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  • 2024
  • Working Paper

Who Values Democracy?

By: Max Miller
This paper tests the conventional view that redistribution is central to the democratization process using data from stock markets. Consistent with this view, democratizations have a large, negative impact on asset valuations driven by a rise in redistribution risk.... View Details
Keywords: Government and Politics; Risk and Uncertainty; Financial Crisis; Macroeconomics; Financial Markets; Valuation
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  • 2014
  • Working Paper

The Effect of Management Control Elements on Coordination

By: Sara Bormann, Jan Bouwens and Christian Hofmann
This study examines how control elements of a firm affect coordination among profit centers. The firm operates a network of 59 profit centers. It uses a transfer-pricing system designed to account for interdependencies between profit centers and to induce coordination.... View Details
Keywords: Business or Company Management; Organizational Structure; Performance
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  • March 2016
  • Article

An Analysis of Firms' Self-reported Anticorruption Efforts

By: Paul M. Healy and George Serafeim
We use Transparency International's ratings of self-reported anticorruption efforts for 480 corporations to analyze factors underlying the ratings. Our tests examine whether these forms of disclosure reflect firms' real efforts to combat corruption or are cheap talk.... View Details
Keywords: Corruption; Corporate Performance; Growth; Disclosure; Disclosure Strategy; Sustainability; Crime and Corruption; Corporate Disclosure; Performance; Sales
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  • July 2005 (Revised June 2006)
  • Case

Ryanair Holdings plc

Examines the valuation of an Irish airline that reported its first decline in net income in 2004 and saw a 30% stock price drop on the news. Ryanair is a low-cost, low-fare airline headquartered in Dublin, Ireland, operating over 200 routes in 20 countries. The company... View Details
Keywords: Strategy; International Accounting; Analysis; Valuation; Air Transportation; Forecasting and Prediction; Finance; Air Transportation Industry; Dublin
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  • December 2008
  • Case

Merrimack Tractors and Mowers: LIFO or FIFO?

By: William J. Bruns Jr., Sharon Bruns and Susan S. Hameling
At Merrimack Tractors and Mowers in 2008, product manufacturing costs are increasing faster than competitors' costs, and as a result earnings are likely to fall below those reported in 2007. The company president and the company controller have discussed this problem,... View Details
Keywords: International; Financial; Reporting; Standards; Inventory; Business Ethics; Assets; Valuation; Ethics; Taxation; Financial Reporting; Manufacturing Industry
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  • 2019
  • White Paper

Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy

By: George Serafeim, T. Robert Zochowski and Jennifer Downing
Reimagining capitalism is an imperative. We need to create a more inclusive and sustainable form of capitalism that works for every person and the planet. Massive environmental damage, growing income and wealth disparity, stress, and depression within developed... View Details
Keywords: Impact-Weighted Accounts; IWAI; Background; Economic Systems; Economy; Corporate Social Responsibility and Impact; Measurement and Metrics; Financial Statements
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    Luis M. Viceira

    Luis M. Viceira is the George E. Bates Professor in the Finance Unit  and a Research Associate at the National Bureau of Economic Research. His research, course development, and teaching focus on the areas of investment management... View Details

    Keywords: banking; education industry; financial services; nonprofit industry; retail financial services
    • Web

    Required Curriculum - MBA

    the implications for their companies. Students will learn the impact of: National income and balance of payment accounting Exchange rate theory Political regimes An examination of both the gains and problems arising from regional global... View Details
    • October 2024
    • Case

    Ranger Energy Services: Bridging Public & Private Markets

    By: Joseph Pacelli, Ravi Ramniklal Gondalia and James Weber
    In August of 2017, CSL Capital, a private equity fund founded and operated by Charlie Leykum (HBS’04), was deciding to take one of its portfolio companies, Ranger Energy Services, public. Founded in 2014, Ranger Energy was an oilfield service company providing... View Details
    Keywords: Entrepreneurship; Initial Public Offering; Financial Strategy; Valuation; Energy; Financial Services Industry; Energy Industry; United States
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      W. Carl Kester

      Carl Kester is a Baker Foundation Professor and the George Fisher Baker Jr. Professor of Business Administration, Emeritus at Harvard Business School. He is a member of the Finance Unit. He served as Deputy Dean for Academic Affairs (2006-2010), Chairman of the... View Details

      Keywords: asset management; banking; education industry; financial services; investment banking industry; pharmaceuticals; private equity (LBO funds)
      • 20 Feb 2008
      • First Look

      First Look: February 20, 2008

      household income gains for new adopters. However, one year after the study ended, the exporter refused to continue buying the cash crops from the farmers because the conditions of the farms did not satisfy European export requirements.... View Details
      Keywords: Martha Lagace

        Robert C. Merton

        Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management.

        Merton is University Professor Emeritus at Harvard University and was the George Fisher Baker Professor of... View Details

        Keywords: banking; brokerage; financial services; insurance industry; investment banking industry; retail financial services
        • Web

        Accounting & Management - Faculty & Research

        generating negative net income and hence Leykum was worried if public markets would be able to understand Ranger’s business strategy and value the business fairly. How can investors value a growth business like Ranger fairly? What are the... View Details
        • 09 Nov 2010
        • First Look

        First Look: November 9, 2010

        data, they have distanced themselves from the accounting process itself. Accounting scholarship has failed to address important measurement and valuation issues that have arisen in the past 40 years of practice. This gap is illustrated... View Details
        Keywords: Sean Silverthorne
        • 01 Sep 2023
        • News

        Case Study: The Home Team

        exploiting a Nester report’s connection to a mortgage’s residual income analysis? Residual income is the amount of disposable household View Details
        Keywords: Jen McFarland Flint; Real Estate
        • Web

        About - Business & Environment

        Product, iShares and Index Investments and drove the product strategy, development, and commercialization globally for the world's largest ETF provider. In this role, Carolyn was instrumental in driving the firm’s successful growth in fixed View Details
        • Web

        Financial Accounting Online Course | HBS Online

        discover what's behind the numbers in financial statements, such as balance sheets and income statements. 8 weeks 6-8 hours per week 7 modules Self-Paced with regular deadlines This course earns you a Certificate of Completion from HBS... View Details
        • Fast Answer

        Company databases: which database to choose?

        Comprehensive platform used to analyze financial data from equity and fixed income markets, and public and private companies.  Real time data. Excel plug-in.   CB Insights HBS intranet Coverage of early stage... View Details
        • November 2011
        • Case

        Pacific Grove Spice Company

        By: William E. Fruhan and Craig Stephenson
        Pacific Grove Spice Company is a profitable, rapidly growing manufacturer, marketer, and distributor of quality spices and seasonings. The company's business model requires significant investment in accounts receivable, inventory, and fixed assets to support sales.... View Details
        Keywords: Capital Expenditures; Investments; Acquisitions; Securities Analysis; Debt Securities; Opportunities; Cost of Capital; Valuation; Investment; Capital Budgeting; Business Model; Cash Flow; Financing and Loans; Acquisition; Retail Industry; Food and Beverage Industry
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        • 09 Aug 2016
        • First Look

        August 9, 2016

        local labor market design based on heterogeneity in local benefit generosity (defined as the percentage of household income recovered by the unemployment benefit), we estimate that a one standard deviation increase in generosity... View Details
        Keywords: Sean Silverthorne