Publications

Research Summary

Sell-Side Analysts and Corporate Spinoffs

This study investigates the information content and accuracy of analyst reports written about companies that are about to undertake equity spinoffs. This research is among the first to provide a detailed look at the extent to which analysts evaluate upcoming... View Details

April 1991 (Revised December 1997)
Case

Southland Corp. (A)

By: Richard S. Ruback

Examines the Thompson's $4.9 billion leveraged buyout of the Southland Corp. in 1987. As the original founders of Southland, the Thompsons were concerned about losing control over the company upon learning of the Belzberg family's acquiring interest. The teaching... View Details

Keywords: Leveraged Buyouts; Governance Controls; Corporate Governance; Bids and Bidding; Valuation; Forecasting and Prediction; Management Analysis, Tools, and Techniques; Strategy; Cash Flow

March–April 2013
Article

Vaporware, Suddenware and Trueware: New Product Preannouncements under Market Uncertainty

By: Elie Ofek and Ozge Turut

A firm may want to preannounce its plans to develop a new product in order to stimulate future demand. But given that such communications can affect rivals' incentives to develop the same new product, a firm may decide to preannounce untruthfully in order to deter... View Details

Keywords: Risk and Uncertainty; Announcements; Competition; Product Launch; Product Development

May 2013
Teaching Note

Coca-Cola: Residual Income Valuation

By: Suraj Srinivasan and Edward J. Riedl

Teaching note for a case of the same title that introduces students to the residual income (also known as the abnormal earnings) valuation model using the firm Coca-Cola. Students are provided with the primary financial statements (through fiscal 2010) and forecast... View Details

Keywords: Valuation; United States

Article

Does the Scope of the Sell-Side Analyst Industry Matter? An Examination of Bias, Accuracy, and Information Content of Analyst Reports

By: Kenneth Merkley, Roni Michaely and Joseph Pacelli

We examine changes in the scope of the sell-side analyst industry and whether these changes impact information dissemination and the quality of analysts’ reports. Our findings suggest that changes in the number of analysts covering an industry impact analyst... View Details

Keywords: Analyst Industry; Sell-side Analysts; Analyst Reports; Finance; Analysis; Information; Reports; Quality; Financial Services Industry

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October 2001 (Revised March 2008)
Case

Anagene, Inc.

By: Robert S. Kaplan and Christina L. Darwall

An entrepreneurial, publicly traded biotech company has begun production and sales of its core product--cartridges that permit DNA samples to be analyzed on a microchip. In the early quarters, sales are difficult to forecast and the company has experienced fluctuating... View Details

Keywords: Cost Accounting; Financial Reporting; Production; Performance Capacity; Risk and Uncertainty; Genetics; Governing and Advisory Boards; Biotechnology Industry; California

15 Feb 2021
News

This Is Where the Real Stock Market Bubble Is

25 Mar 2025
HBS Seminar

Lou Shipley, Harvard Business School

July 2001 (Revised March 2002)
Case

Progressive Insurance: Disclosure Strategy

By: Amy P. Hutton and James Weber

Progressive Insurance had refused to play Wall Street's earning game. Progressive didn't manage reported earnings nor did management give guidance to analysts. Management then considered taking their unique disclosure strategy one step further to become the first to... View Details

Keywords: Earnings Management; Stocks; Corporate Disclosure; Insurance; Volatility; Insurance Industry; United States

December 2023
Article

Advances in Power-to-Gas Technologies: Cost and Conversion Efficiency

By: Gunther Glenk, Philip Holler and Stefan Reichelstein

Widespread adoption of hydrogen as an energy carrier is widely believed to require continued advances in Power-to-Gas (PtG) technologies. Here we provide a comprehensive assessment of the dynamics of system prices and conversion efficiency for three currently prevalent... View Details

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13 May 2008
First Look

First Look: May 13, 2008

levels of thinking. Purchase this book: http://harvardbusinessonline.hbsp.harvard.edu/ b01/en/common/item_detail.jhtml?id=2115&referral=2342 Do Buy-Side Analysts Earnings Forecasts Out-Perform Those of the Sell-Side? Authors:Boris... View Details

Keywords: Martha Lagace

November 2012
Exercise

Coca-Cola: Residual Income Valuation Exercise

By: Suraj Srinivasan

The exercise illustrates the use of the residual income (also known as the abnormal earnings) valuation approach. Students are asked to provide a valuation of Coca-Cola Company using the residual income valuation methodology and understand how it maps into the... View Details

Keywords: Business Analysis; Valuation; Residual Income Valuation; Accounting; Financial Accounting; Financial Analysis; Financial Statement Analysis; Financial Statements; Discounted Cash Flows

Research Summary

Supply Chain Inventory Planning

My work studies management decision-making in demand and supply planning contexts with a focus on forecasting and inventory planning decisions. I examine these decision-making processes from both a supply chain (i.e. across firm) and an... View Details

May 1997
Teaching Note

Module Overview: Coordinating and Managing Supply Chains: Matching Supply and Demand TN

By: Ananth Raman

Prepares students to configure operating and distribution systems to provide product (or service) supply to match customer demand. Begins by introducing students to the supply-demand mismatch problem, documenting its significance in many companies, and suggesting ways... View Details

Keywords: Demand and Consumers; Working Capital; Distribution; Cost of Capital; Management Practices and Processes; Supply Chain Management; Forecasting and Prediction; Supply and Industry

April 2005
Article

The Geography of Equity Analysis

By: Christopher J. Malloy

I provide evidence that geographically proximate analysts are more accurate than other analysts. Stock returns immediately surrounding forecast revisions suggest that local analysts impact prices more than other analysts. These effects are strongest for firms located... View Details

Keywords: Geographic Location; Stocks; Investment Return; Forecasting and Prediction; Price; Performance; Equity; Information; Prejudice and Bias; Agency Theory

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June 2018
Case

Forta Furniture: International Expansion

By: John A. Quelch and Karthik Easwar

The Forta Furniture case highlights the need to consider new market expansion to grow a firm. It demonstrates that simply doing what has always been done is not sustainable when other competitors enter the market with differentiated or potentially superior offerings.... View Details

Keywords: Market Entry and Exit; Global Range; Decision Making; Analysis; Cross-Cultural and Cross-Border Issues; Growth and Development Strategy; Brands and Branding; Expansion

January 2017 (Revised August 2017)
Case

Weathernews

By: Karim R. Lakhani and Akiko Kanno

Tomohiro Ishibashi (Bashi), chief executive officer for B to S, and Julia Foote LeStage, chief innovation officer of Weathernews Inc., were addressing a panel at the HBS Digital Summit on creative uses of big data. They told the summit attendees about how the Sakura... View Details

Keywords: Crowdsourcing; Operations; Globalization; Weather; Forecasting and Prediction; Global Strategy

March 2012 (Revised October 2012)
Case

Hayman Capital Management

By: Robin Greenwood, Julie Messina and Jared Dourdeville

In late December 2011, Hayman Capital founder and portfolio manager Kyle Bass was reviewing Japanese government budget projections for 2012. The projections appeared contrary to Hayman Capital's views on Japan, where the fund had built a bearish position. Japan had the... View Details

Keywords: Investment Management; Speculative Bubbles; Japan; Government Policy; Financial Management; Price Bubble; Credit; Financial Strategy; Behavioral Finance; Government and Politics; Macroeconomics; Financial Services Industry; Japan