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Show Results For
- All HBS Web
(1,275)
- News (116)
- Research (1,039)
- Events (2)
- Multimedia (5)
- Faculty Publications (788)
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- 19 May 2015
- First Look
First Look: May 19
Joanne, George Serafeim, and Shan Wu Abstract—We study how career concerns influence banking analysts' forecasts and how their forecasting behavior benefits both them and bank managers. We show that banking... View Details
Keywords: Sean Silverthorne
- October 2007
- Background Note
Price Formation
By: Joshua D. Coval and Erik Stafford
Investigates how prices are formed in competitive capital markets. Focuses on a single security called AOE. Students compete with computer traders and each other for market making and informed trading profits. Participants receive a variety of public news in the form... View Details
- Fourth Quarter 2007
- Article
Contingent Claims Approach to Measuring and Managing Sovereign Credit Risk
By: Dale . F. Gray, Robert C. Merton and Zvi Bodie
This paper proposes a new approach to measure, analyze, and manage sovereign risk based on the theory and practice of modern contingent claims analysis (CCA). The paper provides a new framework for adapting the CCA model to the sovereign balance sheet in a way that can... View Details
Keywords: Credit; Investment; Sovereign Finance; Risk Management; Emerging Markets; Market Transactions; Mathematical Methods; Valuation
Gray, Dale . F., Robert C. Merton, and Zvi Bodie. "Contingent Claims Approach to Measuring and Managing Sovereign Credit Risk." Special Issue on Credit Analysis. Journal of Investment Management 5, no. 4 (Fourth Quarter 2007): 5–28.
- June 2020 (Revised February 2021)
- Case
Accounting for Leases at American Airlines (A)
By: Jonas Heese, Gerardo Pérez Cavazos and Julia Kelley
In March 2020, as coronavirus reduced demand for air travel, an analyst was forecasting American Airlines’ (American’s) first quarter financial results. To develop a forecast, she needed to familiarize herself with Accounting Standards Update (ASU) 2016-02, “Leases... View Details
Keywords: Accounting; Financial Reporting; Financial Statements; Finance; Governance; Corporate Accountability; Corporate Governance; Governing Rules, Regulations, and Reforms; Governing and Advisory Boards; Leasing; Accounting Industry; Air Transportation Industry; North and Central America; United States
Heese, Jonas, Gerardo Pérez Cavazos, and Julia Kelley. "Accounting for Leases at American Airlines (A)." Harvard Business School Case 120-069, June 2020. (Revised February 2021.)
- 2020
- Working Paper
Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time
By: Laura Alfaro, Anusha Chari, Andrew Greenland and Peter K. Schott
We show that unexpected changes in the trajectory of COVID-19 infections predict U.S. stock returns, in real time. Parameter estimates indicate that an unanticipated doubling (halving) of projected infections forecasts next-day decreases (increases) in aggregate U.S.... View Details
Keywords: COVID-19; Stock Returns; Health Pandemics; Stocks; Investment Return; Forecasting and Prediction
Alfaro, Laura, Anusha Chari, Andrew Greenland, and Peter K. Schott. "Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time." NBER Working Paper Series, No. 26950, April 2020. (Revised May 2020.)
- Research Summary
Competitive Dynamics of the Textile-Apparel-Retail Channel
Janice H. Hammond established in 1991 (with Frederick H. Abernathy and John Dunlop of Harvard University and David Weil of Boston University) the Harvard Center for Textile and Apparel Research. Funding provided by the Alfred P. Sloan Foundation has supported the... View Details
- October 2014
- Article
Do Analysts Add Value When They Most Can? Evidence from Corporate Spinoffs
By: Emilie Feldman, Stuart C. Gilson and Belen Villalonga
This paper investigates how securities analysts help investors understand the value of diversification. By studying the research that analysts produce about companies that have announced corporate spinoffs, we gain unique insights into how analysts portray diversified... View Details
Keywords: Analysts; Spin-offs; Diversification Discount; Information Asymmetry; Value Creation; Business Subsidiaries; Diversification; Corporate Strategy; Investment
Feldman, Emilie, Stuart C. Gilson, and Belen Villalonga. "Do Analysts Add Value When They Most Can? Evidence from Corporate Spinoffs." Strategic Management Journal 35, no. 10 (October 2014): 1446–1463. (Winner, "Distinguished Paper Award," 2012 Academy of Management Meetings (Business Policy & Strategy Division.))
- 15 May 2007
- First Look
First Look: May 15, 2007
model produces unbiased, out-of-sample forecasts of abnormal returns for firms being added to the S&P 500 index. Download the paper: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=934193 The Formation of Inter-Organizational... View Details
Keywords: Martha Lagace
- 2021
- Working Paper
Going by the Book: Valuation Ratios and Stock Returns
By: Ki-Soon Choi, Eric So and Charles C.Y. Wang
We study the use of firms’ book-to-market ratios (B/M) in value investing and its implications for comovements in firms’ stock returns and trading volumes. We show B/M has become increasingly detached from common alternative valuation ratios over time while also... View Details
Choi, Ki-Soon, Eric So, and Charles C.Y. Wang. "Going by the Book: Valuation Ratios and Stock Returns." Harvard Business School Working Paper, No. 21-126, May 2021.
- April 1998
- Case
Jim Sharpe: Extrusion Technology, Inc. (C)
By: H. Kent Bowen and Barbara Feinberg
Jim Sharpe, president of Extrusion Technology, describes the first five years at the aluminum extrusion company he purchased. He begins with day one as he introduced himself to the employees in 1987 and assured them of the company's continuity. Over the next two years,... View Details
Keywords: Acquisition; Forecasting and Prediction; Cost Management; Profit; Innovation Strategy; Marketing Strategy; Problems and Challenges; Business and Stakeholder Relations; Mining Industry
Bowen, H. Kent, and Barbara Feinberg. "Jim Sharpe: Extrusion Technology, Inc. (C)." Harvard Business School Case 698-096, April 1998.
- November 2015
- Article
When Doing Good Is Bad in Gift-giving: Mis-predicting Appreciation of Socially Responsible Gifts
By: Lisa A. Cavanaugh, F. Gino and Gavan J. Fitzsimons
Gifts that support a worthy cause (i.e., "gifts that give twice"), such as a charitable donation in the recipient's name, have become increasingly popular. Recipients generally enjoy these gifts, which not only benefit others in need but also make recipients feel good... View Details
Cavanaugh, Lisa A., F. Gino, and Gavan J. Fitzsimons. "When Doing Good Is Bad in Gift-giving: Mis-predicting Appreciation of Socially Responsible Gifts." Organizational Behavior and Human Decision Processes 131 (November 2015): 178–189.
- May 2003
- Case
Renault-Nissan Alliance, The
By: Michael Y. Yoshino and Perry Fagan
On Wednesday, May 29, 2002, the board of directors of Renault-Nissan BV (RNBV) met for the first time to discuss the state of the alliance between Renault SA and Nissan Motors-two of the world's largest automakers. RNBV was a 50/50 joint venture company established in... View Details
Keywords: Joint Ventures; Global Strategy; Organizational Culture; Alliances; Business or Company Management; Mergers and Acquisitions; Management Analysis, Tools, and Techniques; Auto Industry
Yoshino, Michael Y., and Perry Fagan. "Renault-Nissan Alliance, The." Harvard Business School Case 303-023, May 2003.
- 17 Jun 2010
- Working Paper Summaries
When Do Analysts Add Value? Evidence from Corporate Spinoffs
- December 2021
- Article
Trade Policy Uncertainty and Stock Returns
By: Marcelo Bianconi, Federico Esposito and Marco Sammon
A recent literature has documented large real effects of trade policy uncertainty (TPU) on trade, employment, and investment, but there is little evidence that investors are compensated for bearing such risk. To quantify the risk premium associated with TPU, we exploit... View Details
Keywords: Trade Policy; Uncertainty; Stock Returns; Risk Premium; Tariff Rates; Portfolio Analysis; Trade; Policy; Risk and Uncertainty; Stocks; Investment Return
Bianconi, Marcelo, Federico Esposito, and Marco Sammon. "Trade Policy Uncertainty and Stock Returns." Art. 102492. Journal of International Money and Finance 119 (December 2021).
- January 2016
- Teaching Note
Groom Energy Solutions: Selling Efficiency
By: Michael W. Toffel, Kira Fabrizio and Stephanie van Sice
This case examines a start-up service provider that helps clients improve the energy efficiency of their factories, warehouses, and commercial and office spaces by integrating and installing lighting, heating, and cooling technologies. The company seeks to double... View Details
- October 2020 (Revised March 2021)
- Supplement
Migros Turkey: Scaling Online Operations During COVID-19 (C)
By: Antonio Moreno and Gamze Yucaoglu
The case opens in August 2020 as Ozgur Tort and Mustafa Bartin, CEO and chief large-format and online retail officer of Migros Ticaret A.S. (Migros), Turkey’s oldest and one of its largest supermarket chains, are navigating Migros through COVID-19 and the unprecedented... View Details
Keywords: Business Model; Strategy; Digital Platforms; Information Technology; Technology Adoption; Value Creation; Globalization; Competition; Expansion; Logistics; Profit; Resource Allocation; Diversification; Corporate Strategy; Crisis Management; Health Pandemics; Strategic Planning; Food and Beverage Industry; Turkey
Moreno, Antonio, and Gamze Yucaoglu. "Migros Turkey: Scaling Online Operations During COVID-19 (C)." Harvard Business School Supplement 621-062, October 2020. (Revised March 2021.)
- 21 Aug 2023
- Book
You’re More Than Your Job: 3 Tips for a Healthier Work-Life Balance
investing in themselves first. “What’s incredibly freeing about this state of constant disruption is that we’re given the space to grow, to reinvent ourselves to meet life as it shows up rather than having to forecast at 18, or 22, or... View Details
Keywords: by Kara Baskin
- July 2014 (Revised May 2015)
- Case
Making Room for the Baby Boom: Senior Living
By: Charles F. Wu, Joseph Beyer and Arthur I. Segel
Tom Alperin's National Development has purchased a building site in affluent Wellesley, MA, and is in the process of deciding whether to build apartments, a combination of independent living and assisted living units for seniors, or perhaps even higher acuity... View Details
Keywords: Senior Living; Assisted Living; Independent Living; Property; Finance; Real Estate Industry; Boston; Massachusetts; United States
Wu, Charles F., and Joseph Beyer. "Making Room for the Baby Boom: Senior Living." Harvard Business School Case 215-003, July 2014. (Revised May 2015.)
- October 2012 (Revised September 2014)
- Case
Doing Business in Vietnam
By: Alan MacCormack, Michael Shih-ta Chen and Dawn H. Lau
This case gives an overview of the current business environment in Vietnam as of 2012. The first part of the case introduces the main economic, political and cultural aspects of the country of which anyone who has business interest in the country ought to be aware.... View Details
- 2015
- Working Paper
Measurement Errors of Expected-Return Proxies and the Implied Cost of Capital
Despite their popularity as proxies of expected returns, the implied cost of capital's (ICC) measurement error properties are relatively unknown. Through an in-depth analysis of a popular implementation of ICCs by Gebhardt, Lee, and Swaminathan (2001) (GLS), I show... View Details
Wang, Charles C.Y. "Measurement Errors of Expected-Return Proxies and the Implied Cost of Capital." Harvard Business School Working Paper, No. 13-098, May 2013. (Revised February 2015.)