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- Faculty Publications (45)
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- All HBS Web (99)
- Faculty Publications (45)
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- November 2020
- Article
Casting Conference Calls
By: Lauren Cohen, Dong Lou and Christopher J. Malloy
We explore a subtle but important mechanism through which firms can control information flow to the markets. We find that firms that “cast” their conference calls by disproportionately calling on bullish analysts tend to underperform in the future. Firms that call on... View Details
Cohen, Lauren, Dong Lou, and Christopher J. Malloy. "Casting Conference Calls." Management Science 66, no. 11 (November 2020): 5015–5039. (Winner of the First Prize, Crowell Memorial Award for Best Paper in Quantitative Investments, PanAgora Asset Management, 2014.)
- 2008
- Working Paper
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: Asset Pricing; Investment Portfolio; Governing and Advisory Boards; Knowledge Sharing; Knowledge Use and Leverage; Social and Collaborative Networks; Financial Services Industry
Cohen, Lauren, Andrea Frazzini, and Christopher J. Malloy. "The Small World of Investing: Board Connections and Mutual Fund Returns." Harvard Business School Working Paper, No. 08-055, January 2008. (Winner of the Barclays Global Investors Award, Best Paper in Asset Pricing, European Finance Association 2007.)
- February 2017
- Article
Resident Networks and Corporate Connections: Evidence from World War II Internment Camps
By: Lauren Cohen, Umit Gurun and Christopher J. Malloy
We demonstrate that simply by using the ethnic makeup surrounding a firm’s location, we can predict, on average, which trade links are valuable for firms. Using customs and port authority data on the international shipments of all U.S. publicly traded firms, we show... View Details
Keywords: Information Networks; Trade Links; Firm Behavior; Networks; Geographic Location; Ethnicity; Organizations; Trade
Cohen, Lauren, Umit Gurun, and Christopher J. Malloy. "Resident Networks and Corporate Connections: Evidence from World War II Internment Camps." Journal of Finance 72, no. 1 (February 2017): 207–248. (Winner of First Prize, the Inaugural Hakan Orbay Research Award, 2015.)
- June 2012
- Article
Decoding Inside Information
By: Lauren Cohen, Christopher Malloy and Lukasz Pomorski
Using a simple empirical strategy, we decode the information in insider trading. Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable "routine" insider trading that is not informative for the future of firms.... View Details
Keywords: Strategy; Financial Markets; Forecasting and Prediction; Law Enforcement; Opportunities; Geographic Location; Business Earnings
Cohen, Lauren, Christopher Malloy, and Lukasz Pomorski. "Decoding Inside Information." Journal of Finance 67, no. 3 (June 2012): 1009–1043. (Winner of Chicago Quantitative Alliance Academic Paper Competition. First Prize presented by Chicago Quantitative Alliance. Winner of Institute for Quantitative Investment Research (INQUIRE) Grant presented by Institute for Quantitative Investment Research.)
- 2016
- Article
Cloaked Trading
By: Lauren Cohen, Dong Lou and Christopher J. Malloy
Using a novel, proprietary database of micro-level trading activities by asset managers, we show strong evidence of asset managers engaging in strategic trading in order to “cloak” their most valuable trades. This takes the form, for instance, of a manager who sells... View Details
Cohen, Lauren, Dong Lou, and Christopher J. Malloy. "Cloaked Trading." Journal of Investment Consulting 17, no. 2 (2016): 69–80. (Winner of the Best Paper Prize of the Journal of Investment Consulting Academic Paper Competition, 2016 ; Winner of the Institute for Quantitative Investment Research (INQUIRE) Grant, 2014.)
- 17 Jan 2012
- First Look
First Look: January 17
http://hbr.org/2012/01/when-one-business-model-isnt-enough/ar/1 Do Powerful Politicians Cause Corporate Downsizing? Authors:Lauren Cohen, Joshua Coval, and Christopher J. View Details
Keywords: Sean Silverthorne
- 26 Jan 2016
- First Look
January 26, 2016
from World War II Internment Firm Trade By: Cohen, Lauren, Umit Gurun, and Christopher J. Malloy Abstract—We demonstrate that simply by using the... View Details
Keywords: Sean Silverthorne
- 03 Mar 2008
- First Look
First Look: March 4, 2008
Working PapersSell Side School Ties Authors:Lauren H. Cohen, Andrea Frazzini, and Christopher J. Malloy Abstract We study the impact of social networks on agents' ability to... View Details
Keywords: Martha Lagace
- 28 Aug 2018
- First Look
New Research and Ideas, August 28, 2018
IQ from IP: Simplifying Search in Portfolio Choice By: Chen, Huaizhi, Lauren Cohen, Umit Gurun, Dong Lou, and Christopher J. Malloy Abstract—... View Details
Keywords: Dina Gerdeman
- October 2017
- Case
The Market for Justice: Burford Capital and the Litigation Finance Industry
By: Lauren Cohen, Christopher Malloy and William Powley
Cohen, Lauren, Christopher Malloy, and William Powley. "The Market for Justice: Burford Capital and the Litigation Finance Industry." Harvard Business School Case 218-007, October 2017.
- March 2012
- Teaching Note
Fundamental Analysis in Emerging Markets: Autoweb Holdings and Tren Anuncio Ràpido (TN)
By: Lauren Cohen, Christopher Malloy and Tim Gray
- November 2011 (Revised April 2012)
- Teaching Note
Quadriserv and the Short Selling Market (TN)
By: Lauren Cohen, Christopher Malloy and Timothy Gray
Keywords: Market Transactions
- 2010
- Working Paper
Decoding Inside Information
By: Lauren Cohen, Christopher Malloy and Lukasz Pomorski
Using a simple empirical strategy, we decode the information in insider trades. Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable "routine" insider trading that is not informative for the future of firms.... View Details
Keywords: Forecasting and Prediction; Stocks; Financial Markets; Investment; Investment Return; Investment Portfolio; Market Transactions
Cohen, Lauren, Christopher Malloy, and Lukasz Pomorski. "Decoding Inside Information." NBER Working Paper Series, No. 16454, October 2010. (Winner of Institute for Quantitative Investment Research (INQUIRE) Grant presented by Institute for Quantitative Investment Research. Winner of Chicago Quantitative Alliance Academic Paper Competition. First Prize presented by Chicago Quantitative Alliance.)
- December 2014
- Case
The Complexity of Vanguard's Entry Decision into ETFs (A)
By: Lauren Cohen, Christopher Malloy and Tina Tang
Cohen, Lauren, Christopher Malloy, and Tina Tang. "The Complexity of Vanguard's Entry Decision into ETFs (A) ." Harvard Business School Case 215-038, December 2014.
- March 2013
- Article
Misvaluing Innovation
By: Lauren Cohen, Karl Diether and Christopher Malloy
We demonstrate that a firm's ability to innovate is predictable, persistent, and relatively simple to compute, and yet the stock market ignores the implications of past successes when valuing future innovation. We show that two firms that invest the exact same in... View Details
Keywords: Innovation; Return Predictability; R＆D; Information; Forecasting and Prediction; Research and Development; Innovation and Invention
Cohen, Lauren, Karl Diether, and Christopher Malloy. "Misvaluing Innovation." Review of Financial Studies 26, no. 3 (March 2013): 635–666.
- 2012
- Article
Hiring Cheerleaders: Board Appointments of 'Independent' Directors
By: Lauren Cohen, Andrea Frazzini and Christopher Malloy
We provide evidence that firms appoint independent directors who are overly sympathetic to management, while still technically independent according to regulatory definitions. We explore a subset of independent directors for whom we have detailed, micro-level data on... View Details
Keywords: Recruitment; Management; Corporate Governance; Performance; Governing and Advisory Boards; Executive Compensation; Governing Rules, Regulations, and Reforms; Prejudice and Bias
Cohen, Lauren, Andrea Frazzini, and Christopher Malloy. "Hiring Cheerleaders: Board Appointments of 'Independent' Directors." Management Science 58, no. 6 (June 2012): 1039–1058.
- November 2021 (Revised April 2022)
- Supplement
Tottenham Hotspur plc
By: Lauren Cohen, Joshua D. Coval and Christopher Malloy
- December 2018
- Case
CIR Group: Passing Wealth through the Generations
By: Lauren Cohen, Christopher J. Malloy and Elena Corsi
Rodolfo, Marco, and Edoardo De Benedetti had received from their father his controlling shares in COFIDE, a publicly listed holding company that held 45.8% of CIR Group, another publicly listed holding. The latter held majority shares in GEDI, Italy’s largest print... View Details
Keywords: Succession Planning; Transferring Shares; Wealth Management; Holding Structures; Family Ownership; Ownership Stake; Management Succession; Governing and Advisory Boards; Policy; Media and Broadcasting Industry; Health Industry; Italy
Cohen, Lauren, Christopher J. Malloy, and Elena Corsi. "CIR Group: Passing Wealth through the Generations." Harvard Business School Case 219-060, December 2018.
- January 2012 (Revised February 2013)
- Teaching Note
Dimensional Fund Advisors (DFA)'s Entry into the Retirement Market (TN)
By: Lauren Cohen, Christopher Malloy and Timothy Gray
- January 2012 (Revised March 2012)
- Teaching Note
Business Intelligence Advisors (BIA), Inc.: Finding the Hidden Meaning in Corporate Disclosures (TN)
By: Lauren Cohen, Christopher Malloy and Timothy Gray
Keywords: Corporate Disclosure