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- Article
Investor Activism and Takeovers
By: Robin Greenwood and Michael Schor
Recent work documents large positive abnormal returns around the time that a hedge fund announces its activist intentions with a publicly listed firm. We show that these returns are largely explained by the ability of activists to force target firms into a takeover: In... View Details
- Article
Shorting Demand and Predictability of Returns
By: Lauren Cohen, Karl B. Diether and Christopher J. Malloy
- 2008
- Chapter
Corporate Honesty and Business Education: A Behavioral Model
By: Rakesh Khurana and Herbert Gintis
Since the mid-1970s neoclassical economic theory has dominated business school thinking and teaching in dealing with the nature of human motivation. However valuable in understanding competitive product and financial markets, neoclassical economic theory employs an... View Details
- December 2008
- Article
Style Investing and Institutional Investors
By: Kenneth A. Froot and Melvyn Teo
This paper explores institutional investors' trades in stocks grouped by style and the relationship of these trades with equity market returns. It aggregates transactions drawn from a large universe of approximately $6 trillion of institutional funds. To analyze style... 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
- 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
- October 2008 (Revised November 2010)
- Case
NEC Electronics
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... View Details
- October 2008
- Article
The Small World of Investing: Board Connections and Mutual Fund Returns
By: Lauren Cohen, Andrea Frazzini and Christopher J. Malloy
This paper uses social networks to identify information transfer in security markets. We focus on connections between mutual fund managers and corporate board members via shared education networks. We find that portfolio managers place larger bets on firms they are... View Details
- September 2008 (Revised June 2010)
- Case
Hearts On Fire - Brand Development Manager
By: Frank V. Cespedes and Benson P. Shapiro
Hearts On Fire, a successful branded diamond producer, established the position of Brand Development Manager (BDM) to build the company's presence, sales, and relationships with its retail customers. After one year, the CEO, CFO and President must evaluate the impact... View Details
- September 2008
- Article
Does Innovation Cause Stock Market Runups? Evidence from the Great Crash
By: Tom Nicholas
This article examines the stock market's changing valuation of corporate patentable assets between 1910 and 1939. It shows that the value of knowledge capital increased significantly during the 1920s compared to the 1910s as investors responded to the quality of... View Details
- September 2008
- Article
Firm Heterogeneity and Credit Risk Diversification
By: Samuel G. Hanson, M. Hashem Pesaran and Til Schuermann
This paper examines the impact of neglected heterogeneity on credit risk. We show that neglecting heterogeneity in firm returns and/or default thresholds leads to under estimation of expected losses (EL), and its effect on portfolio risk is ambiguous. Once EL is... View Details
- September 2008
- Class Lecture
Leading Change and Organizational Renewal
By: Michael L. Tushman and Charles O'Reilley
Executives who return from campus-based executive programs ready to make changes often find employees resistant to new ideas. The Leading Change and Organizational Renewal multimedia resource was created to ease transitions and empower the teacher as leader. This... View Details
- August 2008 (Revised December 2009)
- Case
Absolute Return for Kids
By: Herman B. Leonard, Marc J. Epstein and Melissa Tritter
Absolute Return for Kids [ARK] is a charity with strong financial support-what are the constraints on its growth and impact? ARK seeks to transform the lives of children who are victims of abuse, disability, illness, and poverty. As one of the 50 largest fundraising... View Details
- August 2008
- Teaching Note
North Goes East (TN)
By: Nicolas P. Retsinas and Ben Creo
Teaching Note for [208136]. View Details
- 2008
- Working Paper
CEO and CFO Career Penalties to Missing Quarterly Analysts Forecasts
By: Rick Mergenthaler, Shiva Rajgopal and Suraj Srinivasan
We find that missing the quarterly analyst consensus earnings forecast is associated with career penalties in the form of a reduced bonus, smaller equity grants, and a greater chance of forced dismissal for both CEOs and CFOs during the period 1993-2004. These results... View Details
- August 2008
- Article
Economic Links and Predictable Returns
By: Lauren Cohen and Andrea Frazzini
This paper finds evidence of return predictability across economically linked firms. We test the hypothesis that in the presence of investors subject to attention constraints, stock prices do not promptly incorporate news about economically related firms, generating... View Details
- June 2008 (Revised October 2008)
- Case
International Carbon Finance and EcoSecurities
By: Andre F. Perold, Forest L. Reinhardt and Mikell Hyman
In late 2007, EcoSecurities had to decide whether to undertake a new Clean Development Mechanism (CDM) project in China. EcoSecurities was an aggregator of carbon credits and also invested directly in projects that produced carbon credits. Governments and firms... View Details
- Article
A Head Start on Succession
By: Joseph L. Bower
Our studies of CEO succession over the past several years have shown some improvements in the trends in CEO turnover, often resulting from outside pressures for improved oversight and better corporate governance. The next step in improving CEO succession—and ultimately... View Details
- 2008
- Chapter
Allocating Marketing Resources
By: Sunil Gupta and Thomas J. Steenburgh
Companies spend billions of dollars on marketing every year because it is essential to organic growth. Given these large investments, marketing managers have the responsibility to optimally allocate resources and to demonstrate that their investments generate... View Details
- April 2008 (Revised April 2010)
- Background Note
The Hedge Fund Industry
This note describes the hedge fund industry as of the end of the year 2007. View Details