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Publications

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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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  • 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

    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
    • 09 Dec 2002
    • Research & Ideas

    Unilever—A Case Study

    significant influences appear to be market share position—in general, as a foreign owned firm's market share rose, the gap between its return on assets and those for United States—owned companies decreased—and age of the affiliate, with... View Details
    Keywords: by Geoffrey Jones; Consumer Products; Entertainment & Recreation; Food & Beverage; Manufacturing; Retail
    • 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
    • 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
    • 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
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    • 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
    • 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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    • 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

    Human Behavior & Decision-Making - Faculty & Research

    Working Paper | Faculty Research We address two inconvenient facts in asset pricing: (i) valuation ratios are often more related to future cash flows than to returns, and (ii) they mostly fail to predict returns. We show that these issues... View Details
    • 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
    • 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 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
    • 18 Mar 2013
    • HBS Case

    HBS Cases: LEGO

    management, product demand was so high at times that executives actually found themselves discussing ways to slow sales. A Shock To The System That all changed in the early 1990s as seismic shifts pounded the toy market. Big Box toy discounters trampled mom-and-pops... View Details
    Keywords: by Maggie Starvish; Entertainment & Recreation
    • 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
    • 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
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    • 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
    • Web

    Bankruptcy | Baker Library | Bloomberg Center | Harvard Business School

    mortgage assets on our balance sheet was a big problem, regardless of any quality or hedging arguments that might be made.” [16] Glen Le Lievre, "Too big to fail." The Wall Street Journal Cartoon Collection, Baker Library, Harvard... View Details
    • 12 Mar 2006
    • Research & Ideas

    New Research Explores Multi-Sided Markets

    (the quintessential two-sided platform) must serve both men and women. Q: Please give some examples of these markets. A: Examples are pervasive in today's economy and range from dating clubs (men and women), financial exchanges, real estate listings, online View Details
    Keywords: by Sean Silverthorne; Technology