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    • All HBS Web  (188)
      • Faculty Publications  (19)

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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.
      • 2021
      • Working Paper

      The Price Effects of Innovative Security Design

      By: Boris Vallée, Gordon Liao and Claire Célérier
      This paper investigates the effects of the issuance of retail products with non-linear payoffs on option prices. For a given underlying asset, when the outstanding volume of products embedding a short-put position increases, implied volatility at the corresponding...  View Details
      Keywords: Security Design; Dividend; Options; Structured Products; Market Segmentation; Financial Instruments; Design; Volatility; Markets; Segmentation
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      Vallée, Boris, Gordon Liao, and Claire Célérier. "The Price Effects of Innovative Security Design." Working Paper, August 2021.
      • 2021
      • Working Paper

      Going by the Book: Valuation Ratios and Stock Returns

      By: Ki-Soon Choi, Eric So and Charles C.Y. Wang
      We study the use of firms’ book-to-market ratios (B/M) in value investing and its implications for comovements in firms’ stock returns and trading volumes. We show B/M has become increasingly detached from common alternative valuation ratios over time while also...  View Details
      Keywords: Valuation Ratios; Book-to-market Ratios; Investment Return; Investment; Decision Making
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      Choi, Ki-Soon, Eric So, and Charles C.Y. Wang. "Going by the Book: Valuation Ratios and Stock Returns." Harvard Business School Working Paper, No. 21-126, May 2021.
      • 2021
      • Book

      Global Goliaths: Multinational Corporations in the 21st Century Economy

      By: C. Fritz Foley, James R. Hines Jr. and David Wessel
      Globalization and multinational corporations have long seemed partners in the enterprise of economic growth: globalization-led prosperity was the goal, and giant corporations spanning the globe would help achieve it. In recent years, however, the notion that all...  View Details
      Keywords: Multinational Firms and Management; Globalization; Economy; Economic Growth; Equality and Inequality; Employment; Policy
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      Foley, C. Fritz, James R. Hines Jr., and David Wessel, eds. Global Goliaths: Multinational Corporations in the 21st Century Economy. Brookings Institution Press, 2021.
      • December 2019
      • Case

      CME Group in 2019

      By: José B. Alvarez, Forest Reinhardt and Natalie Kindred
      Chicago-based CME Group is the world’s largest futures and options marketplace, with annual trading volume of over 4.8 billion contracts in 2018. This case is set in late 2019, as heightened perceptions of risk stemming from the U.S.-China trade war are driving record...  View Details
      Keywords: Financial Markets; Risk Management; Futures and Commodity Futures; Trade; Price; Competition; Risk and Uncertainty; Competitive Strategy; United States; China; Brazil
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      Alvarez, José B., Forest Reinhardt, and Natalie Kindred. "CME Group in 2019." Harvard Business School Case 520-048, December 2019.
      • November 2019
      • Article

      The Relevance of Broker Networks for Information Diffusion in the Stock Market

      By: Marco Di Maggio, Francesco Franzoni, Amir Kermani and Carlo Sommavilla
      This paper shows that the network of relationships between brokers and institutional investors shapes information diffusion in the stock market. We exploit trade-level data to show that central brokers gather information by executing informed trades, which is then...  View Details
      Keywords: Broker Networks; Institutional Investors; Asset Prices; Business and Shareholder Relations; Institutional Investing; Information; Knowledge Dissemination; Financial Markets; Asset Pricing
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      Di Maggio, Marco, Francesco Franzoni, Amir Kermani, and Carlo Sommavilla. "The Relevance of Broker Networks for Information Diffusion in the Stock Market." Journal of Financial Economics 134, no. 2 (November 2019): 419–446.
      • November 2018 (Revised April 2019)
      • Case

      Zespri Grows

      By: David E. Bell and Natalie Kindred
      Controlling about a third of global kiwifruit exports by volume and nearly half by value in 2018, Zespri was a grower-owned “corporatized cooperative” with the exclusive right to export New Zealand-grown kiwifruit (except to Australia). Zespri did not grow fruit but...  View Details
      Keywords: Agribusiness; Kiwi; Kiwifruit; Agriculture; Global Supply Chain; Branding; Produce; Coordinated Industry Structure; Industry Coordination; Countercyclical Supply; New Product Development; Product Strategy; Differentiation; Food; Quality; Trade; Brands and Branding; Marketing; Strategy; Global Strategy; Change Management; Organizational Change and Adaptation; Globalization; Globalized Firms and Management; Competitive Strategy; Resource Allocation; Product Development; Agriculture and Agribusiness Industry; Consumer Products Industry; Food and Beverage Industry; New Zealand
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      Bell, David E., and Natalie Kindred. "Zespri Grows." Harvard Business School Case 519-047, November 2018. (Revised April 2019.)
      • Editorial

      Why CEOs Should Share Their Long-Term Plans with Investors

      By: Christina Rehnberg, George Serafeim and Brian Tomlinson
      Rather than requiring less short-term information, the key to combating short-termism is to encourage companies to share more information about their long-term plans. Analysis of companies that have done so suggests that long-term plans are not mere marketing...  View Details
      Keywords: CEO; Investor Relations; Disclosure; Long-term Growth; Investing; Business and Shareholder Relations; Strategy; Corporate Disclosure
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      Rehnberg, Christina, George Serafeim, and Brian Tomlinson. "Why CEOs Should Share Their Long-Term Plans with Investors." Harvard Business Review (website) (September 19, 2018).
      • August 2018
      • Article

      Extrapolation and Bubbles

      By: Nicholas Barberis, Robin Greenwood, Lawrence Jin and Andrei Shleifer
      We present an extrapolative model of bubbles. In the model, many investors form their demand for a risky asset by weighing two signals: an average of the asset’s past price changes and the asset’s degree of overvaluation. The two signals are in conflict, and investors...  View Details
      Keywords: Bubble; Extrapolation; Volume; Price Bubble; Mathematical Methods
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      Barberis, Nicholas, Robin Greenwood, Lawrence Jin, and Andrei Shleifer. "Extrapolation and Bubbles." Journal of Financial Economics 129, no. 2 (August 2018): 203–227.
      • May 2016 (Revised December 2016)
      • Case

      Camposol

      By: David E. Bell and Natalie Kindred
      With $289 million in 2015 revenues, Camposol is a Peruvian grower, exporter, and marketer of fruits and vegetables, with a focus on the high-growth, high-margin blueberry category. Camposol aspires to become Peru’s first multinational branded produce company. It...  View Details
      Keywords: Blueberries; Avocado; Asparagus; Agriculture; Peru; Retail; Produce; Agricultural Production; Branding; Brand Strategy; Commercialization; Camposol; Aquaculture; Agribusiness; Marketing; Trade; Vertical Integration; Strategy; Marketing Strategy; Family Business; Growth and Development; Growth Management; Food; Supply Chain; Distribution; Agriculture and Agribusiness Industry; Food and Beverage Industry; Retail Industry; Distribution Industry; Peru; South America; United States; China
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      Bell, David E., and Natalie Kindred. "Camposol." Harvard Business School Case 516-111, May 2016. (Revised December 2016.)
      • November 2008
      • Journal Article

      Can Research Committees Add Value for Investors? An Analysis of Lehman Brothers' Ten Uncommon Values® Recommendations

      By: Boris Groysberg, Paul M. Healy and Yang Gui
      Since 1949 Lehman Brothers has used an investment committee to select the top ten recommendations made by its analysts each year. We examine the performance of this committee's recommendations and find that on average its selections generated abnormal returns of 2.7%...  View Details
      Keywords: Forecasting and Prediction; Stocks; Financial Markets; Investment; Investment Return; Governing Rules, Regulations, and Reforms; Performance Expectations; Groups and Teams; Research; Value Creation
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      Groysberg, Boris, Paul M. Healy, and Yang Gui. "Can Research Committees Add Value for Investors? An Analysis of Lehman Brothers' Ten Uncommon Values® Recommendations." Journal of Financial Transformation 24 (November 2008): 123–130.
      • March 2008
      • Article

      Market Reactions to Export Subsidies

      By: M. A. Desai and James R. Hines Jr.
      This paper analyzes the economic impact of export subsidies by investigating stock price reactions to a critical event in 1997. On November 18, 1997, the European Union announced its intention to file a complaint before the World Trade Organization (WTO), arguing that...  View Details
      Keywords: Economic Systems; Trade; Development Economics; Financial Markets; Profit; Taxation; Volume; Value Creation; Market Design; Business Subsidiaries; Utilities Industry; Financial Services Industry; Europe; North and Central America
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      Desai, M. A., and James R. Hines Jr. "Market Reactions to Export Subsidies." Journal of International Economics 74, no. 2 (March 2008).
      • September – October 2007
      • Article

      Trading Patterns and Excess Comovement of Stock Returns

      By: Robin Greenwood and Nathan Sosner
      n April 2000, 30 stocks were replaced in the Nikkei 225 Index. The unusually broad index redefinition allowed for a study of the effects of index-linked trading on the excess comovement of stock returns. A large increase occurred in the correlation of trading volume of...  View Details
      Keywords: Stocks; Investment Return; Market Transactions; Mathematical Methods
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      Greenwood, Robin, and Nathan Sosner. "Trading Patterns and Excess Comovement of Stock Returns." Financial Analysts Journal 63, no. 5 (September–October 2007): 69–81.
      • October 2001 (Revised March 2008)
      • Case

      Anagene, Inc.

      By: Robert S. Kaplan and Christina L. Darwall
      An entrepreneurial, publicly traded biotech company has begun production and sales of its core product--cartridges that permit DNA samples to be analyzed on a microchip. In the early quarters, sales are difficult to forecast and the company has experienced fluctuating...  View Details
      Keywords: Cost Accounting; Financial Reporting; Production; Performance Capacity; Risk and Uncertainty; Genetics; Governing and Advisory Boards; Biotechnology Industry; California
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      Kaplan, Robert S., and Christina L. Darwall. "Anagene, Inc." Harvard Business School Case 102-030, October 2001. (Revised March 2008.)
      • 1998
      • Book

      The Multinational Traders

      By: Geoffrey Jones
      This book examines the history and theory of multinational trading companies. The essays in this volume demonstrate the importance of trading companies in trade and investment flows in the world economy from the nineteenth century to the present day. The empirical...  View Details
      Keywords: Trade; Globalization; Company History; Books; Organizational Structure; Perspective; Diversification; Theory; Asia; Europe; United States
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      Jones, Geoffrey, ed. The Multinational Traders. Routledge International Studies in Business History. London: Routledge, 1998.
      • 1994
      • Book

      The Making of Global Enterprises

      By: G. Jones
      This volume presents new insights on the history of international business. Two main themes are addressed: how and when has global business developed over the last century? and what has been its impact on host economies? The volume includes a pioneering study by Mira...  View Details
      Keywords: Business Subsidiaries; Economy; Trade; Globalized Firms and Management; Economic History; Technology
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      Jones, G., ed. The Making of Global Enterprises. London: Frank Cass, 1994.
      • June 1993 (Revised September 1993)
      • Case

      Retail in Mexico 1993

      By: David B. Yoffie and Charles McHugh LaFollette
      In the wake of NAFTA, U.S. retail firms begin to see Mexico as an attractive market for international expansion. This case examines the structure of Mexico's volume retail (grocery, discount, warehouse club, hypermarket) industry, the joint ventures between U.S. and...  View Details
      Keywords: Expansion; Global Strategy; Joint Ventures; Industry Structures; Trade; Retail Industry; United States; Mexico
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      Yoffie, David B., and Charles McHugh LaFollette. "Retail in Mexico 1993." Harvard Business School Case 793-144, June 1993. (Revised September 1993.)
      • 1993
      • Book

      Coalitions and Collaboration in International Business

      By: G. Jones
      This volume provides a selection of the most important research on the history of international business collaboration from the nineteenth century until the present day. The selected essays cover the extensve literature on international cartels, other forms of...  View Details
      Keywords: International Business; Collaboration; Joint Ventures; Trade; Equity; Markets and Industry History; Body of Literature; Relationships; Research
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      Jones, G., ed. Coalitions and Collaboration in International Business. Aldershot, England: Edward Elgar Publishing, 1993.
      • 1980
      • Working Paper

      Taxation and the Ex-dividend Day Behavior of Common Stock Prices

      By: Jerry R. Green
      The behavior of stock prices around ex-dividend days has been suggested as evidence for tax-induced clientele effects and as a means to estimate the average effective tax rate faced by investors. In this paper these possibilities are examined theoretically and...  View Details
      Keywords: Taxation; Stocks; Price
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      Green, Jerry R. "Taxation and the Ex-dividend Day Behavior of Common Stock Prices." NBER Working Paper Series, No. 496, July 1980.
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