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- All HBS Web
(1,624)
- People (2)
- News (312)
- Research (1,142)
- Events (5)
- Multimedia (9)
- Faculty Publications (585)
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- 06 Dec 2021
- Research & Ideas
The Popular Stock Metric That Can Lead Investors Astray
stock market is overvalued and may experience some volatility as the economy continues to recover, Wang’s research suggests that investors may be relying too heavily on a formerly tried-and-true tool that... View Details
Keywords: by Rachel Layne
- 2012
- Article
Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs
By: Mozaffar N. Khan, Leonid Kogan and George Serafeim
In tests of the equity market timing theory of external finance, the prior literature has used overvaluation identifiers such as high market-to-book and high prior returns that are likely correlated with other determinants of SEOs. We use price pressure resulting from... View Details
Keywords: Equity; Market Transactions; Valuation; Capital Structure; Market Timing; Mathematical Methods; Acquisition
Khan, Mozaffar N., Leonid Kogan, and George Serafeim. "Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs." Journal of Finance 67, no. 4 (August 2012): 1371–1395.
- 19 Feb 2007
- Research & Ideas
Inexperienced Investors and Market Bubbles
joining a bubble. In the recent paper, "Inexperienced Investors and Bubbles," Harvard Business School's Robin Greenwood and Stanford's Stefan Nagel compared the returns of young and older mutual fund managers during and after the technology View Details
- June 7, 1990
- Article
New Trading Practices and the Short-run Predictability of the S&P 500
By: André Perold, Kenneth A. Froot and James F. Gammill Jr.
- Research Summary
Effective Capital Market Communications
Hutton's most recent research and cases examine how managers enhance the credibility and effectiveness of their financial reports and voluntary disclosures. Her most recent working paper, "Effective Voluntary Disclosure" (co-authored with Greg Miller, HBS, and Douglas... View Details
- 18 Mar 2009
- Research & Ideas
Marketing After the Recession
Editor's Note: Harvard Business School professor John Quelch writes a blog on marketing issues, called Marketing Know: How, for Harvard Business Online. It is reprinted on HBS Working Knowledge.... View Details
- October 2007
- Article
Supply and Demand Shifts in the Shorting Market
By: Lauren Cohen, Karl B. Diether and Christopher J. Malloy
Using proprietary data on stock loan fees and quantities from a large institutional investor, we examine the link between the shorting market and stock prices. Employing a unique identification strategy, we isolate shifts in the supply and demand for shorting. We find... View Details
Keywords: Analytics and Data Science; Stocks; Financing and Loans; Price; Strategy; Demand and Consumers; Forecasting and Prediction; Investment Return; Markets; Information
Cohen, Lauren, Karl B. Diether, and Christopher J. Malloy. "Supply and Demand Shifts in the Shorting Market." Journal of Finance 62, no. 5 (October 2007): 2061–2096. (Winner of Smith Breeden Prize for the Best Paper Published in the Journal of Finance in Asset Pricing (Distinguished Paper) 2007.)
- Spring 2016
- Article
Risk Neglect in Equity Markets
By: Malcolm Baker
The link between measures of risk and return within the equity market has been very weak over the past 47 years: in the United States, returns on high-risk stocks have cumulatively fallen short of the returns on low-risk stocks, during a period when the equity market... View Details
Baker, Malcolm. "Risk Neglect in Equity Markets." Journal of Portfolio Management 42, no. 3 (Spring 2016): 12–25.
- October 2005 (Revised February 2006)
- Case
ICEX: Making a Market in Iceland
Examines the impact of increased performance on the international visibility and positioning of the Icelandic Stock Exchange. Allows consideration of various options for stock exchange growth that are created by Iceland's strong economic performance in recent years.... View Details
Miller, Gregory S., and Brian DeLacey. "ICEX: Making a Market in Iceland." Harvard Business School Case 106-038, October 2005. (Revised February 2006.)
- 2009
- Comment
Comment on “Free Flows, Limited Diversification: Openness and the Fall and Rise of Stock Market Correlations” (by D. Quaid and H-J. Voth)
By: Huw Pill
Pill, Huw. "Comment on “Free Flows, Limited Diversification: Openness and the Fall and Rise of Stock Market Correlations” (by D. Quaid and H-J. Voth)." NBER International Seminar on Macroeconomics 6 (2009): 40–47.
- January 2017
- Article
Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns
By: Tom Y. Chang, Samuel M. Hartzmark, David H. Solomon and Eugene F. Soltes
We present evidence consistent with markets failing to properly price information in seasonal earnings patterns. Firms with historically larger earnings in one quarter of the year (“positive seasonality quarters”) have higher returns when those earnings are usually... View Details
Chang, Tom Y., Samuel M. Hartzmark, David H. Solomon, and Eugene F. Soltes. "Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns." Review of Financial Studies 30, no. 1 (January 2017): 281–323.
- 2005
- Working Paper
Pseudo Market Timing and Predictive Regressions
By: Malcolm Baker, Ryan Taliaferro and Jeffrey Wurgler
A number of studies claim that aggregate managerial decision variables, such as aggregate equity issuance, have power to predict stock or bond market returns. Recent research argues that these results may be driven by an aggregate time-series version of Schultz's... View Details
Keywords: Managerial Roles; Equity; Market Timing; Financial Instruments; Investment Return; Mathematical Methods
Baker, Malcolm, Ryan Taliaferro, and Jeffrey Wurgler. "Pseudo Market Timing and Predictive Regressions." NBER Working Paper Series, No. 10823, January 2005. (First Draft in 2004.)
- 07 Nov 2007
- Op-Ed
How Marketing Hype Hurt Boeing and Apple
Editor's Note: Harvard Business School professor John Quelch writes a blog on marketing issues, called Marketing Know: How, for Harvard Business Online. It is reprinted on HBS Working Knowledge. Last month,... View Details
- summer 1992
- Article
Shareholder Trading Practices and Corporate Investment Horizons
By: Kenneth A. Froot, André Perold and J. Stein
Keywords: Institutional Investing; Market Efficiency; Behavioral Finance; Equities; Stock Market; Indexing; Financial Markets; Asset Pricing
Froot, Kenneth A., André Perold, and J. Stein. "Shareholder Trading Practices and Corporate Investment Horizons." Continental Bank Journal of Applied Corporate Finance 5, no. 2 (summer 1992): 42–58.
- January 2019 (Revised November 2019)
- Case
Ajeej Capital: Investing in Emerging Markets
By: Luis M. Viceira and Eren Kuzucu
In October 2007, Tarek Sakka and Fouad Dajani launched Ajeej Capital, the first independent investment advisory in the MENA region. Fittingly named ajeej, an Arabic word that translates to “growth and propagation in a chaotic setting,” the firm’s AUM grew from $20... View Details
Keywords: Security Selection; Investments; Growth; Culture; UAE; Finance; Asset Management; Emerging Markets; Capital Markets; Investment; Growth Management; Risk Management; Middle East; Saudi Arabia; Dubai; United Arab Emirates; Egypt; North Africa
Viceira, Luis M., and Eren Kuzucu. "Ajeej Capital: Investing in Emerging Markets." Harvard Business School Case 219-029, January 2019. (Revised November 2019.)
- 03 Mar 2008
- Research & Ideas
Marketing Your Way Through a Recession
Editor's Note: Harvard Business School professor John Quelch writes a blog on marketing issues, called Marketing Know: How, for Harvard Business Online. It is reprinted on HBS Working Knowledge. The signs of... View Details
Keywords: by John Quelch
- 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
van der Beck, Philippe, and Coralie Jaunin. "The Equity Market Implications of the Retail Investment Boom." Swiss Finance Institute Research Paper Series, No. 21-12, November 2023.
- July 1998 (Revised August 1998)
- Case
Optimark: Launching a Virtual Securities Market
Bill Lupien's OptiMark Technologies, Inc., plans to launch a super-computer system in September, 1998 that he believes will release previously withheld liquidity to the securities market. While today's market matches those trades based on price and size, Lupien's... View Details
Keywords: Information Technology; Financial Markets; Product Launch; Financial Services Industry; United States
Sviokla, John J., and Melissa Dailey. "Optimark: Launching a Virtual Securities Market." Harvard Business School Case 399-005, July 1998. (Revised August 1998.)
- 15 Jan 2019
- Working Paper Summaries
The Creation and Evolution of Entrepreneurial Public Markets
- August 2020
- Article
Financial Market Risk Perceptions and the Macroeconomy
By: Carolin E. Pflueger, Emil Siriwardane and Adi Sunderam
We propose a novel measure of risk perceptions: the price of volatile stocks (PVS), defined as the book-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVS is high when perceived risk directly measured from surveys and... View Details
Keywords: Risk-centric Business Cycles; Cross-section Of Equities; Real Risk-free Rate; Real Investment; Financial Markets; Risk and Uncertainty; Perception; Investment
Pflueger, Carolin E., Emil Siriwardane, and Adi Sunderam. "Financial Market Risk Perceptions and the Macroeconomy." Quarterly Journal of Economics 135, no. 3 (August 2020).