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  • Article

Integrated Reporting and Investor Clientele

By: George Serafeim
In this paper, I examine the relation between Integrated Reporting (IR) and the composition of a firm's investor base. I hypothesize and find that firms that practice IR have a more long-term oriented investor base with more dedicated and fewer transient investors.... View Details
Keywords: Integrated Reporting; Sustainability Reporting; Long-term Investing; Short-termism; Accounting; Integrated Corporate Reporting; Environmental Sustainability; Investment; Corporate Governance
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  • 24 Feb 2014
  • Working Paper Summaries

Integrated Reporting and Investor Clientele

Keywords: by George Serafeim; Accounting
  • Winter 2021
  • Article

Can Staggered Boards Improve Value? Causal Evidence from Massachusetts

By: Robert Daines, Shelley Xin Li and Charles C.Y. Wang
We study the effect of staggered boards (SBs) using a quasi-experiment: a 1990 law that imposed an SB on all Massachusetts-incorporated firms. The law led to an increase in Tobin's Q, investment in CAPEX and R&D, patents, higher-quality patented innovations, and... View Details
Keywords: Staggered Board; Entrenchment; Life-cycle; Tobin's Q; Innovation; Profitability; Investor Composition; Governing and Advisory Boards; Investment; Innovation and Invention; Institutional Investing; Value
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  • 06 Dec 2021
  • Research & Ideas

The Popular Stock Metric That Can Lead Investors Astray

What if a bedrock method that investors have relied on for decades to find cheap-but-promising stocks to buy low and sell high no longer works well? The book-to-market ratio has been used since at least the Great Depression to identify... View Details
Keywords: by Rachel Layne
  • 2015
  • Chapter

Thirty Years of Evolution in the Roles of Institutional Investors in Corporate Governance

By: John C. Coates
This chapter presents evidence that shifts in the composition and roles of institutions have been at least as important, if not more so, than aggregate increases in institutional ownership. Over the past 30 years, institutions have come to play more varied roles in... View Details
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  • June 2009
  • Journal Article

Taxes, Institutions and Foreign Diversification Opportunities

By: Mihir Desai and Dhammika Dharmapala
Investors can access foreign diversification opportunities through either foreign portfolio investment (FPI) or foreign direct investment (FDI). The worldwide tax regime employed by the U.S. potentially distorts this choice by penalizing FDI, relative to FPI, in... View Details
Keywords: International Finance; Foreign Direct Investment; Investment Portfolio; Multinational Firms and Management; Taxation; Diversification; United States
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  • January 2020 (Revised December 2024)
  • Case

Governing PG&E

By: Lynn S. Paine and Will Hurwitz
The five commissioners of the California Public Utilities Commission (CPUC) listened intently at a public forum in April 2019 as PG&E Corporation’s out-going chairman Richard Kelly described the company’s proposed new board. PG&E, which provided electricity and natural... View Details
Keywords: Bankruptcy; Board Of Directors; Board Dynamics; Business Ethics; Business Model Innovation; Corporate Boards; Energy Efficiency; Environmental And Social Sustainability; Government And Business; Hedge Funds; Institutional Investors; Legal Aspects Of Business; Regulated Monopolies; Regulation; Shareholders; Stakeholder Management; Strategy And Execution; Utilities; Insolvency and Bankruptcy; Governing and Advisory Boards; Ethics; Capital Structure; Climate Change; Corporate Accountability; Corporate Governance; Environmental Sustainability; Executive Compensation; Leadership; Management; Safety; Business and Government Relations; Energy Industry; Utilities Industry; California; United States
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    When the Tailwind Stops: The Private Equity Industry in the New Interest Rate Environment

    The consistent growth of long-term alternative asset managers in the past four decades coincided with the secular decline in interest rates. This has been an important tailwind for the private equity industry’s development as debt markets became increasingly... View Details

    • 27 Oct 2009
    • Working Paper Summaries

    Stock Price Fragility

    Keywords: by Robin Greenwood & David Thesmar
    • Research Summary

    Board Independence and the Design of Executive Compensation

    In this project, I analyze the compensation decisions of boards of directors. Compensation decisions not only serve to motivate executives, but also affect a board's reputation for independence. Although greater managerial influence over the board has the obvious... View Details
    • 2016
    • Working Paper

    Credit-Market Sentiment and the Business Cycle

    By: David Lopez-Salido, Jeremy C. Stein and Egon Zakrajsek
    Using U.S. data from 1929 to 2013, we show that elevated credit-market sentiment in year t – 2 is associated with a decline in economic activity in years t and t + 1. Underlying this result is the existence of predictable mean reversion in credit-market conditions.... View Details
    Keywords: Investment; Credit; Macroeconomics
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    • 05 Aug 2011
    • Working Paper Summaries

    An Exploration of Optimal Stabilization Policy

    Keywords: by N. Gregory Mankiw & Matthew C. Weinzierl
    • 27 Feb 2018
    • First Look

    First Look at New Research and Ideas, February 27, 2018

    occupational segregation on which most prior research has focused. We examine more than 40 years of longitudinal data on the racial employment composition of every large private-sector workplace in the United States to calculate... View Details
    Keywords: Sean Silverthorne
    • 14 May 2013
    • First Look

    First Look: May 14

    venture capital firm. Furthermore, each of the investors in Greylock's first fund participated in all succeeding partnerships. Elfers was among the first to pioneer the limited partnership structure of the modern venture capital firm with... View Details
    Keywords: Sean Silverthorne
    • Web

    Behavioral Finance & Financial Stability

    Greenwood & Samuel G. Hanson Robin Greenwood and Samuel G. Hanson describe a methodology to measure sentiment in the market for US Corporate Credit More Info Equity Market Sentiment By: Malcolm P. Baker & Jeffrey Wurgler Malcolm P. Baker and Jeffrey Wurgler development... View Details
    • 10 Apr 2007
    • First Look

    First Look: April 10, 2007

    School Case 207-084 Following a successful model in Europe, JP Morgan has introduced a set of five U.S. retail mutual funds with an investment philosophy and marketing strategy grounded in behavioral finance. The asset management group believes that understanding View Details
    Keywords: Martha Lagace
    • 01 Dec 2023
    • News

    The Imposter Among Us

    Edited by Jen McFarland Flint; Illustrations by Peter Arkle It was their rst day at Harvard and like the rest of his cohort, Edgar Wallner (PMD 22, 1971) will never forget meeting Robert Gaines-Cooper. Frankly, it would have been difficult to miss the Englishman, who... View Details
    Keywords: Business Schools & Computer & Management Training; Educational Services
    • Web

    Business & Environment - Faculty & Research

    Integrated Reporting and Investor Clientele By: George Serafeim In this paper, I examine the relation between Integrated Reporting (IR) and the composition of a firm's investor... View Details
    • Web

    HBS - The year in Review

    Velasquez, Mireille Verdonk; and MBA Class of 2022’s Siham Adous, Aaron Hancock, Brian Hollins, Diego Salas, Devon Sanford, Lucas Santos, Xonana Scrubb, and Tracey Thompson. RISE Fellows Profiles Faculty & Staff Demographics HBS has been publicly tracking and reporting... View Details
    • 17 Jan 2018
    • Research & Ideas

    If the CEO’s High Salary Isn't Justified to Employees, Firm Performance May Suffer

    perceived by workers. Rouen set out to explore the factors at play. He obtained data from the US Bureau of Labor Statistics for 931 firms in the S&P 1500 between 2006 and 2013, including total employee compensation and the composition... View Details
    Keywords: by Dina Gerdeman