Publications

Educators

Robert Kaplan talks about JPMorgan Chase & Co.'s $2 billion trading loss and the ability of Chief Executive Officer Jamie Dimon to manage the firm. Kaplan speaks with Erik Schatzker and Stephanie Ruhle on Bloomberg... View Details

July 2021 (Revised December 2021)
Case

Pershing Square's Pandemic Trade (A)

By: Emil N. Siriwardane, Luis M. Viceira, Dean Xu and Lucas Baker

This case explores the decision that Bill Ackman, CEO and founder of the hedge fund Pershing Square Capital, was considering in late February 2020 about hedging the exposure of the fund’s portfolio from the potential financial fallout ensuing from an extreme event like... View Details

Keywords: Health Pandemics; Financial Liquidity; Cost Management; Decision Choices and Conditions; Risk Management

Educators

05 Dec 2013
Working Paper Summaries

Heterogeneous Technology Diffusion and Ricardian Trade Patterns

Keywords: by William R. Kerr

Article

The Value of Trading Relations in Turbulent Times

By: Marco Di Maggio, Amir Kermani and Zhaogang Song

This paper investigates how dealers’ trading relations shape their trading behavior in the corporate bond market. Dealers charge lower spreads to dealers with whom they have the strongest ties and more so during periods of market turmoil. Systemically important dealers... View Details

Keywords: OTC Markets; Network; Corporate Bonds; Crisis; Intermediation Chains; Leaning Against The Wind; Networks; Bonds; Behavior; Financial Crisis

September – October 2007
Article

Trading Patterns and Excess Comovement of Stock Returns

By: Robin Greenwood and Nathan Sosner

n April 2000, 30 stocks were replaced in the Nikkei 225 Index. The unusually broad index redefinition allowed for a study of the effects of index-linked trading on the excess comovement of stock returns. A large increase occurred in the correlation of trading volume of... View Details

Keywords: Stocks; Investment Return; Market Transactions; Mathematical Methods

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Article

Stability and Competitive Equilibrium in Trading Networks

By: John William Hatfield, Scott Duke Kominers, Alexandru Nichifor, Michael Ostrovsky and Alexander Westkamp

We introduce a model in which agents in a network can trade via bilateral contracts. We find that when continuous transfers are allowed and utilities are quasi-linear, the full substitutability of preferences is sufficient to guarantee the existence of stable outcomes... View Details

Keywords: Balance and Stability; Markets

25 Aug 2011
News

Across borders, a murky trade

February 2009
Article

GHG Trading Framework for the U.S. Biofuels Sector

By: Subbu Kumarappan and Satish V. Joshi

Substitution of petroleum fuels with biofuels such as ethanol and biodiesel has been shown to reduce greenhouse gas (GHG) emissions. These GHG reductions can be traded in the emerging carbon markets, and methodologies for quantifying and trading are still being... View Details

Keywords: Climate Change; Environmental Sustainability; Energy Sources; Energy Industry; United States

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Web

Exploring Trade Links in the Interior - A Chronicle of the China Trade

of the China Trade Introduction Doing Business with China Augustine Heard & Co. The Canton Trade Commodities & Currencies Treaty Ports & Compradors Clippers & Steamships Exploring View Details

05 Nov 2012
Research & Ideas

What Wall Street Doesn’t Understand About International Trade

Making the best international trading decisions may be as easy as taking a stroll around the local neighborhood. A recent research paper states that it's possible to predict whether a US firm will trade with... View Details

Keywords: by Carmen Nobel

Web

The Canton Trade and The Hong Merchants System - A Chronicle of the China Trade

of the China Trade Introduction Doing Business with China Augustine Heard & Co. The Canton Trade Commodities & Currencies Treaty Ports & Compradors Clippers & Steamships Exploring View Details

February 2010 (Revised June 2011)
Case

SEWA Trade Facilitation Center: Changing the Spool

By: Mukti Khaire and Kathleen L. McGinn

The case is about the decision to convert a not-for-profit organization into a for-profit company. SEWA Trade Facilitation Center (STFC), which is part of a larger non-profit organization—the Self-Employed Women's Association (SEWA)—works to improve the livelihoods of... View Details

Keywords: Cooperative Ownership; For-Profit Firms; Gender; Business Model; Organizational Change and Adaptation; Nonprofit Organizations; Arts; Entrepreneurship; Economic Growth; Growth and Development Strategy; Consumer Products Industry; India

Educators

17 Apr 2012
News

Japan's trading houses move into the big league

2009
Other Unpublished Work

Heterogeneous Technology Diffusion and Ricardian Trade Patterns

By: William R. Kerr

This study tests the importance of Ricardian technology differences for international trade. The developed panel includes both emerging and advanced economies, and particular attention is devoted to the variation exploited in empirical tests. The elasticity of export... View Details

Keywords: Trade; Immigration; Competitive Advantage; Integration; Technology; United States

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July 2021
Supplement

Pershing Square's Pandemic Trade (D)

By: Emil N. Siriwardane, Luis M. Viceira and Dean Xu

July 2021
Supplement

Pershing Square's Pandemic Trade (C)

By: Emil N. Siriwardane, Luis M. Viceira and Dean Xu

October 2003 (Revised January 2004)
Background Note

Online Securities Trading in Japan

By: Lynda M. Applegate, Jamie Ladge, Haruki Umezawa and Masako Egawa

Provides an overview of the Japanese securities industry and discusses how the online trading/brokerage industry grew as a result of deregulation of financial markets and penetration of the Internet in Japan. Describes major players in the online industry--Matsui... View Details

Keywords: Internet and the Web; Competitive Strategy; Emerging Markets; Financial Markets; Business Strategy; Financial Instruments; Globalized Markets and Industries; Internet and the Web; Japan

2025
Working Paper

Is Love Blind? AI-Powered Trading with Emotional Dividends

By: Valeria Fedyk, Daniel Rabetti and Stella Kong

We leverage the non-fungible tokens (NFTs) setting to assess the valuation of emotional dividends (LOVE), a long-standing empirical challenge in private-value markets such as art, antiques, and collectibles. Having created and validated our proxy, we use deep learning... View Details

Keywords: AI and Machine Learning