Publications

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06 Jul 2018
News

The Real Problem With Stock Buybacks

Nitin Nohria

Nitin Nohria served as the tenth dean of Harvard Business School from 2010-2020. He previously served as co-chair of the Leadership Initiative, Senior Associate Dean of Faculty Development, and Head of the Organizational Behavior unit.

As Dean, building on... View Details

January 2022
Background Note

Residual Income Valuation Model

By: Charles C.Y. Wang and Albert Shin

This note explains the residual income valuation model (RIM), how it relates to "traditional" valuation models, the intuition behind its use, and empirical research related to its value relevance. RIM is theoretically equivalent to the dividend discount model and the... View Details

Keywords: Residual Income Valuation; Valuation; Research; Theory; Measurement and Metrics; Performance; Financial Management; Business Strategy

10 Sep 2020
Research & Ideas

The COVID Two-Step for Leaders: Protect and Pivot

exploitation and exploration to exist in harmony with one another. The figure below summarizes the different requirements of the two kinds of businesses found within an ambidextrous organization. [div class=infogram-embed... View Details

Keywords: by Boris Groysberg and Katherine Connolly Baden

April 1999
Case

French Pension System, The: On The Verge Of Retirement? (Abridged)

By: David A. Moss

Surveys the French pension system, its particular institutional characteristics, and some of the critical challenges and opportunities facing French reformers. Like almost every other industrialized country, France has a large pay-as-you-go public pension system that... View Details

Keywords: Retirement; Governing Rules, Regulations, and Reforms; Policy; Economic Growth; Economics; Capital Markets; Wages; Public Administration Industry; France

Article

An Evaluation of Money Market Fund Reform Proposals

By: Samuel G. Hanson, David S. Scharfstein and Adi Sunderam

U.S. money market mutual funds (MMFs) are an important source of dollar funding for global financial institutions, particularly those headquartered outside the U.S. MMFs proved to be a source of considerable instability during the financial crisis of 2007–2009,... View Details

Keywords: Balance and Stability; Globalized Markets and Industries; Banks and Banking

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09 Jun 2010
Working Paper Summaries

Agency Costs, Mispricing, and Ownership Structure

Keywords: by Sergey Chernenko, C. Fritz Foley & Robin Greenwood

September 1997 (Revised October 1997)
Case

French Pension System, The: On the Verge of Retirement?

By: David A. Moss, Anne Dias and Bertrand O. Stephann

Surveys the French pension system, its particular institutional characteristics, and some of the critical challenges and opportunities facing French reformers. Like almost every other industrialized country, France has a large pay-as-you-go public pension system that... View Details

Keywords: Retirement; Compensation and Benefits; Capital Markets; Economic Growth; Labor; Problems and Challenges; Opportunities; Welfare; Investment; Governing Rules, Regulations, and Reforms; Public Administration Industry; France

01 Apr 2014
Working Paper Summaries

Opting Out of Good Governance

Keywords: by C. Fritz Foley, Paul Goldsmith-Pinkham, Jonathan Greenstein & Eric Zwick

March 2016 (Revised August 2018)
Case

JPMorgan Chase after the Financial Crisis: What Is the Optimal Scope of the Largest Bank in the U.S.?

By: David Collis and Ashley Hartman

When Jamie Dimon took over as CEO of JPMorgan Chase & Co. (JPMorgan Chase) in 2005, he reaffirmed the commitment to pursue a "universal bank" strategy—providing a full range of products and services to both retail and wholesale clients. Yet the merits of the universal... View Details

Keywords: Scope; Regulatory Reforms; Universal Banking; Synergy; Optimization; Simplification; Finance; Strategy; Business Strategy; Financial Crisis; Consolidation; Corporate Strategy; Diversification; Governing Rules, Regulations, and Reforms; Banking Industry; Financial Services Industry

Research Summary

Reflection

By: Joseph L. Badaracco

Corporations as Critical Social Institutions

My current research examines the extent to which corporations are emerging as critical social institutions. Over the past century, and especially in recent decades, firms have taken on... View Details

Keywords: Reflection

2010
Case

Groupe Ariel, S.A.: Parity Conditions and Cross-Border Valuation: Brief Case.

By: Timothy A. Luehrman and James Quinn

Groupe Ariel evaluates a proposal from its Mexican subsidiary to purchase and install cost-saving equipment at a manufacturing facility in Monterrey. The improvements will allow the plant to automate recycling and remanufacturing of toner and printer cartridges, an... View Details

Keywords: Cross-Cultural and Cross-Border Issues; Valuation; Business Subsidiaries; Policy; Cash Flow; Management Analysis, Tools, and Techniques; International Finance; Problems and Challenges; Production; Currency; Manufacturing Industry; Mexico

21 Apr 2013
News

Brazil: The creaking champions

February 2008 (Revised November 2008)
Case

Radical Collaboration: IBM Microelectronics Joint Development Alliances

By: Willy Shih, Gary Pisano and Andrew A. King

IBM's "Radical Collaboration" model has been an innovative approach to meeting the challenges of the huge R&D and capital investments that are needed to stay competitive in the global semiconductor industry. This model has required a rethinking of what is proprietary,... View Details

Keywords: Cost Management; Investment; Collaborative Innovation and Invention; Problems and Challenges; Alliances; Networks; Partners and Partnerships; Research and Development; Competitive Advantage; Semiconductor Industry

September 1992 (Revised March 1993)
Case

Empresas ICA and the Mexican Road Privatization Program

By: Willis M. Emmons III and Monica Brand

Mexico's largest construction company, Empresas ICA, makes an initial public offering to international equity investors in April 1992 to help fund its participation in an ambitious new private-sector approach to highway development. Under the new program, launched by... View Details

Keywords: Construction; Transportation Networks; Infrastructure; Privatization; Private Equity; Investment; Initial Public Offering; Private Sector; Government and Politics; Policy; Construction Industry; Mexico

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April 2005 (Revised March 2006)
Case

RTY Telecom: Network Expansion

Requires real option analysis to analyze a capital expenditure decision by a large regional telecommunications firm. The firm needs to add network capacity for its broadband offering and is trying to decide on how to do this. One approach is simply to purchase this... View Details

Keywords: Expansion; Decision Choices and Conditions; Wireless Technology; Telecommunications Industry

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23 May 2012
Research & Ideas

Five Ways to Make Your Company More Innovative

In a hypercompetitive global economy, creativity has never been more important for success . But how do you create a company that unleashes and capitalizes on innovation? For answers, writers at the HBS Alumni Bulletin turned to five HBS... View Details

Keywords: by Garry Emmons, Julia Hanna & Roger Thompson

June 2021
Case

Modern Endowment Management: Paula Volent and the Bowdoin Endowment

By: Luis M. Viceira, Emily R. McComb and Dean Xu

This case examines modern endowment investment management through the lens of a leadership transition between Chief Investment Officers (CIOs). In March 2021, Paula Volent is about to step down as the CIO of the endowment of Bowdoin College after twenty-one years, and... View Details

Keywords: Investment Portfolio; Investment Banking; Growth Management; Investment Return; Capital Markets; Interest Rates; Competition; Cost Management; Risk Management; Financial Liquidity; Performance Evaluation