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Show Results For
- All HBS Web
(10,528)
- People (35)
- News (2,482)
- Research (6,103)
- Events (29)
- Multimedia (131)
- Faculty Publications (4,585)
- March 2004 (Revised October 2013)
- Case
Innocents Abroad: Currencies and International Stock Returns
By: Mihir A. Desai, Kathleen Luchs, Elizabeth A. Meyer and Mark Veblen
What do international stocks contribute to the portfolio of a U.S. investor? How do currencies interact with stock price movements in determining the benefits of international diversification? This case helps students compare the risks and returns of foreign stock... View Details
Keywords: Diversification; International CAPM; CAPM; Home Bias; Currency Risk; Exchange Rate Risk; International Stock Market Returns; United States; Currency Exchange Rate; Stocks; Financial Markets; International Finance; Investment Return; Currency; Risk and Uncertainty; Emerging Markets; Investment Portfolio; Financial Services Industry; United States; Australia; Canada; China; Germany; India; Japan; United Kingdom
Desai, Mihir A., Kathleen Luchs, Elizabeth A. Meyer, and Mark Veblen. "Innocents Abroad: Currencies and International Stock Returns." Harvard Business School Case 204-141, March 2004. (Revised October 2013.)
- October 2004
- Article
FDI and Economic Growth: The Role of Local Financial Markets
By: Laura Alfaro, Areendam Chanda, Sebnem Kalemli-Ozcan and Selin Sayek
The purpose of this paper is to examine the various links among foreign direct investment, financial markets and growth. We model an economy with a continuum of agents indexed by their level of ability. Agents have two choices: they can work for the foreign company in... View Details
Keywords: Foreign Direct Investment; Financial Markets; Economic Growth; Cost; Wealth; Investment Return; Knowledge
Alfaro, Laura, Areendam Chanda, Sebnem Kalemli-Ozcan, and Selin Sayek. "FDI and Economic Growth: The Role of Local Financial Markets." Journal of International Economics 64, no. 1 (October 2004): 89–112.
- October 1998 (Revised September 1999)
- Case
Brazil Confronts an Interdependent World
By: George C. Lodge and Cate Reavis
Discusses the politics of change and how Brazilian President Fernando Henrique Cardoso, elected in 1994, has fought to promote systemic change in Brazil. While his Real Plan has stabilized inflation and attracted foreign investment, the nation's deficit continues to... View Details
Keywords: Development Economics; Government and Politics; Inflation and Deflation; Foreign Direct Investment; Equality and Inequality; Change; Social Issues; Public Administration Industry; Brazil
Lodge, George C., and Cate Reavis. "Brazil Confronts an Interdependent World." Harvard Business School Case 799-004, October 1998. (Revised September 1999.)
- 12 Jun 2020
- Working Paper Summaries
Corporate Resilience and Response During COVID-19
- September 2011 (Revised February 2013)
- Case
Sino-Forest (A)
By: David F. Hawkins and David Lane
Chinese company listed on the Toronto Stock Exchange is accused of fraud by a hedge fund. View Details
Keywords: Business Earnings; Crime and Corruption; Financial Markets; Investment Funds; Management Analysis, Tools, and Techniques; China
Hawkins, David F., and David Lane. "Sino-Forest (A)." Harvard Business School Case 112-004, September 2011. (Revised February 2013.)
- 2011
- Working Paper
Fractionalization and the Municipal Bond Market
We study the impact of ethnic and religious fractionalization on the U.S. municipal debt market and find that issuers from more ethnically and religiously fractionalized counties pay higher yields on their municipal debt. A two standard deviation increase in religious... View Details
Keywords: Ethnicity Characteristics; Bonds; Financial Markets; Investment Return; Geographic Location; City; Religion; United States
Bergstresser, Daniel, Randolph Cohen, and Siddharth Shenai. "Fractionalization and the Municipal Bond Market." Harvard Business School Working Paper, No. 11-128, June 2011.
- April 2010 (Revised May 2012)
- Background Note
Note: Disclosure, Regulation, and Taxation of Hedge Funds versus Mutual Funds in the U.S.
By: Lena G. Goldberg, Robert C. Pozen and Melissa Anne Hammerle
This note provides students with an explanation of the regulatory and tax framework for hedge funds vs. mutual funds in the U.S. View Details
Keywords: Investment Funds; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Taxation; Financial Services Industry; United States
Goldberg, Lena G., Robert C. Pozen, and Melissa Anne Hammerle. "Note: Disclosure, Regulation, and Taxation of Hedge Funds versus Mutual Funds in the U.S." Harvard Business School Background Note 310-131, April 2010. (Revised May 2012.)
- 26 Nov 2019
- News
Predicting Financial Market Bubbles and Crises in Real-time
Source: Greenwood Source: Greenwood Professor Robin Greenwood notes that faculty members across Harvard have long been exploring the behavioral perspective on financial market bubbles and financial crises. Five years ago, a group formed to examine key issues in greater... View Details
- 01 Jun 2008
- News
Smartphones Get Smarter
When Apple’s Steve Jobs announced a new licensing deal for Microsoft software that makes Apple’s iPhone more attractive to businesspeople, venture capitalist John Doerr (MBA ’76) of Kleiner Perkins Caulfield & Byers was also on hand, the New York Times reported (March... View Details
- 01 Sep 2010
- News
The Natural World
TERCEK: A tight strategic focus. Courtesy The Nature Conservancy Two years ago, Mark Tercek (MBA ’84) left his job at Goldman Sachs to become head of The Nature Conservancy (TNC), the habitat-preserving organization that has some 3,700 employees worldwide (as well as... View Details
- 1972
- Chapter
Optimal Utilization of Market Forecasts and the Evaluation of Portfolio Performance
By: Michael Jensen
Keywords: Investment Portfolio; Financial Markets; Forecasting and Prediction; Performance Evaluation
Jensen, Michael. "Optimal Utilization of Market Forecasts and the Evaluation of Portfolio Performance." In Mathematical Methods in Finance, edited by G. P. Szego and Karl Shell. North-Holland Publishing Company, 1972.
- August 2022 (Revised November 2022)
- Supplement
Altos Ventures (B)
By: Jo Tango and Alys Ferragamo
In December 2021, Han Kim, Anthony Lee, and Ho Nam reflected on how far they had come since 2012. This B case provides an update on Altos Ventures’ decision-making and performance since the events presented in the A case. View Details
Tango, Jo, and Alys Ferragamo. "Altos Ventures (B)." Harvard Business School Supplement 823-036, August 2022. (Revised November 2022.)
- January 2007 (Revised February 2009)
- Case
Austin, Blakeley, & Cambridge, LLC
The founding partners of ABC, LLC, one of the leading private equity firms in the world, are trying to understand why some of the other top firms in the business, such as KKR and Apollo, have been tapping the public equity markets for their own funds, and whether they... View Details
Keywords: Private Equity; Public Equity; Investment Funds; Going Public; Financial Services Industry
El-Hage, Nabil N., and Christopher Laconi. "Austin, Blakeley, & Cambridge, LLC." Harvard Business School Case 207-098, January 2007. (Revised February 2009.)
- October 2013 (Revised September 2014)
- Case
The TELUS Share Conversion Proposal
By: Lucy White, Benjamin C. Esty and Lisa Mazzanti
On February 21, 2013, TELUS announced a proposal to convert the firm's non-voting shares into voting shares on a one-to-one basis, thereby eliminating the firm's dual class structure. Shareholders were scheduled to vote on the proposal at the firm's annual general... View Details
Keywords: Proxy Contest; Proxy Battle; Proxy Advisor; ISS; Glass Lewis ＆ Co.; Hedge Fund; Short Selling; Share Lending; Telecommunications; Voting Rights; Empty Voting; Equity Decoupling; Share Unification; Dual Class Shares; Canada; Exchange Ratio; Shareholder Activism; Shareholder Votes; Investment Activism; Public Equity; Capital Structure; Investment Return; Corporate Governance; Corporate Finance; Ownership Stake; Business and Shareholder Relations; Valuation; Telecommunications Industry; Canada; British Columbia; United States; New York (city, NY)
White, Lucy, Benjamin C. Esty, and Lisa Mazzanti. "The TELUS Share Conversion Proposal." Harvard Business School Case 214-001, October 2013. (Revised September 2014.)
- May 2008
- Article
Excess Comovement of Stock Returns: Evidence from Cross-sectional Variation in Nikkei 225 Weights
By: Robin Greenwood
In the presence of limits to arbitrage, cross-sectional variation in periodic investor demand should be related to the degree of comovement of returns. I exploit the unusual weighting system of the Nikkei 225 index in Japan to identify cross-sectional variation in... View Details
Keywords: Stocks; Investment; Investment Return; Market Transactions; Weight; Performance Expectations; Behavior; Japan
Greenwood, Robin. "Excess Comovement of Stock Returns: Evidence from Cross-sectional Variation in Nikkei 225 Weights." Review of Financial Studies 21, no. 3 (May 2008): 1153–1186.
- April 2023
- Article
Are Intermediary Constraints Priced?
By: Wenxin Du, Benjamin Hebert and Amy Wang Huber
Violations of no-arbitrage conditions measure the shadow cost of intermediary constraints. Intermediary asset pricing and intertemporal hedging together imply that the risk of these constraints tightening is priced. We describe a “forward CIP trading strategy” that... View Details
Du, Wenxin, Benjamin Hebert, and Amy Wang Huber. "Are Intermediary Constraints Priced?" Review of Financial Studies 36, no. 4 (April 2023): 1464–1507.
- 2024
- Working Paper
Valuing Stocks With Earnings
By: Sebastian Hillenbrand and Odhrain McCarthy
We show that commonly used aggregate earnings are several times as volatile as stock prices
over the last three decades. Movements in the price-earnings ratio are thus entirely explained by
earnings growth and unrelated to future returns. As an alternative to the... View Details
Hillenbrand, Sebastian, and Odhrain McCarthy. "Valuing Stocks With Earnings." Working Paper, April 2024.