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- December 2011
- Article
Stock Price Fragility
By: Robin Greenwood and David Thesmar
We investigate the relationship between ownership structure of financial assets and non-fundamental risk. We define an asset to be fragile if it is susceptible to non-fundamental trading shocks. An asset can be fragile because of concentrated ownership or because its... View Details
- November 2011
- Case
Pacific Grove Spice Company
By: William E. Fruhan and Craig Stephenson
Pacific Grove Spice Company is a profitable, rapidly growing manufacturer, marketer, and distributor of quality spices and seasonings. The company's business model requires significant investment in accounts receivable, inventory, and fixed assets to support sales.... View Details
- November 2011 (Revised April 2012)
- Case
Quadriserv and the Short Selling Market
By: Lauren Cohen and Christopher Malloy
- October 2011 (Revised March 2013)
- Case
Yale University Investments Office: February 2011
By: Josh Lerner and Ann Leamon
David Swensen and the Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments—hedge funds, private equity, real estate—given the impact of the recent market turmoil. The case explores the risks... View Details
- September 2011 (Revised September 2011)
- Case
Perella Weinberg Partners: New Firm, Old Values
By: Clayton S. Rose and Aman Malik
In the five years since it opened its doors, the investment banking boutique Perella Weinberg Partners had grown into a firm that advised a roster of blue-chip clients on critical transactions and had over $8 billion of client assets under management. The three... View Details
- September 2011
- Article
Information Risk and Fair Value: An Examination of Equity Betas
By: Edward J. Riedl and George Serafeim
Using a sample of U.S. financial institutions, we exploit recent mandatory disclosures of financial instruments designated as fair value level 1, 2, and 3 to test whether greater information risk in financial instrument fair values leads to higher cost of capital. We... View Details
- August 2011 (Revised July 2012)
- Case
Mike Mayo Takes on Citigroup (A)
By: Suraj Srinivasan and Amy Kaser
The case details the conflict between Mike Mayo, an influential banking analyst and Citigroup about what Mayo considers aggressive accounting policies. Mike Mayo questions Citigroup's lack of a valuation allowance against their Deferred Tax Assets despite Citi's recent... View Details
- June 2011
- Case
Steering Monetary Policy Through Unprecedented Crises
By: David Moss and Cole Bolton
In early April 2008, economic conditions in Europe appeared to be deteriorating on almost all fronts: sales figures were falling, business and consumer confidence were slumping, forecasts for European growth were being revised downward, and inflation was rising. In... View Details
- Article
Organizational Ambidexterity in Action: How Managers Explore and Exploit
By: Charles A. O'Reilly III and Michael L. Tushman
Dynamic capabilities have been proposed as a useful way to understand how organizations are able to adapt to changes in technology and markets. Organizational ambidexterity, the ability of senior managers to seize opportunities through the orchestration and integration... View Details
- May 2011
- Article
The Hollow Science
By: Robert S. Kaplan
The financial meltdown made clear that the executives of many major financial institutions were operating with inadequate or distorted information about the values and risks of their firms' assets. It's fair to say that business scholars bear some... View Details
- April 2011 (Revised September 2011)
- Case
BlackRock Solutions
By: Kenneth A. Froot and Scott Waggoner
The BlackRock Solutions case examines the different functions and economics of a global asset manager's value chain, with particular emphasis on the "money management" and the "investment systems platform" businesses. Students analyze why BlackRock decided to unbundle... View Details
Keywords: Investment Management; Strategic Vision; Organizational Behavior; Economies Of Scale And Scope; Unbundling Of Services; Strategic Planning; Risk Management; Financial Management; Asset Management; Competitive Advantage; Value; Corporate Strategy; Organizational Culture; Investment; Financial Strategy
- March 2011 (Revised April 2011)
- Case
Gold in 2011: Bubble or Safe Haven Asset?
By: Robin Greenwood and Benjamin Steiner
Case explores the pricing of gold in 2011. Is the pricing justified or are we in a speculative bubble? What data are useful in determining a view on this question? View Details
Keywords: Inflation and Deflation; Money; Asset Management; Investment; Price Bubble; Policy; Risk Management
- March 2011
- Supplement
Countrywide plc (CW)
By: Stuart C. Gilson and Sarah L. Abbott
One of the world's leading investors in distressed companies, Oaktree Capital Management is contemplating a "loan to own" investment in the debt f Countrywide plc, a financially troubled residential real estate agent based in the U.K. Only sixteen months earlier,... View Details
- March 2011 (Revised December 2019)
- Case
Wealth Management Crisis at UBS (A)
By: Paul M. Healy
The case describes the challenges that UBS faced as a result of the U.S. Department of Justice (DOJ) investigation for tax fraud, that claimed that UBS had helped some 52,000 U.S. residents hide billions of dollars in untaxed assets in secret Swiss accounts between... View Details
Keywords: Fraud; Regulatory Enforcement; Reputation Incentives; Crony Capitalism; Tax Havens; Legitimacy; Multinational; Strategic Change; Incentives; Transparency; Financial Services; Taxation; Crime and Corruption; Global Range; Asset Management; Ethics; Problems and Challenges; Governing Rules, Regulations, and Reforms; Corporate Governance; Financial Services Industry; United States; Switzerland
- March 2011 (Revised February 2018)
- Supplement
Wealth Management Crisis at UBS (B)
By: George Serafeim
The case describes the resolution of the U.S. Department of Justice (DOJ) investigation for tax fraud and the increasing pressure on the wealth management business. View Details
Keywords: Fraud; Regulatory Enforcement; Reputation Incentives; Crony Capitalism; Tax Havens; Legitimacy; Multinational; Strategic Change; Corporate Governance; Incentives; Transparency; Financial Services; Wealth; Taxation; Crime and Corruption; Global Range; Governance; Business and Government Relations; Asset Management; United States
- March 2011
- Article
Accounting Scholarship That Advances Professional Knowledge and Practice
By: Robert S. Kaplan
Recent accounting scholarship has used statistical analysis on asset prices, financial reports and disclosures, laboratory experiments, and surveys of practice. The research has studied the interface among accounting information, capital markets, standard setters, and... View Details
- March 2011
- Case
Valuation of AirThread Connections
By: Erik Stafford and Joel L. Heilprin
This case can be used as a capstone valuation exercise for first-year MBA students in an introductory finance course. A senior associate in the business development group at American Cable Communications, one of the largest cable companies in the U.S., must prepare a... View Details
- March 2011
- Teaching Note
Valuation of AirThread Connections (Brief Case)
By: Erik Stafford and Joel L. Heilprin
Teaching note for case #4263. View Details
- March 2011
- Supplement
Valuation of AirThread Connections, Faculty Spreadsheet Supplement (Brief Case)
By: Erik Stafford and Joel L. Heilprin
- March 2011
- Supplement
Valuation of AirThread Connections, Spreadsheet Supplement (Brief Case)
By: Erik Stafford and Joel L. Heilprin