Publications
Publications
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(1,285)
- Faculty Publications (681)
- December 2003 (Revised October 2006)
- Case
Maverick Capital
By: Andre F. Perold, Chris McIsaac and Marc Ricks
Maverick Capital, a $7 billion hedge fund, faced a number of long-term strategic questions, particularly the issue of growth. With all of its assets invested with one strategy, Maverick was already managing more capital in a dedicated approach than any hedge fund in... View Details
- December 2003
- Article
Expensing Stock Options: A Fair-Value Approach
By: Robert S. Kaplan and Krishna G. Palepu
- November 2003 (Revised March 2006)
- Case
Dow Chemical's Bid for the Privatization of PBB in Argentina
By: Mihir A. Desai and Alexandra de Royere
What price should Dow Chemical bid for PBB, a petrochemical complex that is being privatized by the Argentine government? To answer this question, students are forced to consider the role of country risk, the underlying currency exposure of the business, and how to... View Details
- November 2003
- Article
The Maturity of Debt Issues and Predictable Variation in Bond Returns
By: Malcolm Baker, Robin Greenwood and Jeffrey Wurgler
The maturity of new debt issues predicts excess bond returns. When the share of long-term debt issues in total debt issues is high, future excess bond returns are low. This predictive power comes in two parts. First, inflation, the real short-term rate, and the term... View Details
- October 2003
- Case
Financing Biodiversity Conservation by the Global Conservation Fund
By: Mihir A. Desai and Julia Stevens
The Global Conservation Fund is an international nonprofit organization with a $100 million endowment and an exclusive focus on land preservation. The fund and its director must decide which projects to fund over the next year and what financing mechanism to use.... View Details
- October 2003 (Revised January 2004)
- Background Note
Online Securities Trading in Japan
By: Lynda M. Applegate, Jamie Ladge, Haruki Umezawa and Masako Egawa
Provides an overview of the Japanese securities industry and discusses how the online trading/brokerage industry grew as a result of deregulation of financial markets and penetration of the Internet in Japan. Describes major players in the online industry--Matsui... View Details
- October 2003 (Revised December 2003)
- Case
STMicroelectronics N.V., 2003 Convertible Bond Offering
Focuses on the valuation of a complex option embedded in a convertible debenture with a negative yield to maturity. View Details
- 2003
- Other Unpublished Work
Short Selling in Practice--Intermediating Uncertain Share Availability
By: Gene M D'Avolio and André Perold
- September 2003
- Case
Executive Compensation at Reckitt Benckiser plc
By: V.G. Narayanan, Krishna G. Palepu and Lisa Brem
Investors felt betrayed by the increasingly lucrative pay packages awarded to CEOs and other top executives at multinational companies. Yet, board members charged with adequately rewarding executives were forced to compete with rising packages of salaries and stock... View Details
- August 2003
- Article
The Really Long-Run Performance of Initial Public Offerings: The Pre-Nasdaq Evidence
By: Paul A. Gompers and Josh Lerner
- August 2003
- Article
When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms
By: Malcolm Baker, Jeremy Stein and Jeffrey Wurgler
We use a simple model of corporate investment to determine when investment will be sensitive to non-fundamental movements in stock prices. The key cross-sectional prediction of the model is that stock prices will have a stronger impact on the investment of firms that... View Details
- 25 Jul 2003
- Keynote Speech
The Impact of Sarbanes-Oxley and the NYSE Rules on American Corporate Governance
By: W. Carl Kester
- March 16, 2003
- Article
Footnote Reporting Distorts Impact of Stock Options
By: Zvi Bodie, Robert S. Kaplan and Robert C. Merton
- March 2003
- Article
For the Last Time: Stock Options Are an Expense
By: Zvi Bodie, Robert S. Kaplan and Robert C. Merton
- Article
The Role of Lockups in Initial Public Offerings
By: Alon Brav and Paul A. Gompers
In a sample of 2,794 initial public offerings (IPOs), we test three potential explanations for the existence of IPO lockups: lockups serve as (i) a signal of firm quality, (ii) a commitment device to alleviate moral hazard problems, or (iii) a mechanism for... View Details
- February 2003 (Revised March 2011)
- Background Note
Between a Rock and a Hard Place: Valuation and Distribution in Private Equity
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Introduces the issues attendant to valuing privately held portfolios and distributing thinly traded stock. Although they have existed since the beginning of the formal venture capital industry, they have received increasing amounts of attention as the money invested in... View Details
- February 2003 (Revised May 2003)
- Case
Mobile Energy Services Company
By: Benjamin C. Esty and Aldo Sesia
When Al "Chainsaw" Dunlap became CEO of the Scott Paper Co., the company owned a large, vertically integrated production facility in Mobile, Alabama. Dunlap sold part of the production facility, a cogeneration power plant (later known as Mobile Energy Services Co.), to... View Details
- February 2003
- Exercise
Restructuring the U.S. Steel Industry: Spreadsheet Exercise
Description of an EXCEL spreadsheet exercise to test the impact of changes in wage rates on the value of debt and equity securities. View Details
- February 2003
- Supplement
Steel Cash
By: William E. Fruhan Jr. and Katherine A. Codega
Spreadsheet to (9-203-042). Test the impact of changes in wage rates on the value of debt and equity securities. Download only. View Details