Cross-sectional Asset Pricing - Publications - Faculty & Research

16 Apr 2001
Research & Ideas

Strategy and the Internet

competitive advantage—by operating at a lower cost, by commanding a premium price, or by doing both. Cost and price advantages can be achieved in two ways. One is operational effectiveness—doing the same things your competitors do but... View Details

Keywords: by Michael E. Porter

07 Apr 2015
First Look

First Look: April 7

brand and introduce an entirely new pricing scheme. Early financial results from the strategic shift are not favorable. Based on the experience of U.S. retailer J.C. Penney, the piece raises fundamental questions about repositioning... View Details

Keywords: Sean Silverthorne

18 Jun 2024
Research & Ideas

Industrial Decarbonization: Confronting the Hard Challenges of Cement

Cities like Cairo; Chongqing, China; Delhi; and Kinshasa, Congo are experiencing population explosions accompanied by unprecedented demand for homes, offices, factories, and infrastructure. In the United States, the Biden Administration’s policy-driven infrastructure... View Details

Keywords: by by Janelle Conaway; Green Technology; Energy; Industrial Products; Manufacturing

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

07 Apr 2023
Research & Ideas

When Celebrity ‘Crypto-Influencers’ Rake in Cash, Investors Lose Big

The research findings are consistent with widespread suspicions about so-called “pump-and-dump” schemes, in which digital asset developers or brokers allegedly boost values through online promotion, then quickly sell, producing outsized... View Details

Keywords: by Kristen Senz

16 Jul 2020
Research & Ideas

Restaurant Revolution: How the Industry Is Fighting to Stay Alive

restaurants.” More tip jars and prominent space on checks for voluntary staff appreciation contributions will likely be part of restaurants’ initial response and, as the economy recovers, menu prices will likely increase. Addressing... View Details

Keywords: by Michael S. Kaufman, Lena G. Goldberg, and Jill Avery; Food & Beverage

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

02 Oct 2017
What Do You Think?

Do Bitcoin and Digital Currency Have a Future?

hinder its transnational efficiency.” Farah commented, “Bitcoins are useful for trading currencies internationally seamlessly in real time—something current banks lack ” According to Kueth Duany, they are “proving to be another interesting View Details

Keywords: by James L. Heskett; Financial Services

01 Oct 2001
Research & Ideas

How To Make Restructuring Work for Your Company

company can divest a subsidiary through a tax-free spin-off, management must first decide how corporate overhead will be allocated between the subsidiary and the parent. The allocation decision can be complicated by management's understandable desire not to give away... View Details

Keywords: by Stuart C. Gilson

06 Oct 2003
Research & Ideas

The Problem with Hedge Funds

fund for management. For a percentage of the assets managed, or a percentage of the investors' gain, the bank places investors' money in other funds for management. The fee the investor pays the bank is for expertise the investor lacks in... View Details

Keywords: by D. Quinn Mills

13 Dec 2016
First Look

December 13, 2016

forthcoming Journal of Investment Consulting Cloaked Trading By: Cohen, Lauren, Dong Lou, and Christopher J. Malloy Abstract—Using a novel, proprietary database of micro-level trading activities by asset managers, we show strong evidence... View Details

Keywords: Carmen Nobel

25 Jan 2010
Research & Ideas

A Macroeconomic View of the Current Economy

money. A: In some sense money is just another asset, but it turns out to be a rather special asset. One of the reasons it is special is that there seems to be a relationship between people's holdings of that particular asset and their... View Details

Keywords: by Sean Silverthorne

28 Nov 2018
HBS Case

On Target: Rethinking the Retail Website

Professor Srikant M. Datar in a recent case study, Data Science at Target, co-written with research associate Caitlin N. Bowler. “Target had to make this big shift from thinking only about retailing to also thinking about data. And to do that, data had to become the... View Details

Keywords: by Dina Gerdeman; Retail

15 Jan 2013
First Look

First Look: January 15

disruption. Download the paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=43906 Cases & Course MaterialsRomney vs. Obama and U.S. Energy Policy Abdelal, Rawi, and Kaitlyn TuthillHarvard Business School Case 713-050 In 2012, the energy sector in the United States was... View Details

Keywords: Sean Silverthorne

21 Jul 2021
Research & Ideas

What Does an ESG Score Really Say About a Company?

Receiving more information can clarify the complex, but not when it comes to environmental, social, and governance (ESG) scores. A recent study shows that the more information a company discloses about its ESG practices, the more rating agencies disagree on how well... View Details

Keywords: by Kristen Senz

31 Jan 2023
Op-Ed

Can Insurance Technology Solve the Uninsured Driver Problem?

pay a price because their premiums have to incorporate the risk of getting into an accident with an uncovered driver. Uninsured drivers increase premiums for drivers with insurance by $27 billion annually and $6 billion in California... View Details

Keywords: by Ray Kluender; Insurance

27 Feb 2006
Research & Ideas

When Rights of First Refusal Are a Bad Deal

economics, and market design, was that the right was structured as what he terms a Before and After Right of First Refusal (BA-ROFR). The right holder is offered an initial deal by the asset owner—the landlord offers to sell the flat to... View Details

Keywords: by Sean Silverthorne; Construction; Real Estate; Entertainment & Recreation

15 Jul 2019
Book

Many Executives Are Afraid of Finance. Here's How They Can Gain Confidence

disproportionate stock price hit to an earnings miss reflects that informational problem. The promise of private equity involves solving that gap between owners and managers. Buybacks must be interpreted in that context as either... View Details

Keywords: by Dina Gerdeman

28 Nov 2005
Research & Ideas

Unilever: Transformation and Tradition

Unilever proved flexible enough to retain them, fostered by its belief that ultimately consumers worldwide would want its products. Moreover the oil price rises resulted in an extraordinary growth of profitability of the UAC [United... View Details

Keywords: by Geoffrey Jones; Consumer Products

Research Summary

Overview

My focus is empirical financial accounting research, with particular interests in governance, valuation, M&A, and short-sellers. All three of my papers to date fall under the broad heading of “alternative governance mechanisms”—studies of how accounting information is... View Details

Keywords: Mergers and Acquisitions; Corporate Governance; Valuation; Law

Publications