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  • 2020
  • Working Paper

The Myth of the Lead Arranger’s Share

By: Kristian Blickle, Quirin Fleckenstein, Sebastian Hillenbrand and Anthony Saunders
We make use of Shared National Credit Program (SNC) data to examine syndicated loans in which the lead arranger retains no stake. We find that the lead arranger sells its entire loan share for 27 percent of term loans and 48 percent of Term B loans, typically shortly... View Details
Keywords: Syndicated Loans; Lead Arrangers; Financing and Loans
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  • August 2006
  • Article

Investor Sentiment and the Cross Section of Stock Returns

By: Malcolm Baker and Jeffrey Wurgler
We examine how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. We test this prediction by... View Details
Keywords: Behavioral Finance; Stocks; Investment Return; Forecasting and Prediction; Motivation and Incentives; Risk and Uncertainty; Volatility
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  • Forthcoming
  • Article

The Evolution of Financial Services in the United States

By: Robin Greenwood, Robert Ialenti and David Scharfstein
This article surveys the literature on the historical growth and transformation of the U.S. financial sector. The sector expanded rapidly between 1980 until 2006, when its contribution to GDP rose from 4.8% to 7.6%. After the Global Financial Crisis, the size of the... View Details
Keywords: Financial Crisis; Financial Institutions; Financial Markets; Growth and Development; Economic Sectors
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  • 22 Oct 2009
  • Working Paper Summaries

Strategies to Fight Ad-sponsored Rivals

Keywords: by Ramon Casadesus-Masanell & Feng Zhu; Advertising
  • January 2024
  • Article

A Cost Model for a Low Threshold Clinic Treating Opioid Use Disorder

By: Sarah E. Wakeman, Elizabeth Powell, Syed Shehab, Grace Herman, Laura Kehoe and Robert S. Kaplan
The US fee-for-service payment system under-reimburses clinics offering access to comprehensive treatments for opioid use disorder (OUD). The funding shortfall limits a clinic’s ability to expand and improve access, especially for socially marginalized patients with... View Details
Keywords: Health Care and Treatment; Cost; Equality and Inequality; Health Industry
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  • December 2020
  • Article

Consumer Reactance to Promotional Favors

By: Marco Bertini and Aylin Aydinli
Promotional favors are an increasingly popular but seldom researched form of price promotion where the receipt of the saving by consumers depends on an action on their part that is nonmonetary in nature, such as completing a questionnaire, posting a review, or making a... View Details
Keywords: Promotional Favors; Conditional Discounts; Psychological Reactance; Price Promotions; Pricing; Marketing; Price; Consumer Behavior
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  • Article

Real Estate Opportunity Funds

By: Nori Gerardo Lietz, Thea C. Hahn and David Geltner
Real estate opportunity funds are one of the fastest-growing segments of the real estate investment industry, similar in some basic respects to other private equity and alternative investment asset classes that seek high returns by taking on more risk in highly... View Details
Keywords: Real Estate; Opportunity Funds; Investment Management; Property; Investment Funds; Management; Performance Consistency
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  • March 2009 (Revised September 2011)
  • Case

UBS and Auction Rate Securities (A)

By: Daniel Baird Bergstresser, Shawn A. Cole and Siddharth Bhaskar Shenai
UBS, a global financial services company, must decide whether to continue to support the market for Auction Rate Securities in the face of a growing financial crisis. These instruments, underwritten by UBS, were marketed to clients as highly liquid and safe... View Details
Keywords: Cost vs Benefits; Financial Crisis; Asset Pricing; Financial Liquidity; Financial Instruments; Government Legislation; Risk and Uncertainty; Financial Services Industry
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  • 20 Dec 2006
  • Op-Ed

Investors Hurt by Dual-Track Tax Reporting

accounting earnings. Corporate tax shelters that reduce book income are rarely, if ever, undertaken, and the main benefit of many shelters is the book income they produce. The proposal to publicly report taxes paid is an eminently sensible idea. More ambitious View Details
Keywords: by Mihir Desai
  • 2007
  • Other Unpublished Work

Positions of Power and Status: Reciprocity in the Venture Capital Industry

By: Mikolaj Jan Piskorski
This paper proposes a straightforward way of differentiating between central network positions that confer power from those that confer status. I argue that actors achieve high status by receiving numerous exchanges from actors who receive numerous exchanges from... View Details
Keywords: Venture Capital; Power and Influence; Opportunities; Status and Position
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  • 2010
  • Book

The Squam Lake Report: Fixing the Financial System

By: as part of the Squam Lake Working Group Scharfstein, David S.
In the fall of 2008, fifteen of the world's leading economists-representing the broadest spectrum of economic opinion-gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term plan for financial regulation reform. The Squam Lake... View Details
Keywords: Financial Crisis; Financial Markets; Governing Rules, Regulations, and Reforms; Business and Government Relations
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  • 23 Dec 2014
  • First Look

First Look: December 23

consequences of a range of alternative policies. Publisher's link: http://www.hbs.edu/faculty/Publication%20Files/15-045_4e9f7d2d-24c3-4d8c-8843-1eb9016bc016.pdf December 2014 Negotiations in Times of Conflict Better Deals Through Level... View Details
Keywords: Carmen Nobel
  • Article

The Growing Strategic Importance of End-of-Life Product Management

By: Michael W. Toffel
Requiring manufacturers to manage the their products when they become waste is an innovative form of regulation, one that has been adopted by countries in Asia, Europe, and North America on a variety of products that range from vehicles to appliances to batteries.... View Details
Keywords: Product; Environmental Sustainability; Cost Management; Wastes and Waste Processing; Strategy; Governing Rules, Regulations, and Reforms; Manufacturing Industry; Asia; Europe; North and Central America
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  • March 31, 2022
  • Article

Two Approaches to Capping Health Care Prices

By: Michael E. Chernew, Maximilian J. Pany and Leemore S. Dafny
High health care prices for the privately-insured contribute to high premiums, which put downward pressure on wages, and induce employers to reduce benefit generosity and charge employees more for coverage. As the average annual premium for family coverage currently... View Details
Keywords: Price Caps; Health Care and Treatment; Price
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  • November 2011 (Revised September 2012)
  • Case

Underwater Engineer at Intel Corporation

By: E. Scott Mayfield
Molly Miller, an Intel employee and shareholder, must decide whether to vote FOR or AGAINST Intel's proposed 2009 option exchange program. Given recent declines in Intel's stock price, more than 99% of Intel's outstanding employee stock options are "underwater," and... View Details
Keywords: Stock Options; Employee Stock Ownership Plan; Semiconductor Industry
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  • 02 Jan 2024
  • Research & Ideas

10 Trends to Watch in 2024

The lightning-fast ascent of generative AI isn’t the only sea change on the horizon for businesses in the new year. The global economy is in flux as war, climate change, trade issues, and infrastructure problems demand attention. Many companies continue to struggle to... View Details
Keywords: by Rachel Layne
  • November 2009 (Revised October 2010)
  • Case

AME Learning Inc.

By: Thomas R. Eisenmann and Ann Leamon
Justin Joffe is about to graduate from HBS in Spring 2009. He must decide whether to join his father's company, Toronto-based AME Learning, as president working alongside his father who will be CEO. AME has been in business for 12 years, mostly as a small consulting... View Details
Keywords: Business Model; Family Business; Age; Private Equity; Financing and Loans; Growth and Development Strategy; Family and Family Relationships
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  • March 1, 2021
  • Article

Transitioning to Clean Energy Transportation Services: Life-cycle Cost Analysis for Vehicle Fleets

By: Stephen Comello, Gunther Glenk and Stefan Reichelstein
Comprehensive global decarbonization requires that transportation services cease to rely on fossil fuels for power generation. This paper develops a generic, time-driven life-cycle cost model for mobility services to address two closely related questions central to the... View Details
Keywords: Decarbonization; Electric Vehicles; Renewable Energy; Biofuel; Carbon Emissions; Mobility; Batteries; Energy; Environmental Management; Environmental Accounting; Transportation; Operations; Management; Sustainable Cities; Decision Making; Investment; Energy Industry; Transportation Industry; Utilities Industry; Motorcycle Industry; Auto Industry; Consulting Industry; Industrial Products Industry; Manufacturing Industry; Europe; North America; South America; Africa; Asia
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  • February 1984 (Revised February 1986)
  • Case

E.I. du Pont de Nemours & Co.: Titanium Dioxide

By: W. Carl Kester, Robert R. Glauber, David W. Mullins Jr. and Stacy S. Dick
Disequilibrium in the $350 million TiO2 market has prompted Du Pont's Pigments Department to develop two strategies for competing in this market in the future. The growth strategy has a smaller internal rate of return than the alternative strategy due to large capital... View Details
Keywords: Forecasting and Prediction; Cash Flow; Investment Return; Growth and Development Strategy; Strategic Planning; Projects; Chemical Industry
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  • February 2011
  • Article

Dividend Taxes and International Portfolio Choice

By: Mihir Desai and Dhammika Dharmapala
This paper investigates how dividend taxes influence portfolio choices, using the response to the distinctive treatment of a subset of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003. An open-economy after-tax capital asset... View Details
Keywords: Dividends; Portfolio Choice; Taxes; Tax Treaties; Foreign Portfolio Investment; Taxation; Lawfulness; Economy; Price; Equity; Stocks; Investment Portfolio; Opportunities; Behavior; United States
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