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Publications

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  • December 2019
  • Article

Brokers and Order Flow Leakage: Evidence from Fire Sales

By: Andrea Barbon, Marco Di Maggio, Francesco Franzoni and Augustin Landier
Using trade-level data, we study whether brokers play a role in spreading order flow information. We focus on large portfolio liquidations, which result in temporary drops in stock prices, and identify the brokers that intermediate these trades. We show that these... View Details
Keywords: Predatory Trading; Back Running; Fire Sales; Brokers; Stocks; Price; Information; Knowledge Dissemination; Ethics
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  • Working Paper

Trade and Geography in the Origins and Spread of Islam

By: Stelios Michalopoulos, Alireza Naghavi and Giovanni Prarolo
This study examines the spatial distribution of Muslim societies shedding light on its geographic origins. The empirical analysis conducted across countries, virtual countries, and ethnicities establishes that geographic inequality and proximity to pre-Islamic trade... View Details
Keywords: Geography; Religion; Trade
Related

    Brokers and Order Flow Leakage: Evidence from Fire Sales

    Using trade-level data, we study whether brokers play a role in spreading order flow information. We focus on large portfolio liquidations, which result in temporary drops in stock prices, and identify the brokers that intermediate these... View Details

    • 2014
    • Working Paper

    Islam, Inequality, and Pre-Industrial Comparative Development

    By: Stelios Michalopoulos, Alireza Naghavi and Giovanni Prarolo
    This study explores the interaction between trade and geography in shaping the Islamic economic doctrine and in turn the comparative development of the Muslim world. We build a model where an unequal distribution of land quality in presence of trade opportunities... View Details
    Keywords: Islam; Inequality In Land Quality; Wealth Accumulation; Public Good Investment; Conflict; Wealth; Geography; Religion; Trade
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    • 14 Dec 2017
    • News

    Broker Leaks and Bitcoin Biases

    • Web

    Behavioral Finance & Financial Stability

    national banks from state laws against predatory lending by the Office of the Comptroller of the Currency (OCC) as a quasi-experiment to study the effect of deregulation and its interaction with competition on the supply of complex... View Details
    • Web

    Events - Business History

    of the Single European Market" 12 pm to 1:30 pm May 28 28 May 2025 Virtual Seminar Marcel Anduiza (Harvard Business School), “The Manila Galleon: Luxury Trade and the Silk-for-Silver Connection across the Pacific World, XVI-XVIII.” Marcel... View Details
    • Web

    Research - Behavioral Finance & Financial Stability

    research here , and Jeffrey’s other research here . More Info Loan types and the bank lending channel By: Victoria Ivashina , Luc Laeven & Enrique Moral-Benito MAR 2022 There are four main types of commercial credit: asset-based loans, cash flow loans, View Details
    • Web

    Recommended Reading - Advancing Racial Equity

    slave labor; and (2) analysis on the ways in which the legacies of slavery in institutions of higher education continued in the post-Civil War era to the present day. The collection features broadly themed essays on issues of religion, economy, and the regional slave... View Details
    • 22 Feb 2016
    • Research & Ideas

    The ‘Mother of Fair Trade’ was an Unabashed Price Protectionist

    policy. “You have to acknowledge that [Gleason] was trying to fix prices. This is antithetical to how most Americans think of the US market operating” “I thought, who is this plucky woman amongst men?” Sawyer recalls after seeing Gleason’s name and image pop up... View Details
    Keywords: by Dina Gerdeman; Retail; Health; Legal Services
    • 12 Dec 2017
    • First Look

    New Research and Ideas, December 12, 2017

    liquidating funds: at the beginning of the fire sale, they sell their holdings in the liquidated stocks, to then cover their positions once asset prices start recovering. The predatory trades generate at... View Details
    Keywords: Sean Silverthorne
    • 13 Nov 2018
    • First Look

    New Research and Ideas, November 13, 2018

    to then cover their positions once asset prices start recovering. Predation leads to profits of about 25 basis points over ten days and increases the liquidation costs for the distressed fund by 40%. These results suggest a broker’s role in fostering View Details
    Keywords: Dina Gerdeman
    • 17 Jan 2017
    • First Look

    First Look at New Research: January 17

    forthcoming Handbook of International Trade and Transportation Transportation Cost and the Geography of Foreign Investment By: Alfaro, Laura, and Maggie Chen Abstract—Falling transportation costs and rapid technological progress in recent... View Details
    Keywords: Sean Silverthorne
    • 17 Jun 2020
    • Blog Post

    Black MBA Students Pen Letters to the HBS Community: Letter 2/5

    agencies in facilitating the drug trade in Black communities and disproportionately criminalizes Black men relative to type of crime and criminal history. It is a response to the long-standing health inequities that have been highlighted... View Details