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- All HBS Web (138)
- Faculty Publications (90)
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- 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
- 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.)
- 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
- 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
- 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
- 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
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.
- 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.)
- 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.
- 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.)
- 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
- 1972
- Chapter
Optimal Utilization of Market Forecasts and the Evaluation of Portfolio Performance
By: Michael Jensen
Keywords: Investment Portfolio; Financial Markets; Forecasting and Prediction; Performance Evaluation
Jensen, Michael. "Optimal Utilization of Market Forecasts and the Evaluation of Portfolio Performance." In Mathematical Methods in Finance, edited by G. P. Szego and Karl Shell. North-Holland Publishing Company, 1972.
- 1976
- Chapter
Reflections on the State of Accounting Research and the Regulation of Accounting
By: Michael Jensen
Jensen, Michael. "Reflections on the State of Accounting Research and the Regulation of Accounting." In Conflicts and Compromises in Financial Reporting, edited by John C. Burton.Stanford Lectures in Accounting. Palo Alto, CA: Stanford Graduate School of Business, 1976.
- 1988
- Comment
Characteristics of Hostile and Friendly Takeover Targets
By: Michael Jensen
Keywords: Acquisition
- 1980
- Chapter
Tests of Capital Market Theory and Implications of the Evidence
By: Michael Jensen
Jensen, Michael. "Tests of Capital Market Theory and Implications of the Evidence." In Handbook of Financial Economics, edited by J. L. Bicksler. North-Holland Publishing Company, 1980. (Originally published in Is Financial Analysis Useless? Proceedings of a Seminar on the Efficient Market and Random Walk Hypotheses (The Financial Analysts Research Foundation, 1975).)
- 2000
- Chapter
Value Maximization and the Corporate Objective Function
By: Michael Jensen
Keywords: Value Creation
Jensen, Michael. "Value Maximization and the Corporate Objective Function." In Breaking the Code of Change, edited by Michael Beer and Nitin Nohria. Boston: Harvard Business School Press, 2000. (Forthcoming in Management Revolution: The Legacy of the Market for Corporate Control, Harvard University Press. Reprinted in Business Ethics Quarterly, v 12, No 1, 2001, & European Financial Management, v.7, no.3, September 2001.)
- 1971
- Chapter
Risk, the Pricing of Capital Assets, and the Evaluation of Investment Portfolios
By: Michael Jensen