Publications

SSRN

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

Keywords: History; Technological Innovation; Patents; Stocks; Valuation; Financial Crisis; Financial Services Industry; United States

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Research Summary

Wall Street Research

By: Paul M. Healy

Wall Street research helps to support a well-functioning capital market by providing investors with information about investment opportunities, and corporate issuers with liquidity for their stocks. Yet surprisingly little is known about how Wall Street research... View Details

Keywords: Sell-side Analysts; Brokerage; Investment Banking; Buy-side Analysts; Compensation; Financial Services Industry

2010
Working Paper

Making the Numbers? 'Short Termism' and the Puzzle of Only Occasional Disaster

By: Nelson P. Repenning and Rebecca Henderson

Much recent work in strategy and popular discussion suggests that an excessive focus on "managing the numbers"—delivering quarterly earnings at the expense of longer-term investments—makes it difficult for firms to make the investments necessary to build competitive... View Details

Keywords: Investment; Performance Improvement; Competitive Advantage; Earnings Management; Management Practices and Processes; Revenue; Quality; Competency and Skills; Motivation and Incentives; Auto Industry; United States

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22 Feb 2017
HBS Seminar

Juliet Schor, Boston College

November 1994 (Revised April 2012)
Case

National Electric Corporation

By: David F. Hawkins and Norman Bartczak

A company meets financial analysis year-end earnings per share estimates, which have been progressively lowered during the year. View Details

Keywords: Goals and Objectives; Quality; Business Earnings; Stock Shares; Analysis

Educators

September 2011
Article

What Drives Sell-Side Analyst Compensation at High-Status Investment Banks?

By: Boris Groysberg, Paul M. Healy and David A. Maber

We use proprietary data from a major investment bank to investigate factors associated with analysts' annual compensation. We find compensation to be positively related to "All-Star" recognition, investment-banking contributions, the size of analysts' portfolios, and... View Details

Keywords: Investment Banking; Research; Compensation and Benefits; Investment Portfolio; Forecasting and Prediction; Resource Allocation; Status and Position; Business Earnings; Quality; Revenue; Stocks; Voting

April 2012
Article

The Predictive Value of Accruals and Consequences for Market Anomalies

By: Francois Brochet, Seunghan Nam and Joshua Ronen

We revisit the role of the cash and accrual components of accounting earnings in predicting future cash flows using out-of-sample predictions and market value of equity as a proxy for all future cash flows. We find that, on average, accruals improve upon current cash... View Details

Keywords: Forecasting and Prediction; Investment Return; Value; Equity; Markets; Cash Flow; Information Management; Accrual Accounting; Earnings Management; Corporate Governance; Stocks

Professor Ramarajan is the Anna Spangler Nelson and Thomas C. Nelson Associate Professor of Business Administration in the Organizational Behavior Unit at Harvard Business School. Her research examines the management and consequences of identities in... View Details

Keywords: nonprofit industry

Jillian J. Jordan

Jillian Jordan is an Assistant Professor of Business Administration in the Negotiation, Organizations & Markets Unit at Harvard Business School. She teaches Negotiations in the MBA elective curriculum.

Professor Jordan’s research investigates moral... View Details

April 2008
Case

Ophthalmic Consultants of Boston and Dr. Bradford J. Shingleton (2004)

By: H. Kent Bowen and Marcelo Pancotto

Dr. Bradford Shingleton has developed some of the highest quality eye surgery techniques in the industry. He involves his nurses and technicians in creating a surgical service that is constantly improving. The case has many details about how Dr. Shingleton works with... View Details

Keywords: Health Care and Treatment; Independent Innovation and Invention; Service Operations; Performance Productivity; Practice; Problems and Challenges; Health Industry; Boston

Educators

March 2008 (Revised April 2008)
Case

Corning: 156 Years of Innovation

By: H. Kent Bowen and Courtney Purrington

The executive team at Corning has committed to double the rate of new business creation per decade, while at the same time growing the company's current businesses, including glass substrates for LCD displays. Their strategy, built on more than 150 years of successful... View Details

Keywords: Innovation Leadership; Resource Allocation; Product Development; Research and Development; Science-Based Business; Industrial Products Industry

Educators

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

Keywords: Forecasting and Prediction; Stocks; Financial Markets; Investment; Investment Return; Governing Rules, Regulations, and Reforms; Performance Expectations; Groups and Teams; Research; Value Creation

17 Sep 2013
First Look

First Look: September 17

have received the alternative pay rate. Lower pay rates increased cheating when the prospect of a higher pay rate was salient. Experiment 2 illustrates that this effect is driven by the ease with which poorly compensated participants can compare their pay to that of... View Details

Keywords: Sean Silverthorne

2010
Working Paper

A New Model of Integrity: The Missing Factor Of Production (PDF file of Keynote and PowerPoint Slides)

By: Michael C. Jensen, Kari L. Granger and Werner Erhard

An Actionable Pathway To Dramatic Increases In Individual And Organizational Performance.

Full Day Executive Program Seminar taught at Olin Business School, Washington University, St. Louis, MO.

Workshop Objectives:

To provide you and your... View Details

Keywords: Performance Improvement; Programs; Trust; Competitive Advantage; Value Creation; Washington (state, US)