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- All HBS Web (1,291)
- Faculty Publications (343)
- December 2020
- Article
Stock Market Returns and Consumption
By: Marco Di Maggio, Amir Kermani and Kaveh Majlesi
This paper employs Swedish data containing security level information on households' stock holdings to investigate how consumption responds to changes in stock market returns. We exploit households’ portfolio weights in previous years as an instrument for actual... View Details
Keywords: Capital Gain; Dividend Income; Consumption; Near-rational Behavior; Investment Return; Household; Spending; Behavior
Di Maggio, Marco, Amir Kermani, and Kaveh Majlesi. "Stock Market Returns and Consumption." Journal of Finance 75, no. 6 (December 2020): 3175–3219. (DFA Distinguished Paper Prize.)
- 07 Jan 2002
- Research & Ideas
How Marketing Can Reduce Worldwide Poverty
On the face of it, social marketing is a cinch. Here's one scenario. You as a marketer want people who are living in poverty to take better care of their health. So, given your profession, what do you do?... View Details
Keywords: by Martha Lagace
- Web
Center for Research in Security Prices (CRSP) | Baker Library
Center for Research in Security Prices (CRSP) Security-level historical pricing, returns, and volume data on more than 20,000 stocks (inactive and active companies) from the NYSE, AMEX, and NASDAQ markets, dating back to 1925 (monthly... View Details
- February 2016 (Revised August 2020)
- Case
InsightSquared: Developing the Sales and Marketing Plan
Fred Shilmover and Sam Clemens prepared for their fourth quarter board meeting. They were excited to have scaled their software startup, InsightSquared, to $2 million in revenue and secured an $8 million round of venture capital. However, they disagreed on the path... View Details
Keywords: Sales Planning; Applications and Software; Marketing; Sales; Planning; Growth and Development Strategy
Roberge, Mark, Tom Eisenmann, and Frank Cespedes. "InsightSquared: Developing the Sales and Marketing Plan." Harvard Business School Case 816-074, February 2016. (Revised August 2020.)
- 2025
- Working Paper
How Do Households Suppress the Price of Tail Risk?
By: Laurent Calvet, Claire Célérier, Gordon Liao and Boris Vallée
This paper investigates the effects of the issuance of retail products with non-linear payoffs on option prices. For a given underlying asset, when the outstanding volume of products embedding a short-put position increases, implied volatility at the corresponding... View Details
Keywords: Security Design; Dividend; Options; Structured Products; Market Segmentation; Financial Instruments; Design; Volatility; Markets; Segmentation
Calvet, Laurent, Claire Célérier, Gordon Liao, and Boris Vallée. "How Do Households Suppress the Price of Tail Risk?" Working Paper, 2025.
- 29 Jun 2020
- Working Paper Summaries
Measuring the Perceived Liquidity of the Corporate Bond Market
- Article
Capital Market-Driven Corporate Finance
By: Malcolm Baker
Much of empirical corporate finance focuses on sources of the demand for various forms of capital, not the supply. Recently, this has changed. Supply effects of equity and credit markets can arise from a combination of three ingredients: investor tastes, limited... View Details
Keywords: Behavioral Finance; Limits To Arbitrage; Market Efficiency; Securities Issuance; Supply Effects; Corporate Finance; Investment; Price; Capital Markets; Equity; Financial Services Industry
Baker, Malcolm. "Capital Market-Driven Corporate Finance." Annual Review of Financial Economics 1 (2009): 181–205.
- September 2007 (Revised June 2008)
- Case
Food Security and The Church of Jesus Christ of Latter-day Saints
By: Ray A. Goldberg and Eliot Sherman
The Mormon Church focuses on self-reliance and being prepared for emergencies. Part of their program encourages each member of the Church to have a reserve food supply on hand at all times. Given U.S. and global food stock levels, is the Church program a good model for... View Details
Keywords: Food; Globalized Markets and Industries; Crisis Management; Logistics; Programs; Religion; United States
Goldberg, Ray A., and Eliot Sherman. "Food Security and The Church of Jesus Christ of Latter-day Saints." Harvard Business School Case 508-002, September 2007. (Revised June 2008.)
- 15 Apr 2017
- News
Bringing Markets to Myanmar
Subscribe on iTunes Subscribe on SoundCloud More Skydeck episodes For 25 years, David Brunell (MBA 1962) has worked in private sector development all over the world, transforming centralized economies to market-based economies in 20 different countries, including... View Details
- December 2018 (Revised April 2020)
- Case
Fluidity: The Tokenization of Real Estate Assets
By: Marco Di Maggio, David Lane and Susie Ma
In December 2018, the blockchain startup Fluidity was about to participate in its first tokenization deal, which would create digital access to property rights in a 12-unit Manhattan condominium complex. The deal was proof-of-concept for Fluidity, which hoped to... View Details
Keywords: Blockchain; Tokenization; Data Security; Revenue Model; Finance; Technological Innovation; Strategy
Di Maggio, Marco, David Lane, and Susie Ma. "Fluidity: The Tokenization of Real Estate Assets." Harvard Business School Case 219-057, December 2018. (Revised April 2020.)
- 01 May 2008
- Research & Ideas
The Marketing Challenges of the China Olympics
Editor's Note: Harvard Business School professor John Quelch writes a blog on marketing issues, called Marketing Know: How, for Harvard Business Online. It is reprinted on HBS Working Knowledge.Normally, the... View Details
- 04 Oct 2016
- News
Why the Market Yawned When Yahoo Was Hacked
- Article
Market Integration in Developed and Emerging Markets: Evidence from the CAPM
By: Robert Bruner, Wei Li, Mark Kritzman, Simon Myrgren and Sebastien Page
Beta, as measured by the Capital Asset Pricing Model (CAPM), is widely used for pricing stocks, determining the cost of capital, and gauging the extent to which markets are integrated. The CAPM model assumes that equilibrium conditions prevail. The choice of which... View Details
Bruner, Robert, Wei Li, Mark Kritzman, Simon Myrgren, and Sebastien Page. "Market Integration in Developed and Emerging Markets: Evidence from the CAPM." Emerging Markets Review 9, no. 2 (June 2008): 89–103.
- 2024
- Working Paper
When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets
By: Pari Sastry, Ishita Sen and Ana-Maria Tenekedjieva
This paper studies how homeowners insurance markets respond to growing climate losses and how this impacts mortgage market dynamics. Using Florida as a case study, we show that traditional insurers are exiting high risk areas, and new lower quality insurers are... View Details
Keywords: Insurance; Natural Disasters; Governing Rules, Regulations, and Reforms; Insurance Industry; Florida
Sastry, Pari, Ishita Sen, and Ana-Maria Tenekedjieva. "When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets." Harvard Business School Working Paper, No. 24-051, February 2024. (Revise & Resubmit, Quarterly Journal of Economics. SSRN Working Paper Series, No. 4674279, December 2023)
- 2004
- Chapter
Interpreting Interdependence: National Security and the Energy Trade of Russia, Ukraine, and Belarus
By: Rawi Abdelal
Keywords: Energy; Trade; International Relations; National Security; Globalized Economies and Regions; Globalized Markets and Industries; Energy Industry; Russia; Ukraine; Belarus
Abdelal, Rawi. "Interpreting Interdependence: National Security and the Energy Trade of Russia, Ukraine, and Belarus." In Swords and Sustenance: The Economics of Security in Belarus and Ukraine, edited by Robert Legvold and Celeste Wallander, 101–127. Cambridge, MA: MIT Press, 2004. (Also published in Russian as "Razlichnoe ponimanie vzaimozavisimosti: natsional'naia bezopasnost' i torgovlia energoresursami mezhdu Rossiei, Ukrainoi, i Belarus'iu." In Mechi i orala: ekonomika natsional'noi bezopasnosti Belarusi i Ukrainy, ed. Robert Legvold and Celeste Wallander. Moscow: Interdialect, 2004, pp. 125-156.)
- Web
Students on the Job Market - Doctoral
Placement Students on the Job Market Please note this page will be updated throughout the fall. Accounting & Management Terrence Tianshuo Shi Abstract: Forthcoming Faculty Advisor(s): | Email Elliot Tobin Abstract: The Effects of... View Details
- 16 Feb 2004
- Research & Ideas
Marketing Wine to the World
Australia, South Africa, Chile, etc.). Q: What do you see as the major differences between Old World and New World winemakers? A: The Old World market continues to be highly fragmented. The competitive landscape is filled with many small,... View Details
- Article
On Derivatives Markets and Social Welfare: A Theory of Empty Voting and Hidden Ownership
By: Jordan M. Barry, John William Hatfield and Scott Duke Kominers
In the past twenty-five years, derivatives markets have grown exponentially. Large, modern derivatives markets increasingly enable investors to hold economic interests in corporations without owning voting rights, and vice versa. This leads to both empty... View Details
Barry, Jordan M., John William Hatfield, and Scott Duke Kominers. "On Derivatives Markets and Social Welfare: A Theory of Empty Voting and Hidden Ownership." Virginia Law Review 99, no. 6 (October 2013): 1103–1168.
- November 2010
- Case
Lessons Learned? Brooksley Born & the OTC Derivatives Market (A)
By: Clayton S. Rose and David Lane
On May 7, 1998, the U.S. Commodity Futures Trading Commission, chaired by Brooksley Born, issued a "Concept Release" inviting public comment on the relevance and appropriateness of existing regulation of the over-the-counter (OTC) derivatives market, a market with a... View Details
Keywords: Financial Crisis; Credit Derivatives and Swaps; Governing Rules, Regulations, and Reforms; Policy; Business and Government Relations; Financial Services Industry; Public Administration Industry; District of Columbia
Rose, Clayton S., and David Lane. "Lessons Learned? Brooksley Born & the OTC Derivatives Market (A)." Harvard Business School Case 311-044, November 2010.
- 05 Oct 2014
- News