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  • May 2011
  • Article

Higher Risk, Lower Returns: What Hedge Fund Investors Really Earn

By: Ilia Dichev and Gwen Yu
The returns of hedge fund investors depend not only on the returns of the hedge funds they hold but also on the timing and magnitude of their capital flows in and out of the funds. We use dollar-weighted returns (a form of IRR) to assess the properties of actual... View Details
Keywords: Investment Funds; Investment Return; Capital Markets; Market Timing; Currency
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  • 25 Mar 2010
  • Working Paper Summaries

Local R&D Strategies and Multi-location Firms: The Role of Internal Linkages

Keywords: by Juan Alcacer & Minyuan Zhao; Technology
  • 2021
  • Working Paper

Quantifying the Inefficiency of Multi-unit Auctions for Normal Goods

By: Brian Baisa and Simon Essig Aberg
We study multi-unit auctions for homogenous goods in a private value setting where bidders have non-quasilinear preferences. Several recent impossibility results study this setting and find there is no mechanism that retains the Vickrey auction’s desired incentive and... View Details
Keywords: Multi-unit Auctions; Auctions; Bids and Bidding; Value
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  • January 2014
  • Article

Pareto Efficiency in Robust Optimization

By: Dan Iancu and Nikolaos Trichakis
This paper formalizes and adapts the well-known concept of Pareto efficiency in the context of the popular robust optimization (RO) methodology for linear optimization problems. We argue that the classical RO paradigm need not produce solutions that possess the... View Details
Keywords: Robust Optimization; Pareto Optimality; Resource Allocation; Game Theory
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  • 13 Jul 2016
  • HBS Case

How Uber, Airbnb, and Etsy Attracted Their First 1,000 Customers

a better job of making apartments appealing than the online classified site, but first they had to siphon away its customers. To do that, Chesky and Gebbia created software to hack Craigslist to extract the contact info of property... View Details
Keywords: by Michael Blanding; Retail; Service; Transportation
  • 19 Sep 2023
  • HBS Case

How Will the Tech Titans Behind ChatGPT, Bard, and LLaMA Make Money?

on. It will transform the world, but the money isn't made on the thing that enabled the transformation. “The issue is, we normally think of intellectual property as being copyrighted or not copyrighted.” Rand: What role will regulation... View Details
Keywords: by Ben Rand; Technology; Information Technology
  • 10 Dec 2013
  • First Look

First Look: December 10

Brands The case explores the collateralization of intellectual property in a loan agreement between a highly leveraged apparel company and a large U.S. bank. Leveraging intangibles in the credit market is a new practice that has... View Details
Keywords: Sean Silverthorne
  • Research Summary

Contract Rights and Risk Aversion: Foreign Banks and the Mexican Economy, 1997-2004

In 1997 Mexicos banking laws were reformed, allowing foreign banks, for the first time since the nineteenth century, to purchase controlling interests in the countrys largest banks. Foreign banks controlled 16 percent of Mexican bank assets in March 1997. By June... View Details

  • September 2022
  • Article

Tone at the Bottom: Measuring Corporate Misconduct Risk from the Text of Employee Reviews

By: Dennis W. Campbell and Ruidi Shang
This paper examines whether information extracted via text-based statistical methods applied to employee reviews left on the website Glassdoor.com can be used to develop indicators of corporate misconduct risk. We argue that inside information on the incidence of... View Details
Keywords: Management Accounting; Management Control; Corporate Culture; Corporate Misconduct; Risk Measurement; Organizational Culture; Crime and Corruption; Risk and Uncertainty; Measurement and Metrics
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    Josh Lerner

    Josh Lerner is the Jacob H. Schiff Professor at Harvard Business School and Co-Director of the HBS Private Capital Project.  Much of his research focuses on venture capital and private equity organizations.  (This research is summarized in his books The Money of... View Details

    Keywords: biotechnology; high technology; venture capital industry
    • 07 Sep 2007
    • Working Paper Summaries

    Diversification of Chinese Companies: An International Comparison

    Keywords: by Joseph P.H. Fan, Jun Huang, Felix Oberholzer-Gee, Troy D. Smith & Mengxin Zhao
    • 23 Aug 2006
    • Working Paper Summaries

    Capturing Benefits from Tomorrow’s Technology in Today’s Products: The Effect of Absorptive Capacity

    Keywords: by Daniel Snow; Technology
    • Research Summary

    Systematic Risk in the Housing Markets

    A one-factor pricing model is employed to investigate the internal consistency of single family home and professionally-managed property prices during 1986-2006. The risk fac-tor used here is the US real estate index, which has much stronger explanatory power than the... View Details
    • September 2024
    • Case

    Faena: Magic in Mid-Miami Beach

    By: Robin Greenwood, Denise Han, Dave Habeeb and Ruth Page
    The link to this multimedia case should be provided to students in advance as preparation for classroom case discussion.

    This multimedia case follows real estate developer Alan Faena as he expanded his luxury development business from Argentina to the... View Details
    Keywords: Development; Real Estate; Hotels; Luxury; Urban Development; Sustainable Cities; Design; Markets; Transformation; Cost vs Benefits; Economic Growth; Private Sector; Public Sector; Economic Slowdown and Stagnation; Cultural Entrepreneurship; Financial Strategy; Investment Return; Geographic Location; Urban Scope; Corporate Accountability; Collaborative Innovation and Invention; Business and Community Relations; Business and Government Relations; Opportunities; Culture; Value Creation; Real Estate Industry; Entertainment and Recreation Industry; Florida; Miami; Argentina; Buenos Aires
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    • January 2023
    • Case

    Thomas Buberl: Refounding AXA

    By: Hubert Joly, Mihir Desai and Amram Migdal
    In 2022, AXA and its CEO Thomas Buberl faced new types of challenges, including systemic risks such as climate change, geopolitical instability, public health crises, and social tensions caused by economic risks. AXA was one of the world’s largest insurers. Since... View Details
    Keywords: Change; Change Management; Transformation; Transition; Trends; Environmental Management; Climate Change; Ethics; Values and Beliefs; Finance; Insurance; Management; Management Succession; Risk Management; Organizations; Corporate Social Responsibility and Impact; Mission and Purpose; Organizational Change and Adaptation; Planning; Strategic Planning; Risk and Uncertainty; Society; Human Needs; Social Issues; Strategy; Adaptation; Business Strategy; Corporate Strategy; Insurance Industry; Europe; France; Paris
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    • August 2018 (Revised September 2018)
    • Case

    National Storage Affiliates: The REIT IPO Decision

    By: Charles F. Wu, Max de la Bruyére and Gregory D. Himmel
    In 2015, two years after founding National Storage Affiliates (NSA), Arlen Nordhagen and Tamara Fischer had an important decision to make. Should they proceed with NSA’s IPO? Although they had targeted to receive $15–17 a share, it was now apparent that the figure was... View Details
    Keywords: Initial Public Offering; Problems and Challenges; Decision Making; Real Estate Industry
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    • Research Summary

    Knowledge flows and capability acquisition

    By: Willy C. Shih
    Technological advancements are a major source of improvement in competiveness, and a firm’s incentives to invest are diminished when the knowledge generated is involuntarily dispersed to competitors.  While intellectual property rights can moderate this flow to the... View Details
    Keywords: Knowledge Aspects Of Strategy; Knowledge Management; Knowledge Spillovers; Knowledge Acquisition; Manufacturing Industry; Biotechnology Industry; Technology Industry; United States; China
    • 2024
    • Article

    Neyman Meets Causal Machine Learning: Experimental Evaluation of Individualized Treatment Rules

    By: Michael Lingzhi Li and Kosuke Imai
    A century ago, Neyman showed how to evaluate the efficacy of treatment using a randomized experiment under a minimal set of assumptions. This classical repeated sampling framework serves as a basis of routine experimental analyses conducted by today’s scientists across... View Details
    Keywords: AI and Machine Learning; Research
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    • 2022
    • Case

    Marathon Petroleum and Southwest Detroit: The Intersection of Community and Environment

    By: Andrew J. Hoffman
    Environmental racism describes the unequal burden of environmental hazards placed on disadvantaged communities through systems, policies, and practices. In such a situation, these people disproportionately live close to sources of toxic waste-what are referred to as... View Details
    Keywords: Environmental Regulation; Pollutants; Pollution; Equality and Inequality; Social Issues; Poverty; Race; Health Disorders; Ethics
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    • 2016
    • Working Paper

    Algorithmic Foundations for Business Strategy

    By: Mihnea Moldoveanu
    I introduce algorithmic and meta-algorithmic models for the study of strategic problem solving, aimed at illuminating the processes and procedures by which strategic managers and firms deal with complex problems. These models allow us to explore the relationship... View Details
    Keywords: Mathematical Methods; Business Strategy
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