Publications
Publications
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- All HBS Web
(1,863)
- Faculty Publications (353)
- Spring 2013
- Article
Does Mandatory IFRS Adoption Improve the Information Environment?
By: Joanne Horton, George Serafeim and Ioanna Serafeim
We examine the effect of mandatory International Financial Reporting Standards (IFRS) adoption on firms' information environment. We find that after mandatory IFRS adoption, consensus forecast errors decrease for firms that mandatorily adopt IFRS relative to forecast... View Details
- December 2012 (Revised October 2013)
- Case
Developing the Materiality Matrix at Telefónica
By: Robert G. Eccles, George Serafeim and Asun Cano-Escoriaza
Telefónica, one of the largest telecommunication companies in the world and headquartered in Spain, has been issuing a corporate sustainability report since 2002. In its 2011 Sustainability report, the company included a "materiality matrix," and was one of only five... View Details
- December 2012
- Article
What Drives Corporate Social Performance? The Role of Nation-level Institutions
By: Ioannis Ioannou and George Serafeim
Based on Whitley's "National Business Systems" (NBS) institutional framework (Whitley 1997, 1999), we theorize about and empirically investigate the impact of nation-level institutions on firms' corporate social performance (CSP). Using a sample of firms from 42... View Details
- November 30, 2012
- Article
Vast Pools of Money Still Ignore Sustainable Investing
By: Michael Baldinger, Robert G. Eccles and George Serafeim
- November 2012
- Article
What Makes Analysts Say 'Buy'?
- September 11, 2012
- Article
Top 1,000 Companies Wield Power Reserved for Nations
By: Robert G. Eccles and George Serafeim
- September 2012 (Revised March 2013)
- Teaching Note
Ultimate Fighting Championship: License to Operate (A) & (B) (TN)
By: George Serafeim
The case describes the challenges that Ultimate Fighting Championship faced as a result of regulatory opposition and loss of the license to operate. The genesis of the business idea, the subsequent growth, and the fall of the UFC are described. The case concludes with... View Details
- August 2012 (Revised March 2013)
- Teaching Note
Foxconn Technology Group (A) and (B) (TN)
By: Robert G. Eccles and George Serafeim
- Summer 2012
- Article
How to Become a Sustainable Company
By: Robert G. Eccles, Kathleen Miller Perkins and George Serafeim
Using field and survey data we identify the characteristics of sustainable companies, and we develop a two-stage model that can help companies develop a culture of innovation, trust, and the ability for transformational change. View Details
- 2012
- Article
Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs
By: Mozaffar N. Khan, Leonid Kogan and George Serafeim
In tests of the equity market timing theory of external finance, the prior literature has used overvaluation identifiers such as high market-to-book and high prior returns that are likely correlated with other determinants of SEOs. We use price pressure resulting from... View Details
- 2013
- Working Paper
FIN Around the World: The Contribution of Financing Activity to Profitability
By: Russell Lundholm, George Serafeim and Gwen Yu
We study how the availability of domestic credit influences the contribution that financing activities make to a firm's return on equity (ROE). Using a sample of 51,866 firms from 69 countries, we find that financing activities contribute more to a firm's ROE in... View Details
- July 23, 2012
- Article
Companies and Investors Should See More of Each Other
By: Robert G. Eccles and George Serafeim
Company executives and institutional asset managers are increasingly working sustainability into their strategy and operations. Similarly, institutional asset managers are doing the same in constructing their portfolios. Yet both groups are doing this relatively... View Details
- June 2012
- Article
Brasil: uma sociedade sustentável. [Brazil: A Sustainable Society]
By: Robert G. Eccles, George Serafeim and Jorge Amar
- 2012
- Chapter
Capturing the Link between Non-financial and Financial Performance in One Space
By: Robert G. Eccles, Jess Schulschenk and George Serafeim
- June 2012
- Article
Short Termism: Don't Blame the Investors
By: Francois Brochet, George Serafeim and Maria Loumioti
The article presents research on executives and corporation investor relations. A study is conducted of the language used by executives in conference calls discussing earnings with investors and financial analysts. A correlation was found between the use of language... View Details
- May 2012
- Article
Measuring the Prevalence of Questionable Research Practices with Incentives for Truth-telling
By: Leslie K. John, George Loewenstein and Drazen Prelec
Cases of clear scientific misconduct have received significant media attention recently, but less flagrant transgressions of research norms may be more prevalent and in the long run more damaging to the academic enterprise. We surveyed over 2,000 psychologists about... View Details
- April–May 2012
- Article
Resources or Power? Implications of Social Networks on Compensation and Firm Performance
By: Joanne Horton, Yuval Millo and George Serafeim
Using a sample of 4,278 listed UK firms, we construct a social network of directorship-interlocks that comprises 31,495 directors. We use social capital theory and techniques developed in social network analysis to measure a director's connectedness and investigate... View Details
- April 2012
- Article
The Impact of Relative Standards on the Propensity to Disclose
By: Alessandro Acquisti, Leslie John and George Loewenstein
Two sets of studies illustrate the comparative nature of disclosure behavior. The first set investigates how divulgence is affected by signals about others' readiness to divulge. Study 1A shows a "herding" effect, such that survey respondents are more willing to... View Details
- Spring 2012
- Article
The Need for Sector-Specific Materiality and Sustainability Reporting Standards
By: Robert G. Eccles, Michael P. Krzus, Jean Rogers and George Serafeim
Even though the supply of sustainability information has increased considerably in the last decade, companies are still failing to disclose material information in a comparable format. We believe this has two downsides. On the one hand, companies are not adequately... View Details
- February 2012
- Case
First Quantum Minerals vs. Eurasian Natural Resources
By: George Serafeim
The case describes the battle between First Quantum Mineral (FQM) and Eurasian Resources over mines in Democratic Republic of Congo (DRC). After FQM's license to operate was revoked by the government of the DRC, Eurasian bought the rights over the mines that were... View Details