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  • July 2015
  • Article

The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts' Perceptions and Shifting Institutional Logics

By: Ioannis Ioannou and George Serafeim
We explore the impact of corporate social responsibility (CSR) ratings on sell-side analysts' assessments of firms' future financial performance. We suggest that when analysts perceive CSR as an agency cost, due to the prevalence of an agency logic, they produce... View Details
Keywords: Corporate Social Responsibility; Analysts; Investment Recommendations; Sustainability; Institutional Logics; Environment; Corporate Social Responsibility and Impact; Investment; Corporate Governance; United States
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  • May 2014
  • Case

Building a High Performance Culture at IDFC

By: V.G. Narayanan and Vidhya Muthuram
IDFC was set up in 1997 to direct private finance to infrastructure projects in India. Over the years, it expanded its capabilities to become a 'complete solutions provider' offering financing solutions including debt and equity, investment banking, brokerage and asset... View Details
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  • Research Summary

Market Triads: A Theoretical and Empirical Analysis of Market Intermediation (Journal for the Theory of Social Behavior, June 2002)

By: Rakesh Khurana
This paper examines the role of executive search firms in CEO search. The paper argues that the numerical shift from two party market transactions (e.g. buyers and sellers) to three party transactions (e.g. buyers, sellers, and third party) transforms market exchanges... View Details
  • 28 Aug 2012
  • First Look

First Look: August 28

employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research, and their analysts face different stock selection and recommendation incentives than their sell-side peers. We... View Details
Keywords: Sean Silverthorne
  • June 2014 (Revised January 2017)
  • Case

Focus Financial Partners and the U.S. RIA Industry in 2014

By: Luis Viceira and Emily A. Chien
In the Spring of 2014, Rudy Adolf, CEO and founder of Focus Financial, and the two other co-founders of the firm are considering alternative growth strategies to solidify Focus Financial's position as a leading aggregator of independent wealth management firms in the... View Details
Keywords: Financial Management; Growth and Development Strategy; Business Model; Financial Services Industry
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  • 24 Oct 2016
  • Research & Ideas

Bernie Madoff Explains Himself

students that Madoff was once best known for pioneering the controversial but legal practice of payment for order flow, in which he would pay brokerage firms a couple of cents per share to send orders through his firm. This made him... View Details
Keywords: by Carmen Nobel; Financial Services
  • 21 Jul 2022
  • Research & Ideas

Did Pandemic Stimulus Funds Spur the Rise of 'Meme Stocks'?

While it’s not clear why the third payment didn’t show a similar bump, Greenwood notes markets tend to anticipate behavior ahead of an event. The stocks’ climb may have already been priced in. Several surveys of retail investors reinforced their findings. Among 430... View Details
Keywords: by Rachel Layne; Financial Services
  • 12 Aug 2020
  • Research & Ideas

Why Investors Often Lose When They Sue Their Financial Adviser

Years of bull market bliss gave brokerage clients few reasons to open their account statements—until March. Within one month, stocks in the United States notched their biggest one-day losses—and gains—as mounting fears about COVID-19’s... View Details
Keywords: by Danielle Kost; Financial Services
  • 19 Dec 2023
  • Research & Ideas

15 Podcast Episodes That Grabbed Listeners in 2023

estate brokerage or launch his own brokerage during a pandemic? Each option had very different implications for his time and flexibility. Ashley Whillans and her co-author Hawken Lord discuss Serhant’s time... View Details
Keywords: by Danielle Kost
  • August 2021 (Revised November 2021)
  • Case

The NCB Capital Turnaround: Waking the Sleeping Giant

By: Sandra J. Sucher, Gamze Yucaoglu, Shalene Gupta and Fares Khrais
The case opens in 2019, five years after, Sarah Al Suhaimi, CEO of NCB Capital (NCBC), the investment arm of Saudi’s largest bank, NCB, took the helm. Having successfully turned the business to make it the market leader, she was contemplating her next steps as... View Details
Keywords: Turnaround; Investment Banking; Financial Institutions; Change Management; Leadership; Business Model; Strategy; Business and Stakeholder Relations; Management Teams; Asset Management; Growth and Development Strategy; Saudi Arabia
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  • 02 Oct 2017
  • What Do You Think?

Do Bitcoin and Digital Currency Have a Future?

first Wall Street firm to do so. For me, the jury is still out. Here’s why. Back in the 1960s, I partnered with a commodities broker at the then-existent Hayden, Stone brokerage firm to form the Comsec Fund, a mutual fund that could trade... View Details
Keywords: by James L. Heskett; Financial Services
  • 06 Oct 2003
  • Research & Ideas

The Problem with Hedge Funds

concoction emerging again in a slightly different disguise. Again, salespeople for the banks and brokerages are telling investors that they have a safe haven for investments at high returns and are placing investors' money in extremely... View Details
Keywords: by D. Quinn Mills
  • 19 Feb 2007
  • Research & Ideas

Inexperienced Investors and Market Bubbles

understanding the effects of inexperience more broadly. We are working on a project that looks at individual investors' trading decisions in their brokerage accounts. View Details
Keywords: by Sean Silverthorne; Financial Services
  • 05 Jul 2017
  • Research & Ideas

Are Stockbrokers Illegally Leaking Confidential Information to Favored Clients?

information about large stock trades to their best, most lucrative clients. When a savvy activist investor submits a trading order through a brokerage firm, for example, the brokers will exploit this information by telling their favorite... View Details
Keywords: by Carmen Nobel; Financial Services
  • 01 Mar 2011
  • First Look

First Look: March 1

case:http://cb.hbsp.harvard.edu/cb/product/911033-PDF-ENG Sidoti & Company: Launching a Micro-Cap Product Boris Groysberg, Paul M. Healy, and Sarah L. AbbottHarvard Business School Case 411-072 It is 2010 and Sidoti & Company, a New York-based View Details
Keywords: Sean Silverthorne
  • 18 Oct 2004
  • Research & Ideas

The Bias of Wall Street Analysts

begun investigating the impact of accounting method choices in cross-border investments. Ann Cullen: After the scandals of the past few years, the potential for brokerage research deception is obviously something the Securities and... View Details
Keywords: by Ann Cullen; Financial Services
  • 20 Dec 2011
  • First Look

First Look: December 20

analyses indicate that "All-Star" recognition proxies for buy-side client votes on analyst research quality used to allocate commissions across banks and analysts. Taken as a whole, our evidence is consistent with analyst compensation being designed to reward... View Details
Keywords: Carmen Nobel
  • 17 Sep 2013
  • First Look

First Look: September 17

Paul Healy, George Serafeim, and Devin Shanthikumar Abstract—Prior research on equity analysts focuses almost exclusively on those employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own... View Details
Keywords: Sean Silverthorne
  • 12 Oct 1999
  • Research & Ideas

Where Main Street Meets Wall Street

competition has become the battle to simplify this overload and present it in manageable, user-friendly form to the consumer. In all these sectors of the industry, Tufano and the others agree, an increasingly important force is entering into the mix: the Internet. The... View Details
Keywords: by Garry Emmons; Financial Services
  • 10 Apr 2007
  • First Look

First Look: April 10, 2007

Harvard Business School Case 707-497 When Jim Weddle took over as Managing Partner of Edward Jones in January 2006, the brokerage firm was at a critical juncture. The firm's distinctive strategy had enabled it to grow from its roots in... View Details
Keywords: Martha Lagace

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