Publications

February 2022
Case

Business Roundtable 2019 Statement: A New Paradigm or Business as Usual?

By: Charles C.Y. Wang and Amram Migdal

This note focuses on the antecedents of, reactions to, and clarifications about The Business Roundtable’s August 19, 2019, “Statement on the Purpose of a Corporation.” The note includes background information on corporate governance as practiced in the United States in... View Details

Keywords: Corporate Accountability; Corporate Governance; Business History; Mission and Purpose; Agency Theory; Business and Shareholder Relations; Business and Stakeholder Relations; Corporate Social Responsibility and Impact; United States

29 Sep 2015
First Look

September 29, 2015

2015 Princeton University Press How the Internet Became Commercial: Innovation, Privatization, and the Birth of a New Network By: Greenstein, Shane Abstract—In less than a decade, the Internet went from being a series of loosely connected networks used View Details

Keywords: Sean Silverthorne

July 2024
Article

Buying the Verdict

By: Lauren Cohen and Umit Gurun

We document evidence that firms systematically increase specialized, locally targeted advertising following the firm being taken to trial in that given location, precisely following initiation of the suit. In particular, we use legal actions brought against publicly... View Details

Keywords: Lawsuits and Litigation; Advertising; Marketing Strategy

14 Nov 2017
First Look

New Research and Ideas: November 14, 2017

experts to discuss how researchers can impact a broader audience, by lending their scientific expertise to pressing social issues, current events, and public debates. The landmark Brown v. Board of Education case, in which the Supreme... View Details

Keywords: Carmen Nobel

04 Jun 2013
First Look

First Look: June 4

Private Equity By: Ewens, Michael, Charles M. Jones, and Matthew Rhodes-Kropf Abstract—This paper explores the private equity and venture capital (VC) markets and extends the standard principal-agent problem between the investors and... View Details

Keywords: Sean Silverthorne

March 2020 (Revised March 2024)
Case

CIAM: Home-Grown Shareholder Activism in France

By: Charles C.Y. Wang, Tonia Labruyere and Vincent Dessain

The case discusses the strategy of CIAM, a French activist investment firm, involved in a case of a buy-out of minority shareholders in the telecommunications sector. Altice NV, an international telecommunications company based in the Netherlands that owned more than... View Details

Keywords: Corporate Governance; Private Equity; Strategy; Valuation; Investment Activism; Financial Services Industry; France

17 Sep 2013
First Look

First Look: September 17

networks historically provided (e.g., information about potential workers, monitoring, and reputation foundations). Publisher's link: http://www.people.hbs.edu/wkerr/Ghani_Kerr_Stanton_MSCI_OdeskDiaspora-8-26-13.pdf September 2013 Frontiers in Perception Science... View Details

Keywords: Sean Silverthorne

06 Feb 2018
First Look

First Look at New Research and Ideas: February 6, 2018

workers; and the production of knowledge, including the idea of the economy, among other topics. Together, the essays suggest emerging themes in the field: a fascination with capitalism as it is made by political authority, how it is... View Details

Forthcoming
Article

Variable Leases Under ASC 842: Evidence on Properties and Consequences

By: Jonas Heese, Albert Shin and Charles C.Y. Wang

The new lease standard (ASC 842) allows firms to keep variable leases off-balance-sheet, in part based on the assumption that future expenses are difficult to estimate reliably. We show that variable-lease expenses are both prevalent and substantial, exhibiting... View Details

Keywords: Financial Accounting; Financial Analysis; Accounting; Leasing; Financial Strategy

SSRN

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2024
Working Paper

Scaling Core Earnings Measurement with Large Language Models

By: Matthew Shaffer and Charles CY Wang

We study the application of large language models (LLMs) to the estimation of core earnings, i.e., a firm's persistent profitability from its core business activities. This construct is central to investors' assessments of economic performance and valuations. However,... View Details

Keywords: Large Language Models; AI and Machine Learning; Accounting; Profit; Corporate Disclosure; Analytics and Data Science; Measurement and Metrics

SSRN

26 Nov 2013
First Look

First Look: November 26

Publications August 2013 Journal of Corporate Finance Golden Parachutes and the Wealth of Shareholders By: Bebchuk, Lucian A., Alma Cohen, and Charles C.Y. Wang Abstract—Golden parachutes (GPs) have attracted substantial attention from... View Details

Keywords: Sean Silverthorne

September 2016 (Revised January 2017)
Case

SOHO China: Transformation in Progress

By: Charles F. Wu

In 2016, against the backdrop of a challenging Chinese macroeconomic environment, SOHO China, the largest owner and developer of Class-A real estate in Beijing and Shanghai, was struggling to convince analysts of the merits of its new “build-to-hold” strategy. Founded... View Details

Keywords: China; REIT; Real Estate; Shared Office; Coworking; Public Company; NAV; Macroeconomics; Going Public; Transition; Growth and Development Strategy; Real Estate Industry; China