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  • 25 Jun 2015
  • News

Responsible investment: Vice versus nice

  • 2007
  • Working Paper

Interpersonal Authority in a Theory of the Firm

By: Eric J. Van den Steen
This paper develops a theory of the firm in which a firm's centralized asset ownership and low-powered incentives give a manager 'interpersonal authority' over employees (in a world with differing priors). The paper derives such interpersonal authority as... View Details
Keywords: Governance Controls; Employee Relationship Management; Managerial Roles; Motivation and Incentives; Boundaries; Theory
Related
  • November 2007 (Revised August 2009)
  • Case

WL Ross & Co. and INVESCO

Wilbur Ross has built a successful private equity firm focused on distressed investing, WL Ross & Co. In 2006, INVESCO, an asset management company, approaches him about acquiring his firm. INVESCO has had weak performance in recent years and is looking to increase its... View Details
Keywords: Private Equity; Decision Choices and Conditions; Investment; Acquisition; Financial Services Industry
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    Lauren H. Cohen

    Lauren Cohen is the L.E. Simmons Professor in the Finance & Entrepreneurial Management Units at Harvard Business School and a Research Associate at the National Bureau of Economic Research. He is an Editor of the Review of Financial... View Details

    Keywords: asset management; asset management; asset management; asset management; asset management; asset management

      Samuel G. Hanson

      Samuel G. Hanson is the William L. White Professor of Business Administration at Harvard Business School, a Research Associate at the National Bureau of Economic Research, and a Faculty Affiliate of the Harvard Economics department. He teaches Finance 1... View Details

      Keywords: asset management; asset management; asset management; asset management; asset management; asset management
      • August 2011 (Revised July 2012)
      • Case

      Mike Mayo Takes on Citigroup (A)

      By: Suraj Srinivasan and Amy Kaser
      The case details the conflict between Mike Mayo, an influential banking analyst and Citigroup about what Mayo considers aggressive accounting policies. Mike Mayo questions Citigroup's lack of a valuation allowance against their Deferred Tax Assets despite Citi's recent... View Details
      Keywords: Accounting; Taxation; Capital; Financial Reporting; Corporate Disclosure; Valuation; Banks and Banking; Financial Strategy; Money; Conflict Management; Capital Budgeting; Asset Management; Banking Industry
      Related
      • 2009
      • Book

      Financial Economics

      By: Zvi Bodie, Robert C. Merton and David L. Cleeton
      This book seeks to explain finance through its functions rather than its institutions, concentrating on the three pillars of finance: optimization over time, asset valuation, and risk management. View Details
      Keywords: Economics; Finance; Assets; Risk Management; Risk and Uncertainty; Valuation
      Related
      • June 2021
      • Case

      The Canada Pension Plan Investment Board (CPP Investments): April 2021

      By: Josh Lerner, Reza Satchu and Alys Ferragamo
      The Canada Pension Plan Investment Board (CPPIB) is one of the largest pools of investment capital in the world and follows a rigorous “Total Portfolio Framework” in its approach to investment management. In April of 2021, John Graham was just two months into his role... View Details
      Keywords: Pension Funds; Investment Strategy; Capital Markets; Financial Strategy; Investment; Asset Management; Financial Institutions; Private Equity; Growth and Development Strategy; Investment Portfolio; Assets; Financial Markets; Financial Services Industry; Canada
      Related
      • 13 May 2016
      • News

      The finance sector is awash in pain, which could well be gain for the US economy

        The Growth of Finance

        The U.S. financial services industry grew from 4.9% of GDP in 1980 to 7.9% of GDP in 2007. A sizeable portion of the growth can be explained by rising asset management fees, which in turn were driven by increases in the valuation of tradable assets, particularly... View Details
        • November 2023 (Revised April 2024)
        • Case

        Celsius Network Inc.: Fear, Uncertainty, and Doubt in the Brave New World of Crypto Bankruptcy

        By: Stuart C. Gilson and Sarah L. Abbott
        In July 2022, Celsius Network filed for Chapter 11 bankruptcy. CEO Alex Mashinsky acknowledged that Celsius had grown its assets “faster than the Company was prepared to deploy [them]” and as a result had made “certain poor asset deployment decisions.” Two months after... View Details
        Keywords: Cryptocurrency; Chapter 11; Restructuring; Insolvency and Bankruptcy; Asset Management; Acquisition; Borrowing and Debt; Financial Services Industry; United States
        Related
        • 23 Apr 2019
        • Video

        Totodi Technologies Final Pitch New Venture Competition 2019 Alumni Track

        • Research Summary

        Working on third edition of textbook on the fund industry

        The book explains how mutual funds and other collective investment vehicles are organized, how they manage your money,  and how they are marketed to investors.  It also addresses the internationalization of funds in terms of global investing and global... View Details

        • March 2010
        • Article

        Interpersonal Authority in a Theory of the Firm

        By: Eric J. Van den Steen
        This paper develops a theory of the firm in which a firm's centralized asset ownership and low-powered incentives give the manager, as an equilibrium outcome, interpersonal authority over employees (in a world with open disagreement). The paper thus provides... View Details
        Keywords: Theory; Assets; Ownership; Motivation and Incentives; Governance Controls; Power and Influence; Projects; Perspective; Employees
        Related
        • December 2003 (Revised October 2006)
        • Case

        Maverick Capital

        By: Andre F. Perold, Chris McIsaac and Marc Ricks
        Maverick Capital, a $7 billion hedge fund, faced a number of long-term strategic questions, particularly the issue of growth. With all of its assets invested with one strategy, Maverick was already managing more capital in a dedicated approach than any hedge fund in... View Details
        Keywords: Assets; Capital; Stocks; Financial Strategy; Investment Funds; Investment Portfolio; Growth and Development Strategy
        Related
        • October 1996 (Revised December 1997)
        • Case

        American Cyanamid (A): Boardroom Response to a Hostile Takeover Offer

        American Home Products' (AHP) $9 billion hostile takeover of American Cyanamid (Cyanamid) was the largest mergers and-acquistions transaction in 1994, and made AHP the fourth largest pharmaceutical firm in the United States. At the time of AHP's offer, Cyanamid had... View Details
        Keywords: Governing and Advisory Boards; Mergers and Acquisitions; Corporate Governance; Pharmaceutical Industry; United States
        Related
        • Career Coach

        Phil Wong

        healthcare startup), Korgo (Principal, startup hedge fund), Pacific Alternative Asset Management Company (Director and Portfolio Manager, fund of hedge funds), HSBC (Associate, investment banking) View Details
        Keywords: Investment Management; Investment Management; Investment Management; Investment Management; Investment Management; Investment Management; Investment Management; Investment Management; Investment Management; Investment Management; Investment Management; Investment Management; Investment Management; Investment Management
        • March 1998 (Revised November 2004)
        • Case

        FAG Kugelfischer-A German Restructuring

        By: Stuart C. Gilson
        A large German manufacturer of ball bearings and precision machinery experiences severe financial difficulty brought on by poor management practices, an ill-conceived acquisition of a former East German ball-bearings company, and an industry recession. The company... View Details
        Keywords: Accounting; Acquisition; Restructuring; Economic Slowdown and Stagnation; Machinery and Machining; Policy; Resignation and Termination; Management Practices and Processes; Performance Evaluation; Business and Shareholder Relations; Business and Stakeholder Relations; Europe; Germany; United States
        Related
        • October 2011 (Revised July 2012)
        • Case

        ATR KimEng Financial Corporation

        By: Li Jin, Michael Shih-ta Chen and Dawn Lau
        ATR KimEng is a Philippino asset management business. It is making an important decision on its own strategy going forward: should it stay independent, or be taken over by a large bank in the region. Through this case, we discuss the financial service industry in South... View Details
        Keywords: Asset Management; Mergers and Acquisitions; Capital Markets; Investment; Financial Services Industry; Philippines
        Related
        • May 2013
        • Case

        Bridgewater Associates

        By: Jeffrey T. Polzer and Heidi K. Gardner
        Bridgewater Associates was the world's largest hedge fund with approximately $120 billion in assets under management in mid-2012, and its leaders attribute its record-beating performance to the firm's culture of "radical transparency." The founder, Ray Dalio, was... View Details
        Keywords: Management Style; Motivation and Incentives; Management Practices and Processes; Organizational Culture; Performance; Leadership Style; Investment; Financial Services Industry
        Related