Publications
Publications
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(2,602)
- Faculty Publications (673)
- October 2007
- Article
Supply and Demand Shifts in the Shorting Market
By: Lauren Cohen, Karl B. Diether and Christopher J. Malloy
Using proprietary data on stock loan fees and quantities from a large institutional investor, we examine the link between the shorting market and stock prices. Employing a unique identification strategy, we isolate shifts in the supply and demand for shorting. We find... View Details
- September 2007 (Revised October 2010)
- Case
DermaCare: Zapping Zits Directly
By: Richard G. Hamermesh and Lauren Barley
DermaCare has developed an innovative new product for the treatment of acne that they hope to sell to consumers via direct-response television. The unconventional nature of the product and its distribution has led the company to seek angel financing. The Silicon Valley... View Details
- September 2007
- Article
(Noisy) Communication
By: Bharat Anand and Ron Shachar
Communication is central to many settings in marketing and economics. A focal attribute of communication is miscommunication. We model this key characteristic as a noise in the messages communicated, so that the sender of a message is uncertain about its perception by... View Details
- June 2007 (Revised January 2008)
- Background Note
The U.S. Retirement Savings Market and the Pension Protection Act of 2006
By: Luis M. Viceira and Helen Tung
Provides an overview of the evolution of the private retirement savings market in the U.S. since 1990; the management and administration of defined-contribution (DC) plans; the existing evidence about the investment and savings decisions of participants in DC plans;... View Details
- June 2007 (Revised March 2008)
- Case
Zoots - Financing Growth (A)
By: Michael J. Roberts, William A. Sahlman and Todd Krasnow
Traces the genesis and founding of Zoots, the largest chain of dry cleaning establishments in the U.S. Founded by some of the founders of the very successful Staples chain, the company raises a very large amount of capital without fully proving its business model, and... View Details
- June 2007 (Revised December 2007)
- Case
AFL-CIO: Office of Investment and Home Depot
By: Rakesh Khurana and James Weber
Describes the AFL-CIO: Office of Investments activities in their campaign to improve governance at Home Depot by calling attention to Home Depot CEO Robert Nardelli's compensation package and the company's poor performance. The AFL-CIO Office of Investments advocates... View Details
- 2007
- Chapter
Behavioral Corporate Finance: A Survey
By: Malcolm Baker, Richard Ruback and Jeffrey Wurgler
Research in behavioral corporate finance takes two distinct approaches. The first emphasizes that investors are less than fully rational. It views managerial financing and investment decisions as rational responses to securities market mispricing. The second approach... View Details
- May 2007
- Article
Corporate Financing Decisions When Investors Take the Path of Least Resistance
By: Malcolm Baker, Joshua Coval and Jeremy Stein
We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to... View Details
- March 2007 (Revised March 2010)
- Case
Rovna Dan: The Flat Tax in Slovakia
By: Laura Alfaro, Rafael M. Di Tella, Ane Damgaard Jensen and Vincent Marie Dessain
Explores the tax policy choices made by Slovakia and the impact of reforms. Set in 2006, looks at the decision facing new Prime Minister Robert Fico as he faces the public's "reform fatigue." Traces the development of tax and fiscal policies since Slovakia's... View Details
Keywords: Investment; Governing Rules, Regulations, and Reforms; Policy; Taxation; Labor; Welfare; Slovakia
- Article
Investor Sentiment in the Stock Market
By: Malcolm Baker and Jeffrey Wurgler
We examine how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. We test this prediction by... View Details
- February 2007 (Revised January 2008)
- Supplement
Multifactor Models (CW)
By: Malcolm P. Baker
- December 2006 (Revised March 2008)
- Case
Prosper Marketplace, Inc.
By: William A. Sahlman and Elizabeth Kind
Describes a set of financial and strategic decisions confronting the founding management team of a new online financial services company. Prosper Marketplace is an internet-based market for individuals to borrow money from other individuals who wish to invest in such... View Details
- November 2006 (Revised May 2014)
- Case
Li Ka-Shing and the Growth of Cheung Kong
By: Nitin Nohria, Anthony J. Mayo and Mark Benson
Events in the history of Cheung Kong's growth reveal how Li Ka-Shing applied his skills as a "first-class noticer" to complex political and socioeconomic environments. While Li's determination to succeed is legendary, so are his skills in reading and responding to the... View Details
- October 2006 (Revised May 2007)
- Case
Academia Barilla
By: David E. Bell and Mary L. Shelman
Barilla, the world's largest pasta company, has introduced a new high-quality, high-priced product line that features a range of authentic Italian food products sourced from artisan producers. Management believes the line will appeal to consumers seeking healthier... View Details
- October 2006 (Revised April 2008)
- Case
Ben Walter
By: Andre F. Perold and David S. Scharfstein
Ben Walter is thinking of purchasing Butler Lumber and needs to decide how he would run the business and how much to pay for it. View Details
- October 2006
- Case
Clearwire Corporation
Explores Clearwire's decision to fund its substantial capital investments through an initial public offering (IPO) or through private equity. Clearwire is developing and deploying a broadband wireless network using WiMAX technology. It had filed a registered statement... View Details
- September 2006
- Case
Stedman Place: Buy or Rent?
By: Andre F. Perold and David S. Scharfstein
A couple has to decide whether to continue renting a townhouse or buy the one next door. Allows for a discussion of net present value, internal rate of return, and the costs and benefits of homeownership. View Details
- September 2006 (Revised April 2008)
- Case
The Howland Long-Term Opportunity Fund
By: Andre F. Perold and David S. Scharfstein
Melissa Howland, founder of an investment firm, must choose between two competing investments, which differ in size, maturity, and rate of return. View Details
- September 2006 (Revised February 2011)
- Case
Empemex
By: Lynda M. Applegate and Regina Garcia-Cuellar
Studies an entrepreneurial venture in Mexico City. The protagonists, two MBAs from HBS, started a pawn shop chain funded from their private equity office after finishing business school. This is timed at a point where the protagonists have to decide how to grow the... View Details
- August 2006 (Revised February 2009)
- Case
Tanishq: Positioning to Capture the Indian Woman's Heart
By: Das Narayandas and Kerry Herman
The firm has to choose between an established brand, Tanishq, and a new skunkworks brand, GoldPlus, to go after the Indian plain gold jewelry market: Tanishq, initially targeted at a western customer, has undergone strategic retooling and has currently been... View Details