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  • October 2009 (Revised April 2010)
  • Supplement

Societe Generale (B): The Jerome Kerviel Affair

By: Francois Brochet
This case illustrates the tension/balance that firms with complex and risky business models must consider in designing their internal controls. It describes the environment in which a derivatives trader engaged in massive directional positions on major European stocks... View Details
Keywords: Risk Management; Governance Controls; Crisis Management; Financial Services Industry
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    Robert C. Merton

    Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management.

    Merton is University Professor Emeritus at Harvard University and was the George Fisher Baker Professor of... View Details

    Keywords: banking; brokerage; financial services; insurance industry; investment banking industry; retail financial services
    • October 2018
    • Article

    Strategy and the Strategist: How it Matters Who Develops the Strategy

    By: Eric J. Van den Steen
    This paper addresses primarily two questions. First, when (and why) should a company’s strategy be developed by its CEO versus by some outside analyst or other insider? Second, how does strategy interact with vision (in the sense of a strong belief about the right... View Details
    Keywords: Strategy And Leadership; Strategy And Execution; Strategy; Leadership
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    • Article

    Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements

    By: Malcolm Baker, Lubomir Litov, Jessica Wachter and Jeffrey Wurgler
    We consider measures of stock-picking skill of mutual fund managers based on the earnings announcement returns of the stocks that they hold and trade. Relative to standard approaches, this approach focuses on an especially informative subset of the returns data,... View Details
    Keywords: Competency and Skills; Stocks; Investment Return; Investment Funds; Earnings Management
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    • October 2006 (Revised October 2007)
    • Case

    Google Advertising

    By: Youngme E. Moon and David Chen
    In mid-2006, Google is the number one search engine in America with 99% of its revenues deriving from its simple, text-only advertising services. It is on track to bring in roughly $9.5 billion in advertising revenue in 2006, which would place it fourth among American... View Details
    Keywords: Digital Marketing; Disruptive Innovation; Media; Expansion; Internet and the Web; Advertising Industry; United States
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    • Article

    Trust and Incentives in Agency

    By: Ramon Casadesus-Masanell and Daniel F Spulber
    Contracts between a principal and an agent are not formed in a vacuum. Although formal contracts between a principal and an agent contain explicit incentives for performance, the relationship between a principal and an agent also involves implicit incentives. Three... View Details
    Keywords: Trust; Motivation and Incentives; Agency Theory; Contracts; Market Transactions; Performance; Relationships; Societal Protocols; Legal Liability; Cost
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    • 2005
    • Working Paper

    Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements

    By: Malcolm Baker, Lubomir Litov, Jessica Wachter and Jeffrey Wurgler
    We consider measures of stock-picking skill of mutual fund managers based on the earnings announcement returns of the stocks that they hold and trade. Relative to standard approaches, this approach focuses on an especially informative subset of the returns data,... View Details
    Keywords: Stocks; Asset Management; Business Earnings; Forecasting and Prediction; Competency and Skills
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    • Research Summary

    Optimal Contracting with Reciprocal Agents

    (with Florian Englmaier) (Job Market Paper)

     Abstract: Empirically, compensation systems often seem to generate substantial effort despite weak incentives. We consider reciprocal motivations as a source of incentives. We solve for the optimal... View Details

    • Spring 2021
    • Article

    Corporate Resilience and Response During COVID-19

    By: Alex Cheema-Fox, Bridget LaPerla, George Serafeim and Hui (Stacie) Wang
    The coronavirus pandemic caused a sharp market decline while raising heterogeneous responses across companies related to their employees, supply chain, and repurposing of operations to provide needed products and services. We study whether during the 2020 COVID-19... View Details
    Keywords: ESG; COVID-19; Coronavirus; Crisis Response Plans; Crisis; ESG (Environmental, Social, Governance) Performance; ESG Ratings; Leadership & Corporate Accountability; Big Data; Machine Learning; Investor Behavior; Institutional Investors; Corporate Performance; Health Pandemics; Crisis Management; Corporate Social Responsibility and Impact; Human Capital; Supply Chain; Operations; Leadership; Corporate Accountability; Institutional Investing; Performance
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    • March 2014
    • Article

    Search Diversion and Platform Competition

    By: Andrei Hagiu and Bruno Jullien
    Platforms use search diversion in order to trade off total consumer traffic for higher revenues derived by exposing consumers to unsolicited products (e.g., advertising). We show that competition between platforms leads to lower equilibrium levels of search diversion... View Details
    Keywords: Market Intermediation; Search; Two-Sided Markets; Platform Design; Platform Competition; Competition; Two-Sided Platforms
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    • February 1997 (Revised March 1998)
    • Case

    Smith Breeden Associates: The Equity Plus Fund (A)

    By: Robert C. Merton and Alberto Moel
    In early 1997, Smith Breeden Associates, a money management and consulting firm, was pondering the future of the Equity Plus Fund. The Equity Plus Fund was an S&P enhanced-index fund that tried to outperform the S&P Index by replicating the index using low-cost... View Details
    Keywords: Assets; Cash; Financial Markets; Financial Strategy; Mortgages; Investment Funds; Investment Portfolio; Marketing; Performance; Consulting Industry
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    • 2016
    • Working Paper

    Henry Kissinger: Negotiating Black Majority Rule in Southern Africa

    By: James K. Sebenius, R. Nicholas Burns, Robert H. Mnookin and L. Alexander Green
    In 1976, United States Secretary of State Henry A. Kissinger conducted a series of intricate, multiparty negotiations in Southern Africa to persuade white Rhodesian leader Ian Smith to accede to black majority rule. Conducted near the end of President Gerald Ford’s... View Details
    Keywords: Equality and Inequality; Negotiation Process; Race; Negotiation Participants; Negotiation Deal; Government and Politics; Africa; United States
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    • 29 Jan 2019
    • HBS Seminar

    Bryan Bollinger, Fuqua School of Business at Duke University

    • Web

    Publications - Faculty & Research

    exploit improvements in air, relative to sea, transportation to derive a time-varying instrument... View Details Keywords: Democratization ; Institutional Development ; Economic Integration ; International Trade ; Democracy ; Political... View Details
    • Research Summary

    Discontinuous Trading: A Poisson Model of Liquidity Pools (May 2005)

    Abstract: Liquidity can be defined as the ability to trade instantaneously at fundamental value. When opportunities to trade at fundamental value are the exception, not the rule, investors may in practice trade only during these short-lived liquidity pools. To capture... View Details
    • January 2025
    • Article

    Communication Within Firms: Evidence from CEO Turnovers

    By: Stephen Michael Impink, Andrea Prat and Raffaella Sadun
    This paper uses novel, firm-level communication measures derived from communications metadata several months before and after a CEO transition for 102 firms to study whether and how this organizational event is reflected in employees’ communication flows. We find that... View Details
    Keywords: Information; Communication; Management Succession; Organizational Change and Adaptation; Alignment
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    • June 2016
    • Article

    Corporate Governance and Executive Compensation for Corporate Social Responsibility

    By: Bryan Hong, Zhichuan (Frank) Li and Dylan B. Minor
    We link the corporate governance literature in financial economics to the agency cost perspective of corporate social responsibility (CSR) to derive theoretical predictions about the relationship between corporate governance and the existence of executive compensation... View Details
    Keywords: Corporate Social Responsibility; Incentives For CSR; Non-financial Performance Measures; Agency Costs; Board Independence; Institutional Holdings; Managerial Power; Motivation and Incentives; Corporate Social Responsibility and Impact; Executive Compensation; Corporate Governance
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    • February 2011
    • Article

    Dividend Taxes and International Portfolio Choice

    By: Mihir Desai and Dhammika Dharmapala
    This paper investigates how dividend taxes influence portfolio choices, using the response to the distinctive treatment of a subset of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003. An open-economy after-tax capital asset... View Details
    Keywords: Dividends; Portfolio Choice; Taxes; Tax Treaties; Foreign Portfolio Investment; Taxation; Lawfulness; Economy; Price; Equity; Stocks; Investment Portfolio; Opportunities; Behavior; United States
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    • March 1995 (Revised May 1997)
    • Case

    Stonyfield Farm: September 1994

    Samuel Kaymen and Gary Hirshberg founded Stonyfield Farm in 1983, in part to demonstrate that "environmentally and socially responsible businesses can also be profitable." In 1994, the company has grown to over $21 million in revenues, derived mainly from refrigerated... View Details
    Keywords: Growth Management; Animal-Based Agribusiness; Food; Business Growth and Maturation; Business Startups; Growth and Development Strategy; Agriculture and Agribusiness Industry; Food and Beverage Industry; New Hampshire; California; Russia
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    • 2015
    • Working Paper

    A Theory of Intergenerational Mobility

    By: Gary Becker, Scott Duke Kominers, Kevin Murphy and Jorg L. Spenkuch
    We develop a model of intergenerational resource transmission that emphasizes the link between cross-sectional inequality and intergenerational mobility. By drawing on first principles of human capital theory, we derive several novel results. In particular, we show... View Details
    Keywords: Intergenerational Mobility; Inequality; Complementarities; Human Capital; Equality and Inequality; Income; Family and Family Relationships
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