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- All HBS Web
(3,162)
- People (5)
- News (697)
- Research (2,057)
- Events (8)
- Multimedia (14)
- Faculty Publications (907)
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- August 2001
- Technical Note
Technical Note on Expectations
Reviews the mathematics of expectations embedded in a company's current stock price and the related (whole) enterprise value. Begins by showing how the current stock price can be compounded forward to arrive at an expectation one or more years in the future. Describes... View Details
Baldwin, Carliss Y. "Technical Note on Expectations." Harvard Business School Technical Note 902-055, August 2001.
- April 2023
- Article
The Stock Market Valuation of Human Capital Creation
By: Ethan Rouen and Matthias Regier
We develop a measure of firm-year-specific human capital investment from publicly disclosed personnel expenses (PE) and examine the stock market valuation of this investment. Measuring the future value of PE (PEFV) based on the relation between... View Details
Rouen, Ethan, and Matthias Regier. "The Stock Market Valuation of Human Capital Creation." Art. 102384. Journal of Corporate Finance 79 (April 2023).
- November 1993
- Article
The Changing Character of Stock Market Liquidity
By: André Perold and James F. Gammill
Perold, André, and James F. Gammill. "The Changing Character of Stock Market Liquidity." Shōken [Securities] 45, no. 536 (November 1993): 67–74.
- 1987
- Working Paper
Tests of Excess Forecast Volatility in the Foreign Exchange and Stock Markets
By: K. A. Froot
Simple regression tests that have power against the alternatives that asset prices and expected future asset returns are excessively volatile are developed and performed for the foreign exchange and stock markets. These tests have a number of advantages over... View Details
- Spring 2013
- Article
Accounting Quality, Stock Price Delay, and Future Stock Returns
By: Jeffrey Callen, Mozaffar N. Khan and Hai Lu
In frictionless capital markets with complete information and rational investors, stock prices adjust to new information instantaneously and completely. However, a substantial body of research studies information imperfections such as asymmetric information and... View Details
Callen, Jeffrey, Mozaffar N. Khan, and Hai Lu. "Accounting Quality, Stock Price Delay, and Future Stock Returns." Contemporary Accounting Research 30, no. 1 (Spring 2013): 269–295.
- spring 1989
- Article
The Changing Character of Stock Market Liquidity
By: André Perold and James F. Gammill
Perold, André, and James F. Gammill. "The Changing Character of Stock Market Liquidity." Journal of Portfolio Management (spring 1989): 13–18.
- May – June 1981
- Article
Is Your Stock Worth Its Market Price?
By: W. E. Fruhan Jr. and Thomas R. Piper
Fruhan, W. E., Jr., and Thomas R. Piper. "Is Your Stock Worth Its Market Price?" Harvard Business Review 59, no. 3 (May–June 1981).
- spring 1974
- Article
The Optimality of a Competitive Stock Market
By: Robert C. Merton and Marti G. Subrahmanyam
Merton, Robert C., and Marti G. Subrahmanyam. "The Optimality of a Competitive Stock Market." Bell Journal of Economics and Management Science 5, no. 1 (spring 1974): 145–170.
- January 1987
- Article
Dividend Behavior for the Aggregate Stock Market
By: Terry A. Marsh and Robert C. Merton
Marsh, Terry A., and Robert C. Merton. "Dividend Behavior for the Aggregate Stock Market." Journal of Business 60 (January 1987): 1–40.
- May 2020
- Article
The Creation and Evolution of Entrepreneurial Public Markets
By: Shai Bernstein, Abhishek Dev and Josh Lerner
This paper explores the creation and evolution of new stock exchanges around the world geared towards entrepreneurial companies, known as second-tier exchanges. Using hand-collected novel data, we document the proliferation of these new stock exchanges that were... View Details
Keywords: Stock Exchanges; Entrepreneurship; Finance; Initial Public Offering; Capital; Entrepreneurial Finance
Bernstein, Shai, Abhishek Dev, and Josh Lerner. "The Creation and Evolution of Entrepreneurial Public Markets." Journal of Financial Economics 136, no. 2 (May 2020): 307–329.
- May 2013
- Article
The Stock Selection and Performance of Buy-Side Analysts
Prior research on equity analysts focuses almost exclusively on those employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research and their analysts face different stock selection and recommendation incentives... View Details
Keywords: Buy-side Analysts; Sell-side Analysts; Stock Recommendations; Recommendation Optimism; Recommendation Performance; Investment Recommendations; Conflicts Of Interest; Financial Markets; Financial Institutions; Financial Services Industry; United States
Groysberg, Boris, Paul Healy, George Serafeim, and Devin Shanthikumar. "The Stock Selection and Performance of Buy-Side Analysts." Management Science 59, no. 5 (May 2013): 1062–1075.
- December 1991
- Article
Intrinsic Bubbles: The Case of Stock Prices
By: Kenneth A. Froot and M. Obstfeld
Keywords: Rational Expectations; Equities; Fundamentals; Behavioral Finance; Price Bubble; Stocks; Information; Asset Pricing
Froot, Kenneth A., and M. Obstfeld. "Intrinsic Bubbles: The Case of Stock Prices." American Economic Review 81, no. 5 (December 1991): 1189–1214. (Revised from NBER Working Paper No. 3091, March 1992. Reprinted in Speculation and Financial Markets, edited by M. Taylor and L. Gallagher. Cheltenham: Edward Elgar Publishing, 2001.)
- 05 Sep 2019
- Working Paper Summaries
The Value of Intermediation in the Stock Market
- June 1995
- Teaching Note
ARPPS: Adjustable Rate Perpetual Preferred Stock and MMP: Money Market Preferred Stock TN
By: Andre F. Perold and Wai Lee
Keywords: Stocks
- Article
The Stock Selection and Performance of Buy-Side Analysts
We examine the selection and performance of stocks recommended by analysts at a large investment firm relative to those of sell-side analysts during the period mid-1997 and 2004. The buy-side firm's analysts issued less optimistic recommendations for stocks with larger... View Details
Keywords: Buy-side Analysts; Sell-side Analysts; Stock Recommendations; Recommendation Optimism; Recommendation Performance; Investment Recommendations; Conflicts Of Interest; Financial Markets; Financial Institutions; Stocks; Financial Services Industry; United States
Groysberg, Boris, Paul M. Healy, Georgios Serafeim, Devin Shanthikumar, and Gui Yang. "The Stock Selection and Performance of Buy-Side Analysts." Harvard Business School Working Knowledge (March 20, 2012).
- Article
The Value of Intermediation in the Stock Market
By: Marco Di Maggio, Mark Egan and Francesco Franzoni
We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit... View Details
Keywords: Financial Intermediation; Institutional Investors; Research Analysts; Broker Networks; Equity Trading; Institutional Investing
Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Journal of Financial Economics 145, no. 2A (August 2022): 208–233.
- February 1996 (Revised May 1996)
- Teaching Note
ARPPS: Adjustable Rate Perpetual Preferred Stock & MMP: Money Market Preferred Stock TN
By: Andre F. Perold and Wai Lee
Keywords: Stocks
- September 2008
- Article
Does Innovation Cause Stock Market Runups? Evidence from the Great Crash
By: Tom Nicholas
This article examines the stock market's changing valuation of corporate patentable assets between 1910 and 1939. It shows that the value of knowledge capital increased significantly during the 1920s compared to the 1910s as investors responded to the quality of... View Details
Keywords: History; Technological Innovation; Patents; Stocks; Valuation; Financial Crisis; Financial Services Industry; United States
Nicholas, Tom. "Does Innovation Cause Stock Market Runups? Evidence from the Great Crash." American Economic Review 98, no. 4 (September 2008): 1370–1396.
- 2000
- Article
Moral Desert, Fairness and Legitimate Expectations in the Market
By: Nien-he Hsieh
Hsieh, Nien-he. "Moral Desert, Fairness and Legitimate Expectations in the Market." Journal of Political Philosophy 8, no. 1 (2000): 91–114.
- 24 Jun 2015
- Working Paper Summaries