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July 2003 (Revised February 2004)
Background Note

M&A Legal Context: Hostile Takeovers

By: Carliss Y. Baldwin, Constance E. Bagley and James Quinn

Introduces students to the main tactical maneuvers used by hostile bidders, including bear hugs, proxy fights, tender offers, and toeholds. Also describes how, in the United States, tender offers are regulated by the federal government via the Williams Act. View Details

Keywords: Acquisition; Cash; Governing Rules, Regulations, and Reforms; Code Law; Bids and Bidding; United States

2010
Working Paper

Crashes and Collateralized Lending

By: Jakub W. Jurek and Erik Stafford

This paper develops a parsimonious static model for characterizing financing terms in collateralized lending markets. We characterize the systematic risk exposures for a variety of securities and develop a simple indifference-pricing framework to value the systematic... View Details

Keywords: Financial Crisis; Borrowing and Debt; Cost of Capital; Credit; Financing and Loans; Interest Rates; Investment; Framework; Risk and Uncertainty; Financial Services Industry

September 2019
Article

Contingent Capital Trigger Effects: Evidence from Liability Management Exercises

By: Boris Vallée

This paper investigates the so called liability management exercises by European banks, which bear comparable effects to triggering contingent capital. I first explore the determinants of these exercises. I then study market reactions to these operations as well as... View Details

Keywords: Contingent Capital; Financial Distress; Regulatory Capital; Financial Institutions; Legal Liability; Management; Banking Industry; Europe

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May–June 2023
Article

Analytics for Marketers: When to Rely on Algorithms and When to Trust Your Gut

By: Fabrizio Fantini and Das Narayandas

Advanced analytics can help companies solve a host of management problems, including those related to marketing, sales, and supply-chain operations, which can lead to a sustainable competitive advantage. But as more data becomes available and advanced analytics are... View Details

Keywords: Analytics and Data Science; Decision Making

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July 1999
Background Note

Note on Statistical Tests for a Randomized Matched Pair Experimental Design, A

By: Alvin J. Silk

Concerns understanding the conditions under which an experimental design that employs matching and randomization may result in gains in precision as compared to a design that utilizes randomization and independent samples--i.e., no matching. An empirical example is... View Details

Keywords: Marketing; Performance Efficiency; Mathematical Methods

2024
Working Paper

What Do Bank Trading Desks Do?

By: Lina Lu and Jonathan Wallen

Bank trading desks earn profits from intermediating customer trading volume. Across a broad set of asset markets, we document that the trading desks of large U.S. dealer banks behave as financial intermediaries that profit from toll-taking as in Duffie et al. (2005).... View Details

Keywords: Banks and Banking; Profit; Financial Markets

October 2001 (Revised March 2002)
Background Note

Implicit Predictors of Consumer Behavior

By: Gerald Zaltman, Nancy Puccinelli, Kathryn A. Braun and Fred W Mast PHD

An important distinction is drawn in psychology between explicit and implicit knowledge. Explicit knowledge refers to consciously held beliefs about an individual or object that often draws on the remembering of experiences in the past. In contrast, implicit knowledge... View Details

Keywords: Forecasting and Prediction; Values and Beliefs; Knowledge Sharing; Consumer Behavior; Opportunities; Cognition and Thinking

Article

The Cost of Capital for Alternative Investments

By: Jakub W. Jurek and Erik Stafford

Traditional risk factor models indicate that hedge funds capture pre-fee alphas of 6% to 10% per annum over the period from 1996 to 2012. At the same time, the hedge fund return series is not reliably distinguishable from the returns of mechanical S&P 500 put-writing... View Details

Keywords: Hedge Funds; Required Returns; Downside Risk; Index Options; Investment Funds; Cost of Capital; Investment Return; Risk and Uncertainty; Financial Services Industry

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July – August 2008
Article

Leaders in Denial

By: Richard S. Tedlow

Henry Ford's stubborn refusal to admit the changeability of consumer demand allowed Chrysler and GM to horn in on his market. Half a century later the whole U.S. auto industry made the same mistake: Enter the Japanese. But denial comes in many forms, as Sears, Digital... View Details

Keywords: Decision Choices and Conditions; Judgments; Leadership; Demand and Consumers; Auto Industry; United States

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September 2011
Module Note

Orientation to Leadership Intelligence Days, 2011

By: Joshua D. Margolis and Anthony J. Mayo

Julie Bornstein, senior vice president of Sephora Direct, is seeking to double her budget for social media and other digital marketing initiatives for 2011. A number of digital efforts implemented in the past two years seem to be bearing fruit and there is a desire to... View Details

Keywords: Budgets and Budgeting; Borrowing and Debt; Investment Return; Resource Allocation; Marketing Communications; Marketing Strategy; Consumer Behavior; Online Technology; Beauty and Cosmetics Industry

April 2009 (Revised June 2010)
Case

U.S. Subprime Mortgage Crisis: Policy Reactions (B)

By: Laura Alfaro and Renee Kim

In March 2009, the U.S. economy was in a severe recession not seen since the Great Depression after the subprime mortgage crisis had spiraled out of control. The situation had dramatically changed in one year since the Federal Reserve Board had helped to bailout... View Details

Keywords: Financial Crisis; Central Banking; Mortgages; Globalized Economies and Regions; Policy; United States

September 2018 (Revised August 2019)
Case

The Progressive Corporation, 2018

By: John R. Wells and Benjamin Weinstock

In early 2019, The Progressive Corporation (Progressive), the USA’s third-largest auto insurance writer, reported earned premiums were up 20% in 2018 compared to the previous year, and net income was up 64%. Direct sales of personal auto policies rose 21%, while agent... View Details

October 2014
Technical Note

Legal Hazards of Product Launches

By: Lena Goldberg and Annelena Lobb

This note considers common legal pitfalls associated with the launch of new products. A series of questions are presented that companies poised to launch a product should keep in mind. Questions about advertising, pricing, and branding are explored, as well as who in a... View Details

Keywords: Entrepreneurship; Product Launch; Legal Liability

Forthcoming
Article

Second Chance: Life with Less Student Debt

By: Marco Di Maggio, Ankit Kalda and Vincent Yao

This paper examines the effect of student debt relief on individual credit and labor market outcomes. We exploit an episode of plausibly random debt discharge due to the loss of paperwork for thousands of borrowers to examine the effects of private student debt relief... View Details

Keywords: Student Debt; Private Student Loans; Legal Settlement; Mobility; Debt Collection; Debt Relief; Personal Finance; Borrowing and Debt; Outcome or Result

October 2021 (Revised February 2023)
Case

Ant Group (A)

By: Krishna G. Palepu, Feng Zhu, Susie L. Ma and Kerry Herman

In 2004, Chinese e-commerce company Alibaba created Alipay, an app to facilitate payments on its e-commerce sites. As Alibaba grew, so did Alipay, until Alipay spawned its own ecosystem of financial technology products and services under the name of Ant Group. By 2020,... View Details

Keywords: Payment Systems; Information Technology; Value Creation; Network Effects; Strategy; Disruptive Innovation; Initial Public Offering; Technology Industry; Financial Services Industry; China

2008
Chapter

A New Generation of Pension Fund Management

By: Robert C. Merton

In talking about pension plans at this point in American economic and corporate history, we need to discuss three linked issues: the defined-benefit (DB) corporate plans that worked for our parents; the defined-contribution (DC) plans we're getting today because... View Details

Keywords: Asset Management; Investment Funds; Compensation and Benefits; Risk Management; Retirement; United States

October 2005 (Revised February 2007)
Case

Red Flag Software Co.

By: Felix Oberholzer-Gee, Tarun Khanna, David Lane and Elizabeth Raabe

In 2005, just five years after its formal launch, Beijing-based Red Flag Software was the world's second-largest distributor of the Linux operating system and was expecting its first annual profit. On a unit basis, Red Flag led the world in desktops (PCs) shipped with... View Details

Keywords: Digital Platforms; Competitive Advantage; Applications and Software; Business Startups; Globalized Markets and Industries; Information Technology Industry; Distribution Industry; Beijing; United States

22 Jul 2014
Working Paper Summaries

Banks as Patient Fixed-Income Investors

Keywords: by Samuel G. Hanson, Andrei Shleifer, Jeremy C. Stein & Robert W. Vishny; Banking

Research Summary

Executive Compensation

Professor Meulbroek is investigating the gap between what equity-linked compensation costs the firm and what it is worth to managers. This gap arises because such compensation prevents managers from fully diversifying their holdings, so managers must bear firm-specific... View Details

Article

Party-State Capitalism in China

By: Margaret Pearson, Meg Rithmire and Kellee Tsai

The “state capitalism” model, in which the state retains a dominant role as owner or investor-shareholder amidst the presence of markets and private firms, has received increasing attention, with China cited as the main exemplar. Yet as models evolve, so has China’s... View Details

Keywords: Economic Policy; Communism; Capitalism; State Capitalism; Economic Systems; Economics; Policy; China

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