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  • April 2017 (Revised November 2017)
  • Case

BlackRock (B): Acquire MLIM? (with video links)

By: Ranjay Gulati, Jan W. Rivkin, Stuart C. Gilson and Aldo Sesia
In early 2006, BlackRock, Inc. is considering acquiring Merrill Lynch’s asset management business. The asset management industry was in a state of transition. In the prior year, more than 130 mergers and acquisitions had taken place. The proposed deal between BlackRock... View Details
Keywords: Strategy; Competition; Information Technology; Asset Management; Mergers and Acquisitions; Decision Choices and Conditions; United States
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  • Research Summary

The Cross Section of Expected Firm (Not Equity) Returns

This paper provides the first comprehensive study of expected firm (unlevered equity) returns. After accounting for the debt component of the firm return, I find that many of the cross sectional determinants of expected equity returns, such as the book-to-market... View Details
  • 07 Jul 2020
  • Working Paper Summaries

Predictable Financial Crises

Keywords: by Robin Greenwood, Samuel G. Hanson, Andrei Shleifer, and Jakob Ahm Sørensen
  • 15 Jul 2020
  • News

Predictable financial crises

  • Research Summary

Rare Consumption Disasters

By: Emil N. Siriwardane

Another defining feature of financial crises is consumption disasters, or large drops in aggregate consumption. Rather than taking the standard approach of seeking implications of such rare disasters for asset pricing in consumption data, Professor Siriwardane asks... View Details

  • Research Summary

Overview

By: Emil N. Siriwardane
In his research, Professor Siriwardane seeks to develop a quantitative understanding of how the financial sector affects asset prices and macroeconomic stability, particularly relevant in the wake of the financial crisis of the last decade. View Details

    Samuel G. Hanson

    Samuel G. Hanson is the William L. White Professor of Business Administration at Harvard Business School, a Research Associate at the National Bureau of Economic Research, and a Faculty Affiliate of the Harvard Economics department. He teaches Finance 1... View Details

    Keywords: asset management; asset management; asset management; asset management; asset management; asset management
    • 2018
    • Working Paper

    Diagnostic Bubbles

    By: Pedro Bordalo, Nicola Gennaioli, Spencer Yongwook Kwon and Andrei Shleifer
    We introduce diagnostic expectations into a standard setting of price formation in which investors learn about the fundamental value of an asset and trade it. We study the interaction of diagnostic expectations with two well-known mechanisms: learning from prices and... View Details
    Keywords: Bubbles; Price Bubble; Mathematical Methods
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    • September 2021
    • Article

    Diagnostic Bubbles

    By: Pedro Bordalo, Nicola Gennaioli, Spencer Yongwook Kwon and Andrei Shleifer
    We introduce diagnostic expectations into a standard setting of price formation in which investors learn about the fundamental value of an asset and trade it. We study the interaction of diagnostic expectations with two well-known mechanisms: learning from prices and... View Details
    Keywords: Bubble; Speculation; Diagnostic Expectations; Price Bubble; Mathematical Methods
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    • April 2005
    • Case

    The University of Chicago Investment Office: Investing in Timber

    In 2005, the University of Chicago Investment office was deciding how much capital to allocate toward timber investing. Explores the challenges associated with optimal portfolio construction when one of the invested assets is illiquid with limited historical price... View Details
    Keywords: Investment Portfolio; Decision Choices and Conditions; Financial Services Industry; Education Industry
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    • August 2018
    • Article

    Extrapolation and Bubbles

    By: Nicholas Barberis, Robin Greenwood, Lawrence Jin and Andrei Shleifer
    We present an extrapolative model of bubbles. In the model, many investors form their demand for a risky asset by weighing two signals: an average of the asset’s past price changes and the asset’s degree of overvaluation. The two signals are in conflict, and investors... View Details
    Keywords: Bubble; Extrapolation; Volume; Price Bubble; Mathematical Methods
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    • 16 Dec 2012
    • News

    Not all money market funds are equal

    • March 1989 (Revised April 1998)
    • Case

    Marriott Corporation: The Cost of Capital (Abridged)

    By: Richard S. Ruback
    Gives students the opportunity to explore how a company uses the Capital Asset Pricing Model (CAPM) to compute the cost of capital for each of its divisions. The use of Weighted Average Cost of Capital (WACC) formula and the mechanics of applying it are stressed. View Details
    Keywords: Cost of Capital; Mathematical Methods
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      Robin Greenwood

      Robin is the George Gund Professor of Finance and Banking at Harvard Business School. He serves as the Senior Associate Dean for Faculty Development and Research. He is past faculty director of the Behavioral Finance and Financial Stability project, chair of... View Details

      Keywords: banking; financial services
      • Article

      Market Integration in Developed and Emerging Markets: Evidence from the CAPM

      By: Robert Bruner, Wei Li, Mark Kritzman, Simon Myrgren and Sebastien Page
      Beta, as measured by the Capital Asset Pricing Model (CAPM), is widely used for pricing stocks, determining the cost of capital, and gauging the extent to which markets are integrated. The CAPM model assumes that equilibrium conditions prevail. The choice of which... View Details
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        Ishita Sen

        Ishita Sen is an assistant professor of business administration in the Finance Unit. She teaches the Finance I course in the MBA required curriculum. Professor Sen’s research focuses on financial intermediation, asset pricing, and insurance markets. In her current... View Details

          Luis M. Viceira

          Luis M. Viceira is the George E. Bates Professor in the Finance Unit  and a Research Associate at the National Bureau of Economic Research. His research, course development, and teaching focus on the areas of investment management... View Details

          Keywords: banking; education industry; financial services; nonprofit industry; retail financial services
          • 06 Jun 2016
          • News

          Your Investment Tool Is Failing You

          • April 2022
          • Article

          Predictable Financial Crises

          By: Robin Greenwood, Samuel G. Hanson, Andrei Shleifer and Jakob Ahm Sørensen
          Using historical data on post-war financial crises around the world, we show that crises are substantially predictable. The combination of rapid credit and asset price growth over the prior three years, whether in the nonfinancial business or the household sector, is... View Details
          Keywords: Financial Crisis; Global Range; Forecasting and Prediction; Mathematical Methods
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          • Research Summary

          Overview

          Ms. Fedyk's main research interests lie at the intersection of asset pricing and behavioral finance, with a particular focus on information and belief formation. Her job market paper is part of a broader research agenda on the way in which information is incorporated... View Details