Publications
Publications
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(1,365)
- Faculty Publications (561)
- August 2005 (Revised October 2010)
- Background Note
European Financial Integration
By: Rawi E. Abdelal and Christopher Bruner
Provides background on the history and status of financial integration in the European Union. Describes the pertinent treaty-based "fundamental freedoms," emphasizes challenges to further cross-border consolidation in the banking sector, and examines the regulatory... View Details
- July 2005 (Revised December 2006)
- Case
Japan: Deficits, Demography, and Deflation
By 2005, Japan's debt had risen to 163% of GDP. For more than a decade, the government had run huge deficits, trying unsuccessfully to stimulate economic growth. Interest rates, meanwhile, had been zero for years. But with slow growth and banks in crisis, nothing had... View Details
- April 2005
- Case
Merrill Lynch in 2003: Sunny Skies Ahead?
By: Boris Groysberg, Paul M. Healy and David Kiron
Merrill Lynch (ML) is at a crossroads. Stan O'Neal became its CEO and implemented a radical cost-cutting program. In addition, the company dot-com continues to recover from the fallout from the Enron and dot-com scandals. What are the future prospects for ML? Can the... View Details
- 2005
- Working Paper
Aggregate Corporate Liquidity and Stock Returns
By: Robin Greenwood
Aggregate investment in cash and liquid assets as a share of total corporate investment is negatively related to subsequent U.S. stock market returns between 1947 and 2003. The share of cash in total investment is a more stable predictor of returns than scaled price... View Details
- March 2005 (Revised May 2006)
- Case
Buckingham Park
By: Arthur I Segel and Joshua A. Katzin
In September, 2004, Stephen Lebowitz, President of CBL, a $6 billion publicly traded shopping mall real estate investment trust (REIT) with over 70 million square feet, is considering acquiring 170 acres for a new retail development at a racetrack site in Southern New... View Details
- February 2005 (Revised November 2012)
- Supplement
UAL 2004: Pulling Out of Bankruptcy (CW)
By: Daniel Baird Bergstresser, Kenneth A. Froot and Darren Robert Smart
UAL is a large air transportation company with roots that go back to the 1920s. As a legacy carrier, going back to before the 1978 deregulation of air transportation markets, United Airlines is burdened with cost structures that make it difficult to compete with newer... View Details
- February 2005 (Revised June 2006)
- Case
UAL, 2004: Pulling Out of Bankruptcy
By: Daniel Baird Bergstresser, Kenneth A. Froot and Darren Robert Smart
UAL is a large air transportation company with roots that go back to the 1920s. As a legacy carrier, going back to before the 1978 deregulation of air transportation markets, United Airlines is burdened with cost structures that make it difficult to compete with newer... View Details
- January 2005 (Revised October 2005)
- Case
Private Capital and Public Policy: Standard & Poor's Sovereign Credit Ratings
By: Rawi E. Abdelal and Christopher Bruner
Describes Standard & Poor's sovereign credit ratings business. Provides background on the history of credit ratings agencies, the meaning of credit ratings, the expansion of the sovereign ratings business over recent decades, and the market for credit ratings. Also,... View Details
- January 2005 (Revised November 2014)
- Case
Arch Wireless, Inc.
By: Stuart C. Gilson and Perry L. Fagan
The largest wireless paging company in the United States has to restructure its debt in response to the collapse of its market. The restructuring faces formidable challenges. Valuing the company is extremely difficult because Arch's public competitors are also severely... View Details
- January 2005
- Case
Managing Failure: American Bankruptcy Law at a Crossroads
By: David A. Moss, Mary Oey and Jonathan Lackow
Introduces the core principles and challenges of bankruptcy law (both individual and corporate) against the backdrop of the early 1970s, when the U.S. bankruptcy system appeared to be failing. With personal bankruptcy filings at record levels and successful corporate... View Details
- December 2004 (Revised May 2005)
- Case
Levenger Company
By: Myra M. Hart, Kristin Lieb and Victoria Winston
The Leveens started a high-end catalog business as a small home-based venture in 1987. It grew into a nationally recognized, $60 million company, offering products that ranged from unique pens and pencils to leather briefcases and fully furnished offices. In 1999, it... View Details
- September 2004 (Revised October 2005)
- Case
Mt. Auburn Partners Search Fund
By: William A. Sahlman and Dan Heath
Provides background on search funds and follows two partners as they try to raise financing for a search fund. View Details
- June 2004 (Revised November 2004)
- Case
Restoring Trust at WorldCom
By: Jay W. Lorsch and Ashley Robertson
Examines the changes in corporate governance at WorldCom/MCI as proposed by the company's court-appointed corporate monitor, Richard Breeden. Following the largest bankruptcy ever and the downfall of the company, Breeden wrote "Restoring Trust," a report comprised of... View Details
- June 2004 (Revised April 2005)
- Background Note
Chapter 11 Bankruptcy Law in Real Estate
By: Arthur I Segel, Jeff Mandelbaum and Armen Panossian
Begins with a brief overview of the bankruptcy process, discussing key debtor protections and the administration of claims against the estate. Discusses the treatment of bankruptcies filed by property owners. Also summarizes the tenant's bankruptcy protections and... View Details
- June 2004
- Article
Market Liquidity as a Sentiment Indicator
By: Malcolm Baker and Jeremy Stein
We build a model that helps to explain why increases in liquidity-such as lower bid-ask spreads, a lower price impact of trade, or higher turnover-predict lower subsequent returns in both firm-level and aggregate data. The model features a class of irrational... View Details
- April 2004 (Revised May 2005)
- Case
ING DIRECT
By: James L. Heskett
The CEO of ING Direct (U.S.) has to decide: (1) whether and how to coordinate his organization's branding effort with its parent, ING Group, and (2) how fast to grow the business. Includes color exhibits. View Details
- 2004
- Working Paper
Regulation and Reaction: The Other Side of Free Banking in Antebellum New York
By: David A. Moss and Sarah Brennan
Free banking, which first appeared in the United States in the late 1830s, comprised two essential features: general incorporation for banks and rigorous security requirements for note issue. Because the general incorporation feature is what allowed free entry, it has... View Details
- April 2004
- Article
The Illiquidity Puzzle: Theory and Evidence from Private Equity
By: Josh Lerner and Antoinette Schoar
- March 2004 (Revised May 2004)
- Case
Governance Reform at MCI
By: Lynn S. Paine and Bridget Gurtler
Richard Breeden proposed corporate governance reforms for MCI. Breeden is a former chairman of the SEC who was a court-appointed "corporate monitor" for the troubled company (formerly WorldCom). The company must adhere to the proposals unless excused by a court order. View Details
- March 2004 (Revised May 2005)
- Case
Shurgard Self-Storage: Expansion to Europe
By: Richard G. Hamermesh and Indra Reinbergs
Shurgard, a U.S.-based firm that rents storage facilities to consumers and small businesses, is considering financing options for rapid expansion of its European operations. Five years after entering Europe, Shurgard Europe has opened 17 facilities in Belgium, France,... View Details