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Publications

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  • All HBS Web  (820)
    • News  (90)
    • Research  (649)
    • Multimedia  (2)
  • Faculty Publications  (332)

Show Results For

  • All HBS Web  (820)
    • News  (90)
    • Research  (649)
    • Multimedia  (2)
  • Faculty Publications  (332)
← Page 3 of 820 Results →
  • 27 Oct 2009
  • Working Paper Summaries

Stock Price Fragility

Keywords: by Robin Greenwood & David Thesmar
  • July 2016
  • Article

Do Prices Determine Vertical Integration?

By: Laura Alfaro, Paola Conconi, Harald Fadinger and Andrew F. Newman
What is the relationship between product prices and vertical integration? While the literature has focused on how integration affects prices, this paper provides evidence that prices can affect integration. Many theories in organizational economics and industrial... View Details
Keywords: Price; Vertical Integration; Product
Citation
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Alfaro, Laura, Paola Conconi, Harald Fadinger, and Andrew F. Newman. "Do Prices Determine Vertical Integration?" Review of Economic Studies 83, no. 3 (July 2016): 855–888. (Also NBER Working Paper 16118.)
  • December 2002
  • Article

The Pricing of Event Risks with Parameter Uncertainty

By: K. A. Froot and S. Posner
Keywords: Catastrophe Risk; Corporate Finance; Cost Of Capital; Banking And Insurance; Asset Pricing; Hedging; Banking; Insurance; Decision Choice And Uncertainty; Financial Markets; Policy; Risk Management; Natural Disasters; Insurance Industry
Citation
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Froot, K. A., and S. Posner. "The Pricing of Event Risks with Parameter Uncertainty." Geneva Papers on Risk and Insurance: Theory 27, no. 2 (December 2002): 153–165. (Revised from NBER Working Paper no. 8106, February 2001.)
  • 2024
  • Working Paper

Fire Sales of Safe Assets

By: Gabor Pinter, Emil Siriwardane and Danny Walker
We use trade-level data to study price pressure effects in the UK gilt market from September to October 2022. During this period, forced sales by liability-driven investment funds (LDIs) led to price discounts on the order of 10%, accounting for roughly half the total... View Details
Keywords: Investment Funds; Capital Markets; United Kingdom
Citation
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Pinter, Gabor, Emil Siriwardane, and Danny Walker. "Fire Sales of Safe Assets." Harvard Business School Working Paper, No. 25-015, September 2024.
  • Research Summary

Do Prices Determine Vertical Integration?*

By: Laura Alfaro
What is the relationship between product prices and vertical integration? While the literature has focused on how integration affects prices, this paper provides evidence that prices can affect integration. Many theories in organizational economics and industrial... View Details

    Lazy Prices

    QuantCon NYC 2018 Quantitative Investing Confernece - Interview Video

     Using the complete history of regular quarterly and annual filings by U.S. corporations from 1995-2014,... View Details

    • December 2009
    • Article

    Catering Through Nominal Share Prices

    By: Malcolm Baker, Robin Greenwood and Jeffrey Wurgler
    We propose and test a catering theory of nominal stock prices. The theory predicts that when investors place higher valuation on low-price firms, managers will maintain share prices at lower levels, and vice-versa. Using measures of time-varying catering incentives... View Details
    Keywords: Stocks; Stock Shares; Investment; Investment Return; Price; Theory; Valuation
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    Baker, Malcolm, Robin Greenwood, and Jeffrey Wurgler. "Catering Through Nominal Share Prices." Journal of Finance 64, no. 6 (December 2009): 2559–2590. (Internet Appendix.)
    • 2008
    • Working Paper

    Catering through Nominal Share Prices

    By: Malcolm Baker, Robin Greenwood and Jeffrey Wurgler
    We propose and test a catering theory of nominal stock prices.  The theory predicts that when investors place higher valuation on low-price firms, managers will maintain share prices at lower levels, and vice-versa. Using measures of time-varying catering... View Details
    Keywords: Stocks; Stock Shares; Investment; Investment Return; Price; Theory; Valuation
    Citation
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    Baker, Malcolm, Robin Greenwood, and Jeffrey Wurgler. "Catering through Nominal Share Prices." NBER Working Paper Series, No. w13762, January 2008. (First Draft in 2007.)
    • Forthcoming
    • Article

    Segmented Arbitrage

    By: Emil Siriwardane, Adi Sunderam and Jonathan Wallen
    We use arbitrage activity in equity, fixed income, and foreign exchange markets to characterize the frictions and constraints facing intermediaries. The average pairwise correlation between the 32 arbitrage spreads that we study is 22%. These low correlations are... View Details
    Keywords: Financial Intermediation; Arbitrage; Intermediary-based Asset Pricing; Finance; Segmentation
    Citation
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    Siriwardane, Emil, Adi Sunderam, and Jonathan Wallen. "Segmented Arbitrage." Journal of Finance (forthcoming).
    • 21 Nov 2005
    • Research & Ideas

    Making Credibility Your Strongest Asset

    was a profitable venture from the start. Several years later, when the Patriots were once again on the market, Kraft had greatly increased his leverage to buy the team by knocking out most of the competition. The old ownership tried to force Kraft to put a View Details
    Keywords: by Michael Wheeler
    • June 2014 (Revised May 2017)
    • Case

    Southeastern Asset Management Challenges Buyout at Dell

    By: Paul Healy, Suraj Srinivasan and Aldo Sesia
    In late 2012, Michael Dell wants to take Dell Inc., the company he founded, private. Mr. Dell believes that the successful company's transformation from a personal computer (PC) manufacturer to an enterprise solutions and services provider (ESS) is dependent on going... View Details
    Keywords: Leveraged Buyout Transaction; Leveraged Recapitalization; Management Buyout; Dell, Inc.; Hedge Fund; Corporate Governance Theory; Valuation; Valuation Ratios; Valuation Methodologies; Board Of Directors; Boards Of Directors; Carl Icahn; Computer Services Industries; Proxy Contest; Proxy Battles; Proxy Fight; Proxy Advisor; Financial Accounting; Financial Analysis; Financial Ratios; Finance; Corporate Accountability; Corporate Governance; Corporate Finance; Leveraged Buyouts; Computer Industry; United States
    Citation
    Educators
    Purchase
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    Healy, Paul, Suraj Srinivasan, and Aldo Sesia. "Southeastern Asset Management Challenges Buyout at Dell." Harvard Business School Case 114-015, June 2014. (Revised May 2017.)
    • 05 Jul 2006
    • Working Paper Summaries

    Information Dispersion and Auction Prices

    Keywords: by Pai-Ling Yin; Technology; Web Services
    • 2025
    • Working Paper

    Cash Flow Volatility, Return Predictability and Stock Price Decompositions: Why You Should Scale Prices by Trend Cash Flows

    By: Sebastian Hillenbrand and Odhrain McCarthy
    We address two inconvenient facts in asset pricing: (i) valuation ratios are often more related to future cash flows than to returns, and (ii) they mostly fail to predict returns. We show that these issues arise because stock prices are scaled by cash flows that... View Details
    Citation
    SSRN
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    Hillenbrand, Sebastian, and Odhrain McCarthy. "Cash Flow Volatility, Return Predictability and Stock Price Decompositions: Why You Should Scale Prices by Trend Cash Flows." Working Paper, June 2025.
    • 1990
    • Working Paper

    Short Rates and Expected Asset Returns

    By: K. A. Froot
    Keywords: Risk Aversion; Risk; International Investing; Risk and Uncertainty; International Finance; Asset Pricing; Behavioral Finance
    Citation
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    Froot, K. A. "Short Rates and Expected Asset Returns." NBER Working Paper Series, No. 3247, May 1990.
    • 2022
    • Working Paper

    Heterogeneous Investors and Stock Market Fluctuations

    By: Odhrain McCarthy and Sebastian Hillenbrand
    We introduce a heterogeneous agent model which features extrapolative beliefs and time-varying risk aversion. The model leads to an empirical framework which we estimate with stock prices, survey data and risk aversion measures. We find that extrapolative beliefs and... View Details
    Keywords: Stock Market; Investment Decisions; Asset Pricing; Investment; Behavioral Finance; Stocks
    Citation
    SSRN
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    McCarthy, Odhrain, and Sebastian Hillenbrand. "Heterogeneous Investors and Stock Market Fluctuations." Working Paper, January 2022.
    • Spring 2013
    • Article

    Accounting Quality, Stock Price Delay, and Future Stock Returns

    By: Jeffrey Callen, Mozaffar N. Khan and Hai Lu
    In frictionless capital markets with complete information and rational investors, stock prices adjust to new information instantaneously and completely. However, a substantial body of research studies information imperfections such as asymmetric information and... View Details
    Keywords: Quality; Price; Stocks; Asset Pricing; Accounting
    Citation
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    Callen, Jeffrey, Mozaffar N. Khan, and Hai Lu. "Accounting Quality, Stock Price Delay, and Future Stock Returns." Contemporary Accounting Research 30, no. 1 (Spring 2013): 269–295.
    • 22 Apr 2020
    • News

    Oil Prices to Remain Low, Sen Says

    • June 2021 (Revised November 2024)
    • Case

    MicroStrategy: Accounting for Cryptocurrency

    By: Jonas Heese and Annelena Lobb
    On February 15, 2021, Alina Moss, an analyst who covered the technology company MicroStrategy, pondered a rise in MicroStrategy’s share price. Moss had dialed into the company earnings call. When it ended, Moss had more questions than answers. MicroStrategy had... View Details
    Keywords: Cryptocurrency; Share Price; Electronic Commerce; Intangible Assets; Assets; Accounting; Financial Statements; Financial Management; Financial Reporting; Analytics and Data Science; E-commerce
    Citation
    Educators
    Purchase
    Related
    Heese, Jonas, and Annelena Lobb. "MicroStrategy: Accounting for Cryptocurrency." Harvard Business School Case 121-066, June 2021. (Revised November 2024.)
    • February 2001
    • Article

    The Portfolio Flows of International Investors

    By: K. A. Froot, P. O'Connell and M. Seasholes
    Keywords: Asset Pricing; Equity Investment; Forecasting and Prediction; Behavioral Finance; Stocks; Investment Return; Market Transactions; Performance Expectations; Personal Characteristics; Financial Services Industry
    Citation
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    Froot, K. A., P. O'Connell, and M. Seasholes. "The Portfolio Flows of International Investors." Journal of Financial Economics 59, no. 2 (February 2001): 151–193. (Revised from NBER Working Paper No. 6687 and HBS Working No. Paper 99-006, July 1998. Summarized in the NBER Reporter, 2000. Reprinted in International Capital Markets, R. Stulz and A. Karolyi, eds. Edward Elgar Publishing, 2003.)
    • 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
    Citation
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    Related
    Froot, K. A., and J. Donohue. "The Persistence of Emerging Market Equity Flows." Emerging Markets Review 3, no. 4 (December 2002): 338–364. (Revised from NBER Working Paper no. 9241, HBS Working Paper no. 03-035, September 2002.)
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