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  • 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
Related

    Haiyang Zhang

    Haiyang Zhang is a doctoral student in the Strategy unit at Harvard Business School. He conducts research on corporate and entrepreneurial strategy.

    Prior to pursuing his PhD, Haiyang was an engagement manager at McKinsey & Company, where he served... View Details

    • November 2007
    • Case

    AXA MONY

    By: Lucy White and Andre F. Perold
    AXA's friendly bid for MONY is contested by activist hedge funds suspicious of management's generous change in control contracts. Votes trade after the record date. AXA financed the bid using an unusual conditionally convertible bond which may have affected incentives... View Details
    Keywords: Bonds; Ethics; Bids and Bidding
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    • 2025
    • Working Paper

    Bank Financing of Global Supply Chains

    By: Laura Alfaro, Mariya Brussevich, Camelia Minoiu and Andrea Presbitero
    Finding new international suppliers is costly, so most importers source inputs from a single country. We examine the role of banks in mitigating trade search costs during the 2018–2019 U.S.-China trade tensions. We match data on shipments to U.S. ports with the U.S.... View Details
    Keywords: Financial Institutions; International Finance; Trade; Credit; United States; Asia
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    • October 2010
    • Supplement

    Belco Global Foods: Spreadsheet Supplement (CW)

    By: C. Fritz Foley and Matthew Johnson
    This case introduces students to the fundamental issues that managers face when deciding what international trade finance terms to use when transacting with other firms. In late 2009, Pam Arnold, the Head of Global Credit at Belco Global Foods must decide which trade... View Details
    Keywords: Customers; Decisions; Trade; Financial Strategy; Governance Compliance; Managerial Roles; Market Transactions
    Related
    • March 1999 (Revised January 2000)
    • Background Note

    A Note on Microeconomics for Strategists

    By: Kenneth S. Corts and Jan W. Rivkin
    Summarizes the core ideas about the microeconomics of markets that are most relevant to business strategy. Sections I and II develop two basic building blocks of any market, demand and supply. Section II discusses how demand and supply interact to determine the... View Details
    Keywords: Microeconomics; Cost; Cost of Capital; Market Entry and Exit; Business Strategy; Competition; Corporate Strategy
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    • April 2014
    • Teaching Plan

    Beidahuang

    By: Ray A. Goldberg and David Lane
    This teaching plan is designed to support the teaching of Beidahuang, HBS No. 914-412, rev. March 2014. Beidahuang is a major new Chinese player in global grain trading that in 2013 is seeking access to grain both to help assure China's food security and in pursuit of... View Details
    Keywords: Agribusiness; Sourcing; Beidahuang; S; Plant-Based Agribusiness; Supply Chain Management; Trade; Agriculture and Agribusiness Industry; Brazil; China
    Related
    • Awards

    William F. Sharpe Award for Scholarship in Financial Research

    By: Malcolm P. Baker
    Won the William F. Sharpe Award for Best Paper in 2011 for his paper with Lubomir Litov, Jessica A. Wachter, and Jeffrey Wurgler, “Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements” (Journal of Financial and... View Details
    • 26 Jun 2019
    • Research & Ideas

    Why the US-China Tariff Standoff Hurts American Companies More

    Cavallo suggests that American companies—and more recently, consumers—are bearing the brunt of the trade war with China, whose government has been retaliating with its own import tax increases. US exporters, particularly farmers selling... View Details
    Keywords: by Danielle Kost; Retail; Manufacturing; Steel
    • Dec 2009
    • Other Presentation

    The Economic Performance of Swiss Regions

    By: Michael E. Porter and Michael Keller
    Indicators of Economic Performance, Composition of Cantonal Economies and Clusters of Traded Industries View Details
    Keywords: Economics; Switzerland
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    • May 2001
    • Article

    Competing at Home to Win Abroad: Evidence from Japanese History

    By: Mariko Sakakibara and Michael E. Porter
    The study explores the influence of domestic competition on international trade performance, using data from a broad sample of Japanese industries. Domestic rivalry is measured directly using market-share instability rather than employing structural variables such as... View Details
    Keywords: Competition; Global Range; History; Japan
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    • August 2008 (Revised May 2009)
    • Background Note

    International Enforcement of U.S. Patents

    By: Robert C. Pozen and Jordan Hirsch
    A company that owns a U.S. patent can enforce its patent protections in three ways: by filing a lawsuit in U.S. federal district court, by bringing action in the International Trade Commission, or through the World Trade Organization. This note discusses the pros and... View Details
    Keywords: International Relations; Patents; Courts and Trials; Lawsuits and Litigation; Rights
    Related
    • Research Summary

    Overview

    Professor Sawyer’s research focuses on U.S. political economy in the late 19th and early 20th centuries, concentrating on the development of competition policy and the administrative state. While the conventional history of U.S. competition policy portrays the... View Details

    • October 1995 (Revised June 1996)
    • Case

    Li & Fung (Trading) Ltd.

    Li & Fung, one of the largest export trading companies in Asia, works primarily as an agent to connect U.S. and European manufacturers and retailers of nondurable, mass-market consumer goods with suppliers located all over East Asia who manufacture products according... View Details
    Keywords: Networks; Marketplace Matching; Supply Chain Management; Trade; Manufacturing Industry; Retail Industry; Asia; United States; Europe
    Related

      Disagreement after News: Gradual Information Diffusion or Differences of Opinion?

      This paper explores the long-standing empirical fact of increased trading volume around news releases through the lens of canonical models of gradual information diffusion and differences of opinion. I use a unique dataset of clicks on news by key finance... View Details

      • October 2010 (Revised November 2010)
      • Case

      Belco Global Foods

      By: C. Fritz Foley and Matthew Johnson
      This case introduces students to the fundamental issues that managers face when deciding what international trade finance terms to use when transacting with other firms. In late 2009, Pam Arnold, the head of global credit at Belco Global Foods, must decide which trade... View Details
      Keywords: Trade; Credit; Financing and Loans; International Finance; Globalized Firms and Management; Food and Beverage Industry
      Related
      • 02 Jun 2020
      • News

      Protesters Weigh Virus Risks on Crowded Streets

      • 2002
      • Other Unpublished Work

      A View of Ontario: Ontario's Clusters of Innovation

      By: Michael E. Porter
      In Working Paper 1, A view of Ontario: Ontario's clusters of innovation, we reviewed the importance of clusters of traded industries to an economy's productivity, innovation, and standard of living. Professor Michael Porter of the Institute for Strategy and... View Details
      Keywords: Economics; Growth and Development; Canada
      Related
      • December 2005 (Revised August 2006)
      • Case

      Bloemenveiling Aalsmeer

      By: Felix Oberholzer-Gee, Vincent Marie Dessain, Daniela Beyersdorfer and Anders Sjoman
      The Dutch "Verenigde Bloemenveiling Aalsmeer Cooperative" (VBA) was on of the world's largest flower exchanges. Around 6,300 flower growers, one half of them located in the Netherlands, used the auction to sell cut flowers and plants to more than 1,000 wholesalers. In... View Details
      Keywords: Auctions; Bids and Bidding; Trade; Market Entry and Exit; Financial Markets; Segmentation; Agriculture and Agribusiness Industry; Netherlands
      Related
      • 2000
      • Book

      Merchants to Multinationals

      By: Geoffrey Jones
      This book examines the evolution of multinational trading companies from the eighteenth century to the present day. During the Industrial Revolution, British merchants established overseas branches which became major trade intermediaries, and later engaged in foreign... View Details
      Keywords: Competency and Skills; Trade; Foreign Direct Investment; Multinational Firms and Management; Corporate Governance; Growth and Development; Human Resources; Information Management; Relationships; Corporate Strategy; Africa; Asia; Latin America
      Related