Publications

November 2003
Article

The Maturity of Debt Issues and Predictable Variation in Bond Returns

By: Malcolm Baker, Robin Greenwood and Jeffrey Wurgler

The maturity of new debt issues predicts excess bond returns. When the share of long-term debt issues in total debt issues is high, future excess bond returns are low. This predictive power comes in two parts. First, inflation, the real short-term rate, and the term... View Details

Keywords: Borrowing and Debt; Bonds; Investment Return; Financial Markets; Forecasting and Prediction

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2023
Working Paper

The Market for Sharing Interest Rate Risk: Quantities and Asset Prices

By: Ishita Sen, Umang Khetan, Jane Li and Ioana Neamtu

We study the extent of interest rate risk sharing across the financial system using granular positions and transactions data in interest rate swaps. We show that pension and insurance (PF&I) sector emerges as a natural counterparty to banks and corporations: overall,... View Details

Keywords: Interest Rates; Investment Funds; Banks and Banking; Insurance; Investment Banking; Risk and Uncertainty

SSRN

2016
Working Paper

Consequences to Directors of Shareholder Activism

By: Ian D. Gow, Sa-Pyung Sean Shin and Suraj Srinivasan

Using a comprehensive sample for 2004–2012, we examine the impact of shareholder activist campaigns on the careers of directors of targeted firms. We find that activism is associated with directors being almost twice as likely to leave—and performance-sensitivity of... View Details

Keywords: Shareholder Activism; Hedge Funds; Independent Directors; Director Reputation; Accountability; Shareholder Voting; Voting; Retention; Investment Funds; Management Teams; Investment Activism

August 2019 (Revised October 2019)
Case

Amandla Capital: Real Estate in Côte d‘Ivoire

By: John D. Macomber, Pippa Tubman Armerding and Dilyana Botha

This case describes Amandla Capital, a fledgling company in Cote d’Ivoire, facing three opportunities in the real estate and hospitality industries in Africa. It introduces students to several concepts: decision-making and cost-benefit analysis in real estate,... View Details

Keywords: Small Business; Decision Making; Decision Choices and Conditions; Cost vs Benefits; Finance; Assets; Asset Management; Investment Portfolio; Investment Return; Project Finance; Relationships

March 2013
Supplement

HOYA Corporation (A)

By: W. Carl Kester

Keywords: Mergers and Acquisitions; Investment Activism; Corporate Governance; Governance Controls; Governing and Advisory Boards; Negotiation Tactics; Business and Shareholder Relations; Valuation; Japan

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

Keywords: Investment Return; Corporate Governance; Governing and Advisory Boards; Leadership Development; Management Practices and Processes; Management Succession; Management Teams; Business and Shareholder Relations

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2007
Working Paper

The Impact of Shareholder Activism on Financial Reporting and Compensation: The Case of Employee Stock Options Expensing

By: Fabrizio Ferri and Tatiana Sandino

In this paper we examine the economic consequences of over 150 shareholder proposals to expense employee stock options (ESO) submitted during the proxy seasons of 2003 and 2004–the first case where the SEC has allowed an accounting matter to be subject to an advisory... View Details

Keywords: Executive Compensation; Financial Reporting; Employee Stock Ownership Plan; Corporate Governance; Investment Activism; Business and Shareholder Relations

May 1968 (Revised January 1992)
Case

Graybar Syndications

By: William J. Poorvu

A potential investor evaluates a proposed offering—a major office building in downtown Manhattan. View Details

Keywords: Buildings and Facilities; Investment; Construction; City; Valuation; Real Estate Industry; Construction Industry; New York (city, NY)

January 2011
Teaching Note

Ganeden Biotech, Inc. (TN)

By: Robert C. Pozen, Dale Alan Winger and Matthew Kenneth Ahlers

Teaching Note for 310073. View Details

Keywords: Business Ventures; Decisions; Investment; Intellectual Property; Strategy; Interests; Health Industry

April 2005
Case

Merrill Lynch in 2003: Sunny Skies Ahead?

By: Boris Groysberg, Paul M. Healy and David Kiron

Merrill Lynch (ML) is at a crossroads. Stan O'Neal became its CEO and implemented a radical cost-cutting program. In addition, the company dot-com continues to recover from the fallout from the Enron and dot-com scandals. What are the future prospects for ML? Can the... View Details

Keywords: Management Teams; Forecasting and Prediction; Financial Condition; Investment; Financial Services Industry; Insurance Industry; United States

October 2021 (Revised January 2022)
Case

Chia Network: Reimagining Programmable Money

By: William A. Sahlman and George Gonzalez

Chia Network developed a novel blockchain platform that was more eco-friendly, decentralized, and scalable than Bitcoin, Ethereum, and other blockchains. Now, company leadership must decide how to scale the startup and prioritize various partnerships, use cases, and... View Details

Keywords: Blockchain; Entrepreneurship; Business Startups; Growth and Development Strategy; Technology Industry; Financial Services Industry; United States

March 2010 (Revised May 2013)
Case

Chile's Copper Surplus: The Road Not Taken (A)

By: Laura Alfaro, Dante Roscini and Renee Kim

In 2008, Andres Velasco, Chile's Finance Minister, was under mounting criticisms over his fiscal policy. As the world's largest copper producer, Chile was benefiting from the rise in copper prices, which had more than tripled since 2003. Copper revenues translated into... View Details

Keywords: Developing Countries and Economies; Economic Growth; Metals and Minerals; Investment Funds; Policy; State Ownership; Wealth; Chile

December 2008 (Revised October 2009)
Case

Alliance for a Green Revolution in Africa (AGRA)

By: David E. Bell and Brian Matthew Milder

In 2006, the Bill and Melinda Gates Foundation and the Rockefeller Foundation joined together to form a new organization, AGRA, to tackle the historic challenge of increasing agricultural production in Africa. Launched with much fanfare and led by former U.N.... View Details

Keywords: Developing Countries and Economies; Investment Funds; Food; Philanthropy and Charitable Giving; Business and Government Relations; Non-Governmental Organizations; Poverty; Agriculture and Agribusiness Industry; Africa

February 1997
Case

Arch Communications Group, Inc.

By: Krishna G. Palepu and Sarayu Srinivasan

The market values Arch differently from analysts' values. View Details

Keywords: Valuation; Framework; Forecasting and Prediction; Investment; Stocks

October 2008
Case

TripIt: The Traveler's Agent

By: Lynda M. Applegate, Gabriele Piccoli and Kathryn Brohman

In July 2008, the co-founders of TripIt, a free online travel organizer that aggregated travelers' bookings from many top travel websites, had recently secured $5.1 million in new financing. While the co-founders believed that their company offered travelers a unique... View Details

Keywords: Entrepreneurship; Investment; Profit; Revenue; Growth and Development Strategy; Competition; Internet; Travel Industry

May 2008
Teaching Note

Warburg Pincus and emgs: The IPO Decision (TN) (A) and (B)

By: G. Felda Hardymon, Josh Lerner and Ann Leamon

Teaching Note for [807092] and [808046]. View Details

Keywords: Initial Public Offering; Decision Making; Investment Banking; Financial Services Industry

April 2004 (Revised April 2011)
Case

Enron Corporation: May 6, 2001 Sell Recommendation

By: David F. Hawkins and Jacob Cohen

A consulting firm to institutional investors recommends selling Enron Corp.'s equity short on May 6, 2001, while many sellside analysts are recommending the stock as a "buy." View Details

Keywords: Judgments; Financial Reporting; Investment; Competency and Skills; Financial Statements; Consulting Industry

2001
Book

Appendix to 'Strategic Asset Allocation: Portfolio Choice for Long-Term Investors'

By: Luis M. Viceira and John Y. Campbell

Keywords: Strategy; Resource Allocation; Assets; Decision Choices and Conditions; Investment

2025
Chapter

Employer-Based Short-Term Savings Accounts

By: Sarah Holmes Berk, John Beshears, Jay Garg, James J. Choi and David Laibson

We study the introduction of a choice architecture design intended to increase short-term savings among employees at five U.K. firms. Employees were offered the opportunity to opt into a payroll deduction program that auto-deposits funds from each paycheck into a... View Details

Keywords: Personal Finance; Compensation and Benefits; Well-being; Behavior; Investment Funds; Employees; United Kingdom