Publications

2021
Working Paper

Closing Costs, Refinancing, and Inefficiencies in the Mortgage Market

By: David Hao Zhang

In the US, borrowers often finance the price of mortgage origination by agreeing to higher mortgage rates for a given principal amount. I show that for standard fixed-rate, prepayable mortgages this contractual feature has two consequences. First, it leads to increased... View Details

Keywords: Mortgage Market; Refinancing; Mortgages; Consumer Behavior

July 2014
Article

Winners in the Spotlight: Media Coverage of Fund Holdings as a Driver of Flows

By: David H. Solomon, Eugene F. Soltes and Denis Sosyura

We show that media coverage of mutual fund holdings affects how investors allocate money across funds. Controlling for fund performance, fund holdings with high past returns attract extra flows only if these stocks were recently featured in major newspapers. In... View Details

Keywords: Prejudice and Bias; Media; Investment Funds; Financial Services Industry

SSRN

03 Apr 2007
First Look

First Look: April 3, 2007

another EMR company offered eCW the chance to grow quickly in an industry that is estimated to take in more than $40 billion in overall revenues in 2007. But this acquisition would require outside financing of some sort. Was this the... View Details

Keywords: Martha Lagace

Web

Entrepreneurial Management - Faculty & Research

products, services, processes, and business models as central to entrepreneurial activity. The finance of entrepreneurship - We seek to understand the financing of entrepreneurial ventures by studying the... View Details

November 2020
Article

Casting Conference Calls

By: Lauren Cohen, Dong Lou and Christopher J. Malloy

We explore a subtle but important mechanism through which firms can control information flow to the markets. We find that firms that “cast” their conference calls by disproportionately calling on bullish analysts tend to underperform in the future. Firms that call on... View Details

Keywords: Strategic Release; Firms; Conference Calls; Information; Strategy; Asset Pricing

SSRN

16 Jun 2008
Research & Ideas

Seven Tips for Managing Price Increases

discard your existing customer segmentation assumptions and segment consumers around product usage behavior and price sensitivity. You must get out into the marketplace yourself and talk to consumers directly to understand their pain... View Details

Keywords: by John Quelch

Web

Faculty & Research - Business & Environment

Management 23 results Vikram Gandhi General Management 41 results Daniel W. Green Finance 5 results Ranjay Gulati Organizational Behavior , Entrepreneurial Management 9 results Paul M. Healy 4 results... View Details

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 (11) Banks and Banking (30) Behavioral Finance (7) View Details

01 Dec 2023
News

The Imposter Among Us

understanding that I could straddle the worlds of science and finance with a dual expertise that has proven advantageous. It also has allowed me a comfort with the fact that I was creating a career that few had created before me. —Gregory... View Details

Keywords: Business Schools & Computer & Management Training; Educational Services

April 2015
Article

Money Creation and the Shadow Banking System

By: Adi Sunderam

Many explanations for the rapid growth of the shadow banking system in the mid-2000s focus on money demand. This paper asks whether the short-term liabilities of the shadow banking system behave like money. We first present a simple model where households demand money... View Details

Keywords: Financial Instruments; Banks and Banking

2012
Working Paper

Reaching for Yield in the Bond Market

By: Bo Becker and Victoria Ivashina

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 credit cycle. This paper analyses this phenomenon in the corporate bond market. Specifically, we show evidence for... View Details

Keywords: Fixed Income; Reaching For Yield; Financial Intermediation; Insurance Companies; Insurance; Bonds; Assets; Risk Management; Investment Return; Investment Portfolio; Insurance Industry

SSRN

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

2009
Working Paper

Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act

By: Dhammika Dharmapala, C. Fritz Foley and Kristin J. Forbes

This paper analyzes the impact on firm behavior of the Homeland Investment Act of 2004, which provided a one-time tax holiday for the repatriation of foreign earnings by U.S. multinationals. The analysis controls for endogeneity and omitted variable bias by using... View Details

Keywords: Investment; Multinational Firms and Management; Government Legislation; Taxation; Business and Shareholder Relations; Behavior; United States

Purchase

Spring 2015
Article

Bitcoin: Economics, Technology, and Governance

By: Rainer Böhme, Nicolas Christin, Benjamin Edelman and Tyler Moore

Bitcoin is an online communication protocol that facilitates virtual currency including electronic payments. Since its inception in 2009 by an anonymous group of developers, Bitcoin has served tens of millions of transactions with total dollar value in the billions.... View Details

Keywords: Market Platforms; Online Technology; Currency

Web

About - Business & Environment

development to practice, integrate climate in the core of the management curriculum, and drive new course development on a range of topics from climate finance to adaptation and resilience, to accelerating climate solutions. She leads an... View Details

July 2019
Article

Evaluation of Economic and Clinical Outcomes Under Centers for Medicare & Medicaid Services Mandatory Bundled Payments for Joint Replacements

By: Derek A. Haas, Xiaoran Zhang, Robert S. Kaplan and Zirui Song

In 2016, the Centers for Medicare & Medicaid Services (CMS) launched its first mandatory bundled payment program, the Comprehensive Care for Joint Replacement (CJR) model, by randomizing metropolitan statistical areas (MSAs) into the payment model. The paper analyzed... View Details

Keywords: Medicare; Medicaid; Bundled Payments; Health Care and Treatment; Cost Management; Performance Evaluation; Outcome or Result