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  • 01 Jul 2025
  • Video

Green Industrial Policy at a Crossroads

  • 01 Sep 2022
  • What Do You Think?

Is It Time to Consider Lifting Tariffs on Chinese Imports?

(iStockphoto/AvigatorPhotographer) Recently there has been talk, but no action, about eliminating some or all of the tariffs on Chinese imports that were instituted by the Trump administration. The debate involves salient arguments on... View Details
Keywords: Re: James L. Heskett
  • 15 Feb 2016
  • Working Paper Summaries

Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting

Keywords: by Erik Stafford; Banking; Financial Services
  • 2014
  • Working Paper

Islam, Inequality, and Pre-Industrial Comparative Development

By: Stelios Michalopoulos, Alireza Naghavi and Giovanni Prarolo
This study explores the interaction between trade and geography in shaping the Islamic economic doctrine and in turn the comparative development of the Muslim world. We build a model where an unequal distribution of land quality in presence of trade opportunities... View Details
Keywords: Islam; Inequality In Land Quality; Wealth Accumulation; Public Good Investment; Conflict; Wealth; Geography; Religion; Trade
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  • 2022
  • Working Paper

Retail Investors’ Contrarian Behavior Around News, Attention, and the Momentum Effect

By: Cheng (Patrick) Luo, Enrichetta Ravina, Marco Sammon and Luis M. Viceira
Using a large panel of U.S. brokerage accounts trades and positions, we show that a large fraction of retail investors trade as contrarians after large earnings surprises, especially for loser stocks, and that such contrarian trading contributes to post earnings... View Details
Keywords: Retail Investors; Post Earnings Announcement Drift; Price Momentum; Behavioral Finance; Investment; Demographics
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  • 07 Aug 2018
  • Working Paper Summaries

Economic Integration and Democracy: An Empirical Investigation

Keywords: by Giacomo Magistretti and Marco Tabellini
  • 2023
  • Working Paper

The Equity Market Implications of the Retail Investment Boom

By: Philippe van der Beck and Coralie Jaunin
This paper quantifies the impact of Robinhood traders on the US equity market. Within a structural model, we estimate retail and institutional demand curves and derive aggregate pricing implications via market clearing. The inelastic nature of institutional demand... View Details
Keywords: Institutional Investing; Financial Markets; Price; Financial Instruments
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  • 01 Oct 2012
  • News

James E. Burke, Johnson & Johnson CEO during Tylenol poisonings 30 years ago, dies at 87

    Retail Investors’ Contrarian Behavior Around News, Attention, and the Momentum Effect

    Abstract
    Using a large panel of U.S. brokerage accounts trades and positions, we show that a large fraction of retail investors trade as contrarians after large earnings surprises, especially for loser stocks, and that such contrarian trading... View Details
    • Research Summary

    Analyst Disagreement, Forecast Bias and Stock Returns

    We present evidence of inefficient information processing in equity markets by documenting that biases in analysts' earnings forecasts are reflected in stock prices. In particular, investors fail to account for analysts' tendency to withhold negative views and to issue... View Details
    • 22 Sep 2020
    • News

    Hedge Funds Reject Central Banker Criticism on Volatility

    • May 2008 (Revised March 2009)
    • Case

    SKS Microfinance

    By: Shawn A. Cole and Theresa Chen
    Vikram Akula, CEO of SKS Microfinance, seeks a venture capital investment to fund his firm. SKS, one of the largest and fastest growing microfinance institutions in India, is a profitable, for-profit institution with a social mission. In what is one of the first... View Details
    Keywords: For-Profit Firms; Venture Capital; Microfinance; Corporate Social Responsibility and Impact; Valuation; Financial Services Industry; India
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      Randolph B. Cohen

      Randolph B. (Randy) Cohen is the MBA Class of 1975 Senior Lecturer of Entrepreneurial Management in the Finance Unit at Harvard Business School. Cohen’s main research focus has been the identification of top investment managers and the prediction of manager... View Details

      Keywords: financial services; investment banking industry
      • March 2017
      • Case

      SKS Microfinance (Abridged)

      By: Shawn Cole and Theresa Chen
      Vikram Akula, CEO of SKS Microfinance, seeks a venture capital investment to fund his firm. SKS, one of the largest and fastest growing microfinance institutions in India, is a profitable, for-profit institution with a social mission. In what is one of the first... View Details
      Keywords: For-Profit Firms; Venture Capital; Microfinance; Corporate Social Responsibility and Impact; Valuation; Financial Services Industry; India
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      • 2015
      • Article

      International Trade, Multinational Activity, and Corporate Finance

      By: C. Fritz Foley and Kalina Manova
      An emerging new literature brings unique ideas from corporate finance to the study of international trade and investment. Insights about differences in the development of financial institutions across countries, the role of financial constraints, and the use of... View Details
      Keywords: Multinational Firms and Management; Investment; Trade; Corporate Finance
      Related
      • June 1994 (Revised September 1995)
      • Case

      Leland O'Brien Rubinstein Associates, Inc.: SuperTrust

      By: Peter Tufano
      Leland O'Brien Rubinstein Associates, Inc. (LOR), which profited by selling portfolio insurance to institutional investors, attempts to rebuild itself after the 1987 stock market crash by creating new products to meet the unsatisfied needs of equity investors. LOR... View Details
      Keywords: Product Development; Financial Services Industry; United States
      Related
      • 2015
      • Working Paper

      Collateral Shortages and Intermediation Networks

      By: Marco Di Maggio and Alireza Tahbaz-Salehi
      This paper argues that in the presence of trading frictions and agency problems, the interbank market may be overly fragile, in the sense that small changes in the liquidity of assets used as collateral may lead to large swings in haircuts and a potential credit... View Details
      Keywords: Financial Intermediation; Financial Networks; Secured Lending; Collateral; Repo Runs; ABCP Collapse; Networks; Negotiation; Financing and Loans; Financial Crisis
      Related
      • 2018
      • Chapter

      Between Economic Planning and Market Competition: International Law and Economics in the U.S.

      By: Laura Phillips Sawyer
      The impact of institutional economics in shaping the American regulatory tradition has largely been dismissed as an incoherent attack on the neoclassical economic paradigm. This essay briefly reconstructs the interwar institutionalist movement, exploring the... View Details
      Keywords: Economics; History; Governing Rules, Regulations, and Reforms; Business and Government Relations; United States
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        Leemore S. Dafny

        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
        • 31 Jan 2023
        • Research & Ideas

        It’s Not All About Pay: College Grads Want Jobs That ‘Change the World’

        organizational purpose or social responsibility—reduce the overall bump paid to college-educated workers by about 5 percent, finds the study, which Zhang wrote with Nathan Wilmers, an associate professor at the Massachusetts Institute of... View Details
        Keywords: by Rachel Layne