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  • 2024
  • Working Paper

Ponzi Funds

By: Philippe van der Beck, Jean-Philippe Bouchaud and Dario Villamaina
Many active funds hold concentrated portfolios. Flow-driven trading causes price pressure, which pushes up the funds’ existing positions resulting in realized returns. We decompose fund returns into a price pressure (self-inflated) and a fundamental component and... View Details
Keywords: Investment Funds; Investment Portfolio; Investment Return; Price Bubble; Financial Reporting; Financial Liquidity
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  • July 2010 (Revised March 2016)
  • Case

MacroMarkets LLC

By: Robin Greenwood and Luis M. Viceira
MacroMarkets co-founder and CEO Samuel Masucci III is meeting with a strategic partner for his firm. Co-founded with Yale University Professor Robert Shiller, MacroMarkets' main innovation is the "MacroShare," which allows investors to take long or short, levered or... View Details
Keywords: Macroeconomics; Financial Instruments; Financial Markets; Investment Funds; Investment Portfolio; Innovation and Invention; Risk Management; Product Positioning; Demand and Consumers; Financial Services Industry
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  • March 2008 (Revised February 2009)
  • Case

Transparent Value LLC

By: Sharon P. Katz, Krishna G. Palepu and Aldo Sesia, Jr.
Leading index company Dow Jones recently signed a license and joint marketing agreement with Transparent Value LLC, the creator of a new fundamentals-based valuation methodology. The agreement allowed Dow Jones to offer a family of indexes based on the Transparent... View Details
Keywords: Asset Management; Stocks; Price; Performance Expectations; Mathematical Methods; Valuation
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  • August 2020 (Revised December 2020)
  • Case

Satrix: Competing in the Passive Asset Management Industry in South Africa

By: Mark Egan, Pippa Tubman Armerding and Dilyana Karadzhova Botha
In late 2017, Satrix, one of the largest passive asset management firms in South Africa and a pioneer in the industry since 2000, had to decide its strategy going forward in a market where passive asset management had become increasingly commoditized and... View Details
Keywords: Asset Management; Investment Funds; Competition; Competitive Strategy; Financial Services Industry; South Africa; Africa
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  • June 2020 (Revised August 2020)
  • Supplement

Vanguard Retail Operations (B)

By: Willy C. Shih and Antonio Moreno
The first two cases in this series are set in the financial services industry, and explore whether it is better for back-office workers to be generalists who provide the flexibility of being able to handle the complete range of transactions that the company faces or... View Details
Keywords: Pooling; Generalist Model; Specialist Model; Service Operations; Management; Financial Services Industry; United States
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  • June 2020 (Revised May 2022)
  • Case

Vanguard Retail Operations (A)

By: Willy C. Shih and Antonio Moreno
The first two cases in this series are set in the financial services industry, and explore whether it is better for back-office workers to be generalists who provide the flexibility of being able to handle the complete range of transactions that the company faces or... View Details
Keywords: Pooling; Generalist Model; Specialist Model; Operations; Service Operations; Management; Job Design and Levels; Financial Services Industry; United States
Related
  • 2024
  • Working Paper

Does the Case for Private Equity Still Hold?

By: Nori Gerardo Lietz and Philipp Chvanov
Private Equity (“PE”) received a 10-fold increase in capital flows since the Great Financial Crisis (“GFC”) Investors sought higher nominal returns relative to those they could obtain in the public capital markets. This paper questions the fundamental assumptions... View Details
Keywords: Private Equity; Investment Return; Investment Portfolio; Financial Markets
Related
  • Web

About - Business & Environment

Global Head of Product, iShares and Index Investments and drove the product strategy, development, and commercialization globally for the world's largest ETF provider. In this role, Carolyn was instrumental in driving the firm’s... View Details
  • 01 Dec 2015
  • News

Case Study: Bionic Banking

in index funds. Go with the 0.25 percent pricing. Returns will lag the index, and higher pricing will cause that lag to increase dramatically. The “secret sauce” Alpha Architect hopes to create are ETFs that “beat” the index. View Details
  • 18 Oct 2011
  • First Look

First Look: October 18

funds and closed-end funds. The U.S. ETF industry had reached $36 billion in assets under management, growing rapidly over the past few years. Because ETFs were exclusively index-tracking products, Vanguard,... View Details
Keywords: Sean Silverthorne
  • 10 Mar 2021
  • News

New Releases: Alumni and Faculty Books, Podcasts

of manners and politeness but rather a crucial component of a functioning democracy. Civility Rules! shows us how, with conscientious practice and patience, we can each contribute to the preservation of our democracy, one interaction at a time. The Complete Guide to... View Details
Keywords: Margie Kelley; Publishing Industries (except Internet); Information
  • 22 May 2018
  • First Look

New Research and Ideas, May 22, 2018

depend on management’s ability to significantly improve the efficiency of its manufacturing operations. ETF needed to decide whether to invest in the company and, if so, at what valuation. In addition, ETF... View Details
Keywords: Dina Gerdeman
  • 12 Oct 1999
  • Research & Ideas

A Perfect Fit: Aligning Organization & Strategy

ETF are presented during a three-day session that starts with the task force seated in the "fishbowl" arrangement described earlier. "The fishbowl structure creates a perfect setting where members of the task force can... View Details
Keywords: by Judith A. Ross
  • 14 Jul 2015
  • First Look

First Look: July 14, 2015

allocate more internal money to the fund, or should they open it up to third party investors? Purchase this case: https://cb.hbsp.harvard.edu/cbmp/product/315109-PDF-ENG Harvard Business School Case 215-038 The Complexity of Vanguard's Entry Decision into View Details
Keywords: Sean Silverthorne
  • 08 Jul 2008
  • First Look

First Look: July 8, 2008

ETF products on the Dow Jones Transparent Value indexes. The case study provides an overview of equity indexes and ETFs and a step-by-step description of Transparent Value's methodology. Purchase this case:... View Details
Keywords: Martha Lagace
  • 19 Oct 2010
  • First Look

First Look: October 19, 2010

exposure to residential housing. The firm has "battle-tested" two products—one linked to oil, and one linked to housing—with mixed success and is evaluating its strategy going forward. Specifically, Masucci wonders whether the MacroShare structure might come... View Details
Keywords: Sean Silverthorne
  • 18 Dec 2012
  • First Look

First Look: December 18

faces a variety of challenges in launching an innovative investment management business in the rapidly evolving ETF space. Purchase this case:http://hbr.org/search/211031-PDF-ENG Kyruus: Big Data's Search for the Killer App Higgins,... View Details
Keywords: Carmen Nobel