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  • 2022
  • Article

The Pricing and Ownership of U.S. Green Bonds

By: Malcolm Baker, Daniel Bergstresser, George Serafeim and Jeffrey Wurgler
We study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes. After an overview of the U.S. corporate and municipal green bonds markets, we study pricing and ownership patterns using a simple framework that incorporates assets... View Details
Keywords: Green Bond; Pricing; Climate Finance; ESG; SRI; Sustainable; Municipal; Bonds; Environmental Sustainability; Financial Markets; Price; Ownership; United States
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  • February 25, 2016
  • Article

The Hodgepodge Principle in U.S. Privacy Policy

By: John A. Deighton
Data, says Professor Lawrence Summers, is the new oil, "a hugely valuable asset essential to economic life." Personal data, the kind of data that invites thoughts of privacy, is a big part of that. The European Union saw this economic fuel source coming long ago and... View Details
Keywords: Data; Privacy; Technology; Big Data; Personal Data; Marketing; Information Technology; Analytics and Data Science
  • October 2008
  • Article

The Small World of Investing: Board Connections and Mutual Fund Returns

By: Lauren Cohen, Andrea Frazzini and Christopher J. Malloy
This paper uses social networks to identify information transfer in security markets. We focus on connections between mutual fund managers and corporate board members via shared education networks. We find that portfolio managers place larger bets on firms they are... View Details
Keywords: Financial Markets; Information Management; Social and Collaborative Networks; Announcements; Investment Portfolio; Investment Return; Investment Funds; Asset Pricing; Governing and Advisory Boards
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  • 09 Apr 2009
  • Working Paper Summaries

The Economics of Structured Finance

Keywords: by Joshua D. Coval, Jakub Jurek & Erik Stafford
  • May 2016
  • Case

AbbVie

By: Kevin Schulman, Laura Little, Samyukta Mullangi and Stephen Schleicher
This case focuses on the impact of a novel regulatory pathway, the biosimilars pathway, on the strategy of a major pharmaceutical firm that finds its largest product (60% of revenue) at risk. The case reviews the rationale for the pathway, the emerging biosimilars... View Details
Keywords: Pharmaceutical Company; M＆A Valuation; AbbVie; Health Care; Health Care and Treatment; Pharmaceutical Industry; Health Industry; United States
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  • 2003
  • Book

Profits You Can Trust: Spotting and Surviving Accounting Landmines

By: H. David Sherman, S. David Young and Harris Collingwood
Profits You Can Trust gives managers, directors, lenders, audit partners and analysts a clear framework to demystify global financial reporting in a market fraught with danger. Filled with provocative and enlightening examples, it offers a fresh perspective and clear... View Details
Keywords: Accounting; Corporate Finance; Economics; Financial Reporting
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    George Serafeim

    George Serafeim is the Charles M. Williams Professor of Business Administration at Harvard Business School. He co-leads a Lab, within Harvard's Digital, Data, Design Institute, and serves on the faculty steering commitee of Harvard University's Salata Institute. He... View Details

    Keywords: asset management; asset management; asset management; asset management; asset management; asset management; asset management
    • 2021
    • Article

    Venture Capital Booms and Startup Financing

    By: William Janeway, Ramana Nanda and Matthew Rhodes-Kropf
    We review the growing literature on the relationship between venture capital booms and startup financing, focusing on three broad areas: First, we discuss the drivers of large inflows into the venture capital asset class, particularly in recent years—which are related... View Details
    Keywords: Venture Capital; Business Startups; Innovation and Invention; Policy
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    • September 2024
    • Article

    Activist Directors: Determinants and Consequences

    By: Ian D. Gow, Sa-Pyung Sean Shin and Suraj Srinivasan
    This paper examines determinants and consequences of hedge fund activism, focusing on activist directors, i.e., directors appointed in response to activist demands. Using a sample of 3,259 activism events from 2004 to 2016, we identify 1,623 activist directors.... View Details
    Keywords: Governing and Advisory Boards; Investment Activism; Business and Shareholder Relations
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    • 22 Feb 2008
    • Working Paper Summaries

    Consumer Demand for Prize-Linked Savings: A Preliminary Analysis

    Keywords: by Peter Tufano, Nick Maynard & Jan-Emmanuel De Neve; Financial Services
    • March 2012
    • Article

    The Incentive Bubble

    By: Mihir Desai
    The past three decades have seen American capitalism quietly transformed by a single, powerful idea—that financial markets are a suitable tool for measuring performance and structuring compensation. Stock instruments for managers, high-powered incentive contracts for... View Details
    Keywords: Economic Systems; Financial Markets; Executive Compensation; Motivation and Incentives; Corporate Governance; Equality and Inequality; Human Capital; United States
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      Robert C. Merton

      Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management.

      Merton is University Professor Emeritus at Harvard University and was the George Fisher Baker Professor of... View Details

      Keywords: banking; brokerage; financial services; insurance industry; investment banking industry; retail financial services
      • September 2017
      • Case

      Blackstone's Julia Kahr at the Summit

      By: Paul A. Gompers, John D. Dionne and Amram Migdal
      In 2009, Blackstone, the New York-based alternative asset and financial services firm, committed to invest up to $750 million into Summit Materials, a new company in the aggregates sector (i.e., construction materials, such as crushed stone, sand, gravel, cement,... View Details
      Keywords: Roll Up; Private Equity Roll Up; Aggregates; Aggregates Materials; Construction Materials; Business Ventures; Acquisition; Leveraged Buyouts; Business Growth and Maturation; Engineering; Construction; Finance; Capital; Equity; Private Equity; Financial Instruments; Investment; Housing; Management; Goals and Objectives; Growth and Development Strategy; Growth Management; Personal Development and Career; Management Teams; Planning; Problems and Challenges; Value; Valuation; Value Creation; Construction Industry; Financial Services Industry; United States
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      • July 2009 (Revised May 2010)
      • Case

      Pfizer: Letter from the Chairman (A)

      By: Robert L. Simons and Natalie Kindred
      This case explores maximizing shareholder value as a goal in executive decision making. Over a period of nine years, three different Pfizer CEOs make critical decisions intended to increase shareholder value. But the results are disappointing. To allow students to... View Details
      Keywords: Decision Choices and Conditions; Corporate Accountability; Corporate Governance; Annual Reports; Business and Shareholder Relations; Value Creation; Pharmaceutical Industry; United States
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      • 25 Aug 2003
      • Research & Ideas

      Should You Sell Your Digital Privacy?

      There is some evidence to suggest that markets evolve toward this solution of their own accord, but regulation can accelerate the evolution. Q: Why is the distinction between privacy as a right and identity as an View Details
      Keywords: by Manda Salls & Sean Silverthorne; Advertising
      • 22 Jun 2010
      • First Look

      First Look: June 22

        PublicationsPathologies of Online Display Advertising Marketplaces Author:Benjamin Edelman Publication:ACM Sigecom Exchanges, June 2010 Abstract Much has been written about online search advertising, where Google enjoys 90% plus market... View Details
      Keywords: Martha Lagace
      • Web

      Business Economics - Doctoral

      Zhuo Business Economics Sagar Saxena Business Economics “ HBS is the ideal environment because I get to think about the world like an economist, but I have the freedom and resources to draw on methods from other disciplines as I study View Details
      • 2010
      • Working Paper

      A Behavioral Model of Demandable Deposits and Its Implications for Financial Regulation

      By: Julio J. Rotemberg
      A model is developed that rationalizes contracts that give depositors the right to obtain funds on demand even when depositors intend to use these funds for consumption in the future. This is explained by depositor overoptimism regarding their own ability to collect... View Details
      Keywords: Banks and Banking; Insurance; Governing Rules, Regulations, and Reforms; Policy; Consumer Behavior; Financial Services Industry
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      • 2014
      • Book

      Los Buenos Tiempos Son Éstos: Los efectos de la incursión de la banca extranjera en México después de un siglo de crisis bancarias [These Are the Good Old Days: Foreign Entry and the Mexican Banking System]

      By: Stephen Haber and Aldo Musacchio
      This book is the Spanish edition of our award winning paper "These Are the Good Old Days: Foreign Entry and the Mexican Banking System." NBER Working Paper Series, No. 18713, January 2013. The book examines the effects of foreign bank entry into Mexico. Foreign banks... View Details
      Keywords: Banks And Banking; Mexico; Commercial Banking; Foreign Direct Investment; Competition; Financial Markets; Banking Industry; Mexico
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      • July 2007 (Revised May 2008)
      • Case

      Cable & Wireless America

      By: Guhan Subramanian and Eliot Sherman
      Describes the auction of Cable & Wireless America (CWA), a bankrupt subsidiary of the British telecommunications company Cable & Wireless. While an initial "stalking-horse" bid valued the assets at $125 million, after a long day and night of bidding between eight... View Details
      Keywords: Mergers and Acquisitions; Insolvency and Bankruptcy; Auctions; Bids and Bidding; Negotiation Process
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