Publications
Publications
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- All HBS Web
(3,329)
- Faculty Publications (783)
- March 2009 (Revised July 2010)
- Case
State Street Corporation
To maximize their effectiveness, color cases should be printed in color. State Street Corp. reports a 13% gain in EPS in 2008 amidst a global financial crisis. The stock price declines 59% on the day of the earnings report. This one day decline was exceeded in the... View Details
- March 2009 (Revised November 2009)
- Case
WL Ross and Plascar
By: C. Fritz Foley and Linnea Meyer
How can distressed investors take advantage of the procedures governing an international bankruptcy? Wilbur L. Ross, chairman and CEO of the private equity firm WL Ross & Co., LLC, has the opportunity to bid for debt and equity claims on Plascar Industria e Comercio... View Details
- March 2009
- Journal Article
Does Individual Performance Affect Entrepreneurial Mobility? Empirical Evidence from the Financial Analysis Market
By: Boris Groysberg, Ashish Nanda and M. Julia Prats
Our paper contributes to the studies on the relationship between workers' human capital and their decision to become self-employed as well as their probability to survive as entrepreneurs. Analysis from a panel data set of research analysts in investment banks over... View Details
- Article
How Well Do Social Ratings Actually Measure Corporate Social Responsibility?
By: Aaron K. Chatterji, David I. Levine and Michael W. Toffel
Ratings of corporations' environmental activities and capabilities influence billions of dollars of "socially responsible" investments as well as some consumers, activists, and potential employees. In one of the first studies to assess these ratings, we examine how... View Details
- March 2009
- Article
The Impact of Shareholder Activism on Financial Reporting and Compensation: The Case of Employee Stock Options Expensing
By: F. Ferri and Tatiana Sandino
We examine the economic consequences of more than 150 shareholder proposals to expense employee stock options (ESO) submitted during the proxy seasons of 2003 and 2004, the first case in which the SEC allowed a shareholder vote on an accounting matter. Our results... View Details
- March 2009
- Article
Trading Restrictions and Stock Prices
By: Robin Greenwood
Firms can manipulate their stock price by limiting the ability of their investors to sell. I examine a series of corporate events in Japan in which firms actively reduced their float—the fraction of shares available to trade—for periods of one to three months, locking... View Details
- February 2009 (Revised March 2013)
- Supplement
Messer Griesheim (B)
By: Josh Lerner, Ann-Kristin Achleitner, Eva Lutz and Kerry Herman
In 2001, Allianz Capital Partners and Godlman Sachs acquired a majority stake in Messer Greisheim, a European industrial gas concern held by Hoeschst. The dealmakers faced several challenges, including delicate corporate governance issues due to partial family... View Details
- February 2009 (Revised March 2009)
- Case
Publicis Groupe 2009: Toward a Digital Transformation
By: Rosabeth M. Kanter and Matthew Bird
After a series of acquisitions, Maurice Levy, the Chairman and CEO of Publicis Groupe, had created the fourth largest marketing and communications company in the world. His next major challenge was managing the firm's digital transformation. In December 2006, the... View Details
- January 2009
- Supplement
The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (B2)
By: Clayton S. Rose, Daniel Baird Bergstresser and David Lane
Bear Stearns & Co burned through nearly all of its $18 billion in cash reserves during the week of March 10, 2008, and an unprecedented provision of liquidity support from the Federal Reserve on Friday March 13 was insufficient to reverse the decline in Bear's... View Details
- January 2009
- Case
Sue Whitman at MBB Financial
This case describes some issues confronting the leader of a major investment bank. She is pleased with the financial performance of her firm but concerned about signs of a bubble in the market. View Details
- January 2009 (Revised November 2011)
- Case
The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (A)
By: Clayton S. Rose, Daniel Baird Bergstresser and David Lane
"Bear Stearns & Co. burned through nearly all of its $18 billion in cash reserves during the week of March 10, 2008, and an unprecedented provision of liquidity support from the Federal Reserve on Friday, March 13 was insufficient to reverse the decline in Bear's... View Details
- January 2009
- Supplement
The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (B1)
By: Clayton S. Rose, Daniel Baird Bergstresser and David Lane
Bear Stearns & Co burned through nearly all of its $18 billion in cash reserves during the week of March 10, 2008, and an unprecedented provision of liquidity support from the Federal Reserve on Friday March 13 was insufficient to reverse the decline in Bear's... View Details
- January 2009 (Revised March 2011)
- Case
Milliway Capital: Battening Down the Hatches
By: Josh Lerner, G. Felda Hardymon and Ann Leamon
Facing the downturn in late 2008, the partners in a West-Coast venture capital firm are trying to decide how to manage their portfolio companies and whether to make new investments. Not only must they consider the particulars of each company individually, but they must... View Details
- 2009
- Article
India Transformed: Insights from the Firm Level 1988–2007
By: Laura Alfaro and Anusha Chari
Using firm-level data, this paper analyzes the transformation of India's economic structure following the implementation of economic reforms. The focus of the study is on publicly listed and unlisted firms from across a wide spectrum of manufacturing and services... View Details
- January 2009
- Article
Multinationals as Arbitrageurs? The Effect of Stock Market Valuations on Foreign Direct Investment
By: Malcolm Baker, C. Fritz Foley and Jeffrey Wurgler
Empirical evidence of imperfect integration across world capital markets suggests a role for cross-border arbitrage by multinationals. Consistent with multinational arbitrage as a determinant of foreign direct investment (FDI) patterns, we find that FDI flows increase... View Details
- December 2008 (Revised March 2009)
- Case
Rosetree Mortgage Opportunity Fund
By: Victoria Ivashina and Andre F. Perold
In December 2008, in the midst of the worst financial crisis since the Great Depression, Rosetree Capital Management was evaluating the purchase of a pool of U.S. residential mortgages. The firm had formed an investment vehicle to acquire troubled residential mortgages... View Details
Keywords: Financial Crisis; Borrowing and Debt; Mortgages; Investment; Housing; Valuation; United States
- 2008
- Working Paper
International Financial Integration and Entrepreneurial Firm Activity
By: Laura Alfaro and Andrew Charlton
We explore the relation between international financial integration and the level of entrepreneurial activity in a country. We use a unique firm-level data set in a broad sample of developed and developing countries, which enables us to present both cross-country and... View Details
- December 2008
- Article
The Teaching of Strategy: From General Manager to Analyst and Back Again?
By: Joseph L. Bower
Courses in strategy are an outgrowth of the business policy course first taught at Harvard Business School in 1912. This article examines how the teaching of a course concerned with the development and implementation of the goals and policies of a firm changed during... View Details
- November 2008
- Journal Article
Can Research Committees Add Value for Investors? An Analysis of Lehman Brothers' Ten Uncommon Values® Recommendations
By: Boris Groysberg, Paul M. Healy and Yang Gui
Since 1949 Lehman Brothers has used an investment committee to select the top ten recommendations made by its analysts each year. We examine the performance of this committee's recommendations and find that on average its selections generated abnormal returns of 2.7%... View Details
- November 2008
- Journal Article
Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises
By: Mihir A. Desai, C. Fritz Foley and Kristin Forbes
This paper examines how financial constraints and product market exposures determine the response of multinational and local firms to sharp depreciations. U.S. multinational affiliates increase sales, assets, and investment significantly more than local firms during,... View Details