Publications
Publications
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- All HBS Web
(326)
- Faculty Publications (48)
- Article
The Not-So-Common-Wealth of Australia: Evidence for a Cross-Cultural Desire for a More Equal Distribution of Wealth.
By: Michael I. Norton, David T. Neal, Cassandra L. Govan, Dan Ariely and Elise Holland
Recent evidence suggests that Americans underestimate wealth inequality in the United States and favor a more equal wealth distribution (Norton & Ariely, 2011). Does this pattern reflect ideological dynamics unique to the United States, or is the phenomenon evident in... View Details
- Article
The Allure of Unknown Outcomes: Exploring the Role of Uncertainty in the Preference for Potential
By: Daniella Kupor, Zakary L. Tormala and Michael I. Norton
Influence practitioners often highlight a target's achievements (e.g., "she is the city's top-rated chef"), but recent research reveals that highlighting a target's potential (e.g., "she could become the city's top-rated chef") can be more effective. We examine whether... View Details
- October 2014
- Teaching Note
Financial Policy at Apple, 2013 (A) and (B)
By: Mihir A. Desai and Elizabeth Meyer
This is the teaching note to HBS case 214-085: Financial Policy at Apple, 2013 (A). View Details
Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; Technology Industry; Consumer Products Industry; United States; Republic of Ireland
- October 2014
- Supplement
Financial Policy at Apple, 2013 Excel Supplement
By: Mihir Desai and Elizabeth A. Meyer
This is the Excel Supplement to Teaching Note 215-022: Financial Policy at Apple, 2013 (A) - (B). View Details
Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; United States; Republic of Ireland
- October 2014
- Supplement
Financial Policy at Apple, 2013 Powerpoint Supplement
By: Mihir Desai and Elizabeth A. Meyer
This is the PowerPoint supplement to the teaching note: Financial Policy at Apple, 2013 (A) - (B), number 215-022. View Details
Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; Technology Industry; Consumer Products Industry; United States; Republic of Ireland
- June 2014
- Case
Financial Policy at Apple, 2013 (A)
By: Mihir A. Desai and Elizabeth A. Meyer
By the end of 2013, Apple had $137 billion dollars in cash and marketable securities. This case explores how companies can generate such large amounts of cash and how and if they should distribute it to shareholders, especially in the face of shareholder pressure. In... View Details
Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; Technology Industry; Consumer Products Industry; United States; Republic of Ireland
- June 2014
- Supplement
Financial Policy at Apple, 2013 Student Supplement
By: Mihir Desai and Elizabeth A. Meyer
This is the student spreadsheet supplement to case 214-085, Financial Policy at Apple, 2013 (A). View Details
Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; Technology Industry; Consumer Products Industry; United States; Republic of Ireland
- June 2014
- Supplement
Financial Policy at Apple, 2013 (B)
By: Mihir Desai and Elizabeth A. Meyer
This case is meant to accompany Financial Policy at Apple, 2013 (A) and details the results of Apple's Q2 2013 earnings call. View Details
Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; Technology Industry; Consumer Products Industry; United States; Republic of Ireland
- 2014
- Article
Bond Supply and Excess Bond Returns
By: Robin Greenwood and Dimitri Vayanos
We examine empirically how the maturity structure of government debt affects bond yields and excess returns. Our analysis is based on a theoretical model of preferred habitat in which clienteles with strong preferences for specific maturities trade with arbitrageurs.... View Details
- 2013
- Chapter
Behavioral Corporate Finance: A Current Survey
By: Malcolm Baker and Jeffrey Wurgler
We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The market timing and catering approach views managerial financing and investment decisions as rational managerial responses to securities mispricing. The... View Details
- November 2012
- Article
An Age Penalty in Racial Preferences
By: Deborah A. Small, Devin G. Pope and Michael I. Norton
We document an age penalty in racial discrimination: charitable behavior toward African American children decreases-and negative stereotypical inferences increase-with the age of those children. Using data from an online charity that solicits donations for school... View Details
- Article
Employee Selection as a Control System
By: Dennis Campbell
Theories from the economics, management control, and organizational behavior literatures predict that when it is difficult to align incentives by contracting on output, aligning preferences via employee selection may provide a useful alternative. This study... View Details
- February 2012
- Article
Walking the Talk in Multiparty Bargaining: An Experimental Investigation
By: Kathleen L. McGinn, Katherine L. Milkman and Markus Noth
We study the framing effects of communication on payoffs in multiparty bargaining. Communication has been shown to be more truthful and revealing than predicted in equilibrium. Because talk is preference revealing, it may effectively frame bargaining around a logic of... View Details
- Article
Market Heterogeneity and Local Capacity Decisions in Services
By: Dennis Campbell and Frances X. Frei
We empirically document factors that influence how local operating managers use discretion to balance the tradeoff between service capacity costs and customer sensitivity to service time. Our findings, using data from one of the largest financial services providers in... View Details
- 2011
- Working Paper
The Cost of Capital for Alternative Investments
By: Jakub W. Jurek and Erik Stafford
This paper studies the cost of capital for alternative investments. We document that the risk profile of the aggregate hedge fund universe can be accurately matched by a simple index put option writing strategy that offers monthly liquidity and complete transparency... View Details
- June 2011
- Article
Truth in Giving: Experimental Evidence on the Welfare Effects of Informed Giving to the Poor
By: Christina Fong and Felix Oberholzer-Gee
It is often difficult for donors to predict the value of charitable giving because they know little about the persons who receive their help. This concern is particularly acute when making contributions to organizations that serve heterogeneous populations. While we... View Details
- 2011
- Article
A Choice Prediction Competition for Social Preferences in Simple Extensive Form Games: An Introduction
By: Eyal Ert, Ido Erev and Alvin E. Roth
Two independent, but related, choice prediction competitions are organized that focus on behavior in simple two-person extensive form games: one focuses on predicting the choices of the first mover and the other on predicting the choices of the second mover. The... View Details
- 2011
- Article
The Consumer Psychology of Mail-in Rebates
By: John T. Gourville and Dilip Soman
Consumers who buy a product intending to use an accompanying mail-in rebate often do not redeem the rebate. To explain this behavior, we argue that consumers use an anchoring and adjustment approach to predicting the likelihood of redeeming a rebate. In keeping with... View Details
- Article
The Social Utility of Feature Creep
By: Debora V. Thompson and Michael I. Norton
Previous research shows that consumers frequently choose products with too many features that they later find difficult to use. Our research shows that this seemingly suboptimal behavior may in fact confer benefits when factoring in the social context of consumption.... View Details
- October 2010
- Article
Preferring Balanced vs. Advantageous Peace Agreements: A Study of Israeli Attitudes Towards a Two-State Solution
By: Deepak Malhotra and Jeremy Ginges
The paper extends research on fixed-pie perceptions by suggesting that disputants may prefer proposals that are perceived to be equally attractive to both parties (i.e., balanced) rather than one-sided, because balanced agreements are seen as more likely to be... View Details