Publications

December 2009
Article

Catering Through Nominal Share Prices

By: Malcolm Baker, Robin Greenwood and Jeffrey Wurgler

We propose and test a catering theory of nominal stock prices. The theory predicts that when investors place higher valuation on low-price firms, managers will maintain share prices at lower levels, and vice-versa. Using measures of time-varying catering incentives... View Details

Keywords: Stocks; Stock Shares; Investment; Investment Return; Price; Theory; Valuation

October 2007
Article

Supply and Demand Shifts in the Shorting Market

By: Lauren Cohen, Karl B. Diether and Christopher J. Malloy

Using proprietary data on stock loan fees and quantities from a large institutional investor, we examine the link between the shorting market and stock prices. Employing a unique identification strategy, we isolate shifts in the supply and demand for shorting. We find... View Details

Keywords: Analytics and Data Science; Stocks; Financing and Loans; Price; Strategy; Demand and Consumers; Forecasting and Prediction; Investment Return; Markets; Information

2007
Book

Perspectives on Risk and Regulation: The FDA at 100

By: Arthur A. Daemmrich and Joanna Radin

Perspectives on Risk and Regulation: The FDA at 100 brings together the viewpoints of Food and Drug Administration officials and industry leaders on the future of regulating food, drugs, medical devices, and dietary supplements. In a period of rapid scientific... View Details

Keywords: Private Sector; Governing Rules, Regulations, and Reforms; Policy; Health Care and Treatment; Business and Government Relations; Risk and Uncertainty; Cooperation

June 2003 (Revised November 2003)
Case

Siemens Medical Solutions: Strategic Turnaround

By: D. Quinn Mills and Julian Kurz

Describes how Siemens Medical Solutions (MED) accomplished a remarkable turnaround from a money-losing operation to one of Siemens' most profitable divisions. By late 1996, a challenging market environment in the health care industry as well as inefficiencies in the... View Details

Keywords: Opportunities; Globalized Firms and Management; Health Care and Treatment; Transformation; Problems and Challenges; Medical Devices and Supplies Industry

April 2002 (Revised April 2003)
Case

Malaysia: Capital and Control

By: Rawi E. Abdelal and Laura Alfaro

On September 1, 1998, the government of Malaysia imposed currency and capital controls in response to the financial crisis that had swept Asia. The controls sparked an enormous controversy in the world of international finance. Some celebrated the controls for... View Details

Keywords: Capital Controls; Business and Government Relations; International Finance; Policy; Crisis Management; Balance and Stability; Globalized Economies and Regions; Malaysia

August 1999 (Revised January 2002)
Case

Brita Products Company, The

By: John A. Deighton

Clorox's Brita skillfully exploits a tide of water safety concerns, growing a home water (filtration) business from inception to a 15% U.S. household penetration in ten years. The dilemma in the case arises as the period of increasing returns seems to be drawing to a... View Details

Keywords: Customer Value and Value Chain; Acquisition; Retention; Safety; Natural Environment; Emerging Markets; Investment Return; Equity; Demand and Consumers; United States

November 2003
Article

The Maturity of Debt Issues and Predictable Variation in Bond Returns

By: Malcolm Baker, Robin Greenwood and Jeffrey Wurgler

The maturity of new debt issues predicts excess bond returns. When the share of long-term debt issues in total debt issues is high, future excess bond returns are low. This predictive power comes in two parts. First, inflation, the real short-term rate, and the term... View Details

Keywords: Borrowing and Debt; Bonds; Investment Return; Financial Markets; Forecasting and Prediction

28 Jun 2010
News

HBS Cases: Cincinnati Children's Hospital Medical Center

16 Dec 2016
News

The Right Way to Rebuild America’s Infrastructure

Economist Impact: Expert Q&A

Hybrid work refers to a spectrum of flexible work arrangements in which an employee’s work location and/or hours are not strictly standardised.

View Details

2021
Working Paper

Saving for a Dry Day: Coal, Dams, and the Energy Transition

By: Michele Fioretti and Jorge Tamayo

Renewable generation creates a tradeoff between current and future energy production as generators produce energy by releasing previously stored resources. Studying the Colombian market, we find that diversified firms strategically substitute fossil fuels for... View Details

Keywords: Energy Generation; Renewable Energy; Production; Green Technology Industry; Energy Industry; Colombia

01 Nov 2021
What Do You Think?

How Long Does It Take to Improve an Organization’s Culture?

Research Network, http://ssrn.com/abstract=2805602, accessed November 5, 2016. Satya Nadella with Greg Shaw and Jill Tracie Nichols, Hit Refresh: The Quest to Rediscover Microsoft’s Soul and Imagine a Better Future for Everyone (Harper... View Details

Keywords: by James Heskett

22 May 2019
Research & Ideas

Forgiving Student Loan Debt Leads to Better Jobs, Stronger Consumers

says. Plus, worries about the future may hold people back from pursuing better work: Although delinquent borrowers are paying nothing on their loans in the moment, they may have concerns that sooner or later collectors will catch up to... View Details

Keywords: by Dina Gerdeman

October 2020 (Revised December 2020)
Case

AfricInvest: A Pan-African Investment Platform

By: Victoria Ivashina and Youssef Abdel Aal

The case is set in December 2018, when Ziad Oueslati, co-managing director and co-founder of AfricInvest, a leading pan-African private equity firm headquartered in Tunisia, was reflecting on the future direction of his firm. AfricInvest started as a traditional small... View Details

Keywords: Finance; Private Equity; Venture Capital; Strategy; Governance; Financial Services Industry; Tunisia; Africa; Middle East

January 2020
Case

SK Group: Social Progress Credits

By: George Serafeim, Ethan Rouen and David Freiberg

SK Group was one of the largest companies South Korea. A family-run conglomerate consisting of around 120 subsidiaries and employing more than 100,000, SK was tightly knit into the fabric of Korean society. SK viewed their future success as contingent upon the strength... View Details