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  • 20 Feb 2007
  • First Look

First Look: February 20, 2007

  Working PapersNone this week.   Cases & Course MaterialsFemale Entrepreneurship in Developing Countries Harvard Business School Note 807-018 Examines the extent of and challenges facing female entrepreneurs in developing countries. There are higher rates of... View Details
Keywords: Martha Lagace
  • 2022
  • Working Paper

Consumer Demand with Social Influences: Evidence from an E-Commerce Platform

By: El Hadi Caoui, Chiara Farronato, John J. Horton and Robert Schultz
For some kinds of goods, rarity itself is valued. "Fashionable'" goods are demanded in part because they are unique. In this paper, we explore the economics of rare goods using auctions of limited-edition shoes held by an e-commerce platform. We model endogenous entry... View Details
Keywords: Rare Goods; Scarcity; E-commerce; Consumer Behavior; Auctions
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    How Quantitative Easing Works: Evidence on the Refinancing Channel

    When LSAPs are needed the most, simply bending the yield curve through purchasing government debt is not effective for stimulating the mortgage market (a key sector of the economy for the transmission of monetary policy). Purchasing mortgage-backed... View Details

    • 2023
    • Working Paper

    The Equity Market Implications of the Retail Investment Boom

    By: Philippe van der Beck and Coralie Jaunin
    This paper quantifies the impact of Robinhood traders on the US equity market. Within a structural model, we estimate retail and institutional demand curves and derive aggregate pricing implications via market clearing. The inelastic nature of institutional demand... View Details
    Keywords: Institutional Investing; Financial Markets; Price; Financial Instruments
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    • July 2001 (Revised March 2002)
    • Case

    Nasdaq Stock Market, Inc., The

    By: Andre F. Perold and Austin K Scee
    NASDAQ's mission "to facilitate capital formation" is threatened by the emergence of Electronic Communication Networks, which are not as heavily regulated by the SEC. This case reviews the development of NASDAQ and its evolution from a loose network of broker-dealers... View Details
    Keywords: Capital Markets; Stocks; Financial Markets; Governing Rules, Regulations, and Reforms; Innovation Strategy; Performance Efficiency; Perspective
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    • 2013
    • Working Paper

    From Green Users to Green Voters

    By: Diego Comin and Johannes Rode
    We estimate the effect of the diffusion of photovoltaic (PV) systems on the fraction of votes obtained by the German Green Party. The logistic diffusion of PV systems offers a new identification strategy. We take first differences and instrument adoption rates (i.e.... View Details
    Keywords: Voting; Political Elections; Technology Adoption; Environmental Sustainability; Green Technology Industry; Public Administration Industry; Germany
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    • Research Summary

    Working Hard and Investing for an Early Retirement

    I examine consumption, leisure, and portfolio choices made over the life-cycle using a model allowing for semi-flexible leisure and an endogenously chosen retirement date. Under a Cobb-Douglas utility specification, I present closed-form expressions for optimal... View Details
    • June 2012
    • Article

    Comovement and Predictability Relationships Between Bonds and the Cross-Section of Stocks

    By: Malcolm Baker and Jeffrey Wurgler
    Government bonds comove more strongly with bond-like stocks: stocks of large, mature, low-volatility, profitable, dividend-paying firms that are neither high growth nor distressed. Variables derived from the yield curve that are already known to predict returns on... View Details
    Keywords: Relationships; Bonds; Stocks; Investment Return; Cash Flow; Quality; Risk and Uncertainty; Forecasting and Prediction; Profit
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      The Link Between Bonds and Individual Stocks

      Government bonds comove more strongly with bond-like stocks: stocks of large, mature, low-volatility, profitable, dividend-paying firms that are neither high growth nor distressed. Variables derived from the yield curve that are already known to predict returns on... View Details

      • 2023
      • Article

      Experimental Evaluation of Individualized Treatment Rules

      By: Kosuke Imai and Michael Lingzhi Li
      The increasing availability of individual-level data has led to numerous applications of individualized (or personalized) treatment rules (ITRs). Policy makers often wish to empirically evaluate ITRs and compare their relative performance before implementing them in a... View Details
      Keywords: Causal Inference; Heterogeneous Treatment Effects; Precision Medicine; Uplift Modeling; Analytics and Data Science; AI and Machine Learning
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      • 15 May 2009
      • News

      Diminished Returns

      • 2019
      • Working Paper

      The Future of Executive Development: The CLO's Compass and The Executive Programs Designer's Guide

      By: Mihnea Moldoveanu and Das Narayandas
      Executive education worldwide has entered a period of disruption catalyzed by the digitalization of content, connectivity, and communication—while the demand for managerial skills is growing. The forces of disintermediation, disaggregation, and decoupling are creating... View Details
      Keywords: Digitalization; Executive Education; Disruption; Leadership Development; Management Skills; Curriculum and Courses; Internet and the Web; Design
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      • February 2021
      • Technical Note

      Probability Distributions

      By: Michael Parzen and Paul Hamilton
      This technical note introduces students to the concept of random variables, and from there the normal and binomial distributions. After a brief introduction to random variables, the note describes the standard properties of the normal distribution: a single peak, and a... View Details
      Keywords: Analysis; Risk and Uncertainty; Theory; Analytics and Data Science
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      • 16 Dec 2013
      • News

      The Way of The Blockbuster

      • February 1986 (Revised September 1994)
      • Case

      Travelers Mortgage Securities CMO

      Describes a series of collateralized mortgage obligations offered by Travelers Insurance. Provides a general description of the life insurance business and the role of life insurance in the capital markets. Also describes a variety of mortgage related instruments,... View Details
      Keywords: Insurance; Capital Markets; Mortgages; Insurance Industry; United States
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      • 2016
      • Chapter

      Forward Guidance in the Yield Curve: Short Rates versus Bond Supply

      By: Robin Greenwood, Samuel Gregory Hanson and Dimitri Vayanos
      We present a model of the yield curve in which the central bank can provide market participants with forward guidance on both future short rates and on future Quantitative Easing (QE) operations, which affect bond supply. Forward guidance on short rates works through... View Details
      Keywords: Central Banking; Financial Markets
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      • December 1991 (Revised October 1998)
      • Case

      Eli Lilly and Co.: Manufacturing Process Technology Strategy--1991

      By: Gary P. Pisano, Steven C. Wheelwright and Jonathan West
      Outlines the evolution of Lilly's corporate manufacturing strategy over the past decade. The corporate vice president of manufacturing must decide on the next phase of Lilly's strategy for the early 1990s, as well as to what extent and what role process development... View Details
      Keywords: Cost vs Benefits; Management Practices and Processes; Industry Structures; Product Development; Production; Research and Development; Competitive Advantage; Corporate Strategy; Manufacturing Industry
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      • 22 May 2020
      • News

      What Hospitals Overwhelmed by Covid-19 Can Learn From Startups

      • August 2018 (Revised September 2018)
      • Supplement

      LendingClub (C): Gradient Boosting & Payoff Matrix

      By: Srikant M. Datar and Caitlin N. Bowler
      This case builds directly on the LendingClub (A) and (B) cases. In this case students follow Emily Figel as she builds an even more sophisticated model using the gradient boosted tree method to predict, with some probability, whether a borrower would repay or default... View Details
      Keywords: Data Analytics; Data Science; Investment; Financing and Loans; Analytics and Data Science; Analysis; Forecasting and Prediction
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      • July 2010
      • Supplement

      Marketing Analysis Toolkit: Pricing and Profitability Analysis (CW)

      By: Thomas J. Steenburgh and Jill Avery
      Pricing is one of the most difficult decisions marketers make and the one with the most direct and immediate impact on the firm's financial position. This toolkit will introduce the fundamental terminology and calculations associated with pricing and profitability... View Details
      Keywords: Management Analysis, Tools, and Techniques; Marketing Strategy; Decisions; Strategic Planning; Price; Partners and Partnerships; Cost; Demand and Consumers; Revenue; Profit; Mathematical Methods; Measurement and Metrics
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