Publications

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September 1994 (Revised January 2004)
Case

Forging the New Salomon

By: Lynn S. Paine and Michael Santoro

Describes Salomon Brothers' recovery from the August 1991 Treasury auction scandal. Details the impact of the firm's disclosure of bidding improprieties and describes how the new management team, led by Warren Buffett and Deryck Maughan, guided the company through the... View Details

Keywords: Crisis Management; Ethics; Organizational Culture; Law; Business or Company Management

02 Sep 2009
Working Paper Summaries

Information Risk and Fair Value: An Examination of Equity Betas and Bid-Ask Spreads

Keywords: by Edward J. Riedl & George Serafeim; Banking

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

SSRN

October 2001 (Revised November 2005)
Case

eBay, Inc.: Stock Option Plans (A)

The footnote disclosure for eBay, Inc. in 2000 indicates that if the company had accounted for employee stock options under the fair value method, its reported profit of $48 million would have been a loss of $91 million. The protagonist is a prospective member of the... View Details

Keywords: Corporate Disclosure; Stock Options; Financial Reporting

August 2016
Supplement

CEO Succession at Cisco (C): Chuck Robbins' First 100 Days

By: Boris Groysberg, J. Yo-Jud Cheng and Annelena Lobb

Supplements the (A) case (417-031). This case supplement describes new CEO Chuck Robbins’ earliest days after being announced as Cisco’s new chief executive. During this time, Robbins focused on building a leadership team featuring people with complementary skills... View Details

Keywords: Management Succession; Technology Industry

07 Feb 2018
Video

Material Sustainability Information and Stock Price Informativeness

17 May 2010
Research & Ideas

What Brazil Teaches About Investor Protection

What gave investors the confidence to risk their money? In a recent monograph, Musacchio reports that Brazilian companies were transparent about their operations, including the disclosure of executive compensation—something not even done... View Details

Keywords: by Sean Silverthorne; Banking; Financial Services

28 Jan 2022
News

The Coinbase Model: Profit from the Crypto Assets It Lists

18 Nov 2020
News

US election: What it means for climate change and ESG

August 2024
Article

Not a One-Trick Pony: Price Impact of Rating Agency Information

By: Michael Machokoto and Anywhere Sikochi

Prior literature on the informational role of credit rating agencies has largely focused on announcements by the rating agencies regarding rating actions. We take a tangent in this paper and examine the relevance of rating agencies' other information disclosures beyond... View Details

Keywords: Credit; Investment Return; Financial Reporting

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22 Feb 2017
News

Why Boards Aren’t Dealing with Cyberthreats

July 2007
Article

Earnings Announcement Premia and Limits to Arbitrage

By: Daniel Cohen, Aiyesha Dey, Thomas Lys and Shyam Sunder

We examine the factors underlying the presence of earnings announcement premia. We find that the premia persist beyond the sample period examined in prior studies (ending in 1988), although they decline in magnitude after 1988. Further, premia are lower on the expected... View Details

Keywords: Business Earnings; Announcements; Corporate Disclosure

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December 2019 (Revised May 2020)
Case

Income Inequality and the CEO Pay Ratio at TJX Cos

By: Ethan Rouen and Akari Furukawa

TJX Companies reported a CEO pay ratio of 1,596-to-1 in 2019, leaving board chair Carol Meyrowitz with a host of questions about whether, and how, she could take action to address concerns raised by having one of the highest pay ratios in the S&P 500. As a retail... View Details

Keywords: CEO Pay Ratio; Income; Equality and Inequality; Executive Compensation; Corporate Disclosure; Business and Stakeholder Relations

November 2004 (Revised February 2009)
Case

Salomon Brothers (A)

By: Lynn S. Paine

Describes Salomon Brothers' recovery from the August 1991 Treasury auction scandal. Details the impact of the firm's disclosure of bidding improprieties and describes how the new management team, led by Warren Buffett and Deryck Maughan, guided the company through the... View Details

Keywords: Crime and Corruption; Ethics; Leadership; Crisis Management; Reputation; Financial Services Industry

Article

Human Capital and the Future of Work: Implications for Investors and ESG Integration

By: Sakis Kotsantonis and George Serafeim

Human capital development (HCD) is a key consideration for most companies, but only recently have investors focused on understanding the risks and opportunities related to human capital with the emergence of environmental, social, and governance (ESG) investment... View Details

Keywords: Future Of Work; ESG; Employee Engagement; Employee Compensation; Human Capital; Human Resources; Employees; Compensation and Benefits; Wages

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September – October 2011
Article

The Rise and Consequences of Corporate Sustainability Reporting

By: Ioannis Ioannou and George Serafeim

For many decades the cornerstone of corporate reporting has been financial information that is presented in a company's annual, semi-annual, and quarterly reports. These comprehensive financial reports—required by law for public companies in most countries... View Details

Keywords: Sustainability; ESG Reporting; Governing Rules, Regulations, and Reforms; Annual Reports; Operations; Strategy; Business and Shareholder Relations; Business and Stakeholder Relations; Performance; Business Model; Corporate Social Responsibility and Impact; Corporate Disclosure

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30 Jul 2013
News

Does it pay to fight corruption?

August 2006 (Revised August 2007)
Case

Revenue Recognition Problems in the Communications Equipment Industry

By: Paul M. Healy and Arjuna J Costa

Designed to explore recognition issues in the context of a potential market downturn. In late 2000, Lucent Technologies reports multiple revisions to its recent financial results due to revenue recognition problems, leading to a dramatic decline in its stock price.... View Details

Keywords: Corporate Disclosure; Revenue Recognition; Policy; Supply and Industry; Performance; Communications Industry