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(921)
- News (190)
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- Faculty Publications (249)
Show Results For
- All HBS Web
(921)
- News (190)
- Research (607)
- Events (1)
- Multimedia (2)
- Faculty Publications (249)
- 2021
- Working Paper
Once Bitten, Twice Shy: Learning from Corporate Fraud and Corporate Governance Spillovers
By: Trung Nguyen
This paper finds that investors learn from their experience with corporate fraud and financial misconduct and modify their investment behavior to avoid suspicious firms and increase corporate governance efforts. More specially, mutual funds that experienced corporate... View Details
Keywords: Institutional Investors; Investor Experience; Shareholder Voting; Corporate Fraud; Corporate Governance; Institutional Investing; Behavior; Change; Learning
Nguyen, Trung. "Once Bitten, Twice Shy: Learning from Corporate Fraud and Corporate Governance Spillovers." Harvard Business School Working Paper, No. 21-135, June 2021.
- November 2019
- Article
The Relevance of Broker Networks for Information Diffusion in the Stock Market
By: Marco Di Maggio, Francesco Franzoni, Amir Kermani and Carlo Sommavilla
This paper shows that the network of relationships between brokers and institutional investors shapes information diffusion in the stock market. We exploit trade-level data to show that central brokers gather information by executing informed trades, which is then... View Details
Keywords: Broker Networks; Institutional Investors; Asset Prices; Business and Shareholder Relations; Institutional Investing; Information; Knowledge Dissemination; Financial Markets; Asset Pricing
Di Maggio, Marco, Francesco Franzoni, Amir Kermani, and Carlo Sommavilla. "The Relevance of Broker Networks for Information Diffusion in the Stock Market." Journal of Financial Economics 134, no. 2 (November 2019): 419–446.
- 19 Feb 2007
- Research & Ideas
Inexperienced Investors and Market Bubbles
joining a bubble. In the recent paper, "Inexperienced Investors and Bubbles," Harvard Business School's Robin Greenwood and Stanford's Stefan Nagel compared the returns of young and older mutual fund managers during and after... View Details
- 17 Nov 2015
- Lessons from the Classroom
How Activist Investors Became Respectable
investment banks, and consultancies that once shunned the practice and from the increasing influence of proxy advisory firms. But it was the many institutional investors who eventually embraced activists in... View Details
- 20 Aug 2007
- Working Paper Summaries
Hedge Fund Investor Activism and Takeovers
- May 2011
- Article
Institutional Stock Trading on Loan Market Information
By: Victoria Ivashina and Zheng Sun
Over the past decade, one of the most important developments in the corporate loan market has been the increasing participation of institutional investors in lending syndicates. As lenders, institutional investors routinely receive private information about borrowers.... View Details
Ivashina, Victoria, and Zheng Sun. "Institutional Stock Trading on Loan Market Information." Journal of Financial Economics 100, no. 2 (May 2011): 284–303.
- 23 Aug 2004
- Research & Ideas
New Challenges for Long-Term Investors
Treasury. This demand has peaked recently, as inflationary pressures are building in the economy. Not surprisingly, institutional investors with long-term spending needs that grow with inflation (such as... View Details
Keywords: by Ann Cullen
- September 2015
- Article
Banks as Patient Fixed-Income Investors
By: Samuel G. Hanson, Andrei Shleifer, Jeremy C. Stein and Robert W. Vishny
We examine the business model of traditional commercial banks when they compete with shadow banks. While both types of intermediaries create safe "money-like" claims, they go about this in different ways. Traditional banks create money-like claims by holding illiquid... View Details
Hanson, Samuel G., Andrei Shleifer, Jeremy C. Stein, and Robert W. Vishny. "Banks as Patient Fixed-Income Investors." Journal of Financial Economics 117, no. 3 (September 2015): 449–469. (Internet Appendix Here.)
- 20 Aug 2007
- Research & Ideas
HBS Cases: Using Investor Relations Proactively
Total focuses on explaining how their cash use is prudent. Similarly, BP has a large base of retail investors but in many ways it treats them as just slightly different versions of its institutional... View Details
- 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... View Details
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.)
- 08 Nov 2024
- Op-Ed
How Private Investors Can Help Solve Africa's Climate Crisis
area’s peace, stability, and national security. And the situation is getting progressively worse, partly due to people migrating out of suddenly unlivable situations. “Governments and development finance institutions clearly don’t have... View Details
- June 2009
- Journal Article
Taxes, Institutions and Foreign Diversification Opportunities
By: Mihir Desai and Dhammika Dharmapala
Investors can access foreign diversification opportunities through either foreign portfolio investment (FPI) or foreign direct investment (FDI). The worldwide tax regime employed by the U.S. potentially distorts this choice by penalizing FDI, relative to FPI, in... View Details
Keywords: International Finance; Foreign Direct Investment; Investment Portfolio; Multinational Firms and Management; Taxation; Diversification; United States
Desai, Mihir, and Dhammika Dharmapala. "Taxes, Institutions and Foreign Diversification Opportunities." Journal of Public Economics 93, nos. 5-6 (June 2009): 703–714.
- 13 Dec 2012
- News
Is ESG Information for Investors Losing its Competitive Edge?
- March 2006
- Module Note
Finance in Weak Institutional Environments
By: Mihir A. Desai and Kathleen Luchs
Describes the sixth module in the International Finance course at Harvard Business School. The module explores the issues confronting firms that operate in weak institutional environments. The cases examine situations where investor protections are limited and how... View Details
Keywords: International Finance; Curriculum and Courses; Business Ventures; Framework; Organizational Design; Outcome or Result; Education Industry
Desai, Mihir A., and Kathleen Luchs. "Finance in Weak Institutional Environments." Harvard Business School Module Note 206-127, March 2006.
- Article
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... View Details
Keywords: Financial Intermediation; Institutional Investors; Research Analysts; Broker Networks; Equity Trading; Institutional Investing
Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Journal of Financial Economics 145, no. 2A (August 2022): 208–233.
- 19 Jun 2013
- Research & Ideas
Analyzing Institutions to Solve Big Problems
The academic study of institutions provides important insights into topics such as job design and health-care reform. But the field is a complex one, and it's not always obvious to outsiders how the intellectual tools of the trade are... View Details
Keywords: by Carmen Nobel & Anna Secino
- 14 Sep 2015
- News
Helping Investors Have an Impact
getting people to cross-connect and cross-pollinate our ideas. It enables philanthropic funders, whether they are philanthropists giving money or they are institutional investors who want to actually deploy... View Details
- 06 Dec 2021
- Research & Ideas
The Popular Stock Metric That Can Lead Investors Astray
to spot potentially underpriced stocks, and major stock indexes and institutional investors lean on the metric as well. Yet, in an examination of thousands of stocks over a period of nearly 40 years, Wang... View Details
Keywords: by Rachel Layne
- 2005
- Other Unpublished Work
Corporate Financing Decisions When Investors Take the Path of Least Resistance
By: Malcolm Baker, Joshua Coval and Jeremy Stein
We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to... View Details
Keywords: Decisions; Behavior; Stocks; Mergers and Acquisitions; Policy; Investment; Financial Institutions; Equity; Corporate Finance
Baker, Malcolm, Joshua Coval, and Jeremy Stein. "Corporate Financing Decisions When Investors Take the Path of Least Resistance." NBER Working Paper Series, April 2005. (First Draft in 2004.)
- 02 Aug 2006
- Research & Ideas
Investor Protection: The Czech Experience
not just in (what is now) the Czech Republic, but also in any country that lacks strong institutions and investor protections. As HBS professor Mihir A. Desai and the Monitor Group's Alberto Moel explain in... View Details