Publications
Publications
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- All HBS Web
(539)
- Faculty Publications (137)
- Summer 2019
- Article
The Price Effects of Cross-Market Mergers: Theory and Evidence from the Hospital Industry
By: Leemore S. Dafny, Katherine Ho and Robin S. Lee
We consider the effect of mergers between firms whose products are not viewed as direct substitutes for the same good or service but are bundled by a common intermediary. Focusing on hospital mergers across distinct geographic markets, we show that such combinations... View Details
- January 2019
- Article
Bubbles for Fama
By: Robin Greenwood, Andrei Shleifer and Yang You
We evaluate Eugene Fama's claim that stock prices do not exhibit price bubbles. Based on U.S. industry returns 1926–2014 and international sector returns 1985–2014, we present four findings: (1) Fama is correct in that a sharp price increase of an industry portfolio... View Details
Keywords: Bubble; Market Efficiency; Predictability; Price Bubble; Stocks; Price; Forecasting and Prediction
- October 2018
- Case
The Proxy Fight at ADP
By: Robin Greenwood and E. Scott Mayfield
In July 2017, shares of Automatic Data Processing, Inc. (ADP) surged 12% following a report that the activist investor Bill Ackman had acquired a sizable stake in the company and planned to nominate his own slate of directors at the company’s annual meeting in... View Details
- October 2018 (Revised January 2019)
- Case
The Financial Crisis: Timothy Geithner and the Stress Tests
In February and March 2009, the U.S. economy was in the midst of a terrifying financial and economic crisis. Between the beginning of 2008 and early 2009, four of the 25 largest U.S. financial institutions had failed, and nine of these 25 institutions had taken... View Details
- October 2018 (Revised January 2019)
- Case
The Financial Crisis: Hank Paulson in 2008
On the afternoon of Monday October 13, 2008, Hank Paulson Jr., the Secretary of the Treasury of the United States, walked into the large conference room across the hall from his office in the Treasury Department. Joining him were Federal Reserve Chairman Ben Bernanke,... View Details
- September 2018
- Article
Asset Price Dynamics in Partially Segmented Markets
By: Robin Greenwood, Samuel G. Hanson and Gordon Y. Liao
We develop a model in which capital moves quickly within an asset class but slowly between asset classes. While most investors specialize in a single asset class, a handful of generalists can gradually reallocate capital across markets. Upon the arrival... View Details
- August 2018
- Article
Extrapolation and Bubbles
By: Nicholas Barberis, Robin Greenwood, Lawrence Jin and Andrei Shleifer
We present an extrapolative model of bubbles. In the model, many investors form their demand for a risky asset by weighing two signals: an average of the asset’s past price changes and the asset’s degree of overvaluation. The two signals are in conflict, and investors... View Details
- July 2018 (Revised November 2018)
- Case
The Robin Hood Army
By: Susanna Gallani
In 2014, Neel Ghose and a handful of friends spent one evening distributing excess food they had collected from local restaurants to the less fortunate people living under the Hauz Khas flyover in South Delhi. Four years later, this initiative had developed into The... View Details
- 2018
- Working Paper
The Impact of Pensions and Insurance on Global Yield Curves
By: Robin Greenwood and Annette Vissing-Jorgensen
We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the ratio of pension assets (in... View Details
- 2016
- Article
The Federal Reserve's Balance Sheet as a Financial-Stability Tool
By: Robin Greenwood, Samuel Gregory Hanson and Jeremy C. Stein
We argue that the Federal Reserve should use its balance sheet to help reduce a key threat to financial stability: the tendency for private-sector financial intermediaries to engage in excessive amounts of maturity transformation—i.e., to finance risky assets using... View Details
- 2017
- Working Paper
Rainy Day Stocks
By: Niels Gormsen and Robin Greenwood
We study the good- and bad-times performance of equity portfolios formed on characteristics. Many characteristics associated with good performance during bad times – value, profitability, small size, safety, and total volatility – also perform well during good times.... View Details
- 2016
- Working Paper
Explaining the Persistence of Gender Inequality: The Work-Family Narrative as a Social Defense Against the 24/7 Work Culture
By: Irene Padavic, Robin J. Ely and Erin M. Reid
It is widely accepted that the conflict women experience between family obligations and professional jobs’ long hours lies at the heart of their stalled advancement. Yet research suggests that this “work-family narrative” is partial at best: men, too, experience... View Details
- September 2016
- Supplement
MyTime
By: Juliane Begenau and Robin Greenwood
Excel exhibits to accompany MyTime, HBS Case No. 217026 View Details
- September 2016 (Revised February 2017)
- Case
MyTime
By: Juliane Begenau and Robin Greenwood
Ethan Anderson, the CEO of San Francisco–based e-commerce company MyTime, must decide on the company's growth strategy. MyTime’s first product was a website and mobile app that offered consumers a convenient way to book appointments with local merchants throughout the... View Details
- Article
The Scandal Effect
By: Boris Groysberg, Eric Lin, George Serafeim and Robin Abrahams
Executives with scandal-tainted companies on their résumés pay a penalty on the job market, even if they clearly had nothing to do with the trouble. Because the scandal effect is lasting, a company you left long ago could have an impact on your current and future job... View Details
- June 2016
- Teaching Note
The Rawlinsons: Facing Life and Career Decisions as a Couple
By: Boris Groysberg and Robin Abrahams
David and Nadia Rawlinson are a dual-career power couple who both seek executive careers in large organizations. At the beginning of the case, Nadia has taken a new job in San Francisco, while David has been offered an opportunity in London. What are the risks of... View Details
- April 2016
- Technical Note
Estimating the Equity Risk Premium
By: Samuel Hanson, Robin Greenwood and David Biery
- November 2015 (Revised November 2016)
- Case
Vipshop Holdings Limited
By: Robin Greenwood and Yuhang Vivian Wang
- September 2015 (Revised September 2017)
- Case
Pershing Square 2.0
By: Robin Greenwood, Samuel Hanson and David Biery
In June 2015 William A. Ackman, the CEO and founder of New York hedge fund Pershing Square Capital, reflects on the success of the fund he has spent over a decade building. Since its inception in 2004, Pershing Square's assets under management had grown from $500... View Details
- August 2015
- Article
A Comparative-Advantage Approach to Government Debt Maturity
By: Robin Greenwood, Samuel G. Hanson and Jeremy C. Stein
We study optimal government debt maturity in a model where investors derive monetary services from holding riskless short-term securities. In a setting where the government is the only issuer of such riskless paper, it trades off the monetary premium associated with... View Details