Publications

September 2013
Article

Do Short Sellers Front-Run Insider Sales?

By: Mozaffar N. Khan and Hai Lu

We study the behavior of short sellers as informed market participants and examine potential sources of their information. Using a newly available dataset with high-frequency short sales data, we find evidence of significant increases in short sales immediately prior... View Details

Keywords: Information; Consumer Behavior; Accounting; Financial Services Industry

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2023
Working Paper

No Revenge for Nerds? Evaluating the Careers of Ivy League Athletes

By: Natee Amornsiripanitch, Paul A. Gompers, George Hu, Will Levinson and Vladimir Mukharlyamov

This paper compares the careers of Ivy League athletes to those of their non-athlete classmates. Combining team-level information on all Ivy League athletes from 1970 to 2021 with resume data for all Ivy League graduates, we examine both post-graduate education and... View Details

Keywords: Outcome or Result; Higher Education; Personal Development and Career; Human Capital

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September 2004 (Revised May 2006)
Case

Bohemian Crowns: Ceskoslovenska Obchodni Banka (A)

By: Rawi E. Abdelal, Vincent Dessain and Monika Stachowiak

Tells the story of the Czech transition from a centrally planned to a free market economy, describing the first economic reforms, the fixed-exchange rate regime, and the voucher privatization. Also explains why, in the middle of the 1990s, the Czech Republic... View Details

Keywords: History; Currency Exchange Rate; Credit; Government Administration; Decisions; Economic Systems; Expansion; Mergers and Acquisitions; Developing Countries and Economies; Banks and Banking; Banking Industry; Czech Republic

Educators

05 Oct 2021
Cold Call Podcast

How the Clean Network Changed the Future of Global Technology Competition

Keywords: Re: Meg Rithmire

2020
Chapter

Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy

By: Laura Alfaro and Fabio Kanczuk

In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. Additionally, emerging countries are increasingly deviating from inflation targeting regimes, managing their exchange rate and engaging in... View Details

Keywords: Reserves; Exchange Rate; Sovereign Finance; Currency Exchange Rate; Policy

21 Oct 2022
Research & Ideas

People Trust Business, But Expect CEOs to Drive Social Change

Public trust in business remains relatively unshaken amid economic turbulence and a lingering pandemic, even as faith in the media and government falters, but leaders could do more to address social issues, a new global opinion survey shows. However, not everyone... View Details

Keywords: by Scott Van Voorhis

April 2020 (Revised January 2022)
Case

Uber: Competing Globally

By: Alexander J. MacKay, Amram Migdal and John Masko

This case describes Uber’s global market entry strategy and responses by regulators and local competitors. It details Uber’s entry into New York City (New York), Bogotá (Colombia), Delhi (India), Shanghai (China), Accra (Ghana), and London (United Kingdom). In each... View Details

Keywords: Business Ventures; Business Growth and Maturation; Business Model; Geography; Geographic Location; Geographic Scope; Globalization; Global Strategy; Multinational Firms and Management; Globalized Markets and Industries; Governance; Governance Controls; Governing Rules, Regulations, and Reforms; Innovation and Invention; Disruptive Innovation; Innovation Strategy; Law; Management; Growth and Development Strategy; Growth Management; Markets; Demand and Consumers; Consumer Behavior; Network Effects; Emerging Markets; Market Design; Market Entry and Exit; Market Participation; Supply and Industry; Industry Structures; Planning; Strategic Planning; Relationships; Business and Community Relations; Business and Government Relations; Business and Stakeholder Relations; Labor and Management Relations; Networks; Strategy; Adaptation; Business Strategy; Competition; Competitive Advantage; Competitive Strategy; Expansion; Information Technology; Mobile and Wireless Technology; Digital Platforms; Transportation; Transportation Networks; Transportation Industry; Technology Industry; Africa; Ghana; Asia; China; Shanghai Shi; Shanghai; India; New Delhi; Europe; United Kingdom; England; London; Latin America; North and Central America; United States; New York (city, NY); New York (state, US); South America; Colombia

Educators

April 2021
Exercise

Valuing Employment Exercise

By: George Serafeim, Ethan Rouen and Katie Panella

The Valuing Employment exercise can be used to show the importance of impact measurement in designing incentives and contracts. The exercise has two phases. In the first phase, participants play the role of managers at the State of Massachusetts Infrastructure... View Details

Keywords: Bid Evaluation; Workforce; Impact Measurement; Bids and Bidding; Contracts; Design; Measurement and Metrics

2025
Working Paper

Rethinking Volume

By: Philippe van der Beck, Lorenzo Bretscher and Zhiyu Julie Fu

Gross trading volumes in financial markets are large and far exceed return volatility. In contrast, “net volume”—trading from persistent portfolio reallocations—is substantially lower, as it excludes transitory round-trip trades. This observation reveals a fundamental... View Details

Keywords: Financial Markets; Investment Return; Asset Pricing; Volatility

Article

The Consumer Financial Protection Bureau: Financial Regulation for the Twenty-First Century

By: Leonard J. Kennedy, Patricia A. McCoy and Ethan S. Bernstein

After existing regulatory systems failed to prevent the recent financial crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, a sweeping reform designed to alleviate the crisis and prevent its recurrence. Out of this Act, the Consumer... View Details

10 Oct 2005
Research & Ideas

Corporate Responsibility and the Environment: What is the Right Thing To Do?

by Harvard Business School professor Forest Reinhardt, considered whether firms should and do engage extensively in CSR. This essay, in other words, considered empirical evidence. Reinhardt found that relatively few firms do engage in real CSR, and those that do can do... View Details

Keywords: by Manda Salls

19 Jun 2018
Research Event

Has Environmental Sustainability Lost its Relevance?

stellar cast of practitioners, management researchers, and business and environmental historians. As co-organizer of the event with HBS Professor Amy Edmondson and Swedish business historian Anki Bergquist, I was thrilled as the View Details

Keywords: by Geoffrey G. Jones; Energy

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

Fall 2019
Article

Du « défi américain » à l’expansion européenne: Les relations économiques transatlantiques des années cinquante aux années soixante-dix

By: Grace A. Ballor

Economic histories of post-war transatlantic relations have focused on two predominant narratives: US aid for European reconstruction through the Marshall Plan, and the threat of American business investment in Europe. But little research has linked these two elements.... View Details

Keywords: Multinational Corporations; Economic History; International Relations; Business History; Foreign Direct Investment; Multinational Firms and Management

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2015
Working Paper

Staggered Boards and Shareholder Value: A Reply to Amihud and Stoyanov

By: Alma Cohen and Charles C.Y. Wang

In a paper published in the Journal of Financial Economics in 2013, we provided evidence that market participants perceive staggered boards to be on average value-reducing. In a recent response paper, Amihud and Stoyanov (2015) “contest” our results. They... View Details

Keywords: Staggered Boards; Takeover Defense; Antitakeover Provision; Firm Value; Agency Costs; Delaware; Chancery Court; Airgas; Governing and Advisory Boards; Acquisition; Corporate Governance; Business and Shareholder Relations; Delaware

SSRN

June 2001
Case

Privatization of Anatolia National Telekom, The: ANT Confidential Instructions

Anatolia National Telekom is a multiparty negotiation simulation patterned after the Turkish government's aborted attempt to privatize its state-owned telecommunications monopoly, Turk Telekom, in late 1997. Provides participants with an opportunity to identify and... View Details

Keywords: Negotiation Process; Emerging Markets; Privatization; State Ownership; Telecommunications Industry; Turkey

Educators