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    • All HBS Web  (1,401)
      • Faculty Publications  (157)

      Investment BehaviorRemove Investment Behavior →

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      • Article

      Institutional Portfolio Flows and International Investments

      By: K. A. Froot and T. Ramadorai
      Keywords: Loss Aversion; International Investment; Portfolio Investment; Asset Allocation; Decision Choices and Conditions; Currency; Investment; Risk Management; Behavioral Finance; Asset Pricing
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      Froot, K. A., and T. Ramadorai. "Institutional Portfolio Flows and International Investments." Review of Financial Studies 21, no. 2 (March 2008): 937–971. (Formerly The Information Content of International Portfolio Flows, revised from NBER Working Paper No. 8472, September 2001, Harvard Business School Working Paper No. 03-006, 2002, revised December 2005.)
      • 2008
      • Working Paper

      Consumer Demand for Prize-Linked Savings: A Preliminary Analysis

      By: P. Tufano, Nick Maynard and Jan-Emmanuel De Neve
      This paper reports on a small-scale survey of the potential American demand for prize-linked savings accounts, an account that awards prizes as part of the saving product's return. In October 2006, Centra Credit Union launched a prize-linked savings pilot. As part of... View Details
      Keywords: Saving; Income; Consumer Behavior; Personal Finance; Investment Return; Banks and Banking; Clarksville
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      Tufano, P., Nick Maynard, and Jan-Emmanuel De Neve. "Consumer Demand for Prize-Linked Savings: A Preliminary Analysis." Harvard Business School Working Paper, No. 08-061, February 2008.
      • June 2008
      • Article

      How Are Preferences Revealed?

      By: John Beshears, James J. Choi, David Laibson and Brigitte C. Madrian
      Revealed preferences are tastes that rationalize an economic agent's observed actions. Normative preferences represent the agent's actual interests. It sometimes makes sense to assume that revealed preferences are identical to normative preferences. But there are many... View Details
      Keywords: Consumer Behavior; Attitudes; Microeconomics
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      Beshears, John, James J. Choi, David Laibson, and Brigitte C. Madrian. "How Are Preferences Revealed?" Journal of Public Economics 92, nos. 8-9 (June 2008): 1787–1794.
      • October 2007
      • Article

      The Power of Stars: Do Star Actors Drive the Success of Movies?

      By: Anita Elberse
      Is the involvement of star actors critical to the success of motion pictures? Film studios, which they regularly pay multimillion-dollar fees to star actors, seem driven by that belief. I shed light on the returns on this investment using an event study that considers... View Details
      Keywords: Talent and Talent Management; Film Entertainment; Investment Return; Revenue; Compensation and Benefits; Resource Allocation; Success; Motion Pictures and Video Industry
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      Elberse, Anita. "The Power of Stars: Do Star Actors Drive the Success of Movies?" Journal of Marketing 71, no. 4 (October 2007): 102–120. (Featured in HBS Working Knowledge.)
      • August 2007 (Revised June 2020)
      • Case

      Trouble with a Bubble

      By: Tom Nicholas
      Examines technology, firm performance, and the stock market during the 1929 Great Crash and the Great Depression of the 1930s. The 1920s was an extraordinary period of technological progress marked by a strong run-up in stock market prices. Firms invested heavily in... View Details
      Keywords: Bubble; Stock Market; Great Depression; Irving Fisher; Information Technology; Organizational Change and Adaptation; History; Financial Markets; Performance; Labor and Management Relations; Equity; Financial Crisis; Innovation and Invention; United States
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      Nicholas, Tom. "Trouble with a Bubble." Harvard Business School Case 808-067, August 2007. (Revised June 2020.)
      • 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
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      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.
      • 2007
      • Working Paper

      Investor Sentiment in the Stock Market

      By: Malcolm Baker and Jeffrey Wurgler
      Real investors and markets are too complicated to be neatly summarized by a few selected biases and trading frictions. The "top down" approach to behavioral finance focuses on the measurement of reduced form, aggregate sentiment and traces its effects to stock returns.... View Details
      Keywords: Investment; Markets; Behavioral Finance; Stocks
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      Baker, Malcolm, and Jeffrey Wurgler. "Investor Sentiment in the Stock Market." NBER Working Paper Series, No. 13189, June 2007.
      • May 2007
      • Article

      Corporate Financing Decisions When Investors Take the Path of Least Resistance

      By: Malcolm Baker, Joshua Coval and Jeremy Stein
      We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to... View Details
      Keywords: Behavior; Investment; Policy; Corporate Finance
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      Baker, Malcolm, Joshua Coval, and Jeremy Stein. "Corporate Financing Decisions When Investors Take the Path of Least Resistance." Journal of Financial Economics 84, no. 2 (May 2007): 266–298.
      • Article

      Investor Sentiment in the Stock Market

      By: Malcolm Baker and Jeffrey Wurgler
      We examine how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. We test this prediction by... View Details
      Keywords: Financial Markets; Stocks; Investment Return; Valuation; Forecasting and Prediction; Volatility; Price; Risk and Uncertainty; Behavioral Finance
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      Baker, Malcolm, and Jeffrey Wurgler. "Investor Sentiment in the Stock Market." Journal of Economic Perspectives 21, no. 2 (Spring 2007): 129–151.
      • February 2007
      • Case

      Behavioral Finance at JP Morgan

      By: Malcolm P. Baker and Aldo Sesia
      Following a successful model in Europe, JP Morgan has introduced a set of five U.S. retail mutual funds with an investment philosophy and marketing strategy grounded in behavioral finance. The asset management group believes that understanding investor biases like... View Details
      Keywords: Banks and Banking; Investment Funds; Behavioral Finance; Competitive Advantage; Asset Management; Marketing Strategy; Product Marketing; Customer Focus and Relationships; Banking Industry; Financial Services Industry; United States; Europe
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      Baker, Malcolm P., and Aldo Sesia. "Behavioral Finance at JP Morgan." Harvard Business School Case 207-084, February 2007.
      • August 2006
      • Article

      Investor Sentiment and the Cross Section of Stock Returns

      By: Malcolm Baker and Jeffrey Wurgler
      We examine how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. We test this prediction by... View Details
      Keywords: Behavioral Finance; Stocks; Investment Return; Forecasting and Prediction; Motivation and Incentives; Risk and Uncertainty; Volatility
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      Baker, Malcolm, and Jeffrey Wurgler. "Investor Sentiment and the Cross Section of Stock Returns." Journal of Finance 61, no. 4 (August 2006): 1645–1680.
      • June 2005
      • Article

      Currency Returns, Intrinsic Value, and Institutional Investor Flows

      By: K. A. Froot and T. Ramadorai
      Keywords: Currencies; Exchange Rates; Purchasing Power Parity; Real Exchange Rate; Forecasting and Prediction; Behavioral Finance; Investment Return; Market Transactions; Performance Expectations; Personal Characteristics; Asset Pricing; Financial Services Industry
      Citation
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      Froot, K. A., and T. Ramadorai. "Currency Returns, Intrinsic Value, and Institutional Investor Flows." Journal of Finance 60, no. 3 (June 2005): 1535–1566. (Revised from NBER Working Paper no. 9101, August 2002 and Harvard Business School Working Paper no. 04-036, December 2003.)
      • 2005
      • Other Unpublished Work

      Corporate Financing Decisions When Investors Take the Path of Least Resistance

      By: Malcolm Baker, Joshua Coval and Jeremy Stein
      We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to... View Details
      Keywords: Decisions; Behavior; Stocks; Mergers and Acquisitions; Policy; Investment; Financial Institutions; Equity; Corporate Finance
      Citation
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      Baker, Malcolm, Joshua Coval, and Jeremy Stein. "Corporate Financing Decisions When Investors Take the Path of Least Resistance." NBER Working Paper Series, April 2005. (First Draft in 2004.)
      • 2005
      • Working Paper

      Investor Sentiment and the Cross-Section of Stock Returns

      By: Malcolm Baker and Jeffrey Wurgler
      We examine how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. We test this prediction by studying... View Details
      Keywords: Investment Return; Behavioral Finance; Stocks; Theory; Forecasting and Prediction
      Citation
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      Baker, Malcolm, and Jeffrey Wurgler. "Investor Sentiment and the Cross-Section of Stock Returns." NBER Working Paper Series, No. w10449, April 2005. (First draft in 2003.)
      • September 2004
      • Article

      Decomposing the Persistence of International Equity Flows

      By: Kenneth A. Froot and J. Tjornhom Donohue
      Keywords: Asset Pricing; Equity Investment; Forecasting and Prediction; Behavioral Finance; Stocks; Investment Return; Market Transactions; Performance Expectations; Personal Characteristics; Financial Services Industry
      Citation
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      Froot, Kenneth A., and J. Tjornhom Donohue. "Decomposing the Persistence of International Equity Flows." Finance Research Letters 1, no. 3 (September 2004): 154–170. (Revised from NBER Working Paper no. 9079, July 2002, Harvard Business School Working Paper no. 03-005, July 2002.)
      • January 2003 (Revised September 2007)
      • Background Note

      A Note on Racing to Acquire Customers

      By: Thomas R. Eisenmann
      Examines factors that motivate a firm's race to acquire customers in newly emerging markets and explores conditions under which racing strategies are likely to yield attractive returns. Provides a definition of racing behavior, introduces the notion of an optimal level... View Details
      Keywords: Customers; Price Bubble; Network Effects; Emerging Markets; Market Entry and Exit; Behavior; Competition
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      Eisenmann, Thomas R. "A Note on Racing to Acquire Customers." Harvard Business School Background Note 803-103, January 2003. (Revised September 2007.)
      • December 2002
      • Article

      The Persistence of Emerging Market Equity Flows

      By: K. A. Froot and J. Donohue
      Keywords: Asset Pricing; Equity Investment; Forecasting and Prediction; Behavioral Finance; Stocks; Investment Return; Market Transactions; Performance Expectations; Financial Services Industry
      Citation
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      Froot, K. A., and J. Donohue. "The Persistence of Emerging Market Equity Flows." Emerging Markets Review 3, no. 4 (December 2002): 338–364. (Revised from NBER Working Paper no. 9241, HBS Working Paper no. 03-035, September 2002.)
      • February 2001
      • Article

      The Portfolio Flows of International Investors

      By: K. A. Froot, P. O'Connell and M. Seasholes
      Keywords: Asset Pricing; Equity Investment; Forecasting and Prediction; Behavioral Finance; Stocks; Investment Return; Market Transactions; Performance Expectations; Personal Characteristics; Financial Services Industry
      Citation
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      Froot, K. A., P. O'Connell, and M. Seasholes. "The Portfolio Flows of International Investors." Journal of Financial Economics 59, no. 2 (February 2001): 151–193. (Revised from NBER Working Paper No. 6687 and HBS Working No. Paper 99-006, July 1998. Summarized in the NBER Reporter, 2000. Reprinted in International Capital Markets, R. Stulz and A. Karolyi, eds. Edward Elgar Publishing, 2003.)
      • October 1995
      • Article

      New Trading Practices and Short-Run Market Efficiency

      By: Kenneth A. Froot and André Perold
      Keywords: Institutional Investing; Market Efficiency; Behavioral Finance; Equities; Stock Market; Indexing; Financial Markets; Asset Pricing
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      Froot, Kenneth A., and André Perold. "New Trading Practices and Short-Run Market Efficiency." Journal of Futures Markets 15, no. 7 (October 1995): 731–766. (Revised from NBER Working Paper No. 3498, October 1990.)
      • September 1995 (Revised May 1998)
      • Case

      RogersCasey Alternative Investments: Innovative Response to the Distribution Challenge

      By: Josh Lerner
      RogersCasey Alternative Investments faces the challenge of managing distributions of stock by the private equity investors in which their clients have invested. These distributed shares appear to behave in complex ways, apparently at odds with market efficiency. A... View Details
      Keywords: Private Equity; Stocks; Financial Strategy; Investment; Innovation Strategy; Management; Distribution; Performance; Behavior
      Citation
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      Lerner, Josh. "RogersCasey Alternative Investments: Innovative Response to the Distribution Challenge." Harvard Business School Case 296-024, September 1995. (Revised May 1998.)
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