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Show Results For
- All HBS Web
(3,704)
- People (6)
- News (865)
- Research (2,505)
- Events (20)
- Multimedia (11)
- Faculty Publications (822)
- Article
Agency Costs, Mispricing, and Ownership Structure
By: Sergey Chernenko, C. Fritz Foley and Robin Greenwood
Standard theories of corporate ownership assume that because markets are efficient, insiders ultimately bear all agency costs that they create and therefore have a strong incentive to minimize conflicts of interest with outside investors. We argue that if equity is... View Details
Keywords: Business and Shareholder Relations; Ownership; Conflict of Interests; Investment; Valuation
Chernenko, Sergey, C. Fritz Foley, and Robin Greenwood. "Agency Costs, Mispricing, and Ownership Structure." Financial Management 41, no. 4 (Winter 2012): 885–914.
- April 2021
- Article
Evaluating Firm-Level Expected-Return Proxies: Implications for Estimating Treatment Effects
By: Charles M.C. Lee, Eric C. So and Charles C.Y. Wang
We introduce a parsimonious framework for choosing among alternative expected-return proxies (ERPs) when estimating treatment effects. By comparing ERPs’ measurement-error variances in the cross section and in time series, we provide new evidence on the relative... View Details
Keywords: Implied Cost Of Capital; Expected Returns; Cost of Capital; Investment Return; Performance Evaluation
Lee, Charles M.C., Eric C. So, and Charles C.Y. Wang. "Evaluating Firm-Level Expected-Return Proxies: Implications for Estimating Treatment Effects." Review of Financial Studies 34, no. 4 (April 2021): 1907–1951.
- 10 Sep 2020
- Research & Ideas
The COVID Two-Step for Leaders: Protect and Pivot
the core, and pivot to new opportunities. We provide a top-level overview of major topics and ideas relevant to each concept. We hope you are interested in engaging in further research about any topics that... View Details
- 09 Jun 2010
- Working Paper Summaries
Agency Costs, Mispricing, and Ownership Structure
- November 2012
- Article
Does Management Really Work?
By: Nicholas Bloom, Raffaella Sadun and John Van Reenen
HBR's 90th anniversary is a sensible time to revisit a basic question: Are organizations more likely to succeed if they adopt good management practices? The answer may seem obvious to most HBR readers, but these three economists cast their net much wider than that. In... View Details
Keywords: Best Practices; Consulting Firms; Corporations; Cost Control; Employee Training; Executive Ability (Management); Executives—training Of; Hospitals—administration; Industrial Management—research; Productivity Incentives; School Management Teams; Work Environment; Management; Research
Bloom, Nicholas, Raffaella Sadun, and John Van Reenen. "Does Management Really Work?" Harvard Business Review 90, no. 11 (November 2012).
- December 2022
- Article
I Don't 'Recall': The Decision to Delay Innovation Launch to Avoid Costly Product Failure
By: Byungyeon Kim, Oded Koenigsberg and Elie Ofek
Innovations embody novel features or cutting-edge components aimed at delivering desired customer benefits.
Oftentimes, however, we observe the need to recall new products shortly after their introduction. Indeed, a firm
may rush an innovation to market in an attempt... View Details
Keywords: Innovation Management; Innovation And Strategy; Product Development Strategy; Product Introduction; Quality Control; Product Recalls; Game Theory; Market Timing; Innovation Strategy; Product Launch; Product Development
Kim, Byungyeon, Oded Koenigsberg, and Elie Ofek. "I Don't 'Recall': The Decision to Delay Innovation Launch to Avoid Costly Product Failure." Management Science 68, no. 12 (December 2022): 8889–8908.
- August 2020
- Article
Leverage and the Beta Anomaly
By: Malcolm Baker, Mathias F. Hoeyer and Jeffrey Wurgler
The well-known weak empirical relationship between beta risk and the cost of equity—the beta anomaly—generates a simple tradeoff theory: As firms lever up, the overall cost of capital falls as leverage increases equity beta, but as debt becomes riskier the marginal... View Details
Baker, Malcolm, Mathias F. Hoeyer, and Jeffrey Wurgler. "Leverage and the Beta Anomaly." Journal of Financial and Quantitative Analysis 55, no. 5 (August 2020): 1491–1514.
- 2019
- Working Paper
The Comprehensive Effects of a Digital Paywall Sales Strategy
By: Doug J. Chung, Ho Kim and Reo Song
This paper explores the multiple and comprehensive effects of a digital paywall sales strategy, an increasingly common means of go-to-market for media firms. Specifically, we examine the effects of a digital paywall on a media firm’s two sources of income—subscription... View Details
Keywords: Digital Paywall; Demand Substitution; Spillover Effect; Synthetic Control; Sales; Strategy; Media; Newspapers; Publishing Industry
Chung, Doug J., Ho Kim, and Reo Song. "The Comprehensive Effects of a Digital Paywall Sales Strategy." Harvard Business School Working Paper, No. 19-118, May 2019.
- Article
Biosimilars and Follow-On Products in the United States: Adoption, Prices, and Users
By: Ariel Dora Stern, Jacqueline L. Chen, Melissa Ouellet, Mark R. Trusheim, Zeid El-Kilani, Amber Jessup and Ernst R. Berndt
Biologic drugs account for a disproportionate share of the increase in pharmaceutical spending in the U.S. and worldwide. Against this backdrop, many look to the expanding market for biosimilars—follow-on products to biologic drugs—as a vehicle for controlling... View Details
Keywords: Pharmaceuticals; Drug Spending; Drug Pricing; Health Care and Treatment; Spending; Price; Markets; Cost Management; United States
Stern, Ariel Dora, Jacqueline L. Chen, Melissa Ouellet, Mark R. Trusheim, Zeid El-Kilani, Amber Jessup, and Ernst R. Berndt. "Biosimilars and Follow-On Products in the United States: Adoption, Prices, and Users." Health Affairs 40, no. 6 (June 2021): 989–999.
- October 2016 (Revised December 2016)
- Module Note
Strategy Execution Module 6: Evaluating Strategic Profit Performance
By: Robert Simons
This module reading demonstrates how to calculate and analyze the profit generated by different business strategies. Formulas and examples are provided to calculate profit generated by changes in market share, revenue growth, efficiency improvements, and support costs.... View Details
Keywords: Management Control Systems; Implementing Strategy; Execution; Evaluating Business Performance; Profitability Analysis; Variance Analysis; Measuring Effectiveness; Measuring Efficiency; Activity-Based Costing; Flexible Budget; Accounting; Strategy
Simons, Robert. "Strategy Execution Module 6: Evaluating Strategic Profit Performance." Harvard Business School Module Note 117-106, October 2016. (Revised December 2016.)
- February 2018
- Case
Health Savings Accounts: Enabling Consumer Participation
By: Regina E. Herzlinger and James Wallace
Health savings accounts (HSAs), a creation of the 2003 Medicare Modernization Act, had become an integral part of the drive toward consumer-driven health care. Coupled with high-deductible health plans, HSAs allowed consumers to directly control a significant part of... View Details
- December 2020 (Revised December 2021)
- Case
Komatsu and Smart Construction
By: Rajiv Lal, David J. Collis and Akiko Saito
Komatsu, Japan's leading construction equipment manufacturer, is considering investing in a digital platform "Smart Construction" that will digitise the entire work process on a construction site, allowing for substantial reductions in cost and time while improving... View Details
Keywords: Platform; Digital Business; Construction; Business Model; Strategy; Technology Adoption; Internet and the Web; Digital Platforms; Construction Industry; Japan
Lal, Rajiv, David J. Collis, and Akiko Saito. "Komatsu and Smart Construction." Harvard Business School Case 521-042, December 2020. (Revised December 2021.)
- 26 Jan 2021
- Research & Ideas
A New Way to Cut Credit Card Debt: Pay Off One Purchase at a Time
monthly payment, according to the Federal Reserve. For people struggling to chip away at high balances, targeting specific items on their credit card bills can provide much-needed control and encouragement.... View Details
- August 2012 (Revised June 2017)
- Case
Australia: Commodities and Competitiveness
By: Richard H.K. Vietor and Laura Alfaro
For the past few decades, Australia has dealt with the benefits and costs of repeated mining booms—inflation, a housing bubble, a current account deficit and growing dependence on China. Between 1996 and 2007, however, Australia had most of these issues under control... View Details
Keywords: Commodities; Competitiveness; Carbon Tax; Environment; Capital Flows; Current Account; Mining; Economy; Problems and Challenges; Australia
Vietor, Richard H.K., and Laura Alfaro. "Australia: Commodities, Competitiveness, Climate and China." Harvard Business School Case 720-028, August 2012. (Revised June 2017.)
- February 2002
- Case
Fighting AIDS and Pricing Drugs
In early 2001, makers of AIDS drugs were suing to prevent developing countries from violating their patents. The issue was driven by price. The developing countries could not afford the market price for these drugs. At the same time, the drug companies were reluctant... View Details
Keywords: Developing Countries and Economies; Patents; Price; Strategy; Globalized Markets and Industries; Pharmaceutical Industry
Gourville, John T. "Fighting AIDS and Pricing Drugs." Harvard Business School Case 502-061, February 2002.
- February 2013
- Teaching Note
Australia: Commodities and Competitiveness (TN)
By: Laura Alfaro, Richard H.K. Vietor and Hilary White
For the past few decades, Australia has dealt with the benefits and costs of repeated mining booms—inflation, a housing bubble, a current account deficit and growing dependence on China. Between 1996 and 2007, however, Australia had most of these issues under control... View Details
- Research Summary
Contract Rights and Risk Aversion: Foreign Banks and the Mexican Economy, 1997-2004
In 1997 Mexicos banking laws were reformed, allowing foreign banks, for the first time since the nineteenth century, to purchase controlling interests in the countrys largest banks. Foreign banks controlled 16 percent of Mexican bank assets in March 1997. By June... View Details
- 18 Apr 2013
- Working Paper Summaries
The Impact of Pooling on Throughput Time in Discretionary Work Settings: An Empirical Investigation of Emergency Department Length of Stay
- 2019
- Working Paper
Who Should Select New Employees, Headquarters or the Unit Manager? Consequences of Centralizing Hiring at a Retail Chain
By: Carolyn Deller and Tatiana Sandino
We examine how changing the allocation of hiring decision rights in a multiunit organization affects employee-firm match quality, contingent on a unit’s circumstances. Our research site, a US retail chain, switched from a decentralized hiring model (hiring by business... View Details
Keywords: Control; Selection; Decentralization; Company Values; Retail Chains; Decision Making; Economics; Geography; Employees; Selection and Staffing; Organizational Design; Situation or Environment; Retail Industry
Deller, Carolyn, and Tatiana Sandino. "Who Should Select New Employees, Headquarters or the Unit Manager? Consequences of Centralizing Hiring at a Retail Chain." Harvard Business School Series in Accounting and Control, No. 16-088, January 2016. (Revised August 2019. Forthcoming in The Accounting Review.)
- May–June 2023
- Article
Need for Speed: The Impact of In-Process Delays on Customer Behavior in Online Retail
By: Santiago Gallino, Nil Karacaoglu and Antonio Moreno
The impact of delays has been widely studied in various offline services. The focus of this study is online services, and we explore the impact of in-process delays—measured by website speed—on customer behavior. We leverage novel retail and website speed data to... View Details
Keywords: Online Retail; Quasi-experiments; Abandonment; Synthetic Control; E-commerce; Internet and the Web; Consumer Behavior; Policy; Retail Industry
Gallino, Santiago, Nil Karacaoglu, and Antonio Moreno. "Need for Speed: The Impact of In-Process Delays on Customer Behavior in Online Retail." Operations Research 71, no. 3 (May–June 2023): 876–894.