Publications

August 2016
Article

The Activities of Buy-Side Analysts and the Determinants of Their Stock Recommendations

By: Lawrence D. Brown, Andrew C. Call, Michael B. Clement and Nathan Y. Sharp

We survey 344 buy-side analysts from 181 investment firms and conduct 16 detailed follow-up interviews to gain insights into the activities of buy-side analysts, including the determinants of their compensation, the inputs to their stock recommendations, their beliefs... View Details

Keywords: Analysis; Human Capital; Compensation and Benefits; Stocks; Financial Services Industry

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June 2005 (Revised September 2008)
Class Lecture

Strategy: Building and Sustaining Competitive Advantage

By: Bharat N. Anand, Stephen P. Bradley, Pankaj Ghemawat, Tarun Khanna, Cynthia A. Montgomery, Michael E. Porter, Jan W. Rivkin, Michael G. Rukstad, John R. Wells and David B. Yoffie

It's great to have a blockbuster quarter or a revolutionary product or service, but true business excellence demands sustainability. Maintaining your competitive advantage requires a strategy that makes your business unique and carries you forward as the world around... View Details

Keywords: Competitive Advantage

August 2001 (Revised October 2001)
Case

Shinsei Bank (A)

By: Michael Y. Yoshino and Perry Fagan

In a deal marking the first acquisition of a domestic Japanese financial institution by foreigners, a consortium of Western investors purchased the assets of the Long Term Credit Bank (LTCB) of Japan in March 2000. The new management renames the bank Shinsei Bank,... View Details

Keywords: Acquisition; Assets; Banks and Banking; Investment; Business or Company Management; Managerial Roles; Organizational Structure; Failure; Adaptation; Banking Industry; Japan

Educators

October 2008
Article

Sociopolitical Dynamics in Relations Between Top Managers and Security Analysts: Favor Rendering, Reciprocity, and Analyst Stock Recommendations

By: James Westphal and Michael B. Clement

We examine how the disclosure of negative firm information may prompt top executives to render personal and professional favors for security analysts, who may reciprocate by rating firms relatively positively. We further examine how negative ratings may prompt... View Details

Keywords: Corporate Disclosure; Relationships; Power and Influence; Ethics

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November 2023
Article

Brokerage House Initial Public Offerings and Analyst Forecast Quality

By: Mark Bradshaw, Michael Drake, Joseph Pacelli and Brady Twedt

We examine how brokerage firm initial public offerings (IPOs) influence the research quality of sell-side analysts employed by the brokerage. Our main results focus on earnings forecast bias and absolute forecast errors as proxies for research quality. Using a... View Details

Keywords: IPOs; Research Analysts; ＂Brokerage Industry; Initial Public Offering; Employees; Behavior; Outcome or Result

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06 Oct 2015
First Look

October 6, 2015

and challenges created by digital technology and describe some of the most pressing policy issues. As digital technologies continue to gain in momentum and importance, it has become clear that digitization has features that do not fit... View Details

Keywords: Sean Silverthorne

15 Dec 2015
First Look

December 15, 2015

monetary rewards are at stake (Study 3). The tendency to infer dislike from dissimilarity is driven by a belief that others have a narrow and homogeneous range of preferences (Study 5). Publisher's link:... View Details

Keywords: Carmen Nobel

June 2009 (Revised July 2010)
Case

Microfin

By: Michael Chu and Enrique Kramer

The case presents the management dilemmas of a new institution in an undeveloped microfinance market in Latin America. Supported by a globally recognized industry player, it is the result of the efforts of two fledgling local entrepreneurs with a business model they... View Details

Keywords: Business Model; Developing Countries and Economies; Social Entrepreneurship; Microfinance; Governing Rules, Regulations, and Reforms; Industry Structures; Competitive Strategy; Financial Services Industry; Latin America

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03 Mar 2016
News

3-Minute Briefing: Pamela Meyer (MBA 1986)

(photo by Cade Martin) At my 20th HBS reunion I heard faculty member Michael Wheeler describe behavior people engage in when they’re being deceptive. The room was transfixed.... View Details

Keywords: Julia Hanna

November 2023
Article

Algorithmic Mechanism Design with Investment

By: Mohammad Akbarpour, Scott Duke Kominers, Kevin Michael Li, Shengwu Li and Paul Milgrom

We study the investment incentives created by truthful mechanisms that allocate resources using approximation algorithms. Some approximation algorithms guarantee nearly 100% of the optimal welfare, but have only a zero guarantee when one bidder can invest before... View Details

Keywords: Mechanism Design; Market Design; Auctions

01 Jun 2004
News

An Ethical Fitness Quiz for Negotiators

Shady dealings at the negotiating table may work in the short term, but in the end, you’ll undermine trust and tarnish your reputation, warns HBS professor Michael A. Wheeler in the March issue of... View Details

Keywords: Colleges, Universities, and Professional Schools; Educational Services

June, 2021
Article

Learning from Deregulation: The Asymmetric Impact of Lockdown and Reopening on Risky Behavior During COVID-19

By: Edward L. Glaeser, Ginger Zhe Jin, Benjamin T. Leyden and Michael Luca

During the COVID-19 pandemic, states issued and then rescinded stay-at-home orders that restricted mobility. We develop a model of learning by deregulation, which predicts that lifting stay-at-home orders can signal that going out has become safer. Using restaurant... View Details

Keywords: COVID-19; Lockdown; Reopening; Impact; Coronavirus; Public Health Measures; Mobility; Health Pandemics; Governing Rules, Regulations, and Reforms; Consumer Behavior

2016
Report

Problems Unsolved and a Nation Divided: The State of U.S. Competitiveness 2016

By: Michael E. Porter, Jan Rivkin, Mihir Desai and Manjari Raman

In this report, the authors synthesize their views on U.S. competitiveness and unveil the findings of the 2016 HBS surveys on U.S. competitiveness. Specifically, the report documents the faltering performance of the U.S. economy and the erosion of America’s business... View Details

Keywords: U.S. Competitiveness; Competitive Strategy; Macroeconomics; Government and Politics; United States

29 May 2012
First Look

First Look: May 29

will adopt the change. By contrast, strong ties to potentially influential organization members who disapprove of a change outright (resistors) are an effective means of affective cooptation only when a change diverges little from... View Details

Keywords: Sean Silverthorne

October 2022
Exercise

Shanty Real Estate: Confidential Information for Homebuyer 1

By: Michael Luca, Jesse M. Shapiro and Nathan Sun

Shanty is a simulation in which students inhabit the role of either a traditional home buyer or an iBuyer, both bidding on the same condo. The traditional home buyer has access to a “comp sheet” of similar properties that have recently sold, and has done a walkthrough.... View Details

Keywords: Data-driven Decision-making; Decisions; Negotiation; Bids and Bidding; Valuation; Consumer Behavior; Real Estate Industry

2023
Working Paper

Senior Team Emotional Dynamics and Strategic Decision Making at a Platform Transition

By: Timo O. Vuori and Michael L. Tushman

Based on an inductive case study, we develop an emotional-temporal process model of an incumbent’s strategic decision making at a platform transition. We describe the senior team’s emotional response to this transition and the impact of these emotions on their... View Details

Keywords: Emotions; Decision Choices and Conditions; Transition; Digital Platforms