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Show Results For
- All HBS Web
(3,940)
- People (3)
- News (417)
- Research (3,155)
- Events (71)
- Multimedia (3)
- Faculty Publications (2,007)
- 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
- Forthcoming
- Article
Happily Ever After: Immigration, Natives' Marriage and Fertility
By: Michela Carlana and Marco Tabellini
We study the effects of immigration on natives’ marriage, fertility, and family formation across U.S. cities between 1910 and 1930. Using a shift-share design, we find that natives living in cities that received more immigrants were more likely to marry, have children,... View Details
Carlana, Michela, and Marco Tabellini. "Happily Ever After: Immigration, Natives' Marriage and Fertility." Journal of Economic History (forthcoming). (Winner of European Economic Association Young Economist Award, 2018. Featured in HBS Working Knowledge.)
- May 2018
- Other Article
A Cross-Country Comparison of Dynamics in the Large Firm Wage Premium
By: Emanuele Colonnelli, Joacim Tag, Michael Webb and Stefanie Wolter
We provide stylized facts on the existence and dynamics over time of the large firm wage premium for four countries. We examine matched employer-employee micro-data from Brazil, Germany, Sweden, and the UK, and find that the large firm premium exists in all these... View Details
Colonnelli, Emanuele, Joacim Tag, Michael Webb, and Stefanie Wolter. "A Cross-Country Comparison of Dynamics in the Large Firm Wage Premium." AEA Papers and Proceedings 108 (May 2018): 323–327.
- April 2021
- Article
Evaluating Firm-Level Expected-Return Proxies: Implications for Estimating Treatment Effects
By: Charles M.C. Lee, Eric C. So and Charles C.Y. Wang
We introduce a parsimonious framework for choosing among alternative expected-return proxies (ERPs) when estimating treatment effects. By comparing ERPs’ measurement-error variances in the cross section and in time series, we provide new evidence on the relative... View Details
Keywords: Implied Cost Of Capital; Expected Returns; Cost of Capital; Investment Return; Performance Evaluation
Lee, Charles M.C., Eric C. So, and Charles C.Y. Wang. "Evaluating Firm-Level Expected-Return Proxies: Implications for Estimating Treatment Effects." Review of Financial Studies 34, no. 4 (April 2021): 1907–1951.
- April 10, 2017
- Article
The Different Approaches Firms Use to Set Strategy
By: Kimberly Teti, Mu-Jeung Yang, Nicholas Bloom, Jan Rivkin and Raffaella Sadun
Many senior executives struggle to describe how they make strategic decisions. That’s a serious problem since the process for making strategic decisions can shape the strategy itself. To understand better how companies really make strategic choices, we interviewed 92... View Details
Teti, Kimberly, Mu-Jeung Yang, Nicholas Bloom, Jan Rivkin, and Raffaella Sadun. "The Different Approaches Firms Use to Set Strategy." Harvard Business Review (website) (April 10, 2017).
- 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
Baker, Malcolm, Richard Ruback, and Jeffrey Wurgler. "Behavioral Corporate Finance: A Survey." In The Handbook of Corporate Finance, Volume 1: Empirical Corporate Finance, edited by Espen Eckbo. New York: Elsevier/North-Holland, 2007.
- 26 May 2011
- News
Good companies need more than words
- 02 Jul 2019
- News
‘VC: An American History’ Review: The Seed Spreaders
- 22 Sep 2016
- HBS Seminar
Hunt Allcott, Stanford University
- Research Summary
Overview
My work examines the social and economic processes that generate innovation and distribute its rewards in society, in the context of the United States over the past twenty years. For isntance, I have shown that in recent decades product innovations have... View Details
How Robust Is Your Climate Governance?
During the past few years, as evidence of climate change and its effects has mounted, many corporate boards have added climate governance to their agendas. But the maturity of boards’ climate-oversight processes and activities varies widely. To better... View Details
- Article
Assessing the Impact of CEO Activism
By: Aaron K Chatterji and Michael W. Toffel
CEO activism refers to corporate leaders speaking out on social and environmental policy issues not directly related to their company’s core business. Distinct from nonmarket strategy and traditional corporate social responsibility, the recent wave of CEO activism... View Details
Keywords: Business And Society; Leadership; Policy; Ethics; Values and Beliefs; Governance; Social Issues; Corporate Social Responsibility and Impact; Public Opinion
Chatterji, Aaron K., and Michael W. Toffel. "Assessing the Impact of CEO Activism." Organization & Environment 32, no. 2 (June 2019): 159–185. (Profiled in the New York Times, Harvard Business Review, Forbes, Chief Executive magazine, CEO magazine, and by Edelman and Weber Shandwick.)
- November 2011
- Article
Competing Matchmakers: An Experimental Analysis
By: Tanjim Hossain, Dylan B. Minor and John Morgan
Platform competition is ubiquitous, yet platform market structure is little understood. Theory models typically suffer from equilibrium multiplicity—platforms might coexist or the market might tip to either platform. We use laboratory experiments to study the outcomes... View Details
Keywords: Platform Competition; Two-Sided Markets; E-commerce; Competition; Two-Sided Platforms; Monopoly
Hossain, Tanjim, Dylan B. Minor, and John Morgan. "Competing Matchmakers: An Experimental Analysis." Management Science 57, no. 11 (November 2011): 1913–1925.
- 2005
- Book
Multinationals and Global Capitalism: From the Nineteenth to the Twenty-First Century
By: Geoffrey Jones
This book provides an essential framework for understanding global business. It shows how entrepreneurs built a global economy in the nineteenth century by creating firms that pursued resources and markets across borders. It demonstrates how firms shifted strategies as... View Details
Keywords: Capitalism; Multinational Firms and Management; Globalization; History; Economy; Trade; Strategy
Jones, Geoffrey. Multinationals and Global Capitalism: From the Nineteenth to the Twenty-First Century. Oxford: Oxford University Press, 2005.
- 25 Jan 2012
- News
Amid Attacks on Private Equity, Efforts to Study Its Value
- 01 Nov 2015
- News
The Payoff of Pay-for-Success
The Unintended Consequences of the Zero Lower Bound Policy
Our novel evidence suggests that in the times of unusually low interest rates money market fund managers increased, on average, their portfolios’ risk. We also show... View Details
- Research Summary
Anonymity and Identity
By: John A. Deighton
In most consumer markets, consumers are accustomed to operating in relative anonymity. A complex social adjustment is occurring as people realize that anonymity is often no longer their default condition - it must be sought and in some cases bought. New conceptions of... View Details
- Article
Are Crises Good for Long-term Growth? The Role of Political Institutions
By: Alberto Cavallo and Eduardo Cavallo
This paper provides empirical evidence for the importance of institutions in determining the outcome of crises on long-term growth. We show that once unobserved country-specific effects and other sources of endogeneity are accounted for, political institutions affect... View Details
Keywords: Growth; Democracy; Macroeconomics; Growth and Development; Financial Crisis; Economic Growth; Government and Politics
Cavallo, Alberto, and Eduardo Cavallo. "Are Crises Good for Long-term Growth? The Role of Political Institutions." Journal of Macroeconomics 32, no. 3 (September 2010): 838–857.