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- All HBS Web
(1,622)
- People (2)
- News (311)
- Research (1,142)
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- Faculty Publications (585)
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- January 2011
- Case
Sidoti & Company: Launching a Micro-Cap Product
By: Boris Groysberg, Paul M. Healy and Sarah Abbott
It is 2010 and Sidoti & Company, a New York-based brokerage firm specializing in small capitalization stocks, has just launched a new product- micro cap stock research. The firm has hired a group of five analysts who will produce written research reports on micro-cap... View Details
Keywords: Business Model; Financial Strategy; Product Launch; Strategic Planning; Corporate Strategy; Financial Services Industry; New York (city, NY)
Groysberg, Boris, Paul M. Healy, and Sarah Abbott. "Sidoti & Company: Launching a Micro-Cap Product." Harvard Business School Case 411-072, January 2011.
- 02 Mar 2012
- Working Paper Summaries
Short-Termism, Investor Clientele, and Firm Risk
- Research Summary
Output and asset price fluctuations
What are the sources of business cycles? How are these shocks propagated in the economy? Why are their effects so persistent? How can we explain asset price fluctuations? How are shocks transmitted internationally?To study these questions, I have developed a series... View Details
- Editorial
Why CEOs Should Share Their Long-Term Plans with Investors
By: Christina Rehnberg, George Serafeim and Brian Tomlinson
Rather than requiring less short-term information, the key to combating short-termism is to encourage companies to share more information about their long-term plans. Analysis of companies that have done so suggests that long-term plans are not mere marketing... View Details
Keywords: CEO; Investor Relations; Disclosure; Long-term Growth; Investing; Business and Shareholder Relations; Strategy; Corporate Disclosure
Rehnberg, Christina, George Serafeim, and Brian Tomlinson. "Why CEOs Should Share Their Long-Term Plans with Investors." Harvard Business Review (website) (September 19, 2018).
- August 2024
- Article
Not a One-Trick Pony: Price Impact of Rating Agency Information
By: Michael Machokoto and Anywhere Sikochi
Prior literature on the informational role of credit rating agencies has largely focused on announcements by the rating agencies regarding rating actions. We take a tangent in this paper and examine the relevance of rating agencies' other information disclosures beyond... View Details
Machokoto, Michael, and Anywhere Sikochi. "Not a One-Trick Pony: Price Impact of Rating Agency Information." Art. 111837. Economics Letters 241 (August 2024).
- 17 Oct 2007
- Research & Ideas
Why Global Brands Work
bureaucracy in which regional managers exaggerate the need for local adaptations to defend their turf; and a deteriorating market share, financial performance, and stock price. Fords worldwide should have a... View Details
- August 1992 (Revised June 1993)
- Case
Compania de Telefonos de Chile
By: W. Carl Kester, Enrique Ostale and Charles McHugh La Follette
The newly privatized Chilean telephone company, Compania de Telefonos de Chile (CTC) must raise substantial new funds externally in order to finance its expansion program. This task is complicated by Chile's small, illiquid capital markets and the skeptical view of... View Details
Keywords: Capital Markets; Financing and Loans; Managerial Roles; Privatization; Expansion; Telecommunications Industry; South America; Chile
Kester, W. Carl, Enrique Ostale, and Charles McHugh La Follette. "Compania de Telefonos de Chile." Harvard Business School Case 293-015, August 1992. (Revised June 1993.)
- September 2021 (Revised March 2024)
- Case
Tesla in 2023: 'Electrified' Competition
By: Eric Van den Steen, Ramon Casadesus-Masanell and Karen Elterman
Over its 17 years in existence, Tesla had redefined people’s view of electric cars, and in 2020, the company saw its stock rise by more than 700% to became the most valuable carmaker in the world. In December 2020, Tesla celebrated its fifth consecutive quarter of... View Details
Keywords: Barrier To Entry; Competitive Advantage; Innovation; Tesla; Automotive Industry; Sustainable Competitive Advantage; Values; Vision; Learning By Doing; Economies Of Scale; Electric Vehicle; Scenario Planning; Batteries; Competitive Strategy; Product Positioning; Profit; Competition; Industry Growth; Auto Industry
Van den Steen, Eric, Ramon Casadesus-Masanell, and Karen Elterman. "Tesla in 2023: 'Electrified' Competition." Harvard Business School Case 722-375, September 2021. (Revised March 2024.)
- September 2021 (Revised October 2021)
- Case
Tesla's Uncertain Fate as EV Race Accelerates
By: David Collis and Haisley Wert
By September 2021, Tesla had a staggering market cap of $755 billion. As the leader of the automobile industry, Tesla’s worth surpassed that of the six largest runner-ups combined, including Toyota, Volkswagen, BYD, Daimler, Great Wall Motors, and General Motors. As... View Details
Keywords: Electric Vehicles; Strategy; Corporate Strategy; Valuation; Competitive Advantage; Value Creation; Auto Industry
Collis, David, and Haisley Wert. "Tesla's Uncertain Fate as EV Race Accelerates." Harvard Business School Case 722-368, September 2021. (Revised October 2021.)
- July 2009 (Revised June 2015)
- Case
Citigroup's Exchange Offer
By: Robin Greenwood and James Quinn
Citigroup faced considerable distress in early 2009. In late 2008, the bank had accepted $45 billion in preferred equity from the United States government via the Troubled Assets Relief Program (TARP). Yet, the stock had continued to slide in early 2009. In late... View Details
Keywords: Financial Crisis; Capital Markets; Banks and Banking; Stocks; Price; Globalized Markets and Industries; Financial Services Industry
Greenwood, Robin, and James Quinn. "Citigroup's Exchange Offer." Harvard Business School Case 210-009, July 2009. (Revised June 2015.)
- September 2016
- Article
Disproportional Control Rights and the Bonding Role of Debt
By: Aiyesha Dey, Valeri Nikolaev and Xue Wang
We examine the governance role of debt in the context of U.S.-based dual class ownership structures. We hypothesize that the use of debt alleviates the conflict between shareholder classes by balancing the power of controlling insiders. We document that dual class... View Details
Keywords: Dual Class; Private Debt; Debt Covenants; Bonding Mechanisms; Ownership Type; Capital Structure; Borrowing and Debt
Dey, Aiyesha, Valeri Nikolaev, and Xue Wang. "Disproportional Control Rights and the Bonding Role of Debt." Management Science 62, no. 9 (September 2016): 2581–2614.
- November 2021 (Revised January 2024)
- Case
The Global Great Depression, 1929-1939
By: Alberto Cavallo, Sophus A. Reinert and Federica Gabrieli
The Great Depression was, by far, the worst economic contraction of the twentieth century, and some of the most important ideas about both fiscal and monetary policy in the second half of the century were developed in response to it. The economic collapse, which... View Details
Keywords: Great Depression; Economic Conditions; Unemployment; Homelessness; Financial Crisis; History; Economy; Policy; Poverty; Social Issues; Economic Slowdown and Stagnation
Cavallo, Alberto, Sophus A. Reinert, and Federica Gabrieli. "The Global Great Depression, 1929-1939." Harvard Business School Case 722-034, November 2021. (Revised January 2024.)
- January 2008 (Revised July 2009)
- Case
Forecasting the Great Depression
What is proper role of professional economic forecasting in financial decision making? The case presents excerpts from three leading economic forecasters on the eve of, and just after, the stock market crash of October 1929. The first set of excerpts is from Roger... View Details
Keywords: History; Mathematical Methods; Personal Development and Career; Forecasting and Prediction; Financial Crisis
Friedman, Walter A. "Forecasting the Great Depression." Harvard Business School Case 708-046, January 2008. (Revised July 2009.)
- September 1999 (Revised April 2000)
- Case
Novell: World's Largest Network Software Company
By: Richard L. Nolan
After phenomenal growth and market leadership in networking, founder and CEO Ray Noorda made a frontal assault on Microsoft's core strengths. In 1994, Noorda spend over $1.5 billion acquiring companies such as WordPerfect to combat Microsoft Word, products such as... View Details
Keywords: Information Infrastructure; Applications and Software; Competition; Internet and the Web; Strategic Planning; Corporate Strategy; Information Technology Industry
Nolan, Richard L. "Novell: World's Largest Network Software Company." Harvard Business School Case 300-038, September 1999. (Revised April 2000.)
- January 2019 (Revised February 2020)
- Case
Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG
By: George Serafeim
In the fall of 2018, Hiro Mizuno, the Chief Investment Officer (CIO) of GPIF, the Japanese Government Pension Fund, was reflecting on his efforts to integrate Environmental, Social and Governance (ESG) issues into every aspect of GPIF’s portfolio. His efforts ranged... View Details
Keywords: Pension Funds; ESG (Environmental, Social, Governance) Performance; Investment Funds; Environmental Sustainability; Social Issues; Governance; Leading Change; Economy; Performance Improvement; Japan
Henderson, Rebecca, George Serafeim, Josh Lerner, and Naoko Jinjo. "Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG." Harvard Business School Case 319-067, January 2019. (Revised February 2020.)
- 2015
- Working Paper
The Probability of Rare Disasters: Estimation and Implications
By: Emil Siriwardane
I analyze a rare disasters economy that yields a measure of the risk neutral probability of a macroeconomic disaster, p*t. A large panel of options data provides strong evidence that p*t is the single factor driving option-implied jump risk measures in the cross... View Details
Siriwardane, Emil. "The Probability of Rare Disasters: Estimation and Implications." Harvard Business School Working Paper, No. 16-061, November 2015.
- 05 Jul 2017
- Research & Ideas
Are Stockbrokers Illegally Leaking Confidential Information to Favored Clients?
investors” “Our findings highlight that an important source of returns for fund managers in the stock market is not their superior skill or investment acumen,” the authors write. “Rather, some managers... View Details
- 2018
- Working Paper
Global Portfolio Diversification for Long-Horizon Investors
By: Luis M. Viceira and Zixuan (Kevin) Wang
This paper conducts a theoretical and empirical investigation of global portfolio diversification for long-horizon investors in the presence of permanent cash flow shocks and transitory discount rate shocks to asset prices and returns. An increase in the cross-country... View Details
Keywords: Investment Portfolio; Risk and Uncertainty; Diversification; Capital Markets; Global Range
Viceira, Luis M., and Zixuan (Kevin) Wang. "Global Portfolio Diversification for Long-Horizon Investors." Harvard Business School Working Paper, No. 17-085, March 2017. (Revised July 2018.)
- September 2002 (Revised October 2002)
- Case
Corporate Inversions: Stanley Works and the Lure of Tax Havens
By: Mihir A. Desai, James R. Hines, Jr and Mark Veblen
In response to Stanley Work's announcement that it is moving to Bermuda--and the associated jump in market value--a major competitor sets out to determine how the market is valuing the consequences of moving to a tax haven and whether his company should invert to a tax... View Details
Keywords: Financial Management; Taxation; Financial Strategy; Credit Derivatives and Swaps; International Finance; Valuation; Financial Markets; Financial Statements; United States
Desai, Mihir A., James R. Hines, Jr, and Mark Veblen. "Corporate Inversions: Stanley Works and the Lure of Tax Havens." Harvard Business School Case 203-008, September 2002. (Revised October 2002.)
- August 2004
- Article
Appearing and Disappearing Dividends: The Link to Catering Incentives
By: Malcolm Baker and Jeffrey Wurgler
We document a close link between fluctuations in the propensity to pay dividends and catering incentives. First, we use the methodology of Fama and French (J. Finan. Econ. (2001)) to identify a total of four distinct trends in the propensity to pay dividends... View Details
Keywords: Dividends; Payout Policy; Catering; Dividend Premium; Investor Sentiment; Investment Return; Motivation and Incentives; Trends; Stocks; Financial Services Industry
Baker, Malcolm, and Jeffrey Wurgler. "Appearing and Disappearing Dividends: The Link to Catering Incentives." Journal of Financial Economics 73, no. 2 (August 2004): 271–288.