Publications
Publications
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- All HBS Web
(4,830)
- Faculty Publications (1,186)
- 2022
- Working Paper
Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market
By: Zach Y. Brown, Mark Egan, Jihye Jeon, Chuqing Jin and Alex A. Wu
Index funds are one of the most common ways investors access financial markets and are perceived to be a transparent and low-cost alternative to active investment management. Despite these purported virtues of index fund investing and the introduction of new products... View Details
- October 2023
- Case
Leading Transformation at IHCL
By: Krishna G. Palepu, V.G. Narayanan and Malini Sen
In November 2017, Puneet Chhatwal, took charge as MD and CEO of IHCL, popularly referred to as the Taj Hotels. Despite being India’s largest hospitality company by market capitalization and respected for its values and service, IHCL had made losses for the last seven... View Details
- October 2023 (Revised March 2024)
- Case
GameStop: Social Media Finds a Cheat Code (A)
By: Joseph Pacelli and Sarah Mehta
This case covers the events leading up to the 2021 GameStop short squeeze. Using GameStop as an illustrative example, the case explores the rise in retail trading, increased financial information sharing on social media, and the gamification of investing enabled by... View Details
- October 2023 (Revised February 2024)
- Technical Note
Design and Evaluation of Targeted Interventions
By: Eva Ascarza and Ta-Wei (David) Huang
Targeted interventions serve as a pivotal tool in business strategy, streamlining decisions for enhanced efficiency and effectiveness. This note delves into two central facets of such interventions: first, the design of potent decision guidelines, or targeting... View Details
- October 2023
- Case
JPMorgan Chase in Paris
By: Joseph L. Bower, Dante Roscini, Elena Corsi and Michael Norris
In 2019, Daniel Pinto, President and COO of JPMorgan Chase, has to make a recommendation to the bank’s Chairman and CEO, Jamie Dimon, about where to physically locate the bank’s European trading operations after Brexit takes effect in 2020. The decision-making process... View Details
- October 2023 (Revised November 2023)
- Case
Rheaply: Circularity For Every Business
By: Rembrand Koning and Alicia Dadlani
In March 2023, Garry Cooper, cofounder and CEO of Chicago-based Rheaply, needed to demonstrate that Rheaply’s expanded vision could translate into building cash flows and metrics needed to raise a Series B and turn the business into a model for financial and... View Details
- October 2023
- Case
Kevin O'Leary: Building a Brand in Shark-infested Waters
By: Reza Satchu and Patrick Sanguineti
For more than fifteen years, successful Canadian entrepreneur and investor Kevin O’Leary had developed his brand into a global powerhouse. Since his first appearance on the Canadian television program Dragons’ Den in 2006 and his meteoric rise to stardom through the... View Details
- September–October 2023
- Article
Building Brand Engagement: Lessons from NFTs and Collectibles
By: Frank V. Cespedes and Ben Plomion
The financial hype about Non-Fungible Tokens (NFTs) has cooled considerably since trading in that market went from more than $780 million on May 1, 2022 to less than $295 million for the entire month of May, 2023. But brands launch marketing campaigns in this medium,... View Details
- October 2023
- Article
Stock Market Stimulus
By: Robin Greenwood, Toomas Laarits and Jeffrey Wurgler
We study the stock market effects of the arrival of the three rounds of “stimulus checks” to U.S. taxpayers and the single round of direct payments to Hong Kong citizens. The first two rounds of U.S. checks appear to have increased retail buying and share prices of... View Details
- September 2023
- Supplement
Design and Evaluation of Targeted Interventions
By: Eva Ascarza
Targeted interventions serve as a pivotal tool in business strategy, streamlining decisions for enhanced efficiency and effectiveness. This note delves into two central facets of such interventions: first, the design of potent decision guidelines, or targeting... View Details
- September 2023 (Revised January 2024)
- Case
AB InBev: Brewing Up Forecasts during COVID-19
By: Mark Egan, C. Fritz Foley, Esel Cekin and Emilie Billaud
In July 2021, the CEO of AB InBev's European operations and his team strategized to position the company for success post-pandemic. As the world's largest beer company, boasting over 500 brands, revenue of $46 billion, and a workforce of 160,000 in 2020, AB InBev... View Details
Keywords: Beer; Forecasting; COVID-19; Decision; Forecasting and Prediction; Analytics and Data Science; Crisis Management; Decisions; Financing and Loans; Investment Return; Resource Allocation; Distribution; Production; Business Processes; Strategic Planning; Health Pandemics; Digital Transformation; Markets; Food and Beverage Industry; Belgium; Europe; Latin America; North and Central America
- September 2023
- Case
The Rise and Fall of FTX
In November 2022, Sam Bankman-Fried's multi-billion-dollar crypto exchange, FTX, collapsed, wiping out investors and throwing the crypto industry into disarray. As FTX's founder and CEO, Bankman-Fried developed a reputation for his unerring business sense and... View Details
- September 2023 (Revised January 2024)
- Case
Icahn Enterprises: Ponzi Scheme or Sound Investment
By: Aiyesha Dey, Jonas Heese and James Weber
Icahn Enterprises, a publicly traded limited partnership founded and operated by famed activist investor Carl Icahn, had earned above market returns for over a decade. Between 2018 and early 2023, it had a compound annual return of 31%. Icahn invested in undervalued... View Details
- September 2023
- Case
Diamond Standard
By: Lauren H. Cohen, Zhaoheng Gong and Grace Headinger
Cormac Kinney, Founder and CEO of Diamond Standard, was on a mission to transform the U.S. diamond market through unlocking the precious gems as market-traded assets. As a serial FinTech entrepreneur, he hoped to add an additional service to his vault: Carats. The... View Details
Keywords: Tokenization; Fintech; Cryptocurrency; Liquidity; Digital; Rare Earth Minerals; Decentralized; Crypto Economy; Financial Product; Metals; Diamonds; Commodity; Assets; Financial Instruments; Financial Institutions; Financial Markets; Investment; Technological Innovation; Natural Resources; Business Startups; Currency; Financial Services Industry; United States
- September 2023
- Article
Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement
By: George Serafeim and Aaron Yoon
We investigate whether ESG ratings predict future ESG news and the associated market reactions. We find that the consensus rating predicts future news, but its predictive ability diminishes for firms with large disagreement between raters. Relation between news and... View Details
Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Ratings; ESG Reporting; ESG Disclosure Metrics; Sustainability; Investments; Disagreement; Rating Disagreement; Ratings; Environmental Sustainability; Social Issues; Corporate Social Responsibility and Impact; Performance; News; Investment; Financial Markets; Stocks; Price
- September–October 2023
- Article
The New Era of Industrial Policy Is Here
By: Willy C. Shih
Governments around the world are increasingly intervening in the private sector through industrial policies designed to help domestic sectors reach goals that markets alone are unlikely to achieve. Companies in targeted sectors—such as automakers, energy companies, and... View Details
- 2023
- Working Paper
The Stock Market and Bank Risk-Taking
By: David S. Scharfstein and Antonio Falato
Using confidential supervisory risk ratings, we document that banks increase risk after they go public compared to a control group of banks that filed to go public but withdrew their filings for plausibly exogenous reasons. The increase in risk increases short-term... View Details
- 2023
- Working Paper
LALIGA—From a Soccer Competition Organizer to a Global Player in the Sports and Entertainment Industry
By: Stephen A. Greyser, Kenneth Cortsen and Juan Fuentes Fernández
LALIGA, the first- and second-tier professional soccer league (known as “football” outside of the U.S. and Canada) in Spain, enters its 100th soccer season later this decade. The most popular game in the world (Giulianotti, 2012) has gone through many changes since... View Details
- August 2023
- Case
Kariyer.net: Recruiting AI
By: Shunyuan Zhang, Fares Khrais and Namrata Arora
In 2017, Fatih Uysal (AMP 2021) became CEO of Kariyer.net. By then, the business was already the industry leading online job board in Turkey. However, faced with stalling growth, a turbulent macroenvironment, and growing competition from international players, Uysal... View Details
Keywords: Online Technology; Marketing; Websites; Artificial Intelligence; Innovation; Two-sided Platforms; Internet and the Web; Product Launch; Product Positioning; Job Search; Employment; Transformation; Volatility; Innovation and Invention; Disruptive Innovation; Management Practices and Processes; Business Growth and Maturation; Competitive Strategy; Business Startups; Talent and Talent Management; Cost vs Benefits; Macroeconomics; Corporate Entrepreneurship; Emerging Markets; Digital Platforms; Employment Industry; Information Technology Industry; Technology Industry; Middle East; Turkey
- August 2023
- Article
Can Security Design Foster Household Risk-Taking?
By: Laurent Calvet, Claire Célérier, Paolo Sodini and Boris Vallée
This paper shows that securities with a non-linear payoff design can foster household risk-taking. We demonstrate this effect empirically by exploiting the introduction of capital guarantee products in Sweden from 2002 to 2007. The fast and broad adoption of these... View Details