Publications
Publications
Show Results For
- All HBS Web
(3,197)
- Faculty Publications (595)
- August 2005 (Revised April 2014)
- Teaching Note
Innocents Abroad: Currencies and International Stock Returns
By: Mihir A. Desai, Kathleen Luchs, Elizabeth A. Meyer and Mark Veblen
What do international stocks contribute to the portfolio of a U.S. investor? How do currencies interact with stock price movements in determining the benefits of international diversification? This case helps students compare the risks and returns of foreign stock... View Details
Keywords: Diversification; International CAPM; CAPM; Home Bias; Currency Risk; Exchange Rate Risk; International Stock Market Returns; Financial Services Industry; United States; Currency Exchange Rate; Stocks; Financial Markets; International Finance; Investment Return; Currency; Risk and Uncertainty; Emerging Markets; Investment Portfolio; United States; Australia; Canada; China; Germany; India; Japan; United Kingdom
- July 2005
- Article
The Consequences of Labor Market Flexibility: Panel Evidence Based on Survey Data
By: Rafael Di Tella and Robert MacCulloch
We introduce a new data set on hiring and firing restrictions for 21 OECD countries for the period 1984 –1990. The data are based on surveys of business people in the countries covered, so the indices we use are subjective in nature. Controlling for country and time... 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
- Article
Short- and Long-term Demand Curves for Stocks: Theory and Evidence on the Dynamics of Arbitrage
By: Robin Greenwood
I develop a framework to analyze demand curves for multiple risky securities at extended horizons in a setting with limits-to-arbitrage. Following an unexpected change in uninformed investor demand for several assets, I predict returns of each security to be... View Details
- February 2005 (Revised November 2006)
- Case
Hewlett-Packard (A)
By: Rohit Deshpande and Seth Schulman
Since its controversial merger with Compaq, Hewlett-Packard had been under pressure by analysts and some stockholders to divest itself of its low-margin PC business. For CEO Carly Fiorina and others on HP's management team, however, PCs seemed integral to the company's... View Details
- February 2005 (Revised June 2007)
- Case
Unilever in India: Hindustan Lever's Project Shakti--Marketing FMCG to the Rural Consumer
By: V. Kasturi Rangan and Rohithari Rajan
With liberalization of India's economy and the opening up of markets to foreign multinationals such as Procter & Gamble, the Indian subsidiary of Unilever--Hindustan Lever Ltd. (HLL)--was under pressure to grow revenues and profits. HLL had a long and stellar record of... View Details
- 2005
- Working Paper
Money Illusion in the Stock Market: The Modigliani-Cohn Hypothesis
By: Randolph B. Cohen, Christopher Polk and Tuomo Vuolteenaho
Modigliani and Cohn [1979] hypothesize that the stock market suffers from money illusion, discounting real cash flows at nominal discount rates. While previous research has focused on the pricing of the aggregate stock market relative to Treasury bills, the... View Details
- 2005
- Working Paper
Pseudo Market Timing and Predictive Regressions
By: Malcolm Baker, Ryan Taliaferro and Jeffrey Wurgler
A number of studies claim that aggregate managerial decision variables, such as aggregate equity issuance, have power to predict stock or bond market returns. Recent research argues that these results may be driven by an aggregate time-series version of Schultz's... View Details
- September 2004 (Revised May 2006)
- Case
Bohemian Crowns: Ceskoslovenska Obchodni Banka (A)
By: Rawi E. Abdelal, Vincent Dessain and Monika Stachowiak
Tells the story of the Czech transition from a centrally planned to a free market economy, describing the first economic reforms, the fixed-exchange rate regime, and the voucher privatization. Also explains why, in the middle of the 1990s, the Czech Republic... View Details
- September 2004
- Article
Decomposing the Persistence of International Equity Flows
By: Kenneth A. Froot and J. Tjornhom Donohue
- August 2004 (Revised July 2006)
- Case
PROPECIA TM: Helping Make Hair Loss History
By: Marta Wosinska and Youngme E. Moon
In late 1997, Tom Casola, brand manager for Propecia, debates the best approach to market this breakthrough one-a-day pill for hair loss. This launch would be atypical for a prescription drug because of the key position of the consumer. As a result, the team's... View Details
- August 2004
- Article
Appearing and Disappearing Dividends: The Link to Catering Incentives
By: Malcolm Baker and Jeffrey Wurgler
We document a close link between fluctuations in the propensity to pay dividends and catering incentives. First, we use the methodology of Fama and French (J. Finan. Econ. (2001)) to identify a total of four distinct trends in the propensity to pay dividends... View Details
- May 2004
- Article
The Risky Business of Hiring Stars
With the battle for the best and brightest people heating up again, you're most likely out there looking for first-rate talent in the ranks of your competitors. Chances are, you're sold on the idea of recruiting from outside your organization, since developing people... View Details
- March 2004 (Revised October 2013)
- Case
Innocents Abroad: Currencies and International Stock Returns
By: Mihir A. Desai, Kathleen Luchs, Elizabeth A. Meyer and Mark Veblen
What do international stocks contribute to the portfolio of a U.S. investor? How do currencies interact with stock price movements in determining the benefits of international diversification? This case helps students compare the risks and returns of foreign stock... View Details
Keywords: Diversification; International CAPM; CAPM; Home Bias; Currency Risk; Exchange Rate Risk; International Stock Market Returns; United States; Currency Exchange Rate; Stocks; Financial Markets; International Finance; Investment Return; Currency; Risk and Uncertainty; Emerging Markets; Investment Portfolio; Financial Services Industry; United States; Australia; Canada; China; Germany; India; Japan; United Kingdom
- January 2004
- Background Note
Cross-Border Listings and Depositary Receipts
By: Mihir A. Desai, Maria Raga-Frances, Ami Dave, Mark Veblen and Kathleen Luchs
This case describes the varied instruments that have evolved to facilitate investments in foreign corporations, emphasizing American Depositary Receipts (ADRs) and cross-border listings. It describes the different types of ADRs and the regulatory requirements foreign... View Details
- January 2004 (Revised February 2005)
- Case
Timberland and Community Involvement (Abridged Version)
By: James E. Austin and James Quinn
When Jeffrey Swartz became the third generation in his family to lead the Timberland Co., he made community involvement an integral part of the company's strategy. Under Swartz's leadership, Timberland formed a close partnership with City Year, the national corps of... View Details
- December 2003 (Revised September 2004)
- Case
Managing Segway's Early Development
By: Richard G. Hamermesh and David Kiron
Describes the early development of the Segway Human Transporter and focuses on the organizational issues that arise between the parent company and the new company that is being spun out to produce and market the Segway. Key issues are the distribution of bonuses and... View Details
- December 2003 (Revised October 2005)
- Case
High-Definition TV: The Grand Alliance
Describes political and economic forces that influenced the development of an all-digital, high-definition television (HDTV) standard in the United States between 1986 and 1996. Outlines the stakes for various government and industry participants in the... View Details
Keywords: Decision Choices and Conditions; Investment; Policy; Management Practices and Processes; Emerging Markets; Standards; Business and Government Relations; Networks; Research and Development; Technology Adoption; Entertainment and Recreation Industry; Technology Industry; Japan; Europe; United States
- 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
- October 2003 (Revised November 2004)
- Case
Joe Bachelder: Executive Pay Negotiator
By: Jason R. Barro, Brian J. Hall and Aaron Zimmerman
Joe Bachelder was the leading executive pay negotiator in the United States, securing generous contracts for CEOs and executives at Fortune 500 companies. The CEO of Victor Sports Co. resigned, and the board offered the job to Charles Suarez, a star executive from a... View Details