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Publications

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    • Faculty Publications  (27)

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    • All HBS Web  (627)
      • Faculty Publications  (27)

      Insider Trading Remove Insider Trading →

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      Note on Insider Trading Liability
      Background on Insider Trading Liability
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      • October 2020
      • Article

      IQ from IP: Simplifying Search in Portfolio Choice

      By: Huaizhi Chen, Lauren Cohen, Umit Gurun, Dong Lou and Christopher J. Malloy
      Using a novel database that tracks web traffic on the SEC’s EDGAR servers between 2004 and 2015, we show that mutual fund managers gather information on a very particular subset of firms and insiders, and their surveillance is very persistent over time. This tracking...  View Details
      Keywords: Tracked Trades; Return Predictability; Institutional Trading; Insider Trading; Institutional Investing; Information; Investment Portfolio; Decisions; Management
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      Chen, Huaizhi, Lauren Cohen, Umit Gurun, Dong Lou, and Christopher J. Malloy. "IQ from IP: Simplifying Search in Portfolio Choice." Journal of Financial Economics 138, no. 1 (October 2020): 118–137. (Winner of the First Prize, Crowell Memorial Award for Best Paper in Quantitative Investments, PanAgora Asset Management, 2019.)
      • December 2019 (Revised January 2020)
      • Background Note

      Background on Insider Trading Liability

      By: Trevor Fetter, Eugene F. Soltes and Grant Wahlquist
      There are numerous restrictions against trading on material, nonpublic information (MNPI)—typically called “insider trading.” This note describes the limitations facing managers and investors as enforced civilly and criminally within the United States.  View Details
      Keywords: Insider Trading; Legal Liability; Ethics; Crime And Corruption; Finance; United States
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      Fetter, Trevor, Eugene F. Soltes, and Grant Wahlquist. "Background on Insider Trading Liability." Harvard Business School Background Note 320-080, December 2019. (Revised January 2020.)
      • 2017
      • Working Paper

      The Effectiveness of White-Collar Crime Enforcement: Evidence from the War on Terror

      By: Trung Nguyen
      This paper studies the deterrent effect of criminal enforcement on white-collar criminal activities. Using the 9/11 terrorist attacks as a shock to the FBI’s allocation of investigative resources and priorities, and variations in the Muslim population in the United...  View Details
      Keywords: Regulation; Fraud; White-collar Crime; Enforcement; Crime And Corruption; Law Enforcement; System Shocks
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      Nguyen, Trung. "The Effectiveness of White-Collar Crime Enforcement: Evidence from the War on Terror." Working Paper.
      • 2018
      • Working Paper

      It is Easy to be Brave From a Safe Distance: Proximity to the SEC and Insider Trading

      By: Trung Nguyen and Quoc H. Nguyen
      We use hand-collected data from SEC’s litigation releases for insider trading violations to examine the effect of geographic distance on its enforcement activities and insider trading activities. First, we find that the SEC is more likely to investigate companies that...  View Details
      Keywords: Sec; Enforcement; Financial Misconduct; Insider Trading; Geographic Proximity; Governance Compliance; Law Enforcement; Geographic Location; Finance; Crime And Corruption
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      Nguyen, Trung, and Quoc H. Nguyen. "It is Easy to be Brave From a Safe Distance: Proximity to the SEC and Insider Trading." Working Paper.
      • February 2018
      • Article

      Bank CEO Materialism: Risk Controls, Culture and Tail Risk

      By: Robert Bushman, Robert Davidson, Aiyesha Dey and Abbie Smith
      We investigate how the prevalence of materialistic bank CEOs has evolved over time and how risk management policies, non-CEO executives’ behavior, and tail risk vary with CEO materialism. We document that the proportion of banks run by materialistic CEOs increased...  View Details
      Keywords: Management; Personal Characteristics; Behavior; Risk Management; Organizational Culture; Banks And Banking; Banking Industry
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      Bushman, Robert, Robert Davidson, Aiyesha Dey, and Abbie Smith. "Bank CEO Materialism: Risk Controls, Culture and Tail Risk." Journal of Accounting & Economics 65, no. 1 (February 2018): 191–220.
      • July 2017
      • Article

      What Do Measures of Real-Time Corporate Sales Tell Us About Earnings Surprises and Post-announcement Returns?

      By: Kenneth A. Froot, Namho Kang, Gideon Ozik and Ronnie Sadka
      We develop real-time proxies of retail corporate sales from multiple sources, including approximately 50 million mobile devices. These measures contain information from both the earnings quarter (within quarter) and the period between that quarter's end and the...  View Details
      Keywords: Announcements; Business Earnings; Sales; Retail Industry
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      Froot, Kenneth A., Namho Kang, Gideon Ozik, and Ronnie Sadka. "What Do Measures of Real-Time Corporate Sales Tell Us About Earnings Surprises and Post-announcement Returns?" Journal of Financial Economics 125, no. 1 (July 2017): 143–162. (Revised from NBER Working Paper No. 22366, June 2016, Harvard Business School Working Paper No. 16-123, April 2016.)
      • April–May 2017
      • Article

      Career Concerns of Banking Analysts

      By: Joanne Horton, George Serafeim and Shan Wu
      We study how career concerns influence banking analysts' forecasts and how their forecasting behavior benefits both them and bank managers. We show that banking analysts issue early in the year relatively more optimistic and later in the year more pessimistic forecasts...  View Details
      Keywords: Sell-side Analysts; Analyst Forecasts; Analysts; Investment Recommendations; Career Advancement; Career Management; Labor Mobility; Labor Market; Prejudice And Bias; Personal Development And Career; Forecasting And Prediction; Investment Banking
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      Horton, Joanne, George Serafeim, and Shan Wu. "Career Concerns of Banking Analysts." Journal of Accounting & Economics 63, nos. 2-3 (April–May 2017): 231–252.
      • December 2016 (Revised July 2019)
      • Case

      Rajat Gupta

      By: Paul Healy and Eugene Soltes
      Rajat Gupta, former managing director of McKinsey & Company; a director of Goldman Sachs, Procter & Gamble, and AMR; and a well-known philanthropist, was convicted of engaging in insider trading. The case explores Gupta’s rise and the later legal problems he faced.  View Details
      Keywords: Insider Trading; Mckinsey; Ethics; Crime And Corruption; United States
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      Healy, Paul, and Eugene Soltes. "Rajat Gupta." Harvard Business School Case 117-004, December 2016. (Revised July 2019.)
      • 2015
      • Article

      Approach, Ability, Aftermath: A Psychological Framework of Unethical Behavior at Work

      By: C. Moore and F. Gino
      Many of the scandalous organizational practices that have come to light in the last decade—rigging LIBOR, misselling payment protection insurance, rampant Wall Street insider trading, large-scale bribery of foreign officials, and the packaging and sale of toxic...  View Details
      Keywords: Working Conditions; Ethics; Decision Making
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      Moore, C., and F. Gino. "Approach, Ability, Aftermath: A Psychological Framework of Unethical Behavior at Work." Academy of Management Annals 9 (2015): 235–289.
      • October 2014
      • Case

      McKinsey & Company, 2012

      By: John R. Wells and Galen Danskin
      In 2012, McKinsey & Company (McKinsey) was the world's premier management consultancy, providing advice to CEO's and top executives of leading companies around the globe. Many consulting firms were bigger but few could match the reputation McKinsey had built over more...  View Details
      Keywords: Consulting Firms; Mckinsey; Strategy; Consulting Industry; North America
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      Wells, John R., and Galen Danskin. "McKinsey & Company, 2012." Harvard Business School Case 715-424, October 2014.
      • July 2014 (Revised October 2014)
      • Case

      McKinsey & Co. - Protecting its Reputation (A)

      By: Jay Lorsch and Emily McTague
      On Tuesday March 15, 2011, all 1,200 global Partners of McKinsey & Co. gathered at the Gaylord National Hotel & Convention Center near Washington, DC for their annual Partners' conference. The atmosphere was tense as Partners, in addition to their normal agenda,...  View Details
      Keywords: Board; Mckinsey; Reputation; Corporate Governance; Risk Management; Consulting Firms; Risk; Risk Assessment; Partnerships; Insider Trading; Confidentiality; Personal Investing; Reputation; Corporate Accountability; Corporate Governance; Management Practices And Processes; Risk Management; Consulting Industry; United States; California
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      Lorsch, Jay, and Emily McTague. "McKinsey & Co. - Protecting its Reputation (A)." Harvard Business School Case 415-021, July 2014. (Revised October 2014.)
      • July 2014 (Revised October 2014)
      • Supplement

      McKinsey & Co. - Protecting its Reputation (B)

      By: Jay Lorsch and Emily McTague
      On Tuesday March 15, 2011, all 1,200 global Partners of McKinsey & Co. gathered at the Gaylord National Hotel & Convention Center near Washington, DC for their annual Partners' conference. The atmosphere was tense as Partners, in addition to their normal agenda,...  View Details
      Keywords: Board; Mckinsey; Reputation; Corporate Governance; Risk Management; Consulting Firms; Risk; Risk Assessment; Partnerships; Insider Trading; Confidentiality; Personal Investing; Reputation; Corporate Accountability; Corporate Governance; Management Practices And Processes; Risk Management; Construction Industry; United States; California
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      Lorsch, Jay, and Emily McTague. "McKinsey & Co. - Protecting its Reputation (B)." Harvard Business School Supplement 415-022, July 2014. (Revised October 2014.)
      • June 2012
      • Article

      Decoding Inside Information

      By: Lauren Cohen, Christopher Malloy and Lukasz Pomorski
      Using a simple empirical strategy, we decode the information in insider trading. Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable "routine" insider trading that is not informative for the future of firms....  View Details
      Keywords: Strategy; Financial Markets; Forecasting And Prediction; Law Enforcement; Opportunities; Geographic Location; Business Earnings
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      Cohen, Lauren, Christopher Malloy, and Lukasz Pomorski. "Decoding Inside Information." Journal of Finance 67, no. 3 (June 2012): 1009–1043. (Winner of Chicago Quantitative Alliance Academic Paper Competition. First Prize presented by Chicago Quantitative Alliance.  Winner of Institute for Quantitative Investment Research (INQUIRE) Grant presented by Institute for Quantitative Investment Research.)
      • September 2011 (Revised January 2012)
      • Case

      Gerson Lehrman Group: Managing Risks

      By: Boris Groysberg, Paul Healy and Sarah L. Abbott
      It was June 2011 and Alexander Saint-Amand, President and CEO of Gerson Lehrman Group, the largest expert network firm globally, has found his firm once again in the midst of controversy. This controversy centered around a number of insider trading cases that had been...  View Details
      Keywords: Risk Management
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      Groysberg, Boris, Paul Healy, and Sarah L. Abbott. "Gerson Lehrman Group: Managing Risks." Harvard Business School Case 412-004, September 2011. (Revised January 2012.)
      • December 2010 (Revised June 2018)
      • Case

      The Pecora Hearings

      By: David Moss, Cole Bolton and Eugene Kintgen
      In 1932, in the depths of the Great Depression, the Senate Banking Committee began a much-publicized investigation of the nation's financial sector. The hearings, which came to be known as the Pecora hearings after the Banking Committee's lead counsel Ferdinand Pecora,...  View Details
      Keywords: Financial Crisis; Fairness; Borrowing And Debt; Financial Institutions; Debt Securities; Stocks; Governing Rules, Regulations, And Reforms; Government Legislation; History; Financial Services Industry; United States
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      Moss, David, Cole Bolton, and Eugene Kintgen. "The Pecora Hearings." Harvard Business School Case 711-046, December 2010. (Revised June 2018.)
      • 2010
      • Working Paper

      Decoding Inside Information

      By: Lauren Cohen, Christopher Malloy and Lukasz Pomorski
      Using a simple empirical strategy, we decode the information in insider trades. Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable "routine" insider trading that is not informative for the future of firms....  View Details
      Keywords: Forecasting And Prediction; Stocks; Financial Markets; Investment; Investment Return; Investment Portfolio; Market Transactions
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      Cohen, Lauren, Christopher Malloy, and Lukasz Pomorski. "Decoding Inside Information." NBER Working Paper Series, No. 16454, October 2010. (Winner of Institute for Quantitative Investment Research (INQUIRE) Grant presented by Institute for Quantitative Investment Research. Winner of Chicago Quantitative Alliance Academic Paper Competition. First Prize presented by Chicago Quantitative Alliance.)
      • 2009
      • Other Unpublished Work

      The Pecora Hearings

      By: David Moss, Cole Bolton and Eugene Kintgen

      In 1932, in the depths of the Great Depression, the Senate Banking Committee began a much-publicized investigation of the nation's financial sector. The hearings, which came to be known as the Pecora hearings after the Banking Committee's lead counsel Ferdinand...  View Details

      Keywords: Financial History; Financial Crisis; Financial Markets; Governing Rules, Regulations, And Reforms; Government Legislation; Laws And Statutes; Business And Government Relations; Financial Services Industry
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      Moss, David, Cole Bolton, and Eugene Kintgen. "The Pecora Hearings." 2009. (Draft case.)
      • November 2008 (Revised July 2019)
      • Case

      The Fall of Enron

      By: Paul Healy and Krishna Palepu
      The case traces the rise of Enron, covering the company's business innovations, personnel management, and risk management processes. It then examines the company's dramatic fall including the extension of its trading model into questionable new businesses, the...  View Details
      Keywords: Risk Management; Management Practices And Processes; Crime And Corruption; Financial Reporting; Corporate Governance; Governing And Advisory Boards
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      Healy, Paul, and Krishna Palepu. "The Fall of Enron." Harvard Business School Case 109-039, November 2008. (Revised July 2019.)
      • August 2006
      • Article

      Predicting Returns with Managerial Decision Variables: Is There a Small-Sample Bias?

      By: Malcolm Baker, Ryan Taliaferro and Jeffrey Wurgler
      Many studies find that aggregate managerial decision variables, such as aggregate equity issuance, predict stock or bond market returns. Recent research argues that these findings may be driven by an aggregate time-series version of Schultz's (2003, Journal of Finance...  View Details
      Keywords: Prejudice And Bias; Fairness; Managerial Roles; Management Analysis, Tools, And Techniques; Equity; Bonds; Financial Markets; Investment; Capital Markets; Borrowing And Debt; Investment Return
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      Baker, Malcolm, Ryan Taliaferro, and Jeffrey Wurgler. "Predicting Returns with Managerial Decision Variables: Is There a Small-Sample Bias?" Journal of Finance 61, no. 4 (August 2006): 1711–1730. (Section V of "Pseudo Market Timing and Predictive Regressions, NBER Working Paper Series, No. 10823, contains additional analyses.)
      • July 2005
      • Exercise

      Insider Trading Quiz

      By: Lynn S. Paine and Christopher Bruner
      Designed to test understanding of basic theories of insider trading under U.S. law. Presents six scenarios based on actual situations in which insider trading was alleged to have violated U.S. law, as well as a seventh scenario that took place in Italy, permitting...  View Details
      Keywords: Crime And Corruption; Stock Shares; Governing Rules, Regulations, And Reforms; Law; Theory; Europe; Italy; United States
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      Paine, Lynn S., and Christopher Bruner. "Insider Trading Quiz." Harvard Business School Exercise 306-016, July 2005.
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      Note on Insider Trading Liability
      Background on Insider Trading Liability
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