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Publications

Publications

Filter Results: (1,288) Arrow Down
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  • All HBS Web  (1,288)
    • News  (342)
    • Research  (805)
    • Events  (1)
    • Multimedia  (1)
  • Faculty Publications  (493)

Show Results For

  • All HBS Web  (1,288)
    • News  (342)
    • Research  (805)
    • Events  (1)
    • Multimedia  (1)
  • Faculty Publications  (493)
← Page 4 of 1,288 Results →
  • 2011
  • Working Paper

Observation Bias: The Impact of Demand Censoring on Newsvendor Level and Adjustment Behavior

By: David F. Drake
In an experimental newsvendor setting we investigate three phenomena: Level behavior — the decision-maker's average ordering tendency; adjustment behavior — the tendency to adjust period-to-period order quantities; and observation bias — the tendency to let the degree... View Details
Keywords: Cost; Consumer Behavior; Decision Making; Prejudice and Bias; Profit
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Drake, David F. "Observation Bias: The Impact of Demand Censoring on Newsvendor Level and Adjustment Behavior." Harvard Business School Working Paper, No. 12-042, December 2011.
  • March 2016
  • Article

Dividends as Reference Points: A Behavioral Signaling Approach

By: Malcolm Baker, Brock Mendel and Jeffrey Wurgler
We outline a dividend signaling model that features investors who are averse to dividend cuts. Managers with strong unobservable cash earnings separate by paying high dividends but retain enough to be likely not to fall short next period. The model is consistent with a... View Details
Keywords: Investment
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Baker, Malcolm, Brock Mendel, and Jeffrey Wurgler. "Dividends as Reference Points: A Behavioral Signaling Approach." Review of Financial Studies 29, no. 3 (March 2016): 697–738.
  • Web

Finance Awards & Honors - Faculty & Research

Chicago Quantitative Alliance Academic Paper Competition for "Lazy Prices" with Christopher J. Malloy and Quoc Nguyen. Lauren H. Cohen : Winner of the 2016 Hillcrest Behavioral Finance Award for "Lazy... View Details
  • Web

Organizational Behavior Awards & Honors - Faculty & Research

Organizational Behavior Overview Faculty Curriculum Seminars & Conferences Awards & Honors Doctoral Students 2025 Linda A. Hill : Named to Inc. 2025 Female Founders 500 List. 2024 Summer R. Jackson : Runner-up for the 2024 Administrative... View Details
  • 13 Jun 2012
  • News

Behavioral Intelligence: Can It Help Managers Generate Alpha?

  • 08 Aug 2018
  • Sharpening Your Skills

Parmigiano-Reggiano, Jane Austen, and Other Things You Didn't Know About Finance

MarsYu Who says finance is boring? These stories, written about HBS faculty research and case studies, cover such diverse topics as financial adviser robots, the rise of impact investing, and the tell-tale signs that brokers are giving... View Details
Keywords: by Sean Silverthorne; Financial Services
  • 12 PM – 1 PM EDT, 07 May 2015
  • Webinars: Trending@HBS

The Low Risk Anomaly: Implications for Investment, Asset Allocation, and Corporate Finance

One of the basic principles of finance is that, in competitive and efficient markets, investors earn higher average returns only by taking greater risks. Asset classes follow this pattern: Stocks have returned more than bonds, and bonds have returned more than cash.... View Details
  • 2024
  • Article

Effects of a Real-Time Information-Based Intervention on Physician Prescribing Behavior

By: Olivia Zhao and Anna D Sinaiko
High out-of-pocket (OOP) prices for prescription drugs create financial difficulties for patients, and cost-related underuse of medications can adversely patient health. Simultaneously, many physicians report a willingness to address affordability concerns with... View Details
Keywords: Price; Health Care and Treatment; Communication Technology; Technology Adoption; Customer Focus and Relationships; Health Industry
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Zhao, Olivia, and Anna D Sinaiko. "Effects of a Real-Time Information-Based Intervention on Physician Prescribing Behavior." Academy of Management Best Paper Proceedings 2024, no. 1 (2024).
  • Article

High School Curriculum and Financial Outcomes: The Impact of Mandated Personal Finance and Mathematics Courses

By: Shawn Cole, Anna Paulson and Gauri Kartini Shastry
Financial literacy and cognitive capabilities are convincingly linked to the quality of financial decision-making. Yet, there is little evidence that education intended to improve financial decision-making is successful. Using plausibly exogenous variation in exposure... View Details
Keywords: Financial Literacy; Cognitive Capability; Secondary Education; Personal Finance; Decision Making
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Cole, Shawn, Anna Paulson, and Gauri Kartini Shastry. "High School Curriculum and Financial Outcomes: The Impact of Mandated Personal Finance and Mathematics Courses." Journal of Human Resources 51, no. 3 (Summer 2016): 656–698.
  • Research Summary

Overview

By: John Beshears
In his research, Professor Beshears shows how managers can influence the behavior of customers and employees by changing the decision-making environment to call attention to a decision, to use psychological framing to shape assessments of options, or to help... View Details
Keywords: Behavioral Economics; Consumer Finance; Household Finance; Health Care; Organizational Economics; Decision Making; Economics; Negotiation; Behavioral Finance
  • 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
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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.)
  • May 2007
  • Article

Corporate Financing Decisions When Investors Take the Path of Least Resistance

By: Malcolm Baker, Joshua Coval and Jeremy Stein
We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to... View Details
Keywords: Behavior; Investment; Policy; Corporate Finance
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Baker, Malcolm, Joshua Coval, and Jeremy Stein. "Corporate Financing Decisions When Investors Take the Path of Least Resistance." Journal of Financial Economics 84, no. 2 (May 2007): 266–298.
  • 2005
  • Other Unpublished Work

Corporate Financing Decisions When Investors Take the Path of Least Resistance

By: Malcolm Baker, Joshua Coval and Jeremy Stein
We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to... View Details
Keywords: Decisions; Behavior; Stocks; Mergers and Acquisitions; Policy; Investment; Financial Institutions; Equity; Corporate Finance
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Baker, Malcolm, Joshua Coval, and Jeremy Stein. "Corporate Financing Decisions When Investors Take the Path of Least Resistance." NBER Working Paper Series, April 2005. (First Draft in 2004.)
  • 2009
  • Chapter

Behavioral Aspects of Price Setting, and Their Policy Implications

By: Julio J. Rotemberg
This paper starts by discussing consumers' cognitive and emotional reaction to posted prices. Cognitively, some consumers do not appear to make effective use of price information to maximize their consumption-based utility. Emotionally, prices can induce regret and... View Details
Keywords: Inflation and Deflation; Price; Policy; Laws and Statutes; Demand and Consumers; Business and Government Relations
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Rotemberg, Julio J. "Behavioral Aspects of Price Setting, and Their Policy Implications." In Policymaking Insights from Behavioral Economics, edited by Christopher L. Foote, Lorenz Goette, and Stephan Meier. Boston, MA: Federal Reserve Bank of Boston, 2009.
  • 2008
  • Working Paper

Behavioral Aspects of Price Setting, and Their Policy Implications

By: Julio J. Rotemberg
This paper starts by discussing consumers' cognitive and emotional reaction to posted prices. Cognitively, some consumers do not appear to make effective use of price information to maximize their consumption-based utility. Emotionally, prices can induce regret and... View Details
Keywords: Inflation and Deflation; Price; Policy; Laws and Statutes; Consumer Behavior; Emotions
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Rotemberg, Julio J. "Behavioral Aspects of Price Setting, and Their Policy Implications." NBER Working Paper Series, No. 13754, February 2008.
  • August 2015
  • Article

Dollar Funding and the Lending Behavior of Global Banks

By: Victoria Ivashina, David S. Scharfstein and Jeremy C. Stein
A large share of dollar-denominated lending is done by non-U.S. banks, particularly European banks. We present a model in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because these banks rely on wholesale... View Details
Keywords: Banks; Global Banks; Credit Supply; Dollar Funding; International Finance; Banks and Banking; Banking Industry
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Ivashina, Victoria, David S. Scharfstein, and Jeremy C. Stein. "Dollar Funding and the Lending Behavior of Global Banks." Quarterly Journal of Economics 130, no. 3 (August 2015): 1241–1281.
  • August 2015
  • Article

Cost Conscious? The Neural and Behavioral Impact of Price Primacy on Decision-Making

By: Uma R. Karmarkar, Baba Shiv and Brian Knutson
Price is a key factor in most purchases, but it can be presented at different stages of decision making prior to a purchase. We examine the sequence-dependent effects of price and product information on the decision-making process at both neural and behavioral levels.... View Details
Keywords: fMRI; Retail Promotion; Purchase Decisions; Price; Value; Decision Choices and Conditions; Consumer Behavior; Product Marketing; Retail Industry
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Karmarkar, Uma R., Baba Shiv, and Brian Knutson. "Cost Conscious? The Neural and Behavioral Impact of Price Primacy on Decision-Making." Journal of Marketing Research (JMR) 52, no. 4 (August 2015): 467–481.
  • 2006
  • Article

Using Investment Behavior to Assess the Pervasiveness of Price Mismeasurement

By: Diego Comin
Keywords: Investment; Behavior; Measurement and Metrics; Price
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Comin, Diego. "Using Investment Behavior to Assess the Pervasiveness of Price Mismeasurement." Topics in Macroeconomics 6, no. 1 (2006).
  • June 2014
  • Article

Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds

By: Sergey Chernenko and Adi Sunderam
We document the consequences of money market fund risk taking during the European sovereign debt crisis. Using a novel data set of security-level holdings of prime money market funds, we show that funds with large exposures to risky Eurozone banks suffered significant... View Details
Keywords: Money Market Mutual Funds; European Sovereign Debt Crisis; Runs; Contagion; Risk Taking; Investment Funds; Financial Crisis; Europe
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Chernenko, Sergey, and Adi Sunderam. "Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds." Review of Financial Studies 27, no. 6 (June 2014): 1717–1750.
  • 2022
  • Working Paper

Retail Investors’ Contrarian Behavior Around News, Attention, and the Momentum Effect

By: Cheng (Patrick) Luo, Enrichetta Ravina, Marco Sammon and Luis M. Viceira
Using a large panel of U.S. brokerage accounts trades and positions, we show that a large fraction of retail investors trade as contrarians after large earnings surprises, especially for loser stocks, and that such contrarian trading contributes to post earnings... View Details
Keywords: Retail Investors; Post Earnings Announcement Drift; Price Momentum; Behavioral Finance; Investment; Demographics
Citation
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Luo, Cheng (Patrick), Enrichetta Ravina, Marco Sammon, and Luis M. Viceira. "Retail Investors’ Contrarian Behavior Around News, Attention, and the Momentum Effect." Working Paper, June 2022.
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