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    • All HBS Web  (47)
      • Faculty Publications  (17)

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      • Article

      Recovering Investor Expectations from Demand for Index Funds

      By: Mark Egan, Alexander J. MacKay and Hanbin Yang
      We use a revealed-preference approach to estimate investor expectations of stock market returns. Using data on demand for index funds that follow the S&P 500, we develop and estimate a model of investor choice to flexibly recover the time-varying distribution of...  View Details
      Keywords: Stock Market Expectations; Demand Estimation; Exchange-traded Funds (ETFs); Demand and Consumers; Investment
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      Egan, Mark, Alexander J. MacKay, and Hanbin Yang. "Recovering Investor Expectations from Demand for Index Funds." Review of Economic Studies 89, no. 5 (October 2022): 2559–2599.
      • 2022
      • Working Paper

      The Passive-Ownership Share Is Double What You Think It Is

      By: Alex Chinco and Marco Sammon
      We estimate that passive investors held 37.8% of the US stock market in 2020. This value comes from studying the closing volumes of index additions and deletions on reconstitution day. 37.8% is more than double the widely accepted previous estimate of 15%, which...  View Details
      Keywords: Indexing; Passive Investing; Exchange-traded Funds (ETFs); Russell Reconstitution Day; Trading Volume; Information-based Asset Pricing; Investment; Investment Funds; Asset Pricing
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      Chinco, Alex, and Marco Sammon. "The Passive-Ownership Share Is Double What You Think It Is." Working Paper, August 2022.
      • 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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      Glosten, Lawrence, Suresh Nallareddy, and Yuan Zou. "ETF Activity and Informational Efficiency of Underlying Securities." Management Science 67, no. 1 (January 2021): 22–47.
      • August 2020 (Revised December 2020)
      • Case

      Satrix: Competing in the Passive Asset Management Industry in South Africa

      By: Mark Egan, Pippa Tubman Armerding and Dilyana Karadzhova Botha
      In late 2017, Satrix, one of the largest passive asset management firms in South Africa and a pioneer in the industry since 2000, had to decide its strategy going forward in a market where passive asset management had become increasingly commoditized and...  View Details
      Keywords: Asset Management; Investment Funds; Competition; Competitive Strategy; Financial Services Industry; South Africa; Africa
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      Egan, Mark, Pippa Tubman Armerding, and Dilyana Karadzhova Botha. "Satrix: Competing in the Passive Asset Management Industry in South Africa." Harvard Business School Case 221-020, August 2020. (Revised December 2020.)
      • June 2020 (Revised May 2022)
      • Case

      Vanguard Retail Operations (A)

      By: Willy C. Shih and Antonio Moreno
      The first two cases in this series are set in the financial services industry, and explore whether it is better for back-office workers to be generalists who provide the flexibility of being able to handle the complete range of transactions that the company faces or...  View Details
      Keywords: Pooling; Generalist Model; Specialist Model; Operations; Service Operations; Management; Job Design and Levels; Financial Services Industry; United States
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      Shih, Willy C., and Antonio Moreno. "Vanguard Retail Operations (A)." Harvard Business School Case 620-104, June 2020. (Revised May 2022.)
      • June 2020 (Revised August 2020)
      • Supplement

      Vanguard Retail Operations (B)

      By: Willy C. Shih and Antonio Moreno
      The first two cases in this series are set in the financial services industry, and explore whether it is better for back-office workers to be generalists who provide the flexibility of being able to handle the complete range of transactions that the company faces or...  View Details
      Keywords: Pooling; Generalist Model; Specialist Model; Service Operations; Management; Financial Services Industry; United States
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      Shih, Willy C., and Antonio Moreno. "Vanguard Retail Operations (B)." Harvard Business School Supplement 620-105, June 2020. (Revised August 2020.)
      • 2021
      • Working Paper

      Recovering Investor Expectations from Demand for Index Funds

      By: Mark Egan, Alexander J. MacKay and Hanbin Yang
      We use a revealed-preference approach to estimate investor expectations of stock market returns. Using data on demand for index funds that follow the S&P 500, we develop and estimate a model of investor choice to flexibly recover the time-varying distribution of...  View Details
      Keywords: Stock Market Expectations; Demand Estimation; Exchange-traded Funds (ETFs); Demand and Consumers; Investment; United States
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      Egan, Mark, Alexander J. MacKay, and Hanbin Yang. "Recovering Investor Expectations from Demand for Index Funds." NBER Working Paper Series, No. 26608, January 2020. (Accepted at the Review of Economic Studies. Harvard Business School Working Paper, No. 20-122, May 2020. Direct download. Revised July 2021.)
      • April 2019 (Revised July 2019)
      • Case

      Aperture Investors

      By: Krishna G. Palepu, George Serafeim and David Lane
      Aperture Investors is a startup investment firm that seeks to disrupt the asset management industry through competitive differentiation by charging investors primarily when its portfolio managers outperform the marketplace. Headed by Wall Street veteran Peter Kraus and...  View Details
      Keywords: Business Model; Talent and Talent Management; Investment; Investment Funds; Asset Management; Recruitment; Selection and Staffing; Marketing Channels; Emerging Markets; Partners and Partnerships; Motivation and Incentives; Financial Services Industry
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      Palepu, Krishna G., George Serafeim, and David Lane. "Aperture Investors." Harvard Business School Case 119-053, April 2019. (Revised July 2019.)
      • November 2018 (Revised June 2019)
      • Case

      JANA Partners: Impact through Activism?

      By: Vikram S. Gandhi and Caitlin Reimers Brumme
      Jana Partners, a well-known “activist” hedge fund has announced the launch of a new fund Jana Impact. The basic premise is that the fund will be able to generate superior returns by using Jana’s activist approach with companies that are underperforming on ESG metrics....  View Details
      Keywords: Hedge Fund; Hedge Funds; ETF; Activist Investing; Activism; Investment Activism; Investment Funds; Asset Management
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      Gandhi, Vikram S., and Caitlin Reimers Brumme. "JANA Partners: Impact through Activism?" Harvard Business School Case 819-073, November 2018. (Revised June 2019.)
      • January 2018
      • Case

      Environmental Technology Fund Partners and E-Leather

      By: Vikram S. Gandhi and Aldo Sesia
      It is 2014 and Environmental Technologies Fund (ETF) Partners, a UK-based venture capital firm, has an opportunity to invest in a privately held UK company that manufactured engineered composition leather extracted from waste leather using an environmentally friendly...  View Details
      Keywords: Sustainability; Venture Capital; Investment Strategy; Investment; Strategy; Ownership; Valuation; Energy Conservation; Equity; Technological Innovation; Environmental Sustainability; Performance Efficiency; Manufacturing Industry; Financial Services Industry; United Kingdom
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      Gandhi, Vikram S., and Aldo Sesia. "Environmental Technology Fund Partners and E-Leather." Harvard Business School Case 318-001, January 2018.
      • September 2016 (Revised August 2018)
      • Case

      State Street—The Development and Growth of SHE

      By: Vikram Gandhi
      State Street Global Advisors was the investment arm of State Street Corporation, one of the largest custodians and asset managers in the world with over $2.3 trillion in assets under management. Inspired by demand from a large pension fund client for better gender...  View Details
      Keywords: ETF; Asset Management; Financial Services Industry
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      Gandhi, Vikram. "State Street—The Development and Growth of SHE." Harvard Business School Case 317-040, September 2016. (Revised August 2018.)
      • November 2010 (Revised May 2012)
      • Case

      Innovating into Active ETFs: Factor Funds Capital Management LLC

      By: Kenneth A. Froot, Lauren Cohen and Scott Waggoner
      Kishore Karunakaran, President and COO of FFCM, faces a variety of challenges in launching an innovative investment management business in the rapidly evolving ETF space.  View Details
      Keywords: Investment Management; Institutional Investments; Entrepreneurial Finance; Financial Management; Innovation Strategy; Corporate Entrepreneurship; Capital Markets; Investment Funds; Financial Strategy; Management Teams; Financial Services Industry; Boston
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      Froot, Kenneth A., Lauren Cohen, and Scott Waggoner. "Innovating into Active ETFs: Factor Funds Capital Management LLC." Harvard Business School Case 211-031, November 2010. (Revised May 2012.)
      • September 2010 (Revised May 2012)
      • Case

      Windward Investment Management

      By: Luis M. Viceira and Ricardo Alberto De Armas
      Windward Investment Management has experienced rapid growth in assets under management in just ten years, from under $30 million at year-end 1999 to $3.6 billion in 2010. Windward is one of the leading firms in the Registered Investment Advisor (RIA) industry that...  View Details
      Keywords: Asset Management; Valuation; Investment; Growth and Development Strategy; Financial Services Industry
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      Viceira, Luis M., and Ricardo Alberto De Armas. "Windward Investment Management." Harvard Business School Case 211-005, September 2010. (Revised May 2012.)
      • July 2010 (Revised March 2016)
      • Case

      MacroMarkets LLC

      By: Robin Greenwood and Luis M. Viceira
      MacroMarkets co-founder and CEO Samuel Masucci III is meeting with a strategic partner for his firm. Co-founded with Yale University Professor Robert Shiller, MacroMarkets' main innovation is the "MacroShare," which allows investors to take long or short, levered or...  View Details
      Keywords: Macroeconomics; Financial Instruments; Financial Markets; Investment Funds; Investment Portfolio; Innovation and Invention; Risk Management; Product Positioning; Demand and Consumers; Financial Services Industry
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      Greenwood, Robin, and Luis M. Viceira. "MacroMarkets LLC." Harvard Business School Case 211-006, July 2010. (Revised March 2016.)
      • March 2008 (Revised February 2009)
      • Case

      Transparent Value LLC

      By: Sharon P. Katz, Krishna G. Palepu and Aldo Sesia, Jr.
      Leading index company Dow Jones recently signed a license and joint marketing agreement with Transparent Value LLC, the creator of a new fundamentals-based valuation methodology. The agreement allowed Dow Jones to offer a family of indexes based on the Transparent...  View Details
      Keywords: Asset Management; Stocks; Price; Performance Expectations; Mathematical Methods; Valuation
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      Katz, Sharon P., Krishna G. Palepu, and Aldo Sesia, Jr. "Transparent Value LLC." Harvard Business School Case 108-069, March 2008. (Revised February 2009.)
      • October 2007 (Revised November 2007)
      • Case

      Barclays Global Investors and Exchange Traded Funds

      By: Luis M. Viceira and Alison Berkley Wagonfeld
      Provides an overview of the Exchange Traded Funds (EFT) industry and highlights the leadership role that Barclays Global Investors (BGI) has played in this developing asset class. BGI launched its first ETFs under the iShares brand name in 2000, and by mid-2007 BGI was...  View Details
      Keywords: History; Venture Capital; Asset Management; Stocks; Investment Funds; Leading Change; Expansion; Competitive Strategy; Capital Markets; Global Strategy; Financial Strategy; Banking Industry; Financial Services Industry; Asia; Europe
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      Viceira, Luis M., and Alison Berkley Wagonfeld. "Barclays Global Investors and Exchange Traded Funds." Harvard Business School Case 208-033, October 2007. (Revised November 2007.)
      • March 2001 (Revised November 2001)
      • Case

      Merrill Lynch HOLDRS

      By: Andre F. Perold and Simon E. Brown
      Exchange-traded funds (ETFs) and HOLDRS (Holding Company Depositary Receipts) represent recent and highly successful capital market innovations. HOLDRS closely approximates a buy-and-hold strategy, and Merrill Lynch believes the product has significantly lower taxes...  View Details
      Keywords: Capital Markets; Cost; Stocks; Financial Strategy; Investment Funds; Taxation; Innovation and Invention; Product; Success; Expansion
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      Perold, Andre F., and Simon E. Brown. "Merrill Lynch HOLDRS." Harvard Business School Case 201-059, March 2001. (Revised November 2001.)
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