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      • Faculty Publications  (226)

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      • December 2011
      • Article

      Stock Price Fragility

      By: Robin Greenwood and David Thesmar
      We investigate the relationship between ownership structure of financial assets and non-fundamental risk. We define an asset to be fragile if it is susceptible to non-fundamental trading shocks. An asset can be fragile because of concentrated ownership or because its... View Details
      Keywords: Stocks; Price; Ownership; Risk and Uncertainty; Assets; System Shocks; Financial Liquidity; Forecasting and Prediction; Investment Return; Volatility; Relationships; United States
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      Greenwood, Robin, and David Thesmar. "Stock Price Fragility." Journal of Financial Economics 102, no. 3 (December 2011): 471–490.
      • 2011
      • Working Paper

      Non-Audit Services and Financial Reporting Quality: Evidence from 1978-1980

      By: Kevin Koh, Shiva Rajgopal and Suraj Srinivasan
      We provide evidence for the long-standing concern on auditor conflicts of interest from providing non-audit services (NAS) to audit clients by using rarely explored NAS fee data from 1978 to 1980. Using this earlier setting, we find cross-sectional evidence of improved... View Details
      Keywords: Accounting Audits; Financial Reporting; Stocks; Price; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Service Delivery; Quality; Research
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      Koh, Kevin, Shiva Rajgopal, and Suraj Srinivasan. "Non-Audit Services and Financial Reporting Quality: Evidence from 1978-1980." Harvard Business School Working Paper, No. 12-002, July 2011.
      • July 2011
      • Article

      The Private Equity Advantage: Leveraged Buyout Firms and Relationship Banking

      By: Victoria Ivashina and Anna Kovner
      This paper examines the impact of leveraged buyout firms' bank relationships on the terms of their syndicated loans. Using a sample of 1,590 loans financing private equity sponsored leveraged buyouts between 1993 and 2005, we find that bank relationships are an... View Details
      Keywords: Leveraged Buyouts; Private Equity; Banks and Banking; Financing and Loans; Interest Rates; Investment Return; Relationships; Banking Industry; Financial Services Industry
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      Ivashina, Victoria, and Anna Kovner. "The Private Equity Advantage: Leveraged Buyout Firms and Relationship Banking." Review of Financial Studies 24, no. 7 (July 2011): 2462–2498.
      • March 2011 (Revised April 2011)
      • Case

      Gold in 2011: Bubble or Safe Haven Asset?

      By: Robin Greenwood and Benjamin Steiner
      Case explores the pricing of gold in 2011. Is the pricing justified or are we in a speculative bubble? What data are useful in determining a view on this question? View Details
      Keywords: Inflation and Deflation; Money; Asset Management; Investment; Price Bubble; Policy; Risk Management
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      Greenwood, Robin, and Benjamin Steiner. "Gold in 2011: Bubble or Safe Haven Asset?" Harvard Business School Case 211-095, March 2011. (Revised April 2011.)
      • March 2011
      • Article

      Accounting Scholarship That Advances Professional Knowledge and Practice

      By: Robert S. Kaplan
      Recent accounting scholarship has used statistical analysis on asset prices, financial reports and disclosures, laboratory experiments, and surveys of practice. The research has studied the interface among accounting information, capital markets, standard setters, and... View Details
      Keywords: Corporate Disclosure; Asset Pricing; Risk Management; Surveys; Capital Markets; Measurement and Metrics; Valuation; Fair Value Accounting; Management Analysis, Tools, and Techniques; Financial Reporting
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      Kaplan, Robert S. "Accounting Scholarship That Advances Professional Knowledge and Practice." Accounting Review 86, no. 2 (March 2011): 367–383.
      • March 2011
      • Article

      Institutional Demand Pressure and the Cost of Corporate Loans

      By: Victoria Ivashina and Zheng Sun
      Between 2001 and 2007, annual institutional funding in highly leveraged loans went up from $32 billion to $426 billion, accounting for nearly 70% of the jump in total syndicated loan issuance over the same period. Did the inflow of institutional funding in the... View Details
      Keywords: Leveraged Buyouts; Financial Crisis; Credit; Debt Securities; Financing and Loans; Interest Rates; Investment
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      Ivashina, Victoria, and Zheng Sun. "Institutional Demand Pressure and the Cost of Corporate Loans." Journal of Financial Economics 99, no. 3 (March 2011): 500–522.
      • February 2011
      • Article

      Dividend Taxes and International Portfolio Choice

      By: Mihir Desai and Dhammika Dharmapala
      This paper investigates how dividend taxes influence portfolio choices, using the response to the distinctive treatment of a subset of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003. An open-economy after-tax capital asset... View Details
      Keywords: Dividends; Portfolio Choice; Taxes; Tax Treaties; Foreign Portfolio Investment; Taxation; Lawfulness; Economy; Price; Equity; Stocks; Investment Portfolio; Opportunities; Behavior; United States
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      Desai, Mihir, and Dhammika Dharmapala. "Dividend Taxes and International Portfolio Choice." Review of Economics and Statistics 93, no. 1 (February 2011): 266–284.
      • Article

      Optimal Value and Growth Tilts in Long-Horizon Portfolios

      By: Jakub W. Jurek and Luis M. Viceira
      We develop an analytical solution to the dynamic portfolio choice problem of an investor with power utility defined over wealth at a finite horizon, who faces a time-varying investment opportunity set, parameterized using a flexible vector autoregression. We apply this... View Details
      Keywords: Decision Choices and Conditions; Private Equity; Investment; Investment Portfolio; Asset Pricing; Value
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      Jurek, Jakub W., and Luis M. Viceira. "Optimal Value and Growth Tilts in Long-Horizon Portfolios." Review of Finance 15, no. 1 (January 2011): 29–74.
      • September 2010 (Revised March 2012)
      • Case

      AQR's Momentum Funds (A)

      By: Daniel Baird Bergstresser, Lauren H. Cohen, Randolph B. Cohen and Christopher J. Malloy
      AQR is a hedge fund based in Greenwich, Connecticut, that is considering offering a wholly new line of product to retail investors, namely the ability to invest in the price phenomenon known as momentum. There is a large body of empirical evidence supporting momentum... View Details
      Keywords: Financial Strategy; Investment Funds; Investment Portfolio; Governing Rules, Regulations, and Reforms; Product Development; Financial Services Industry; Greenwich
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      Bergstresser, Daniel Baird, Lauren H. Cohen, Randolph B. Cohen, and Christopher J. Malloy. "AQR's Momentum Funds (A)." Harvard Business School Case 211-025, September 2010. (Revised March 2012.)
      • August 2010
      • Teaching Note

      Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V.: Valuing Ships (TN)

      By: Benjamin C. Esty and Albert W. Sheen
      Teaching Note for 210058. View Details
      Keywords: Valuation; Economic Slowdown and Stagnation; Financial Crisis; Price; Financing and Loans; Contracts; Asset Pricing; Cash Flow; Management Analysis, Tools, and Techniques; Shipping Industry; Germany
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      Esty, Benjamin C., and Albert W. Sheen. "Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V.: Valuing Ships (TN)." Harvard Business School Teaching Note 211-009, August 2010.
      • July 2010 (Revised August 2021)
      • Supplement

      Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships (CW)

      By: Benjamin C. Esty and Albert W. Sheen
      After booming for more than five years, the global shipping (maritime) industry experienced a dramatic crash in late 2008 as the global financial system froze and the global economy slid into recession. Ship charter rates (revenue) fell by as much as 90% causing prices... View Details
      Keywords: Fair Value Accounting; Economic Slowdown and Stagnation; Capital Markets; Cash Flow; Financial Liquidity; Banks and Banking; Price; Price Bubble; Contracts; Crisis Management; Market Transactions; Valuation; Shipping Industry
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      Esty, Benjamin C., and Albert W. Sheen. "Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships (CW)." Harvard Business School Spreadsheet Supplement 211-701, July 2010. (Revised August 2021.)
      • June 2010 (Revised August 2021)
      • Case

      Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships

      By: Benjamin C. Esty and Albert Sheen
      After booming for more than five years, the global shipping (maritime) industry experienced a dramatic crash in late 2008 as the global financial system froze and the global economy slid into recession. Ship charter rates (revenue) fell by as much as 90% causing prices... View Details
      Keywords: Fair Value Accounting; Financial Crisis; Capital Markets; Financial Liquidity; International Finance; Globalized Markets and Industries; Valuation; Banking Industry; Shipping Industry; Germany
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      Esty, Benjamin C., and Albert Sheen. "Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships." Harvard Business School Case 210-058, June 2010. (Revised August 2021.)
      • April 2010 (Revised September 2011)
      • Case

      Supply Chain Partners: Virginia Mason and Owens & Minor (A) (Abridged)

      By: V.G. Narayanan and Lisa Brem
      Owens & Minor (O&M) performed lean inventory services for Virginia Mason (VM) as its Alpha Vendor, but the outdated industry pricing model created perverse incentives and could not capture O&M's costs. Together, O&M and VM created an activity-based pricing model: Total... View Details
      Keywords: Supply Chain Management; Partners and Partnerships; Activity Based Costing and Management; Business Model; Non-Governmental Organizations; Nonprofit Organizations; Motivation and Incentives; Asset Pricing; Cost Accounting; Fair Value Accounting; Medical Devices and Supplies Industry
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      Narayanan, V.G., and Lisa Brem. "Supply Chain Partners: Virginia Mason and Owens & Minor (A) (Abridged)." Harvard Business School Case 110-063, April 2010. (Revised September 2011.)
      • January 2010 (Revised October 2011)
      • Case

      The Congressional Oversight Panel's Valuation of the TARP Warrants (A)

      By: Carliss Y. Baldwin
      The Congressional Oversight Panel wants to value the warrants issued to the government in connection with the TARP investments of 2008, in order to increase the transparency of options repurchases. The case describes the methodology used to value the warrants. Students... View Details
      Keywords: Financial Crisis; Asset Pricing; Financial Instruments; Investment; Business and Government Relations; Mathematical Methods; Valuation; Banking Industry; Public Administration Industry; United States
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      Baldwin, Carliss Y. "The Congressional Oversight Panel's Valuation of the TARP Warrants (A)." Harvard Business School Case 210-035, January 2010. (Revised October 2011.)
      • December 2009
      • Article

      Catering Through Nominal Share Prices

      By: Malcolm Baker, Robin Greenwood and Jeffrey Wurgler
      We propose and test a catering theory of nominal stock prices. The theory predicts that when investors place higher valuation on low-price firms, managers will maintain share prices at lower levels, and vice-versa. Using measures of time-varying catering incentives... View Details
      Keywords: Stocks; Stock Shares; Investment; Investment Return; Price; Theory; Valuation
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      Baker, Malcolm, Robin Greenwood, and Jeffrey Wurgler. "Catering Through Nominal Share Prices." Journal of Finance 64, no. 6 (December 2009): 2559–2590. (Internet Appendix.)
      • December 2009
      • Article

      Negotiation? Auction? A Deal Maker's Guide

      By: Guhan Subramanian
      What's the best way to buy or sell an asset? Should you hold an auction and accept the most attractive offer? Or should you identify the most likely prospects and negotiate with them privately? Auctions became increasingly popular after the internet opened wide the... View Details
      Keywords: Assets; Auctions; Market Transactions; Negotiation; Strategy; Decision Choices and Conditions
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      Subramanian, Guhan. "Negotiation? Auction? A Deal Maker's Guide." Harvard Business Review 87, no. 12 (December 2009).
      • 2009
      • Working Paper

      Stock Price Fragility

      By: Robin Greenwood and David Thesmar
      We investigate the relationship between ownership structure of financial assets and non-fundamental risk. An asset is fragile if its owners collectively have to buy or sell. Such assets are susceptible to non-fundamental price movements. An asset can be fragile because... View Details
      Keywords: Financial Liquidity; Stocks; Price; Market Transactions; Ownership; Risk and Uncertainty; United States
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      Greenwood, Robin, and David Thesmar. "Stock Price Fragility." Harvard Business School Working Paper, No. 10-031, October 2009.
      • September 2009 (Revised June 2011)
      • Supplement

      Citigroup's Exchange Offer (B)

      By: Robin Greenwood and James Quinn
      Citigroup faced considerable distress in early 2009. In late 2008, the bank had accepted $45 billion in preferred equity from the United States government via the Troubled Assets Relief Program (TARP). Yet, the stock had continued to slide in early 2009. In late... View Details
      Keywords: Financial Instruments; Financial Services Industry
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      Greenwood, Robin, and James Quinn. "Citigroup's Exchange Offer (B)." Harvard Business School Supplement 210-004, September 2009. (Revised June 2011.)
      • September 2009 (Revised June 2011)
      • Supplement

      Citigroup's Exchange Offer (C)

      By: Robin Greenwood and James Quinn
      Citigroup faced considerable distress in early 2009. In late 2008, the bank had accepted $45 billion in preferred equity from the United States government via the Troubled Assets Relief Program (TARP). Yet, the stock had continued to slide in early 2009. In late... View Details
      Keywords: Financial Instruments; Financial Services Industry
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      Greenwood, Robin, and James Quinn. "Citigroup's Exchange Offer (C)." Harvard Business School Supplement 210-015, September 2009. (Revised June 2011.)
      • August 2009
      • Article

      Inexperienced Investors and Bubbles

      By: Robin Greenwood and Stefan Nagel
      We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the... View Details
      Keywords: Asset Price Bubbles; Investment Experience; Investor Age; Trend Chasing; Investment; Experience and Expertise; Age; Behavioral Finance; Price Bubble; Information Technology; Stocks
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      Greenwood, Robin, and Stefan Nagel. "Inexperienced Investors and Bubbles." Journal of Financial Economics 93, no. 2 (August 2009): 239–258. (formerly NBER Working Paper No. 14111, June 2008.)
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