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- All HBS Web (138)
- Faculty Publications (90)
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- 2012
- Working Paper
Putting Integrity into Finance: A Purely Positive Approach
By: Werner Erhard and Michael C. Jensen
We summarize our new positive theory of integrity that has no normative content, and argue that there are large gains from putting integrity into finance—into both the theory and practice of finance. We define integrity as being whole and complete and unbroken. We... View Details
Erhard, Werner, and Michael C. Jensen. "Putting Integrity into Finance: A Purely Positive Approach." Harvard Business School Working Paper, No. 12-074, April 2012. (NBER Working Paper Series, No. 19986, April 2014.)
- 05 Jul 2016
- First Look
July 5, 2016
July–August 2016 Harvard Business Review Beyond the Holacracy Hype: The Overwrought Claims—and Actual Promise—of the Next Generation of Self-Managed Teams By: Bernstein, Ethan, John Bunch, Niko Canner, and Michael Lee Abstract—Holacracy... View Details
Keywords: Sean Silverthorne
- 09 May 2017
- What Do You Think?
Should Management Be Primarily Responsible to Shareholders?
owners of a corporation, professional managers and directors are their agents, primarily responsible for carrying out their wishes and creating value for them. This idea was further developed in a 1976 article by Michael View Details
Keywords: by James Heskett
- 1994
- Chapter
The Agency Costs of Free Cash Flow: Corporate Finance and Takeovers
By: Michael Jensen
Jensen, Michael. "The Agency Costs of Free Cash Flow: Corporate Finance and Takeovers." In Management Buy-Outs, edited by Mike Wright and Keith Bradley, series editor, pp. 3–9. International Library of Management. England and Vermont: Dartmouth Publishing, 1994. (Also in AER, Vol. 76, No. 2 (May, 1986); abridged in Simon Management Rev, (Win, 1986); & forthcoming in Jensen, Management Revolution: The Legacy of the Market for Corporate Control, Harvard University Press.)
- 1984
- Chapter
Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
By: Michael Jensen and William H. Meckling
Jensen, Michael, and William H. Meckling. "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure." In The Modern Theory of Corporate Finance, edited by Michael C. Jensen and Clifford H. Smith Jr.. McGraw-Hill, 1984. (Also in Economics of Corporation Law & Securities Regulation, Posner & Scott, Eds, (Little Brown,1980); Jensen, Foundations of Organizational Strategy, (HUP, 1998); & Theory of the Firm. . . (HUP, 2000) and JFE.)
- 2009
- Working Paper
Integrity: Without It Nothing Works
By: Michael C. Jensen
There is confusion between integrity, morality and ethics. In our much longer paper on the topic (see "Integrity: A Positive Model that Incorporates the Normative Phenomena of Morality, Ethics and Legality" (available at http://ssrn.com/abstract=920625)) my co-authors,... View Details
- 26 Oct 2010
- First Look
First Look: October 26, 2010
PublicationsSelling to Many Countries—Within the U.S. Authors:Frank V. Cespedes and Michael Wong Publication:MIT Sloan Management Review 52, no. 1 (fall 2010) Abstract In pursuing growth, many companies have plans to sell to emerging... View Details
Keywords: Sean Silverthorne
- 17 Apr 2012
- First Look
First Look: April 17
thus leading to capital market benefits by reducing insiders' ability to exploit private information. Download the paper: http://www.hbs.edu/research/pdf/11-109.pdf Putting Integrity into Finance: A Purely Positive Approach Authors:Werner Erhard and View Details
Keywords: Carmen Nobel
- 2010
- Working Paper
Being a Leader and the Effective Exercise of Leadership: An Ontological Model (PDF File of PowerPoint Slides)
By: Werner Erhard, Michael C. Jensen and Kari Granger
This presentation is based on our research program over the last seven years in which our objective has been to rigorously distinguish leader and leadership and to create a technology for providing access to being a leader and exercising leadership effectively (in... View Details
Keywords: Curriculum and Courses; Innovation and Invention; Leadership Development; Goals and Objectives; Research and Development; Attitudes; Perception; Technology; United States
Erhard, Werner, Michael C. Jensen, and Kari Granger. "Being a Leader and the Effective Exercise of Leadership: An Ontological Model (PDF File of PowerPoint Slides)." Harvard Business School Working Paper, No. 09-124, October 2010.
- 1972
- Chapter
The Capital Asset Pricing Model: Some Empirical Tests
By: Fischer Black, Michael C. Jensen and Myron Scholes
Black, Fischer, Michael C. Jensen, and Myron Scholes. "The Capital Asset Pricing Model: Some Empirical Tests." In Studies in the Theory of Capital Markets, edited by M. C. Jensen. New York: Praeger, 1972.
- 2010
- Working Paper
Integrity: A Positive Model That Incorporates the Normative Phenomena of Morality, Ethics, and Legality Abridged
By: Werner H. Erhard, Michael C. Jensen and Steve Zaffron
We present a positive model of integrity that, as we distinguish and define integrity, provides powerful access to increased performance for individuals, groups, organizations, and societies. Our model reveals the causal link between integrity and increased... View Details
Keywords: Trust; Performance Productivity; Information Technology; Knowledge; Moral Sensibility; Opportunities; Competitive Advantage; Legal Liability; Cost vs Benefits
Erhard, Werner H., Michael C. Jensen, and Steve Zaffron. "Integrity: A Positive Model That Incorporates the Normative Phenomena of Morality, Ethics, and Legality Abridged." Harvard Business School Working Paper, No. 10-061, February 2010.
- 21 Feb 2005
- Op-Ed
Is Business Management a Profession?
such as Michael Jensen and Oliver Williamson began, in the 1970s, to develop a new theory of the firm that treated it not as a "black box" that converted inputs into outputs but rather as an... View Details
- 04 Oct 2007
- What Do You Think?
Has Managerial Capitalism Peaked?
investment vehicles. What's the reason for these phenomena? According to one report, Michael Jensen and Kevin Murphy, in a book to be published in the next several months, CEO Pay and What to Do About It,... View Details
Keywords: by Jim Heskett
- 1992
- Chapter
Arbitrage, Information Theft, and Insider Trading
By: Michael Jensen
Jensen, Michael. "Arbitrage, Information Theft, and Insider Trading." In New Palgrave Dictionary of Money and Finance, edited by Peter Newman, Murray Milgate, and John Eatwell. London: Macmillan Press, 1992. (Earlier version, Arbitrage, Information Theft, and the Mistaken Attack On Insider Trading, published in "Chief Financial Officer U.S.A.", John Thackray, ed. (Sterling Publications, London: 1988), pp. 114-115.)
- 1972
- Chapter
The Performance of Mutual Funds in the Period 1945-1964
By: Michael Jensen
Jensen, Michael. "The Performance of Mutual Funds in the Period 1945-1964." In Investment Management: Some Readings, edited by J. Lorie and R. Brealey. Praeger, 1972. (Previously published in Journal of Finance (May, 1968))
- 1998
- Chapter
Divisional Performance Measurement
By: Michael Jensen
Jensen, Michael. "Divisional Performance Measurement." In Foundations of Organizational Strategy, by Michael C. Jensen, 345–361. Cambridge: Harvard University Press, 1998.
- 2000
- Book
Theory of the Firm: Governance, Residual Claims, and Organizational Forms
By: Michael C. Jensen
Jensen, Michael C. Theory of the Firm: Governance, Residual Claims, and Organizational Forms. Cambridge: Harvard University Press, 2000.
- summer 1994
- Article
Self-interest, Altruism, Incentives, and Agency Theory
By: Michael C. Jensen
Keywords: Theory
Jensen, Michael C. "Self-interest, Altruism, Incentives, and Agency Theory." Journal of Applied Corporate Finance 7, no. 2 (summer 1994): 40–45. (Reprinted in Michael C. Jensen, Foundations of Organizational Strategy, (Harvard University Press, 1998).)
- November 1989 (Revised December 1996)
- Supplement
Wisconsin Central Ltd. Railroad and Berkshire Partners (B): LBO Associations and Corporate Governance
By: Michael C. Jensen
Describes the resolution of the default situation. Further examines the internal control mechanisms and distinct role of the board of directors of a typical LBO association. View Details
Jensen, Michael C. "Wisconsin Central Ltd. Railroad and Berkshire Partners (B): LBO Associations and Corporate Governance." Harvard Business School Supplement 190-070, November 1989. (Revised December 1996.)