Publications

June 1984 (Revised June 1987)
Case

Sanford C. Bernstein & Co., Inc.

By: Andre F. Perold

Keywords: Financial Management; Investment Portfolio; Management; Financial Services Industry

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21 Jul 2016
Cold Call Podcast

How Small Investors Can Bet Big on Brands They Love

Keywords: Re: Luis M. Viceira; Financial Services

2024
Working Paper

Who Clears the Market When Passive Investors Trade?

By: Marco Sammon and John J. Shim

We find that firms are the primary sellers of shares when index funds are net buyers, providing shares at a nearly one-for-one rate. Rather than provide liquidity, most demand-side institutions trade in the same direction as index funds, especially over long horizons.... View Details

Keywords: Investment Funds; Institutional Investing; Price; Investment Portfolio; Financial Institutions; Financial Instruments

SSRN

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

Keywords: Stocks; Financing and Loans; Negotiation; Investment Portfolio; Investment Return

2024
Article

Political Polarization and Finance

By: Elisabeth Kempf and Margarita Tsoutsoura

We review an empirical literature that studies how political polarization affects financial decisions. We first discuss the degree of partisan segregation in finance and corporate America, the mechanisms through which partisanship may influence financial decisions, and... View Details

Keywords: Government and Politics; Investment Portfolio; Decisions; Governance

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May 2022
Case

What's Next

By: Richard S. Ruback and Royce Yudkoff

Is there a typical long-term career path for people who become entrepreneurs through acquisition? What choices do searchers and investors make subsequent to their first search? The former searchers profiled here identified five common longer-term career paths and... View Details

Keywords: Personal Development and Career; Entrepreneurship; Investment Portfolio; Decision Making; Financial Services Industry

November 2007
Background Note

Bayesian Estimation & Black-Litterman

By: Joshua D. Coval and Erik Stafford

Describes a practical method for asset allocation that is more robust to estimation errors than the traditional implementation of mean-variance optimization with sample means and covariances. The Bayesian inspired Black-Litterman model is described after introducing... View Details

Keywords: Asset Management; Investment Portfolio; Mathematical Methods

2008
Working Paper

Long-Run Stockholder Consumption Risk and Asset Returns

By: Christopher J. Malloy, Tobias J. Moskowitz and Annette Vissing-Jorgensen

We provide new evidence on the success of long-run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting micro-level household consumption data, we show that long-run stockholder consumption risk better captures cross-sectional... View Details

Keywords: Asset Pricing; Stocks; Investment Return; Investment Portfolio; Risk Management

Read Now

February 2003 (Revised August 2005)
Case

UCB (A): Managing Information for Globalization and Innovation

By: F. Warren McFarlan and Brian DeLacey

This case presents a complex total MIS strategy case for a $3 billion European pharmaceutical/chemicals company based in Brussels. It covers corporate strategy alignment of IT portfolio, IT operations issues, and global coordination of IT. View Details

Keywords: Information Technology; Operations; System; Corporate Strategy; Investment Portfolio; Globalization; Pharmaceutical Industry; Information Technology Industry; Brussels

03 Dec 2018
Research & Ideas

How Companies Can Increase Market Rewards for Sustainability Efforts

flavijus For the first time, a link has been drawn between public sentiment about a company’s sustainability practices and how that company is valued in the market. The results are important both for investors searching for under-valued, socially responsible companies,... View Details

Keywords: by Rachel Layne

2011
Chapter

Asset Allocation by Institutional Investors after the Recent Financial Crisis

By: Robert C. Pozen, Betsy Palmer and Natalie Shapiro

Keywords: History; Assets; Resource Allocation; Investment Portfolio; Financial Crisis

April 2008 (Revised April 2010)
Background Note

The Hedge Fund Industry

By: William E. Fruhan Jr.

This note describes the hedge fund industry as of the end of the year 2007. View Details

Keywords: Investment Return; Investment Funds; Investment Portfolio; Financial Services Industry

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