Publications

May 2013 (Revised January 2015)
Teaching Note

H Partners and Six Flags

By: Robin Greenwood, Julie Messina and Jared Dourdeville

Teaching Note for #211090 & #211096 View Details

Keywords: Behavioral Finance; Private Equity; Insolvency and Bankruptcy; Debt Securities; Bonds; Investment; Entertainment and Recreation Industry; Financial Services Industry; United States

02 Oct 2012
First Look

an instrumental variables and a simultaneous equations approach. Finally, we show that the relation is driven by both the social and the environmental dimension of CSR. Read the paper:... View Details

Keywords: Sean Silverthorne

13 Nov 2020
News

Realizing a Dream

sectionmate Kevin Maroni, who serves as a class fundraiser, has been instrumental in encouraging him to support HBS. “I believe in unrestricted support because I trust the institution to use it in the best way.” “I believe in unrestricted... View Details

01 Oct 1998
News

Merton Named University Professor

that generated new types of financial instruments and made risk management more efficient. His work bridges the worlds of theory and practice and is applied by thousands of investors every day. Merton's further work has made the options... View Details

May 2005 (Revised January 2006)
Case

Ticonderoga: Inverse Floating Rate Bond

Presents a simple interest hedging exercise. A hedge fund is considering an investment in a structured fixed--income product: an inverse floating-rate bond, or inverse floater, designed by a U.S. investment bank. The hedge fund's normal policy is to hedge interest rate... View Details

Keywords: Risk and Uncertainty; Credit Derivatives and Swaps; Bonds; Investment Funds; Interest Rates

Educators

June 1995
Teaching Note

ARPPS: Adjustable Rate Perpetual Preferred Stock and MMP: Money Market Preferred Stock TN

By: Andre F. Perold and Wai Lee

Keywords: Stocks

September 1992
Teaching Note

Capital Holding Corporation TN

By: Lynda M. Applegate

Keywords: Stocks

July 2006
Supplement

Citigroup: Euro Zone Bond Trading (B)

By: Lynn S. Paine, Christopher Bruner and Aldo Sesia

Keywords: Bonds; Financial Services Industry; Europe

February 2004 (Revised February 2004)
Supplement

Dividend Policy at Linear Technology

By: Malcolm P. Baker

Spreadsheet to (9-204-066). Download only. View Details

Keywords: Stocks; Technology Industry

1983
Book

Rating Industrial Bonds

By: David Hawkins, Walter J. Campbell and Barbara A. Brown

Keywords: Bonds

07 Aug 2018
First Look

New Research and Ideas, August 8, 2018

based on a large panel dataset of countries between 1950 and 2014. We instrument actual trade with predicted trade constructed by estimating a time-varying gravity equation similar to Feyrer (2009). We find that economic integration has a... View Details

Keywords: by Sean Silverthorne

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

Second Quarter 2008
Article

How Does Investor Sentiment Affect the Cross-Section of Returns

By: Malcolm Baker, Johnathan Wang and Jeffrey Wurgler

Broad waves of investor sentiment should have larger impacts on securities that are more difficult to value and to arbitrage. Consistent with this intuition, we find that when an index of investor sentiment takes low values, small, young, high volatility,... View Details

Keywords: Volatility; Behavioral Finance; Stocks; Investment; Investment Return; Attitudes

September 2008
Article

Does Innovation Cause Stock Market Runups? Evidence from the Great Crash

By: Tom Nicholas

This article examines the stock market's changing valuation of corporate patentable assets between 1910 and 1939. It shows that the value of knowledge capital increased significantly during the 1920s compared to the 1910s as investors responded to the quality of... View Details

Keywords: History; Technological Innovation; Patents; Stocks; Valuation; Financial Crisis; Financial Services Industry; United States

Read Now

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

2005
Working Paper

Pseudo Market Timing and Predictive Regressions

By: Malcolm Baker, Ryan Taliaferro and Jeffrey Wurgler

A number of studies claim that aggregate managerial decision variables, such as aggregate equity issuance, have power to predict stock or bond market returns. Recent research argues that these results may be driven by an aggregate time-series version of Schultz's... View Details

Keywords: Managerial Roles; Equity; Market Timing; Financial Instruments; Investment Return; Mathematical Methods

Read Now

Web

George Pierce Baker Courtyard | About

Bower (MBA 1930) were instrumental in coordinating donations from 112 corporations to fund Baker Hall’s construction. The decision to name the building for Dean Baker was made by Harvard University’s governing boards in recognition of the... View Details

2017
White Paper

Illuminating the Path Forward: Breaking Free from the 60/40 Portfolio

By: Ross Stevens, Joshua Zwick and Randolph B. Cohen

Keywords: Investment Portfolio; Adoption; Financial Instruments

February 2023
Teaching Note

Bear to Bull? An Analyst’s Journey with Netflix

By: Aiyesha Dey and Joseph Pacelli

Teaching Note for HBS Case No. 123-001. Wedbush Securities analyst Michael Pachter said “hell freezing over” was more likely than him upgrading the “sell” rating he had maintained on movie and television streaming giant Netflix since 2011, despite meteoric subscriber... View Details

Keywords: Equity; Analysis; Stock Shares