Publications

2008
Working Paper

Long-Run Stockholder Consumption Risk and Asset Returns

By: Christopher J. Malloy, Tobias J. Moskowitz and Annette Vissing-Jorgensen

We provide new evidence on the success of long-run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting micro-level household consumption data, we show that long-run stockholder consumption risk better captures cross-sectional... View Details

Keywords: Asset Pricing; Stocks; Investment Return; Investment Portfolio; Risk Management

August 1992 (Revised July 2013)
Case

ChemBright, Inc.

By: Janice H. Hammond

ChemBright is a small start-up company that manufactures private-label household chemicals. The company sells its products to grocery chains in the New England area. Its strategy is based on a significant logistics-based cost advantage. The primary case decisions are... View Details

Keywords: Price; Growth and Development Strategy; Logistics; Competition; Competitive Advantage; Chemical Industry; New England

06 Mar 2019
HBS Seminar

Adam Isen, U.S. Department of the Treasury

01 Nov 2017
HBS Seminar

Emir Kamenica, Chicago Booth School of Business

Teaching Interest

Social Innovation Field Projects

By: John Jong-Hyun Kim

The class will serve as the central clearing house for all independent projects relating to enterprises that are creating social value, with projects ranging from nonprofits to purpose driven for-profit businesses. This course provides students an opportunity to use... View Details

Keywords: Social Entrepreneurship; Social Innovation; Social Enterprise

December 2020
Article

Stock Market Returns and Consumption

By: Marco Di Maggio, Amir Kermani and Kaveh Majlesi

This paper employs Swedish data containing security level information on households' stock holdings to investigate how consumption responds to changes in stock market returns. We exploit households’ portfolio weights in previous years as an instrument for actual... View Details

Keywords: Capital Gain; Dividend Income; Consumption; Near-rational Behavior; Investment Return; Household; Spending; Behavior

SSRN

2024
Working Paper

How Inflation Expectations De-Anchor: The Role of Selective Memory Cues

By: Nicola Gennaioli, Marta Leva, Raphael Schoenle and Andrei Shleifer

In a model of memory and selective recall, household inflation expectations remain rigid when inflation is anchored but exhibit sharp instability during inflation surges, as similarity prompts retrieval of forgotten high-inflation experiences. Using data from the New... View Details

Keywords: Cognition and Thinking; Inflation and Deflation; Personal Finance

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December 2016 (Revised May 2018)
Case

Ebony Magazine

By: Steven Rogers and Derrick Jackson

For nearly 75 years, the Johnson Publishing Company has been the most successful African American magazine publisher. Its flagship Ebony magazine was an iconic coffee table fixture for decades in black households of all classes, making founder John H. Johnson... View Details

Article

Liquidity in Retirement Savings Systems: An International Comparison

By: John Beshears, James J. Choi, Joshua Hurwitz, David Laibson and Brigitte C. Madrian

We compare the liquidity that six developed countries have built into their employer-based defined contribution (DC) retirement schemes. In Germany, Singapore, and the UK, withdrawals are essentially banned no matter what kind of transitory income shock the household... View Details

Keywords: Saving; Financial Liquidity; Retirement; Canada; Germany; Australia; United Kingdom; United States; Singapore

2006
Working Paper

Can Higher Prices Stimulate Product Use? Evidence from a Field Experiment in Zambia

By: Nava Ashraf, James Berry and Jesse M. Shapiro

The controversy over whether and how much to charge for health products in the developing world rests, in part, on whether higher prices can increase use, either by targeting distribution to high-use households (a screening effect), or by stimulating use... View Details

Keywords: Price; Attitudes; Health Industry; Zambia

September 2016 (Revised September 2017)
Case

Zalora Philippines: From Growth to Profitability

By: Donald Ngwe and Thales Teixeira

In May 2015 Paulo Campos, co-founder and CEO of Zalora Philippines, found himself at a crucial turning point in his young company’s development. In just three years, Zalora had come from entering the Philippine fashion retail industry as an unknown quantity to becoming... View Details

Keywords: Internet and the Web; Business Subsidiaries; Business Growth and Maturation; Fashion Industry; Retail Industry; Sweden; Southeast Asia; Philippines

Intentional cooperation between two organizations — BlackRock, a major asset management firm, and national non-profit, Commonwealth — created the conditions for the nation’s largest payroll processor, multiple U.S. employers, retirement record keepers, and others... View Details

Research Summary

Overview

My work examines the social and economic processes that generate innovation and distribute its rewards in society, in the context of the United States over the past twenty years. For isntance, I have shown that in recent decades product innovations have... View Details

May 14, 2024
Article

One Way to Help Employees Build Emergency Savings

By: Timothy Flacke and Peter Tufano

Intentional cooperation between two organizations — BlackRock, a major asset management firm, and national non-profit, Commonwealth — created the conditions for the nation’s largest payroll processor, multiple U.S. employers, retirement record keepers, and others to... View Details

Keywords: Saving; Personal Finance; Income; Nonprofit Organizations; Corporate Social Responsibility and Impact; Partners and Partnerships

2023
Working Paper

Who Invests in Crypto? Wealth, Financial Constraints, and Risk Attitudes

By: Darren Aiello, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson and Jason Kotter

We provide a first look into the drivers of household cryptocurrency investing. Analyzing consumer transaction data for millions of U.S. households, we find that, except for high income early adopters, cryptocurrency investors resemble the general population. These... View Details

Keywords: Consumer Finance; Cryptocurrency; Fintech; Inflation; Portfolio Choice; Stimulus; Consumer Behavior; Risk and Uncertainty; Investment

SSRN

December 2010
Article

Can Higher Prices Stimulate Product Use? Evidence from a Field Experiment in Zambia

By: Nava Ashraf, James Berry and Jesse M. Shapiro

The controversy over how much to charge for health products in the developing world rests, in part, on whether higher prices can increase use, either by targeting distribution to high-use households (a screening effect), or by stimulating use psychologically through a... View Details

Keywords: Price; Product; Information; Zambia

December 2006 (Revised August 2008)
Case

Keggfarms (India): Which Came First, the Kuroiler(TM) or the KEGG(TM)?

Vinod Kapur has founded a unique enterprise, Keggfarms, based on a special poultry chicken he bred to address the nutritional and income needs of some of the poorest people on earth: India's rural villagers. As of November 2006, Keggfarms was supplying chicks to about... View Details

Keywords: Animal-Based Agribusiness; For-Profit Firms; Social Entrepreneurship; Competition; Expansion; Agriculture and Agribusiness Industry; India

Article

Does the Classic Microfinance Model Discourage Entrepreneurship Among the Poor? Experimental Evidence from India

By: Erica Field, Rohini Pande, John Papp and Natalia Rigol

Do the repayment requirements of the classic microfinance contract inhibit investment in high-return but illiquid business opportunities among the poor? Using a field experiment, we compare the classic contract which requires that repayment begin immediately after loan... View Details

Keywords: Microfinance; Poverty; Development Economics; Contracts