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  • 2016
  • Working Paper

The Impact of Patent Wars on Firm Strategy: Evidence from the Global Smartphone Market

By: Feng Zhu
Strategy scholars have documented in various empirical settings that firms seek and leverage stronger institutions to mitigate hazards and gain competitive advantage. In this paper, we argue that such “institution-seeking” behavior may not be confined to the pursuit of... View Details
Keywords: Patent Wars; Patent Litigation; Intellectual Property (IP) Enforcement; Institutions; Smartphone; Patent Thicket; Digital Platforms; Patents; Lawsuits and Litigation; Globalized Markets and Industries; Business Strategy; Telecommunications Industry
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  • November 2014
  • Article

The Impact of Corporate Sustainability on Organizational Processes and Performance

By: Robert G. Eccles, Ioannis Ioannou and George Serafeim
We investigate the effect of corporate sustainability on organizational processes and performance. Using a matched sample of 180 U.S. companies, we find that corporations that voluntarily adopted sustainability policies by 1993—termed as High Sustainability... View Details
Keywords: Sustainability; Sustainability Management; Sustainability Research; Sustainability Reporting; Sustainability Targets; Corporate Social Responsibility; Corporate Accountability; Reporting; Corporate Governance; Investor Clientele; Investor Communication; Stock Market; Corporate Social Responsibility and Impact; Environmental Sustainability; Performance; United States
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  • May–June 2020
  • Article

Interfirm Ties Between Ventures and Limited Partners of Venture Capital Funds: Performance Effects in Financial Markets

By: Umit Ozmel, M. Deniz Yavuz, Timothy E. Trombley and Ranjay Gulati
We argue that strong indirect ties are conducive to the transfer of private information, which provides an advantage in identifying profitable investment opportunities. In our context, a strong indirect tie is generated between an investor and a focal firm if the... View Details
Keywords: Interfirm Ties; Social Networks; Venture Capital; Entrepreneurship; Performance
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  • March 2018 (Revised May 2018)
  • Case

Celgene

By: Malcolm Baker and Emily McComb
In February 2011, Adam Koppel, a managing director at Brookside Capital, the public equity arm of Bain Capital, must decide whether to increase or exit the firm’s position in Celgene Corporation. News has emerged that raises potential safety concerns associated with... View Details
Keywords: Life Sciences; Biotechnology; Public Market Investing; Celgene; Revlimid; Hedge Fund; Growth Stocks; Valuation; Investment; Decision Choices and Conditions; Analysis; Biotechnology Industry
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  • summer 1995
  • Article

Hedging Portfolios with Real Assets

By: K. A. Froot
Keywords: Institutional Investing; Market Efficiency; Behavioral Finance; Equities; Stock Market; Indexing; Hedging; Asset Allocation; Commodities; Commodity Investing; Real Estate; Financial Markets; Asset Pricing
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    Publications

    2000-2005 Selected

     

    Chiu, C-y, Morris, M.W., Hong, Y-y, & Menon, T. (2000).  Motivated cultural cognition: The impact of implicit cultural theories on dispositional attribution varies as a function of Need for Closure.... View Details

    • November 2021 (Revised December 2022)
    • Case

    Farfetch: Digital Transformation for Luxury Brands

    By: Sunil Gupta, Jill Avery, Elena Corsi and Federica Gabrieli
    Farfetch, a global luxury technology platform and digital marketplace had been surfing the wave of digital transformation in the luxury fashion industry since 2008. While the company’s stock price and market valuation had fluctuated since its IPO in 2018, it had... View Details
    Keywords: Digital Marketing; Marketplaces; Retailing; Internet Marketing; E-Commerce Strategy; Marketing; Marketing Strategy; Marketing Channels; Brands and Branding; Luxury; Growth and Development Strategy; Digital Transformation; E-commerce; Apparel and Accessories Industry; Beauty and Cosmetics Industry; Fashion Industry; Retail Industry; Web Services Industry; Technology Industry; United Kingdom; Europe; Portugal; China
    Related
    • 2007
    • Other Unpublished Work

    Effects of Inventory on Demand for Rentals in the Home Video Market

    By: Ioannis Ioannou, Julie Mortimer and Richard Mortimer
    Retailer inventory decisions can greatly influence observed demand for a product by affecting, among other things, product availability (stock-outs) and product visibility in the store. These inventory decisions are affected by numerous factors including vertical... View Details
    Keywords: Decisions; Demand and Consumers; Supply Chain Management; Competition; Contracts; Entertainment and Recreation Industry; United States
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    • 2024
    • Working Paper

    What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences

    By: Mark Egan, Alexander MacKay and Hanbin Yang
    We present an empirical model of portfolio choice that allows for the nonparametric estimation of investors' (subjective) expectations and risk preferences. Utilizing a comprehensive dataset of 401(k) plans from 2009 through 2019, we explore heterogeneity in asset... View Details
    Keywords: Stock Market Expectations; Demand Estimation; Retirement Planning; Defined Contribution Retirement Plan; 401 (K); Finance; Investment Portfolio; Investment; Retirement; Behavioral Finance; Financial Services Industry; United States
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    • September 2012 (Revised November 2012)
    • Case

    Integrated Reporting in South Africa

    This case presents a 20-year history of the evolution of corporate governance and corporate reporting in South Africa starting in 1992 with a focus on the three King codes of corporate governance (King I in 1994, King II in 2000, and King III in 2009). From a reporting... View Details
    Keywords: Integrated Reporting; Sustainability Reporting; Stock Exchanges; South Africa; Corporate Reporting; Regulation; Nonfinancial Performance; History; Corporate Disclosure; Markets; Integrated Corporate Reporting; Performance; Corporate Governance; South Africa
    Related
    • 2020
    • Working Paper

    Best Ideas

    By: Miguel Antón, Randolph B. Cohen and Christopher Polk
    We find that the stocks in which active mutual fund or hedge fund managers display the most conviction towards ex-ante, their “Best ideas,” outperform the market, as well as the other stocks in those managers’ portfolios, by approximately 2.8 to 4.5 percent per year,... View Details
    Keywords: Mutual Funds; Managerial Skill; Market Efficiency; Investment Funds; Management; Investment Portfolio; Decision Making
    Related
    • November 2019
    • Case

    Apple, Einhorn, and iPrefs (Abridged)

    By: Carliss Y. Baldwin and W. Carl Kester
    In March 2013, Apple Computer has a very large cash balance, and is under pressure to return cash to shareholders. Hedge fund manager David Einhorn thinks Apple can "unlock value" by issuing perpetual preferred stock, dubbed iPrefs. Henry Blodget, CEO of Business... View Details
    Keywords: Markets; Stock Shares; Value Creation; Business and Shareholder Relations
    Related
    • March 2010
    • Article

    Does Foreign Direct Investment Promote Growth? Exploring the Role of Financial Markets on Linkages

    By: Laura Alfaro, Sebnem Kalemli-Ozcan, Areendam Chanda and Selin Sayek
    Do multinational companies generate positive externalities for the host country? The evidence so far is mixed varying from beneficial to detrimental effects of foreign direct investment (FDI) on growth, with many studies that find no effect. In order to provide an... View Details
    Keywords: Foreign Direct Investment; Multinational Firms and Management; Financial Markets; Value; Stock Shares; Development Economics
    Related
    • January 2019
    • Article

    Bubbles for Fama

    By: Robin Greenwood, Andrei Shleifer and Yang You
    We evaluate Eugene Fama's claim that stock prices do not exhibit price bubbles. Based on U.S. industry returns 1926–2014 and international sector returns 1985–2014, we present four findings: (1) Fama is correct in that a sharp price increase of an industry portfolio... View Details
    Keywords: Bubble; Market Efficiency; Predictability; Price Bubble; Stocks; Price; Forecasting and Prediction
    Related
    • 25 Apr 2014
    • Research & Ideas

    To Pay or Not to Pay: Argentina and the International Debt Market

    and on future restructurings in general. In the current global environment, where trouble in emerging market economies is setting off worldwide alarms and stock market unease,... View Details
    Keywords: by Laura Alfaro
    • March 1996 (Revised April 2006)
    • Case

    Global Equity Markets: The Case of Royal Dutch and Shell

    By: Kenneth A. Froot and Andre F. Perold
    Royal Dutch and Shell common stocks are securities with linked cash flow, so that the ratio of their stock prices should be fixed. In fact, the ratio is highly variable, moving with the markets where the securities are intensively traded. Royal Dutch trades more... View Details
    Keywords: International Equity Markets; International Cost Of Capital; Cross-border Valuation; International Finance; Equity; Cost of Capital; Valuation; Cash Flow
    Related
    • 2013
    • Working Paper

    Asset Price Dynamics with Limited Attention

    By: Mark Seasholes, Terrence Hendershott, Sunny X. Li and Albert J. Menkveld
    This paper studies the role that limited attention and inefficient risk sharing play in stock price deviations from the efficient prices at horizons from one day to one month. We expand the Due (2010) slow-moving capital model to analyze multiple groups of investors... View Details
    Keywords: Transitory Volatility; Limited Attention; Individuals; Market Makers; Asset Pricing; Financial Markets; Volatility
    Related
    • March 2022
    • Teaching Note

    Farfetch: Digital Transformation for Luxury Brands

    By: Jill Avery and Sunil Gupta
    Teaching Note for HBS Case No. 522-051. Farfetch, a global luxury technology platform and digital marketplace had been surfing the wave of digital transformation in the luxury fashion industry since 2008. While the company’s stock price and market valuation had... View Details
    Keywords: Brand Management; Retailing; Two Sided Markets; SaaS; Online Marketing; Marketing; Marketing Channels; Brands and Branding; Luxury; Digital Transformation; E-commerce; Digital Marketing; Retail Industry; Fashion Industry; London; United Kingdom; Portugal
    Related
    • July 2010
    • Teaching Note

    Monmouth, Inc. (Brief Case)

    By: Thomas R. Piper and Heide Abelli
    Teaching Note for 4226. View Details
    Keywords: Competitive Bidding; Forecasting; Stock Offerings; Mergers ＆ Acquisitions; Valuation, Margins; Stocks; Valuation; Mergers and Acquisitions; Forecasting and Prediction; Bids and Bidding
    Related
    • October 2016 (Revised October 2017)
    • Case

    Misaki Capital and Sangetsu Corporation

    By: Ian Gow, Charles C.Y. Wang, Naoko Jinjo and Nobuo Sato
    Japan’s corporate culture has traditionally prioritized the interests of stakeholders such as customers, employees, and suppliers over those of shareholders. After a decades-long economic slump, Japan’s government has revitalized efforts to improve corporate governance... View Details
    Keywords: Activist Investing; Constructivist Investing; Japan; Valuation; Stock Screens; Return On Equity; Investment; Business and Stakeholder Relations; Corporate Governance; Financial Strategy; Business and Shareholder Relations; Japan
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