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- September 2021
- Article
Diagnostic Bubbles
By: Pedro Bordalo, Nicola Gennaioli, Spencer Yongwook Kwon and Andrei Shleifer
We introduce diagnostic expectations into a standard setting of price formation in which investors learn about the fundamental value of an asset and trade it. We study the interaction of diagnostic expectations with two well-known mechanisms: learning from prices and...
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Bordalo, Pedro, Nicola Gennaioli, Spencer Yongwook Kwon, and Andrei Shleifer. "Diagnostic Bubbles." Journal of Financial Economics 141, no. 3 (September 2021).
- 2022
- Working Paper
Overreaction and Diagnostic Expectations in Macroeconomics
By: Pedro Bordalo, Nicola Gennaioli and Andrei Shleifer
We present the case for the centrality of overreaction in expectations for addressing important challenges in finance and macroeconomics. First, non-rational expectations by market participants can be measured and modeled in ways that address some of the key challenges...
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Keywords:
Overreaction;
Rational Expectations;
Macroeconomics;
Market Participation;
Social Psychology
Bordalo, Pedro, Nicola Gennaioli, and Andrei Shleifer. "Overreaction and Diagnostic Expectations in Macroeconomics." NBER Working Paper Series, No. 30356, August 2022.
- February 2018
- Article
Diagnostic Expectations and Credit Cycles
By: Pedro Bordalo, Nicola Gennaioli and Andrei Shleifer
Bordalo, Pedro, Nicola Gennaioli, and Andrei Shleifer. "Diagnostic Expectations and Credit Cycles." Journal of Finance 73, no. 1 (February 2018): 199–227.
- 2018
- Working Paper
Diagnostic Bubbles
By: Pedro Bordalo, Nicola Gennaioli, Spencer Yongwook Kwon and Andrei Shleifer
We introduce diagnostic expectations into a standard setting of price formation in which investors learn about the fundamental value of an asset and trade it. We study the interaction of diagnostic expectations with two well-known mechanisms: learning from prices and...
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Bordalo, Pedro, Nicola Gennaioli, Spencer Yongwook Kwon, and Andrei Shleifer. "Diagnostic Bubbles." NBER Working Paper Series, No. 25399, December 2018.
- 2013
- Working Paper
Helping You Help Me: The Role of Diagnostic (In)congruence in the Helping Process within Organizations
By: Colin M. Fisher, Julianna Pillemer and Teresa M. Amabile
Through an inductive, multi-method field study at a major design firm, we investigated the helping process in project work and how that process affects the success of a helping episode, as perceived by help-givers and/or -receivers. We used daily diary entries and...
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Fisher, Colin M., Julianna Pillemer, and Teresa M. Amabile. "Helping You Help Me: The Role of Diagnostic (In)congruence in the Helping Process within Organizations." Harvard Business School Working Paper, No. 14-003, July 2013.
- Research Summary
Equity Valuation
Professor Wang’s research utilizes valuation theory to explain how firm fundamentals are related to the expected rates of equity returns and their term structures. His research provides strong evidence that valuation-based proxies of expected returns outperform the... View Details
- 2021
- Working Paper
Real Credit Cycles
By: Pedro Bordalo, Nicola Gennaioli, Andrei Shleifer and Stephen J. Terry
We incorporate diagnostic expectations, a psychologically founded model of overreaction to news, into a workhorse business cycle model with heterogeneous firms and risky debt. A realistic degree of diagnosticity, estimated from the forecast errors of managers of U.S....
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Bordalo, Pedro, Nicola Gennaioli, Andrei Shleifer, and Stephen J. Terry. "Real Credit Cycles." NBER Working Paper Series, No. 28416, January 2021.
- December 2011
- Case
Bergerac Systems: The Challenge of Backward Integration
By: David A. Garvin and Sunru Yong
Bergerac Systems is a small, rapidly growing manufacturer of diagnostic instruments used in veterinary practices. The company introduced the OmniVue chemistry analyzer, which enables veterinarians to run a wide range of blood and blood chemistry tests on their animal...
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Keywords:
Financial Analysis;
Manufacturing Strategy;
Strategy;
Production;
Supply Chain Management;
Vertical Integration;
Performance Capacity;
Financial Strategy;
Medical Devices and Supplies Industry
Garvin, David A., and Sunru Yong. "Bergerac Systems: The Challenge of Backward Integration." Harvard Business School Brief Case 114-381, December 2011.
- February 2015
- Case
Beckman Coulter, 2011
By: John R. Wells and Galen Danskin
In early 2011, Danaher was contemplating the acquisition of Beckman Coulter. With $3.7 billion of revenues in 2010 and $431 million in operating profits, California-based Beckman Coulter was a global leader in blood cell count diagnostic systems and also supplied a...
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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
- January 2009
- Case
When Supply is of Public Interest: Roche & Tamiflu
The case focuses on the challenges of Roche maintaining a supply network for a global influenza pandemic response initiative based on its antiviral drug Tamiflu. The Roche group is a 40 billion CHF company consisting of a pharmaceutical division and a diagnostic...
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Keywords:
Global Strategy;
Health Pandemics;
Distribution;
Logistics;
Production;
Supply Chain Management;
Performance Capacity;
Pharmaceutical Industry
Watson, Noel H., Laura Rock Kopczak, and Prashant Yadav. "When Supply is of Public Interest: Roche & Tamiflu." Harvard Business School Case 609-061, January 2009.
- 21 May 2007
- Research & Ideas
Fixing the Marketing-CEO Disconnect
the emergence of the CMO position, one might expect that oversight of marketing would be efficiently consolidated. However, marketing decision making has been increasingly pushed down through the corporate hierarchy. While CEOs have...
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Keywords:
by Sean Silverthorne
- 20 Dec 2017
- Lessons from the Classroom
How to Design a Better Customer Experience
into consideration the intense emotions of parents and children. So Dietz and his team embarked on a patient-centered redesign by attempting to view the diagnostic procedure through the eyes of a child. The result: Adventure Series...
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- 07 May 2020
- Research & Ideas
The One Good Thing Caused by COVID-19: Innovation
distancing. New patterns of consumer and worker behavior and expectations have emerged during the first weeks of the crisis. COVID-19 represents a tremendous economic shock and burden. In recent weeks, the focus has begun to shift towards...
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Keywords:
by Hong Luo and Alberto Galasso
- 23 Mar 2020
- Research & Ideas
Product Disasters Can Be Fertile Ground for Innovation
In a forthcoming paper in Management Science, Risk-Mitigating Technologies: The Case of Radiation Diagnostic Devices, based on the CT scan case, Luo and Galasso discover that the accidents, while tragic, ultimately increased innovation...
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- 22 May 2020
- In Practice
Post-COVID Health Care: More Screens, Less Red Tape?
squeezed. In a month’s time we went from the lowest level of unemployment in 50 years to the highest unemployment in 80 years. I expect this dislocation to reignite a serious debate about our employment-based insurance system and whether...
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by Danielle Kost
- 12 Feb 2019
- First Look
New Research and Ideas, February 12, 2019
have important benefits in workplace settings. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=55598 Diagnostic Bubbles By: Bordalo, Pedro, Nicola Gennaioli, Spencer Yongwook Kwon, and Andrei Shleifer Abstract— We...
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Keywords:
Dina Gerdeman
- 21 Jan 2014
- First Look
First Look: January 21
increase performance while social comparison reduces it, especially for low-ability trainees. These effects appear when treatments are announced and persist through training. The findings are consistent with a model of optimal View Details
Keywords:
Sean Silverthorne
- 16 Dec 2014
- First Look
First Look: December 16
oppose the standards, relative to external users (credit analysts and the broader citizenry), but the difference is moderated in states with constitutionally protected benefits. This finding is consistent with the expectation that pension...
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Keywords:
Sean Silverthorne
- 14 Jul 2009
- First Look
First Look: July 14
depends on whether its rival is expected to obtain this information in equilibrium. Consequently, one firm may forgo market research even though its rival conducts such research and learns the true state of demand. We examine both...
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Keywords:
Martha Lagace