Publications

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Research Summary

Effective Capital Market Communications

Hutton's most recent research and cases examine how managers enhance the credibility and effectiveness of their financial reports and voluntary disclosures. Her most recent working paper, "Effective Voluntary Disclosure" (co-authored with Greg Miller, HBS, and Douglas... View Details

14 Apr 2008
Research & Ideas

The Surprising Right Fit for Software Testing

If there is one job that many software analysts and programmers cannot stand, it is testing software on the path to launch. The grinding concentration and repetitive nature of the tasks serve to drive many techies around the bend.... View Details

Keywords: by Martha Lagace; Video Game; Web Services; Computer

April 1994 (Revised November 1998)
Case

Kendall Square Research Corporation (A)

By: William J. Bruns Jr.

Kendall Square Research was a small competitor in the supercomputer industry. As sales grew rapidly in 1992 and early 1993, the company sold stock to the public for the first time and analysts forecast higher earnings for 1993. However, when the company's revenue... View Details

Keywords: Revenue Recognition; Standards; Accounting Audits; Computer Industry

March 2023 (Revised June 2025)
Case

Close Concerns: Diabetes Research and Advocacy

By: Regina E. Herzlinger and Brian L. Walker

Diagnosed with diabetes at the age of 18, Kelly Close understood the importance of balancing consistency and iteration. This principle had also informed her professional work, which started with a rapid promotion from financial analyst at Goldman Sachs to an analyst... View Details

Keywords: Diabetes; Health; Health Care; Health Care And Treatment; Health Care Outcomes; Health Care Industry; Knowledge Dissemination; Outcome or Result; Equality and Inequality; Business Model; Entrepreneurship

September 2004 (Revised October 2004)
Case

Pat Anderson

By: Leslie A. Perlow and Daisy Wademan

Patten Bank's pending sale jeopardizes Pat Anderson's prospect of receiving an expected year-end bonus. What to do now? This problem follows several earlier conflicts that Anderson has confronted during the past four-and-one-half years spent working as an analyst and... View Details

Keywords: Change Management; Organizational Culture; Organizational Change and Adaptation; Conflict Management; Power and Influence; Executive Compensation; Financial Services Industry; Financial Services Industry; United States

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November 2006
Case

Selling Biovail Short

By: Malcolm P. Baker, Chris Lombardi and Aldo Sesia

Hedge fund SAC Capital and analysts from Gradient Analytics and Banc of America face charges of stock price manipulation from Biovail, a Canadian pharmaceutical company. Gradient and BofA produced negative reports on Biovail's earnings quality. At the same time, SAC... View Details

Keywords: Stock Shares; Investment Banking; Asset Pricing; Financial Strategy; Crime and Corruption; Financial Services Industry; Financial Services Industry; Canada

13 Sep 2011
First Look

First Look: September 13

are overly sympathetic to management, while still technically independent according to regulatory definitions. We explore a subset of independent directors for whom we have detailed, micro-level data on their views regarding the firm prior to being appointed to the... View Details

Keywords: Sean Silverthorne

10 Sep 2010
Working Paper Summaries

The Impact of Corporate Social Responsibility on Investment Recommendations

Keywords: by Ioannis Ioannou & George Serafeim; Financial Services

April 2015 (Revised October 2017)
Teaching Note

Buffett's Bid for Media General's Newspapers

By: Benjamin C. Esty and Annelena Lobb

On May 12, 2012, BH Media Group, a subsidiary of Warren Buffett's Berkshire Hathaway, announced an offer to buy Media General's (MEG) newspaper division for $142 million in cash and provide debt financing to the struggling firm. Reactions from investors and industry... View Details

Keywords: Mergers ＆ Acquisitions; Bankruptcy; Mergers and Acquisitions; Valuation; Capital Structure; Insolvency and Bankruptcy; Financial Strategy; Risk Management; Executive Compensation; Cash Flow; Business Exit or Shutdown; Media; Advertising; Restructuring; Media and Broadcasting Industry; Publishing Industry; United States

June 2013 (Revised April 2015)
Case

Buffett's Bid for Media General's Newspapers

By: Benjamin C. Esty and Aldo Sesia

On May 12, 2012, BH Media Group, a subsidiary of Warren Buffett's Berkshire Hathaway, announced an offer to buy Media General's (MEG) newspaper division for $142 million in cash and provide debt financing to the struggling firm. Reactions from investors and industry... View Details

Keywords: Mergers ＆ Acquisitions; Bankruptcy; Mergers and Acquisitions; Valuation; Capital Structure; Insolvency and Bankruptcy; Financial Strategy; Risk Management; Executive Compensation; Cash Flow; Business Exit or Shutdown; Media; Advertising; Restructuring; Media and Broadcasting Industry; Publishing Industry; United States

January 2011
Case

The Risk-Reward Framework at Morgan Stanley Research

By: Suraj Srinivasan and David Lane

The case describes the Risk-Reward framework that Morgan Stanley analysts use as a systematic approach to communicate a broader range of fundamental insights about a company rather than the traditional single point estimates. The goal of the framework is to focus the... View Details

Keywords: Financial Statements; Forecasting and Prediction; Equity; Framework; Management Analysis, Tools, and Techniques; Risk Management; Business Processes; Research; Valuation

March 2009 (Revised May 2011)
Case

The Credit Suisse/Gerson Lehrman Group Alliance

By: Robert G. Eccles and Laura Winig

The equity research department of Credit Suisse and the expert network firm of Gerson Lehrman Group, historically competitors, have established a strategic alliance which both believe will give them a competitive advantage. Under the leadership of its head of equity... View Details

Keywords: Business Model; Financial Crisis; Investment Banking; Innovation and Invention; Alliances; Social and Collaborative Networks; Competitive Advantage; Banking Industry

November 2006 (Revised March 2008)
Case

Kendall Square Research Corporation

By: F. Warren McFarlan

Kendall Square Research was a small competitor in the supercomputer industry. Sales grew rapidly in 1992 and early 1993 and the company sold stock to the public for the first time. Analysts forecast higher earnings for 1993, then the company's revenue recognition... View Details

Keywords: Revenue Recognition; Standards; Accounting Audits; Computer Industry

2024
Working Paper

Finance Without Exotic Risk

By: Pedro Bordalo, Nicola Gennaioli, Rafael La Porta and Andrei Shleifer

We address the joint hypothesis problem in cross-sectional asset pricing by using measured analyst expectations of earnings growth. We construct a firm-level measure of Expectations Based Returns (EBRs) that uses analyst forecast errors and revisions and shuts down any... View Details

Keywords: Investment Return; Financial Markets; Behavioral Finance; Risk and Uncertainty

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07 Jul 2008
Research & Ideas

Innovation Corrupted: How Managers Can Avoid Another Enron

or fail to analyze the utter breakdown in board governance and Enron's internal controls, and the failure of credit rating agencies to blow the whistle," he says. "They also overlook the collusion of investment banks in misrepresenting the true View Details

Keywords: by Martha Lagace; Energy; Utilities

February 2006 (Revised August 2006)
Case

Investment Banking at Thomas Weisel Partners

By: Malcolm P. Baker and Lauren Barley

Thomas Weisel Partners (TWP), a San Francisco-based bank focusing on emerging growth companies, is considering its strategy in the context of regulatory, competitive, and legal changes. Blake Jorgensen, the chief operating officer and co-director of investment banking,... View Details

Keywords: Strategy; Business or Company Management; Conflict of Interests; Change Management; Investment Banking; Financing and Loans; Laws and Statutes; Financial Strategy; Corporate Finance; Banking Industry; San Francisco