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- April 2023
- Article
The Stock Market Valuation of Human Capital Creation
By: Ethan Rouen and Matthias Regier
We develop a measure of firm-year-specific human capital investment from publicly disclosed personnel expenses (PE) and examine the stock market valuation of this investment. Measuring the future value of PE (PEFV) based on the relation between...
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- 2023
- Working Paper
Avoiding Idiosyncratic Volatility: Flow Sensitivity to Individual Stock Returns
By: Marco Di Maggio, Francesco Franzoni, Shimon Kogan and Ran Xing
Despite positive and significant earnings announcement premia, we find that institutional investors reduce their exposure to stocks before earnings announcements. A novel result on the sensitivity of flows to individual stock returns provides a potential explanation....
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- 2023
- Working Paper
Summarizing the Mental Customer Journey
By: Julian De Freitas, Ahmet Uğuralp, Zeliha Uğuralp, Pechthida Kim and Tomer Ullman
How do consumers summarize and act on their experiences, as when deciding whether an interaction with a firm was satisfying and whether to buy from it? Previous work on the summary of continuous experiences has tended to focus on a handful of experience patterns and...
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- 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...
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- November 2022
- Case
Ajax Health: A New Model for Medical Technology Innovation
By: Regina E. Herzlinger and Ben Creo
This case teaches key success factors for both startup and established MedTech firms. It examines how to structure a firm to maximize innovation and financial returns with organizational structures that better align the incentives for the different skill sets...
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- 2022
- Working Paper
How Do Investors Value ESG?
By: Malcolm Baker, Mark Egan and Suproteem K. Sarkar
Environmental, social, and governance (ESG) objectives have risen to near the top of the agenda for corporate executives and boards, driven in large part by their perceptions of shareholder interest. We quantify the value that shareholders place on ESG using a revealed...
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- October 2022
- Case
Founders First Capital Partners
By: Brian Trelstad, Mel Martin and Amy Klopfenstein
In June 2021, Kim T. Folsom, the founder and CEO of revenue-based financing firm Founders First Capital Partners (FFCP), must decide whether to issue another loan to OnShore Technology Group, an up-and-coming software validation company. FFCP provided revenue-based...
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- October 2022
- Case
Star Magnolia Capital: Becoming Experts at Finding Experts
By: Lauren Cohen, Hao Gao, River Ewing and Grace Headinger
Shinya Deguchi, Founder and Managing Partner of Star Magnolia Capital, a Shanghai-based multi-family office (MFO), considered how to convince a new prospective family that the MFO’s endowment model approach would best suit their needs. In recent decades, there has been...
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- October 2022 (Revised December 2022)
- Case
Aphro Beverages
By: Frank V. Cespedes and Amram Migdal
This case focuses on distribution, sales, and product decisions as Aphro Beverages reaches an inflection point in its growth trajectory. In 2020, Aphro Beverages, based in Accra, Ghana, successfully launched its brand and brought two new alcoholic spirits products to...
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Keywords:
Agribusiness;
Plant-Based Agribusiness;
Business Ventures;
Business Growth and Maturation;
Entrepreneurship;
Food;
Geography;
Geographic Scope;
Management;
Growth and Development Strategy;
Growth Management;
Resource Allocation;
Marketing;
Brands and Branding;
Digital Marketing;
Product Marketing;
Product Launch;
Product Positioning;
Social Marketing;
Operations;
Distribution;
Distribution Channels;
Product;
Product Design;
Product Development;
Supply Chain;
Sales;
Salesforce Management;
Food and Beverage Industry;
Africa;
Ghana
- Article
Recovering Investor Expectations from Demand for Index Funds
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...
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- September 2022
- Case
ROI vs. ROI: The Grupo Baobá Family Office
By: Lauren Cohen, Hao Gao, Jiawei Ye and Grace Headinger
Fernando Scodro, a third-generation member of his family, mulled over the next step in integrating an ESG strategy into his family office’s investment portfolio. While his family office, Grupo Baobá, had made excellent progress in incorporating his family’s values into...
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- 2022
- Working Paper
Human Capital and the Managerial Revolution in the United States
By: Tom Nicholas
This paper estimates the returns to human capital accumulation during the first era of megafirms in the United States by linking employees at General Electric—a canonical enterprise associated with the “visible hand” of managerial hierarchies—to data from the 1940...
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- September 2022
- Article
Human Versus Machine: A Comparison of Robo-Analyst and Traditional Research Analyst Investment Recommendations
By: Braiden Coleman, Kenneth J. Merkley and Joseph Pacelli
We provide the first comprehensive analysis of the properties of investment recommendations generated by “Robo-Analysts,” which are human analyst-assisted computer programs conducting automated research analysis. Our results indicate that Robo-Analyst recommendations...
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- 2022
- Working Paper
What Do Impact Investors Do Differently?
In recent years, impact investors – private investors who seek to generate simultaneously attractive financial and social returns – have attracted intense interest and controversy. We analyze a novel, comprehensive data set of impact and traditional investors to assess...
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- August 2022
- Case
Southwick Social Ventures
By: Henry McGee, Mel Martin and Amy Klopfenstein
In 2021, the HBS Impact Investment Fund student team had found a promising potential investment in Southwick Social Ventures (SSV), a worker and management-owned trouser manufacturer. With a 100% immigrant workforce, the co-operative was focused on reviving...
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- August 2022
- Case
In-Q-Tel: Innovation On A Mission
By: Joshua Lev Krieger and Josh Lerner
In 2022, the leaders of In-Q-Tel (IQT) considered what was next for the unique mission-driven organization. Since 1999, IQT had one mission: to be the most sophisticated source of strategic technical knowledge and capabilities to the U.S. government and its allies. IQT...
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- August 9, 2022
- Article
Preparing Sales for a Changing Economy: Part 1
Companies spend more per capita on sales training than any other function, but the return on investment is disappointing. One recent estimate indicates “that 85-90% of sales training fails to translate into a lasting improvement in productivity.” A major reason is...
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- 2022
- Working Paper
Hidden Alpha
By: Lauren Cohen, Manuel Amman, Alexander Cochardt and Stephan Heller
Using the setting of financial agents, we explore the importance of hidden connections relative
to all other network connections. We find that hidden connections are those associated with
the largest and most significant abnormal returns accruing to fund managers—on...
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- 2022
- Working Paper
Training, Communications Patterns, and Spillovers Inside Organizations
By: Miguel Espinosa and Christopher T. Stanton
We study direct productivity changes and spillovers after a randomized training program for the frontline workers in a Colombian government agency. While trained workers improved their individual production, we also find substantial spillovers that affected managers'...
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- June 2022
- Case
PFA Pensions: The Climate Plus Product
By: Daniel Green, Victoria Ivashina and Alys Ferragamo
The case explores whether alternative investments play a unique role in achieving low carbon dioxide emissions at the portfolio level. This case is set in April of 2020 and follows Kasper Ahrndt Lorenzen, Chief Investment Officer, and Peter Tind Larsen, Head of...
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