Publications

July 2009 (Revised May 2010)
Case

The Millennium Challenge Corporation and Ghana

By: Alnoor Ebrahim and V. Kasturi Rangan

A U.S. government agency, the Millennium Challenge Corporation (MCC), provides aid to developing countries, focusing on poverty reduction through economic growth. It measures results through an economic rate of return based on increases in farmer incomes anticipated... View Details

Keywords: Developing Countries and Economies; Economic Growth; Investment Return; Measurement and Metrics; Welfare; Ghana; United States

13 Oct 2010
Research & Ideas

How Government can Discourage Private Sector Reliance on Short-Term Debt

corporations back off and issue short-term instead. We called this "gap-filling," in the sense that firms fill in the gaps created by government View Details

Keywords: by Staff; Financial Services

2014
Working Paper

Opting Out of Good Governance

By: C. Fritz Foley, Paul Goldsmith-Pinkham, Jonathan Greenstein and Eric Zwick

Cross-listing on a U.S. exchange does not bond foreign firms to follow the corporate governance rules of that exchange. Hand-collected data show that 80% of cross-listed firms opt out of at least one exchange governance rule, instead committing to observe the rules of... View Details

Keywords: Financial Markets; Globalization; Corporate Governance

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February 2014 (Revised October 2019)
Case

Should Corporate Profits Be Taxed? (A)

By: Matthew Weinzierl, Katrina Flanagan and Michael Cianellli

Taxing corporations is popular, but why? Corporations do not bear the burden of taxes, people do, and the incidence of the corporate income tax burden is likely to be far different from what many of its supporters assume.
Instructors may also obtain a Teaching... View Details

Keywords: Economic Versus Statutory Incidence; Basics Of Corporate Taxation; Business Ventures; Taxation; Profit

24 Nov 2020
Working Paper Summaries

Accounting for Product Impact in the Consumer Finance Industry

Keywords: by George Serafeim and Katie Trinh; Financial Services

2015
Chapter

Thirty Years of Evolution in the Roles of Institutional Investors in Corporate Governance

By: John C. Coates

This chapter presents evidence that shifts in the composition and roles of institutions have been at least as important, if not more so, than aggregate increases in institutional ownership. Over the past 30 years, institutions have come to play more varied roles in... View Details

2018
Working Paper

Corporate Refinancing, Covenants, and the Agency Cost of Debt

By: Daniel Green

How valuable are restrictive debt covenants in reducing the agency costs of debt? I exploit the revealed preference decision to refinance fixed-coupon bonds, which weighs observable interest rate savings against the unobservable costs of a change in restrictive... View Details

Keywords: Covenants; Refinancing; Corporate Bonds; Agency Costs; Debt Policy; Borrowing and Debt; Bonds; Interest Rates

06 Aug 2020
News

Interview with Professor Regina Herzlinger on Balancing Entrepreneurship and Corporate Governance with a Prominent Academic Career

August 6, 2020
Blog Post

Interview with Professor Regina Herzlinger on Balancing Entrepreneurship and Corporate Governance with a Prominent Academic Career

By: Regina E. Herzlinger and Jared Mueller

December 2001 (Revised April 2003)
Case

Financing PPL Corporation's Growth Strategy

By: Benjamin C. Esty and Carrie Ferman

PPL Corp., an electric utility in Pennsylvania, needs to finance $1 billion of peaking plants as part of its new growth strategy. In February 2001, Steve May, director of finance for PPL's Global Division, is responsible for recommending a finance plan. After... View Details

Keywords: Financial Management; Financial Instruments; Project Finance; Financial Strategy; Corporate Finance; Leasing

29 Jul 2011
Working Paper Summaries

Who Is Governing Whom? Senior Managers, Governance and the Structure of Generosity in Large U.S. Firms

Keywords: by Christopher Marquis & Matthew Lee

November 1997 (Revised May 2001)
Background Note

Introduction to Entrepreneurial Finance

By: Paul A. Gompers

Presents an overview of the issues covered in Entrepreneurial Finance. The frameworks of analysis as well as themes of the course are covered. Additionally, provides references on entrepreneurial finance from both academics and the popular press. View Details

Keywords: Entrepreneurship; Corporate Finance

Book Review

Review of Corporate Governance and Firm Organization: Microfoundations and Structural Forms edited by Anna Grandori. Oxford University Press, 2004

By: A. Zelleke

Keywords: Corporate Governance; Information; Organizations

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2024
Working Paper

Corporate Culture Homogeneity and Top Executive Incentive Design: Evidence from CEO Compensation Contracts

By: Dennis Campbell, Ruidi Shang and Zhifang Zhang

We examine how corporate cultures characterized by high degrees of homogeneity in the underlying values and beliefs of organizational members are related to the design of CEO incentive compensation contracts. We argue that culture homogeneity within firms lowers... View Details

Keywords: Corporate Culture; Compensation Design; Accounting; Management Control; Incentive Systems; Organizational Culture; Job Design and Levels; Governance; Executive Compensation; Motivation and Incentives

31 Aug 2020
Research & Ideas

State and Local Governments Peer Into the Pandemic Abyss

can explain over 660,000 of the state and local government jobs lost in April, about two-thirds of the total observed declines.” In their research, Green, an assistant professor in the View Details

Keywords: by Kristen Senz

September 2004 (Revised April 2005)
Background Note

Note on Individual and Corporate Liability

By: Lynn S. Paine

Answers some of the most common questions managers ask about potential corporate and individual liability for corporate misconduct under U.S. law. Describes a few general principles of liability that managers should be aware of. A rewritten version of an earlier note. View Details

Keywords: Corporate Accountability; Legal Liability

June 2016
Supplement

Supply Chain Finance at Procter & Gamble Spreadsheet Supplement

By: Benjamin C. Esty, Scott Mayfield and David Lane

In April 2013, Procter & Gamble (P&G), the world’s largest consumer packaged goods (CPG) company, announced that it would extend its payment terms to suppliers by 30 days. At the same time, P&G announced a new supply chain financing (SCF) program giving suppliers the... View Details

Article

A Critical Examination of Corporate Environmental and Social Impact Measurement and Valuation

By: Judith Stroehle, Ali Aslan Gümüşay, Laura Marie Edinger-Schons, Amyn Vogel, Alnoor Ebrahim, Andreas Rasche, Andrew King, Ken Pucker, Richard Barker, Juliane Reinecke, Giovanna Michelon, Stuart Cooper, Dror Etzion, Karim Harji, Marya Besharov, Colin Mayer, Nien-hê Hsieh and Emma van den Terrell

The assignment of monetary values to a company's impact on society and the natural environment promises much. At the same time, this endeavor would benefit from addressing three prior ethical considerations: 1) determining responsibility to clarify attribution of... View Details

Keywords: ESG; Social Impact; Impact Accounting; Corporate Responsibility; Impact Measurement; Corporate Social Responsibility and Impact; Ethics; Valuation; Corporate Accountability