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(10,692)
- People (35)
- News (2,504)
- Research (6,223)
- Events (31)
- Multimedia (136)
- Faculty Publications (4,708)
Show Results For
- All HBS Web
(10,692)
- People (35)
- News (2,504)
- Research (6,223)
- Events (31)
- Multimedia (136)
- Faculty Publications (4,708)
- July–August 1999
- Article
Bringing the Environment Down to Earth
By: F. L. Reinhardt
Reinhardt, F. L. "Bringing the Environment Down to Earth." Harvard Business Review 77, no. 4 (July–August 1999): 149–157.
- 05 Jan 2016
- News
Alumni Top Two New Lists of Rising Stars
Ventureminded. Stefanie Botelho (MBA 2013), founder and CEO of the B2B marketplace Fitzroy Toys for independent toymakers. Divya Nettimi (MBA 2014), an investment analyst with Viking Global Investors. Gabriel Parisi-Amon (MBA 2013),... View Details
- Second Quarter 2008
- Article
How Does Investor Sentiment Affect the Cross-Section of Returns
By: Malcolm Baker, Johnathan Wang and Jeffrey Wurgler
Broad waves of investor sentiment should have larger impacts on securities that are more difficult to value and to arbitrage. Consistent with this intuition, we find that when an index of investor sentiment takes low values, small, young, high volatility,... View Details
Baker, Malcolm, Johnathan Wang, and Jeffrey Wurgler. "How Does Investor Sentiment Affect the Cross-Section of Returns." Journal of Investment Management 6, no. 2 (Second Quarter 2008): 57–72.
- 18 Feb 2020
- Working Paper Summaries
A Preliminary Framework for Product Impact-Weighted Accounts
- 2013
- Article
Learning and the Disappearing Association Between Governance and Returns
By: Lucian A. Bebchuk, Alma Cohen and Charles C.Y. Wang
The correlation between governance indices and abnormal returns documented for 1990–1999 subsequently disappeared. The correlation and its disappearance are both due to market participants' gradually learning to appreciate the difference between good-governance and... View Details
Keywords: Corporate Governance; Investment Return; Operations; Performance; Value; Learning; Business Earnings; Behavioral Finance
Bebchuk, Lucian A., Alma Cohen, and Charles C.Y. Wang. "Learning and the Disappearing Association Between Governance and Returns." Journal of Financial Economics 108, no. 2 (May 2013): 323–348. (2013 IRRCi Investor Research Award.)
- March 2001 (Revised April 2002)
- Case
Rent-Way, Inc. (A)
By: David F. Hawkins
The company uses the units of activity method to account for its rental inventory. A prominent hedge fund advisor recommends the company's stock be sold short. View Details
Keywords: Mathematical Methods; Stock Shares; Fair Value Accounting; Quality; Investment Funds; Service Industry
Hawkins, David F. "Rent-Way, Inc. (A)." Harvard Business School Case 101-089, March 2001. (Revised April 2002.)
- October 2007
- Article
The Effectiveness of Pre-Release Advertising for Motion Pictures: An Empirical Investigation Using a Simulated Market
By: Anita Elberse and Bharat N. Anand
One of the most visible and publicized trends in the movie industry is the escalation in movie advertising expenditures over time. Yet, the returns to movie advertising are poorly understood. The main reason is that disentangling the causal effect of advertising on... View Details
Keywords: Advertising; Stocks; Investment Return; Price; Revenue; Quality; Mathematical Methods; Motion Pictures and Video Industry
Elberse, Anita, and Bharat N. Anand. "The Effectiveness of Pre-Release Advertising for Motion Pictures: An Empirical Investigation Using a Simulated Market." Information Economics and Policy 19, nos. 3-4 (October 2007): 319–343. (Special Issue on Economics of the Media.)
- 23 Oct 2019
- Working Paper Summaries
Decarbonization Factors
- October 2008
- Article
The Small World of Investing: Board Connections and Mutual Fund Returns
By: Lauren Cohen, Andrea Frazzini and Christopher J. Malloy
This paper uses social networks to identify information transfer in security markets. We focus on connections between mutual fund managers and corporate board members via shared education networks. We find that portfolio managers place larger bets on firms they are... View Details
Keywords: Financial Markets; Information Management; Social and Collaborative Networks; Announcements; Investment Portfolio; Investment Return; Investment Funds; Asset Pricing; Governing and Advisory Boards
Cohen, Lauren, Andrea Frazzini, and Christopher J. Malloy. "The Small World of Investing: Board Connections and Mutual Fund Returns." Journal of Political Economy 116, no. 5 (October 2008): 951–979. (Winner of the Barclays Global Investors Award, Best Paper in Asset Pricing, European Finance Association 2007.)
- June 2025
- Article
Passive Ownership and Price Informativeness
By: Marco Sammon
I show that passive ownership negatively affects the degree to which stock prices anticipate earnings announcements. Estimates across several research designs imply that the rise in passive ownership over the last 30 years has caused the amount of information... View Details
Keywords: Passive Ownership; ETFs; Market Efficiency; Price; Investment Funds; Stocks; Communication
Sammon, Marco. "Passive Ownership and Price Informativeness." Management Science 71, no. 6 (June 2025): 4582–4598.
- 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
Kempf, Elisabeth, and Margarita Tsoutsoura. "Political Polarization and Finance." Annual Review of Financial Economics 16 (2024): 413–434.
- July 2024
- Article
AI, ROI, and Sales Productivity
By: Frank V. Cespedes
Artificial intelligence (AI) is now a loose term for many different things and at the peak of its hype curve. So managers hitch-their-pitch to the term in arguing for resources. But like any technology, its business value depends upon actionable use cases embraced by... View Details
Cespedes, Frank V. "AI, ROI, and Sales Productivity." Top Sales Magazine (July 2024), 12–13.
- 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
Ruback, Richard S., and Royce Yudkoff. "What's Next." Harvard Business School Multimedia/Video Case 222-709, May 2022.
- December 2020
- Article
Stock Market Returns and Consumption
By: Marco Di Maggio, Amir Kermani and Kaveh Majlesi
This paper employs Swedish data containing security level information on households' stock holdings to investigate how consumption responds to changes in stock market returns. We exploit households’ portfolio weights in previous years as an instrument for actual... View Details
Keywords: Capital Gain; Dividend Income; Consumption; Near-rational Behavior; Investment Return; Household; Spending; Behavior
Di Maggio, Marco, Amir Kermani, and Kaveh Majlesi. "Stock Market Returns and Consumption." Journal of Finance 75, no. 6 (December 2020): 3175–3219. (DFA Distinguished Paper Prize.)
- 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
Coval, Joshua D., and Erik Stafford. "Bayesian Estimation & Black-Litterman." Harvard Business School Background Note 208-085, November 2007.
- November 2006 (Revised July 2021)
- Case
Kerr-McGee
By: Robin Greenwood and André Perold
Activist investors Carl Icahn and Barry Rosenstein acquire a stake in Oklahoma-based company Kerr-McGee. They demand two board seats and ask the company to make several operational and financial changes, including the repurchase of equity and divestiture of their... View Details
Keywords: Investment Activism; Restructuring; Equity; Investment; Management; Governance Controls; Corporate Strategy; Chemical Industry; Energy Industry; United States
Greenwood, Robin, and André Perold. "Kerr-McGee." Harvard Business School Case 207-020, November 2006. (Revised July 2021.)
- October 1992 (Revised December 1993)
- Case
Vanguard Group, Inc. (A)
By: Jay O. Light
Deals with the general mission and strategy of a large mutual fund complex. View Details
Light, Jay O. "Vanguard Group, Inc. (A)." Harvard Business School Case 293-064, October 1992. (Revised December 1993.)
- September 2015 (Revised February 2016)
- Supplement
Novell (B): Board of Directors Aftermath of Hedge Fund Attack
By: Richard L. Nolan
No corporation and its board of directors is immune to a disruptive shareholder activist attack. The Novell (A) and (B) cases take students through a shareholder activist attack and its aftermath—a saga that spanned 5 years. The cases outline the activist playbook in... View Details
Nolan, Richard L. "Novell (B): Board of Directors Aftermath of Hedge Fund Attack." Harvard Business School Supplement 916-405, September 2015. (Revised February 2016.)