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- All HBS Web
(536)
- News (106)
- Research (355)
- Multimedia (4)
- Faculty Publications (186)
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- October 2013 (Revised December 2015)
- Case
Alcoa's Bid for Alcan (A)
By: Paul Healy and Penelope Rossano
In spring 2007, Alcoa CEO Alain Belda was concerned about the company's market position in light of increased competition from developing markets. China's recent entry into the aluminum market was affecting both supply and demand. Furthermore, downstream and upstream... View Details
Keywords: Acquisitions; Strategy; Aluminum; Accounting; Financials; Alcoa; Rio Tinto; Alcan; Metals and Minerals; Competition; Consolidation; Emerging Markets; Acquisition; Financial Statements; Manufacturing Industry; Canada; China; Russia
Healy, Paul, and Penelope Rossano. "Alcoa's Bid for Alcan (A)." Harvard Business School Case 114-029, October 2013. (Revised December 2015.)
- 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
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.
- February 2012
- Case
First Quantum Minerals vs. Eurasian Natural Resources
By: George Serafeim
The case describes the battle between First Quantum Mineral (FQM) and Eurasian Resources over mines in Democratic Republic of Congo (DRC). After FQM's license to operate was revoked by the government of the DRC, Eurasian bought the rights over the mines that were... View Details
Keywords: Governing and Advisory Boards; Business and Government Relations; Corporate Governance; Natural Environment; Risk and Uncertainty; Government and Politics; Mining Industry; Congo, Democratic Republic of the
Serafeim, George, and Andrew Knauer. "First Quantum Minerals vs. Eurasian Natural Resources." Harvard Business School Case 112-083, February 2012.
- August 2000 (Revised November 2001)
- Background Note
Liability Reporting
By: Paul M. Healy and Preeti Choudhary
By examining key criteria for recognizing a liability, this case explores liability recognition in straightforward situations and then examines the most difficult reporting issues in recording liabilities. These often arise when: 1) uncertainty arises about whether an... View Details
Keywords: Financial Reporting; Legal Liability; Valuation; Problems and Challenges; Accounting Industry
Healy, Paul M., and Preeti Choudhary. "Liability Reporting." Harvard Business School Background Note 101-016, August 2000. (Revised November 2001.)
- November 1999 (Revised July 2003)
- Case
Pre-Paid Legal Services, Inc.
By: Paul M. Healy and Jacob Cohen
Pre-Paid Legal Services' business model reveals two key issues--managing the sales force and sales growth and managing claims. Students analyze the economics of the business and consider how to measure firm performance, how to evaluate and reward the sales force, and... View Details
Keywords: Financial Management; Financial Strategy; Salesforce Management; Marketing Strategy; Accrual Accounting; Business Cycles; Forecasting and Prediction; Insurance; Business Growth and Maturation; Insurance Industry
Healy, Paul M., and Jacob Cohen. "Pre-Paid Legal Services, Inc." Harvard Business School Case 100-037, November 1999. (Revised July 2003.)
- November 2017
- Technical Note
21st Century Populism
By: George Serafeim and David Freiberg
While the first decade of the 21st century saw a massive financial crisis that led to significant economic downturn, the second decade saw the rise of political leaders, who built their support upon a political message that championed the common person against the... View Details
Keywords: Populism; Market Efficiency; Market Liberalization; Political Influence; Political Instability; Capital Controls; Partnerships; Coalition; Inequality; Role Of Business In Society; Government Intervention In The Markets; Labor Market; Equality and Inequality; Financial Markets; Social Issues; Immigration; Financial Crisis; Capital Markets; Business and Government Relations
Serafeim, George, and David Freiberg. "21st Century Populism." Harvard Business School Technical Note 118-029, November 2017.
- October 2000 (Revised October 2000)
- Case
Off-Balance Sheet Leases in the Restaurant Industry
By: Amy P. Hutton, Paul M. Healy and Jacob Cohen
Amid mounting concern by credit agencies about off-balance sheet liabilities, an analyst for one of the leading credit-rating agencies has been asked to make a presentation about off-balance sheet liabilities, the strategic analysis behind leasing versus purchasing... View Details
Keywords: Fair Value Accounting; Property; Leasing; Financial Statements; Capital Structure; Credit; Financial Services Industry
Hutton, Amy P., Paul M. Healy, and Jacob Cohen. "Off-Balance Sheet Leases in the Restaurant Industry." Harvard Business School Case 101-033, October 2000. (Revised October 2000.)
- Research Summary
Wall Street Research
By: Paul M. Healy
Wall Street research helps to support a well-functioning capital market by providing investors with information about investment opportunities, and corporate issuers with liquidity for their stocks. Yet surprisingly little is known about how Wall Street research... View Details
- 11 Mar 2014
- First Look
First Look: March 11
https://www.hbs.edu/faculty/Pages/item.aspx?num=46651 The Use of Broker Votes to Reward Brokerage Firms' and Their Analysts' Research Activities By: Maber, David A., Boris Groysberg, and View Details
Keywords: Sean Silverthorne
- 13 Mar 2018
- First Look
March 13, 2018
Well-being: A Global Perspective By: De Neve, Jan-Emmanuel, Amy Blankson, Andrew Clark, Cary Cooper, James Harter, Christian Krekel, Jenn Lim, Paul Litchfield, Jennifer Moss, Michael I. Norton, Mariano Rojas, View Details
Keywords: Sean Silverthorne
- April 29, 2014
- Column
Corporate Reporting in the Big Data Era
By: George Serafeim
Advancements in information technology can improve corporate communication with shareholders, but not through incessant data dumps. Instead, companies will more likely be poised for continued success if they use digital platforms for long-term oriented engagement and... View Details
Keywords: Integrated Reporting; Big Data; Corporate Reporting; Sustainability; Corporate Social Responsibility; Corporate Governance; Accounting; Reporting; Organizational Change and Adaptation; Corporate Accountability; Analytics and Data Science; Information Technology; Communication; Financial Reporting; Business and Shareholder Relations
Serafeim, George. "Corporate Reporting in the Big Data Era." IIRC Blog (April 29, 2014).
- May 2020
- Article
Tackling Climate Change Requires Organizational Purpose
By: Rebecca Henderson and George Serafeim
Unchecked climate change presents a profound threat to economic growth and political stability but despite widespread public concern about the issue, global emissions of greenhouse gases have not declined. Indeed current “business as usual” predictions imply that... View Details
Keywords: Corporate Purpose; Purpose; Sustainability; Environment; Climate Change; Organizations; Mission and Purpose; Environmental Sustainability; Strategy; Leadership
Henderson, Rebecca, and George Serafeim. "Tackling Climate Change Requires Organizational Purpose." AEA Papers and Proceedings 110 (May 2020): 177–180.
- January 2022
- Article
Determinants of Gender Differences in Change in Pay among Job-Switching Executives
By: Boris Groysberg, Paul M. Healy and Eric Lin
The authors investigate what determines differences in change in pay between men and women executives who move to new employers. Using proprietary data of 2,034 executive placements from a global search firm, the authors observe narrower pay differences between men and... View Details
Keywords: Executive Pay; Executive Labor Market; Gender Pay Gap; External Recruitment; Executive Compensation; Gender; Human Capital
Groysberg, Boris, Paul M. Healy, and Eric Lin. "Determinants of Gender Differences in Change in Pay among Job-Switching Executives." Industrial & Labor Relations Review 75, no. 1 (January 2022): 168–199.
- Article
Impact-Weighted Financial Accounts: A Paradigm Shift
By: Ethan Rouen and George Serafeim
The last decade has seen an exponential increase in corporate sustainability activities and efforts by investors to use these activities in their portfolio formation, valuation, and stewardship activities. This paper explains the need for a uniform strategy to measure... View Details
Keywords: Impact-Weighted Accounts; ESG (Environmental, Social, Governance) Performance; Corporate Social Responsibility and Impact; Measurement and Metrics; Standards
Rouen, Ethan, and George Serafeim. "Impact-Weighted Financial Accounts: A Paradigm Shift." CESifo Forum 22, no. 3 (May 2021): 20–25.
- 2011
- Article
'Deprival Value' vs. 'Fair Value' Measurement for Contract Liabilities: How to Resolve the 'Revenue Recognition' Conundrum
By: Joanne Horton, Richard H. Macve and George Serafeim
Revenue recognition and measurement principles can conflict with liability recognition and measurement principles. We explore here under different market conditions when the two measurement approaches coincide and when they conflict. We show that where entities expect... View Details
Keywords: Fair Value; Deprival Value; Contract Liabilities; Fair Value Accounting; Measurement and Metrics; Profit; Revenue Recognition; Assets; Performance Evaluation; Contracts
Horton, Joanne, Richard H. Macve, and George Serafeim. "'Deprival Value' vs. 'Fair Value' Measurement for Contract Liabilities: How to Resolve the 'Revenue Recognition' Conundrum." Accounting and Business Research 41, no. 5 (2011): 491–514.
- February 2023
- Article
Climate Solutions Investments
By: Alex Cheema-Fox, George Serafeim and Hui (Stacie) Wang
An increasing number of companies are providing products and services that help reduce carbon emissions in the economy. We develop a methodology to identify those companies and create a sample of publicly listed climate solutions companies allowing us to study their... View Details
Keywords: Decarbonization; Climate Finance; Climate Impact; Climate Risk; Environment; Sustainability; Carbon Emissions; Electric Vehicles; Energy; Renewables; Climate Change; Corporate Social Responsibility and Impact; Environmental Sustainability; Emerging Markets; Investment Portfolio
Cheema-Fox, Alex, George Serafeim, and Hui (Stacie) Wang. "Climate Solutions Investments." Journal of Portfolio Management 49, no. 3 (February 2023): 72–96.
- 22 May 2012
- First Look
First Look: May 22
Ioannou, and George Serafeim Abstract We investigate the effect of a corporate culture of sustainability on multiple facets of corporate behavior View Details
Keywords: Sean Silverthorne
- November 2004 (Revised March 2007)
- Case
10 Uncommon Values®: Optimizing the Stock-Selection Process
By: Paul M. Healy and Boris Groysberg
In 2003, Steve Hash, research director at Lehman Brothers, prepared to initiate the firm's "Ten Uncommon Values" stock-picking process for the year. An investment committee had to pick the 10 best stocks from about 100 stock ideas presented by the firm's analysts. The... View Details
Keywords: Stocks; Investment; Financial Strategy; Decision Making; Groups and Teams; Financial Services Industry; United States
Healy, Paul M., and Boris Groysberg. "10 Uncommon Values®: Optimizing the Stock-Selection Process." Harvard Business School Case 405-022, November 2004. (Revised March 2007.)
- 2016
- Article
Do External Labor Market Job Switches Affect the Gender Compensation Gap?
By: Boris Groysberg, Paul M. Healy and Eric Lin
This paper investigates how external mobility influences the gender compensation gap for job switching executives. Using proprietary data for 2,034 executive placements from a global search firm, we find job switching narrows the gender gap by 45%, from 11% to 6%. We... View Details
Groysberg, Boris, Paul M. Healy, and Eric Lin. "Do External Labor Market Job Switches Affect the Gender Compensation Gap?" Academy of Management Annual Meeting Proceedings (2016).
- March 2014
- Case
Managing Change at Axis Bank (A)
By: Paul Healy and Rachna Tahilyani
Axis Bank is India's third largest private sector bank. In April 2009, Shikha Sharma, an outsider, was appointed as its CEO. She took over from a person who had overseen ten years of rapid growth at the bank. The selection of an outsider as the new CEO surprised many... View Details
Keywords: Change Management; Transformation; Organizational Culture; Organizational Change and Adaptation; Leadership Style; Leading Change; Valuation; Finance; Banks and Banking; Financial Services Industry; Banking Industry; India
Healy, Paul, and Rachna Tahilyani. "Managing Change at Axis Bank (A)." Harvard Business School Case 114-082, March 2014.