Publications
Publications
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(2,860)
- Faculty Publications (650)
- June 2015 (Revised January 2017)
- Case
Greece's Debt: Sustainable?
By: George Serafeim
The case "Greece's Debt: Sustainable?" describes the Greek economic crisis, bailout from the European Union and the International Monetary Fund (IMF), and the debt restructuring that followed. Because of a lack of trust in Greece's ability to repay its debt, two... View Details
- June 2015
- Supplement
Generating Higher Value at IBM (A): EPS Forecasting Model
By: Benjamin C. Esty and Scott Mayfield
This case analyzes IBM's financial performance and its capital allocation decisions over a 10-year period from 2004-2013, during which IBM returned more than $140B to shareholders through a combination of dividends and share repurchases. During this time, CEO Sam... View Details
- June 2015 (Revised September 2017)
- Supplement
Generating Higher Value at IBM
By: Benjamin C. Esty and Scott Mayfield
This case analyzes IBM's financial performance and its capital allocation decisions over a 10-year period from 2004-2013, during which IBM returned more than $140B to shareholders through a combination of dividends and share repurchases. During this time, CEO Sam... View Details
- May 2015 (Revised December 2016)
- Supplement
Generating Higher Value at IBM (B)
By: Benjamin C. Esty and E. Scott Mayfield
- May 2015 (Revised September 2017)
- Case
Generating Higher Value at IBM (A)
By: Benjamin C. Esty and E. Scott Mayfield
This case analyzes IBM's financial performance and its capital allocation decisions over a 10-year period from 2004-2013, during which IBM returned more than $140B to shareholders through a combination of dividends and share repurchases. During this time, CEO Sam... View Details
- May 2015
- Article
Admitting Mistakes: Home Country Effect on the Reliability of Restatement Reporting
By: Suraj Srinivasan, Aida Sijamic Wahid and Gwen Yu
We study the frequency of restatements by foreign firms listed on U.S. exchanges. We find that the restatement rate of U.S. listed foreign firms is significantly lower than that of comparable U.S. firms and that the difference depends on the firm's home country... View Details
- Article
Liquidity in Retirement Savings Systems: An International Comparison
By: John Beshears, James J. Choi, Joshua Hurwitz, David Laibson and Brigitte C. Madrian
We compare the liquidity that six developed countries have built into their employer-based defined contribution (DC) retirement schemes. In Germany, Singapore, and the UK, withdrawals are essentially banned no matter what kind of transitory income shock the household... View Details
Keywords: Saving; Financial Liquidity; Retirement; Canada; Germany; Australia; United Kingdom; United States; Singapore
- April 2015 (Revised April 2022)
- Case
Bankruptcy in the City of Detroit
By: Stuart Gilson, Kristin Mugford and Annelena Lobb
The June 2013 bankruptcy of the city of Detroit, Michigan was, at the time, the largest municipal bankruptcy in American history. Detroit had struggled for years with a weakening tax base, high unemployment, a heavy debt load and increasing retiree costs. These... View Details
Keywords: Chapter 9; Chapter 11; Bankruptcy; Municipal Finance; Restructuring; Financial Liquidity; Insolvency and Bankruptcy; City; Government Administration; Public Sector; Financial Crisis; Financial Management; Failure; Labor Unions; Urban Development; Budgets and Budgeting; Decision Making; Demographics; Economics; Finance; Public Administration Industry; Michigan; Detroit
- March 2015
- Teaching Note
Gerry Pasciucco at AIG Financial Products
By: Gautam Mukunda and Thomas J. DeLong
- February 2015 (Revised September 2017)
- Supplement
Omar Selim: Building a Values-Based Asset Management Firm (B)
By: George Serafeim, Rebecca Henderson and Shannon Gombos
The case describes the decision of Omar Selim to set up Arabesque as an independent organization and how he organized Arabesque to use both financial and environmental, social and governance (ESG) data in order to deliver performance for its clients. View Details
- 2015
- Working Paper
How Should We Pay for Health Care?
By: Michael E. Porter and Robert S. Kaplan
Improving the way we pay for health care must be a central component in health care reform. Payment reform must link provider reimbursement and accountability to improving patient value: better health outcomes delivered at lower cost. Today’s deeply flawed... View Details
- December 2014
- Article
Market Competition, Earnings Management, and Persistence in Accounting Profitability Around the World
We examine how cross-country differences in product, capital, and labor market competition, and earnings management affect mean reversion in accounting return on assets. Using a sample of 48,465 unique firms from 49 countries, we find that accounting returns mean... View Details
- December 26, 2014
- Article
Mergers & Acquisitions: Before a Merger, Consider Company Cultures Along with Financials
By: David G. Fubini
Not everything can be accounted for on a spreadsheet. View Details
- September 2014
- Case
Balanced Scorecard at Delta/Signal Corp.
By: V.G. Narayanan
This auto parts company has just ousted its longtime CEO and founder, and the new, professional CEO is badly in need of a coherent strategy, clear objectives and metrics, and initiatives that are aligned with the strategy and objectives. Will the balanced scorecard... View Details
- Article
SOX after Ten Years: A Multidisciplinary Review
By: Suraj Srinivasan and John C. Coates IV
We review and assess research findings from 120+ papers in accounting, finance, and law to evaluate the impact of the Sarbanes-Oxley Act. We describe significant developments in how the Act was implemented and find that despite severe criticism, the Act and... View Details
- 2014
- Chapter
Promoting Corporate Sustainability through Integrated Reporting: The Role of Investment Fiduciaries and the Responsibilities of the Corporate Board
By: Robert G. Eccles, J. Herron and George Serafeim
This book is a comprehensive reference work exploring recent changes and future trends in the principles that govern institutional investors and fiduciaries. A wide range of contributors offer new perspectives on dynamics that drive the current emphasis on short-term... View Details
- July–August 2014
- Article
The Crisis in Retirement Planning
By: Robert C. Merton
Corporate America began to really take notice of the looming retirement crisis in the wake of the dot-com crash, when companies in major industries went bankrupt in large part because of their inability to meet their pension obligations. The result was an acceleration... View Details
- June 2014 (Revised May 2017)
- Case
Southeastern Asset Management Challenges Buyout at Dell
By: Paul Healy, Suraj Srinivasan and Aldo Sesia
In late 2012, Michael Dell wants to take Dell Inc., the company he founded, private. Mr. Dell believes that the successful company's transformation from a personal computer (PC) manufacturer to an enterprise solutions and services provider (ESS) is dependent on going... View Details
Keywords: Leveraged Buyout Transaction; Leveraged Recapitalization; Management Buyout; Dell, Inc.; Hedge Fund; Corporate Governance Theory; Valuation; Valuation Ratios; Valuation Methodologies; Board Of Directors; Boards Of Directors; Carl Icahn; Computer Services Industries; Proxy Contest; Proxy Battles; Proxy Fight; Proxy Advisor; Financial Accounting; Financial Analysis; Financial Ratios; Finance; Corporate Accountability; Corporate Governance; Corporate Finance; Leveraged Buyouts; Computer Industry; United States
- May 2014 (Revised January 2015)
- Case
The Sustainability Accounting Standards Board
By: Julie Battilana and Michael Norris
In 2014, as the Sustainability Accounting Standards Board (SASB) has just brought former New York City Mayor Michael Bloomberg on as chairman of the board, Jean Rogers, founder and CEO struggles with how best to ensure the nonprofit's financial sustainability while... View Details
- May 2014 (Revised April 2016)
- Case
Three-Year Planning at Li & Fung Limited
By: Paul M. Healy and Keith Chi-ho Wong
Having been able to follow its own "three-year plan" on course constantly, Li & Fung Limited fell short of meeting its stretch earnings target for the first time in almost two decades, leading to a double-digit drop in stock price overnight. Questions were raised on... View Details