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    • Faculty Publications  (121)

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    • All HBS Web  (110,485)
      • Faculty Publications  (121)

      Greenwood, Robin Remove Greenwood, Robin →

      Page 1 of 121 Results →
      • February 2023
      • Case

      Success Academy Charter Schools

      By: Robin Greenwood, Joshua D. Coval, Denise Han, Ruth Page and Dave Habeeb
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      Greenwood, Robin, Joshua D. Coval, Denise Han, Ruth Page, and Dave Habeeb. "Success Academy Charter Schools." Harvard Business School Multimedia/Video Case 222-707, February 2023. (Click here to access this case.)
      • February 2023
      • Teaching Note

      Success Academy Charter Schools

      By: Robin Greenwood, Joshua Coval and Denise Han
      Teaching Note for HBS Case No. 222-707.  View Details
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      Greenwood, Robin, Joshua Coval, and Denise Han. "Success Academy Charter Schools." Harvard Business School Teaching Note 222-060, February 2023.
      • 2022
      • Working Paper

      The Disappearing Index Effect

      By: Robin Greenwood and Marco Sammon
      The abnormal return associated with a stock being added to the S&P 500 has fallen from an average of 3.4% in the 1980s and 7.6% in the 1990s to 0.8% over the past decade. This has occurred despite a significant increase in the percentage of stock market assets linked...  View Details
      Keywords: Stocks; Investment Return
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      Greenwood, Robin, and Marco Sammon. "The Disappearing Index Effect." Harvard Business School Working Paper, No. 23-025, December 2022.
      • May 2022
      • Case

      Third Point in 2020: Growth Is Where the Value Is?

      By: Robin Greenwood, James Williams and Denise Han
      In early May 2020, Daniel Loeb’s team at Third Point was evaluating a potential growth opportunity in the Walt Disney Company and whether investor activism might play a role. Battered by the effects of COVID-19, the company’s stock had initially tumbled to $86 and then...  View Details
      Keywords: Growth; Equity; Disney; Value; COVID-19 Pandemic; Economics; Strategy; Growth and Development; Investment Return; Opportunities; Business and Stakeholder Relations; North America
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      Greenwood, Robin, James Williams, and Denise Han. "Third Point in 2020: Growth Is Where the Value Is?" Harvard Business School Case 222-029, May 2022.
      • May 2022
      • Supplement

      Third Point in 2020: Growth Is Where the Value Is? (B)

      By: Robin Greenwood and Denise Han
      In early May 2020, Daniel Loeb’s team at Third Point was evaluating a potential growth opportunity in the Walt Disney Company and whether investor activism might play a role. Battered by the effects of COVID-19, the company’s stock had initially tumbled to $86 and then...  View Details
      Keywords: Growth; Equity; Disney; Value; Economics; Finance; Investment; Strategy; Management; Investment Activism; Investment Return; Growth and Development; North America
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      Greenwood, Robin, and Denise Han. "Third Point in 2020: Growth Is Where the Value Is? (B)." Harvard Business School Supplement 222-030, May 2022.
      • April 2022
      • Article

      Predictable Financial Crises

      By: Robin Greenwood, Samuel G. Hanson, Andrei Shleifer and Jakob Ahm Sørensen
      Using historical data on post-war financial crises around the world, we show that crises are substantially predictable. The combination of rapid credit and asset price growth over the prior three years, whether in the nonfinancial business or the household sector, is...  View Details
      Keywords: Financial Crisis; Global Range; Forecasting and Prediction; Mathematical Methods
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      Greenwood, Robin, Samuel G. Hanson, Andrei Shleifer, and Jakob Ahm Sørensen. "Predictable Financial Crises." Journal of Finance 77, no. 2 (April 2022): 863–921.
      • 2022
      • Working Paper

      Stock Market Stimulus

      By: Robin Greenwood, Toomas Laarits and Jeffrey Wurgler
      We study the stock market effects of the arrival of the three rounds of “stimulus checks” to U.S. taxpayers and the single round of direct payments to Hong Kong citizens. The first two rounds of U.S. checks appear to have increased retail buying and share prices of...  View Details
      Keywords: Stock Market; COVID-19 Pandemic; Fiscal Stimulus; Stimulus Payments; Impact; Stocks; System Shocks; Price; Spending; United States; Hong Kong; China
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      Greenwood, Robin, Toomas Laarits, and Jeffrey Wurgler. "Stock Market Stimulus." NBER Working Paper Series, No. 29827, March 2022. (Revised November 2022.)
      • December 2021
      • Case

      Grace Capital

      By: Sara Fleiss, Robin Greenwood, Eren Kuzucu and Denise Han
      In March 2020, the global pandemic was delivering a dose of volatility to the U.S. economy. Catherine Faddis, the CIO of Grace Capital, a Boston-based long-only equity manager, analyzed movements in her portfolio while eyeing previously shelved opportunities to invest...  View Details
      Keywords: Preferred Stock; COVID-19 Pandemic; Economy; Health Pandemics; Volatility; Entrepreneurship; Finance; Investment; Strategy; Decision Making; Investment Portfolio; Financial Services Industry; United States
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      Fleiss, Sara, Robin Greenwood, Eren Kuzucu, and Denise Han. "Grace Capital." Harvard Business School Case 222-052, December 2021.
      • Fall 2020
      • Article

      Sizing Up Corporate Restructuring in the COVID Crisis

      By: Robin Greenwood, Benjamin Iverson and David Thesmar
      In the wake of the COVID-19 pandemic, the financial and legal system will need to deal with a surge of financial distress in the business sector. Some firms will be able to survive, while others will face bankruptcy and thus need to be liquidated or reorganized. Many...  View Details
      Keywords: COVID-19; Health Pandemics; Economy; System Shocks; Financial Crisis; Restructuring
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      Greenwood, Robin, Benjamin Iverson, and David Thesmar. "Sizing Up Corporate Restructuring in the COVID Crisis." Brookings Papers on Economic Activity (Fall 2020). (Also NBER Working Paper, No. 28104.)
      • February 2020
      • Case

      Highfields Capital and McDonald's

      By: Mark Egan and Robin Greenwood
      McDonald’s reported its fifth consecutive quarter of declining same-store sales growth in early 2015. Despite McDonald’s recent poor performance, Jonathon S. Jacobson, the founder and Chief Investment Officer of Boston-based Highfields Capital Management, had initiated...  View Details
      Keywords: McDonald's; Stocks; Performance Improvement; Operations; Finance; Restructuring; Value Creation; Financial Services Industry
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      Egan, Mark, and Robin Greenwood. "Highfields Capital and McDonald's." Harvard Business School Case 220-061, February 2020.
      • 2019
      • Working Paper

      Reflexivity in Credit Markets

      By: Robin Greenwood, Samuel G. Hanson and Lawrence J. Jin
      Reflexivity is the idea that investors' biased beliefs affect market outcomes, and that market outcomes in turn affect investors' beliefs. We develop a behavioral model of the credit cycle featuring such a two-way feedback loop. In our model, investors form beliefs...  View Details
      Keywords: Reflexivity; Attitudes; Financial Markets; Forecasting and Prediction; Investment; Credit
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      Greenwood, Robin, Samuel G. Hanson, and Lawrence J. Jin. "Reflexivity in Credit Markets." NBER Working Paper Series, No. 25747, April 2019.
      • January 2019
      • Article

      Bubbles for Fama

      By: Robin Greenwood, Andrei Shleifer and Yang You
      We evaluate Eugene Fama's claim that stock prices do not exhibit price bubbles. Based on U.S. industry returns 1926–2014 and international sector returns 1985–2014, we present four findings: (1) Fama is correct in that a sharp price increase of an industry portfolio...  View Details
      Keywords: Bubble; Market Efficiency; Predictability; Price Bubble; Stocks; Price; Forecasting and Prediction
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      Greenwood, Robin, Andrei Shleifer, and Yang You. "Bubbles for Fama." Journal of Financial Economics 131, no. 1 (January 2019): 20–43. (Internet Appendix Here.)
      • October 2018
      • Case

      The Proxy Fight at ADP

      By: Robin Greenwood and E. Scott Mayfield
      In July 2017, shares of Automatic Data Processing, Inc. (ADP) surged 12% following a report that the activist investor Bill Ackman had acquired a sizable stake in the company and planned to nominate his own slate of directors at the company’s annual meeting in...  View Details
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      Greenwood, Robin, and E. Scott Mayfield. "The Proxy Fight at ADP." Harvard Business School Case 219-052, October 2018.
      • October 2018 (Revised January 2019)
      • Case

      The Financial Crisis: Timothy Geithner and the Stress Tests

      By: Samuel G. Hanson, Robin Greenwood, David Scharfstein and Adi Sunderam
      In February and March 2009, the U.S. economy was in the midst of a terrifying financial and economic crisis. Between the beginning of 2008 and early 2009, four of the 25 largest U.S. financial institutions had failed, and nine of these 25 institutions had taken...  View Details
      Keywords: Bailout; Regulation; Stress Test; Financial Crisis; History; Economy; Policy; Governing Rules, Regulations, and Reforms; Decision Making; Banking Industry; Financial Services Industry; Real Estate Industry; United States
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      Hanson, Samuel G., Robin Greenwood, David Scharfstein, and Adi Sunderam. "The Financial Crisis: Timothy Geithner and the Stress Tests." Harvard Business School Case 219-038, October 2018. (Revised January 2019.)
      • October 2018 (Revised January 2019)
      • Case

      The Financial Crisis: Hank Paulson in 2008

      By: Adi Sunderam, Robin Greenwood, Sam Hanson and David Scharfstein
      On the afternoon of Monday October 13, 2008, Hank Paulson Jr., the Secretary of the Treasury of the United States, walked into the large conference room across the hall from his office in the Treasury Department. Joining him were Federal Reserve Chairman Ben Bernanke,...  View Details
      Keywords: Bailout; Regulation; Financial Crisis; History; Governing Rules, Regulations, and Reforms; Decision Making; Banking Industry; Financial Services Industry; Real Estate Industry; United States
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      Sunderam, Adi, Robin Greenwood, Sam Hanson, and David Scharfstein. "The Financial Crisis: Hank Paulson in 2008." Harvard Business School Case 219-037, October 2018. (Revised January 2019.)
      • September 2018
      • Article

      Asset Price Dynamics in Partially Segmented Markets

      By: Robin Greenwood, Samuel G. Hanson and Gordon Y. Liao
      We develop a model in which capital moves quickly within an asset class but slowly between asset classes. While most investors specialize in a single asset class, a handful of generalists can gradually reallocate capital across markets. Upon the arrival...  View Details
      Keywords: System Shocks; Asset Pricing
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      Greenwood, Robin, Samuel G. Hanson, and Gordon Y. Liao. "Asset Price Dynamics in Partially Segmented Markets." Review of Financial Studies 31, no. 9 (September 2018): 3307–3343. (Internet Appendix Here.)
      • 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
      Keywords: Bubble; Extrapolation; Volume; Price Bubble; Mathematical Methods
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      Barberis, Nicholas, Robin Greenwood, Lawrence Jin, and Andrei Shleifer. "Extrapolation and Bubbles." Journal of Financial Economics 129, no. 2 (August 2018): 203–227.
      • 2018
      • Working Paper

      The Impact of Pensions and Insurance on Global Yield Curves

      By: Robin Greenwood and Annette Vissing-Jorgensen
      We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the ratio of pension assets (in...  View Details
      Keywords: Pension Funds; Investment Funds; Insurance; Assets; Interest Rates; Bonds
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      Greenwood, Robin, and Annette Vissing-Jorgensen. "The Impact of Pensions and Insurance on Global Yield Curves." Harvard Business School Working Paper, No. 18-109, June 2018. (Revised December 2018.)
      • Fall 2017
      • Article

      Strengthening and Streamlining Bank Capital Regulation

      By: Robin Greenwood, Samuel Gregory Hanson, Jeremy C. Stein and Adi Sunderam
      We propose three core principles that should inform the design of bank capital regulation. First, wherever possible, multiple constraints on the minimum level of equity capital should be consolidated into a single constraint. This helps to avoid a distortionary...  View Details
      Keywords: Banks and Banking; Capital; Governing Rules, Regulations, and Reforms; Banking Industry
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      Greenwood, Robin, Samuel Gregory Hanson, Jeremy C. Stein, and Adi Sunderam. "Strengthening and Streamlining Bank Capital Regulation." Brookings Papers on Economic Activity (Fall 2017). (Internet Appendix Here.)
      • 2016
      • Article

      The Federal Reserve's Balance Sheet as a Financial-Stability Tool

      By: Robin Greenwood, Samuel Gregory Hanson and Jeremy C. Stein
      We argue that the Federal Reserve should use its balance sheet to help reduce a key threat to financial stability: the tendency for private-sector financial intermediaries to engage in excessive amounts of maturity transformation—i.e., to finance risky assets using...  View Details
      Keywords: Central Banking; Policy; Risk Management; Public Administration Industry; United States
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      Greenwood, Robin, Samuel Gregory Hanson, and Jeremy C. Stein. "The Federal Reserve's Balance Sheet as a Financial-Stability Tool." Jackson Hole Economic Symposium Conference Proceedings (Federal Reserve Bank of Kansas City) (2016): 335–397.
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