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Show Results For
-
All HBS Web
(3,564)
- People (13)
- News (847)
- Research (1,966)
- Events (21)
- Multimedia (3)
- Faculty Publications (759)
- 16 Oct 2013
- HBS Seminar
Minjae Song, University of Rochester
- August 2018
- Article
Extrapolation and Bubbles
By: Nicholas Barberis, Robin Greenwood, Lawrence Jin and Andrei Shleifer
We present an extrapolative model of bubbles. In the model, many investors form their demand for a risky asset by weighing two signals: an average of the asset’s past price changes and the asset’s degree of overvaluation. The two signals are in conflict, and investors...
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Barberis, Nicholas, Robin Greenwood, Lawrence Jin, and Andrei Shleifer. "Extrapolation and Bubbles." Journal of Financial Economics 129, no. 2 (August 2018): 203–227.
- April 2012 (Revised October 2013)
- Case
eBay, Inc. and Amazon.com (A)
By: Ramon Casadesus-Masanell and Anant Thaker
This case has been designed to explore strategic interactions among organizations with different business models. The case considers how a competitor successfully challenged the incumbent in a platform market defined by strong network effects and high switching costs....
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Casadesus-Masanell, Ramon, and Anant Thaker. "eBay, Inc. and Amazon.com (A)." Harvard Business School Case 712-405, April 2012. (Revised October 2013.)
- February 2015
- Case
Continental Hope Group
By: Christopher Marquis and Qi Li
This case provides an opportunity to examine and discuss how a traditional Chinese private business was launched and developed into a globalizing, multi-industry corporation. It also highlights how second generation entrepreneurs successfully developed an innovative...
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Keywords:
Globalization;
China;
Technology;
Real Estate;
Talent Retention;
Incentives;
Talent and Talent Management;
Diversification;
Family Business;
Business Growth and Maturation;
Entrepreneurship;
Global Strategy;
Construction Industry;
Tourism Industry;
Energy Industry;
Real Estate Industry;
Chemical Industry;
China
Marquis, Christopher, and Qi Li. "Continental Hope Group." Harvard Business School Case 415-050, February 2015.
- Research Summary
Quality in Service Operations
Rogelio Oliva is interested in understanding how the operational characteristics of service delivery processes interact with human resource and marketing policies to determine the long term productivity, quality, and profitability of a service operation. Specifically,...
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- March 2005
- Article
Sovereign Debt As a Contingent Claim: A Quantitative Approach
By: Laura Alfaro and Fabio Kanczuk
We construct a dynamic equilibrium model with contingent service and adverse selection to quantitatively study sovereign debt. In the model, benefits of defaulting are tempered by higher future interest rates. For a wide set of parameters, the only equilibrium is one...
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Keywords:
Sovereign Finance;
Borrowing and Debt;
Interest Rates;
Balance and Stability;
Risk and Uncertainty;
Risk Management;
Mathematical Methods;
Management Style;
Segmentation;
Debt Securities;
Banking Industry
Alfaro, Laura, and Fabio Kanczuk. "Sovereign Debt As a Contingent Claim: A Quantitative Approach." Journal of International Economics 65, no. 2 (March 2005).
- September 2018
- Case
Clayton, Dubilier & Rice at 40
By: Josh Lerner, Abhijit Tagade and Terrence Shu
In 2018, private equity firm Clayton, Dubilier & Rice celebrated its 40th anniversary and its 20th year under the leadership of CEO Don Gogel. In those decades, CD&R showed solid portfolio performance and generated strong returns for its investors - accomplishments...
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Keywords:
Finance;
Succession;
Buyout;
Leveraged Buyout;
Turnaround;
Operations;
Private Equity;
Management Succession;
Business Model;
Leveraged Buyouts;
Trends;
Organizational Change and Adaptation
Lerner, Josh, Abhijit Tagade, and Terrence Shu. "Clayton, Dubilier & Rice at 40." Harvard Business School Case 819-055, September 2018.
- August 2020
- Article
Macroeconomic Drivers of Bond and Equity Risks
By: John Y. Campbell, Carolin E. Pflueger and Luis M. Viceira
Our new model of consumption-based habit generates time-varying risk premia on bonds and stocks from loglinear, homoskedastic macroeconomic dynamics. Consumers' first-order condition for the real risk-free bond generates an exactly loglinear consumption Euler equation,...
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Keywords:
Consumption-based Habit Formation;
Consumption Euler Equation;
Time-varying Risk Premia;
Inflation Dynamics;
Bond-stock Correlation;
Risk and Uncertainty;
Bonds;
Macroeconomics
Campbell, John Y., Carolin E. Pflueger, and Luis M. Viceira. "Macroeconomic Drivers of Bond and Equity Risks." Journal of Political Economy 128, no. 8 (August 2020): 3148–3185.
- November 2009
- Journal Article
A Theory of Growth and Volatility at the Aggregate and Firm Level
By: Diego A. Comin and Sunil Mulani
This paper presents an endogenous growth model that explains the evolution of the first and second moments of productivity growth at the aggregate and firm level during the post-war period. Growth is driven by the development of both (i) idiosyncratic R&D innovations...
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Keywords:
Volatility;
Microeconomics;
Innovation and Invention;
Growth and Development Strategy;
Resource Allocation;
Performance Productivity;
Mathematical Methods;
Research and Development
Comin, Diego A., and Sunil Mulani. "A Theory of Growth and Volatility at the Aggregate and Firm Level." Journal of Monetary Economics 56, no. 8 (November 2009): 1023–1042.
- Article
Laws versus Contracts: Legal Origins, Shareholder Protections, and Ownership Concentration in Brazil, 1890–1950
By: Aldo Musacchio
This article examines some of the institutional conditions that facilitated the development of equity markets in Brazil. A critical factor was the addition of protections for investors to corporate bylaws, which enabled relatively large corporations in Brazil to...
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Keywords:
Voting;
Equity;
Financial Markets;
Investment;
Governance Controls;
Business History;
Ownership Stake;
Brazil
Musacchio, Aldo. "Laws versus Contracts: Legal Origins, Shareholder Protections, and Ownership Concentration in Brazil, 1890–1950." Business History Review 82, no. 3 (Fall 2008): 445–473.
- Article
Towards a Single European Sky
By: Yael Grushka-Cockayne and Bert De Reyck
We describe an integrated decision-making framework and model that we developed to aid EUROCONTROL, the European air traffic management organization, in its vital role of constructing a single unified European sky. Combining multicriteria decision analysis with...
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Grushka-Cockayne, Yael, and Bert De Reyck. "Towards a Single European Sky." Interfaces 39, no. 5 (September–October 2009): 400–414.
- 2024
- Working Paper
Consumer Inertia and Market Power
By: Alexander MacKay and Marc Remer
We study the pricing decisions of firms in the presence of consumer inertia. Inertia, which can arise from habit formation, brand loyalty, and switching costs, generates dynamic pricing incentives. These incentives mediate the impact of competition on market power in...
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Keywords:
Consumer Inertia;
Market Power;
Dynamic Competition;
Demand Estimation;
Consumer Behavior;
Markets;
Performance;
Competition;
Price
MacKay, Alexander, and Marc Remer. "Consumer Inertia and Market Power." Harvard Business School Working Paper, No. 19-111, April 2019. (Revised January 2024. Direct download.)
- 2021
- Working Paper
The Value of Intermediation in the Stock Market
By: Marco Di Maggio, Mark Egan and Francesco Franzoni
We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit...
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Keywords:
Financial Intermediation;
Institutional Investors;
Research Analysts;
Broker Networks;
Equity Trading;
Institutional Investing;
Financial Services Industry
Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Harvard Business School Working Paper, No. 20-016, August 2019. (Revised June 2021. Accepted at the Journal of Financial Economics.)
- Research Summary
Time Varying Expected Returns, Stochastic Dividend Yields, and Default Probabilities: Linking the Credit Risk and Equity Literature (with George Chacko and Jens Hilscher)
In standard structural bond pricing models, the firm defaults once the market value of assets has fallen below a threshold. Expected returns, or at least dividend yields, are assumed to be constant, which implies that any asset value movement is permanent and has the...
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- January 2015 (Revised January 2018)
- Technical Note
Note on Comparative Capitalism
By: Clayton S. Rose and Rebecca Henderson
This note draws on academic work, as well as social and economic data across several countries, to provide a basic understanding of some of the differences among capitalist systems. It begins with a description of the system of capitalism, and characteristics that to a...
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Keywords:
Capitalism;
Global;
Economic Systems;
Global Range;
Japan;
Germany;
China;
United States;
Sweden
Rose, Clayton S., and Rebecca Henderson. "Note on Comparative Capitalism." Harvard Business School Technical Note 315-077, January 2015. (Revised January 2018.)
- September 2016
- Article
History-based versus Uniform Pricing in Growing and Declining Markets
By: Oz Shy, Rune Stenbacka and David Hao Zhang
We analyze the Markov Perfect Equilibria of an infinite-horizon overlapping generations model with consumer lock-in to compare the performance of history-based and uniform pricing in growing and declining markets. Under history-based pricing, firms charge higher prices...
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Keywords:
History-based Pricing;
Introductory Discount;
Uniform Pricing;
Consumer Lock-in;
High Switching Costs;
Demand and Consumers;
Competition;
Price;
Market Entry and Exit;
Product Marketing
Shy, Oz, Rune Stenbacka, and David Hao Zhang. "History-based versus Uniform Pricing in Growing and Declining Markets." International Journal of Industrial Organization 48 (September 2016): 88–117.
Roy D. Shapiro
Roy D. Shapiro is the Philip Caldwell Professor of Business Administration at the Harvard University Graduate School of Business Administration. He is currently the faculty co-chair of the School's Technology and Operations Management Unit... View Details
- 2017
- Working Paper
Rethinking Measurement of Pay Disparity and its Relation to Firm Performance
By: Ethan Rouen
I develop measures of firm-level pay disparity and examine their relation to firm accounting performance. Using comprehensive compensation data for a large sample of firms, I find no statistically significant relation between the ratio of CEO-to-mean employee...
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Keywords:
Pay Disparity;
Pay Ratio;
CEO Pay Ratio;
Income Inequality;
Executive Compensation;
Wages;
Equality and Inequality;
Business Ventures;
Performance
Rouen, Ethan. "Rethinking Measurement of Pay Disparity and its Relation to Firm Performance." Harvard Business School Working Paper, No. 18-007, July 2017.
- November 1999
- Case
Long-Term Capital Management, L.P. (C)
By: Andre F. Perold
Long-Term Capital Management, L.P. (LTCM) was in the business of engaging in trading strategies to exploit market pricing discrepancies. Because the firm employed strategies designed to make money over long horizons--from six months to two years or more--it adopted a...
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Keywords:
Fluctuation;
Capital;
Financial Liquidity;
Financing and Loans;
Investment Funds;
Investment Portfolio;
Corporate Governance;
Governing Rules, Regulations, and Reforms;
Management;
Risk Management;
Markets;
Motivation and Incentives;
Financial Services Industry
Perold, Andre F. "Long-Term Capital Management, L.P. (C)." Harvard Business School Case 200-009, November 1999.
- February 2017
- Case
Valerie Daniels-Carter: High Growth Entrepreneurship via Franchising
By: Steven Rogers and Alyssa Haywoode
This case looks at entrepreneurship via franchising through the leadership of an African-American entrepreneur who owns almost 150 stores including Burger King, Pizza Huts, and Auntie Anne’s Pretzels. Her company is the largest female-owned franchise business in the...
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Keywords:
Giving And Philanthropy;
Weather And Climate Change;
Franchise Ownership;
Family Business;
Experience and Expertise;
Decisions;
Borrowing and Debt;
Food;
Philanthropy and Charitable Giving;
Business History;
Climate Change;
Motivation and Incentives;
Food and Beverage Industry
Rogers, Steven, and Alyssa Haywoode. "Valerie Daniels-Carter: High Growth Entrepreneurship via Franchising." Harvard Business School Case 317-030, February 2017.