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  • 27 Mar 2018
  • First Look

First Look at New Research, March 27, 2018

analysis of tort laws. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=54284 forthcoming Management Science Market Reaction to Mandatory Nonfinancial Disclosure By: Grewal, Jody, Edward J.... View Details
Keywords: Sean Silverthorne
  • 02 Sep 2009
  • Working Paper Summaries

Information Risk and Fair Value: An Examination of Equity Betas and Bid-Ask Spreads

Keywords: by Edward J. Riedl & George Serafeim; Banking
  • 20 Nov 2012
  • Working Paper Summaries

Pay Harmony: Peer Comparison and Executive Compensation

Keywords: by Claudine Gartenberg & Julie Wulf
  • Article

On Derivatives Markets and Social Welfare: A Theory of Empty Voting and Hidden Ownership

By: Jordan M. Barry, John William Hatfield and Scott Duke Kominers
In the past twenty-five years, derivatives markets have grown exponentially. Large, modern derivatives markets increasingly enable investors to hold economic interests in corporations without owning voting rights, and vice versa. This leads to both empty... View Details
Keywords: Voting; Corporate Disclosure; Financial Markets; Ownership
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  • Article

Market Reaction to and Valuation of IFRS Reconciliation Adjustments: First Evidence from the UK

By: Joanne Horton and George Serafeim
We investigate the market reaction to, and the value-relevance of, information contained in the mandatory transitional documents required by International Financial Reporting Standards (IFRS) 1 (2005). We find significant negative abnormal returns for firms reporting... View Details
Keywords: Valuation; Markets; Information; International Finance; Earnings Management; Stock Shares; Taxation; Goodwill Accounting; Price; Financial Reporting; Standards; Corporate Disclosure; United Kingdom
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  • September 2011
  • Article

Information Risk and Fair Value: An Examination of Equity Betas

By: Edward J. Riedl and George Serafeim
Using a sample of U.S. financial institutions, we exploit recent mandatory disclosures of financial instruments designated as fair value level 1, 2, and 3 to test whether greater information risk in financial instrument fair values leads to higher cost of capital. We... View Details
Keywords: Forecasting and Prediction; Assets; Cost of Capital; Financial Institutions; Financial Instruments; Corporate Disclosure; Information; Risk and Uncertainty; Value; United States
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  • Research Summary

Board Independence and the Design of Executive Compensation

In this project, I analyze the compensation decisions of boards of directors. Compensation decisions not only serve to motivate executives, but also affect a board's reputation for independence. Although greater managerial influence over the board has the obvious... View Details
  • 12 Jul 2011
  • First Look

First Look: July 12

in a way that is economically important, has impact on ex ante capital structure choices, and affects welfare. Download the paper: http://www.hbs.edu/research/pdf/10-070.pdf How Firms Respond to Mandatory Information View Details
Keywords: Carmen Nobel
  • 06 Mar 2012
  • First Look

First Look: March 6

positive. Finally, we find that the detrimental effect of pay dispersion is due to worst individual performance, rather than a reduction of team cooperation. Download the paper: http://www.hbs.edu/research/pdf/12-075.pdf How Firms Respond to View Details
Keywords: Sean Silverthorne
  • 21 Jul 2021
  • Research & Ideas

What Does an ESG Score Really Say About a Company?

Receiving more information can clarify the complex, but not when it comes to environmental, social, and governance (ESG) scores. A recent study shows that the more information a company discloses about its ESG practices, the more rating agencies disagree on how well... View Details
Keywords: by Kristen Senz
  • 02 Aug 2021
  • Research & Ideas

What If Closing the Wage Gap Means Everyone Earns Less?

who take an informal approach to salary disclosure and promise to let employees know when others get raises, Cullen says. “If there’s no mandatory disclosure, and the firm says, ‘I promise to keep you... View Details
Keywords: by Avery Forman
  • 01 Jun 2015
  • Research & Ideas

The Surprising Benefits of Oversharing

prone to missing opportunities to form friendships or hire people by unfairly inferring [that] they are untrustworthy," she says. "There may be completely innocuous reasons someone may wish to keep personal information private." Full View Details
Keywords: by Michael Blanding
  • 23 May 2011
  • Research & Ideas

Corporate Sustainability Reporting: It’s Effective

greater, he predicts, if countries followed the example of South Africa and France, which recently expanded their mandatory reporting laws to require that companies report their financial and ESG performance in a single integrated annual... View Details
Keywords: by Michael Blanding
  • 28 Sep 2009
  • Research & Ideas

Improving Accountability at the World Bank

supporters note a number of reforms over the past two decades, including a current review of the Bank's information disclosure policy, and a series of "safeguards" on sensitive issues such as environmental impacts and effects on... View Details
Keywords: by Alnoor Ebrahim
  • 01 Sep 2015
  • First Look

First Look -- September 1, 2015

Mandatory Nonfinancial Performance Measurement Beneficial? By: Gallani, Susanna, Takehisa Kajiwara, and Ranjani Krishnan Abstract—We use value of information theory and examine the effect of regulation requiring View Details
Keywords: Sean Silverthorne
  • 02 Sep 2014
  • First Look

First Look: September 2

the effect of mandatory sustainability reporting on corporate disclosure practices. Specifically, we examine regulations mandating the disclosure of environmental, social, and... View Details
Keywords: Sean Silverthorne
  • 16 May 2017
  • First Look

First Look at New Ideas and Research, May 16

rapidly in importance. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=52634 The Consequences of Mandatory Corporate Sustainability Reporting By: Ioannou, Ioannis, and George Serafeim Abstract—A key aspect of the... View Details
Keywords: Re: Multiple Faculty
  • 13 Mar 2018
  • First Look

March 13, 2018

Consequences of Mandatory Corporate Sustainability Reporting By: Ioannou, Ioannis, and George Serafeim Abstract—A key aspect of the governance process inside organizations and markets is the measurement and View Details
Keywords: Sean Silverthorne
  • 11 Aug 2009
  • First Look

First Look: August 11, 2009

component of bid-ask spreads. We empirically examine these predictions for a sample of large U.S. banks, exploiting recent mandatory disclosures of financial instruments designated as fair value levels 1, 2,... View Details
Keywords: Martha Lagace
  • 15 Nov 2004
  • Research & Ideas

Solving the Health Care Conundrum

care delivery system. By focusing on greater value, the issues of who should be covered (access) and what should be covered will be easier to resolve. While policy changes to require informational disclosure and to align incentives can... View Details
Keywords: by Michael E. Porter; Health

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