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Show Results For
- All HBS Web
(6,320)
- People (24)
- News (1,154)
- Research (3,657)
- Events (19)
- Multimedia (13)
- Faculty Publications (2,383)
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- Article
Capital Market-Driven Corporate Finance
By: Malcolm Baker
Much of empirical corporate finance focuses on sources of the demand for various forms of capital, not the supply. Recently, this has changed. Supply effects of equity and credit markets can arise from a combination of three ingredients: investor tastes, limited... View Details
Keywords: Behavioral Finance; Limits To Arbitrage; Market Efficiency; Securities Issuance; Supply Effects; Corporate Finance; Investment; Price; Capital Markets; Equity; Financial Services Industry
Baker, Malcolm. "Capital Market-Driven Corporate Finance." Annual Review of Financial Economics 1 (2009): 181–205.
- October 2019 (Revised January 2020)
- Case
NewView Capital and Venture Capital Secondaries
By: Shai Bernstein, Ramana Nanda and Allison Ciechanover
While still a general partner at Silicon Valley–based New Enterprise Associates (NEA), Ravi Viswanathan considered the challenges presented by evolving market dynamics in the venture capital space. Startups were staying private longer, which led to limited partners... View Details
Bernstein, Shai, Ramana Nanda, and Allison Ciechanover. "NewView Capital and Venture Capital Secondaries." Harvard Business School Case 820-038, October 2019. (Revised January 2020.)
- December 2020
- Article
Stock Market Returns and Consumption
By: Marco Di Maggio, Amir Kermani and Kaveh Majlesi
This paper employs Swedish data containing security level information on households' stock holdings to investigate how consumption responds to changes in stock market returns. We exploit households’ portfolio weights in previous years as an instrument for actual... View Details
Keywords: Capital Gain; Dividend Income; Consumption; Near-rational Behavior; Investment Return; Household; Spending; Behavior
Di Maggio, Marco, Amir Kermani, and Kaveh Majlesi. "Stock Market Returns and Consumption." Journal of Finance 75, no. 6 (December 2020): 3175–3219. (DFA Distinguished Paper Prize.)
- August 2000 (Revised December 2003)
- Case
Dell's Working Capital
By: Richard S. Ruback and Aldo Sesia
Dell Computer Corp. manufactures, sells, and services personal computers. The company markets its computers directly to its customers and builds computers after receiving a customer order. This build-to-order model enables Dell to have much smaller investment in... View Details
Ruback, Richard S., and Aldo Sesia. "Dell's Working Capital." Harvard Business School Case 201-029, August 2000. (Revised December 2003.)
- December 2007
- Article
Contingent Political Capital and International Alliances: Evidence from South Korea
By: Jordan I. Siegel
Though prior research has suggested that a company's ties to political networks have only a positive value or no value, this study examines whether political network ties can also be a significant liability for companies. Analyzing South Korea as a representative... View Details
Keywords: Political Networks; Sociopolitical Networks; Government and Politics; Capital; Alliances; South Korea
Siegel, Jordan I. "Contingent Political Capital and International Alliances: Evidence from South Korea." Administrative Science Quarterly 52, no. 4 (December 2007): 621 – 666. (Though prior research has suggested that a company's ties to political networks have only a positive value or no value, this study examines whether political network ties can also be a significant liability for companies. Analyzing South Korea as a representative emerging economy, I find that being tied through elite sociopolitical networks to the regime in power significantly increased the rate at which South Korean companies formed cross-border strategic alliances, but also that being tied through elite sociopolitical networks to the political enemies of the regime in power significantly decreased that rate. Results show that an unexpected change in political regime could quickly change a political liability into an asset and that network ties continued to be important determinants of cross-border alliance activity as South Korea proceeded with liberalization. The present study sheds further light on the so-called dark side of embeddedness by focusing on who is negatively targeted by having the "wrong friends" at the wrong time. Just as positive ties can lead to favor exchange and other benefits for companies, negative ties can lead companies to be the victims of discrimination, resource exclusion, and even occasional expropriation and sabotage between rival sociopolitical networks.)
- January 1996 (Revised December 1999)
- Case
1994-95 Mexican Peso Crisis, The
By: Kenneth A. Froot and Matthew McBrady
Explores the peso crisis of 1994-95 and why it occurred. Students must examine Mexico's policies, the capital market's reactions, and the implications of devaluation for future capital flows and growth. View Details
Keywords: Exchange Rates; International Capital Markets; Devaluation; Currency Exchange Rate; Financial Markets; International Finance; Capital; Mexico
Froot, Kenneth A., and Matthew McBrady. "1994-95 Mexican Peso Crisis, The." Harvard Business School Case 296-056, January 1996. (Revised December 1999.)
- Research Summary
Capital Flows and Capital Goods (joint with Eliza Hammel)
By: Laura Alfaro
We examine one of the channels through which financial integration can help promote growth. In particular, we study the effects of capital account liberalization on the imports of capital goods. We pay particular attention to the effects of equity market... View Details
- 29 May 2009
- Research Event
Business Summit: Introduction to the Future of Market Capitalism
research project exploring the views of global business leaders and HBS faculty on what might threaten the world's economic progress. The spread of market capitalism around the world over the past 100 years... View Details
Keywords: Re: Joseph L. Bower
- September 1996
- Article
Capital Market Imperfections and Countercyclical Markups: Theory and Evidence
By: Judith A. Chevalier and David S. Scharfstein
Chevalier, Judith A., and David S. Scharfstein. "Capital Market Imperfections and Countercyclical Markups: Theory and Evidence." American Economic Review 86, no. 4 (September 1996): 703–725.
- 1998
- Other Unpublished Work
Value Reporting in Australia: Improving Competitiveness in Capital Markets
By: Robert G. Eccles Jr., Greg Morris and Ian Falconer
- 1972
- Chapter
The Foundation and Current State of Capital Market Theory
By: Michael C. Jensen
Jensen, Michael C. "The Foundation and Current State of Capital Market Theory." In Studies in the Theory of Capital Markets, edited by M. C. Jensen. New York: Praeger, 1972.
- August 2019
- Case
Humanistic Capitalism at Brunello Cucinelli
By: Francesca Gino and Gary Pisano
This case explores one company’s attempt to experiment with a different underlying model for a capitalist enterprise. Brunello Cucinelli, S.p.A. is a leading manufacturer of luxury fashion apparel. Despite being a publicly traded enterprise with annual revenues... View Details
Keywords: Corporate Culture; Human Resource Practices; Growth; Growth Strategy; Motivation; Values; Fashion; Capitalism; Organizational Culture; Values and Beliefs; Human Resources; Management; Business Model; Policy; Behavior; Growth and Development Strategy; Luxury; Italy
Gino, Francesca, and Gary Pisano. "Humanistic Capitalism at Brunello Cucinelli." Harvard Business School Case 920-007, August 2019.
- March 1995
- Article
Tests of Conditional Mean-Variance Efficiency of the U.S. Stock Market
By: C. Engel, J. Frankel, Kenneth A. Froot and T. Rodrigues
Keywords: Risk Aversion; Risk; International Investing; CAPM; Capital Asset Pricing; International Finance; Risk and Uncertainty; Asset Pricing; Financial Markets; Foreign Direct Investment; Behavioral Finance; United States
Engel, C., J. Frankel, Kenneth A. Froot, and T. Rodrigues. "Tests of Conditional Mean-Variance Efficiency of the U.S. Stock Market." Journal of Empirical Finance 2 (March 1995). (Revised from NBER Working Paper Nos. 2890, March 1989 and 4292, March 1993, "Conditional Mean-Variance Efficiency of the U.S. Stock Market," March 1993.)
- 2022
- Working Paper
Capitalism and Global Governance in Business History: A Roundtable Discussion
By: Sabine Pitteloud, Grace Ballor, Patricia Clavin, Nicolás M. Perrone, Neil Rollings and Quinn Slobodian
This working paper brings together a diverse group of scholars to discuss the historiography of capitalism, business history and global governance and lay the foundations for further research in this area. Grace Ballor and Sabine Pitteloud open the discussion with a... View Details
Keywords: Capitalism; Business History; Multinational Corporation; Business And Government Relations; Business And Society; Business And The Environment; International Relations; Regulation; Business Interest Association; Lobbying; Private Governance; State-business Relations; Political Risk; Neo-Liberalism; Governance; Globalized Firms and Management; Government and Politics
Pitteloud, Sabine, Grace Ballor, Patricia Clavin, Nicolás M. Perrone, Neil Rollings, and Quinn Slobodian. "Capitalism and Global Governance in Business History: A Roundtable Discussion." Harvard Business School Working Paper, No. 22-081, June 2022.
- September 1992
- Case
International Airlines
A frequent flyer for a large international airline encounters typical but recurring service problems. The marketing management of the company explores the use of information technology in understanding and dealing with the issues involved. Concepts of database... View Details
Keywords: Marketing Communications; Information Technology; Customer Focus and Relationships; Air Transportation Industry
Jones, Thomas O. "International Airlines." Harvard Business School Case 693-045, September 1992.
- December 2015
- Teaching Note
Nextel Peru: Emerging Market Cost of Capital (Brief Case)
By: Luis M. Viceira and Joel L. Heilprin
- 28 May 2019
- Research & Ideas
Investor Lawsuits Against Auditors Are Falling, and That's Bad News for Capital Markets
We asked Srinivasan, the Philip J. Stomberg Professor of Business Administration, to explain. Martha Lagace: What is the context for the research you are doing? Suraj Srinivasan: Auditors play a key role in capital View Details
- January 2015
- Article
X-CAPM: An Extrapolative Capital Asset Pricing Model
By: Nicholas Barberis, Robin Greenwood, Lawrence Jin and Andrei Shleifer
Survey evidence suggests that many investors form beliefs about future stock market returns by extrapolating past returns. Such beliefs are hard to reconcile with existing models of the aggregate stock market. We study a consumption-based asset pricing model in which... View Details
Barberis, Nicholas, Robin Greenwood, Lawrence Jin, and Andrei Shleifer. "X-CAPM: An Extrapolative Capital Asset Pricing Model." Journal of Financial Economics 115, no. 1 (January 2015): 1–24.
- June 2024 (Revised September 2024)
- Case
Sequoia Capital
By: Jo Tango, Christina Wallace, Srimayi Mylavarapu and Johnson Elugbadebo
Sequoia Capital, a venture capital firm founded in 1972, quickly grew to become one of the most storied venture capital firms in the world. Fueled by a strong culture, Sequoia's investment track record included the names of some of the largest global successes.... View Details
Keywords: Venture Capital; Organizational Culture; Organizational Change and Adaptation; Restructuring; Corporate Strategy; Financial Services Industry
Tango, Jo, Christina Wallace, Srimayi Mylavarapu, and Johnson Elugbadebo. "Sequoia Capital." Harvard Business School Case 824-212, June 2024. (Revised September 2024.)