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Publications

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    • All HBS Web  (318)
      • Faculty Publications  (61)

      Portfolio Choice Remove Portfolio Choice →

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      • 2023
      • Working Paper

      Cryptocurrency Investing: Stimulus Checks and Inflation Expectations

      By: Darren Aiello, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson and Jason Kotter
      We provide a first look into the factors that affect retail investing in cryptocurrencies. We use consumer transaction data to examine how borrower characteristics, liquidity shocks, and hedging requirements shape crypto investment decisions of millions of U.S....  View Details
      Keywords: Consumer Finance; Cryptocurrency; Fintech; Inflation; Portfolio Choice; Stimulus; Consumer Behavior; Risk and Uncertainty; Investment
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      Aiello, Darren, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson, and Jason Kotter. "Cryptocurrency Investing: Stimulus Checks and Inflation Expectations." Working Paper, May 2023.
      • December 2022 (Revised December 2022)
      • Case

      Ribbit Capital and the Gauntlet Investment Opportunity

      By: Shai Bernstein and Allison M. Ciechanover
      Ten-year-old, Palo Alto-based Ribbit Capital is best-known for its global investments in fintech. The firm was also an early advocate of crypto and blockchain, having invested in more than two dozen startups in the space in the past decade. In the Spring of 2022,...  View Details
      Keywords: Alternative Assets; Cryptocurrency; Business Startups; Investment Portfolio; Decision Choices and Conditions; Negotiation Deal; Governing Rules, Regulations, and Reforms; Venture Capital; Financial Services Industry; California
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      Bernstein, Shai, and Allison M. Ciechanover. "Ribbit Capital and the Gauntlet Investment Opportunity." Harvard Business School Case 823-038, December 2022. (Revised December 2022.)
      • July 2022
      • Case

      3G Capital

      By: Jo Tango and Alys Ferragamo
      In June 2022, 3G Capital Co-Managing Partners Alex Behring and Daniel Schwartz were in a partners’ meeting. On the agenda were three potential investments. Code named “Alpha,” “Beta,” and “Charlie,” they were the finalists amongst hundreds that the team had screened....  View Details
      Keywords: Investment Decisions; Investment Funds; Investment Portfolio; Decision Choices and Conditions; Private Equity
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      Tango, Jo, and Alys Ferragamo. "3G Capital." Harvard Business School Case 823-010, July 2022.
      • May 2022
      • Case

      What's Next

      By: Richard S. Ruback and Royce Yudkoff
      Is there a typical long-term career path for people who become entrepreneurs through acquisition? What choices do searchers and investors make subsequent to their first search? The former searchers profiled here identified five common longer-term career paths and...  View Details
      Keywords: Personal Development and Career; Entrepreneurship; Investment Portfolio; Decision Making; Financial Services Industry
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      Ruback, Richard S., and Royce Yudkoff. "What's Next." Harvard Business School Multimedia/Video Case 222-709, May 2022.
      • 2023
      • Working Paper

      What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences

      By: Mark Egan, Alexander MacKay and Hanbin Yang
      We present an empirical model of portfolio choice that allows for nonparametric estimation of investors’ (subjective) expectations and risk preferences. Using a comprehensive dataset of 401(k) plans from 2009 through 2019, we explore the heterogeneity in asset...  View Details
      Keywords: Stock Market Expectations; Demand Estimation; Retirement Planning; Defined Contribution Retirement Plan; 401 (K); Finance; Investment Portfolio; Investment; Retirement; Behavioral Finance; Financial Services Industry; United States
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      Egan, Mark, Alexander MacKay, and Hanbin Yang. "What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences." Harvard Business School Working Paper, No. 22-044, December 2021. (Revised April 2023. Direct download. NBER Working Paper Series, No. 29604, December 2021)
      • August 2021
      • Case

      Apax Digital

      By: Jo Tango and Alys Ferragamo
      The Apax Digital team faced important decisions as they contemplated raising a second fund. Apax Digital Fund I was a $1.1 billion vehicle focused on mid-market growth equity and growth buyouts in the technology sector. The fund had performed well, and the Managing...  View Details
      Keywords: Growth and Development Strategy; Acquisition; Investment Banking; Investment Portfolio; Decision Choices and Conditions; Technology Industry; Financial Services Industry; United States
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      Tango, Jo, and Alys Ferragamo. "Apax Digital." Harvard Business School Case 822-016, August 2021.
      • July 2021 (Revised December 2021)
      • Case

      Pershing Square's Pandemic Trade (A)

      By: Emil N. Siriwardane, Luis M. Viceira, Dean Xu and Lucas Baker
      This case explores the decision that Bill Ackman, CEO and founder of the hedge fund Pershing Square Capital, was considering in late February 2020 about hedging the exposure of the fund’s portfolio from the potential financial fallout ensuing from an extreme event like...  View Details
      Keywords: Health Pandemics; Financial Liquidity; Cost Management; Decision Choices and Conditions; Risk Management
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      Siriwardane, Emil N., Luis M. Viceira, Dean Xu, and Lucas Baker. "Pershing Square's Pandemic Trade (A)." Harvard Business School Case 222-007, July 2021. (Revised December 2021.)
      • January 2021
      • Case

      Value-Based Insurance Design at Onex

      By: Joshua Schwartzstein, Amitabh Chandra and Amram Migdal
      The operating executives of Health and Benefits for Onex Partners, Megan Jackson Frye and Sam Camens, faced a challenge: Healthcare costs for employees of Onex’s portfolio companies were continuing to rise above the consumer price index, reflecting broader trends...  View Details
      Keywords: Decision Making; Cost vs Benefits; Decision Choices and Conditions; Decisions; Finance; Behavioral Finance; Insurance; Health; Health Care and Treatment; Human Resources; Compensation and Benefits; Markets; Demand and Consumers; Consumer Behavior; Social Psychology; Behavior; Interests; Motivation and Incentives; Perception; Health Industry; Insurance Industry; North America; United States
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      Schwartzstein, Joshua, Amitabh Chandra, and Amram Migdal. "Value-Based Insurance Design at Onex." Harvard Business School Case 921-023, January 2021.
      • 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.)
      • June 2020
      • Article

      Lazy Prices

      By: Lauren Cohen, Christopher J. Malloy and Quoc Nguyen
      We explore the implications of a subtle "default" choice that firms make in their regular reporting practices, namely that firms typically repeat what they most recently reported. Using the complete history of regular quarterly and annual filings by U.S. corporations...  View Details
      Keywords: Default Behavior; Inertia; Firms; Disclosure; Information; Business or Company Management; Behavior; Annual Reports; Corporate Disclosure; Financial Reporting; United States
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      Cohen, Lauren, Christopher J. Malloy, and Quoc Nguyen. "Lazy Prices." Journal of Finance 75, no. 3 (June 2020): 1371–1415. (Winner of the First Prize, Chicago Quantitative Alliance Academic Paper Competition, 2016. Winner of the Jack Treynor Prize for superior work in the field of investment management and financial markets, sponsored by the Q-Group,The Institute for Quantitative Research in Finance, 2016. Winner of the Hillcrest Behavioral Finance Prize, 2016.)
      • November 2019 (Revised February 2020)
      • Case

      Hormel Foods

      By: David E. Bell and Natalie Kindred
      In 2019, CEO Jim Snee is weighing how to shape the image of Hormel Foods, one of the largest U.S. meat and food companies, at a time when the industry faces unprecedented scrutiny. Based in the small town of Austin, Minnesota, the nearly 130-year-old firm is best known...  View Details
      Keywords: Brand Portfolio Strategy; Brands and Branding; Product; Strategy; Marketing Strategy; Risk Management; Agriculture and Agribusiness Industry; Food and Beverage Industry; Consumer Products Industry; United States; China
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      Bell, David E., and Natalie Kindred. "Hormel Foods." Harvard Business School Case 520-045, November 2019. (Revised February 2020.)
      • August 2019 (Revised October 2019)
      • Case

      Amandla Capital: Real Estate in Côte d‘Ivoire

      By: John D. Macomber, Pippa Tubman Armerding and Dilyana Botha
      This case describes Amandla Capital, a fledgling company in Cote d’Ivoire, facing three opportunities in the real estate and hospitality industries in Africa. It introduces students to several concepts: decision-making and cost-benefit analysis in real estate,...  View Details
      Keywords: Small Business; Decision Making; Decision Choices and Conditions; Cost vs Benefits; Finance; Assets; Asset Management; Investment Portfolio; Investment Return; Project Finance; Relationships
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      Macomber, John D., Pippa Tubman Armerding, and Dilyana Botha. "Amandla Capital: Real Estate in Côte d‘Ivoire." Harvard Business School Case 220-029, August 2019. (Revised October 2019.)
      • July 2019
      • Supplement

      Omidyar Network's Investment Decisions: MicroEnsure and Lenddo

      By: Vikram S Gandhi
      A team of investors at Omidyar Network explore two different investment possibilities in the budding financial inclusion space using their investment framework to consider capital alternatives available for both investments, each of which carries highly divergent...  View Details
      Keywords: Impact Investing; Micro Finance; Investment; Investment Return; Investment Activism; Investment Portfolio; Microfinance; Decision Choices and Conditions; India; Philippines
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      Gandhi, Vikram S. "Omidyar Network's Investment Decisions: MicroEnsure and Lenddo." Harvard Business School Multimedia/Video Supplement 320-702, July 2019.
      • June 2019
      • Article

      Social Risk, Fiscal Risk, and the Portfolio of Government Programs

      By: Samuel G. Hanson, David S. Scharfstein and Adi Sunderam
      We develop a model of government portfolio choice in which a benevolent government chooses the scale of risky projects in the presence of market failures and tax distortions. These two frictions generate motives to manage social risk and fiscal risk. Social risk...  View Details
      Keywords: Risk Management; Government and Politics; Programs
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      Hanson, Samuel G., David S. Scharfstein, and Adi Sunderam. "Social Risk, Fiscal Risk, and the Portfolio of Government Programs." Review of Financial Studies 32, no. 6 (June 2019): 2341–2382. (Internet Appendix Here.)
      • 2018
      • Working Paper

      Detecting Anomalies: The Relevance and Power of Standard Asset Pricing Tests

      By: Malcolm Baker, Patrick Luo and Ryan Taliaferro
      The two standard approaches for identifying capital market anomalies are cross-sectional coefficient tests, in the spirit of Fama and MacBeth (1973), and time-series intercept tests, in the spirit of Jensen (1968). A new signal can pass the first test, which we label a...  View Details
      Keywords: Investment Management; Anomalies; Portfolio Construction; Transaction Costs; Investment; Management; Asset Pricing; Market Transactions; Cost
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      Baker, Malcolm, Patrick Luo, and Ryan Taliaferro. "Detecting Anomalies: The Relevance and Power of Standard Asset Pricing Tests." Working Paper, July 2018.
      • September 2017 (Revised February 2018)
      • Case

      Dinesh Moorjani and Hatch Labs

      By: Shikhar Ghosh, Christopher Stanton, Allison Ciechanover and Jeff Huizinga
      This case is about Tinder. It discusses different business models and ways of structuring the initial team. With a $6 million investment from IAC/Interactive in 2010, Dinesh Moorjani founded Hatch Labs to build mobile apps. His mission was to attract entrepreneurial...  View Details
      Keywords: Returns; Incubator; Mobile App; Venture Capital; Entrepreneurship; Decision Choices and Conditions; Business Model; Mobile and Wireless Technology; Talent and Talent Management; Valuation; Equity; Finance; United States; North America
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      Ghosh, Shikhar, Christopher Stanton, Allison Ciechanover, and Jeff Huizinga. "Dinesh Moorjani and Hatch Labs." Harvard Business School Case 818-026, September 2017. (Revised February 2018.)
      • 2017
      • Other Article

      Designing an Agile Software Portfolio Architecture: The Impact of Coupling on Performance

      By: Alan MacCormack and Robert Lagerstrom
      The modern industrial corporation encompasses a myriad of different software applications, each of which must work in concert to deliver functionality to end-users. However, the increasingly complex and dynamic nature of competition in today’s product-markets dictates...  View Details
      Keywords: Applications and Software; Design; Organizational Change and Adaptation; Performance Effectiveness
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      MacCormack, Alan, and Robert Lagerstrom. "Designing an Agile Software Portfolio Architecture: The Impact of Coupling on Performance." Academy of Management Annual Meeting Proceedings (2017). (doi:10.5465/AMBPP.2017.297, ISSN 2151-6561.)
      • June 2017
      • Article

      Does Aggregated Returns Disclosure Increase Portfolio Risk Taking?

      By: John Beshears, James J. Choi, David Laibson and Brigitte C. Madrian
      Many experiments have found that participants take more investment risk if they see returns less frequently, see portfolio-level returns (rather than each individual asset’s returns), or see long-horizon (rather than one-year) historical return distributions. In...  View Details
      Keywords: Information; Investment Portfolio; Investment Return
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      Beshears, John, James J. Choi, David Laibson, and Brigitte C. Madrian. "Does Aggregated Returns Disclosure Increase Portfolio Risk Taking?" Review of Financial Studies 30, no. 6 (June 2017): 1971–2005.
      • 2017
      • Working Paper

      Digital Agility: The Impact of Software Portfolio Architecture on IT System Evolution

      By: Alan MacCormack, Robert Lagerström, Martin Mocker and Carliss Y. Baldwin
      The modern industrial firm increasingly relies on software to support its competitive position. However, the uncertain and dynamic nature of today’s global marketplace dictates that this software be continually evolved and adapted to meet new business challenges. This...  View Details
      Keywords: Information Systems; Software; Architecture; Modularity; Agility; Coupling; Applications and Software; Design; Decisions; Performance
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      MacCormack, Alan, Robert Lagerström, Martin Mocker, and Carliss Y. Baldwin. "Digital Agility: The Impact of Software Portfolio Architecture on IT System Evolution." Harvard Business School Working Paper, No. 17-105, May 2017. (Revised October 2017.)
      • May 2017 (Revised August 2021)
      • Case

      Mavi: Fashioning a Path to Brand Growth

      By: Jill Avery and Gamze Yucaoglu
      This case examines the strategic choices and business model with regards to branding at Mavi, a leading Turkish apparel retailer. The case is presented from the perspective of the company CEO and its global brand director who is also part owner. In 2015, Mavi had sales...  View Details
      Keywords: Brand Management; Brand Architecture; Brand Portfolio Strategy; Brand Positioning; International Expansion; Retailing; Fashion; Pricing; Fast Fashion; Emerging Economies; Brand Extension; Marketing; Marketing Strategy; Brands and Branding; Emerging Markets; Growth and Development Strategy; Expansion; Global Range; Decision Choices and Conditions; Fashion Industry; Retail Industry; Turkey; Europe; Asia
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      Avery, Jill, and Gamze Yucaoglu. "Mavi: Fashioning a Path to Brand Growth." Harvard Business School Case 517-075, May 2017. (Revised August 2021.)
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