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    • COVID-19 Business Impact Center
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      Cold Call
      A podcast featuring faculty discussing cases they've written and the lessons they impart.
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      • 02 Mar 2021
      • Cold Call Podcast

      Can Historic Social Injustices be Addressed Through Reparations?

      Survivors of the 1921 Tulsa Massacre and their descendants believe historic social injustices should be addressed through reparations. Professor Mihir Desai discusses the arguments for and against reparations in response to the Tulsa Massacre and, more broadly, to the effects of slavery and racist government policies in the US in his case, “The Tulsa Massacre and the Call for Reparations.”  Open for comment; 0 Comment(s) posted.

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      StocksRemove Stocks →

      Page 1 of 8 Results
      • 09 Jun 2020
      • Working Paper Summaries

      Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time

      by Laura Alfaro, Anusha Chari, Andrew Greenland, and Peter K. Schott

      This paper explains the seemingly conflicting narratives from the stock and labor market about the underlying state of the economy. We show that day-to-day changes in the predictions of standard models of infectious disease forecast changes in aggregate stock returns in pandemics.

      • 15 Jan 2019
      • Working Paper Summaries

      The Creation and Evolution of Entrepreneurial Public Markets

      by Shai Bernstein, Abhishek Dev, and Josh Lerner

      Since 1990, new stock exchanges geared toward fast-growing, entrepreneurial companies have proliferated around the world. This analysis shows that exchanges in countries with better shareholder protection allowed younger and less profitable companies to raise more capital. These markets alone cannot boost entrepreneurial activity but need enabling institutions.

      • 11 Jan 2018
      • Working Paper Summaries

      Brokers and Order Flow Leakage: Evidence from Fire Sales

      by Andrea Barbon, Marco Di Maggio, Francesco Franzoni, and Augustin Landier

      This study finds that brokers tend to reveal the occurrence of a fire sale to their best clients, allowing them to generate significant profits by predating on the liquidating fund. Such information leakage comes at the expense of higher price impact, and leads to a more costly liquidation for the fire sale originator.

      • 31 May 2017
      • Working Paper Summaries

      Stock Price Synchronicity and Material Sustainability Information

      by Jody Grewal, Clarissa Hauptmann, and George Serafeim

      This paper seeks to understand and provide evidence on the characteristics of emerging accounting standards for sustainability information. Given that a large number of institutional investors seek sustainability data and have committed to using it, it is increasingly important to develop a robust accounting infrastructure for the reporting of such information.

      • 12 May 2017
      • Working Paper Summaries

      Equality and Equity in Compensation

      by Jiayi Bao and Andy Wu

      Why do some firms such as technology startups offer the same equity compensation packages to all new employees despite very different cash salaries? This paper presents evidence that workers dislike inequality in equity compensation more than salary compensation because of the perceived scarcity of equity.

      • 20 Mar 2017
      • Working Paper Summaries

      Bubbles for Fama

      by Robin Greenwood, Andrei Shleifer, and Yang You

      Nobel laureate Eugene F. Fama has famously claimed that there is no such thing as a bubble, which he defines as a large price run-up that predictably crashes. Analyzing industry data for the US and internationally, the authors find that Fama is mostly right that a sharp price increase of an industry portfolio does not, on average, predict unusually low returns going forward. Yet the authors show that there is much more to a bubble than merely increases in prices; they show a number of characteristics that predict an end to the bubble.

      • 07 Feb 2017
      • Working Paper Summaries

      Rainy Day Stocks

      by Niels Gormsen and Robin Greenwood

      Niels Gormsen and Robin Greenwood identify characteristics of stocks that an investor who is worried about bad times should buy— a “rainy day” portfolio. They also propose a simple methodology that places greater weight on performance achieved during bad times than performance achieved during good times, essentially evaluating returns under a risk-neutral probability measure.

      • 24 Mar 2016
      • Working Paper Summaries

      Economic Uncertainty and Earnings Management

      by Luke C.D. Stein and Charles C.Y. Wang

      This paper provides the first evidence on how market participants' uncertainty about firms' future prospects affects managerial decisions in financial reporting. Firms are more likely to manage earnings downward during times of elevated uncertainty, particularly when managers face greater incentives or enjoy greater ability to do so.

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