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Show Results For
- All HBS Web
(1,583)
- People (2)
- News (307)
- Research (1,139)
- Events (5)
- Multimedia (9)
- Faculty Publications (576)
- March 2010
- Article
The Evolution of Corporate Ownership after IPO: The Impact of Investor Protection
By: C. Fritz Foley and Robin Greenwood
We use firm-level data from 34 countries covering the 1995-2006 period to analyze how the characteristics of public markets shape the process by which firms become widely held. Firms in all countries in the sample tend to have concentrated ownership at the time they go... View Details
Keywords: Blockholding; Float; Shareholder Rights; Investor Protection; Ownership; Financial Liquidity; Business History; Market Timing; Going Public; Business and Government Relations; Business and Shareholder Relations
Foley, C. Fritz, and Robin Greenwood. "The Evolution of Corporate Ownership after IPO: The Impact of Investor Protection." Review of Financial Studies 23, no. 3 (March 2010): 1231–1260. (Formerly NBER Working Paper No. 14557.)
- September 2002 (Revised October 2002)
- Case
Corporate Inversions: Stanley Works and the Lure of Tax Havens
By: Mihir A. Desai, James R. Hines, Jr and Mark Veblen
In response to Stanley Work's announcement that it is moving to Bermuda--and the associated jump in market value--a major competitor sets out to determine how the market is valuing the consequences of moving to a tax haven and whether his company should invert to a tax... View Details
Keywords: Financial Management; Taxation; Financial Strategy; Credit Derivatives and Swaps; International Finance; Valuation; Financial Markets; Financial Statements; United States
Desai, Mihir A., James R. Hines, Jr, and Mark Veblen. "Corporate Inversions: Stanley Works and the Lure of Tax Havens." Harvard Business School Case 203-008, September 2002. (Revised October 2002.)
- December 2017 (Revised June 2018)
- Case
TelePizza (Abridged)
Describes TelePizza, Spain's leading chain of pizza restaurants and delivery services. TelePizza has experienced rapid growth to 500 stores since its creation in 1987. The company went public on the Spanish stock market in late 1996. Franchising has played an important... View Details
Applegate, Lynda M. "TelePizza (Abridged)." Harvard Business School Case 818-054, December 2017. (Revised June 2018.)
- 2021
- Working Paper
Government Shareholdings in Brokerage Firms and Analyst Research Quality
By: Sheng Cao, Xianjie He, Charles C.Y. Wang and Huifang Yin
During times when the Chinese government wished to prop up the market, sell-side analysts from brokerages with significant government ownership issued relatively less pessimistic (or more optimistic) earnings forecasts, earnings-forecast revisions, and stock... View Details
Keywords: Sell-side Analysts; Forecast Optimism; Forecast Accuracy; Government Incentives; Stocks; Forecasting and Prediction; Business and Government Relations; Emerging Markets
Cao, Sheng, Xianjie He, Charles C.Y. Wang, and Huifang Yin. "Government Shareholdings in Brokerage Firms and Analyst Research Quality." Harvard Business School Working Paper, No. 18-095, March 2018. (Revised June 2021.)
- September 2011 (Revised February 2013)
- Case
Sino-Forest (A)
By: David F. Hawkins and David Lane
Chinese company listed on the Toronto Stock Exchange is accused of fraud by a hedge fund. View Details
Keywords: Business Earnings; Crime and Corruption; Financial Markets; Investment Funds; Management Analysis, Tools, and Techniques; China
Hawkins, David F., and David Lane. "Sino-Forest (A)." Harvard Business School Case 112-004, September 2011. (Revised February 2013.)
- April 2000 (Revised July 2000)
- Case
Ameritrade Holding Corporation
By: Lisa K. Meulbroek
Some of the senior managers at Ameritrade, an Internet brokerage firm, are selling their holdings in the firm. Why are the managers selling, how will it affect shareholders, and what should the CEO do about it? The CEO is concerned that the market will interpret... View Details
Keywords: Valuation; Internet and the Web; Stock Options; Risk Management; Financial Services Industry
Meulbroek, Lisa K. "Ameritrade Holding Corporation." Harvard Business School Case 200-057, April 2000. (Revised July 2000.)
- 02 Mar 2012
- Working Paper Summaries
Short-Termism, Investor Clientele, and Firm Risk
- October 2021 (Revised September 2022)
- Case
GoPro: Becoming a Subscription Hero
By: Elie Ofek, Marco Bertini and Nicole Tempest Keller
In 2021, Nick Woodman, founder and CEO of GoPro, was reviewing the company’s subscription offering, considering whether to extend it beyond benefits that were directly related to the company’s iconic camera. Founded in 2002, GoPro had gained renown for its innovative... View Details
Keywords: Subscription Model; Pricing; Lifestyle Brands; Value Proposition; Business Model; Growth and Development Strategy; Marketing Strategy; Consumer Products Industry; California
Ofek, Elie, Marco Bertini, and Nicole Tempest Keller. "GoPro: Becoming a Subscription Hero." Harvard Business School Case 522-022, October 2021. (Revised September 2022.)
- November 2021 (Revised January 2024)
- Case
The Global Great Depression, 1929-1939
By: Alberto Cavallo, Sophus A. Reinert and Federica Gabrieli
The Great Depression was, by far, the worst economic contraction of the twentieth century, and some of the most important ideas about both fiscal and monetary policy in the second half of the century were developed in response to it. The economic collapse, which... View Details
Keywords: Great Depression; Economic Conditions; Unemployment; Homelessness; Financial Crisis; History; Economy; Policy; Poverty; Social Issues; Economic Slowdown and Stagnation
Cavallo, Alberto, Sophus A. Reinert, and Federica Gabrieli. "The Global Great Depression, 1929-1939." Harvard Business School Case 722-034, November 2021. (Revised January 2024.)
- 22 Sep 2014
- News
Jack Ma on Alibaba, Entrepreneurs and the Role of Handstands
- August 2024
- Article
Not a One-Trick Pony: Price Impact of Rating Agency Information
By: Michael Machokoto and Anywhere Sikochi
Prior literature on the informational role of credit rating agencies has largely focused on announcements by the rating agencies regarding rating actions. We take a tangent in this paper and examine the relevance of rating agencies' other information disclosures beyond... View Details
Machokoto, Michael, and Anywhere Sikochi. "Not a One-Trick Pony: Price Impact of Rating Agency Information." Art. 111837. Economics Letters 241 (August 2024).
- October 2012
- Article
The Effect of Reference Point Prices on Mergers and Acquisitions
By: Malcolm Baker, Xin Pan and Jeffrey Wurgler
Prior stock price peaks of targets affect several aspects of merger and acquisition activity. Offer prices are biased toward recent peak prices although they are economically unremarkable. An offer's probability of acceptance jumps discontinuously when it exceeds a... View Details
Baker, Malcolm, Xin Pan, and Jeffrey Wurgler. "The Effect of Reference Point Prices on Mergers and Acquisitions." Journal of Financial Economics 106, no. 1 (October 2012): 49–71.
- Research Summary
Continuous Combinatorial Exchange
In multiple-good economies with many buyers and sellers (or many swappers) researchers have advocated Combinatorial Exchange generalized one-shot double auctions in which traders can express offers to buy, sell, or swap packages of goods to facilitate efficient... View Details
A New Way to Understand Corporate Leverage
The link between measures of risk and return within the equity market has been very weak over the past 47 years: in the United States, returns on high-risk stocks have cumulatively fallen short of the returns on low-risk stocks, during a period when the equity market... View Details
- 2018
- Working Paper
Global Portfolio Diversification for Long-Horizon Investors
By: Luis M. Viceira and Zixuan (Kevin) Wang
This paper conducts a theoretical and empirical investigation of global portfolio diversification for long-horizon investors in the presence of permanent cash flow shocks and transitory discount rate shocks to asset prices and returns. An increase in the cross-country... View Details
Keywords: Investment Portfolio; Risk and Uncertainty; Diversification; Capital Markets; Global Range
Viceira, Luis M., and Zixuan (Kevin) Wang. "Global Portfolio Diversification for Long-Horizon Investors." Harvard Business School Working Paper, No. 17-085, March 2017. (Revised July 2018.)
- May 1994 (Revised December 1997)
- Case
Sealed Air Corporation 's Leveraged Recapitalization (A)
Less than a year after Sealed Air embarked on a program to improve manufacturing efficiency and product quality, the company borrowed almost 90% of the market value of its common stock and paid it out as a special dividend to shareholders. Management purposefully and... View Details
Wruck, Karen, and Brian Barry. "Sealed Air Corporation 's Leveraged Recapitalization (A)." Harvard Business School Case 294-122, May 1994. (Revised December 1997.)
- 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
Jones, Geoffrey, and Ingrid Vargas. "Ivar Kreuger and the Swedish Match Empire." Harvard Business School Case 804-078, November 2003. (Revised September 2021.)
- Research Summary
Firm and aggregate volatility
US publicly traded companies have become more volatile over the postwar period. This trend has been the result of increased competition in product markets through deregulation, through more intensive innovation activity, and through easier access to capital markets.... View Details
- August 2006
- Article
Predicting Returns with Managerial Decision Variables: Is There a Small-Sample Bias?
By: Malcolm Baker, Ryan Taliaferro and Jeffrey Wurgler
Many studies find that aggregate managerial decision variables, such as aggregate equity issuance, predict stock or bond market returns. Recent research argues that these findings may be driven by an aggregate time-series version of Schultz's (2003, Journal of Finance... View Details
Keywords: Prejudice and Bias; Fairness; Managerial Roles; Management Analysis, Tools, and Techniques; Equity; Bonds; Financial Markets; Investment; Capital Markets; Borrowing and Debt; Investment Return
Baker, Malcolm, Ryan Taliaferro, and Jeffrey Wurgler. "Predicting Returns with Managerial Decision Variables: Is There a Small-Sample Bias?" Journal of Finance 61, no. 4 (August 2006): 1711–1730. (Section V of "Pseudo Market Timing and Predictive Regressions, NBER Working Paper Series, No. 10823, contains additional analyses.)