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- All HBS Web (602)
- Faculty Publications (230)
- 01 Sep 2009
- News
Faculty Books
Kanter contends that vanguard companies deliver what their customers want better than their competitors do, thereby providing the financial success shareholders demand and the social conscience demanded by the new generation of managers.... View Details
- 01 Dec 2009
- News
Hope for Reform Dims
declared. “That caused the credit markets worldwide to seize up. The system went into a state of shock.” With Lehman’s abrupt demise, Thain suddenly faced the possibility that his own troubled firm, Merrill Lynch, could be next. “To... View Details
- 18 Jul 2005
- Research & Ideas
Time to Rethink the Corporate Tax System?
inversions are often not greeted with a positive price reaction. In short, the view that tax avoidance is simply a net transfer of value from the state to shareholders is complicated by the agency problem... View Details
Keywords: by Ann Cullen
- 01 Mar 2006
- News
The Real Conflict
shareholders — compared with 8-plus percent for its customers. It is worth adding that this shareholder surplus would be completely wiped out if Wal-Mart’s million-plus employees were to receive a... View Details
- Article
Does the Law and Finance Hypothesis Pass the Test of History?
By: Aldo Musacchio and John D. Turner
For the body of work known as the law and finance literature, the development of
financial markets and the concentration of ownership across countries is to a large
extent the consequence of the legal system nations created or inherited decades or
hundreds of years... View Details
Keywords: Finance; Business History; Financial Markets; Financial History; Business and Shareholder Relations; Law; Financial Services Industry; United States; United Kingdom; Brazil
Musacchio, Aldo, and John D. Turner. "Does the Law and Finance Hypothesis Pass the Test of History?" Special Issue on Law and Finance: A Business History Perspective. Business History 55, no. 4 (June 2013): 524–542.
- 01 Apr 2001
- News
Ed Tian: Boardroom Revolutionary
myself. That sounds very simple, but it’s actually very difficult to do in China.” In addition, the top executives have a stake in the venture through stock options — another innovation. “That’s a very significant step for a Chinese state... View Details
- 22 Sep 2015
- News
Giving Kids a Better Chance
lot of the skills that we learn here at [HBS] are very relevant to improving public schools. The fun part is that it's not just about making money. Our output isn't shareholder return. Our output is giving a lot of kids a chance at a... View Details
- 01 Sep 2003
- What Do You Think?
To Whom Should Boards be Accountable?
Summing Up "It is pretty clear to me to whom the board is accountable: the shareholders."—J. W. Penland "When the board deviates from long- and short-term shareholder interests as it has recently done in some instances, it... View Details
Keywords: by James Heskett
- 01 Apr 2001
- News
Edwin Yu: Bidding on the Future
Raised in Seoul, Yu came to the United States when he was 13. After majoring in computer science in college and following a stint as an engineer, he returned home and reclaimed his Korean nationality. Knowing that he wanted to become a... View Details
- 01 Oct 2020
- What Do You Think?
Are CEOs the Wrong Leaders for Stakeholder Capitalism?
has enough leverage to practice it. Boards of directors play an important role in championing the cause of stakeholders of all kinds. DF in AZ put it this way: “If a company promises a fundamental shift towards shareholder capitalism but... View Details
Keywords: by James Heskett
- 05 May 2003
- Research & Ideas
Sharing the Responsibility of Corporate Governance
should consider not only the possibility that those laws might later be tightened, and applied retroactively (as has been the case in the United States with respect to CERCLA), to require costly cleanups that will adversely affect View Details
Keywords: by Carla Tishler
- 2025
- Working Paper
The Political Polarization of Corporate America
By: Vyacheslav Fos, Elisabeth Kempf and Margarita Tsoutsoura
U.S. executives are increasingly segregating by political party. We establish this new fact using
political affiliations from voter registration records for top executives of S&P 1500 firms between
2008 and 2022. We identify key drivers of this trend, including... View Details
Keywords: Political Polarization; Partisanship; Executives; Government and Politics; Business and Shareholder Relations; United States
Fos, Vyacheslav, Elisabeth Kempf, and Margarita Tsoutsoura. "The Political Polarization of Corporate America." Harvard Business School Working Paper, No. 23-003, July 2022. (Revised March 2025.)
- 01 Sep 2006
- News
Private Sector and Public Interest Meet at Global Leadership Forum
the unique juncture at which the United States now finds itself, with many speakers urging their audience to get involved in the issues of the day. The event also featured some twenty sessions led by HBS faculty on a variety of subjects... View Details
- 02 Sep 2008
- First Look
First Look: September 3, 2008
spillover effects. In the domain of private politics, shareholder resolutions filed against a firm, and against others in its industry, increase its propensity to acquiesce to these shareholder requests.... View Details
Keywords: Sean Silverthorne
- 22 Sep 2003
- Research & Ideas
When Protestors Knock at Your Door
making them a more influential lever in many cases than states." Also intriguing is the "passion and tenacity with which NGO members and activists pursue their interests. They dedicate (and, in certain cases, risk) their lives to alter some aspect of View Details
Keywords: by Cynthia Churchwell
- 17 Nov 2015
- Lessons from the Classroom
How Activist Investors Became Respectable
online well before any regulatory filing disclosed his holdings in the company. These tactics may have been designed for drama, but the investment strategy and its scale are nothing unusual today. Activist shareholders and the hedge funds... View Details
- 01 Jun 1998
- News
Long-Term Interest: Bill Crozier, a Banker Pegged to the Customer
union of the two banks with an eye to the horizon. "Some years ago, BayBanks might have been seen as big enough to represent the northeastern United States adequately," Crozier explains. "But then so many large mergers started coming... View Details
Keywords: Eileen K. McCluskey
- 01 Sep 2009
- News
Executive Pay: Onward & Upward
departing executives soon become common practice. 1990 To better align executive pay with shareholder returns, academics — led by HBS professor Michael Jensen — and activists urge greater use of stock options. During the bull market years... View Details
- Web
Field Course: Managing Family Wealth: A FIELD Immersion - Course Catalog
the nature of the project, focused on existing or frontier-exploratory solutions. Examples might include: Outlining shareholder division in a succession plan, forming a philanthropic strategy, or exploring investment into crypto-assets. A... View Details
- 01 Dec 2007
- News
How Business Schools Lost Their Way
contemporary state is in many ways antithetical to the goals of professional education itself,” writes Khurana. The excerpts that follow trace business schools from their early idealism to the more recent abandonment of their... View Details