Publications

2007
Chapter

Behavioral Corporate Finance: A Survey

By: Malcolm Baker, Richard Ruback and Jeffrey Wurgler

Research in behavioral corporate finance takes two distinct approaches. The first emphasizes that investors are less than fully rational. It views managerial financing and investment decisions as rational responses to securities market mispricing. The second approach... View Details

Keywords: Decisions; Prejudice and Bias; Debt Securities; Financial Management; Price; Theory; Investment; Problems and Challenges; Behavioral Finance; Corporate Finance

21 May 2007
Research & Ideas

Fixing the Marketing-CEO Disconnect

isolated measures of marketing performance that are often insufficient, irrelevant, or misleading, this dashboard allows the board to quickly and routinely assess how effectively View Details

Keywords: by Sean Silverthorne

10 Sep 2013
First Look

First Look: September 10

particular, supportive incumbent industrial structures for input and output markets are strongly linked to higher establishment entry rates. We also find substantial evidence for the Chinitz effect where... View Details

Keywords: Sean Silverthorne

21 Feb 2012
First Look

First Look: Feb. 21

multinational, dispersed shareholder, and private-equity owned firms are typically well managed. Stronger product market competition and higher worker skills are associated with better management practices. Less regulated labor View Details

Keywords: Sean Silverthorne

16 Jul 2007
Research & Ideas

Understanding the ‘Want’ vs. ’Should’ Decision

consumer spending habits, and effective store layout. Sarah Jane Gilbert: What is the difference between the "want-self" and the "should-self"? How does psychology play a role in the internal conflict between the 2?... View Details

Keywords: by Sarah Jane Gilbert; Retail; Entertainment & Recreation

12 Aug 2009
Working Paper Summaries

Culture Clash: The Costs and Benefits of Homogeneity

Keywords: by Eric J. Van den Steen

December 2023
Article

Brokerage Relationships and Analyst Forecasts: Evidence from the Protocol for Broker Recruiting

By: Braiden Coleman, Michael Drake, Joseph Pacelli and Brady Twedt

In this study, we offer novel evidence on how the nature of brokerage-client relationships can influence the quality of equity research. We exploit a unique setting provided by the Protocol for Broker Recruiting to examine whether relaxed broker non-compete agreement... View Details

Keywords: Brokers; Analysts; Forecasts; Bias; Protocol; Investment; Research; Forecasting and Prediction

Purchase

25 Aug 2015
First Look

First Look Tuesday

monetary effect of athletic success to many academic institutions in the United States. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=49494 Forthcoming IMF Economic Review An Evaluation of Money View Details

2022
Working Paper

Can a Website Bring Unemployment Down? Experimental Evidence from France

By: Aïcha Ben Dhia, Bruno Crépon, Esther Mbih, Louise Paul-Delvaux, Bertille Picard and Vincent Pons

We evaluate the impact of an online platform giving job seekers tips to improve their search and recommendations of new occupations and locations to target, based on their personal data and labor market data. Our experiment used an encouragement design and was... View Details

Keywords: Online Platform; Digital Platform; Unemployment; Encouragement Design; Job Search; Jobs and Positions; Internet and the Web; Well-being; Outcome or Result; Digital Platforms; France

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September 2018
Article

Knowledge Integrators and the Survival of Manufacturing Clusters

By: Giulio Buciuni and Gary P. Pisano

Over the past two decades, the greater prevalence of global supply chains has had contrasting effects on Western manufacturing clusters. While some of them dwindled, others proved resilient. Contributing to the recent literature on co-located clusters and clusters'... View Details

Keywords: Production; Industry Clusters; Knowledge Use and Leverage; Strategy; Competition

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Web

Publications - Faculty & Research

2025): 2303–2329. July 2025 Article Reputation Burning: Analyzing the Impact of Brand Sponsorship on Social Influencers By: Mengjie Cheng and Shunyuan Zhang The growth of the influencer marketing industry warrants an empirical examination... View Details

2014
Chapter

Promoting Corporate Sustainability through Integrated Reporting: The Role of Investment Fiduciaries and the Responsibilities of the Corporate Board

By: Robert G. Eccles, J. Herron and George Serafeim

This book is a comprehensive reference work exploring recent changes and future trends in the principles that govern institutional investors and fiduciaries. A wide range of contributors offer new perspectives on dynamics that drive the current emphasis on short-term... View Details

Keywords: Governance; Integrated Corporate Reporting; Institutional Investing; Financial Services Industry

Purchase

2009
Working Paper

Running Out of Numbers: Scarcity of IP Addresses and What to Do About It

By: Benjamin Edelman

The Internet's current numbering system is nearing exhaustion: Existing protocols allow only a finite set of computer numbers ("IP addresses"), and central authorities will soon deplete their supply. I evaluate a series of possible responses to this shortage: Sharing... View Details

Keywords: Policy; Resource Allocation; Market Transactions; Internet; Technology Networks; Technology Industry; Telecommunications Industry

July 2024
Article

Whether to Apply

By: Katherine B. Coffman, Manuela Collis and Leena Kulkarni

Labor market outcomes depend, in part, upon an individual’s willingness to put herself forward for different opportunities. We use a series of experiments to explore gender differences in willingness to apply for higher return, more challenging work. We find that, in... View Details

Keywords: Beliefs; Recruitment; Job Search; Gender; Attitudes

Purchase

2013
Working Paper

Financial vs. Strategic Buyers

By: Marc Martos-Vila, Matthew Rhodes-Kropf and Jarrad Harford

This paper introduces the impact of debt misvaluation on merger and acquisition activity. Debt misvaluation helps explain the shifting dominance of financial acquirers (private equity firms) relative to strategic acquirers (operating companies). The effects of... View Details

Keywords: Misvaluation; Mergers and Acquisitions; Private Equity

Teaching Interest

Executive Education: Finance for Senior Executives

By: Malcolm P. Baker

Finance for Senior Executives provides the frameworks to strategically use financial resources and position your company for future success. By examining corporate finance from both internal and external perspectives, this HBS Executive Education View Details

2010
Working Paper

Investment Taxation and Portfolio Performance

By: Daniel B. Bergstresser and Jeffrey Pontiff

Taxes have a first-order impact on portfolio returns. Most research mistakenly assumes that portfolios command similar tax burdens, or that tax burdens are proportional to dividend yields. Portfolio strategies differ in the pace of capital gains realization. We use the... View Details

Keywords: Financial Strategy; Investment Return; Investment Portfolio; Taxation; Performance Evaluation

Article

On the Division of Profit in Sequential Innovation

By: Jerry R. Green and Suzanne Scotchmer

In markets with sequential innovation, inventors of derivative improvements might undermine the profit of initial innovators through competition. Profit erosion can be mitigated by broadening the first innovator's patent protection and/or by permitting cooperative... View Details

Keywords: Profit; Innovation and Invention