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(190)
- News (55)
- Research (98)
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- Faculty Publications (67)
Show Results For
- All HBS Web
(190)
- News (55)
- Research (98)
- Multimedia (5)
- Faculty Publications (67)
- October 1995 (Revised June 1996)
- Case
ABN-AMRO Holding N.V. and Smit Transformatoren N.V. (A)
By: Peter Tufano
ABN-AMRO, the largest bank in the Netherlands, must decide whether to take any action in regard to the poor performance of Smit Transformatoren, a Dutch transformer manufacturer. ABN-AMRO acted as lead underwriter for the IPO of Smit, and also released a favorable... View Details
Keywords: Initial Public Offering; Capital Markets; Investment Banking; Banking Industry; Financial Services Industry; Netherlands
Tufano, Peter, and Cameron Poetzscher. "ABN-AMRO Holding N.V. and Smit Transformatoren N.V. (A)." Harvard Business School Case 296-030, October 1995. (Revised June 1996.)
- 08 Apr 2015
- News
Online Lenders Offer a Faster Lifeline for Small Businesses
- August 1985
- Case
CML Group, Inc.: Going Public (C)
Contains a description of some issues confronting management of CML Group. They have decided to go public, have selected an underwriting team, and must make final decisions about the size, composition and pricing of the issue. Because stock prices have fallen since the... View Details
Keywords: Initial Public Offering; Going Public; Problems and Challenges; Consumer Products Industry; Retail Industry
Sahlman, William A. "CML Group, Inc.: Going Public (C)." Harvard Business School Case 286-009, August 1985.
- Forthcoming
- Article
Calling All Issuers: The Market for Debt Monitoring
By: Huaizhi Chen, Lauren Cohen and Weiling Liu
95% of long-term municipal bonds have callable features, and yet we find new evidence of a substantial fraction of local governments exercising these valuable options sub-optimally, with significant delays – resulting in sizable losses. Using data from 2001 to 2019, we... View Details
Keywords: Bonds; Financial Institutions; Governing Rules, Regulations, and Reforms; Government Administration; Financing and Loans
Chen, Huaizhi, Lauren Cohen, and Weiling Liu. "Calling All Issuers: The Market for Debt Monitoring." Management Science (forthcoming). (Pre-published online November 1, 2024.)
- April 2022
- Article
AI Insurance: How Liability Insurance Can Drive the Responsible Adoption of Artificial Intelligence in Health Care
By: Ariel Dora Stern, Avi Goldfarb, Timo Minssen and W. Nicholson Price II
Despite enthusiasm about the potential to apply artificial intelligence (AI) to medicine and health care delivery, adoption remains tepid, even for the most compelling technologies. In this article, the authors focus on one set of challenges to AI adoption: those... View Details
Keywords: Artificial Intelligence; Medicine; Health Care and Treatment; Legal Liability; Insurance; Technology Adoption; AI and Machine Learning
Stern, Ariel Dora, Avi Goldfarb, Timo Minssen, and W. Nicholson Price II. "AI Insurance: How Liability Insurance Can Drive the Responsible Adoption of Artificial Intelligence in Health Care." NEJM Catalyst Innovations in Care Delivery 3, no. 4 (April 2022).
- October 1987 (Revised July 1991)
- Case
Tiffany & Co.
This premier retail jewelry company was bought from its parent, Avon, by a group of investors led by its own management in 1984. The company was highly leveraged, financially, and had to scramble to meet the cash flow and earnings requirements laid down by its lenders.... View Details
Keywords: Acquisition; Borrowing and Debt; Cash Flow; Price; Going Public; Apparel and Accessories Industry
Hayes, Samuel L., III. "Tiffany & Co." Harvard Business School Case 288-022, October 1987. (Revised July 1991.)
- August 2008
- Case
Progressive Corporation: Variable Dividends
By: Timothy A. Luehrman and Brenda W. Chia
In 2006, Progressive Corporation announced a change in its dividend policy. Henceforth, dividends would be paid annually rather than quarterly and, more importantly, would be set according to a formula that would result in considerably greater year-to-year variability... View Details
Keywords: Capital Structure; Policy; Goals and Objectives; Performance; Business and Shareholder Relations; Insurance Industry
Luehrman, Timothy A., and Brenda W. Chia. "Progressive Corporation: Variable Dividends." Harvard Business School Case 209-004, August 2008.
Buy Now, Pay Later Credit: User Characteristics and Effects on Spending Patterns
Firms offering "buy now, pay later" (BNPL) point-of-sale loans with minimal underwriting have grown in popularity in the last couple of years. According to Worldpay, BNPL accounted for 2.1% – or roughly $97b – of global e-commerce transactions in 2020, and is... View Details
- 30 Aug 2012
- Working Paper Summaries
Incentivizing Calculated Risk-Taking: Evidence from an Experiment with Commercial Bank Loan Officers
- April 2005
- Article
The Geography of Equity Analysis
By: Christopher J. Malloy
I provide evidence that geographically proximate analysts are more accurate than other analysts. Stock returns immediately surrounding forecast revisions suggest that local analysts impact prices more than other analysts. These effects are strongest for firms located... View Details
Keywords: Geographic Location; Stocks; Investment Return; Forecasting and Prediction; Price; Performance; Equity; Information; Prejudice and Bias; Agency Theory
Malloy, Christopher J. "The Geography of Equity Analysis." Journal of Finance 60, no. 2 (April 2005): 719–755. (Nominated for Smith Breeden Prize. Best Paper For the best finance research paper published in the Journal of Finance presented by Smith Breeden Associates, Inc.)
- 2013
- Case
Travelers Insurance: Focusing on Climate Change and Natural Catastrophe Risk
By: Andrew J. Hoffman
The dilemma Evan Blue faces stems from a report by sustainability advocacy group Ceres that calls on companies to take climate change into consideration in their risk models and develop response strategies. The fictional vice president of Traveler's Insurance is tasked... View Details
Hoffman, Andrew J. "Travelers Insurance: Focusing on Climate Change and Natural Catastrophe Risk." William Davidson Institute Case 1-429-347, 2013.
- January 2020
- Article
The Job Rating Game: Revolving Doors and Analyst Incentives
By: Elisabeth Kempf
Investment banks frequently hire analysts from rating agencies. While many argue that this "revolving door" creates captured analysts, it can also create incentives to improve accuracy. To study this issue, I construct an original dataset, linking analysts to their... View Details
Keywords: Credit Rating Agencies; Investment Banking; Recruitment; Performance Evaluation; Financial Services Industry
Kempf, Elisabeth. "The Job Rating Game: Revolving Doors and Analyst Incentives." Journal of Financial Economics 135, no. 1 (January 2020): 41–67.
- 28 Sep 2016
- News
Can Washington control high-tech lending?
- March 2001 (Revised April 2003)
- Case
Chase's Strategy for Syndicating the Hong Kong Disneyland Loan (A)
By: Benjamin C. Esty and Michael Kane
In late 1999, the Walt Disney Co. and the Hong Kong government agreed to develop Hong Kong Disneyland, a HK$28 (U.S.$3.6) billion theme park and resort complex planned to open in late 2005. As part of the total financing package, the sponsors decided to raise HK$3.3... View Details
Keywords: Working Capital; Project Finance; Relationships; Financing and Loans; Financial Strategy; Tourism Industry; Hong Kong
Esty, Benjamin C., and Michael Kane. "Chase's Strategy for Syndicating the Hong Kong Disneyland Loan (A)." Harvard Business School Case 201-072, March 2001. (Revised April 2003.)
- July 1984 (Revised September 1986)
- Case
CML Group, Inc.: Going Public (A)
Describes a series of decisions confronting Charles Leighton, co-founder and chairman of the CML Group. CML is a successful participant in the leisure time industry with two lines of business: specialty retailing and recreational consumer products. The key issues in... View Details
Keywords: Valuation; Going Public; Strategy; Business or Company Management; Cost vs Benefits; SWOT Analysis; Investment Banking; Financing and Loans; Planning; Corporate Finance; Retail Industry; Consumer Products Industry
Sahlman, William A. "CML Group, Inc.: Going Public (A)." Harvard Business School Case 285-003, July 1984. (Revised September 1986.)
- July 1991 (Revised August 1991)
- Case
Philip Morris Companies, Inc. (B)
Looks at the company's plans for a new debt offering under the Rule 415 shelf underwriting provision--in this instance from the vantage point of the lead investment banker for the deal. The decision-maker must assess the risks of the issuer, the tone of the market, the... View Details
Keywords: Risk Management; Stocks; Initial Public Offering; Consumer Products Industry; United States
Hayes, Samuel L., III. "Philip Morris Companies, Inc. (B)." Harvard Business School Case 292-006, July 1991. (Revised August 1991.)
- 2020
- Working Paper
The Myth of the Lead Arranger’s Share
By: Kristian Blickle, Quirin Fleckenstein, Sebastian Hillenbrand and Anthony Saunders
We make use of Shared National Credit Program (SNC) data to examine syndicated loans in which the lead arranger retains no stake. We find that the lead arranger sells its entire loan share for 27 percent of term loans and 48 percent of Term B loans, typically shortly... View Details
Blickle, Kristian, Quirin Fleckenstein, Sebastian Hillenbrand, and Anthony Saunders. "The Myth of the Lead Arranger’s Share." Working Paper, May 2020.
- March 2009 (Revised September 2011)
- Case
UBS and Auction Rate Securities (A)
By: Daniel Baird Bergstresser, Shawn A. Cole and Siddharth Bhaskar Shenai
UBS, a global financial services company, must decide whether to continue to support the market for Auction Rate Securities in the face of a growing financial crisis. These instruments, underwritten by UBS, were marketed to clients as highly liquid and safe... View Details
Keywords: Cost vs Benefits; Financial Crisis; Asset Pricing; Financial Liquidity; Financial Instruments; Government Legislation; Risk and Uncertainty; Financial Services Industry
Bergstresser, Daniel Baird, Shawn A. Cole, and Siddharth Bhaskar Shenai. "UBS and Auction Rate Securities (A)." Harvard Business School Case 209-119, March 2009. (Revised September 2011.)