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  • June 2016
  • Case

The Redevelopment of Palazzo Tornabuoni (A)

By: Sid Yog, Arthur I Segel and Ricardo Andrade
In the spring of 2004, Byrne Murphy and his partners at Fingen Group discussed options to redevelop Palazzo Tornabuoni, an iconic 15th century palace in the heart of Florence, Italy. The possibilities included turning the upper floors into office space, hotel rooms,... View Details
Keywords: Palazzo Tornabuoni; Private Residence Club; Florence; Italy; Timeshare; Fractional Ownership; Property; Real Estate Industry; Italy; Europe
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  • June 2016
  • Case

The Redevelopment of Palazzo Tornabuoni (B)

By: Sid Yog, Arthur I Segel and Ricardo Andrade
On December 16, 2010, Byrne Murphy received a call from his Italian partner at Fingen Group. The recently renovated Palazzo Tornabuoni, an iconic 15th century palace in the heart of Florence, Italy, had been seized by the local police. While Murphy tries to understand... View Details
Keywords: Palazzo Tornabuoni; Private Residence Club; Florence; Italy; Timeshare; Fractional Ownership; Property; Real Estate Industry; Italy; Europe
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  • March 2024 (Revised May 2024)
  • Case

Masterpiece for the Masses: The First Art Exchange ARTEX

By: Lauren Cohen, Anastasiya Siroochenko (Siro) and Sophia Pan
Yassir Benjelloun-Touimi, CEO of ARTEX, aspired to marry the world of art and finance. Hoping to promote transparent, fractionalized ownership of renowned artwork, the founder had spent years contemplating the birth of an art stock market. This exchange would allow... View Details
Keywords: Trading; Art Market; Art Fair; Tokenization; Democratization; Exchange Traded Fund; Price Monitoring; Trends And Opportunities; Financial Liquidity; Financial Markets; Arts; Financial Strategy; Initial Public Offering; Investment Return; Technological Innovation; Business Model; Trends; Stocks; Assets; Diversification; Trade; Financial Services Industry; Fine Arts Industry; Paris; France
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    Retail Investors’ Contrarian Behavior Around News, Attention, and the Momentum Effect

    Abstract
    Using a large panel of U.S. brokerage accounts trades and positions, we show that a large fraction of retail investors trade as contrarians after large earnings surprises, especially for loser stocks, and that such contrarian trading... View Details
    • 2022
    • Working Paper

    Retail Investors’ Contrarian Behavior Around News, Attention, and the Momentum Effect

    By: Cheng (Patrick) Luo, Enrichetta Ravina, Marco Sammon and Luis M. Viceira
    Using a large panel of U.S. brokerage accounts trades and positions, we show that a large fraction of retail investors trade as contrarians after large earnings surprises, especially for loser stocks, and that such contrarian trading contributes to post earnings... View Details
    Keywords: Retail Investors; Post Earnings Announcement Drift; Price Momentum; Behavioral Finance; Investment; Demographics
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    • May 2009
    • Article

    Asymmetric Information Effects on Loan Spreads

    By: Victoria Ivashina
    The paper estimates the cost arising from information asymmetry between the lead bank and members of the lending syndicate. In a lending syndicate, the lead bank retains only a fraction of the loan but acts as the intermediary between the borrower and the syndicate... View Details
    Keywords: Cost; Banks and Banking; Financing and Loans; Interest Rates; Capital; Investment Portfolio; Credit; Diversification; Risk and Uncertainty
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    • 2023
    • Working Paper

    The Benefits of Revealing Race: Evidence from Minority-owned Local Businesses

    By: Abhay Aneja, Michael Luca and Oren Reshef
    Is there latent demand to support Black-owned businesses? To explore, we analyze a new feature that made it easier to identify Black-owned restaurants on a large online platform. We find that labeling restaurants as “Black-owned” increased customer engagement and... View Details
    Keywords: Black-owned Businesses; Race; Prejudice and Bias; Ownership; Knowledge Dissemination; Digital Platforms; Consumer Behavior; Food and Beverage Industry
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    • September 2019 (Revised August 2020)
    • Case

    Engineering an Inclusive Bioeconomy

    By: Tarun Khanna, Raffaella Sadun and Susie L. Ma
    In 2019, entrepreneur Juan Carlos Castilla-Rubio was developing a project he hoped could generate and share wealth from the natural resources of the Amazon without destroying those resources. His idea, called Earth Bank of Codes (EBC), would create a library of the... View Details
    Keywords: Decision Making; Development Economics; Entrepreneurship; Innovation and Invention; Intellectual Property; Emerging Markets; Market Design; Marketplace Matching; Science; Genetics; Natural Environment; Environmental Sustainability; Climate Change; Social Enterprise; Strategy; Strategic Planning; Information Technology; Ownership; Social Psychology; Trust; Society; Biotechnology Industry; South America; Amazon Basin
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    • Research Summary

    The Value of Family Ownership, Control, and Management

    In collaboration with Professor Raphael Amit of Wharton, Belén Villalonga is investigating how family ownership, control, and management affect firm value. Their forthcoming Journal of Financial... View Details

    • Web

    2023 Reunion Presentations - Alumni

    ventures. Professor Eisenmann discussed patterns that explain a large fraction of these failures and what entrepreneurs can do to anticipate patterns and reduce mortality risk. Participants learned how founders can decide whether to pull... View Details
    • Web

    2024 Reunion Presentations - Alumni

    world. Why Startups Fail Professor Tom Eisenmann + More Info - Slides – Less Info - Slides Most startups fail. About two-thirds of venture capital investments do not earn a positive return. Professor Eisenmann will discuss patterns that explain a large View Details
    • 17 Jun 2002
    • Research & Ideas

    Entrepreneurship in Asia and Foreign Direct Investment

    Barron's Business Terms, FDI is "investment in a country by foreign citizens, often involving majority stock ownership of an enterprise." Huang is looking deeper into how and why FDI played quite different roles in these four... View Details
    Keywords: by Martha Lagace
    • 06 Feb 2006
    • Research & Ideas

    The Trouble Behind Livedoor

    receive the new share for several months, at which point he can sell it. This system is the result of ownership being tracked on paper rather than electronically—it takes time to print out new share certificates. Because investors do not... View Details
    Keywords: by Sean Silverthorne; Financial Services; Technology
    • 07 Apr 2008
    • Research & Ideas

    The Debate over Taxing Foreign Profits

    to Cummins. One way to analogize this is to imagine if a fraction of your mortgage interest deduction was disallowed, and that fraction reflected the number of days you spent abroad. Such a disallowance... View Details
    Keywords: by Sean Silverthorne
    • 01 Dec 2014
    • News

    Case Study: Growing the Family Business

    centers profitable more quickly. — Bob Poulin (MBA 1985) The premium in the hourly rates is well deserved, but you are giving too much value away by not covering fixed/setup costs. I believe the source of funds to finance the expansion is in your pricing model. Using... View Details
    Keywords: childcare; Finance
    • 30 Jun 2020
    • What Do You Think?

    Is a Business School-Industry Collaboration Needed to Attract Black Talent to Campus?

    Blacks. My concern is Hispanics which wield significantly more economic buying power, land ownership It seems to me that everywhere I look Hispanics are being left out.”), and more systematic mentoring (Paul, a graduate of HBS,... View Details
    Keywords: by James Heskett; Education
    • 19 Apr 2011
    • First Look

    First Look: April 19

    stocks. Together, these tendencies generate geographically varying demand for dividends. Firms headquartered in areas where seniors constitute a large fraction of the population are more likely to pay dividends, initiate dividends, and... View Details
    Keywords: Sean Silverthorne
    • 30 Mar 2010
    • First Look

    First Look: March 30

    countries. Download the paper: http://www.hbs.edu/research/pdf/07-073.pdf The Impact of Private Equity Ownership on Portfolio Firms' Corporate Tax Planning Authors:Brad Badertscher, Sharon P. Katz, and Sonja Olhoft Rego Abstract This... View Details
    Keywords: Sean Silverthorne
    • 11 Aug 2009
    • First Look

    First Look: August 11, 2009

    from 3% to 15% as a fraction of government budget without negatively affecting publication quality and quantity. This follows incentive policy change and leadership change at labs, an event whose timing is plausibly exogenous being... View Details
    Keywords: Martha Lagace
    • 07 Jul 2009
    • First Look

    First Look: July 7

    the assumed fraction of residues that can be sustainably removed from the field, and the potential of municipal solid waste as a feedstock depends on which components can be economically converted into liquid biofuels. Becoming the Lamp... View Details
    Keywords: Martha Lagace