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  • May 2007
  • Article

Corporate Financing Decisions When Investors Take the Path of Least Resistance

By: Malcolm Baker, Joshua Coval and Jeremy Stein
We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to... View Details
Keywords: Behavior; Investment; Policy; Corporate Finance
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  • 2005
  • Other Unpublished Work

Corporate Financing Decisions When Investors Take the Path of Least Resistance

By: Malcolm Baker, Joshua Coval and Jeremy Stein
We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to... View Details
Keywords: Decisions; Behavior; Stocks; Mergers and Acquisitions; Policy; Investment; Financial Institutions; Equity; Corporate Finance
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  • 08 Aug 2012
  • Working Paper Summaries

Monetary Policy and Long-Term Real Rates

Keywords: by Samuel G. Hanson & Jeremy C. Stein
  • 2016
  • Working Paper

Credit Migration and Covered Interest Rate Parity

By: Gordon Y Liao
I document economically large and persistent discrepancies in the pricing of credit risk between corporate bonds denominated in different currencies. The discrepancies amount to 50-100 basis points on trillions of dollars of debt notional. I relate this violation of... View Details
Keywords: Market Segmentation; Debt Issuance; Covered Interest Rate Parity; Cross-currency Basis; Credit Risk; Financial Markets; Credit
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  • March 2024 (Revised April 2024)
  • Case

Angel City Football Club: Scoring a New Model

By: Jeffrey F. Rayport, Jennifer Fonstad and Nicole Tempest Keller
In January 2024, Kara Nortman, Julie Uhrman, and Natalie Portman, the founders of Angel City Football Club (ACFC) were developing the club’s first three-year strategic plan. Founded in 2020, ACFC had a star-studded investor group, including Portman and celebrities such... View Details
Keywords: Sports; Entertainment; Entrepreneurship; Brands and Branding; Venture Capital; Business Model; Corporate Strategy; Digital Marketing; Sports Industry; Entertainment and Recreation Industry; United States; California; Los Angeles
Related
  • 06 Jan 2014
  • Working Paper Summaries

Mechanisms of Technology Re-Emergence and Identity Change in a Mature Field: Swiss Watchmaking, 1970-2008

Keywords: by Ryan Raffaelli; Consumer Products; Apparel & Accessories; Fashion
  • Web

Behavioral Finance & Financial Stability

Financial Sector More Info The Impact of Pensions and Insurance on Global Yield Curves By: Robin Greenwood & Annette Vissing-Jorgensen JUN 2018 In this NBER working paper, researchers from the Behavioral Finance and Financial Stability... View Details
  • 05 Jul 2022
  • What Do You Think?

Have We Seen the Peak of Just-in-Time Inventory Management?

those days, there was fascination with air freight and the trade-off of inventory and transportation costs—as in spending more for air transport in order to spend less on owning inventory, thereby optimizing what we called the “total cost curve.” (I can still draw... View Details
Keywords: by James Heskett; Manufacturing; Shipping; Transportation
  • 01 Dec 2023
  • News

Thinking Ahead

As we wind down 2023, there’s talk everywhere of generative AI and how it will fundamentally alter the world as we know it; but how does that translate for your corner of the business world? Is TikTok something you need to take seriously? (Is it time to dance?) We... View Details
Keywords: Julia Hanna; Illustrations by Chris Gash; News, Library, Internet, and Other Services; Information
  • 30 May 2023
  • Research & Ideas

Can AI Predict Whether Shoppers Would Pick Crest or Colgate?

mean and the distribution around that, and then look at the overall shape of what we get, and determine whether we are actually getting something that looks like a realistic demand curve or not,” Israeli... View Details
Keywords: by Kristen Senz
  • 06 Jan 2014
  • Research & Ideas

Technology Re-Emergence: Creating New Value for Old Innovations

the country was producing only 10 percent of the world's watches. Yet Switzerland has reemerged as the global leader of watch exports (by export value), due to a newfound market demand for old-style mechanical watches. This curious... View Details
Keywords: by Carmen Nobel; Apparel & Accessories; Technology; Consumer Products
  • 26 Jun 2018
  • First Look

New Research and Ideas, June 26, 2018

linked to the regulatory discount curve. When regulators reduce the dependence of the regulatory discount curve on a particular security, P&I demand for the security falls and its yield increases. We... View Details
Keywords: Dina Gerdeman
  • Web

Research - Behavioral Finance & Financial Stability

Finance and Financial Stability Initiative evaluate the demand for long term government bonds from Pension and Insurance companies. Regulatory changes are used to provide collaborating evidence that the curvature of the yield View Details
  • 08 Aug 2005
  • Research & Ideas

A Balanced Scorecard Approach To Measure Customer Profitability

profitable to least profitable (loss). The vertical axis represents cumulative customer profitability. The shape of the curve in Figure 1 occurs in virtually every customer profitability study ever done, in which 15 percent to 20 percent... View Details
Keywords: by Robert S. Kaplan
  • 01 Feb 2021
  • What Do You Think?

Has the New Economy Finally Arrived?

contributed to what came to be regarded as a target unemployment rate, with anything less causing excessive inflation. At one time, many economists thought this to be as high as 6 percent. The Phillips curve has taken its lumps over the... View Details
Keywords: by James Heskett
  • 07 May 2020
  • Research & Ideas

The One Good Thing Caused by COVID-19: Innovation

pandemic. An increase in risk perception makes consumers more willing to pay for safety features, which, in turn, provides producers greater incentives to develop and commercialize technologies that address consumers' demands for safety.... View Details
Keywords: by Hong Luo and Alberto Galasso
  • Web

Business Economics Online Course | HBS Online

Different Visual Representation of WTP Elasticity Featured Exercise Construct supply and demand curves for individuals and markets and analyze the impact of market changes 12 hrs Module 2 Strategies for... View Details
  • 18 Aug 2003
  • Research & Ideas

How New Managers Become Great Managers

an individual's values are not consistent with those of the company, the compromises demanded may be considerable. Besides, becoming a credible leader of others when acting out an inauthentic self is very hard.8 The best assignments from... View Details
Keywords: by Linda Hill
  • 12 Nov 2021
  • News

Alumni Business Leaders on Confronting the Climate Change Challenge

reliably meet the demand generated by these evolving clean energy technologies. These are but a few of the many opportunities corporate leadership will need to bring into its deliberations on strategy and resource allocation. Also, in... View Details
  • 16 Aug 2010
  • Lessons from the Classroom

HBS Introduces Marketing Analysis Tools for Managers

it is often one of the hardest. Pricing decisions require managers to understand how sensitive consumer demand is to changes in price. This requires constructing and interpreting a demand View Details
Keywords: by Sarah Jane Gilbert