Publications

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Article

Market Integration in Developed and Emerging Markets: Evidence from the CAPM

By: Robert Bruner, Wei Li, Mark Kritzman, Simon Myrgren and Sebastien Page

Beta, as measured by the Capital Asset Pricing Model (CAPM), is widely used for pricing stocks, determining the cost of capital, and gauging the extent to which markets are integrated. The CAPM model assumes that equilibrium conditions prevail. The choice of which... View Details

Research Summary

Market Triads: A Theoretical and Empirical Analysis of Market Intermediation (Journal for the Theory of Social Behavior, June 2002)

By: Rakesh Khurana

This paper examines the role of executive search firms in CEO search. The paper argues that the numerical shift from two party market transactions (e.g. buyers and sellers) to three party transactions (e.g. buyers, sellers, and third party) transforms market exchanges... View Details

02 Sep 2011
Working Paper Summaries

First-Party Content, Commitment and Coordination in Two-Sided Markets

Keywords: by Andrei Hagiu & Daniel Spulber

07 Jul 2020
Research & Ideas

Market Investors Pay More for Resilient Companies

The steep market drop in the early days of the COVID-19 crisis is being used as a laboratory to study the importance of companies investing in stakeholder relations with their employees, suppliers, and customers, and how those investments could be strategic resources... View Details

Keywords: by Kristen Senz; Financial Services

April 2013
Article

First-Party Content and Coordination in Two-Sided Markets

By: Andrei Hagiu and Daniel Spulber

The strategic use of first-party content by two-sided platforms is driven by two key factors: the nature of buyer and seller expectations (favorable versus unfavorable) and the nature of the relationship between first-party content and third-party content (complements... View Details

Keywords: Two-sided Platforms; Platform Strategy; Technology; Information Technology; Performance Expectations; Strategy; Digital Platforms

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Research Summary

Making Markets Work: An Executive Education Program for Africa

By: Debora L. Spar

In the last decades of the 20th century economic growth was distributed unevenly across the world. While some countries experienced sustained and unprecedented prosperity, others fell further and further behind. This widening gap was particularly evident in Africa,... View Details

14 Jan 2015
Research & Ideas

Thriving in the Turbulence of Emerging Markets

The growth and competiveness of emerging markets is a fundamental reality in global business today. Yet it is often forgotten just how much these countries have changed in a short period of time, how challenging their business... View Details

Keywords: by Geoffrey Jones; Manufacturing; Auto

10 Jul 2000
Research & Ideas

The State of the Markets

Stock Exchange (NYSE); and Robert C. Gasser, managing director and head of U.S. equities at J. P. Morgan & Co. Financial exchanges today, Seifert began, must have the business systems of a technology company, with the requisite speed... View Details

Keywords: by James E. Aisner

June 2007 (Revised January 2008)
Background Note

The U.S. Retirement Savings Market and the Pension Protection Act of 2006

By: Luis M. Viceira and Helen Tung

Provides an overview of the evolution of the private retirement savings market in the U.S. since 1990; the management and administration of defined-contribution (DC) plans; the existing evidence about the investment and savings decisions of participants in DC plans;... View Details

Keywords: Investment; Personal Finance; Saving; Government Legislation; Retirement; Business and Government Relations; Financial Services Industry; United States

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Research Summary

Buyers, Sellers, Manufacturers in China’s Emerging Market around 1900

Ever since the economic reforms in the post-Mao period China’s economy as an emerging market has attracted much interest. However, we tend to forget that China was already an emerging market at the turn of the 19^th century, if not earlier. This... View Details

19 Jan 2011
Research & Ideas

Activist Board Members Increase Firm’s Market Value

conduct an impromptu experiment. They hypothesized that the market reaction to the SEC announcement could help determine whether increasing shareholder power would be considered good or bad in the eyes of the View Details

Keywords: by Carmen Nobel

02 Aug 2010
Research & Ideas

Modern Indian Art: The Birth of a Market

categories. Such comparability and equivalence of attributes makes it easier for consumers and other market participants to judge the relative value of the goods within the category based on shared... View Details

Keywords: by Sean Silverthorne

April 2011
Teaching Note

Prediction Markets at Google (TN)

Teaching Note for 607088. View Details

Keywords: Interests; Forecasting and Prediction; Market Participation; Information Technology Industry

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April 2012
Article

The Predictive Value of Accruals and Consequences for Market Anomalies

By: Francois Brochet, Seunghan Nam and Joshua Ronen

We revisit the role of the cash and accrual components of accounting earnings in predicting future cash flows using out-of-sample predictions and market value of equity as a proxy for all future cash flows. We find that, on average, accruals improve upon current cash... View Details

Keywords: Forecasting and Prediction; Investment Return; Value; Equity; Markets; Cash Flow; Information Management; Accrual Accounting; Earnings Management; Corporate Governance; Stocks

16 Feb 2004
Research & Ideas

Marketing Wine to the World

Australia, South Africa, Chile, etc.). Q: What do you see as the major differences between Old World and New World winemakers? A: The Old World market continues to be highly fragmented. The competitive landscape is filled with many small,... View Details

Keywords: by Manda Salls; Consumer Products; Entertainment & Recreation; Food & Beverage

2008
Working Paper

Unravelling in Two-Sided Matching Markets and Similarity of Preferences

By: Hanna Halaburda

This paper investigates the causes and welfare consequences of unravelling in two-sided matching markets. It shows that similarity of preferences is an important factor driving unravelling. In particular, it shows that under the ex-post stable mechanism (the mechanism... View Details

Keywords: Market Participation; Two-Sided Platforms; Marketplace Matching; Mathematical Methods

17 Oct 2019
Research & Ideas

‘Chick Beer’ for Women? Why Gender Marketing Repels More Than Sells

female participants who believed that women were perceived unfavorably were more likely to avoid the purple calculators labeled “for women” and had a more intense negative reaction. “Those that feel more marginalized are more likely to... View Details

Keywords: by Dina Gerdeman; Consumer Products

May 2009
Article

Synchronicity and Firm Interlocks in an Emerging Market

By: Tarun Khanna and Catherine Thomas

Stock price synchronicity has been attributed to poor corporate governance and a lack of firm-level transparency. This paper investigates the association between different kinds of firm interlocks, control groups, and synchronicity in Chile. A unique data set... View Details

Keywords: Stocks; Price; Corporate Governance; Governance Controls; Governing and Advisory Boards; Resource Allocation; Emerging Markets; Ownership Stake; Chile

2008
Working Paper

Market Reaction to the Adoption of IFRS in Europe

By: Christopher S. Armstrong, Mary E. Barth, Alan D. Jagolinzer and Edward J. Riedl

This study examines the European stock market reaction to sixteen events associated with the adoption of International Financial Reporting Standards (IFRS) in Europe. European IFRS adoption represented a major milestone towards financial reporting convergence yet... View Details

Keywords: Financial Reporting; International Accounting; Financial Markets; Code Law; Standards; Adoption; Europe