Publications

20 Jun 2016
Working Paper Summaries

What Else Do Shareholders Want? Shareholder Proposals Contested by Firm Management

Keywords: by Eugene F. Soltes, Suraj Srinivasan, and Rajesh Vijayaraghavan

September 2003 (Revised February 2007)
Case

PolyMedica Corporation (A)

By: David F. Hawkins and Jacob Cohen

The Securities and Exchange Commission and investors question PolyMedica Corp.'s practice of capitalizing rather than expensing of direct-response advertising. View Details

Keywords: Activity Based Costing and Management; Business Earnings; Advertising; Private Sector; Budgets and Budgeting; Cost Management; Capital Markets; Marketing; Private Equity; Medical Devices and Supplies Industry; Medical Devices and Supplies Industry

03 Sep 2020
Op-Ed

Why American Health Care Needs Its Own SEC

see which clinicians, hospitals, insurers, and others provide the best value." Even if the Trump rules hold up, they cannot provide the full accounting of prices and outcomes the health care system... View Details

Keywords: by Regina E. Herzlinger; Health

26 Apr 2017
Working Paper Summaries

Is the SEC Captured? Evidence from Comment-Letter Reviews

Keywords: by Jonas Heese, Mozaffar Khan, and Karthik Ramanna

Article

Corporate Culture and Analyst Catering

By: Joseph Pacelli

This study examines the relation between financial institutions’ corporate culture and the quality of analysts’ research services. Using data collected from the Financial Industry Regulatory Authority, I measure the weakness of financial institutions’ corporate culture... View Details

Keywords: Analysts; Corporate Culture; Global Settlement; Financial Institutions; Organizational Culture; Conflict of Interests; Performance; Quality

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2021
Article

The Sustainable Corporate Governance Initiative in Europe

By: Mark Roe, Holger Spamann, Jesse M. Fried and Charles C.Y. Wang

In July 2020, the European Commission published the “Study on directors’ duties and sustainable corporate governance” by EY. The Report purports to find evidence of debilitating short-termism in EU corporate governance and recommends many changes to support sustainable... View Details

Keywords: Short-termism; Hedge Funds; Shareholder Activism; Securities Regulation; Agency Costs; Political Economy; Payouts; Repurchases; Corporate Governance; Investment Funds; Investment Activism; Research and Development; Investment; European Union

SSRN

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January 2002 (Revised September 2004)
Case

Consulting by Auditors (A): Levitt's Campaign

By: Ashish Nanda

This case highlights the debate between the Securities and Exchange Commission (SEC) and several of the large accounting firms over whether the same firms should offer consulting services to clients they audit. View Details

Keywords: Conflict of Interests; Accounting Industry; Consulting Industry

2009
Other Unpublished Work

The Pecora Hearings

By: David Moss, Cole Bolton and Eugene Kintgen

In 1932, in the depths of the Great Depression, the Senate Banking Committee began a much-publicized investigation of the nation's financial sector. The hearings, which came to be known as the Pecora hearings after the Banking Committee's lead counsel Ferdinand... View Details

Keywords: Financial History; Financial Crisis; Financial Markets; Governing Rules, Regulations, and Reforms; Government Legislation; Laws and Statutes; Business and Government Relations; Financial Services Industry

November 2003 (Revised September 2021)
Case

Ivar Kreuger and the Swedish Match Empire

By: Geoffrey Jones and Ingrid Vargas

Taught in Evolution of Global Business. Globalization and corporate fraud are the central themes of this case on the international growth of Swedish Match in the interwar years. Between 1913 and 1932, Ivar Kreuger, known as the "Swedish Match King," built a small,... View Details

Keywords: History; International Finance; Globalized Firms and Management; Crime and Corruption; Ethics; Monopoly; Business and Government Relations; Sweden

Article

Consequences of Financial Reporting Failure for Outside Directors: Evidence from Accounting Restatements and Audit Committee Members

By: Suraj Srinivasan

I use a sample of 409 companies that restated their earnings from 1997 to 2001 to examine penalties for outside directors, particularly audit committee members, when their companies experience accounting restatements. Penalties from lawsuits and Securities and Exchange... View Details

Keywords: Outcome or Result; Business Earnings; Financial Statements; Lawsuits and Litigation; Labor; Markets; Financial Reporting; Accounting Audits; Cost; Reputation

SSRN

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04 Feb 2021
Research & Ideas

Inside CEOs' Pandemic Worries: Uncertainty, Employees, and Kids

Nine out of 10 CEOs mentioned that their employees were worried about their job security and health, as well as their loved ones’ health, and their stress level was high. When... View Details

Keywords: by Gamze D. Yucaoglu, Robin Abrahams, and Boris Groysberg

Research Summary

Managing Financial Reporting and the Effect on Firms' Costs of Capital

Amy P. Hutton's research investigates the impact of capital market forces and firm contracts on financial reporting and disclosure policies. Specifically, her research examines how managers use financial reporting to convey a firm's strategy, and the effect of... View Details

November 1991 (Revised June 1993)
Case

Accounting for Frequent Fliers

By: William J. Bruns Jr.

Airline frequent flier programs offer members the opportunity to earn free flights by accumulating mileage. Accounting and reporting the obligations of airlines and the cost of frequent flier programs raises difficult measurement issues. In 1991, the U.S. Securities... View Details

Keywords: Cost; Fair Value Accounting; Policy; Air Transportation Industry; United States

March 2013
Case

NovaStar Financial: A Short Seller's Battle

By: Suraj Srinivasan and Amy Kaser

The NovaStar case describes the challenges faced by short seller Marc Cohodes of hedge fund Rocker Partners as he tried to expose what he thought was widespread fraud in mortgage lender NovaStar Financial. The case is set in the time period from 2001 to 2007 and tracks... View Details

January 2011
Case

A Slice of the Pie: Ruby Collins and Tenants in Common

By: John D. Macomber and Kristian Peterson

A securitized small real estate investment vehicle fails and the many individual owners have to decide how to manage or dispose of the asset. This case follows Ruby Collins, a small investor, through the logic of Section 1031 Like Kind Exchanges as well as the... View Details

Keywords: Financial Instruments; Investment; Risk Management; Ownership Stake; Partners and Partnerships; Valuation; Real Estate Industry

28 Feb 2018 - 1 Mar 2018
Other Presentation

Innovation and Entrepreneurship in Africa—Part 1 & Part 2

By: Euvin Naidoo

Part 1: Innovation and Entrepreneurship in Africa with Euvin Naidoo (February 28)

Part 2: Developing Capital Market:A Conversation with Mr. Bola “Koko” Onadele, Managing Director of FMDQ (March 1)
We cordially invite you to an exciting discussion... View Details