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27 Sep 2011
Working Paper Summaries

Salience in Quality Disclosure: Evidence from the U.S. News College Rankings

Keywords: by Michael Luca & Jonathan Smith; Education; Information; Publishing

December 2009
Article

Long-Run Stockholder Consumption Risk and Asset Returns

By: Christopher J. Malloy, Tobias J. Moskowitz and Annette Vissing-Jorgensen

We provide new evidence on the success of long-run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting micro-level household consumption data, we show that long-run stockholder consumption risk better captures cross-sectional variation in... View Details

Keywords: Asset Pricing; Stocks; Investment Return; Investment Portfolio; Risk Management

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February 1982 (Revised August 1985)
Case

U.S. Retail Coffee Market (A)

Set in mid-1978, this case covers all aspects of the U.S. retail coffee market both cross-sectionally and historically. The market is recovering from dramatic price rises and volume drops. The overall issue is the forecast of future market evolution and the... View Details

Keywords: Marketing Strategy; Industry Growth; Market Timing; Retail Industry; Food and Beverage Industry; United States

2024
Working Paper

Do Collusive Norms Maximize Profits? Evidence From a Vegetable Market Experiment in India

By: Abhijit Banerjee, Greg Fischer, Dean Karlan, Matt Lowe and Benjamin N. Roth

Social norms have been shown to facilitate anti-competitive behavior in decentralized markets. We demonstrate that these norms can also reduce aggregate profits. First, we present descriptive evidence of competition-suppressing norms in Kolkata vegetable markets.... View Details

Keywords: Collusion; Competition; Market Entry and Exit; Small Business; Microeconomics; Kolkata

March 2013
Article

Why 'Fair Value' Is the Rule: How a Controversial Accounting Approach Gained Support

By: Karthik Ramanna

For the past two decades, fair-value accounting—the practice of measuring assets and liabilities at estimates of their current values—has been on the ascent. This marks a major departure from the centuries-old tradition of keeping books at historical cost. It also has... View Details

Keywords: Fair Value; FASB; Finance; Politics; Financial History; Accounting; Fair Value Accounting; Financial Reporting; Accounting Industry; Financial Services Industry; United States

June 2008 (Revised October 2008)
Case

International Carbon Finance and EcoSecurities

By: Andre F. Perold, Forest L. Reinhardt and Mikell Hyman

In late 2007, EcoSecurities had to decide whether to undertake a new Clean Development Mechanism (CDM) project in China. EcoSecurities was an aggregator of carbon credits and also invested directly in projects that produced carbon credits. Governments and firms... View Details

Keywords: Non-Renewable Energy; Cost Management; Investment Return; Business and Government Relations; Risk and Uncertainty; Investment; Cash Flow; Valuation; Pollutants; Environmental Sustainability; Financial Services Industry; China

Article

Short-Termism and Capital Flows

By: Jesse M. Fried and Charles C.Y. Wang

During 2007–2016, S&P 500 firms distributed to shareholders $7 trillion via buybacks and dividends, over 96% of their aggregate net income, prompting claims that "short-termism" is impairing firms' ability to invest and innovate. We show that, when taking into account... View Details

Keywords: Short-termism; Quarterly Capitalism; Share Buybacks; Open Market Repurchases; Dividends; Equity Issuances; Seasoned Equity Offerings; Equity Compensastion; Acquisitions; Payout Policy; Capital Flows; Capital Distribution; Working Capital; Business and Shareholder Relations; Acquisition

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2011
Working Paper

The Cost of Capital for Alternative Investments

By: Jakub W. Jurek and Erik Stafford

This paper studies the cost of capital for alternative investments. We document that the risk profile of the aggregate hedge fund universe can be accurately matched by a simple index put option writing strategy that offers monthly liquidity and complete transparency... View Details

Keywords: Cost of Capital; Financial Liquidity; Investment; Investment Return; Mathematical Methods; Risk and Uncertainty

2008
Working Paper

Long-Run Stockholder Consumption Risk and Asset Returns

By: Christopher J. Malloy, Tobias J. Moskowitz and Annette Vissing-Jorgensen

We provide new evidence on the success of long-run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting micro-level household consumption data, we show that long-run stockholder consumption risk better captures cross-sectional... View Details

Keywords: Asset Pricing; Stocks; Investment Return; Investment Portfolio; Risk Management

December 2014
Article

The Distinct Effects of Information Technology and Communication Technology on Firm Organization

By: Nicholas Bloom, Luis Garicano, Raffaella Sadun and John Van Reenen

Empirical studies on information communication technologies (ICT) typically aggregate the "information" and "communication" components together. We show theoretically and empirically that this is problematic. Information and communication technologies have very... View Details

Keywords: Communication Technology; Information Technology; Organizational Structure

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2023
Working Paper

Flow-Driven ESG Returns

By: Philippe van der Beck

I show that the recent returns to ESG investing are strongly driven by price impact from flows towards ESG funds. Using data on institutional trades, I estimate the market’s ability to accommodate the demand of ESG funds, which is given by the elasticity of... View Details

Keywords: Investment Funds; Corporate Social Responsibility and Impact; Financial Markets; Investment Return

2016
Working Paper

Market Design for Altruistic Supply: Evidence from the Lab

By: Robert Slonim and Carmen Wang

Volunteer supply is widespread. Yet without a price, inefficiencies occur due to suppliers’ inability to coordinate with each other and with demand. In these contexts, we propose a market clearinghouse mechanism that improves efficiency if supply is altruistically... View Details

Keywords: Laboratory Experiments; Volunteering; Public Goods Provision; Market Design; Philanthropy and Charitable Giving; Economics

2012
Working Paper

Issuer Quality and Corporate Bond Returns

By: Robin Greenwood and Samuel G. Hanson

We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the... View Details

Keywords: Price; Credit; Risk and Uncertainty; Investment Return; Forecasting and Prediction; Bonds; Market Design; Cost of Capital; Mathematical Methods; System Shocks

March 2008 (Revised March 2010)
Module Note

Global Capital and National Institutions: Crisis and Choice in the International Financial Architecture

By: Laura Alfaro

This module note presents a series of case studies taught in the Harvard Business School course Institutions, Macroeconomics, and the Global Economy (IMaGE). The course addresses the opportunities created by the emergence of a global economy and proposes strategies for... View Details

Keywords: Risk and Uncertainty; International Finance; Globalized Economies and Regions; Macroeconomics

December 2020
Article

The Employment Effects of Faster Payment: Evidence from the Federal Quickpay Reform

By: Jean-Noel Barrot and Ramana Nanda

We study the impact of Quickpay, a federal reform that indefinitely accelerated payments to small business contractors of the U.S. government. We find a strong direct effect of the reform on employment growth at the firm level. Importantly, however, we also... View Details

Keywords: Small Business; Employment; Business and Government Relations; Governing Rules, Regulations, and Reforms

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29 Aug 2013
Working Paper Summaries

X-CAPM: An Extrapolative Capital Asset Pricing Model

Keywords: by Nicholas Barberis, Robin Greenwood, Lawrence Jin & Andrei Shleifer

19 Nov 2014
Working Paper Summaries

The Search for Benchmarks: When Do Crowds Provide Wisdom?

Keywords: by Charles M.C. Lee, Paul Ma & Charles C.Y. Wang

November 2023
Case

Chai Point

By: Rembrand Koning, Daniel W. Elfenbein and Kanika Jain

Chai Point was an Indian food and beverage company focused on chai. It started in 2010 as a retail store network but soon expanded to corporate offices by developing an IoT-enabled automatic tea and filter coffee machine. By 2023, Chai Point had 170 stores and 5000... View Details

Keywords: Entrepreneurship; Food; Resource Allocation; Vertical Integration; Expansion; Food and Beverage Industry; Technology Industry; Retail Industry; India

May 2022
Article

Investment as the Opportunity Cost of Dividend Signaling

By: Zach Kaplan and Gerardo Pérez Cavazos

We provide evidence that firms with weak investment opportunities (those whose current earnings justify a greater valuation than firms with strong investment opportunities) signal their permanent earnings level through their dividends. In the cross-section, we show... View Details

Keywords: Dividends; Earnings; Investment Opportunities; Payout Policy; Signaling; Capital Structure; Business Earnings; Investment; Opportunities

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2015
Working Paper

Collateral Shortages and Intermediation Networks

By: Marco Di Maggio and Alireza Tahbaz-Salehi

This paper argues that in the presence of trading frictions and agency problems, the interbank market may be overly fragile, in the sense that small changes in the liquidity of assets used as collateral may lead to large swings in haircuts and a potential credit... View Details

Keywords: Financial Intermediation; Financial Networks; Secured Lending; Collateral; Repo Runs; ABCP Collapse; Networks; Negotiation; Financing and Loans; Financial Crisis

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