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  • March 2005
  • Article

Short- and Long-term Demand Curves for Stocks: Theory and Evidence on the Dynamics of Arbitrage

By: Robin Greenwood
I develop a framework to analyze demand curves for multiple risky securities at extended horizons in a setting with limits-to-arbitrage. Following an unexpected change in uninformed investor demand for several assets, I predict returns of each security to be... View Details
Keywords: Limits To Arbitrage; Event Studies; Demand Curves; Portfolio Choice; Framework; Demand and Consumers; Change; Risk and Uncertainty; Debt Securities; Forecasting and Prediction; Stocks; Assets; Investment Portfolio; System Shocks; Price; Japan
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  • December 1999 (Revised November 2001)
  • Background Note

Note on Private Equity Securities, A

By: G. Felda Hardymon and Josh Lerner
Provides an overview of the primary securities used in private equity, their structures, and the economic motivation behind their designs. View Details
Keywords: Design; Private Equity; Debt Securities; Industry Structures; Motivation and Incentives
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  • July 2003 (Revised February 2004)
  • Background Note

M&A Legal Context: Standards Related to the Sale or Purchase of a Company

By: Carliss Y. Baldwin, Constance E. Bagley and James Quinn
Introduces students to the legal standards affecting officers and directors when selling or purchasing a company. Provides a practical understanding of the Revlon Standard, the Securities and Exchange Act of 1934, Rule 10b-5, and the legal criteria for a cause of... View Details
Keywords: Laws and Statutes; Law Enforcement; Government Legislation; Acquisition; Business Exit or Shutdown; Corporate Governance; Going Public; Courts and Trials
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  • June 2013
  • Article

Are There Too Many Safe Securities? Securitization and the Incentives for Information Production

By: Samuel G. Hanson and Adi Sunderam
We present a model that helps explain several past collapses of securitization markets. Originators issue too many informationally insensitive securities in good times, blunting investor incentives to become informed. The resulting endogenous scarcity of informed... View Details
Keywords: Information; Debt Securities; Financial Crisis
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    Jonas Heese

    Jonas Heese is a Professor of Business Administration in the Accounting & Management (A&M) Unit at Harvard Business School.He serves as a course head of Financial Reporting and Control in the MBA core curriculum and teaches The Anatomy of... View Details

    • 03 Sep 2020
    • Op-Ed

    Why American Health Care Needs Its Own SEC

    see which clinicians, hospitals, insurers, and others provide the best value." Even if the Trump rules hold up, they cannot provide the full accounting of prices and outcomes the health care system needs. For that, the United States needs a health care analog of... View Details
    Keywords: by Regina E. Herzlinger; Health
    • October 2018 (Revised August 2019)
    • Case

    Everybody Knows: Russia and the Election

    By: Rawi Abdelal, Rafael Di Tella and Galit Goldstein
    Following a contentious presidential race, Donald Trump’s 2016 election destabilized America’s status quo. Academics, journalists, politicians and the public at large examined why Trump had won. Many Americans, inside and outside the government, asserted that a... View Details
    Keywords: Strategic Industry; Strategic Alliances (Business); Business And Government; Business And Public Policy; Business And Society; Media Businesses; Media Content; Media Slant; Media Regulation; Internet Of Everything; Government Policy; Politics; Political Campaigns; Political Strategy; Political Turmoil; Government; Government Regulation; Security; International Business; International Relations; National Security; Political Elections; News; Media; Internet and the Web; Rights; Problems and Challenges; Globalization; Business and Community Relations; Business and Government Relations; Government Legislation; Risk and Uncertainty; Cognition and Thinking; Conflict and Resolution; Identity; Civil Society or Community; Culture; Public Opinion; Social Issues; War; Social Media; Public Administration Industry; United States; Russia
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    • 2021
    • Working Paper

    Elusive Safety: The New Geography of Capital Flows and Risk

    By: Laura Alfaro, Ester Faia, Ruth Judson and Tim Schmidt-Eisenlohr
    A confidential dataset with industry-level disaggregation of U.S. cross-border claims and liabilities, shows U.S. securities to be increasingly intermediated by tax-haven-financial-centers (THFC) and less regulated funds. These securities are risky, in... View Details
    Keywords: Tax Havens; Financial Centers; Geography Of Flows; Profit Shifting; Tax Avoidance; Risk; Safe Assets; Hetergeneous Firms; Endogenous Entry; Endogenous Monitoring; Regulatory Arbitrage; Assets; Safety; Risk and Uncertainty; Capital; Global Range
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    • 02 Mar 2016
    • What Do You Think?

    Is Apple’s Real Privacy Challenge Technology Innovation Itself?

    Is the Discussion of Infotech Security versus Privacy a Waste of Time? Summing Up Discussion of this month’s question devolved into a debate about the usual issues: privacy versus security, Apple versus the FBI, citizens versus their... View Details
    Keywords: by James Heskett; Technology
    • 24 Mar 2002
    • Lessons from the Classroom

    Case Study: A Lesson in Private Venture Financing

    financing private ventures, it can also offer unique rewards. Harvard Business School associate professor Walter Kuemmerle highlighted some of the issues confronting entrepreneurs and investors in a case discussion on Gray Security... View Details
    Keywords: by Julia Hanna
    • August 2005 (Revised August 2006)
    • Case

    Grupo Martica

    Grupo Martica commissions a computer security expert to conduct an audit of its systems, network, and processes. This audit reveals that Martica is quite vulnerable, and the company's de facto CIO must decide what steps to take to improve security. He wonders how... View Details
    Keywords: Safety; Information Infrastructure; Information Technology; Information Infrastructure; Complexity
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    • 9 AM – 10 AM EDT, 07 Aug 2019
    • HBS Online

    HBS Online Negotiation Mastery

    Hone your negotiation skills with analytical tools, interpersonal techniques, and real-world practice to secure maximum value for yourself and your organization. Program Dates: August 7, 2019 - October 2, 2019 View Details
    • July 1997 (Revised February 1998)
    • Case

    Aladdin Knowledge Systems

    By: John A. Quelch
    The founder, president, and CEO of a leading software security company has just announced the $5.1 million cash acquisition of a key competitor. As a result, his company becomes the market share leader in Europe and number two in the United States. But now, he and the... View Details
    Keywords: Distribution; Marketing; Applications and Software; Globalization; Acquisition; Sales; Information Technology Industry; United States; Europe
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    • 04 Aug 2023
    • Blog Post

    Aaron Sabin (MS/MBA 2023): Engineering a Climate Change Solution by Cutting the Cost of Carbon Capture

    closing window of opportunity to secure a livable and sustainable future for all.” To keep temperature rise to 1.5°C and avoid a cascade of climatological catastrophes—flood, drought, famine, disease, species extinction, and many, many... View Details
    • June 2025
    • Case

    Crossing Borders, Dividing Politics: U.S. Immigration Policy and Political Polarization

    By: Marco Tabellini and Alexis Lefort
    This case explores the history and political dynamics of U.S. immigration policy, focusing on its evolution from the 18th century to 2025. It traces key legislative milestones, such as the 1965 Immigration and Nationality Act, DACA, and the 2025 Laken Riley Act,... View Details
    Keywords: Immigration; National Security; Government Legislation; United States
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    • February 2015 (Revised March 2016)
    • Case

    China Shenhua Energy Company

    By: Forest L. Reinhardt, G. A. Donovan and Keith Chi-ho Wong
    A leading Chinese energy firm, active in coal mining and electric power generation, analyzes coal-to-liquids technology in light of energy security and environmental concerns. View Details
    Keywords: Environment; China; CO2; Coal Mining; Electricity; Sustainability; Energy; Strategy; Business and Government Relations; Energy Generation; Energy Sources; Environmental Sustainability; Energy Industry; Utilities Industry; China; Asia
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    • February 2016 (Revised April 2020)
    • Case

    In the Name of Democracy? The Rise and Decline of India's Congress Party

    By: Akshay Mangla and Jonathan Schlefer
    In 1950 it looked highly doubtful that Indian democracy would hold—typical family income was $6 a month, only about 15% of the population was literate, there were deep religious and ethnic differences, and more than a dozen national languages were spoken. But after a... View Details
    Keywords: Congress Party; Economic Development; Democratization; Economic Reform; Economic Systems; Government and Politics; Developing Countries and Economies; Development Economics; India
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    • November 2012
    • Teaching Note

    Brink's Company: Activists Push for a Spin-off (TN)

    By: Suraj Srinivasan
    The case this Teaching Note addresses studies the decision of the security services company Brink's Corporation to spin off its home security division from the rest of the company. The decision followed intense pressure on the company by three activist hedge funds that... View Details
    Keywords: Activist Investors; Spin-off; Leveraged Recapitalization; Debt; Hedge Funds; Conglomerates; Valuation; Restructuring; Accounting; Business Strategy; Investment Activism; Service Industry
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      Ria Sen

      Ria is a JD/PhD student at Harvard Law School and Harvard Business School. At HLS, she was a John M. Olin Fellow and the winner of the 2021 Victor Brudney Writing Prize. She previously studied Economics and Mathematics at Columbia University, where she was nominated... View Details

      • January 2016 (Revised January 2019)
      • Case

      The Allergan Board Under Fire (A)

      By: Lynn S. Paine, Suraj Srinivasan, John C. Coates and David Lane
      In 2014, the Allergan Inc. board of directors received a surprise takeover offer from Valeant Pharmaceuticals in alliance with hedge fund activist Bill Ackman's Pershing Square Capital Management. In the unprecedented arrangement between an acquirer and a hedge fund... View Details
      Keywords: Allergan, Inc.; Valeant; Ackman; Pershing Square; Tender Offer; Activist Investors; Business Models; R＆D; Board Of Directors; Securities Litigation; Acquisition Strategy; Takeover Defenses; Hedge Funds; Shareholder Rights; Proxy Contest; Shareholder Special Meetings; Legal Issues In Contested Takeovers; Governing and Advisory Boards; Mergers and Acquisitions; Corporate Governance; Management Teams; Business and Shareholder Relations; Pharmaceutical Industry
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