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Publications

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  • 2012
  • Working Paper

Earnings Management from the Bottom Up: An Analysis of Managerial Incentives Below the CEO

By: Felix Oberholzer-Gee and Julie Wulf
Performance-based pay is an important instrument to align the interests of managers with the interests of shareholders. However, recent evidence suggests that high-powered incentives also provide managers with incentives to manipulate the firm's reported earnings. The... View Details
Keywords: Compensation and Benefits; Interests; Business and Shareholder Relations; Motivation and Incentives; Earnings Management; Performance Evaluation; Stock Options
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  • 2011
  • Working Paper

CEO Bonus Plans: And How to Fix Them

By: Kevin J. Murphy and Michael C. Jensen
Almost all CEO and executive bonus plans have serious design flaws that limit their benefits dramatically. Such poorly designed executive bonus plans destroy value by providing incentives to manipulate the timing of earnings, mislead the board about organizational... View Details
Keywords: Business Earnings; Competency and Skills; Cost of Capital; Executive Compensation; Risk Management; Performance Evaluation; Projects; Motivation and Incentives; Value
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  • 07 Jul 2008
  • Research & Ideas

Innovation Corrupted: How Managers Can Avoid Another Enron

testimonies in court documents, sources that were not yet available for earlier books on Enron. In addition, he interviewed former Enron executives and acquired internal Enron documents, which extended and deepened his research.... View Details
Keywords: by Martha Lagace; Energy; Utilities
  • 30 Aug 2020
  • Working Paper Summaries

Consumers Punish Firms that Cut Employee Pay in Response to COVID-19

Keywords: by Bhavya Mohan, Serena Hagerty, and Michael Norton
  • January 31, 2019
  • Article

The Backlash to Larry Fink's Letter Shows How Far Business Has to Go on Social Responsibility

By: Mark R. Kramer
Larry Fink, CEO of BlackRock, the world’s largest investor with $6 trillion under management, evoked heated controversy with his remarks last week that his company would change its hiring and potentially its compensation structure to advance diversity and ensure that... View Details
Keywords: Diversity; Corporate Social Responsibility and Impact; Mission and Purpose
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    Benjamin C. Esty

    Benjamin Esty is the Roy and Elizabeth Simmons Professor of Business Administration at Harvard Business School. Over the years, he has taught a variety of courses ranging from advanced corporate finance and project finance to competitive strategy and leadership. He... View Details

    Keywords: banking; asset management; investment banking industry; consumer products; shipping; wine; financial services
    • 07 Oct 2014
    • First Look

    First Look: October 7

    Harvard Business School Case 714-519 Bitcoin: The Future of Digital Payments? No abstract available. Purchase this case: http://hbr.org/product/Bitcoin--The-Future-of-Di/an/714519-PDF-ENG Harvard Business School Case 914-052 The Special Master for TARP View Details
    Keywords: Sean Silverthorne
    • 09 Sep 2009
    • Working Paper Summaries

    Perspectives from the Boardroom--2009

    Keywords: by Jay W. Lorsch, Joseph L. Bower, Clayton S. Rose & Suraj Srinivasan
    • 01 May 2006
    • Research & Ideas

    What Companies Lose from Forced Disclosure

    Increased financial disclosure standards on such issues as executive compensation should provide more useful information for investors, policy makers, and regulators. But do the companies themselves benefit?... View Details
    Keywords: by Ann Cullen; Financial Services
    • 09 Jul 2013
    • Research & Ideas

    Catching Up With Boards--Jay Lorsch

    "the top 200 chief executives at public companies with at least $1 billion in revenue got a big pay raise over last year," with a median 2012 compensation package of $15.1 million, up 16 percent... View Details
    Keywords: by Jim Aisner
    • 06 Jan 2003
    • Research & Ideas

    Why Expensing Options Doesn’t Solve the Problem

    sideshow distracting us from deeper flaws in accounting standards, compensation philosophy, and professional standards in the financial services industry. If the advocates of expensing win their small point and the spotlight on corporate... View Details
    Keywords: by William Sahlman

      Jay W. Lorsch

      Jay W. Lorsch is the Louis Kirstein Professor of Human Relations at the Harvard Business School. He is editor of View Details

      • December 2022 (Revised June 2023)
      • Case

      KKR at CHI Overhead Doors (A)

      By: Dennis Campbell and Ethan Rouen
      This case examines the decision by private equity firm KKR to grant equity to every employee at portfolio company CHI Overhead Doors upon purchasing the company in 2015. The case explores whether this initiative will create shared value, growing profits through better... View Details
      Keywords: Performance Improvement; Profit Sharing; Compensation and Benefits; Organizational Culture
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      • 14 Nov 2011
      • Working Paper Summaries

      The Impact of Corporate Sustainability on Organizational Process and Performance

      Keywords: by Robert G. Eccles, Ioannis Ioannou & George Serafeim; Accounting
      • June 2007 (Revised April 2008)
      • Case

      Say on Pay

      By: Jay W. Lorsch, V.G. Narayanan and Alexis Chernak
      Briefly describes the trend in 2006 and 2007 in the United States to give shareholders an advisory vote on executive compensation. Highlights a few examples where shareholders have successfully garnered a majority in support of an advisory vote measure on company proxy... View Details
      Keywords: Voting; Corporate Governance; Governing and Advisory Boards; Executive Compensation; Business and Government Relations; Business and Shareholder Relations; United States
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      • June 2014
      • Article

      Acquirer-Target Social Ties and Merger Outcomes

      By: Joy Ishii and Yuhai Xuan
      This paper investigates the effect of social ties between acquirers and targets on merger performance. Using data on educational background and past employment, we construct a measure of the extent of cross-firm social connection between directors and senior executives... View Details
      Keywords: Mergers; Acquisitions; Social Ties; Social Connections; Mergers and Acquisitions; Relationships; Outcome or Result
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        [Dissertation Research] Bringing Worlds Together: Cultural Brokerage in Multicultural Teams

        My dissertation (2013 Organization Science/ INFORMS Dissertation Proposal Competition Finalist) examines the dynamics and creative performance of multicultural teams. Using both qualitative and quantitative methods, I introduce the concept of "cultural... View Details

          Paul A. Gompers

          Paul Gompers, Professor of Business Administration at the Harvard Business School, specializes in research on financial issues related to start-up, high growth, and newly public companies. Professor Gompers has an appointment in both the View Details
          Keywords: electronics; health care; high technology; information technology industry; investment banking industry; pharmaceuticals; semiconductor; venture capital industry
          • 2004
          • Working Paper

          Are Perks Purely Managerial Excess?

          By: Raghuram G. Rajan and Julie Wulf
          Why do some firms tend to offer executives a variety of perks while others offer none at all? A widespread view in the corporate finance literature is that executive perks are a form of agency or private benefit and a way for managers to misappropriate some of the... View Details
          Keywords: Motivation and Incentives; Performance Productivity; Executive Compensation; Corporate Finance
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          • 21 Nov 2011
          • Lessons from the Classroom

          The New Challenge of Leading Financial Firms

          challenges that an executive can undertake, requiring mastery of talent management, change management, and ethics. “The business today is much more complex than ten or twenty years ago" —Paul M. Healy "The business today is much... View Details
          Keywords: by Carmen Nobel; Financial Services