Publications

Fall 2022
Article

China's Political Economy and International Backlash: From Interdependence to Security Dilemma Dynamics

By: Margaret Pearson, Meg Rithmire and Kellee Tsai

Contrary to expectations that economic interdependence might lessen security conflict between China and the U.S. and its allies, much of the contestation between China and several OECD countries has focused on firms and economic links. This paper explains the... View Details

Keywords: Globalized Markets and Industries; Government and Politics; Information Technology; China

03 Feb 2003
Research & Ideas

Homeland Security: A Ready-made Market

government are mysterious, he added—the making of laws and sausages are two activities better left behind closed doors. The CIA can talk to the INS, but there are policy issues that affect the speed of adopting new systems.— Mark Hogan, BEA Government Systems The View Details

Keywords: by Julia Hanna; Service

07 Oct 2008
Working Paper Summaries

Securing Online Advertising: Rustlers and Sheriffs in the New Wild West

Keywords: by Benjamin G. Edelman; Advertising

26 May 2009
Research & Ideas

Improving Market Research in a Recession

face added pressure to secure high-quality data and insights. I recommend that CMOs take the following seven steps to minimize the impact of reduced spending. Stay focused. Savvy marketers focus their... View Details

Keywords: by John Quelch

January 2000 (Revised October 2001)
Case

Security Capital Pacific Trust: A Case for Branding

A real estate operations and investment trust is considering whether it should pursue branding as a strategic investment. Through interpretation of case data and video from focus groups, students deduce the consumer (cognitive, psychological, and economic),... View Details

Keywords: Decision Making; Brands and Branding

November 2023 (Revised March 2024)
Case

Infarm: Betting the (Indoor) Farm on Food Security

By: Elie Ofek

In the summer of 2023, the co-founders of Infarm, a controlled environment agriculture (CEA) company, were contemplating a major pivot going forward. While Infarm had successfully shown it could grow over 75 products—mainly herbs, leafy greens and mushrooms—in modular... View Details

Keywords: Plant-Based Agribusiness; Business Model; Market Entry and Exit; Science-Based Business; Business Strategy; Transition; Agriculture and Agribusiness Industry; Europe; North America; Toronto; Northeastern United States

Research Summary

What Makes the Bonding Stick? A Natural Experiment Testing the Legal Bonding Hypothesis

On March 29, 2010, the U.S. Supreme Court signaled its intention to geographically limit the reach of the U.S. securities antifraud regime and thus differentially exclude U.S.-listed foreign firms from the ambit of formal U.S. antifraud enforcement. We use this legal... View Details

Keywords: Securities Litigation; Corporate Governance

2015
Mimeo

Market Power in Mortgage Lending and the Transmission of Monetary Policy

By: David S. Scharfstein and Adi Sunderam

We present evidence that high concentration in mortgage lending reduces the sensitivity of mortgage rates and refinancing activity to mortgage-backed security (MBS) yields. We isolate the direct effect of concentration and rule out alternative explanations in two ways.... View Details

Keywords: Mortgage Lending; Market Power; Monetary Policy Transmission; Mortgages; Banking Industry; United States

June 2021
Article

Symmetric Ignorance: The Cost of Anonymous Lemons

By: Amar Bhidé

Rules that restrict information required in negotiated private transactions have spurred a vast increase in the scope of anonymous financial markets, particularly in the United States. The subtle costs of the information‐restricting rules raise questions about the... View Details

Keywords: Information Asymmetry; Liquidity; Regulation; Securities Markets; Securitization; Information; Financial Liquidity; Financial Markets; Governing Rules, Regulations, and Reforms

February 1997
Background Note

Savings and Loans and the Mortgage Markets

By: Robert C. Merton and Alberto Moel

Provides a brief overview of the history of the savings and loans, the savings and loans crisis of the 1980s and 1990s, and the creation of the mortgage markets in the United States. Also explains briefly the most common types of mortgage-backed securities available. View Details

Keywords: History; Debt Securities; Markets; Mortgages; United States

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

SSRN

February 2016 (Revised August 2020)
Case

InsightSquared: Developing the Sales and Marketing Plan

By: Mark Roberge, Tom Eisenmann and Frank Cespedes

Fred Shilmover and Sam Clemens prepared for their fourth quarter board meeting. They were excited to have scaled their software startup, InsightSquared, to $2 million in revenue and secured an $8 million round of venture capital. However, they disagreed on the path... View Details

Keywords: Sales Planning; Applications and Software; Marketing; Sales; Planning; Growth and Development Strategy

07 Jan 2002
Research & Ideas

How Marketing Can Reduce Worldwide Poverty

On the face of it, social marketing is a cinch. Here's one scenario. You as a marketer want people who are living in poverty to take better care of their health. So, given your profession, what do you do?... View Details

Keywords: by Martha Lagace

2025
Working Paper

How Do Households Suppress the Price of Tail Risk?

By: Laurent Calvet, Claire Célérier, Gordon Liao and Boris Vallée

This paper investigates the effects of the issuance of retail products with non-linear payoffs on option prices. For a given underlying asset, when the outstanding volume of products embedding a short-put position increases, implied volatility at the corresponding... View Details

Keywords: Security Design; Dividend; Options; Structured Products; Market Segmentation; Financial Instruments; Design; Volatility; Markets; Segmentation

29 Jun 2020
Working Paper Summaries

Measuring the Perceived Liquidity of the Corporate Bond Market

Keywords: by Sergey Chernenko and Adi Sunderam; Financial Services

Article

Capital Market-Driven Corporate Finance

By: Malcolm Baker

Much of empirical corporate finance focuses on sources of the demand for various forms of capital, not the supply. Recently, this has changed. Supply effects of equity and credit markets can arise from a combination of three ingredients: investor tastes, limited... View Details

Keywords: Behavioral Finance; Limits To Arbitrage; Market Efficiency; Securities Issuance; Supply Effects; Corporate Finance; Investment; Price; Capital Markets; Equity; Financial Services Industry

September 2007 (Revised June 2008)
Case

Food Security and The Church of Jesus Christ of Latter-day Saints

By: Ray A. Goldberg and Eliot Sherman

The Mormon Church focuses on self-reliance and being prepared for emergencies. Part of their program encourages each member of the Church to have a reserve food supply on hand at all times. Given U.S. and global food stock levels, is the Church program a good model for... View Details

Keywords: Food; Globalized Markets and Industries; Crisis Management; Logistics; Programs; Religion; United States

December 2018 (Revised April 2020)
Case

Fluidity: The Tokenization of Real Estate Assets

By: Marco Di Maggio, David Lane and Susie Ma

In December 2018, the blockchain startup Fluidity was about to participate in its first tokenization deal, which would create digital access to property rights in a 12-unit Manhattan condominium complex. The deal was proof-of-concept for Fluidity, which hoped to... View Details

Keywords: Blockchain; Tokenization; Data Security; Revenue Model; Finance; Technological Innovation; Strategy

Article

Market Integration in Developed and Emerging Markets: Evidence from the CAPM

By: Robert Bruner, Wei Li, Mark Kritzman, Simon Myrgren and Sebastien Page

Beta, as measured by the Capital Asset Pricing Model (CAPM), is widely used for pricing stocks, determining the cost of capital, and gauging the extent to which markets are integrated. The CAPM model assumes that equilibrium conditions prevail. The choice of which... View Details