Publications

2016
Chapter

Forward Guidance in the Yield Curve: Short Rates versus Bond Supply

By: Robin Greenwood, Samuel Gregory Hanson and Dimitri Vayanos

We present a model of the yield curve in which the central bank can provide market participants with forward guidance on both future short rates and on future Quantitative Easing (QE) operations, which affect bond supply. Forward guidance on short rates works through... View Details

Keywords: Central Banking; Financial Markets

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2024
Working Paper

Finance Without Exotic Risk

By: Pedro Bordalo, Nicola Gennaioli, Rafael La Porta and Andrei Shleifer

We address the joint hypothesis problem in cross-sectional asset pricing by using measured analyst expectations of earnings growth. We construct a firm-level measure of Expectations Based Returns (EBRs) that uses analyst forecast errors and revisions and shuts down any... View Details

Keywords: Investment Return; Financial Markets; Behavioral Finance; Risk and Uncertainty

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February 1997 (Revised May 1998)
Case

Tire City, Inc.

By: W. Carl Kester

A small, rapidly growing retail distributor of automotive tires must present a set of forecasted financial statements to a bank in order to obtain a five-year loan. Expected growth rates given in the case and historical financial ratios derived from recent financial... View Details

Keywords: Financial Statements; Forecasting and Prediction; Financing and Loans; Price; Supply Chain; Distribution Industry; Retail Industry

07 May 2020
News

The One Good Thing Caused by COVID-19: Innovation

Research Summary

Overview

By: Charles C.Y. Wang

In the area of equity valuation, Professor Wang explores how firm fundamentals and valuation models can be used to understand expected return variation, with a focus on valuation-implied cost of capital and its use as a proxy for expected returns. In his study of... View Details

23 Feb 2004
Research & Ideas

How Corporate Responsibility is Changing in Asia

a permanent reality in corporate boardrooms—whether or not executives have a deep-seated passion for the social issues involved. Expectations are changing, agreed panelists. Oil corporations, for example, are well versed in the standard... View Details

Keywords: by Julia Hanna

13 Jan 2016
Working Paper Summaries

Forward Guidance in the Yield Curve: Short Rates versus Bond Supply

Keywords: by Robin Greenwood, Samuel G. Hanson, and Dimitri Vayanos; Financial Services

September 2006
Article

Decomposing Trust and Trustworthiness

By: Nava Ashraf, Iris Bohnet and Nikita Piankov

What motivates people to trust and be trustworthy? Is trust solely "calculative," based on the expectation of trustworthiness, and trustworthiness only reciprocity? Employing a within-subject design, we run investment and dictator game experiments in Russia, South... View Details

Keywords: Trust; Change

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July 2012
Article

The IKEA Effect: When Labor Leads to Love

By: Michael I. Norton, Daniel Mochon and Dan Ariely

In four studies in which consumers assembled IKEA boxes, folded origami, and built sets of Legos, we demonstrate and investigate boundary conditions for the IKEA effect—the increase in valuation of self-made products. Participants saw their amateurish creations as... View Details

Keywords: Consumer Behavior; Product; Valuation; Labor

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November 2007
Background Note

Asset Allocation I

By: Joshua D. Coval, Erik Stafford, Rodrigo Osmo, John Jernigan, Zack Page and Paulo Passoni

The goal of these simulations is to understand the mathematics of mean-variance optimization and the equilibrium pricing of risk if all investors use this rule with common information sets. Simulation A focuses on five to 10 years of monthly sector returns that are... View Details

Keywords: Asset Pricing; Capital; Investment Return; Risk Management; Mathematical Methods

14 Jul 2009
Research & Ideas

Business Summit: China in the Global Economy

Stropki, Chairman, President and Chief Executive Officer, Lincoln Electric Holdings, Inc.G. Richard Wagoner, Chairman and CEO, General Motors CorporationMarjorie Yang, Chairman, The Esquel Group While the global economic downturn will affect China's exports, the... View Details

Keywords: Re: William C. Kirby

30 Nov 2020
Research & Ideas

COVID Not Slowing VC Investment

expect their investments to outperform major equity indexes going forward, and they’re continuing to fund new endeavors. “It’s sort of the opposite of doom and gloom,” Gompers says. “We were surprised by how relatively unaffected the... View Details

Keywords: by Danielle Kost; Financial Services; Banking

23 Apr 2013
News

Needed: CIO As Strategist

23 Jan 2013
Working Paper Summaries

Cost of Capital Dynamics Implied by Firm Fundamentals

Keywords: by Matthew Lyle & Charles C.Y. Wang

13 Oct 2020
News

July Is the New January: More Companies Delay Return to the Office

May 2010
Article

Aggregate Market Reaction to Earnings Announcements

By: William Cready and Umit G Gurun

This analysis identifies a distinct immediate announcement period negative relation between earnings announcement surprises and aggregate market returns. Such a relation implies that market participants use earnings information in forming expectations about expected... View Details

Keywords: Aggregate Earnings; Investment Return; United States

January 2015 (Revised March 2015)
Case

Oberoi Hotels: Train Whistle in the Tiger Reserve

By: Ryan W. Buell, Ananth Raman and Vidhya Muthuram

Celebrated as one of the world's premiere luxury hotel brands, Oberoi Hotels attracts and serves some of the most quality-sensitive guests in the world. The case considers the challenge of how an organization, with a standardized service model, can repeatedly delight... View Details

Keywords: Service Quality; Service Management; Service Quality Competition; Customer Management; Customer Service Excellence; Employee Empowerment; Employee Engagement; Employee Training; India; Hospitality; Hotel Industry; Service Delivery; Service Operations; Customer Satisfaction; Employees; Quality; Accommodations Industry; India

November 2008 (Revised November 2024)
Case

Tottenham Hotspur plc

By: Lauren H. Cohen, Joshua D. Coval and Christopher J. Malloy

Tottenham Hotspur Football Club is a publicly-owned professional soccer team based in London, England. The club's chairman, Daniel Levy, is contemplating a significant investment in physical assets, including the development of a new stadium as well as the acquisition... View Details

Keywords: Valuation; Capital Budgeting; Decision Making; Competency and Skills; Cash Flow; Investment; Buildings and Facilities; Sports; Investment Portfolio; Financial Strategy; Sports Industry; London