Publications

16 Nov 2020
Research & Ideas

Transitions of Power Are Difficult. What Joe Biden and Other Incoming Leaders Need to Know.

it imposes limitations and stifles innovation, as I argue in my new book Think Outside the Building. In companies, turf wars between departments and divisions hinder organizational performance. Silo-busting often consists of moving people... View Details

Keywords: by Sean Silverthorne

02 Apr 2024
Blog Post

IFC India: A Circular Journey Through JSW Cement - From Steel Slag to Stronger Shores

traditional counterparts (typically a ~20% premium). However, with advancements in production technologies, the cost gap is steadily narrowing. Additionally, their availability might be limited in certain regions, but as demand grows,... View Details

27 Feb 2024
Research & Ideas

Why Companies Should Share Their DEI Data (Even When It’s Unflattering)

Companies struggling with diversity, equity, and inclusion might be tempted to hide their workforce data. Why shine a light on a company’s limited progress—or worse, risk a public-relations headache? It... View Details

Keywords: by Shalene Gupta

Erik Stafford

Erik Stafford joined the faculty at HBS in July 1999, where he has taught finance in the required and elective curricula of the MBA Program and in the CFA Investment Management Workshop.

Erik's research efforts focus on investment management, capital... View Details

Keywords: financial services

14 Dec 1999
Research & Ideas

From Spare Change to Real Change: The Social Sector as a Beta Site for Business Innovation

community center. Such projects are good for team building and may augment limited community budgets, even build new relationships, but they don't change the education system or strengthen economic prospects for community residents. In... View Details

Keywords: by Rosabeth Moss Kanter

08 Nov 2022
Research & Ideas

How Centuries of Restrictions on Women Shed Light on Today's Abortion Debate

Efforts to restrict women’s sexual behavior date back centuries in virtually every region of the world. Now, the end of Roe v. Wade in the United States has returned such limitations on women View Details

Keywords: by Kara Baskin

September 1986 (Revised July 2001)
Case

Eastern Electric Apparatus Repair Company (A)

By: Carliss Y. Baldwin and Harry Gruner

As principals engaged in structuring leveraged buyouts for a well-capitalized risk arbitrage firm, Bob Meehan and George Schwartz are preparing to bid for the business and assets of a Westinghouse subsidiary. The case focuses on the value of the opportunity, methods of... View Details

Keywords: Leveraged Buyouts; Bids and Bidding; Opportunities; Business Subsidiaries; Strategy; Valuation; Equity; Electronics Industry

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01 Feb 2022
News

Innovation Isn’t Just for Startups: How Big Companies Can Succeed

August 2021
Article

Rate-Amplifying Demand and the Excess Sensitivity of Long-Term Rates

By: Samuel G. Hanson, David O. Lucca and Jonathan H. Wright

Long-term nominal interest rates are surprisingly sensitive to high-frequency (daily or monthly) movements in short-term rates. Since 2000, this high-frequency sensitivity has grown even stronger in U.S. data. By contrast, the association between low-frequency changes... View Details

Keywords: Conundrum; Investor Demand; Monetary Policy Transmission; Interest Rates

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Read Now

June 1992 (Revised June 1995)
Case

RJR Nabisco Holdings Capital Corp.--1991

By: Peter Tufano

An investment manager notices a large apparent discrepancy in the prices of two nearly-identical bonds issued in conjunction with a major leveraged buyout. The manager must figure out whether the instruments are mispriced relative to one another, and if so, how to... View Details

Keywords: Asset Management; Financial Instruments

30 Aug 2023
News

Harvard Business School Announces 2023 Goldsmith Fellows

01 Feb 2013
Working Paper Summaries

Dollar Funding and the Lending Behavior of Global Banks

Keywords: by Victoria Ivashina, David S. Scharfstein & Jeremy C. Stein; Financial Services

07 Apr 2022
News

HBS Announces New Robert K. Kraft Family Fellowship Fund

October 2003 (Revised October 2004)
Case

AT&T Canada (A)

By: Andre F. Perold and Kwame C. Van Leeuwen

AT&T Canada (ATTC) is a merger arbitrage situation where AT&T Corp. has a contractual commitment to purchase the shares of ATTC at an escalating formula price. However, ATTC's business is performing poorly, and its bonds are trading at significant discounts to par.... View Details

Keywords: Agreements and Arrangements; Valuation; Mergers and Acquisitions; Investment; Telecommunications Industry; Canada

01 Sep 2023
Blog Post

Harvard Business School Announces 2023 Goldsmith Fellows

Harvard Business School (HBS) has announced the 2023 recipients of its Horace W. Goldsmith Fellowships. Established in 1988 by the Horace W. Goldsmith Foundation and Richard L. Menschel (MBA 1959), a former director of the foundation and a View Details

01 Jan 2003
News

June 2008 (Revised February 2013)
Case

Vignettes on Governance of Private Equity Firms

By: G. Felda Hardymon, Ann Leamon and Eugenia Adofo

In a series of vignettes, Nigella Hardy-Smyth of an international development agency that invests in emerging markets private equity firms must decide how to handle various situations that arise. As a member of the Limited Partner Advisory Board of each of the five... View Details

Keywords: Private Equity; Investment Funds; Corporate Governance; Governing and Advisory Boards; Managerial Roles; Emerging Markets; Partners and Partnerships

May 2012
Article

Global, Local, and Contagious Investor Sentiment

By: Malcolm Baker, Jeffrey Wurgler and Yu Yuan

We construct investor sentiment indices for six major stock markets and decompose them into one global and six local indices. In a validation test, we find that relative sentiment is correlated with the relative prices of dual-listed companies. Global sentiment is a... View Details

Keywords: Business and Shareholder Relations; Globalization; Stocks; Markets; Capital; Financial Services Industry