Publications

Educators

Purchase

16 Jul 2019
News

Many Executives Are Afraid of Finance. Here's How They Can Gain Confidence

Web

Global Impact of the Collapse | Baker Library | Bloomberg Center | Harvard Business School

Lehman Brothers Timeline Sept-Oct 2008 Video-Coverage of the Financial Crisis Download the Exhibition Catalog (PDF) Lehman Brothers Archives Lehman Brothers Deal Books Search Exhibition Lehman Brothers -... View Details

25 Oct 2022
Research & Ideas

Is Baseball Ready to Compete for the Next Generation of Fans?

While football and basketball are now the most popular and financially successful of the four major professional sports leagues, Major League Baseball appears to be rallying. Last week, MLB said revenue for... View Details

Keywords: by Christina Pazzanese, Harvard Gazette; Media & Broadcasting; Sports

21 Dec 2021
Blog Post

The Operational Consequences of Private Equity Buyouts: Evidence from the Restaurant Industry

By: Albert W. Sheen and Shai Bernstein

What, if anything, do private equity firms do with businesses they acquire? We find evidence of significant operational changes in 101 restaurant chain buyouts between 2002 and 2012. Analysis of health inspections conducted for over 50,000 stores in Florida shows that... View Details

Keywords: Safety; Quality; Private Equity; Food; Management Practices and Processes; Leveraged Buyouts; Performance Efficiency; Retail Industry; Food and Beverage Industry; Florida

08 Dec 2010
News

Golden Parachutes and the Wealth of Shareholders

spring 1974
Article

The Optimality of a Competitive Stock Market

By: Robert C. Merton and Marti G. Subrahmanyam

Keywords: Competition; Stocks; Markets

November 1993
Article

The Changing Character of Stock Market Liquidity

By: André Perold and James F. Gammill

Keywords: Stocks; Markets; Financial Liquidity

2022
Working Paper

The Stock Market Value of Human Capital Creation

By: Matthias Regier and Ethan Rouen

We develop a measure of firm-year-specific human capital investment from publicly disclosed personnel expenses (PE) and examine the stock market valuation of this investment. Measuring the future value of PE (PEFV) based on the relation between lagged... View Details

Keywords: Intangibles; Market Valuation; Human Capital; Stocks; Financial Markets; Valuation

SSRN

2017
Working Paper

Why and How Investors Use ESG Information: Evidence from a Global Survey

By: Georgios Serafeim

Using survey data from a sample of senior investment professionals from mainstream (i.e., not SRI funds) investment organizations, we provide insights into why and how investors use reported environmental, social, and governance (ESG) information. The primary reason... View Details

Keywords: Investment Management; Sustainability; ESG; ESG (Environmental, Social, Governance) Performance; Investment Fund; Investment Strategy; Corporate Accountability; Activist Shareholder; Engagement; Environment; Climate Change; Customers; Customer Satisfaction; Employee Engagement; Global Warming; Investment; Decision Making; Environmental Sustainability; Performance Expectations

SSRN

Web

Influence of the China Trade and the Heard Legacy - A Chronicle of the China Trade

of the China Trade Introduction Doing Business with China Augustine Heard & Co. The Canton Trade Commodities & Currencies Treaty Ports & Compradors Clippers & Steamships Exploring Trade Links Chinese Competition Expatriate Traders... View Details

2024
Working Paper

Internal and External Capital Markets of Large Banks

By: Lina Lu, Marco Macchiavelli and Jonathan Wallen

Despite regulatory restrictions, large U.S. bank holding companies have sizable and dynamic internal capital markets. They raise long-term debt at the holding company and deposits at the commercial bank to internally make unsecured loans to affiliated broker-dealers.... View Details

Keywords: Banks and Banking; International Finance; Financial Markets

January 2001
Book Review

Taking the Bias out of Bean Counting

By: Max Bazerman and G. Loewenstein

Keywords: Prejudice and Bias; Accounting

21 Jan 2016
Working Paper Summaries

The Globalization of Angel Investments: Evidence across Countries

Keywords: by Josh Lerner, Antoinette Schoar, Stanislav Sokolinksi & Karen Wilson; Financial Services

06 Aug 2012
News

The high cost of private pension savings

March 2013 (Revised October 2013)
Supplement

Jones Lang LaSalle (2012): Integrated Services and the Architecture of Complexity (D)

By: Ranjay Gulati and Luciana Silvestri

This case describes the strategic and organizational challenges that Jones Lang LaSalle (JLL) faced between 2008 and 2012. In 2008, in order to strengthen the firm's brokerage team, JLL merged with The Staubach Company, a real estate services provider with a first-rate... View Details

Keywords: Organizational Structure; Strategy; Integration; Real Estate Industry; North America; South America; Central America

Purchase

29 Jun 2016
News

Women of Wall Street Tell Their Story

notes. “It’s a great drama that is also an honest, accurate portrayal of Wall Street that happens to be from the women’s point of view.” That isn’t just Munger’s opinion, either. The industry trade paper... View Details

Keywords: Constantine von Hoffman; photography by Chris Taggart; Funds, Trusts, and Other Financial Vehicles; Funds, Trusts, and Other Financial Vehicles

May 2007
Article

Corporate Financing Decisions When Investors Take the Path of Least Resistance

By: Malcolm Baker, Joshua Coval and Jeremy Stein

We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to... View Details

Keywords: Behavior; Investment; Policy; Corporate Finance

Article

Nonbank Lending and Credit Cyclicality

By: Quirin Fleckenstein, Manasa Gopal, German Gutierrez and Sebastian Hillenbrand

We document three facts about nonbank lending in the syndicated loan market. First, nonbank lending is more than twice as cyclical as bank lending. Second, declines in nonbank lending explain most of the declines in syndicated lending during the Great Recession and... View Details

Keywords: Nonbank Lending; Credit Cycles; CLO; Mutual Funds; Leveraged Lending; COVID-19; Great Migration; Non-bank Financial Institutions; Balance and Stability; Financial Institutions; Financing and Loans