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  • 2022
  • Working Paper

Racial Diversity in Private Capital Fundraising

By: Johan Cassel, Josh Lerner and Emmanuel Yimfor
Black- and Hispanic-owned funds control a very modest share of assets in the private capital industry. We find that the sensitivity of follow-on fundraising to fund performance is greater for minority-owned groups, particularly for underperforming groups. We... View Details
Keywords: Buyouts; Capital Formation; Minorities; Venture Capital; Minority-owned Businesses; Race; Diversity; Investment Funds; Financial Services Industry
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  • 2024
  • Working Paper

Finance Without Exotic Risk

By: Pedro Bordalo, Nicola Gennaioli, Rafael La Porta and Andrei Shleifer
We address the joint hypothesis problem in cross-sectional asset pricing by using measured analyst expectations of earnings growth. We construct a firm-level measure of Expectations Based Returns (EBRs) that uses analyst forecast errors and revisions and shuts down any... View Details
Keywords: Investment Return; Financial Markets; Behavioral Finance; Risk and Uncertainty
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  • 21 Feb 2018
  • Research & Ideas

When a Competitor Abandons the Market, Should You Advance or Retreat?

SolStock In late 2016 drug maker Eli Lilly announced it would stop research on the Alzheimer's drug solanezumab after results proved disappointing over three trials. For competitors such as Biogen, Merck, and Roche, this decision... View Details
Keywords: by Rachel Layne; Pharmaceutical; Health
  • July 2011
  • Article

The Private Equity Advantage: Leveraged Buyout Firms and Relationship Banking

By: Victoria Ivashina and Anna Kovner
This paper examines the impact of leveraged buyout firms' bank relationships on the terms of their syndicated loans. Using a sample of 1,590 loans financing private equity sponsored leveraged buyouts between 1993 and 2005, we find that bank relationships are an... View Details
Keywords: Leveraged Buyouts; Private Equity; Banks and Banking; Financing and Loans; Interest Rates; Investment Return; Relationships; Financial Services Industry; Financial Services Industry
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  • 2025
  • Working Paper

Centralized Governance in Decentralized Organizations

By: Lin William Cong, Daniel Rabetti, Charles C.Y. Wang and Yu Yan
We systematically document governance centralization in decentralized autonomous organizations (DAOs) and study its drivers and economic implications. Using multiple data sources and granular on-chain transactional data, we compare our findings to those in corporate... View Details
Keywords: Blockchain; Governance; Voting; Organizations; Financial Services Industry
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  • 14 Nov 2007
  • First Look

First Look: November 14, 2007

announcement. This finding is consistent with analysts filling in the information gap left by the lack of financial statement recognition. The results of this study confirm the theorized roles of View Details
Keywords: Martha Lagace
  • July 1997 (Revised August 1997)
  • Case

numeric investors l.p.

By: Andre F. Perold and Brian J. Tierney
Numeric Investors manages equity portfolios with the use of a momentum model and a value model. The momentum model is based on earnings surprise and analysts' revisions of their earnings estimates. The firm offers long-short as well as long-only strategies, and its... View Details
Keywords: Asset Management; Cost; Equity; Financial Strategy; Investment; Investment Portfolio; Management; Product Development; Performance Efficiency; Business Strategy
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  • Web

Becoming a Board Member - Alumni

board. A board bio is typically one page including a headshot and four to five paragraphs that highlight your accomplishments, skills, and credibility. Interpersonal skills Ability to handle complexity and ambiguity Integrity Independent mindedness Collaboration View Details
  • April 2006 (Revised October 2006)
  • Case

Best Buy Co., Inc.: Customer-Centricity

By: Rajiv Lal, Carin-Isabel Knoop and Irina Tarsis
With FY2005 sales of $27.3 billion, Richfield, Minn.-based Best Buy Co., Inc. was the leading retailer of consumer electronics, home-office products, and related services in North America. Its operations included the distinct store formats Best Buy, Future Shop in... View Details
Keywords: Customer Focus and Relationships; Service Operations; Business Earnings; Financial Crisis; Failure; Business Model; Leadership; Segmentation; Value Creation; Electronics Industry; United States; Canada; Mongolia
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  • 06 Nov 2006
  • Research & Ideas

How South Africa Challenges Our Thinking on FDI

these conglomerates shed their non-core assets—which left them cash-rich. What resulted remained fairly concentrated industries, but the companies weren't necessarily the inefficient companies that had characterized the apartheid era. So... View Details
Keywords: by Martha Lagace
  • December 2021
  • Article

Trade Policy Uncertainty and Stock Returns

By: Marcelo Bianconi, Federico Esposito and Marco Sammon
A recent literature has documented large real effects of trade policy uncertainty (TPU) on trade, employment, and investment, but there is little evidence that investors are compensated for bearing such risk. To quantify the risk premium associated with TPU, we exploit... View Details
Keywords: Trade Policy; Uncertainty; Stock Returns; Risk Premium; Tariff Rates; Portfolio Analysis; Trade; Policy; Risk and Uncertainty; Stocks; Investment Return
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  • March 2010
  • Article

Information Content of Insider Trades before and after the Sarbanes-Oxley Act

By: Francois Brochet
This paper examines the information content of Form 4 filings under the more timely disclosure regime introduced by Section 403 of the Sarbanes-Oxley Act of 2002 (SOX). Abnormal returns and trading volumes around filings of insider stock purchases are significantly... View Details
Keywords: Stocks; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Government Legislation; Lawsuits and Litigation; Market Transactions; Volume; Sales
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  • 01 Feb 2001
  • News

What Makes a Good Leader

facts that are hard to take? Nitin Nohria reflects on Winston Churchill's devastating defeat at Gallipoli, which resulted in over 100,000 Allied casualties during World War I. "The campaign was a total fiasco for British military... View Details
Keywords: Management
  • 2024
  • Working Paper

Ponzi Funds

By: Philippe van der Beck, Jean-Philippe Bouchaud and Dario Villamaina
Many active funds hold concentrated portfolios. Flow-driven trading causes price pressure, which pushes up the funds’ existing positions resulting in realized returns. We decompose fund returns into a price pressure (self-inflated) and a fundamental component and... View Details
Keywords: Investment Funds; Investment Portfolio; Investment Return; Price Bubble; Financial Reporting; Financial Liquidity
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  • 01 Nov 2011
  • First Look

First Look: Nov. 1

believe that they are more than money-making machines: they are a vehicle for advancing societal goals. They deliver more than just financial returns; they also build enduring institutions. At great companies researched for this article,... View Details
Keywords: Sean Silverthorne
  • 12 Jan 2010
  • First Look

First Look: Jan. 12

their portfolio of brands. Results show firms shifting display promotions away from smaller revenue brands toward larger ones following periods of poor financial performance. This indicates the behavior is... View Details
Keywords: Martha Lagace
  • 07 Feb 2017
  • Research & Ideas

The Right Way to Cry in Front of Your Boss

asked whether they would hire that individual. Would you hire a passionate candidate over an emotional one?   Source: Courtesy of Elizabeth Baily Wolf The results showed that 61.5 percent of passionate interviewees were hired... View Details
Keywords: by Roberta Holland
  • 07 Jun 2023
  • Blog Post

My One Case: MBA Class of 2023 Looks Back

companies often use operating models that fail to meet the needs of the employee, whether that be because of unpredictable scheduling, zero cross-training, or unsustainable job design. These organizations achieve short-term financial... View Details
  • 08 May 2018
  • First Look

First Look at New Research and Ideas, May 8, 2018

forthcoming Management Science Evidence of Upcoding in Pay-for-Performance Programs By: Bastani, Hamsa, Joel Goh, and Mohsen Bayati Abstract—Recent Medicare legislation seeks to improve patient care quality by financially penalizing... View Details
Keywords: Sean Silverthorne
  • 18 Jul 2023
  • Research & Ideas

Will Global Demand for Oil Peak This Decade?

Is the globe’s thirst for oil finally topping out? A major international energy watcher says yes, predicting last month that demand for global oil for transport will peak around 2026, plateau for all uses by 2028, and possibly hit a zenith by the end of the decade.... View Details
Keywords: by Alvin Powell, Harvard Gazette; Energy; Industrial Products; Auto; Green Technology