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  • August 2003
  • Article

When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms

By: Malcolm Baker, Jeremy Stein and Jeffrey Wurgler
We use a simple model of corporate investment to determine when investment will be sensitive to non-fundamental movements in stock prices. The key cross-sectional prediction of the model is that stock prices will have a stronger impact on the investment of firms that... View Details
Keywords: Stocks; Price; Investment; Equity; Forecasting and Prediction; Rank and Position; Markets
Related
  • 24 Jul 2014
  • Op-Ed

Reform Tax Law to Keep US Firms at Home

along partisan lines, from overhauling the US corporate tax to punishing companies who choose to move elsewhere. On July 22, 2014, Mihir A. Desai, Miuzho Financial Group Professor of Finance at Harvard Business School, testified before... View Details
Keywords: by Mihir Desai; Pharmaceutical
  • February 2013
  • Article

Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge

By: Bo Becker, Guhan Subramanian and Daniel B. Bergstresser
We use the Business Roundtable's challenge to the SEC's 2010 proxy access rule as a natural experiment to measure the value of shareholder proxy access. We find that firms that would have been most vulnerable to proxy access, as measured by institutional ownership and... View Details
Keywords: Financial Markets; Business and Shareholder Relations
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  • 24 Sep 2020
  • Research & Ideas

Financial Meltdowns Are More Predictable Than We Thought

Are financial crises predictable? Former United States Federal Reserve Chair Ben S. Bernanke has had his doubts. Economics can show policymakers “precisely why the choices they made in the past were wrong,” he told Princeton University... View Details
Keywords: by Danielle Kost; Financial Services
  • 26 Nov 2019
  • News

Predicting Financial Market Bubbles and Crises in Real-time

Source: Greenwood Source: Greenwood Professor Robin Greenwood notes that faculty members across Harvard have long been exploring the behavioral perspective on financial market bubbles and financial crises.... View Details
Keywords: Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments
  • 30 Jun 2016
  • Working Paper Summaries

The Dyadic Ties of Managers and Financial Analysts and Their Externality on a Firm's Information Environment

Keywords: by Zengquan Li, T.J. Wong, and Gwen Yu; Financial Services
  • 27 Feb 2013
  • Working Paper Summaries

In Strange Company: The Puzzle of Private Investment in State-Controlled Firms

Keywords: by Mariana Pargendler, Aldo Musacchio & Sergio G. Lazzarini; Financial Services; Financial Services

    The Contract Year Phenomenon in the Corner Office: An Analysis of Firm Behavior During CEO Contract Renewals

    This paper investigates how executive employment contracts influence corporate financial policies during the final year of the contract term, using a new, hand-collected data set of CEO employment agreements. On the one hand, the impending... View Details
    • 2013
    • Article

    Non-Audit Services and Financial Reporting Quality: Evidence from 1978–1980

    By: Kevin Koh, Shiva Rajgopal and Suraj Srinivasan
    We provide evidence for the long-standing concern on auditor conflicts of interest from providing non-audit services (NAS) to audit clients by using rarely explored NAS fee data from 1978 to 1980. Using this earlier setting, we find cross-sectional evidence of improved... View Details
    Keywords: Conflict of Interests; Financial Reporting; Accounting Audits; Knowledge Dissemination; Quality; Corporate Disclosure; Motivation and Incentives
    Related
    • 2011
    • Working Paper

    Non-Audit Services and Financial Reporting Quality: Evidence from 1978-1980

    By: Kevin Koh, Shiva Rajgopal and Suraj Srinivasan
    We provide evidence for the long-standing concern on auditor conflicts of interest from providing non-audit services (NAS) to audit clients by using rarely explored NAS fee data from 1978 to 1980. Using this earlier setting, we find cross-sectional evidence of improved... View Details
    Keywords: Accounting Audits; Financial Reporting; Stocks; Price; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Service Delivery; Quality; Research
    Related
    • 2009
    • Working Paper

    Management and the Financial Crisis (We have met the enemy and he is us...)

    By: William A. Sahlman
    The financial crisis of 2008-9 has revealed that our broad model of corporate governance is broken, independent of the shortcomings in the regulatory system. Managers and boards of directors in scores of systemically important firms failed to protect employees,... View Details
    Keywords: Risk Management; Governing and Advisory Boards; Ethics; Corporate Governance; Financial Crisis
    Related
    • 08 Jul 2010
    • Working Paper Summaries

    Surviving the Global Financial Crisis: Foreign Direct Investment and Establishment Performance

    Keywords: by Laura Alfaro & Maggie Chen
    • 07 Jun 2020
    • Working Paper Summaries

    Financial Distancing: How Venture Capital Follows the Economy Down and Curtails Innovation

    Keywords: by Sabrina T. Howell, Josh Lerner, Ramana Nanda, and Richard Townsend; Financial Services
    • 07 Feb 2013
    • Working Paper Summaries

    Which Does More to Determine the Quality of Corporate Governance in Emerging Economies, Firms or Countries?

    Keywords: by Andrea Hugill & Jordan Siegel
    • 2001
    • Working Paper

    When Does the Market Matter? Stock Prices and the Investment of Equity Dependent Firms

    By: Malcolm Baker, Jeremy Stein and Jeffrey Wurgler
    We use a simple model of corporate investment to determine when investment will be sensitive to non-fundamental movements in stock prices. The key cross-sectional prediction of the model is that stock prices will have a stronger impact on the investment of firms that... View Details
    Keywords: Investment; Equity; Stocks; Price; Mathematical Methods; Forecasting and Prediction
    Related
    • 2010
    • Working Paper

    Surviving the Global Financial Crisis: Foreign Direct Investment and Establishment Performance

    By: Laura Alfaro and Maggie Chen
    We examine in this paper the differential response of establishments to the global financial crisis, with particular emphasis on the role of foreign direct investment (FDI) in determining micro economic performance. Using a new worldwide dataset that reports the... View Details
    Keywords: Financial Crisis; International Finance; Foreign Direct Investment; Local Range; Multinational Firms and Management; Production; Performance Evaluation; Networks
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    • March 2013
    • Case

    NovaStar Financial: A Short Seller's Battle

    By: Suraj Srinivasan and Amy Kaser
    The NovaStar case describes the challenges faced by short seller Marc Cohodes of hedge fund Rocker Partners as he tried to expose what he thought was widespread fraud in mortgage lender NovaStar Financial. The case is set in the time period from 2001 to 2007 and tracks... View Details
    Keywords: Short Selling; Financial Accounting; Financial Analysis; Financial Analysts; Valuation; Business Analysis; Financial Statement Analysis; Financial Statements; Securitization; Securities Analysis; Fraud; Accounting Quality; Accounting Red Flags; Accounting Restatements; Hedge Fund; Hedge Funds; Accounting Scandal; Accounting Fraud; Financial Crisis; Financial Intermediaries; Financial Firms; Corporate Accountability; Subprime Lending; Mortgage Lending; Accounting; Accrual Accounting; Fair Value Accounting; Governance; Governance Compliance; Corporate Governance; Governance Controls; Financial Services Industry; United States; California
    Related
    • Forthcoming
    • Article

    Variable Leases Under ASC 842: Evidence on Properties and Consequences

    By: Jonas Heese, Albert Shin and Charles C.Y. Wang
    The new lease standard (ASC 842) allows firms to keep variable leases off-balance-sheet, in part based on the assumption that future expenses are difficult to estimate reliably. We show that variable-lease expenses are both prevalent and substantial, exhibiting... View Details
    Keywords: Financial Accounting; Financial Analysis; Accounting; Leasing; Financial Strategy
    Related
    • 2010
    • Article

    The Effect of Financial Development on the Investment Cash Flow Relationship: Cross-Country Evidence from Europe

    We investigate financing constraints in a large cross-country data set covering most of the European economy. Firm-level investment sensitivity to cash flow is used to identify financing constraints. We find that the sensitivities are significantly positive, on... View Details
    Keywords: Growth and Development; Development Economics; Investment; Cash Flow; Cross-Cultural and Cross-Border Issues; Relationships; Economy; Financial Markets; Business Subsidiaries; Capital Markets; Assets; Financing and Loans; Europe
    Related
    • 05 Apr 2016
    • News

    Benetton Heir Alessandro Goes It Alone With Private Equity Firm

    Keywords: Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments