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  • May 2011
  • Article

Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting

By: George Serafeim
I analyze Embedded Value (EV) reporting by firms with life insurance operations to assess the impact of unregulated financial reporting on transparency and to examine the institutional characteristics that promote unregulated reporting. Under EV accounting the present... View Details
Keywords: Financial Statements; Mergers and Acquisitions; Financial Reporting; Cash Flow; Contracts; Equity; Profit; Value; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Business and Shareholder Relations; Business Earnings
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  • 2010
  • Chapter

The Euro as a Reserve Currency for Global Investors

By: Luis M. Viceira and Ricardo Gimeno
This article explores the demand for the euro for risk management purposes and the evidence of stock market integration in the euro area. We define a reserve currency as one that investors demand either because it helps them hedge real interest risk and inflation risk,... View Details
Keywords: Volatility; Inflation and Deflation; Capital Markets; Currency; Stocks; Financial Markets; Financing and Loans; Investment Return; Investment Portfolio; Risk Management
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  • October 2024
  • Teaching Note

El Salvador: Launching Bitcoin as Legal Tender

By: Laura Alfaro
Teaching Note for HBS Case No. 322-055. In June 2021, Nayib Bukele, El Salvador’s president, surprised the world with the announcement that the country would adopt bitcoin as legal tender, becoming the first nation to do so. Bitcoin was mostly used for trading and had... View Details
Keywords: Bitcoin; Cryptocurrency; Currency; Financial Strategy; Economic Growth; Governance; Macroeconomics; Assets; Government Administration; Latin America; El Salvador
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  • February 2011 (Revised May 2011)
  • Case

Utilis: Designing, Producing, and Selling Rapid Deployment Shelters for a Troubled World

By: Herman B. Leonard, Daniela Beyersdorfer and Simon Harrow
How can a company that supplies disaster response and humanitarian agencies best handle the intrinsically unpredictable and highly volatile demand for its products? Utilis is a French supplier of rapid-deploy high-end tent solutions for civilian and military uses (such... View Details
Keywords: Business Model; Growth and Development Strategy; Demand and Consumers; Strategic Planning; Natural Disasters; Competitive Strategy; Consumer Products Industry; Industrial Products Industry; France
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  • June 2009 (Revised December 2011)
  • Case

Colbún—Powering Chile

By: Forest L. Reinhardt, Gustavo A. Herrero and Sanjay Patnaik
This case is about Colbún, Chile's second largest electricity generator, which is facing significant uncertainty regarding the cost and availability of alternative energy sources. Problems with the contracted supply of natural gas and the volatility of oil prices,... View Details
Keywords: Non-Renewable Energy; Globalized Markets and Industries; Governing Rules, Regulations, and Reforms; Government Legislation; Organizational Change and Adaptation; Business and Government Relations; Climate Change; Business Strategy; Energy Industry; Chile
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  • July 2020
  • Case

Mortgage Backed Securities and the Covid-19 Pandemic

By: Emil N. Siriwardane, Luis M. Viceira and Dean Xu
In April 2020, global financial markets were still reeling as the COVID-19 pandemic spread rapidly across the world. Global equity markets had initially fallen by 30% in response to the pandemic, and high-yield credit markets had dropped by nearly 20%. In contrast,... View Details
Keywords: COVID-19; Mortgage-backed Securities; Health Pandemics; Financial Markets; Assets; Resource Allocation; Financial Instruments; Decision Making
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  • May 2013
  • Article

The Stock Selection and Performance of Buy-Side Analysts

By: Boris Groysberg, Paul Healy, George Serafeim and Devin Shanthikumar
Prior research on equity analysts focuses almost exclusively on those employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research and their analysts face different stock selection and recommendation incentives... View Details
Keywords: Buy-side Analysts; Sell-side Analysts; Stock Recommendations; Recommendation Optimism; Recommendation Performance; Investment Recommendations; Conflicts Of Interest; Financial Markets; Financial Institutions; Financial Services Industry; United States
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    Reaching for Yield in the Bond Market

    Reaching-for-yield — the propensity to buy riskier assets in order to achieve higher yields — is believed to be an important factor contributing to the credit cycle. This paper analyses this phenomenon in the corporate bond market. Specifically, we show evidence for... View Details

    • 10 Feb 2009
    • First Look

    First Look: February 10, 2009

    http://harvardbusinessonline.hbsp.harvard.edu/ b01/en/common/item_detail.jhtml?id=509004 The Great Moderation Harvard Business School Note 709-023 The Great Moderation is a significant decline in the volatility of fluctuations in most... View Details
    Keywords: Martha Lagace
    • 29 Sep 2010
    • Working Paper Summaries

    Medium Term Business Cycles in Developing Countries

    Keywords: by Diego Comin, Norman Loayza, Farooq Pasha & Luis Serven
    • 21 Aug 2023
    • Book

    You’re More Than Your Job: 3 Tips for a Healthier Work-Life Balance

    investing in themselves first. “What’s incredibly freeing about this state of constant disruption is that we’re given the space to grow, to reinvent ourselves to meet life as it shows up rather than having to forecast at 18, or 22, or even 30, who you’re going to be at... View Details
    Keywords: by Kara Baskin
    • August 2024 (Revised November 2024)
    • Case

    Mercado Bitcoin: M&A, IPO, or Series B?

    By: Raymond Kluender, Emanuele Colonnelli, Sabrina T. Howell and Karina Souza
    In April 2021, Brazilian cryptocurrency platform Mercado Bitcoin had to decide how to scale: go public, M&A with a bank, or take a VC big check. In a highly volatile market, Roberto Dagnoni, chairman of the board, viewed the unprecedent crypto momentum as a window of... View Details
    Keywords: Cryptocurrency; Mergers and Acquisitions; Business Growth and Maturation; Business Startups; Decision Making; Going Public; Ownership Stake; Strategic Planning; Venture Capital; Problems and Challenges; Business Cycles; Digital Platforms; Emerging Markets; Market Timing; Expansion; Diversification; Valuation; Value Creation; Investment Funds; Initial Public Offering; Price; Price Bubble; Negotiation Offer; Financial Liquidity; Information Technology Industry; Financial Services Industry; Latin America; South America; Brazil; Sao Paulo; United States
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    • 19 Feb 2013
    • First Look

    First Look: Feb. 19

    the mechanism for providing worker insurance developed stronger venture capital markets over 1990-2008, especially in high volatility sectors. In this context, policy mechanisms are more important than the overall level of worker... View Details
    Keywords: Sean Silverthorne

      Ray A. Goldberg

      A native of North Dakota, Dr. Goldberg received his A.B. from Harvard University in 1948, his MBA from the Harvard Graduate School of Business Administration in 1950 and his Ph.D. in Agricultural Economics from the University of Minnesota in 1952.

      ... View Details

      Keywords: agribusiness; agriculture; fast food; food; food processing; forest products; grocery; high technology; information; restaurant; retailing; soft drink; textiles; tobacco; transportation; wholesale; wine
      • 07 Nov 2012
      • Working Paper Summaries

      Causes and Consequences of Linguistic Complexity in Non-US Firm Conference Calls

      Keywords: by Francois Brochet, Patricia Naranjo & Gwen Yu; Accounting
      • 2022
      • Book

      Healthy Buildings: How Indoor Spaces Can Make You Sick—or Keep You Well

      By: Joseph G. Allen and John D. Macomber
      For too long we’ve designed buildings that haven’t focused on the people inside—their health, their ability to work effectively, and what that means for the bottom line. An authoritative introduction to a movement whose vital importance is now all too clear, Healthy... View Details
      Keywords: COVID-19; Buildings and Facilities; Health; Health Pandemics; Safety
      Related
      • Program

      Managing Turbulence

      executives who are tasked with setting the direction of their organization in a volatile business environment. With an equal focus on strategy and leadership, the curriculum reflects our conviction that smart strategic decision-making... View Details
      • April 2005 (Revised September 2005)
      • Case

      Pegasus Capital: The Musimundo Decision

      By: Michael Chu and Barbara Zepp Larson
      The five managing directors of Pegasus Capital were meeting in June 2003 to make a go/no-go decision regarding the investment of Musimundo, one of the largest entertainment retailers in Argentina. Just four days before the planned closing of the sale, Pegasus' 50%... View Details
      Keywords: Acquisition; Debates; Decision Choices and Conditions; Economic Slowdown and Stagnation; Financial Crisis; Music Entertainment; Investment; Business or Company Management; Risk and Uncertainty; Opportunities; Entertainment and Recreation Industry; Argentina
      Related
      • Article

      Medium-term Business Cycles

      By: Diego Comin and Mark Gertler
      Over the postwar period, many industrialized countries have experienced significant medium-frequency oscillations between periods of robust growth versus relative stagnation. Conventional business cycle filters, however, tend to sweep these oscillations into the trend.... View Details
      Keywords: Business Cycles; Fluctuation; Information Technology; Research and Development; Resource Allocation; Framework; Trends; Performance Efficiency; Performance Productivity
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      • Teaching Interest

      Executive Education: Finance for Senior Executives

      By: Malcolm P. Baker

      Finance for Senior Executives provides the frameworks to strategically use financial resources and position your company for future success. By examining corporate finance from both internal and external perspectives, this HBS Executive Education View Details