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- 2025
- Working Paper
Rethinking Volume
By: Philippe van der Beck, Lorenzo Bretscher and Zhiyu Julie Fu
Gross trading volumes in financial markets are large and far exceed return volatility. In contrast, “net volume”—trading from persistent portfolio reallocations—is substantially lower, as it excludes transitory round-trip trades. This observation reveals a fundamental... View Details
- 2025
- Working Paper
Generative AI Use by Capital Market Information Intermediaries: Evidence from Seeking Alpha
By: Mark Bradshaw, Chenyang Ma, Benjamin Yost and Yuan Zou
We study the use of generative AI for firm-specific financial analysis on the Seeking Alpha platform. We find that, after the initial launch of ChatGPT in November 2022, the share of AI-generated articles rose sharply to 13.4% of all articles, then declined in late... View Details
- July 2024
- Article
The Passive-Ownership Share Is Double What You Think It Is
By: Alex Chinco and Marco Sammon
Each time a stock gets added to or dropped from a benchmark index, we ask: “How much money would have to be tracking that index to explain the huge spike in rebalancing volume we observe on reconstitution day?” While index funds held 16% of the US stock market in 2021,... View Details
- March 2024
- Case
Funderbeam: Teaming Up or Going Alone?
By: Paul A. Gompers, Elena Corsi and Orna Dan
Funderbeam, a global platform founded in Estonia to enable start-ups to run private syndications and secondaries while offering liquidity for private equity investors, was at a crossroads. Over its ten-year run, the company had expanded its services and areas of... View Details
Keywords: Decision Making; Business Exit or Shutdown; Transition; Leading Change; Business or Company Management; Organizational Change and Adaptation; Law; Mergers and Acquisitions; Financing and Loans; Cross-Cultural and Cross-Border Issues; Ownership Stake; Expansion; Business Startups; Venture Capital; Financial Services Industry; Estonia; Republic of Ireland; United Kingdom; Singapore
- February 2024 (Revised April 2024)
- Case
Uniswap: Fighting a Vampire Attack (A)
By: Shikhar Ghosh, Shweta Bagai and Liang Wu
This is the first of a three-case series that explores the challenges faced by Uniswap, a key player in the decentralized finance (DeFi) sector. Founded by Hayden Adams, the case traces Uniswap's rapid growth from a simple idea inspired by a Reddit post to becoming one... View Details
Keywords: Blockchain; Cryptocurrency; Crypto Economy; Community; Decentralization; Decentralized Exchange; Decentralized Finance; Open Platforms; Open-source Innovation; Market Distruption; Stablecoin; Vampire Attack; Web3; Token; Digital Platforms; Entrepreneurship; Governance; Technological Innovation; Competitive Strategy; Financial Liquidity; Financial Services Industry; Technology Industry; United States
- February 2024 (Revised April 2024)
- Supplement
Uniswap: Fighting a Vampire Attack (B)
By: Shikhar Ghosh, Shweta Bagai and Liang Wu
This is the second of a three-case series that explores the challenges faced by Uniswap, a key player in the decentralized finance (DeFi) sector. Founded by Hayden Adams, the case traces Uniswap's rapid growth from a simple idea inspired by a Reddit post to becoming... View Details
- February 2024 (Revised April 2024)
- Supplement
Uniswap: Fighting a Vampire Attack (C)
By: Shikhar Ghosh, Shweta Bagai and Liang Wu
This is the third of a three-case series that explores the challenges faced by Uniswap, a key player in the decentralized finance (DeFi) sector. Founded by Hayden Adams, the case traces Uniswap's rapid growth from a simple idea inspired by a Reddit post to becoming one... View Details
- September 2023
- Supplement
CMA CGM: Reducing the Carbon Footprint of Container Shipping
By: Willy Shih
Marine transport is the most cost-effective way to move large volumes over long distances, and container shipping is the backbone of international trade in goods. Yet shipping contributed 3% of worldwide greenhouse gas emissions, and the deep-sea segment, which... View Details
- September 2023
- Supplement
CMA CGM: Reducing the Carbon Footprint of Container Shipping
By: Willy Shih
Marine transport is the most cost-effective way to move large volumes over long distances, and container shipping is the backbone of international trade in goods. Yet shipping contributed 3% of worldwide greenhouse gas emissions, and the deep-sea segment, which... View Details
- September 2023
- Teaching Note
CMA CGM: Reducing the Carbon Footprint of Container Shipping
By: Willy Shih
Teaching Note for HBS Case No. 623-006. Marine transport is the most cost-effective way to move large volumes over long distances, and container shipping is the backbone of international trade in goods. Yet shipping contributed 3% of worldwide greenhouse gas emissions,... View Details
- September 2023
- Supplement
CMA CGM: Reducing the Carbon Footprint of Container Shipping
By: Willy C. Shih
Marine transport is the most cost-effective way to move large volumes over long distances, and container shipping is the backbone of international trade in goods. Yet shipping contributed 3% of worldwide greenhouse gas emissions, and the deep-sea segment, which... View Details
- 2023
- Working Paper
The Market for Sharing Interest Rate Risk: Quantities and Asset Prices
By: Ishita Sen, Umang Khetan, Jane Li and Ioana Neamtu
We study the extent of interest rate risk sharing across the financial system using granular positions and transactions data in interest rate swaps. We show that pension and insurance (PF&I) sector emerges as a natural counterparty to banks and corporations: overall,... View Details
- May 2023
- Case
CMA CGM: Reducing the Carbon Footprint of Container Shipping
By: Willy C. Shih and Emilie Billaud
Marine transport is the most cost-effective way to move large volumes over long distances, and container shipping is the backbone of international trade in goods. Yet shipping contributed 3% of worldwide greenhouse gas emissions, and the deep-sea segment, which... View Details
- 2021
- Working Paper
Going by the Book: Valuation Ratios and Stock Returns
By: Ki-Soon Choi, Eric So and Charles C.Y. Wang
We study the use of firms’ book-to-market ratios (B/M) in value investing and its implications for comovements in firms’ stock returns and trading volumes. We show B/M has become increasingly detached from common alternative valuation ratios over time while also... View Details
- 2021
- Book
Global Goliaths: Multinational Corporations in the 21st Century Economy
By: C. Fritz Foley, James R. Hines Jr. and David Wessel
Globalization and multinational corporations have long seemed partners in the enterprise of economic growth: globalization-led prosperity was the goal, and giant corporations spanning the globe would help achieve it. In recent years, however, the notion that all... View Details
- 2025
- Working Paper
Where the Cloud Rests: The Economic Geography of Data Centers
By: Tommy Pan Fang and Shane Greenstein
This study provides an analysis of the entry strategies of third-party data centers in the United States. We examine the market prior to the pandemic, in 2018 and 2019, when supply and demand for data services were relatively stable geographically. We compare with the... View Details
- December 2019
- Case
CME Group in 2019
By: José B. Alvarez, Forest Reinhardt and Natalie Kindred
Chicago-based CME Group is the world’s largest futures and options marketplace, with annual trading volume of over 4.8 billion contracts in 2018. This case is set in late 2019, as heightened perceptions of risk stemming from the U.S.-China trade war are driving record... View Details
- November 2018 (Revised April 2019)
- Case
Zespri Grows
By: David E. Bell and Natalie Kindred
Controlling about a third of global kiwifruit exports by volume and nearly half by value in 2018, Zespri was a grower-owned “corporatized cooperative” with the exclusive right to export New Zealand-grown kiwifruit (except to Australia). Zespri did not grow fruit but... View Details
Keywords: Agribusiness; Kiwi; Kiwifruit; Agriculture; Global Supply Chain; Branding; Produce; Coordinated Industry Structure; Industry Coordination; Countercyclical Supply; New Product Development; Product Strategy; Differentiation; Food; Quality; Trade; Brands and Branding; Marketing; Strategy; Global Strategy; Change Management; Organizational Change and Adaptation; Globalization; Globalized Firms and Management; Competitive Strategy; Resource Allocation; Product Development; Agriculture and Agribusiness Industry; Consumer Products Industry; Food and Beverage Industry; New Zealand
- Editorial
Why CEOs Should Share Their Long-Term Plans with Investors
By: Christina Rehnberg, George Serafeim and Brian Tomlinson
Rather than requiring less short-term information, the key to combating short-termism is to encourage companies to share more information about their long-term plans. Analysis of companies that have done so suggests that long-term plans are not mere marketing... View Details
- August 2018
- Article
Extrapolation and Bubbles
By: Nicholas Barberis, Robin Greenwood, Lawrence Jin and Andrei Shleifer
We present an extrapolative model of bubbles. In the model, many investors form their demand for a risky asset by weighing two signals: an average of the asset’s past price changes and the asset’s degree of overvaluation. The two signals are in conflict, and investors... View Details