Publications

Web

Finance & Investing - Business & Environment

Pension Investment Fund (GPIF): Incorporating Climate Risk in Investment Decisions Uncovering and Pricing Climate Risk in Long-Term Investments... View Details

July 2015 (Revised March 2021)
Case

Proxy Contest at DuPont

By: Jay W. Lorsch and Emily McTague

On January 9, 2015, Nelson Peltz of Trian Fund Management launched a proxy fight for four out of the twelve seats on the DuPont board. The fund had previously published a public letter addressed to shareholders outlining its proposal to break the company into three... View Details

Keywords: Board Of Directors; Hedge Fund; Activist Investing; Activist Investors; Proxy Fight; Corporate Governance; Governing and Advisory Boards; Investment Activism; Chemical Industry; United States

Educators

2008
Working Paper

Attracting Flows by Attracting Big Clients: Conflicts of Interest and Mutual Fund Portfolio Choice

By: Lauren Cohen and Breno Schmidt

We explore a new channel for attracting inflows using a unique dataset of corporate 401(k) retirement plans and their mutual fund family trustees. Families secure substantial inflows by being named trustee of a 401(k) plan. This affords the plan sponsor potential... View Details

Keywords: Investment Funds; Investment Portfolio; Conflict of Interests; Financial Services Industry

2011
Working Paper

Tax Policy and the Efficiency of U.S. Direct Investment Abroad

By: Mihir A. Desai, C. Fritz Foley and James R. Hines Jr.

Deferral of U.S. taxes on foreign source income is commonly characterized as a subsidy to foreign investment, as reflected in its inclusion among "tax expenditures" and occasional calls for its repeal. This paper analyzes the extent to which tax deferral and other... View Details

Keywords: Cash Flow; Investment Return; Foreign Direct Investment; Investment Funds; Policy; Taxation; United States

17 Jan 2013
News

Social Impact Investing Will Be the New Venture Capital

July 2017 (Revised November 2017)
Case

Media Markets Down South: Goldman Sachs' Investment in Grupo Clarín

By: Rafael Di Tella, Jose Liberti and Sarah McAra

Founded in 1945, Grupo Clarín expanded over several decades to become Argentina’s largest media conglomerate. With leading positions in newspapers, broadcast television, broadcast radio, cable television, and Internet services, Grupo Clarín caught the attention of... View Details

Keywords: Media; Business and Government Relations; Risk and Uncertainty; Initial Public Offering; Investment; Journalism and News Industry; Media and Broadcasting Industry; Argentina

Educators

08 Sep 2003
Research & Ideas

A Bold Proposal for Investment Reform

critical look at companies' financial statements. Stock exchanges could fund the cost of audits through a modest transactions charge. Q: In your article you argue that the availability of high quality information is crucial to an... View Details

Keywords: by Ann Cullen; Financial Services

21 Dec 2016
Blog Post

Why We Recruit: CPP Investment Board

at approximately $300 billion (CDN), CPPIB is a professional investment management organization that globally invests the funds of the Canada Pension Plan to help ensure its... View Details

Article

Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements

By: Malcolm Baker, Lubomir Litov, Jessica Wachter and Jeffrey Wurgler

We consider measures of stock-picking skill of mutual fund managers based on the earnings announcement returns of the stocks that they hold and trade. Relative to standard approaches, this approach focuses on an especially informative subset of the returns data,... View Details

Keywords: Competency and Skills; Stocks; Investment Return; Investment Funds; Earnings Management

Find at Harvard

2023
Working Paper

Competition and Speculation in Cryptocurrencies

By: Alex A. Wu and Justin Katz

We examine how mutual fund managers' performance incentives generated speculative demand during the 2020-2022 cryptocurrency boom and bust. Managers with strong relative performance incentives began investing in crypto after their competitors began investing in it,... View Details

Keywords: Cryptocurrency; Mutual Funds; Competition; Investment; Decision Making

14 Nov 2019
News

Bond Investors Rely on Morningstar Fund Ratings. A Study Questions Their Accuracy.

31 Mar 2020
Blog Post

Know Your Audience – Recruiting HBS Students for Investment Management

from hedge funds and mutual funds to alternative investments and passive investing. While only 4% of the class enters investment management after... View Details

Keywords: Investment Management / Hedge Fund

2018
Working Paper

The Impact of Pensions and Insurance on Global Yield Curves

By: Robin Greenwood and Annette Vissing-Jorgensen

We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the ratio of pension assets (in... View Details

Keywords: Pension Funds; Investment Funds; Insurance; Assets; Interest Rates; Bonds

SSRN

Article

Tax Policy and the Efficiency of U.S. Direct Investment Abroad

By: Mihir A. Desai, C. Fritz Foley and James R. Hines Jr.

Deferral of U.S. taxes on foreign source income is commonly characterized as a subsidy to foreign investment, as reflected in its inclusion among "tax expenditures" and occasional calls for its repeal. This paper analyzes the extent to which tax deferral and other... View Details

Keywords: International Taxation; Dynamic Efficiency; Deferral; Policy; Taxation; Performance Efficiency; Foreign Direct Investment; Investment Funds; Investment Return; Business Earnings; Equity; Financing and Loans; Cash Flow; Capital; United States

SSRN

Find at Harvard

22 Jul 2020
Blog Post

Why We Started the HBS Black Investment Club

on my own journey this year with the Black Investment Club and reminded me why I was so determined to get this initiative off the ground before leaving HBS. BIRTH OF AN IDEA In the fall of 2019, during my second year of business school, I... View Details

25 Apr 2014
News

Bringing a new funding model to the life sciences industry

Andrew Farquharson (MBA 1999) wants to change the landscape for biomedical financing. The cofounder of VentureHealth, an online funding platform based in Silicon Valley, Farquharson leverages deals with investors who want access to... View Details

August 2022
Case

Southwick Social Ventures

By: Henry McGee, Mel Martin and Amy Klopfenstein

In 2021, the HBS Impact Investment Fund student team had found a promising potential investment in Southwick Social Ventures (SSV), a worker and management-owned trouser manufacturer. With a 100% immigrant workforce, the co-operative was focused on reviving... View Details

Keywords: Impact Investing; Entrepreneurship; Social Entrepreneurship; Finance; Investment; Goods and Commodities; Manufacturing Industry; United States; Massachusetts

Educators