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  • April 2002
  • Article

Limited Arbitrage in Mergers and Acquisitions

By: Malcolm Baker and Serkan Savasoglu
A diversified portfolio of risk arbitrage positions produces an abnormal return of 0.6-0.9% per month over the period from 1981 to 1996. We trace these profits to practical limits on risk arbitrage. In our model of risk arbitrage, arbitrageurs' risk-bearing capacity... View Details
Keywords: Arbitrage; Market Efficiency; Mergers and Acquisitions; Profit; Risk and Uncertainty; Corporate Strategy; Capital; Banking Industry
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  • July 2015
  • Article

A Behavioral Model of the Popularity and Regulation of Demandable Liabilities

By: Julio J. Rotemberg
Overoptimism regarding one's ability to arrive early in a queue is shown to rationalize deposit contracts in which people can withdraw their funds on demand even if consumption takes place later. Capitalized institutions serving overoptimistic depositors emerge in... View Details
Keywords: Consumer Behavior; Banks and Banking
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  • 02 Apr 2001
  • Research & Ideas

What Makes a Good Leader?

change the whole ant farm. But such a construction, those interviewed for this article agree, erroneously leads to a bimodal way of looking at something that should really be evaluated on two separate scales. "Everybody has got a... View Details
Keywords: by Deborah Blagg & Susan Young
  • February 2013
  • Article

An Activity-Generating Theory of Regulation

By: Joshua Schwartzstein and Andrei Shleifer
We propose an activity-generating theory of regulation. When courts make errors, tort litigation becomes unpredictable and as such imposes risk on firms, thereby discouraging entry, innovation, and other socially desirable activity. When social returns to activity are... View Details
Keywords: Courts and Trials; Lawsuits and Litigation; Governing Rules, Regulations, and Reforms; Theory
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  • 20 Mar 2019
  • News

A Proposed Megadeal Exposes the Grim Outlook for Europe’s Banks

  • 15 Jul 2002
  • Research & Ideas

Going Green Makes Good Business Sense

where you stand. You also need to prevent competitors from imitating your methods. A second strategy is to up the ante on a competitive level within your industry by raising your own costs in order to... View Details
Keywords: by Martha Lagace
  • 2015
  • Working Paper

Customers and Investors: A Framework for Understanding Financial Institutions

By: Robert C. Merton and Robert T. Thakor
Financial institutions have both investors and customers. Investors, such as those who invest in stocks and bonds or private/public-sector guarantors of institutions, expect an appropriate risk-adjusted return in exchange for the financing and risk-bearing that they... View Details
Keywords: Financial Institutions
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  • 2011
  • Working Paper

Fiduciary Duties and Equity-Debtholder Conflicts

By: Bo Becker and Per Stromberg
We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity-debt conflicts. A 1991 Delaware bankruptcy ruling changed the nature of corporate directors' fiduciary duties in firms incorporated in that state.... View Details
Keywords: Borrowing and Debt; Capital Structure; Equity; Insolvency and Bankruptcy; Governing Rules, Regulations, and Reforms; Laws and Statutes; Conflict and Resolution; Welfare or Wellbeing; Delaware
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  • 2017
  • Working Paper

The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond

By: Josh Lerner
Patents and citations are powerful tools for understanding innovative activity inside the firm and are increasingly used in corporate finance research. But due to the complexities of patent data collection and the changing spatial and industry composition of innovative... View Details
Keywords: Patents; Analytics and Data Science; Corporate Finance; Research; Problems and Challenges
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  • 2024
  • Working Paper

Corporate Culture Homogeneity and Top Executive Incentive Design: Evidence from CEO Compensation Contracts

By: Dennis Campbell, Ruidi Shang and Zhifang Zhang
We examine how corporate cultures characterized by high degrees of homogeneity in the underlying values and beliefs of organizational members are related to the design of CEO incentive compensation contracts. We argue that culture homogeneity within firms lowers... View Details
Keywords: Corporate Culture; Compensation Design; Accounting; Management Control; Incentive Systems; Organizational Culture; Job Design and Levels; Governance; Executive Compensation; Motivation and Incentives
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  • 07 Oct 2015
  • HBS Seminar

Florian Ederer, Assistant Professor of Economics, Yale School of Management

    Competing in the Age of AI

    Marco Iansiti and Karim R. Lakhani show how reinventing the firm around data, analytics, and AI removes traditional constraints on scale, scope, and learning that have restricted business growth for hundreds of years. From... View Details

    • Web

    Live from Klarman Hall - Alumni

    available below. 2025 Reunion Livestreams—June 13-14, 2025 Friday, June 13 Dean’s Welcome Address 8:30–9:30 a.m. ET Both livestreamed and recorded Speaker: Srikant Datar , Dean of the Faculty, George F. Baker Professor of Administration Dean Srikant Datar kicks off... View Details
    • Research Summary

    Overview

    By: Feng Zhu
    Professor Zhu’s research focuses on the design of platform business models and its impact on platform performance. Platforms have become central to our economy. A platform is a product or service that enables two or more customer groups to interact. For example,... View Details
    • 01 Feb 2001
    • News

    What Makes a Good Leader

    of the 21st century. by Deborah Blagg and Susan Young Name: John Kotter, Konosuke Matsushita Professor of Leadership Director: HBS Global Leadership Initiative Most recent book: John P. Kotter on What Leaders Really Do On vision: "People... View Details
    Keywords: Management
    • Web

    2023 Reunion Presentations - Alumni

    Reunions 2023 Reunion Presentations At Reunions, HBS faculty and other thought leaders address a range of issues facing business and society. Program recordings and materials (slide deck, handouts, etc.) are made available only when permission is given View Details
    • 22 Aug 2019
    • Blog Post

    Moving to the Lower 48 from Alaska for my MS/MBA

    taught me orienteering, wilderness survival, and more. I remember once we even ate carpenter ants we found on a log, just to learn all the different ways a person can subsist in nature. My mom and I liked to spend time together in late... View Details
    • Web

    Nonprofit Strategy & Governance | Social Enterprise | Harvard Business School

    faced a crucial decision. Since its 2013 founding, NOLB had ... Transforming Talent at Teach For Taiwan By: Juan Alcácer and Chi Kuan January 2025 | Faculty Research The Teach For Taiwan (TFT) case follows founder Anting Liu as she... View Details
    • 08 Aug 2017
    • First Look

    First Look at Research and Ideas, August 8, 2017

    subsumed by the other three. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=53024 August 2017 Obstetrics & Gynecology Relationship Between Labor and Delivery Unit Management Practices and Maternal Outcomes By:... View Details
    Keywords: Sean Silverthorne
    • 12 Mar 2021
    • News

    My Favorite Case

    Edited by Jen McFarland Flint; illustration by Taylor Callery Scroll the main story to read all alumni submissions or jump to a specific case here: “Suzuki Samurai” Paige Arnof-Fenn (MBA 1991) “Johnson &... View Details
    Keywords: Business Schools & Computer & Management Training; Educational Services