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Publications

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    • All HBS Web  (428)
      • Faculty Publications  (78)

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      • April 2022
      • Case

      Conflicts of Interest at Bell Bank

      By: Jonas Heese
      In 2013, two employees debated whether to blow the whistle on their employer, Bell Bank, after completing an internal review that revealed undisclosed conflicts of interest. Bell Bank’s Asset Management business disproportionately invested clients’ money in Bell Bank’s...  View Details
      Keywords: Whistleblower; Whistleblowing; Mutual Funds; Conflicts Of Interest; Decision Making; Decisions; Judgments; Ethics; Moral Sensibility; Values and Beliefs; Finance; Financial Institutions; Banks and Banking; Financial Management; Investment; Investment Funds; Governance; Corporate Accountability; Corporate Disclosure; Corporate Governance; Governance Compliance; Governance Controls; Policy; Law; Legal Liability; Social Psychology; Motivation and Incentives; Perception; Perspective; Trust; Financial Services Industry; North and Central America; United States
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      Heese, Jonas. "Conflicts of Interest at Bell Bank." Harvard Business School Case 122-022, April 2022.
      • August 2021
      • Article

      Don't Take Their Word for It: The Misclassification of Bond Mutual Funds

      By: Huaizhi Chen, Lauren Cohen and Umit Gurun
      We provide evidence that bond fund managers misclassify their holdings, and that these misclassifications have a real and significant impact on investor capital flows. In particular, many funds report more investment grade assets than are actually held in their...  View Details
      Keywords: Mutual Funds; Economics; Finance; Measurement and Metrics; Risk and Uncertainty; Financial Services Industry
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      Chen, Huaizhi, Lauren Cohen, and Umit Gurun. "Don't Take Their Word for It: The Misclassification of Bond Mutual Funds." Journal of Finance 76, no. 4 (August 2021): 1699–1730. (Winner of the Best Paper Prize at the University of Cambridge Consortium on Asset Management, 2020; Winner of the Financial Management Association Best Paper Prize in Quantitative Investments, 2020.)
      • 2021
      • Working Paper

      Once Bitten, Twice Shy: Learning from Corporate Fraud and Corporate Governance Spillovers

      By: Trung Nguyen
      This paper finds that investors learn from their experience with corporate fraud and financial misconduct and modify their investment behavior to avoid suspicious firms and increase corporate governance efforts. More specially, mutual funds that experienced corporate...  View Details
      Keywords: Institutional Investors; Investor Experience; Shareholder Voting; Corporate Fraud; Corporate Governance; Institutional Investing; Behavior; Change; Learning
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      Nguyen, Trung. "Once Bitten, Twice Shy: Learning from Corporate Fraud and Corporate Governance Spillovers." Harvard Business School Working Paper, No. 21-135, June 2021.
      • May 2021
      • Article

      Mutual Funds as Venture Capitalists? Evidence from Unicorns

      By: Josh Lerner, Sergey Chernenko and Yao Zeng
      The past decade saw the rise of both “founder-friendly” venture financings and non-traditional investors, frequently with liquidity constraints. Using detailed contract data, we study open-end mutual funds investing in private venture-backed firms. We posit an...  View Details
      Keywords: Investment Funds; Investment; Business Startups; Venture Capital; Private Equity; Governance
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      Lerner, Josh, Sergey Chernenko, and Yao Zeng. "Mutual Funds as Venture Capitalists? Evidence from Unicorns." Review of Financial Studies 34, no. 5 (May 2021): 2362–2410.
      • 2020
      • Working Paper

      Institutional Corporate Bond Demand

      By: Ishita Sen, Lorenzo Bretscher, Lukas Schmid and Varun Sharma
      We compile a rich dataset that links institutional investors' position level holdings with corporate bond characteristics and estimate demand elasticities with respect to critical sources of risk. Persistence in institutions' holdings provide us with an instrument to...  View Details
      Keywords: Corporate Bonds; Demand Systems; Insurance Companies; Mutual Funds; Liquidity; Bonds; Insurance; Investment Funds; Financial Liquidity
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      Sen, Ishita, Lorenzo Bretscher, Lukas Schmid, and Varun Sharma. "Institutional Corporate Bond Demand." Working Paper, December 2020.
      • 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.)
      • 2021
      • Working Paper

      The Allocation of Socially Responsible Capital

      By: Daniel Green and Benjamin N. Roth
      Portfolio allocation decisions increasingly incorporate social values. The most common of these strategies are misguided. We develop a tractable framework in which commercial and social investors compete, and identify alternative strategies for social investors that...  View Details
      Keywords: Socially Responsible Investing; Assets; Resource Allocation; Social Issues; Decision Making; Strategy; Framework
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      Green, Daniel, and Benjamin N. Roth. "The Allocation of Socially Responsible Capital." Working Paper, July 2021. (Revised November 2021.)
      • 2020
      • Working Paper

      Best Ideas

      By: Miguel Antón, Randolph B. Cohen and Christopher Polk
      We find that the stocks in which active mutual fund or hedge fund managers display the most conviction towards ex-ante, their “Best ideas,” outperform the market, as well as the other stocks in those managers’ portfolios, by approximately 2.8 to 4.5 percent per year,...  View Details
      Keywords: Mutual Funds; Managerial Skill; Market Efficiency; Investment Funds; Management; Investment Portfolio; Decision Making
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      Antón, Miguel, Randolph B. Cohen, and Christopher Polk. "Best Ideas." Harvard Business School Working Paper, No. 21-004, June 2020.
      • June 2020 (Revised November 2020)
      • 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; 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 November 2020.) (Updated exhibits 1, 2, 3, 11 files supplied.)
      • 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.)
      • Working Paper

      Measuring the Perceived Liquidity of the Corporate Bond Market

      By: Sergey Chernenko and Adi Sunderam
      We propose a novel measure of bond market liquidity that does not depend on transaction data: the strength of the cross-sectional relationship between mutual fund cash holdings and fund flow volatility. Our measure captures how liquid funds perceive their portfolio...  View Details
      Keywords: Bond Market; Bonds; Financial Liquidity; Measurement and Metrics
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      Chernenko, Sergey, and Adi Sunderam. "Measuring the Perceived Liquidity of the Corporate Bond Market." NBER Working Paper Series, No. 27092, May 2020.
      • March 2020
      • Article

      Do Fire Sales Create Externalities?

      By: Sergey Chernenko and Adi Sunderam
      We develop three novel measures of how much of the price impact of their trading different mutual funds internalize. We show that mutual funds that internalize more of their price impact hold larger cash buffers and use these buffers more aggressively to accommodate...  View Details
      Keywords: Fire Sales; Externalities; Investment Funds; Price; Financial Liquidity; Management
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      Chernenko, Sergey, and Adi Sunderam. "Do Fire Sales Create Externalities?" Journal of Financial Economics 135, no. 3 (March 2020): 602–628.
      • 2019
      • Working Paper

      Intelligent Design of Inclusive Growth Strategies

      By: Robert S. Kaplan, George Serafeim and Eduardo Tugendhat
      Improving corporate engagement with society, as advocated in the Business Roundtable’s 2019 statement, should not be viewed as a zero-sum proposition where attention to new stakeholders detracts from delivering shareholder value. Corporate programs for sustainable and...  View Details
      Keywords: Inclusion; Sustainability; Performance Measures; Environmental Sustainability; Social Issues; Strategy; Governance; Corporate Social Responsibility and Impact; Business and Stakeholder Relations
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      Kaplan, Robert S., George Serafeim, and Eduardo Tugendhat. "Intelligent Design of Inclusive Growth Strategies." Harvard Business School Working Paper, No. 20-050, October 2019.
      • 2021
      • Working Paper

      The Value of Intermediation in the Stock Market

      By: Marco Di Maggio, Mark Egan and Francesco Franzoni
      We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit...  View Details
      Keywords: Financial Intermediation; Institutional Investors; Research Analysts; Broker Networks; Equity Trading; Institutional Investing; Financial Services Industry
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      Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Harvard Business School Working Paper, No. 20-016, August 2019. (Revised June 2021. Accepted at the Journal of Financial Economics.)
      • 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.)
      • January 2018 (Revised April 2021)
      • Case

      Capital Allocation at HCA

      By: W. Carl Kester and Emily R. McComb
      In early 2017, HCA Holdings, an investor-owned hospital management company, faced a strategically important capital allocation decision. After the exit of its private equity sponsors in 2016, HCA had to determine how best to allocate its substantial annual free cash...  View Details
      Keywords: Capital Allocation; Cash Distribution Policy; Dividends; Share Repurchases; Growth Strategy And Execution; Growth Investing; Capital Expenditures; Debt Management; Debt Reduction; Debt Policy; Hospital Management; Investor-owned Hospital Chains; Capital Budgeting; Capital Structure; Cash Flow; Corporate Finance; Decision Choices and Conditions; Health Industry; United States
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      Kester, W. Carl, and Emily R. McComb. "Capital Allocation at HCA." Harvard Business School Case 218-039, January 2018. (Revised April 2021.)
      • 2019
      • Working Paper

      Do Banks Have an Edge?

      By: Juliane Begenau and Erik Stafford
      Overall, no! We show that the level and time series variation in cash flows for most bank activities are well matched by capital market portfolios with similar interest rate and credit risk to what banks report to hold. Ignoring operating expenses, bank loans earn high...  View Details
      Keywords: Banks; Market Efficiency; Bank Capital; Bank Debt; CAPM; Banking; Bank Deposits; Bank Funding Advantage; Leverage; Maturity Transformation; Replicating Portfolio; Efficiency; Banks and Banking; Capital Markets; Performance Evaluation; Performance Efficiency; Banking Industry; United States
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      Begenau, Juliane, and Erik Stafford. "Do Banks Have an Edge?" Harvard Business School Working Paper, No. 18-060, January 2018. (Revised October 2019.)
      • November 2016 (Revised November 2016)
      • Supplement

      The Galaxy Dividend Income Growth Fund's Option Investment Strategies

      By: W. Carl Kester
      Keywords: Options; Option Contract; Option Pricing; Derivatives; Mutual Funds; Call Options; Put Options; Stock Options; Risk and Uncertainty; Volatility; Financial Services Industry; United States
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      Kester, W. Carl. "The Galaxy Dividend Income Growth Fund's Option Investment Strategies." Harvard Business School Spreadsheet Supplement 217-703, November 2016. (Revised November 2016.)
      • November 2016
      • Article

      Who Neglects Risk? Investor Experience and the Credit Boom

      By: Sergey Chernenko, Samuel Gregory Hanson and Adi Sunderam
      Many have argued that overoptimistic thinking on the part of lenders helps fuel credit booms. We use new microdata on mutual funds' holdings of securitizations to examine which investors are susceptible to such boom-time thinking. We show that firsthand experience...  View Details
      Keywords: Risk Management; Investment; Experience and Expertise
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      Chernenko, Sergey, Samuel Gregory Hanson, and Adi Sunderam. "Who Neglects Risk? Investor Experience and the Credit Boom." Journal of Financial Economics 122, no. 2 (November 2016): 248–269. (Internet Appendix Here.)
      • Article

      The Ecosystem of Shared Value

      By: Mark R. Kramer and Marc W. Pfitzer
      Governments, NGOs, companies, and community members must all be involved in programs to create shared value, yet they work more often in opposition than in alignment. A movement known as collective impact has facilitated successful collaborations in the social sector,...  View Details
      Keywords: Social Entrepreneurship; Cooperation
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      Kramer, Mark R., and Marc W. Pfitzer. "The Ecosystem of Shared Value." Harvard Business Review 94, no. 10 (October 2016): 80–89.
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