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Publications

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    • Faculty Publications  (11)

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    • All HBS Web  (90)
      • Faculty Publications  (11)

      Passive Investing Remove Passive Investing →

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      • 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.
      • 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.)
      • July 2020
      • Case

      Mortgage Backed Securities and the Covid-19 Pandemic

      By: Emil N. Siriwardane, Luis M. Viceira and Dean Xu
      In April 2020, global financial markets were still reeling as the COVID-19 pandemic spread rapidly across the world. Global equity markets had initially fallen by 30% in response to the pandemic, and high-yield credit markets had dropped by nearly 20%. In contrast,...  View Details
      Keywords: COVID-19; Mortgage-backed Securities; Health Pandemics; Financial Markets; Assets; Resource Allocation; Financial Instruments; Decision Making
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      Siriwardane, Emil N., Luis M. Viceira, and Dean Xu. "Mortgage Backed Securities and the Covid-19 Pandemic." Harvard Business School Case 221-010, July 2020.
      • July 2020
      • Case

      Driving Transformation at the Majid Al Futtaim Group

      By: Suraj Srinivasan and Esel Çekin
      The case opens with Alain Bejjani, CEO of Majid Al Futtaim (MAF) Holding, anticipating on the Group’s next phase in the multi-year transformation journey and reflecting on the initiatives he implemented to create the Group’s growth-oriented culture. Founded in 1995,...  View Details
      Keywords: Transformation; Organizational Change and Adaptation; Organizational Culture; Growth and Development Strategy; Retail Industry; United Arab Emirates; Middle East; Dubai
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      Srinivasan, Suraj, and Esel Çekin. "Driving Transformation at the Majid Al Futtaim Group." Harvard Business School Case 121-002, July 2020.
      • January 2019 (Revised February 2020)
      • Case

      Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG

      By: Rebecca Henderson, George Serafeim, Josh Lerner and Naoko Jinjo
      In the fall of 2018, Hiro Mizuno, the Chief Investment Officer (CIO) of GPIF, the Japanese Government Pension Fund, was reflecting on his efforts to integrate Environmental, Social and Governance (ESG) issues into every aspect of GPIF’s portfolio. His efforts ranged...  View Details
      Keywords: Pension Funds; ESG (Environmental, Social, Governance) Performance; Investment Funds; Environmental Sustainability; Social Issues; Governance; Leading Change; Economy; Performance Improvement; Japan
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      Henderson, Rebecca, George Serafeim, Josh Lerner, and Naoko Jinjo. "Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG." Harvard Business School Case 319-067, January 2019. (Revised February 2020.)
      • July 2018 (Revised August 2018)
      • Case

      Project Helios: Harvesting the Sun

      By: Mark Egan and E. Scott Mayfield
      Aware of the impact that modern society was having on the environment, Ashley Telkes had always tried to be cognizant of her own impact on the environment and to take reasonable steps to mitigate her own effects. Having already implemented a number of passive measures...  View Details
      Keywords: Renewable Energy; Personal Finance; Decision Making; Environmental Sustainability
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      Egan, Mark, and E. Scott Mayfield. "Project Helios: Harvesting the Sun." Harvard Business School Case 219-009, July 2018. (Revised August 2018.)
      • 2015
      • Working Paper

      Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting

      By: Erik Stafford
      Private equity funds tend to select relatively small firms with low EBITDA multiples. Publicly traded equities with these characteristics have high risk-adjusted returns after controlling for common factors typically associated with value stocks. Hold-to-maturity...  View Details
      Keywords: Value Investing; Endowments; Investment Management; Asset Pricing; Private Equity; Investment; Management; United States
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      Stafford, Erik. "Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting." Harvard Business School Working Paper, No. 16-081, January 2016.
      • June 2008
      • Article

      How Are Preferences Revealed?

      By: John Beshears, James J. Choi, David Laibson and Brigitte C. Madrian
      Revealed preferences are tastes that rationalize an economic agent's observed actions. Normative preferences represent the agent's actual interests. It sometimes makes sense to assume that revealed preferences are identical to normative preferences. But there are many...  View Details
      Keywords: Consumer Behavior; Attitudes; Microeconomics
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      Beshears, John, James J. Choi, David Laibson, and Brigitte C. Madrian. "How Are Preferences Revealed?" Journal of Public Economics 92, nos. 8-9 (June 2008): 1787–1794.
      • November – December 2007
      • Article

      Fundamentally Flawed Indexing

      By: Andre F. Perold
      A new theory of finance is being advanced as providing definitive proof that holding stocks in proportion to their market capitalizations is an inferior investment strategy. The claim is that capitalization weighting necessarily invests more in overvalued stocks and...  View Details
      Keywords: Investment; Capital Markets; Financial Strategy; Stocks; Financial Management; Valuation
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      Perold, Andre F. "Fundamentally Flawed Indexing." Financial Analysts Journal 63, no. 6 (November–December 2007). (Winner of Graham and Dodd Best Perspectives Award For excellence in financial writing​.)
      • August 2005 (Revised May 2007)
      • Case

      Partners Healthcare

      By: Joshua D. Coval
      Focuses on the portfolio allocation decision of a passive fund manager. Provides a setting to study portfolio theory, including mean-variance analysis, the capital market line, and the efficient frontier.  View Details
      Keywords: Investment Portfolio; Capital Markets; Business or Company Management; Decisions; Health Industry
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      Coval, Joshua D. "Partners Healthcare." Harvard Business School Case 206-005, August 2005. (Revised May 2007.)
      • June 2003 (Revised August 2003)
      • Case

      Pension Policy at The Boots Company PLC

      By: Luis M. Viceira and Akiko M. Mitsui
      In early 2000, the trustees of the pension scheme at Boots considered a proposal to move 100% of the pension assets into a bond portfolio, which would be passively managed. The Boots Co. PLC was a leading retailer of cosmetics and toiletries in the United Kingdom, and...  View Details
      Keywords: Performance Productivity; Employees; Asset Management; Capital Structure; Investment Portfolio; Consumer Products Industry; United Kingdom
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      Viceira, Luis M., and Akiko M. Mitsui. "Pension Policy at The Boots Company PLC." Harvard Business School Case 203-105, June 2003. (Revised August 2003.)
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