Publications

November–December 2014
Article

Fairness and Efficiency in Multiportfolio Optimization

By: Dan A. Iancu and Nikolaos Trichakis

We deal with the problem faced by a portfolio manager in charge of multiple accounts. We argue that because of market impact costs, this setting differs in several subtle ways from the classical (single account) case, with the key distinction being that the performance... View Details

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05 Jul 2022
What Do You Think?

Have We Seen the Peak of Just-in-Time Inventory Management?

those days, there was fascination with air freight and the trade-off of inventory and transportation costs—as in spending more for air transport in order to spend less on owning inventory, thereby optimizing what we called the “total cost... View Details

Keywords: by James Heskett; Manufacturing; Shipping; Transportation

August 2002 (Revised June 2006)
Case

Great Dakota Bank: Online Banking

By: Frances X. Frei, Youngme E. Moon and Hanna Rodriguez-Farrar

In 2002, Great Dakota Bank's retail division is considering how heavily it should be promoting the company's online banking service. A recent promotional campaign appears to have significantly increased enrollments in online banking, but it is unclear whether the bank... View Details

Keywords: Banks and Banking; Internet and the Web; Customer Relationship Management; Consumer Behavior; Demand and Consumers; Technological Innovation; Customer Value and Value Chain; Customer Satisfaction; Management; Service Operations; Banking Industry

25 May 2022
News

How Economic Interdependence Fosters Alliances and Democracy

23 Sep 2021
News

How the Global Supply Chain Grinch Could Steal Christmas

Brokers and Order Flow Leakage: Evidence from Fire Sales

Using trade-level data, we study whether brokers play a role in spreading order flow information. We focus on large portfolio liquidations, which result in temporary drops in stock prices, and identify the brokers that intermediate these... View Details

2007
Report

The Role of Clusters in the Chemical Industry

By: Christian H.M. Ketels

The European Chemical Industry, still in the leading position globally, is under intense competitive pressure from emerging locations in Asia and the Middle East. After first reacting by efficiency upgrading within companies and then pursuing outsourcing and aggressive... View Details

Keywords: Trade; Governing Rules, Regulations, and Reforms; Industry Clusters; Business and Government Relations; Competitive Strategy; Chemical Industry; Asia; Europe; Middle East

June 1996 (Revised November 1996)
Background Note

Economic Gains from Trade: Comparative Advantage

By: Robert E. Kennedy and Nancy F. Koehn

How nations trade and whether they benefit from it are two of the oldest and most important questions in political economy. In the 170 years since David Ricardo formally developed the theory of comparative advantage, it has become one of the principles most widely... View Details

Keywords: Business Model; Microeconomics; Trade; Cost Management; Business and Government Relations

16 Feb 2017
HBS Seminar

Chad Syverson, Chicago Booth School of Business

Article

Using Internet Data for Economic Research

By: Benjamin Edelman

The data used by economists can be broadly divided into two categories. First, structured datasets arise when a government agency, trade association, or company can justify the expense of assembling records. The Internet has transformed how economists interact with... View Details

Keywords: Data and Data Sets; Research; Internet; Cost Management; Information Management; Factories, Labs, and Plants; Reports; Archives; Surveys; Economics

2013
Teaching Note

The COFCO Group (TN)

By: F. Warren McFarlan, Zheng Xiaoming and Ziqian Zhao

COFCO was China's sole legitimate window for agricultural foreign trade before 1987. The reform of China's foreign trade system beginning in 1987 cost COFCO its monopoly position. Subsequently, the SOE giant capitalized on its foreign trade expertise to strategically... View Details

Keywords: China; Food; China

May 2010 (Revised November 2010)
Case

Investment Technology Group

By: Clayton S. Rose and David Lane

Investment Technology Group (ITG) CEO Robert Gasser wondered if the financial crisis had permanently affected the firm's business model. A leader in trade analytics and execution for institutional equity investors, ITG had grown since its establishment in 1987 in step... View Details

Keywords: Customer Relationship Management; Financial Crisis; Investment; Resignation and Termination; Crisis Management; Product Positioning; Organizational Change and Adaptation; Financial Services Industry; Information Technology Industry; New York (city, NY)

April 2023
Article

Are Intermediary Constraints Priced?

By: Wenxin Du, Benjamin Hebert and Amy Wang Huber

Violations of no-arbitrage conditions measure the shadow cost of intermediary constraints. Intermediary asset pricing and intertemporal hedging together imply that the risk of these constraints tightening is priced. We describe a “forward CIP trading strategy” that... View Details

Keywords: Asset Pricing; Investment Return; Risk and Uncertainty; International Finance

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Research Summary

When Distance Shrinks: The Effects of Competitor Proximity on Firm Survival

What are the performance implications of locating close to firms in one's industry? The existing empirical evidence is mixed. In this paper I argue that proximity between firms affects their performance differently... View Details

May 2019
Teaching Note

Tesla, Inc. in 2018

By: Siko Sikochi and Suraj Srinivasan

Teaching Note for HBS No. 119-013. The case facilitates a discussion about corporate governance and its role in achieving sustainable profitability and driving long-term shareholder value. The discussion can focus on such questions as what constitutes good governance,... View Details

Keywords: Public Company; Corporate Governance; Governing and Advisory Boards; Cost vs Benefits

2013
Case

The COFCO Group

By: F. Warren McFarlan, Zheng Xiaoming and Ziqian Zhao

COFCO was China's sole legitimate window for agricultural foreign trade before 1987. The reform of China's foreign trade system beginning in 1987 cost COFCO its monopoly position. Subsequently, the SOE giant capitalized on its foreign trade expertise to strategically... View Details

Keywords: China; Food; China

Leemore Dafny is the Bruce V. Rauner Professor of Business Administration and the Mary Ellen Jay and Jeffrey Jay Fellow at the Harvard Business School, and Professor of Public Policy at the Harvard Kennedy School. Dafny is an applied microeconomist whose... View Details

Keywords: health care

October 2008 (Revised November 2010)
Case

NEC Electronics

By: C. Fritz Foley, Robin Greenwood and James Quinn

Why do shares in NEC Electronics, a publicly listed subsidiary of Japan conglomerate NEC, trade at a discount to their fundamental value? Can Perry Capital, a U.S. hedge fund, restructure this subsidiary and generate significant returns? This case provides students... View Details

Keywords: Restructuring; Private Equity; Investment Return; Ownership Stake; Business and Shareholder Relations; Financial Services Industry; Japan