Publications

17 Sep 2008
Working Paper Summaries

Secrets of the Academy: The Drivers of University Endowment Success

Keywords: by Josh Lerner, Antoinette Schoar & Jialan Wang; Education

April 2006
Module Note

Asset Allocation: A Half-Course Module Note

By: Luis M. Viceira

Provides an overview of the main ideas and structure of a 15-session module on long-term asset allocation designed for MBA graduate students and investment professionals. This module is taught as part of a full-length, 30-session elective class on investment management... View Details

Keywords: Asset Management; Investment; Decisions; Management; Management Analysis, Tools, and Techniques; Teaching; Theory

Article

The Use of Broker Votes to Reward Brokerage Firms' and Their Analysts' Research Activities

By: David A. Maber, Boris Groysberg and Paul M. Healy

In traditional markets, the price mechanism directs the flow of resources and governs the process through which supply and demand are brought into equilibrium. In the investment-research industry, broker votes perform these functions. Using detailed clinical data from... View Details

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April 2013 (Revised November 2013)
Case

Growing Financial Services in India: Aditya Birla Financial Services Group

By: Paul M. Healy and Rachna Tahilyani

Aditya Birla Financial Services Group is a large, broad-based, Indian financial services institution offering products ranging from life insurance and mutual funds to private equity. The company has witnessed a turnaround in recent years and regained lost market share.... View Details

Keywords: Regulatory Environment; Finance; Asset Management; Business Growth and Maturation; Transformation; Leadership Development; Leadership Style; Business Processes; Organizational Structure; Organizational Change and Adaptation; Competitive Strategy; Diversification; Segmentation; Financial Services Industry; Insurance Industry; India

2008
Working Paper

Do Legal Origins Have Persistent Effects Over Time? A Look at Law and Finance around the World c. 1900

By: Aldo Musacchio

How persistent are the effects of legal institutions adopted or inherited in the distant past? A substantial literature argues that legal origins have persistent effects that explain clear differences in investor protections and financial development around the world... View Details

Keywords: History; Law; Development Economics; Investment; Corporate Governance; Finance; Business and Government Relations

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July 1998 (Revised August 1998)
Case

Optimark: Launching a Virtual Securities Market

Bill Lupien's OptiMark Technologies, Inc., plans to launch a super-computer system in September, 1998 that he believes will release previously withheld liquidity to the securities market. While today's market matches those trades based on price and size, Lupien's... View Details

Keywords: Information Technology; Financial Markets; Product Launch; Financial Services Industry; United States

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24 May 2004
Research & Ideas

When Reputation Trumps Regulation

from the literature has clearly shown that many local exchanges in emerging markets are suffering for the lack of strong legal and regulatory institutions to protect minority investors. When investors lose... View Details

Keywords: by Ann Cullen

11 Oct 2017
Research & Ideas

The House Wants to Squelch Voices of ‘Small’ Shareholders. Research Shows Those Voices Matter.

Exxon’s institutional investors would be eligible to submit shareholder proposals under the current law, only 7 (at the time of this writing) would meet the 1 percent threshold. In high tech, the thresholds... View Details

Keywords: by Carmen Nobel

2007
Chapter

Legal Origin vs. the Politics of Creditor Rights: Bond Markets in Brazil, 1850-2002

By: Aldo Musacchio

This paper explores the question: Do institutions persist over time and determine current economic outcomes? Specifically, does the adoption or inheritance of a legal tradition in the past determine the subsequent course of institutional and financial development? This... View Details

Keywords: History; Rights; Common Law; Code Law; Financial Markets; Credit; Economy; Government and Politics; Financial Services Industry

July 2003 (Revised January 2004)
Case

Swedish Lottery Bonds

Profiling nonsystematic risk for a bond investor, the case describes lottery bond issues by the Swedish National Debt Office (SNDO). Swedish lottery bonds are a specific type of financial fixed income instrument for Swedish retail investors. The distinctive feature of... View Details

Keywords: Bonds; Business and Government Relations; Public Administration Industry; Retail Industry; Sweden

2010
Working Paper

Law and Finance c. 1900

By: Aldo Musacchio

How persistent are the effects of legal institutions adopted or inherited in the distant past? A substantial literature argues that legal origins have persistent effects that explain clear differences in investor protections and financial development around the world... View Details

Keywords: Law; Finance; Corporate Governance; Practice; Growth and Development

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14 Oct 2019
News

A Guide to the Big Ideas and Debates in Corporate Governance

January 2017
Case

T. Rowe Price and the Dell Inc. MBO (A)

By: Lena G. Goldberg

T. Rowe Price’s mutual funds, separate accounts, institutional investors, and retirement accounts were, in the aggregate, Dell Inc.’s third largest shareholder in 2013 when Dell announced a management-led buyout, or MBO, structured as a merger. In considering whether... View Details

Keywords: Fiduciary Duties; Management Buy-out; Mergers and Acquisitions; Valuation; Business and Shareholder Relations; Financial Services Industry; Computer Industry; Delaware

July 2021
Article

Material Sustainability Information and Stock Price Informativeness

By: Jody Grewal, Clarissa Hauptmann and George Serafeim

As part of the SEC’s revision of Regulation S-K, many investors proposed the mandatory disclosure of sustainability information in the form of environmental, social, and governance (ESG) data. However, progress is contingent on collecting evidence regarding which... View Details

Keywords: Voluntary Disclosure; Accounting Standards; Sustainability; Nonfinancial Information; Corporate Social Responsibility; Stock Price Informativeness; Synchronicity; Environmental Sustainability; Corporate Disclosure; Corporate Accountability; Stocks; Price; Corporate Social Responsibility and Impact; Accounting; Standards

SSRN

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08 Sep 2003
Research & Ideas

A Bold Proposal for Investment Reform

out of the rut we're currently in, both the suppliers and those demanding information have to be willing to consider radical ideas in terms of reform. What radical measures should the investor community or those demanding information... View Details

Keywords: by Ann Cullen; Financial Services

January 2020
Article

How Do Venture Capitalists Make Decisions?

By: Paul A. Gompers, William Gornall, Steven N. Kaplan and Ilya A. Strebulaev

We survey 885 institutional venture capitalists (VCs) at 681 firms to learn how they make decisions across eight areas: deal sourcing, investment selection, valuation, deal structure, post-investment value-added, exits, internal firm organization, and relationships... View Details

Keywords: Venture Capital; Value Creation; Capital Structure; Entrepreneurship; Decision Making

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April 1994 (Revised August 1996)
Case

American Express (A)

By: Jay W. Lorsch

In January 1993, the American Express board met to decide who would succeed James D. Robinson, III as chairman and CEO. The board needed to act in the spotlight of intense media and investor scrutiny, and after leaks had revealed that there was a conflict among the... View Details

Keywords: Decision Making; Corporate Governance; Resignation and Termination; Leadership; Management Succession; Performance Evaluation