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  • 20 Dec 2011
  • First Look

First Look: December 20

major investment bank to investigate factors associated with analysts' annual compensation. We find compensation to be positively related to "All-Star" recognition, investment-banking contributions, the size of analysts' portfolios, and whether an analyst is... View Details
Keywords: Carmen Nobel
  • 15 Oct 2008
  • First Look

First Look: October 15, 2008

Second, the correlation between bond yields and ratings fell. And lastly, negative stock price responses to announced rating downgrades are larger in absolute value (a downgrade in this weaker ratings environment is even worse news).... View Details
Keywords: Martha Lagace
  • 07 Sep 2011
  • First Look

First Look: Sept. 7

sociologists present a clear analysis of Cuba's economic and social circumstances and suggest steps for Cuba to reactivate economic growth and improve the welfare of its citizens. These authors focus first on trade, capital inflows, View Details
Keywords: Sean Silverthorne
  • Profile

Deborah A. Farrington

back in the 1960s. “Growing up, I had an exposure to Wall Street, which I found really fascinating,” Farrington recalled. “I went onto the trading floor of the New York Stock Exchange when... View Details
  • 08 Aug 2018
  • News

Getting Life Back in Balance

living suite with a Brazilian stock broker, a Japanese television producer, a Botswanan chemical engineer, and a Danish medical trials manager. The cohort, eight in total, were able to share their unique experiences, thoughts, fears, and... View Details
Keywords: Jennifer Myers
  • 25 Mar 2014
  • First Look

First Look: March 25

bonds to the stock market has moved considerably over time. While it was slightly positive on average in the period 1960-2011, it was unusually high in the 1980s and negative in the 2000s, a period during which Treasury bonds enabled... View Details
Keywords: Sean Silverthorne
  • 29 Sep 2009
  • First Look

First Look: September 29

  Working PapersLocal Dividend Clienteles Authors:Bo Becker, Zoran Ivkovich, and Scott WeisbennerNBER Working Paper Series, No. 15175, July 2009 Abstract We exploit demographic variation to identify the effect of dividend demand on firm payout policy. Retail investors... View Details
Keywords: Martha Lagace
  • 27 Jul 2011
  • Research & Ideas

Customer Loyalty Programs That Work

ExtraCare, and pay-for-membership cards for stores including Costco. In a very basic form loyalty schemes have been around for as long as people have been exchanging goods—consider the farmer who threw in an extra ear of corn for his best... View Details
Keywords: by Maggie Starvish; Retail
  • 27 Jun 2017
  • First Look

First Look at New Research and Ideas, June 27

drive up the cost of capital and curb investment. This paper evaluates the effects of capital controls on firm-level stock returns and real investment using data from Brazil. On average, there is a statistically significant drop in... View Details
Keywords: Sean Silverthorne
  • 22 May 2007
  • First Look

First Look: May 22, 2007

at varying horizons, and that the short-term nominal interest rate forecasts positively stock return volatility and exchange rate volatility. This paper presents evidence that movements in both the... View Details
Keywords: Martha Lagace
  • 10 May 2022
  • News

Alumni Achievement Awards 2022

pond: “The great thing about working in finance in India was the opportunity to influence the evolution of the country’s financial institutions and regulatory structures. Very early on, I was part of the group that helped set up a second, more modern View Details
  • 29 Mar 2016
  • First Look

March 29, 2016

was founded to serve a vital but narrow function in maintaining the global foreign exchange system and thus enabling international trade. This note gives an overview of the IMF's evolution by describing key phases in its history,... View Details
Keywords: Sean Silverthorne
  • 10 Oct 2007
  • First Look

First Look: First Look: October 10

defeated by a less reformist coalition. Stock prices of government-controlled companies that had been slated for definite privatization by the BJP dropped by 3.5 percent relative to private firms. Surprisingly, government-controlled... View Details
Keywords: Martha Lagace
  • 18 Aug 2009
  • First Look

First Look: August 18

stock repurchases. We investigate whether the informativeness of payout policy with respect to earnings quality changes over this period. We find that the reported earnings of dividend paying firms are more persistent than those of other... View Details
Keywords: Martha Lagace
  • 11 Dec 2007
  • First Look

First Look: December 11, 2007

stock prices had been reached. Despite Fisher's poor prediction on that occasion, he played a neglected, but significant role in the growth of the forecasting industry and in the rise of a class of early business analysts. An... View Details
Keywords: Martha Lagace
  • 18 Mar 2014
  • First Look

First Look: March 18

findings imply that firm oversight is important during market booms, just when stock prices suggest all is well. Download working paper: http://www.people.hbs.edu/mrhodeskropf/GovMisFirms_v39.pdf Visualizing and Measuring Software... View Details
Keywords: Sean Silverthorne
  • 01 Mar 2009
  • News

Buddy, Can You Spare a Trillion

under the bridge — ancient history, like the history of imperial China. Markets have short memories. Many young traders today did not even experience the Asian crisis of 1997–1998. Those who went into finance after 2000 lived through seven heady years. View Details
Keywords: Finance; Publishing Industries (except Internet); Information
  • 19 Jan 2016
  • First Look

January 19, 2016

Markets By: Baker, Malcolm Abstract—The link between measures of risk and return within the equity market has been very weak over the past 47 years: in the United States, returns on high-risk stocks have cumulatively fallen short of the... View Details
Keywords: Sean Silverthorne
  • 26 Jun 2018
  • First Look

New Research and Ideas, June 26, 2018

Political Influence of Voters' Interests on SEC Enforcement By: Heese, Jonas Abstract—I examine whether political influence as a response to voters’ interest in employment levels is reflected in the enforcement actions of the Securities and View Details
Keywords: Dina Gerdeman
  • 21 Jun 2011
  • First Look

First Look: June 21

resisted the kind of currency appreciation to which West Germany and Japan consented. We conclude that Chimerica cannot persist for much longer in its present form. As in the 1970s, sizeable changes in exchange rates are needed to... View Details
Keywords: Sean Silverthorne