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  • 2008
  • Working Paper

Structural Closure and Exposure: Market Reactions to Announcements of Acquisitions and Divestitures

By: Mikolaj Jan Piskorski and Nitin Nohria
This paper develops an exchange-network perspective on corporate diversification and proposes two measures of corporate scope: structural closure and structural exposure. Structural closure focuses on exchanges of goods and services inside the firm... View Details
Keywords: Mergers and Acquisitions; Market Transactions; Diversification; Boundaries; Valuation
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  • 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
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  • October 2007
  • Article

The Art of Designing Markets

By: Alvin E. Roth
Traditionally, markets have been viewed as simply the confluence of supply and demand. But to function properly, they must be able to attract a sufficient number of buyers and sellers, induce participants to make their preferences clear, and overcome congestion by... View Details
Keywords: Market Design; Market Participation; Market Transactions; Information Technology; Internet and the Web
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  • 11 Feb 2015
  • Research & Ideas

Politicians Benefited From Using Toxic Loans

opting for the short-term benefits in spite of the risks?” "There is no doubt the transactions were very risky, as interest rates on these loans frequently exceeded 20 percent," says Boris Vallée, an assistant professor in the Finance... View Details
Keywords: by Carmen Nobel; Financial Services
  • 11 Apr 2000
  • Research & Ideas

Financial Services 24/7

handle transactions are decreasing, "the need to have confidence in the people on the other side of the structure is as strong as ever." HBS senior lecturer Sandra J. Sucher worked at Fidelity Investments for a dozen years before joining... View Details
Keywords: by Susan Young
  • 12 Dec 2006
  • First Look

First Look: December 12, 2006

corporations hold significant amounts of cash on their balance sheets, and these cash holdings have been justified in the existing empirical literature by transaction costs and precautionary motives. An additional explanation, considered... View Details
Keywords: Martha Lagace
  • March 2007 (Revised March 2008)
  • Case

The Nikkei 225 Reconstitution

By: Robin Greenwood
Taka Haneda, a proprietary trader at the Tokyo office of Goldman Sachs, has just learned that the Nikkei 225 will undergo a significant redefinition over the coming week. He faces several billion dollars of customer orders, as well as the opportunity to commit the... View Details
Keywords: Financial Liquidity; Stocks; Investment Return; Price; Market Transactions; Financial Services Industry; Tokyo
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  • 25 Jul 2005
  • Research & Ideas

An Organization Your Customers Understand

becomes confused about its purpose and whom it is designed to serve. In popular marketing textbooks, students are taught that a customer is any person or organizational unit that plays a role in the consummation of a transaction with the... View Details
Keywords: by Robert Simons
  • 07 Oct 2019
  • Sharpening Your Skills

How Companies Can Make Up with (Very) Unhappy Customers

Anxiety Through Access to Human ContactThis study finds that customer anxiety during self-service transactions can reduce customers’ trust in the service provider. Operational design choices may help. Calculators for Women: When Identity... View Details
Keywords: by Sean Silverthorne; Retail; Air Transportation
  • 02 Aug 2011
  • First Look

First Look: August 2

working paper shows that the costs faced by multinational corporations in managing governments and political risk grew sharply. Download the paper: http://www.hbs.edu/research/pdf/12-003.pdf The Architecture of Transaction Networks: A... View Details
Keywords: Sean Silverthorne
  • 29 Jan 2008
  • First Look

First Look: January 29, 2008

to receive favorable loan terms. First, bank relationships formed through repeated transactions reduce inefficiencies from information asymmetry between the lender and the leveraged buyout firm. Second, banks price loans to cross-sell... View Details
Keywords: Martha Lagace
  • February 2005
  • Article

European Integration and Corporate Restructuring: The Strategy of Unilever c1957-c1990

By: Geoffrey Jones and Peter Miskell
This article examines the role of the large Anglo-Dutch consumer products company in promoting European integration. It shows that Unilever contributed financially to campaigns to support the creation of the European Union, and its subsequent expansion, despite a... View Details
Keywords: Horizontal Integration; Organizations; Policy; Expansion; Market Transactions; Geographic Location; Restructuring; Competition; Brands and Branding; Production; Capital Structure; Value; Consumer Products Industry; European Union; United States
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  • March 2009
  • Article

Trading Restrictions and Stock Prices

By: Robin Greenwood
Firms can manipulate their stock price by limiting the ability of their investors to sell. I examine a series of corporate events in Japan in which firms actively reduced their float—the fraction of shares available to trade—for periods of one to three months, locking... View Details
Keywords: Equity; Stock Shares; Investment; Investment Return; Price; Market Transactions; Japan
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  • 2012
  • Article

Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs

By: Mozaffar N. Khan, Leonid Kogan and George Serafeim
In tests of the equity market timing theory of external finance, the prior literature has used overvaluation identifiers such as high market-to-book and high prior returns that are likely correlated with other determinants of SEOs. We use price pressure resulting from... View Details
Keywords: Equity; Market Transactions; Valuation; Capital Structure; Market Timing; Mathematical Methods; Acquisition
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  • 30 Sep 2015
  • Research & Ideas

Political Polarization: Why We All Just Can't Get Along

isn’t going to delegate a task if he or she doesn’t trust the subordinate to get the job done. “If those beliefs are that far off in other kinds of settings, then actually that means there are some gross inefficiencies where transactions... View Details
Keywords: by Roberta Holland; Banking; Financial Services
  • 10 Jun 2013
  • Research & Ideas

How Numbers Talk to People

particular CSI story involved lost revenue on hotel payment transactions. Analysis of data suggested that after a customer had selected a hotel, filled in the travel and billing information, then clicked the "Buy Now" button, a percentage of the sales View Details
  • 08 Jan 2001
  • What Do You Think?

Have We Extended the Boundaries of the Firm Too Far?

quite high at the time, thus providing a justification for the vertical integration of large organizations) set limits on behaviors that we refer to today as partnering, the forming of alliances, and outsourcing. Transaction costs... View Details
Keywords: by James Heskett
  • 23 Sep 2008
  • First Look

First Look: September 23, 2008

$800) instead of receiving lower amounts (e.g., self and other each get $500) in their transactions (Bazerman, Loewenstein & White, 1992). The present analysis, however, shows that the perceived value of such tradeoffs—the View Details
Keywords: Martha Lagace
  • 21 Jul 2015
  • First Look

First Look: July 21, 2015

from its historical competence in hardware to become a provider of hardware and software for managing transactions across a range of industries and payments methods. Nuti envisioned a world in which consumers would use NCR hardware or... View Details
Keywords: Sean Silverthorne
  • 06 Nov 2007
  • First Look

First Look: November 6, 2007

potential participants in the market; they have to overcome the congestion that thickness can bring, by making it possible to consider enough alternative transactions to arrive at good ones; and they need to make it safe and sufficiently... View Details
Keywords: Sean Silverthorne

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