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February 2021
Case

Threadless: The Renewal of an Online Community

By: Shane Greenstein, Karim Lakhani and Christian Godwin

Threadless, an online apparel company and artist community which Jake Nickell founded in 2000, continued to maintain its status as a top company in the online apparel industry during its second decade. From 2010 to 2020, Threadless continued to operate its... View Details

12 Feb 2008
First Look

First Look: February 12, 2007

Moskowitz, and Annette Vissing-Jørgensen Abstract 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... View Details

Keywords: Martha Lagace

21 Jun 2017
Blog Post

Agricultural Investing: Where Boots Meet Suits

HBS Career & Professional Development (CPD) asked students to describe their career interests and what they are up to this summer. I hope to invest in assets that will be impacted by climate change, and subsequently, mitigate climate... View Details

Keywords: Manufacturing

Climate Change is Going to Transform Where and How We Build

As fires, floods, and droughts increasingly threaten homes, businesses, and other institutions, climate risk has become financial risk. Mortgages written on homes in exposed locations are being shed by banks and absorbed by Fannie Mae and Freddie Mac,... View Details

June 2018
Background Note

Introduction to Life Settlements

By: Alexander Braun, Lauren H. Cohen, Christopher J. Malloy and Jiahua Xu

Life insurance is an asset owned by the majority of American adults (61%). Note that this 61% penetration rate is essentially at parity with home ownership (64%) and higher than that of 401(k) retirement account ownership (53%). Life settlements, or life insurance... View Details

Keywords: Insurance; Assets; Value; Markets; Investment Return

March 2011 (Revised April 2011)
Case

Gold in 2011: Bubble or Safe Haven Asset?

By: Robin Greenwood and Benjamin Steiner

Case explores the pricing of gold in 2011. Is the pricing justified or are we in a speculative bubble? What data are useful in determining a view on this question? View Details

Keywords: Inflation and Deflation; Money; Asset Management; Investment; Price Bubble; Policy; Risk Management

14 Apr 2009
First Look

First Look: April 14, 2009

structures. SWFs seem to engage in a form of trend chasing, since they are more likely to invest at home when domestic equity prices are higher, and invest abroad when foreign prices are higher. Funds see... View Details

Keywords: Martha Lagace

January 1999 (Revised March 2004)
Case

AMB Consolidation, The

By: William J. Poorvu and Daniel J. Rudd

Anne Shea, assistant vice president at the Curators' Fund (The Fund), is responsible for investing roughly $80 million in real-estate assets. Less than three years ago, Anne invested $40 million into a commingled fund run by AMB Institutional Realty Advisors, Inc., a... View Details

Keywords: Private Ownership; Conflict of Interests; Industry Structures; Property; Investment; Public Ownership; Real Estate Industry

22 Apr 2020
Research Event

How Investors Are Sizing Up Climate Change’s Risks—and Opportunities

“It’s not about values. It's about value and how you're creating value, how you are showing that the companies in which you're investing are creating value.” However, many barriers still prevent asset managers from accurately assessing... View Details

Keywords: by Danielle Kost; Financial Services

January 2021 (Revised June 2021)
Supplement

Eaton Corporation: Portfolio Transformation and The Cost of Capital (Abridged)

By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher

In 2000, Eaton Corporation was a broadly diversified industrial conglomerate. But its strategy was evolving and its focus was narrowing around “power management” and more recently on “intelligent power,” the use of digitally enabled products and services designed to... View Details

Keywords: Mergers and Acquisitions; Business Conglomerates; Business Divisions; Cost of Capital; Corporate Finance; Value; Valuation; Industrial Products Industry; United States; Denmark; Republic of Ireland

23 Aug 2004
Research & Ideas

New Challenges for Long-Term Investors

more oriented to determining the right risk exposures of long-term investors. Once they have decided upon them, they can then look for skill elsewhere. There is no evidence that demographic changes have influence on stock returns and on liquid View Details

Keywords: by Ann Cullen

January 2021 (Revised June 2021)
Case

Eaton Corporation: Portfolio Transformation and the Cost of Capital (Abridged)

By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher

In 2000, Eaton Corporation was a broadly diversified industrial conglomerate. But its strategy was evolving and its focus was narrowing around “power management” and more recently on “intelligent power,” the use of digitally enabled products and services designed to... View Details

Keywords: Mergers and Acquisitions; Business Conglomerates; Business Divisions; Cost of Capital; Corporate Finance; Value; Valuation; Industrial Products Industry; United States; Denmark; Republic of Ireland

Victoria Ivashina is the Lovett-Learned Professor of Finance and Head of the Finance Unit at Harvard Business School. She also serves as a Research Associate at the National Bureau of Economic Research (NBER), a Research Fellow at the Center for Economic Policy... View Details

Keywords: banking; federal government; financial services; investment banking industry; private equity (LBO funds); private equity (other)

December 2019
Article

Brokers and Order Flow Leakage: Evidence from Fire Sales

By: Andrea Barbon, Marco Di Maggio, Francesco Franzoni and Augustin Landier

Using trade-level data, we study whether brokers play a role in spreading order flow information. We focus on large portfolio liquidations, which result in temporary drops in stock prices, and identify the brokers that intermediate these trades. We show that these... View Details

Keywords: Predatory Trading; Back Running; Fire Sales; Brokers; Stocks; Price; Information; Knowledge Dissemination; Ethics