Publications
Publications
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- All HBS Web
(1,829)
- Faculty Publications (309)
- spring 2006
- Article
All's Fair in Love, War & Bankruptcy?: Corporate Governance Implications of CEO Turnover in Financial Distress
Prior discussions of management turnover during financial distress have examined bankrupt and non-bankrupt firms as distinct groupings with little overlap. Separately investigating rates of turnover in-bankruptcy and out-of-bankruptcy, without a direct comparison... View Details
- July 2005 (Revised December 2006)
- Case
Japan: Deficits, Demography, and Deflation
By 2005, Japan's debt had risen to 163% of GDP. For more than a decade, the government had run huge deficits, trying unsuccessfully to stimulate economic growth. Interest rates, meanwhile, had been zero for years. But with slow growth and banks in crisis, nothing had... View Details
- July 2005 (Revised December 2005)
- Case
General Motors U.S. Pension Funds
By: Luis M. Viceira and Helen Tung
In June 2003, General Motors Corp. (GM) successfully marketed the largest corporate debt offering in U.S. history, worth $17.6 billion. The offering included $13.6 billion worth of debt denominated in dollars, euros, and pounds and $4 billion dollars denominated in... View Details
- July/September 2005
- Article
Le consensus de Paris: la France et les règles de la finance mondiale
By: Rawi Abdelal
This article is about the institutional foundations of the globalization of finance. These institutional foundations are both informal and formal. Until the 1980s the formal rules of the international financial architecture – most consequentially in the European Union... View Details
- June 2005 (Revised January 2006)
- Case
Investment Policy at the Hewlett Foundation (2005)
By: Luis M. Viceira
In early January 2005, Laurance Hoagland Jr., VP and CIO of the William and Flora Hewlett Foundation (HF), and his investment team met to finish their recommendations to the HF Investment Committee for a new asset allocation policy for the foundation's investment... View Details
- June 2005 (Revised January 2007)
- Case
Equator Principles, The: An Industry Approach to Managing Environmental and Social Risks
By: Benjamin C. Esty, Carin-Isabel Knoop and Aldo Sesia
In June 2003, 10 leading international banks adopted new voluntary guidelines, called the Equator Principles, to promote sustainable development in project finance. In recent years, nongovernmental organizations (NGOs) had raised issues about the lenders'... View Details
- 2005
- Other Unpublished Work
Corporate Financing Decisions When Investors Take the Path of Least Resistance
By: Malcolm Baker, Joshua Coval and Jeremy Stein
We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to... View Details
- March 2005 (Revised March 2006)
- Case
Foreign Exchange Hedging Strategies at General Motors: Competitive Exposures
By: Mihir A. Desai and Mark Veblen
How can a multinational firm analyze and manage currency risks that arise from competitive exposures? General Motors has a substantial competitive exposure to the Japanese yen. Although the risks GM faces from the depreciating yen are widely acknowledged, the company's... View Details
- March 2005 (Revised January 2006)
- Case
Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures
By: Mihir A. Desai and Mark Veblen
How should a multinational firm manage foreign exchange exposures? Examines transactional and translational exposures and alternative responses to these exposures by analyzing two specific hedging decisions by General Motors. Describes General Motors' corporate hedging... View Details
- February 2005
- Article
European Integration and Corporate Restructuring: The Strategy of Unilever c1957-c1990
By: Geoffrey Jones and Peter Miskell
This article examines the role of the large Anglo-Dutch consumer products company in promoting European integration. It shows that Unilever contributed financially to campaigns to support the creation of the European Union, and its subsequent expansion, despite a... View Details
- January 2005 (Revised October 2005)
- Case
Private Capital and Public Policy: Standard & Poor's Sovereign Credit Ratings
By: Rawi E. Abdelal and Christopher Bruner
Describes Standard & Poor's sovereign credit ratings business. Provides background on the history of credit ratings agencies, the meaning of credit ratings, the expansion of the sovereign ratings business over recent decades, and the market for credit ratings. Also,... View Details
- January 2005 (Revised October 2005)
- Background Note
Standard & Poor's Sovereign Credit Ratings: Scales and Process
By: Rawi E. Abdelal and Christopher Bruner
Describes Standard & Poor's sovereign credit ratings scales and the credit rating process. In particular, describes the role and function of the rating committee and the analytical categories considered in arriving at a final sovereign credit rating. View Details
- January 2005
- Case
Managing Failure: American Bankruptcy Law at a Crossroads
By: David A. Moss, Mary Oey and Jonathan Lackow
Introduces the core principles and challenges of bankruptcy law (both individual and corporate) against the backdrop of the early 1970s, when the U.S. bankruptcy system appeared to be failing. With personal bankruptcy filings at record levels and successful corporate... View Details
- November 2004 (Revised March 2007)
- Case
10 Uncommon Values®: Optimizing the Stock-Selection Process
By: Paul M. Healy and Boris Groysberg
In 2003, Steve Hash, research director at Lehman Brothers, prepared to initiate the firm's "Ten Uncommon Values" stock-picking process for the year. An investment committee had to pick the 10 best stocks from about 100 stock ideas presented by the firm's analysts. The... View Details
- August 2004
- Article
Appearing and Disappearing Dividends: The Link to Catering Incentives
By: Malcolm Baker and Jeffrey Wurgler
We document a close link between fluctuations in the propensity to pay dividends and catering incentives. First, we use the methodology of Fama and French (J. Finan. Econ. (2001)) to identify a total of four distinct trends in the propensity to pay dividends... View Details
- March 2004 (Revised May 2005)
- Case
Foreign Exchange Hedging Strategies at General Motors
By: Mihir A. Desai and Mark Veblen
How should a multinational firm manage foreign exchange exposures? Examines transactional, translational, and competitive exposures. Describes General Motors' corporate hedging policies, its risk management structure, and how accounting rules impact hedging decisions.... View Details
- February 2004 (Revised February 2004)
- Supplement
Dividend Policy at Linear Technology
By: Malcolm P. Baker
Spreadsheet to (9-204-066). Download only. View Details
- January 2004
- Case
Macroeconomic Policy and the State of the U.S. Economy, 2003
By: David A. Moss
Based on excerpts from Federal Reserve Chairman Alan Greenspan's testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on July 16, 2003, as well as economic data that were available to Chairman Greenspan at the time. Taken together, the text... View Details
- October 2003 (Revised February 2004)
- Case
Dividend Policy at Linear Technology
By: Malcolm P. Baker and Alison Berkley Wagonfeld
In 1992, Linear Technology, a designer and manufacturer of analog semiconductors, initiated a dividend. The firm increased its dividend by approximately $0.01 per share each year thereafter. In fiscal year 2002, Linear experienced its first significant drop in sales... View Details
- January 2003
- Case
Exchange Rate Policy at the Monetary Authority of Singapore
By: Mihir A. Desai and Mark Veblen
The Monetary Authority of Singapore (MAS) is responsible for the country's monetary policy, and its decisions are intended to support the country's overall strategy for sustainable economic growth with price stability. MAS has been very successful in managing exchange... View Details