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  • 2019
  • Chapter

Return on Invested Capital (ROIC)

By: Carliss Y. Baldwin
Return on invested capital (ROIC) is a financial measure of the profitability of a firm or business unit. If it is greater than the business's cost of capital, then reinvestment of earnings increases shareholder VALUE. The ROIC also determines a maximum self-sustaining... View Details
Keywords: Capital Efficiency; Dupont Analysis; Financial Metrics; Schumpeterian Competition; Sustainable Growth; Competitive Advantage; Financial Strategy; Resource Allocation; Valuation; Value Creation
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    Richard S. Ruback

    Richard S. Ruback is a Baker Foundation Professor and the Willard Prescott Smith Professor of Corporate Finance, Emeritus at the Harvard Business School. He is currently focusing his research in applied corporate finance, especially... View Details

    • 03 Nov 2003
    • What Do You Think?

    Can Investors Have Too Much Accounting Transparency?

    insiders of the insider's equity..." Several respondents suggested the need for a careful approach to the issue of greater transparency. E. Smith asked, "Do investors care about immaterial smoothing [of earnings]? I do not believe so. It is when ... View Details
    Keywords: by James Heskett
    • Article

    Investing in Distressed Situations: A Market Survey

    By: S. C. Gilson
    The risks of investing in distressed companies—a practice popularly known as "vulture" investing—are highly firm specific and idiosyncratic. Investors who are adept at managing these risks, who understand the legal rules that must be followed in corporate bankruptcy,... View Details
    Keywords: Investment; Markets
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      Leslie K. John

      Leslie K. John is a Professor of Business Administration at Harvard Business School. Currently, she teaches on the topics of Negotiation, Marketing and Behavioral Economics in various Executive Education courses, including in the Program for Leadership Development.... View Details

      Keywords: diet services; health care; internet; marketing industry
      • August 2016
      • Article

      The Activities of Buy-Side Analysts and the Determinants of Their Stock Recommendations

      By: Lawrence D. Brown, Andrew C. Call, Michael B. Clement and Nathan Y. Sharp
      We survey 344 buy-side analysts from 181 investment firms and conduct 16 detailed follow-up interviews to gain insights into the activities of buy-side analysts, including the determinants of their compensation, the inputs to their stock recommendations, their beliefs... View Details
      Keywords: Analysis; Human Capital; Compensation and Benefits; Stocks; Financial Services Industry
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        David A. Moss

        David Moss is the Paul Whiton Cherington Professor at Harvard Business School, where he teaches in the Business, Government, and the International Economy (BGIE) unit. He earned his B.A. from Cornell University and his Ph.D. from Yale.  In 1992-1993, he served as a... View Details

        Keywords: banking; credit card; federal government; financial services; health care; insurance industry; state government

          Julian De Freitas

          Julian De Freitas is an Assistant Professor of Business Administration in the Marketing Unit, and Director of the Ethical Intelligence Lab, at Harvard Business School. He earned his PhD in psychology from Harvard, masters from Oxford, and BA from Yale. He teaches... View Details

          Keywords: advertising; automotive; consumer products; e-commerce industry; insurance industry; marketing industry; nonprofit industry; software; transportation; video games
          • March 1996 (Revised July 1996)
          • Case

          Service Corporation International

          By: Benjamin C. Esty and Craig F Schreiber
          The CFO of a high-growth company in the low-growth and fragmented funeral services industry must decide how to optimize capital structure and earnings growth while maximizing the company's market value. View Details
          Keywords: Financial Management; Value Creation; Business Growth and Maturation; Consolidation; Industry Growth; Capital Structure; Expansion; Service Industry; United States; North and Central America
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          • 2016
          • Article

          Cloaked Trading

          By: Lauren Cohen, Dong Lou and Christopher J. Malloy
          Using a novel, proprietary database of micro-level trading activities by asset managers, we show strong evidence of asset managers engaging in strategic trading in order to “cloak” their most valuable trades. This takes the form, for instance, of a manager who sells... View Details
          Keywords: Strategic Trading; Information; Asset Management; Investment
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          • 14 Nov 2019
          • HBS Seminar

          Volodymyr Babich, Georgetown University

            Zhongming Jiang

            Zhongming Jiang is a first-year Ph.D. student in Marketing (Quantitative) at Harvard Business School. His research focuses on developing methodologies for Customer Relationship Management (CRM) that enable personalized interventions, dynamic customer... View Details

              David Ager

              David Ager is a Senior Lecturer in Executive Education.  He engages CEOs, CHROs, and their teams to design and deliver customized executive development experiences for executive, senior and high potential leaders.  The companies hail from diverse sectors including... View Details

              • 18 Apr 2014
              • HBS Seminar

              Pian Shu, Harvard Business School

              • 2016
              • Working Paper

              Managers' Cultural Background and Disclosure Attributes

              By: Francois Brochet, Gregory S. Miller, Patricia Naranjo and Gwen Yu
              We examine how a manager’s ethnic cultural background affects managers’ communication with investors. Using a sample of earnings conference calls transcripts with 26,430 executives from 42 countries, we find that managers from ethnic groups that have a more... View Details
              Keywords: Disclosure Tone; Individualism; Conference Calls; Ethnic Group; Management Style; Communication Intention and Meaning; Ethnicity; Corporate Disclosure; Financial Reporting
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                George Serafeim

                George Serafeim is the Charles M. Williams Professor of Business Administration at Harvard Business School. He co-leads a Lab, within Harvard's Digital, Data, Design Institute, and serves on the faculty steering commitee of Harvard University's Salata Institute. He... View Details

                Keywords: asset management; asset management; asset management; asset management; asset management; asset management; asset management
                • 2023
                • Working Paper

                The Stock Market and Bank Risk-Taking

                By: David S. Scharfstein and Antonio Falato
                Using confidential supervisory risk ratings, we document that banks increase risk after they go public compared to a control group of banks that filed to go public but withdrew their filings for plausibly exogenous reasons. The increase in risk increases short-term... View Details
                Keywords: Risk and Uncertainty; Banks and Banking; Going Public; Performance; Stocks
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                  Richard L. Nolan

                  Professor Nolan earned his B.A. from the University of Washington in Production and Operations Research in 1962, and his M.B.A and Ph.D. in 1963 and 1966, respectively. Upon graduation in 1966, he joined Boeing Commercial Airplane Company as an Information... View Details

                  Keywords: aerospace; information technology industry; internet
                  • November 2012 (Revised August 2013)
                  • Case

                  A Politician in a Leather Suit and the Paradox of Japanese Capitalism

                  By: Karthik Ramanna and Matthew Shaffer
                  Two lost decades later, capitalism in Japan embodies peculiar contradictions—preserving wealth and social stability in the face of declining economic power. Scant transparency in Japanese corporate practices plays an important role in this phenomenon. Sometimes... View Details
                  Keywords: Crime and Corruption; Economic Systems; Economic Slowdown and Stagnation; Fairness; Values and Beliefs; Corporate Accountability; Corporate Governance; Civil Society or Community; Japan; Tokyo
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                  • February 2006 (Revised October 2006)
                  • Case

                  The Children's Investment Fund, 2005

                  By: Randolph B. Cohen and Joshua B. Sandbulte
                  TCI, The Children's Investment Fund, is a London-based hedge fund. The firm donates a significant fraction of the fees it earns to a charitable foundation. In 2005, TCI took a large stake in Deutsche Borse, the stock exchange in Frankfurt. Its battle with management... View Details
                  Keywords: Value Creation; Financial Markets; Investment Activism; Philanthropy and Charitable Giving; Financial Services Industry; London; Germany
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