Franzoni

March 2009
Teaching Note

Motilal Oswal Financial Services Ltd.: An IPO in India (TN)

By: G. Felda Hardymon, Josh Lerner and Ann Leamon

Teaching Note for [807095]. View Details

Keywords: Private Equity; Initial Public Offering; Revenue; Valuation; Going Public; Emerging Markets; Investment; Financial Services Industry; India

spring 1974
Article

The Optimality of a Competitive Stock Market

By: Robert C. Merton and Marti G. Subrahmanyam

Keywords: Competition; Stocks; Markets

June 5, 2015
Article

How Banking Analysts' Biases Benefit Everyone Except Investors

By: George Serafeim, Joanne Horton and Shan Wu

Keywords: Banking; Sell-side Analysts; Financial Analysis; Financial Analysts; Career Management; Career Advancement; Labor Market; Prejudice and Bias; Investment Banking; Personal Development and Career

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January 1987
Article

Dividend Behavior for the Aggregate Stock Market

By: Terry A. Marsh and Robert C. Merton

Keywords: Behavior; Stocks; Markets

September 2014 (Revised February 2017)
Case

Turkcell

By: Felix Oberholzer-Gee, Charles C.Y. Wang and Esel Cekin

This case centers around the shareholder dispute between three major shareholders of Turkcell, and how its management vied against increasing regulatory intervention and market competition in the absence of a fully-functioning board. The battle for control of the... View Details

Keywords: Financial Performance; Regulatory Environment; Telecommunications; Marketing; Value Added; Pricing; Shareholder; Boards Of Directors; Governing and Advisory Boards; Corporate Governance; Conflict and Resolution; Business and Shareholder Relations; Telecommunications Industry; Turkey

January 2009 (Revised November 2010)
Case

The Dojima Rice Market and the Origins of Futures Trading

By: David A. Moss and Eugene Kintgen

In 1730, Japanese merchants petitioned shogun Tokugawa Yoshimune to officially authorize trade in rice futures at the Dojima Exchange, the world's first organized (but unsanctioned) futures market. For many years, the Japanese government had prohibited the trade of... View Details

Keywords: Futures and Commodity Futures; Price; Food; Business History; Market Transactions; Business and Government Relations; Japan

2024
Working Paper

Primary Capital Market Transactions and Index Funds

By: Marco Sammon and Chris Murray

We document the effects of mechanical buying by CRSP-index-tracking funds on post-IPO returns and IPO deal structure. Leveraging a difference-in-differences-style design built on a 2017 CRSP rule change, we find that expected index fund demand leads fast track IPOs to... View Details

Keywords: Investment Funds; Initial Public Offering; Investment Return; Price; Market Transactions; Financial Markets