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Publications

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  • November 2019
  • Article

The Relevance of Broker Networks for Information Diffusion in the Stock Market

By: Marco Di Maggio, Francesco Franzoni, Amir Kermani and Carlo Sommavilla
This paper shows that the network of relationships between brokers and institutional investors shapes information diffusion in the stock market. We exploit trade-level data to show that central brokers gather information by executing informed trades, which is then... View Details
Keywords: Broker Networks; Institutional Investors; Asset Prices; Business and Shareholder Relations; Institutional Investing; Information; Knowledge Dissemination; Financial Markets; Asset Pricing
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  • October 2007
  • Background Note

Price Formation

By: Joshua D. Coval and Erik Stafford
Investigates how prices are formed in competitive capital markets. Focuses on a single security called AOE. Students compete with computer traders and each other for market making and informed trading profits. Participants receive a variety of public news in the form... View Details
Keywords: Capital Markets; Price; Profit; Corporate Disclosure; Newsletters; Industry Structures; Business Processes; Competitive Strategy
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  • 2025
  • Working Paper

Is Love Blind? AI-Powered Trading with Emotional Dividends

By: De-Rong Kong and Daniel Rabetti
We leverage the non-fungible tokens (NFTs) setting to assess the valuation of emotional dividends (LOVE), a long-standing empirical challenge in private-value markets such as art, antiques, and collectibles. Having created and validated our proxy, we use deep learning... View Details
Keywords: NFTs; Non-fungible Tokens; AI and Machine Learning; Valuation; Financial Markets
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  • Summer 2023
  • Article

(Un)principled Agents: Monitoring Loyalty after the End of the Royal African Company Monopoly

By: Anne Ruderman and Marlous van Waijenburg
The revocation of the Royal African Company's monopoly in 1698 inaugurated a transformation of the transatlantic slave trade. While the RAC’s exit from the slave trade has received scholarly attention, little is known about the company’s response to the loss of its... View Details
Keywords: Slavery; Organizational Change and Adaptation; Business History; Monopoly; History; Business and Government Relations
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  • November 2017 (Revised August 2018)
  • Case

Fair Value Accounting at Noble Group (A)

By: Siko Sikochi, Suraj Srinivasan and Quinn Pitcher
Noble Group was a large commodities trader based in Hong Kong and listed on the Singapore Stock Exchange. In 2012, Noble shifted its business strategy towards an asset-light model. Under this model, Noble did not own mines or farms to produce commodities but built... View Details
Keywords: Fair Value Accounting; Policy; Goods and Commodities; Contracts; Valuation
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  • 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
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  • 19 Jul 2011
  • First Look

First Look: July 19

leaves a set of information-rich trades by "opportunistic" insiders that contain all the predictive power in the insider trading universe. A portfolio strategy that focuses solely on opportunistic traders yields value-weighted... View Details
Keywords: Sean Silverthorne

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

    Abstract
    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... View Details

      (Un)principled Agents: Monitoring Loyalty after the End of the Royal African Company Monopoly

      The revocation of the Royal African Company's monopoly in 1698 inaugurated a  transformation of the transatlantic slave trade. While the RAC’s exit from the slave trade has received scholarly attention, little is known about the company’s response to the loss of its... View Details
      • 31 May 2016
      • First Look

      May 31, 2016

      Novartis with the unique demands of the generic drug industry? Purchase this case: https://cb.hbsp.harvard.edu/cbmp/product/114033-PDF-ENG Harvard Business School Case 114-063 The Fall of the 'Fabulous Fab' Fabrice Tourre, a mid-level View Details
      Keywords: Sean Silverthorne
      • 08 Dec 2010
      • Working Paper Summaries

      Decoding Inside Information

      Keywords: by Lauren Cohen, Christopher Malloy & Lukasz Pomorski; Financial Services
      • January 2008
      • Background Note

      Equity Derivatives

      By: Joshua Coval and Erik Stafford
      The goal of these simulations is to understand the dynamic replication technique behind the Black-Scholes/Merton options model. The simulations focus on a single stock and a risk-free discount bond, which are used to replicate a contingent payoff. The underlying stock... View Details
      Keywords: Equity; Bonds; Stocks; Price; Risk Management
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        Think Outside the Building: How Advanced Leaders Can Change the World One Smart Innovation at a Time

        One of the leading business thinkers in the world offers a bold, new theory of advanced leadership for tackling the world's complex, messy, and recalcitrant social and environmental problems.

        Over a decade ago, renowned innovation... View Details
        • 29 Oct 2009
        • Working Paper Summaries

        Estimating the Effects of Large Shareholders Using a Geographic Instrument

        Keywords: by Bo Becker, Henrik Cronqvist & Rüdiger Fahlenbrach
        • 09 May 2012
        • Research & Ideas

        Clayton Christensen’s “How Will You Measure Your Life?”

        colleagues and peers falling from grace because they made this mistake. Nick Leeson, the twenty-six-year-old trader who famously brought down British merchant bank Barings in 1995 after racking up $1.3 billion in trading losses before... View Details
        • Web

        The Canton Trade and The Hong Merchants System - A Chronicle of the China Trade

        of the China Trade Introduction Doing Business with China Augustine Heard & Co. The Canton Trade Commodities & Currencies Treaty Ports & Compradors Clippers & Steamships Exploring Trade Links Chinese Competition Expatriate Traders... View Details
        • Web

        Doing Business with China: Early American Trading Houses - A Chronicle of the China Trade

        of the China Trade Introduction Doing Business with China Augustine Heard & Co. The Canton Trade Commodities & Currencies Treaty Ports & Compradors Clippers & Steamships Exploring Trade Links Chinese Competition Expatriate Traders... View Details
        • 28 Aug 2012
        • Working Paper Summaries

        Channels of Influence

        Keywords: by Lauren Cohen, Umit G. Gurun & Christopher J. Malloy
        • 01 Dec 2023
        • News

        Wide Horizon

        term, what was he going to do in the meantime? As he was mulling how to create change without a fortune, he recalled an interview for a hedge fund job early in his career. It was a long and tortuous interview that started at 1 a.m. because the View Details
        Keywords: Dan Morrell; Photos by Sarah Wilson
        • Web

        Speeding Up the Trade: Clippers and Steamships - A Chronicle of the China Trade

        of the China Trade Introduction Doing Business with China Augustine Heard & Co. The Canton Trade Commodities & Currencies Treaty Ports & Compradors Clippers & Steamships Exploring Trade Links Chinese Competition Expatriate Traders... View Details