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  • February 2011
  • Article

Dividend Taxes and International Portfolio Choice

By: Mihir Desai and Dhammika Dharmapala
This paper investigates how dividend taxes influence portfolio choices, using the response to the distinctive treatment of a subset of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003. An open-economy after-tax capital asset... View Details
Keywords: Dividends; Portfolio Choice; Taxes; Tax Treaties; Foreign Portfolio Investment; Taxation; Lawfulness; Economy; Price; Equity; Stocks; Investment Portfolio; Opportunities; Behavior; United States
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  • May 2008
  • Article

Regulation and Bonding: The Sarbanes-Oxley Act and the Flow of International Listings

By: Suraj Srinivasan and Joseph Piotroski
In this paper, we examine the economic impact of the Sarbanes-Oxley Act (SOX) by analyzing foreign listing behavior onto U.S. and U.K. stock exchanges before and after the enactment of the Act in 2002. Using a sample of all listing events onto U.S. and U.K. exchanges... View Details
Keywords: Decision Choices and Conditions; Stocks; Government Legislation; Market Transactions; Motivation and Incentives; United Kingdom; United States
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  • Article

Are Buybacks Really Shortchanging Investment?

By: Jesse M. Fried and Charles C.Y. Wang
It’s no secret that the American economy is suffering from the twin ills of slow growth and rising income inequality. Many lay the blame at the doors of America’s largest public corporations. The charge? These firms prefer to distribute cash generated from their... View Details
Keywords: Economy; Investment; Stocks; Business and Shareholder Relations; Equality and Inequality; United States
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  • August 2002 (Revised July 2003)
  • Case

LAE Enterprises Corp.

Jay Entrepreneur had to decide whether it was worth his time to plow through a 12-page term sheet for a Series A round of preferred stock prepared by HBS Investors, a well-established venture capital firm that did seed, early-round, and mezzanine financings. He could... View Details
Keywords: Venture Capital; Contracts; Decision Choices and Conditions; Business Startups; Medical Devices and Supplies Industry
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    Macroeconomic Drivers of Bond and Equity Risks

    How do monetary policy rules, monetary policy uncertainty, and macroeconomic shocks affect the risk properties of US Treasury bonds? The exposure of US Treasury bonds to the stock market has moved considerably over time. While it was slightly positive on average... View Details

    • 28 Aug 2012
    • First Look

    First Look: August 28

    that preferences for masculinity versus femininity mediated White participants' attraction to Blacks relative to Asians. Analysis of the 2000 United States Census replicated this pattern with interracial marriages. In Study 5, Blacks were... View Details
    Keywords: Sean Silverthorne
    • March 2024 (Revised July 2024)
    • Case

    AMC: The Zero Revenue Case

    By: C. Fritz Foley and Donal O'Cofaigh
    The onset of the Covid-19 pandemic put theatre company AMC’s already perilous financial situation under even further strain. The company’s high levels of debt resulted in a monthly cash-burn which left it facing an imminent Chapter-11 filing in the absence of... View Details
    Keywords: Ethics; Insolvency and Bankruptcy; Public Equity; Stock Shares; Health Pandemics; Entertainment and Recreation Industry
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    • 26 Jul 2004
    • Research & Ideas

    A Better Way to Negotiate: Backward

    preferred outcome and think in reverse about how to get there. Here are the basic steps: 1. Draw a "map" of the parties who are currently involved and those who might potentially get onboard, along with their interests and their... View Details
    Keywords: by James K. Sebenius
    • 2022
    • Working Paper

    How Do Investors Value ESG?

    By: Malcolm Baker, Mark Egan and Suproteem K. Sarkar
    Environmental, social, and governance (ESG) objectives have risen to near the top of the agenda for corporate executives and boards, driven in large part by their perceptions of shareholder interest. We quantify the value that shareholders place on ESG using a revealed... View Details
    Keywords: Investment; Investment Portfolio; Corporate Social Responsibility and Impact; Business and Shareholder Relations; Environmental Sustainability; Governance; Financial Services Industry; United States
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    • 2005
    • Other Unpublished Work

    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
    Keywords: Decisions; Behavior; Stocks; Mergers and Acquisitions; Policy; Investment; Financial Institutions; Equity; Corporate Finance
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    • 31 Mar 2014
    • Research & Ideas

    Encouraging Niche Content in an Ad-Driven World

    eyeballs," says Zhu, an assistant professor at Harvard Business School. "Content providers are serving advertisers rather than the audience, and consumers with niche preferences will be out of luck because the content they're... View Details
    Keywords: by Julia Hanna; Information; Publishing; Journalism & News
    • 28 Jul 2008
    • Research & Ideas

    Making the Decision to Franchise (or not)

    challenge of serving customers with different preferences and behaviors when that model is stretched across multiple markets." As a starting point in their research, the authors focused on the organizational decision to franchise or not... View Details
    Keywords: by Julia Hanna; Retail
    • July 1998 (Revised August 1998)
    • Case

    Optimark: Launching a Virtual Securities Market

    Bill Lupien's OptiMark Technologies, Inc., plans to launch a super-computer system in September, 1998 that he believes will release previously withheld liquidity to the securities market. While today's market matches those trades based on price and size, Lupien's... View Details
    Keywords: Information Technology; Financial Markets; Product Launch; Financial Services Industry; United States
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    • 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
    Keywords: Behavior; Investment; Policy; Corporate Finance
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    • December 2003
    • Case

    Sale of Hephaestus, Inc. to Vulcan Ventures, Inc.

    Henry Hephaestus founded Hephaestus, Inc. in 1895. Its first product was a tapered roller bearing for use with horse-drawn wagons and carriages. It reduced friction on the axle and reduced the force necessary to move a heavy load, thereby enabling one horse to do the... View Details
    Keywords: Business Exit or Shutdown; Entrepreneurship; Family Ownership; Manufacturing Industry
    Related
    • 18 Mar 2009
    • Research & Ideas

    Marketing After the Recession

    consumers to lead you into recovery. But don't forget to stock up to take advantage of the pent-up demand that will be unleashed once other consumers get their confidence back. Don't assume a return to normal. The longer and deeper the... View Details
    Keywords: by John Quelch; Retail
    • 28 Apr 2011
    • Op-Ed

    While Waiting for Japan’s Recovery, Let’s Enhance Supplier Competitiveness at Home

    earthquake damage. They can take action now to ensure that America invests in growing our domestic stock of world-class suppliers. A national campaign to enhance supply-chain partnerships could also accelerate job creation. America needs... View Details
    Keywords: by Rosabeth Moss Kanter
    • 22 Apr 2008
    • First Look

    First Look: April 22, 2008

    http://www.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=207091 China Netcom: Corporate Governance in China (A) Harvard Business School Case 308-027 With its dual listings on the Hong Kong stock market and New York View Details
    Keywords: Martha Lagace
    • 06 Mar 2018
    • First Look

    First Look at Research and Ideas, March 6, 2018

    while full integration into stock valuation and engagement are considered more beneficial, but they are all practiced with equal frequency. Current practices of different ESG styles, especially screening, are driven by product and ethical... View Details
    Keywords: Sean Silverthorne
    • 17 Oct 2007
    • Research & Ideas

    Why Global Brands Work

    Harvard professor Theodore Levitt praised Japanese manufacturers for their focus on "what every consumer in the world is seeking: world-class modernity at affordable prices." Either because they didn't understand regional differences in consumer View Details
    Keywords: by John A. Quelch; Auto