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  • 19 May 2008
  • Research & Ideas

Connecting School Ties and Stock Recommendations

Social networks matter for more than just efficient Internet communication. They're also crucial for the strong performance of stock recommendations by analysts, according to researchers at Harvard Business School and the University of... View Details
Keywords: by Martha Lagace; Financial Services
  • February 2020 (Revised April 2021)
  • Case

StockX: The Stock Market of Things

By: Chiara Farronato, John J. Horton, Annelena Lobb and Julia Kelley
Founded in 2015 by Dan Gilbert, Josh Luber, and Greg Schwartz, StockX was an online platform where users could buy and sell unworn luxury and limited-edition sneakers. Sneaker resale prices often fluctuated over time based on supply and demand, creating a robust... View Details
Keywords: Markets; Auctions; Bids and Bidding; Demand and Consumers; Consumer Behavior; Analytics and Data Science; Market Design; Digital Platforms; Market Transactions; Marketplace Matching; Supply and Industry; Analysis; Price; Product Marketing; Product Launch; Apparel and Accessories Industry; Fashion Industry; North and Central America; United States; Michigan; Detroit
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  • 19 Nov 2018
  • Working Paper Summaries

Lazy Prices

Keywords: by Lauren Cohen, Christopher J. Malloy, and Quoc Nguyen; Financial Services
  • Article

Investor Sentiment in the Stock Market

By: Malcolm Baker and Jeffrey Wurgler
We examine how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. We test this prediction by... View Details
Keywords: Financial Markets; Stocks; Investment Return; Valuation; Forecasting and Prediction; Volatility; Price; Risk and Uncertainty; Behavioral Finance
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  • spring 2008
  • Article

Cost Reductions, Cost Padding and Stock Market Prices: The Chilean Experience with Price Cap Regulation

By: Rafael Di Tella and Alexander Dyck
Keywords: Cost; Price; Stocks; Markets; Governing Rules, Regulations, and Reforms; Chile
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  • 2002
  • Working Paper

Cost Reductions, Cost Padding and Stock Market Prices: The Chilean Experience with Price Cap Regulation

By: Rafael Di Tella and Alexander Dyck
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  • 2005
  • Working Paper

Money Illusion in the Stock Market: The Modigliani-Cohn Hypothesis

By: Randolph B. Cohen, Christopher Polk and Tuomo Vuolteenaho
Modigliani and Cohn [1979] hypothesize that the stock market suffers from money illusion, discounting real cash flows at nominal discount rates. While previous research has focused on the pricing of the aggregate stock market relative to Treasury bills, the... View Details
Keywords: Stocks; Price; Cash Flow
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  • 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
Keywords: Risk and Uncertainty; Banks and Banking; Going Public; Performance; Stocks
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  • 2005
  • Working Paper

Aggregate Corporate Liquidity and Stock Returns

By: Robin Greenwood
Aggregate investment in cash and liquid assets as a share of total corporate investment is negatively related to subsequent U.S. stock market returns between 1947 and 2003. The share of cash in total investment is a more stable predictor of returns than scaled price... View Details
Keywords: Stocks; Financial Liquidity; Cash; Investment Return; Corporate Finance
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  • Forthcoming
  • Article

Passive Ownership and Price Informativeness

By: Marco Sammon
I show that passive ownership negatively affects the degree to which stock prices anticipate earnings announcements. Estimates across several research designs imply that the rise in passive ownership over the last 30 years has caused the amount of information... View Details
Keywords: Passive Ownership; ETFs; Market Efficiency; Price; Investment Funds; Stocks; Communication
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  • 2024
  • Working Paper

Climate Solutions, Transition Risk, and Stock Returns

By: Shirley Lu, Edward J. Riedl, Simon Xu and George Serafeim
Using large language models to measure firms' climate solution products and services, we find that high-climate solution firms exhibit lower stock returns and higher market valuation multiples. Their stock prices respond positively to events signaling increased demand... View Details
Keywords: Technology; Generative Ai; Large Language Models; Climate Finance; Climate Change; Innovation and Invention; Environmental Sustainability; AI and Machine Learning; Investment; Financial Markets
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  • 29 Apr 2015
  • Lessons from the Classroom

Use Personal Experience to Pick Winning Stocks

Let's face it: in most cases, the stock market knows what it's doing. With millions of people performing their homework and investing money in stocks they hope will pay off, it's hard for any one person to... View Details
Keywords: by Michael Blanding; Financial Services
  • 04 Aug 2022
  • News

Restoring Shareholder Confidence When Your Stock Is Down

  • 09 May 2000
  • Research & Ideas

Stock Options Are Not All Created Equal

years of weak performance (and low stock values). To see how that works, let's look at the pay of a hypothetical CEO whom I'll call John. As part of his pay plan, John receives $1 million in at-the-money options each year. In the first... View Details
Keywords: by Brian Hall
  • 2013
  • Working Paper

Asset Price Dynamics with Limited Attention

By: Mark Seasholes, Terrence Hendershott, Sunny X. Li and Albert J. Menkveld
This paper studies the role that limited attention and inefficient risk sharing play in stock price deviations from the efficient prices at horizons from one day to one month. We expand the Due (2010) slow-moving capital model to analyze multiple groups of investors... View Details
Keywords: Transitory Volatility; Limited Attention; Individuals; Market Makers; Asset Pricing; Financial Markets; Volatility
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  • 06 Feb 2018
  • News

The stock market goes off-road

  • Fast Answer

Stock prices: current & historical

Where do I find current or historical company stock prices? Bloomberg is best for current prices (Note: There is a 20-minute delay). Type a company ticker and then hit the EQUITY key;... View Details
  • Research Summary

Analyst Disagreement, Forecast Bias and Stock Returns

We present evidence of inefficient information processing in equity markets by documenting that biases in analysts' earnings forecasts are reflected in stock prices. In particular, investors fail to account for analysts' tendency to withhold negative views and to issue... View Details
  • 2003
  • Article

Confirming Management Earnings Forecasts, Earnings Uncertainty, and Stock Returns

By: Michael B. Clement, Richard Frankel and Jeffrey Miller
In this study we examine the association among confirming management forecasts, stock prices, and analyst expectations. Confirming management forecasts are voluntary disclosures by management that corroborate existing market expectations about future earnings. This... View Details
Keywords: Forecasting and Prediction; Corporate Disclosure; Price; Stocks; Investment Return
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  • February 2015
  • Article

Corporate Investment and Stock Market Listing: A Puzzle?

By: John Asker, Joan Farre-Mensa and Alexander Ljungqvist
We investigate whether short-termism distorts the investment decisions of stock market listed firms. To do so, we compare the investment behavior of observably similar public and private firms using a new data source on private U.S. firms, assuming for identification... View Details
Keywords: Private Ownership; Public Ownership; Corporate Finance
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