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  • Article

Trading Imbalances and the Law of One Price

By: Mark Seasholes and Clark Liu
We study trading and prices of Chinese (mainland)/Hong Kong dual-listed shares. Relative prices can diverge by a factor of two and exhibit significant variation over time. Order imbalances explain contemporaneous changes in relative prices at daily and weekly... View Details
Keywords: Law Of One Price; Cross-listings; Order Imbalances; Stock Shares; Price; Balance and Stability; Financial Markets; Financial Services Industry; Hong Kong; China
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    Scotland's 2020 Climate Group Keynote Lecture

    Lassiter acknowledged Scotland’s renewable resources and urged the country to use them wisely in order to further the commitment to the reduction of carbon emissions. Comparing climate change to a ‘spinning roulette wheel’ he covered areas as diverse as nuclear... View Details
    • 09 Nov 2015
    • Research & Ideas

    These Employers Pay Higher Salaries than Necessary

    demand model, Stanton and Thomas estimate that hand-holding premium accounts for about two-thirds of the price increase for first-time users, while markups represent the other third. Charging any premium, however, counters the common marketing logic of charging... View Details
    Keywords: by Michael Blanding; Employment; Technology; Computer
    • March 2012
    • Article

    The Incentive Bubble

    By: Mihir Desai
    The past three decades have seen American capitalism quietly transformed by a single, powerful idea—that financial markets are a suitable tool for measuring performance and structuring compensation. Stock instruments for managers, high-powered incentive contracts for... View Details
    Keywords: Economic Systems; Financial Markets; Executive Compensation; Motivation and Incentives; Corporate Governance; Equality and Inequality; Human Capital; United States
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    • 20 Mar 2012
    • First Look

    First Look: March 20

    rely on indirect governance through regulated competition among political as well as economic actors in structures that in many ways parallel the competition found in organized sports. Inevitably these two systems develop as well as transform one another through time,... View Details
    Keywords: Sean Silverthorne
    • 31 Jul 2007
    • First Look

    First Look: July 31, 2007

    foreign direct investment in an environment of politics, geography, globalization, and history. Since the end of apartheid, South Africa had undertaken substantial economic reforms in order to attract more foreign direct investment, but... View Details
    Keywords: Martha Lagace
    • 05 Jul 2022
    • What Do You Think?

    Have We Seen the Peak of Just-in-Time Inventory Management?

    those days, there was fascination with air freight and the trade-off of inventory and transportation costs—as in spending more for air transport in order to spend less on owning inventory, thereby optimizing what we called the “total cost... View Details
    Keywords: by James Heskett; Manufacturing; Shipping; Transportation
    • 03 Jan 2011
    • Research & Ideas

    Most Popular Articles of 2010

    a world economic order that combined Chinese export-led development with U.S. overconsumption. In this paper, economic historians Niall Ferguson of HBS and Moritz Schularick of Freie Universität Berlin consider the problem of global View Details
    Keywords: by Staff
    • 08 Mar 2021
    • Blog Post

    International Women's Day Featured Stories

    raise awareness of the gender imbalance in unpaid labor and aspire to improve shared parental leave policy. Vyechi Low Harvard MS/MBA Student, Class of 2021 Here I am hauling my bike down a mountain. My derailleur had broke, causing me to... View Details
    • Mar 2012
    • Article

    The Incentive Bubble

    stewardship abilities of American managers and investors, and rising income inequality. When risk is repeatedly mispriced because investors enjoy skewed incentive schemes, financial capital is being misallocated. When managers undertake unwise investments or mergers in... View Details
    • 31 Mar 2020
    • Blog Post

    Know Your Audience – Recruiting HBS Students for Investment Management

    firms that post roles in our recruiting platform receive large numbers of applications from talented candidates, but often only have the headcount for one or two interns or full-time hires. Given the supply/demand imbalance across... View Details
    Keywords: Investment Management / Hedge Fund
    • 04 Feb 2014
    • First Look

    First Look: February 4

    http://www.aeaweb.org/articles.php?doi=10.1257/jep.27.4.65   Working Papers Sovereigns, Upstream Capital Flows and Global Imbalances By: Alfaro, Laura, Sebnem Kalemli-Ozcan, and Vadym Volosovych Abstract—We decompose capital flows-both... View Details
    Keywords: Sean Silverthlorne
    • 22 Feb 2011
    • Research & Ideas

    Most Popular Articles, Papers of the Decade

    past decade, the world economy has been dominated by a unique geoeconomic constellation that the authors call "Chimerica": a world economic order that combined Chinese export-led development with U.S. overconsumption on the... View Details
    Keywords: by Sean Silverthorne
    • 13 Sep 2011
    • First Look

    First Look: September 13

    trustworthiness vary systematically across different stakeholder types and provide strong support for the validity of the depth and locus dimensions.   Working PapersSovereigns, Upstream Capital Flows and Global Imbalances Authors:Laura... View Details
    Keywords: Sean Silverthorne
    • 15 Apr 2014
    • First Look

    First Look: April 15

    that have ownership and control rights in the SOE. Building on Vernon, we argue that the SOE can break free from this power imbalance and establish resource independence from other state actors by becoming a multinational firm and/or by... View Details
    Keywords: Sean Silverthorne
    • 20 Oct 2009
    • First Look

    First Look: October 20

    One method multinationals use to combat gray markets is to increase internal transfer prices to foreign subsidiaries in order to increase the gray market's cost base. We illustrate that when a gray market competitor is present, the... View Details
    Keywords: Martha Lagace
    • 14 Nov 2006
    • First Look

    First Look: November 14, 2006

    eminent hospitals, and for decades has been a leader in pioneering cardiac care. Explores the methods, processes, and personnel that the hospital has cultivated over the years in order to develop its track record of excellence. In light... View Details
    Keywords: Sean Silverthorne
    • 20 May 2014
    • First Look

    First Look: May 20

      Publications August 2013 Journal of the European Economic Association Sovereigns, Upstream Capital Flows and Global Imbalances By: Alfaro, Laura, Sebnem Kalemli-Ozcan, and Vadym Volosovych Abstract—We construct measures of net private... View Details
    Keywords: Sean Silverthorne
    • 30 Jun 2009
    • First Look

    First Look: June 30

    Markets sometimes unravel, with offers becoming inefficiently early. Often this is attributed to competition arising from an imbalance of demand and supply, typically excess demand for workers. However this presents a puzzle, since... View Details
    Keywords: Martha Lagace