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  • 2010
  • Working Paper

When Do Analysts Add Value? Evidence from Corporate Spinoffs

By: Emilie Rose Feldman, Stuart Gilson and Belen Villalonga
We investigate the information content and forecast accuracy of 1,793 analyst reports written around 62 spinoffs—a setting in which analysts' ability to inform investors is potentially very high. We find that analysts pay little attention to subsidiaries about to be... View Details
Keywords: Earnings Management; Mergers and Acquisitions; Business Subsidiaries; Restructuring; Forecasting and Prediction; Insolvency and Bankruptcy; Initial Public Offering; Price; Reports; Research
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  • November 2008
  • Supplement

NEC Electronics (CW)

By: C. Fritz Foley, Robin Greenwood and James Quinn
Why do shares in NEC Electronics, a publicly listed subsidiary of Japan conglomerate NEC trade at a discount to their fundamental value? Can Perry Capital, a U.S. hedge fund, restructure this subsidiary and generate significant returns? This case provides students with... View Details
Keywords: Business Conglomerates; Business Subsidiaries; Restructuring; Decisions; Investment Return; Investment Funds; Price; Ownership; Agency Theory; Business and Shareholder Relations; Value Creation; Electronics Industry; Japan; United States
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  • Web

Finance - Faculty & Research

produces research addressing issues of present and future importance to managers, regulators, and policy-makers. Finance Unit Our intellectual roots are based in a long line of scholars from Robert Merton whose collaborative work on risk management and option View Details
  • April 2008
  • Supplement

Chunghwa Telecom Co., Ltd. (B)

By: Paul W. Marshall, Michael Shih-ta Chen and Keith Chi-ho Wong
In late November 2000, Chung Telecom Co., Ltd., the once-monopolized telecom operator owned by the Taiwanese government, was on its way to privatization. Mr. C.K. Mao, Chairman of the company, was headed the job only three months earlier, after its prior chairman... View Details
Keywords: State Ownership; Jobs and Positions; Monopoly; Privatization; Competition; Decisions; Motivation and Incentives; Labor and Management Relations; Resignation and Termination; Compensation and Benefits; Price; Status and Position; Telecommunications Industry; Public Administration Industry; Taiwan
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  • 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
Keywords: Limits To Arbitrage; Event Studies; Demand Curves; Portfolio Choice; Framework; Demand and Consumers; Change; Risk and Uncertainty; Debt Securities; Forecasting and Prediction; Stocks; Assets; Investment Portfolio; System Shocks; Price; Japan
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  • 12 Apr 2022
  • Research & Ideas

Swiping Right: How Data Helped This Online Dating Site Make More Matches

The modern world is fueled by matchmaking. Going out on the town? Uber pairs you with a driver you can choose based on ratings, proximity, and even car model. Craving a vacation? Simply filter getaways based on locale and price through... View Details
Keywords: by Kara Baskin
  • June 2019
  • Article

Brokers vs. Retail Investors: Conflicting Interests and Dominated Products

By: Mark Egan
I study how brokers distort household investment decisions. Using a novel convertible bond dataset, I find that consumers often purchase dominated bonds—cheap and expensive versions of otherwise identical bonds coexist in the market. The empirical evidence suggests... View Details
Keywords: Brokers; Fiduciary Standard; Consumer Finance; Structured Products; Household; Investment; Decisions; Motivation and Incentives; Conflict of Interests
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  • 31 Oct 2007
  • HBS Case

Climate Change Puts Heat on GMs

What is the responsibility of business regarding social issues? And how does that jibe with maximizing profits? In "UBS and Climate Change—Warming Up to Global Action?" Associate Professor Felix Oberholzer-Gee and Professor Forest Reinhardt present the... View Details
Keywords: by Julia Hanna; Energy; Utilities
  • 07 Feb 2022
  • Research & Ideas

Digital Transformation: A New Roadmap for Success

must constantly attend to both top and bottom lines by launching new products, services, and experiences consistently. Leaders from software-as-a-service (SaaS) business models, for example, described how delivering at the price points... View Details
Keywords: by Linda A. Hill, Ann Le Cam, Sunand Menon, and Emily Tedards
  • 12 Mar 2012
  • Research & Ideas

Crowded at the Top: The Rise of the Functional Manager

increase in information technology purchases. Wulf notes that the 1986-1999 time frame was especially significant in terms of corporate technology. The 1990s marked an era when PC prices started falling, when dot-com companies started... View Details
Keywords: by Carmen Nobel
  • 28 Aug 2007
  • First Look

First Look: August 28, 2007

Poverty Authors: James E. Austin and Michael Chu Periodical: Art. 1. Social Enterprise: Making a Difference. ReVista 6, no. 1 (fall 2006): 3-5 Consumers' Price Sensitivities across Complementary Categories Authors: Sri Devi Deepak, Asim... View Details
Keywords: Martha Lagace
  • Web

Video Clips - Creating Emerging Markets

scaled their social and economic impact. Duration: 04:02 Dr. Laura Catena Dr. Laura Catena Building Brands Dr. Laura Catena, Managing Director of Bodega Catena Zapata, traces the history of her family winery from humble beginnings to their View Details
  • 22 Apr 2008
  • First Look

First Look: April 22, 2008

Business School Exercise 408-076 Gerson Lehrman Group (GLG) brought together decision makers in search of hard-to-find answers with specialized experts in nearly every imaginable field. Over time, GLG developed software to help minimize... View Details
Keywords: Martha Lagace
  • 2013
  • Working Paper

Competing by Restricting Choice: The Case of Search Platforms

By: Hanna Halaburda and Mikolaj Jan Piskorski
Seminal papers recommend that platforms in two-sided markets increase the number of complements available. We show that a two-sided platform can successfully compete by limiting the choice of potential matches it offers to its customers while charging higher prices... View Details
Keywords: Matching Platform; Indirect Network Effects; Limits To Network Effects; Decision Choices and Conditions; Network Effects; Two-Sided Platforms; Marketplace Matching; Competitive Strategy
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  • June 2024
  • Article

Redistributive Allocation Mechanisms

By: Mohammad Akbarpour, Piotr Dworczak and Scott Duke Kominers
Many scarce public resources are allocated at below-market-clearing prices, and sometimes for free. Such "non-market" mechanisms sacrifice some surplus, yet they can potentially improve equity. We develop a model of mechanism design with redistributive concerns. Agents... View Details
Keywords: Equality and Inequality; Welfare; Mathematical Methods; Market Design; Cost vs Benefits
Related
  • Web

Topics - HBS Working Knowledge

(19) Annual Reports (2) Annuities (1) Arts (2) Asset Management (3) Asset Pricing (4) Assets (11) Attitudes (18) Auctions (4) Balanced Scorecard (11) Banks and Banking (30) Behavioral Finance (7) Behavior (75) Bids and Bidding (1) Bonds... View Details
  • 19 Jun 2012
  • First Look

First Look: June 19

making complex decisions. Under some circumstances, unconscious thought improves decisions even more than conscious thought. Executive functioning depends on energy provided by glucose, and we know from previous research that the... View Details
Keywords: Sean Silverthorne
  • 28 Aug 2012
  • First Look

First Look: August 28

Publications Individuals' Decision to Co-Donate or Donate Alone: An Archival Study of Married Whole Body Donors in Hawaii Authors: Michel Anteby, Filiz Garip, Paul V. Martorana, and Scott Lozanoff Publication: PLoS ONE 7, no. 8: e42673... View Details
Keywords: Sean Silverthorne
  • Web

Business & Environment - Faculty & Research

experimental methods to further demonstrate causality and to consider the effects of potential moderators. These findings have implications for decisions related to product pricing, placement and assortment, store layout, and the choice... View Details
  • 16 Apr 2013
  • First Look

First Look: April 16

cultural fit with JLL. Staubach paid its brokers with a commission model, which accelerated JLL's decision to let go of its long-standing salary and bonus approach. The merger also surfaced two interesting business opportunities. First,... View Details
Keywords: Sean Silverthorne