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  • January 2021
  • Article

ETF Activity and Informational Efficiency of Underlying Securities

By: Lawrence Glosten, Suresh Nallareddy and Yuan Zou
This paper investigates the effect of exchange-traded funds’ (ETFs’) activity on the short-run informational efficiency of their underlying securities. We find that ETF activity increases short-run informational efficiency for stocks with weak information environments.... View Details
Keywords: ETF; Informational Efficiency; Co-movement; Systematic Earnings; Share Lending
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  • 13 Mar 2008
  • Working Paper Summaries

An Investigation of Earnings Management through Marketing Actions

Keywords: by Craig J. Chapman & Thomas J. Steenburgh
  • 25 May 2021
  • Research & Ideas

White Airbnb Hosts Earn More. Can AI Shrink the Racial Gap?

White people who host rental properties on Airbnb earn significantly more per year than Black hosts, but a “race blind” pricing algorithm could help close that income gap, new research shows. Black hosts who rely on Airbnb’s algorithm to... View Details
Keywords: by Lane Lambert; Technology; Accommodations

    Andi Wang

    Andi Wang is a doctoral student in the Business Economics program, where he works at the intersection of finance, macro and behavioral economics. He is particularly interested in studying institutional and behavioral frictions that have long-lasting effects on asset... View Details

    • 30 Jul 2008
    • Op-Ed

    Why the U.S. Should Encourage FDI

    are. They appear to systematically earn low returns on their investments in American corporate assets. “The singular fact about foreign direct investors in the United States is just how unsuccessful they... View Details
    Keywords: by Mihir A. Desai
    • July 1999
    • Article

    Analysts' Forecast Accuracy: Do Ability and Portfolio Complexity Matter

    By: Michael B. Clement
    Prior studies have identified systematic and time persistent differences in analysts’ earnings forecast accuracy, but have not explained why the differences exist. Using the I/B/E/S Detail History database, this study finds that forecast accuracy is positively... View Details
    Keywords: Analysis; Forecasting and Prediction; Performance Evaluation; Experience and Expertise
    Related
    • 13 Jul 2007
    • Working Paper Summaries

    Economic Catastrophe Bonds

    Keywords: by Joshua D. Coval, Jakub W. Jurek & Erik Stafford; Financial Services
    • January 2023 (Revised August 2023)
    • Case

    Nick Saban: Embracing 'The Process' of Sustaining Success

    By: Ranjay Gulati and Eppa Rixey
    Nick Saban, head coach of the University of Alabama football team from 2007-2022, fielded teams that won 183 of 208 games (88%), including a record-tying six national championships. Saban’s approach to coaching, known to many as “The Process,” and the consistent... View Details
    Keywords: Purpose; Leadership And Managing People; Football; Recruiting; Talent Acquisition; Talent And Talent Management; Talent Development And Retention; Organization Change And Adaptation; Organizational Behavior; Sports; Leadership; Leadership Development; Organizational Culture; Organizational Change and Adaptation; Sports Industry; United States
    Related
    • 2019
    • Working Paper

    Do Banks Have an Edge?

    By: Juliane Begenau and Erik Stafford
    Overall, no! We show that the level and time series variation in cash flows for most bank activities are well matched by capital market portfolios with similar interest rate and credit risk to what banks report to hold. Ignoring operating expenses, bank loans earn high... View Details
    Keywords: Banks; Market Efficiency; Bank Capital; Bank Debt; CAPM; Banking; Bank Deposits; Bank Funding Advantage; Leverage; Maturity Transformation; Replicating Portfolio; Efficiency; Banks and Banking; Capital Markets; Performance Evaluation; Performance Efficiency; Banking Industry; United States
    Related
    • Research Summary

    The Role of Financial and Information Intermediaries in the Capital Markets

    Hutton's research investigates the role of financial analysts and short sellers in the pricing of equity securities. Recently, Hutton examines (with Patricia Dechow and Richard Sloan) the role of sell-side analysts' earnings forecasts in the pricing of common equity... View Details
    • March 2016 (Revised April 2019)
    • Technical Note

    ESG Metrics: Reshaping Capitalism?

    By: George Serafeim
    In the past twenty-five years, the world had seen an exponential growth in the number of companies reporting environmental, social and governance (ESG) data. Investor interest in ESG data also grew rapidly. A growing belief that increasing levels of social inequality... View Details
    Keywords: Capitalism; Sustainability; Accountability; Corporate Social Responsibility; Responsibilities To Society; Environment; Social Impact Investment; ESG; Corporate Social Responsibility and Impact; Environmental Sustainability; Measurement and Metrics; Integrated Corporate Reporting; Corporate Accountability; Accounting; Economic Systems
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    • 11 Oct 2016
    • First Look

    October 11, 2016

    Christopher T. Stanton Abstract—Small business owners and others in self-employment have the option to transition to paid work. If there is initial uncertainty about earnings in entrepreneurship, this option increases the expected... View Details
    Keywords: Sean Silverthorne
    • 26 Sep 2013
    • Working Paper Summaries

    Playing Favorites: How Firms Prevent the Revelation of Bad News

    Keywords: by Lauren Cohen, Dong Lou & Christopher Malloy; Financial Services
    • January 2008
    • Article

    Innovation Killers: How Financial Tools Destroy Your Capacity to Do New Things

    By: Clayton M. Christensen, Stephen P. Kaufman and Willy C. Shih
    Most companies aren't half as innovative as their senior executives want them to be (or as their marketing claims suggest they are). What's stifling innovation? There are plenty of usual suspects, but the authors finger three financial tools as key accomplices.... View Details
    Keywords: Investment; Innovation and Management; Growth and Development Strategy; Business and Shareholder Relations; Prejudice and Bias; Value Creation
    Related
    • 19 Aug 2008
    • First Look

    First Look: August 19, 2008

    Consequences to Missing Quarterly Earnings Benchmarks Authors:Rick Mergenthaler, Shiva Rajgopal, Suraj Srinivasan Abstract We find that missing quarterly earnings benchmarks, especially the analyst consensus... View Details
    Keywords: Sean Silverthorne
    • 17 Apr 2009
    • Working Paper Summaries

    The Investment Strategies of Sovereign Wealth Funds

    Keywords: by Shai Bernstein, Josh Lerner & Antoinette Schoar; Financial Services
    • 12 Feb 2008
    • First Look

    First Look: February 12, 2007

    but all share a belief in the importance of understanding change over time. Publisher's site: http://www.oup.com/us/catalog/general/subject/Business/History/ The Effect of Macro Information Environment Change on the Quality of Management View Details
    Keywords: Martha Lagace
    • Web

    Students on the Job Market - Doctoral

    asymmetry manifests in analysts’ forecasts, stock returns on earnings announcement days, and even in the tone that analysts adopt in earnings conference calls. I argue these patterns have a common origin in... View Details
    • 20 Feb 2008
    • First Look

    First Look: February 20, 2008

    strategy—using carefully designed management meetings to review operational and strategic data Drawing on extensive research and detailed case studies from a broad array of industries, The Execution Premium presents a systematic and... View Details
    Keywords: Martha Lagace
    • Web

    Online Business Courses & Certifications | HBS Online

    Transforming Customer Experiences Professor Ryan Buell Gain a systematic approach for delivering standout services and experiences that provide a competitive edge and build customer loyalty. 4 weeks, 5-6 hrs/week Pay by July 24 $1,850... View Details