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  • 19 Nov 2014
  • Working Paper Summaries

The Search for Benchmarks: When Do Crowds Provide Wisdom?

Keywords: by Charles M.C. Lee, Paul Ma & Charles C.Y. Wang
  • 03 Oct 2017
  • First Look

First Look at Research and Ideas, October 3, 2017

Charles C.Y. Wang Abstract—Relative TSR (rTSR) is increasingly used by market participants to judge and incentivize managerial performance. We evaluate the efficacy, reasons, and implications of firms'... View Details
Keywords: by Sean Silverthorne
  • 2014
  • Working Paper

Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches

By: Charles M.C. Lee, Paul Ma and Charles C.Y. Wang
Applying a "co-search" algorithm to Internet traffic at the SEC's EDGAR web-site, we develop a novel method for identifying economically-related peer firms and for measuring their relative importance. Our results show that firms appearing in chronologically adjacent... View Details
Keywords: Peer Firm; EDGAR Search Traffic; Revealed Preference; Co-search; Industry Classification; Analytics and Data Science; Internet and the Web; Mathematical Methods; Corporate Finance
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  • Article

Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches

By: Charles M.C. Lee, Paul Ma and Charles C.Y. Wang
Applying a "co-search" algorithm to Internet traffic at the SEC's EDGAR website, we develop a novel method for identifying economically-related peer firms and for measuring their relative importance. Our results show that firms appearing in chronologically adjacent... View Details
Keywords: Peer Firm; EDGAR Search Traffic; Revealed Preference; Co-search; Industry Classification; Perception; Internet and the Web; Investment
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  • Web

Placement - Doctoral

University of Science and Technology (HKUST) Dissertation: Equity Market Views and Digital Technology Investment in Non-IT Firms Advisors: Suraj Srinivasan (Chair), Paul M. Healy , Charles C.Y. Wang , and... View Details
  • 21 Feb 2017
  • First Look

First Look at New Research: February 21

Organizations By: Lee, Julia J., and Francesca Gino Abstract—Competition for resources, recognition, and favorable outcomes are all facts of life in professional settings. When one falls short in comparison to colleagues or subordinates,... View Details
Keywords: Carmen Nobel
  • Web

Partners - Case Method Project

Partners Partners AK HI WA OR CA ID NV UT AZ MT WY CO NM ND SD NE KS OK TX MN IA MO AR LA WI IL IN KY TN MS MI OH WV NC AL PA VA SC GA NY NJ MD DC FL VT MA CT DE ME NH RI 1000 teachers across the country See if teachers are already using... View Details
  • Web

Teacher Profiles - Case Method Project

Seekonk, MA Subjects: US History II, AP US History NC Jason Horton Carrboro High School Chapel Hill, NC IL Paul Horton The University of Chicago Laboratory Schools Chicago, IL Subjects: Advanced Topics... View Details
  • Web

Named Fellowship Funds - Alumni

graduates to make broader career choices based on their desired impact rather than their debts—be it by returning to their home region, working in the social or public sectors, or pursuing entrepreneurial endeavors. Abby and Andrew... View Details
  • Web

Cotting House | About

Cotting House Cotting Cornerstone Ceremony 1967 Cotting House was made possible by, and is named in honor of, Charles E. Cotting (Harvard 1911). Constructed in 1967 during the tenure of Dean George P. Baker and designed View Details
  • 2021
  • Working Paper

Stock Investors' Returns Are Exaggerated

By: Jesse M. Fried, Paul Ma and Charles C.Y. Wang
The stock market generates less wealth than it appears. We show that total shareholder return (TSR), the standard measure of stock investor performance, substantially exaggerates returns earned by these investors in aggregate, and thus by most investors. The main... View Details
Keywords: All-shareholder Returns; Capital Flows; Dividend Reinvestment; Equity Premium; Total Shareholder Returns; Stocks; Investment Return; Market Timing
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  • April 2021
  • Article

Evaluating Firm-Level Expected-Return Proxies: Implications for Estimating Treatment Effects

By: Charles M.C. Lee, Eric C. So and Charles C.Y. Wang
We introduce a parsimonious framework for choosing among alternative expected-return proxies (ERPs) when estimating treatment effects. By comparing ERPs’ measurement-error variances in the cross section and in time series, we provide new evidence on the relative... View Details
Keywords: Implied Cost Of Capital; Expected Returns; Cost of Capital; Investment Return; Performance Evaluation
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  • Web

Marketing Awards & Honors - Faculty & Research

award for "contributions within the sports and entertainment industry," voted on by female sports and entertainment industry professionals, in 2018. Sunil Gupta : Finalist for the 2018 Paul E. Green Award... View Details
  • 22 Nov 2016
  • First Look

November 22, 2016

some policy implications for regulators designing third-party monitoring regimes. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=51917 The Search for Peer Firms: When Do Crowds Provide Wisdom? By: Lee, View Details
Keywords: Sean Silverthorne
  • 11 Nov 2014
  • First Look

First Look: November 11

connectivity-have unleashed a new era of competition. Publisher's link: http://hbr.org/2014/11/how-smart-connected-products-are-transforming-competition/ar/1   Working Papers The Search for Benchmarks: When Do Crowds Provide Wisdom? By: View Details
Keywords: Sean Silverthorne
  • 08 Apr 2014
  • First Look

First Look: April 8

Lee, Charles M.C., Paul Ma, and Charles C.Y. Wang Abstract—Applying a "co-search" algorithm to Internet traffic at the SEC's EDGAR... View Details
Keywords: Sean Silverthorne
  • 25 Nov 2014
  • First Look

First Look: November 25

Provide Wisdom? By: Lee, Charles M.C., Paul Ma, and Charles C.Y. Wang Abstract—We compare the performance of a comprehensive set of alternative... View Details
Keywords: Carmen Nobel
  • 2016
  • Working Paper

The Search for Peer Firms: When Do Crowds Provide Wisdom?

By: Charles M.C. Lee, Paul Ma and Charles C.Y. Wang
In knowledge-based economies, many business enterprises defy traditional industry boundaries. In this study, we evaluate six "big data" approaches to peer firm identifications and show that some, but not all, "wisdom-of-crowd" techniques perform exceptionally well. We... View Details
Keywords: Peer Firm; EDGAR Co-search; Analyst Co-coverage; Wisdom Of Crowds; Performance Benchmarking; Crowd Of Crowds; Internet and the Web; Accounting
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  • 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... View Details
Keywords: Financial Markets; Networks; Investment Return; Business Cycles
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  • 21 Nov 2017
  • First Look

First Look at New Research and Ideas, November 21, 2017

forthcoming Quantitative Marketing and Economics Aggregation of Consumer Ratings: An Application to Yelp.com By: Dai, Weijia, Ginger Jin, Jungmin Lee, and Michael Luca Abstract—Because consumer reviews leverage the wisdom of the crowd,... View Details
Keywords: Sean Silverthorne