Publications

Publications

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  • Research Summary

Overview

The overarching goal of my research is to produce works that are influential and informative to both academics and practitioners in the field of operations management. To accomplish this, I collaborate with industry partners who provide knowledge about their field,... View Details
  • November 2024
  • Teaching Note

Mercado Bitcoin: M&A, IPO, or Series B?

By: Raymond Kluender, Emanuele Colonnelli and Sabrina Howell
Teaching Note for HBS Case No. 825-047. In April 2021, Brazilian cryptocurrency platform Mercado Bitcoin, had to decide how to scale: go public, M&A with a bank, or take a VC big check. In a highly volatile market, Roberto Dagnoni, chairman of the board, viewed the... View Details
Keywords: Cryptocurrency; Mergers and Acquisitions; Business Growth and Maturation; Business Startups; Decision Making; Going Public; Ownership Stake; Strategic Planning; Venture Capital; Problems and Challenges; Business Cycles; Digital Platforms; Emerging Markets; Market Timing; Expansion; Diversification; Valuation; Value Creation; Investment Funds; Initial Public Offering; Price; Price Bubble; Negotiation Offer; Information Technology Industry; Financial Services Industry; Brazil; Latin America
Related
  • Web

Finance - Faculty & Research

Economics in 1997, to John Lintner who co-created the Capital Asset Pricing Model and made significant contributions to dividend policy , and Gordon Donaldson whose work helped shape the field of corporate... View Details
  • August 2024 (Revised November 2024)
  • Case

Mercado Bitcoin: M&A, IPO, or Series B?

By: Raymond Kluender, Emanuele Colonnelli, Sabrina T. Howell and Karina Souza
In April 2021, Brazilian cryptocurrency platform Mercado Bitcoin had to decide how to scale: go public, M&A with a bank, or take a VC big check. In a highly volatile market, Roberto Dagnoni, chairman of the board, viewed the unprecedent crypto momentum as a window of... View Details
Keywords: Cryptocurrency; Mergers and Acquisitions; Business Growth and Maturation; Business Startups; Decision Making; Going Public; Ownership Stake; Strategic Planning; Venture Capital; Problems and Challenges; Business Cycles; Digital Platforms; Emerging Markets; Market Timing; Expansion; Diversification; Valuation; Value Creation; Investment Funds; Initial Public Offering; Price; Price Bubble; Negotiation Offer; Financial Liquidity; Information Technology Industry; Financial Services Industry; Latin America; South America; Brazil; Sao Paulo; United States
Related
  • 2022
  • Working Paper

Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market

By: Zach Y. Brown, Mark Egan, Jihye Jeon, Chuqing Jin and Alex A. Wu
Index funds are one of the most common ways investors access financial markets and are perceived to be a transparent and low-cost alternative to active investment management. Despite these purported virtues of index fund investing and the introduction of new products... View Details
Keywords: Mutual Funds; Passive Investing; Asset Management; Financial Markets; Investment Funds; Financial Management; Financial Services Industry; United States
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  • March 2005
  • Article

Short- and Long-term Demand Curves for Stocks: Theory and Evidence on the Dynamics of Arbitrage

By: Robin Greenwood
I develop a framework to analyze demand curves for multiple risky securities at extended horizons in a setting with limits-to-arbitrage. Following an unexpected change in uninformed investor demand for several assets, I predict returns of each security to be... View Details
Keywords: Limits To Arbitrage; Event Studies; Demand Curves; Portfolio Choice; Framework; Demand and Consumers; Change; Risk and Uncertainty; Debt Securities; Forecasting and Prediction; Stocks; Assets; Investment Portfolio; System Shocks; Price; Japan
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  • 07 Jul 2008
  • Research & Ideas

Innovation Corrupted: How Managers Can Avoid Another Enron

growth and skyrocketing stock price made it difficult for most directors to challenge management's strategy and tactics. Still, board members understood that Enron was trying to move underperforming assets... View Details
Keywords: by Martha Lagace; Energy; Utilities

    Alex Wu

    Alex Wu is a doctoral student in the Business Economics program. His research interests include finance, industrial organization, and political economy. He graduated from Harvard College in 2020, where he studied Economics and Math.

     View Details

      Marcela Carvalho

      Marcela is a PhD candidate in Business Economics. Previously, she did her undergraduate studies at Universidade de Sao Paulo and obtained a Master's degree in Economics from PUC-Rio. Her research interests include... View Details
      • 22 Sep 2009
      • First Look

      First Look: September 22

      2003. An open-economy after-tax capital asset pricing model is used to derive the hypothesis that JGTRRA should lead to a portfolio reallocation by U.S. investors towards equities in tax-favored countries. A... View Details
      Keywords: Martha Lagace
      • 07 Feb 2022
      • Research & Ideas

      Digital Transformation: A New Roadmap for Success

      must constantly attend to both top and bottom lines by launching new products, services, and experiences consistently. Leaders from software-as-a-service (SaaS) business models, for example, described how delivering at the price points... View Details
      Keywords: by Linda A. Hill, Ann Le Cam, Sunand Menon, and Emily Tedards
      • 28 Aug 2007
      • First Look

      First Look: August 28, 2007

      uses an IT-driven strategy to introduce an "all-in-one" card, which integrates a suite of financial products to drive its personal banking business enabling CMB to be ranked 6th among China's commercial banks and 2nd among the other national commercial banks... View Details
      Keywords: Martha Lagace
      • Web

      Topics - HBS Working Knowledge

      (19) Annual Reports (2) Annuities (1) Arts (2) Asset Management (3) Asset Pricing (4) Assets (11) Attitudes (18) Auctions (4) Balanced Scorecard... View Details
      • 1995
      • Book

      The Global Financial System: A Functional Perspective

      By: D. B. Crane, K. A. Froot, Scott P. Mason, André Perold, R. C. Merton, Z. Bodie, E. R. Sirri and P. Tufano
      Keywords: Corporate Finance; Imperfect Markets; Behavioral Finance; Asset Pricing
      Related
      • 22 Apr 2008
      • First Look

      First Look: April 22, 2008

      the company faces a number of challenges, including generic drugs, patent infringements in developing countries, and pricing pressure from governments and health insurers in the United States. Given these challenges, Novartis must decide... View Details
      Keywords: Martha Lagace
      • 05 Jun 2012
      • First Look

      First Look: June 5

      Reaching for Yield in the Bond Market Authors:Bo Becker and Victoria Ivashina Abstract Reaching-for-yield-the propensity to buy riskier assets in order to achieve higher yields-is believed to be an important factor contributing to the... View Details
      Keywords: Sean Silverthorne

        Elon Kohlberg

        Elon Kohlberg is the Royal Little Professor of Business Administration at the Harvard Business School. His research is mainly in Game Theory, in particular the study of non-cooperative equilibrium.

        Professor Kohlberg has taught many courses in the MBA,... View Details

        Keywords: asset management; asset management; asset management; asset management; asset management
        • 22 Jun 2010
        • First Look

        First Look: June 22

        advertising market—one that suffers quite a different set of problems. Display advertising systems place ads-typically, rectangular "banners"—on the majority of popular web sites. Though display ads are widespread, they are also troubled—ignored by many... View Details
        Keywords: Martha Lagace
        • Web

        Research - Behavioral Finance & Financial Stability

        around the world, the authors show that the combination of rapid credit and asset price growth over the prior three years is associated with a 40% probability of entering a financial crisis within the next... View Details
        • 07 Aug 2007
        • First Look

        First Look: August 7, 2007

        subset of countries. This paper uses a difference-in-difference analysis that compares US equity holdings in affected and unaffected countries. The international investment responses to JGTRRA were substantial and imply an elasticity of View Details
        Keywords: Martha Lagace