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  • Research Summary

Financial Incentives

My research examines how the performance effects of internal governance and the design of compensation vary by managerial position. For example, I document links between innovation and stock options for corporate R&D heads;... View Details

  • May 2010 (Revised November 2010)
  • Case

Investment Technology Group

By: Clayton S. Rose and David Lane
Investment Technology Group (ITG) CEO Robert Gasser wondered if the financial crisis had permanently affected the firm's business model. A leader in trade analytics and execution for institutional equity investors, ITG had grown since its establishment in 1987 in step... View Details
Keywords: Customer Relationship Management; Financial Crisis; Investment; Resignation and Termination; Crisis Management; Product Positioning; Organizational Change and Adaptation; Financial Services Industry; Information Technology Industry; New York (city, NY)
Related
  • June 2012
  • Article

Decoding Inside Information

By: Lauren Cohen, Christopher Malloy and Lukasz Pomorski
Using a simple empirical strategy, we decode the information in insider trading. Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable "routine" insider trading that is not informative for the future of firms.... View Details
Keywords: Strategy; Financial Markets; Forecasting and Prediction; Law Enforcement; Opportunities; Geographic Location; Business Earnings
Related
  • December 2021
  • Case

Danish Crown: Feeding the Future

By: David E. Bell, Damien P. McLoughlin, Daniela Beyersdorfer and Mette Fuglsang Hjortshoej
Danish Crown, one of the world’s largest exporters of pork meat and one of Europe’s top five producers of beef, faced increasing headwinds in 2021, making CEO Jais Valeur feel like the core of the meat business was under attack. As a cooperative and prominent player in... View Details
Keywords: Agribusiness; Animal-Based Agribusiness; Food; Environmental Management; Climate Change; Environmental Sustainability; Nutrition; Cooperative Ownership; Change Management; Transition; Leadership; Leading Change; Marketing; Product Marketing; Corporate Strategy; Agriculture and Agribusiness Industry; Food and Beverage Industry; Europe; Denmark
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  • June 2020
  • Article

Lazy Prices

By: Lauren Cohen, Christopher J. Malloy and Quoc Nguyen
We explore the implications of a subtle "default" choice that firms make in their regular reporting practices, namely that firms typically repeat what they most recently reported. Using the complete history of regular quarterly and annual filings by U.S. corporations... View Details
Keywords: Default Behavior; Inertia; Firms; Disclosure; Information; Business or Company Management; Behavior; Annual Reports; Corporate Disclosure; Financial Reporting; United States
Related
  • August 2020 (Revised February 2021)
  • Case

Luckin Coffee (A): Caffeine-fueled Growth?

By: Ramon Casadesus-Masanell and Karen Elterman
This case describes the founding of Chinese coffee chain Luckin Coffee in 2017 and its path to surpassing Starbucks as the largest coffee chain in China (by number of stores) in 2019. Unlike Starbucks stores, which were designed to be welcoming “third places” for... View Details
Keywords: Business Model; Business Earnings; Cost; Cost Management; Financial Statements; Financial Condition; Financial Management; Stocks; Profit; Revenue; Price; Food; Business History; Employment; Brands and Branding; Product Positioning; Marketing Strategy; Business Strategy; Expansion; Competitive Strategy; Food and Beverage Industry; Technology Industry; Asia; China
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    Robert C. Merton

    Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management.

    Merton is University Professor Emeritus at Harvard University and was the George Fisher Baker Professor of... View Details

    Keywords: banking; brokerage; financial services; insurance industry; investment banking industry; retail financial services
    • 2011
    • Working Paper

    Entrepreneurship and the Discipline of External Finance

    By: Ramana Nanda
    I confirm the finding that the propensity to start a new firm rises sharply among those in the top five percentiles of personal wealth. This pattern is more pronounced for entrants in less capital intensive sectors. Prior to entry, founders in this group earn about 6%... View Details
    Keywords: Business Startups; Competency and Skills; Entrepreneurship; Financing and Loans; Personal Finance; Wealth
    Related
    • June 2011
    • Article

    Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act

    By: Dhammika Dharmapala, C. Fritz Foley and Kristin J. Forbes
    This paper analyzes the impact of the Homeland Investment Act of 2004, which provided a one-time tax holiday for the repatriation of foreign earnings and thereby reduced the cost to U.S. multinationals of accessing a source of internal capital. Lawmakers and lobbyists... View Details
    Keywords: Investment; Performance Effectiveness; Code Law; Taxation; Cost; Capital; Financial Strategy; Research and Development; Governing Rules, Regulations, and Reforms; Business and Shareholder Relations; United States
    Related
    • 04 Jun 2024
    • Cold Call Podcast

    How One Insurtech Firm Formulated a Strategy for Climate Change

    Keywords: Re: Lauren H. Cohen; Insurance
    • Program

    PLD Module 5

    Summary The Program for Leadership Development (PLD) put you on the fast track to leadership. In PLD Module 5, you have the rare opportunity to build on that momentum, continue to expand your leadership skills, and earn lifelong HBS... View Details
    • March 2008
    • Article

    Market Reactions to Export Subsidies

    By: M. A. Desai and James R. Hines Jr.
    This paper analyzes the economic impact of export subsidies by investigating stock price reactions to a critical event in 1997. On November 18, 1997, the European Union announced its intention to file a complaint before the World Trade Organization (WTO), arguing that... View Details
    Keywords: Economic Systems; Trade; Development Economics; Financial Markets; Profit; Taxation; Volume; Value Creation; Market Design; Business Subsidiaries; Utilities Industry; Financial Services Industry; Europe; North and Central America
    Related
    • 23 Jan 2024
    • Research & Ideas

    How to Keep Employees Productive: Support Caregivers

    Ostensibly, Shah was trying to refocus employees. New research from Harvard Business School Professor Joseph B. Fuller offers a different take. When workers feel tension between their work and private lives, they’re likely to quit or be... View Details
    Keywords: by Kara Baskin
    • September 2023 (Revised January 2024)
    • Case

    Icahn Enterprises: Ponzi Scheme or Sound Investment

    By: Aiyesha Dey, Jonas Heese and James Weber
    Icahn Enterprises, a publicly traded limited partnership founded and operated by famed activist investor Carl Icahn, had earned above market returns for over a decade. Between 2018 and early 2023, it had a compound annual return of 31%. Icahn invested in undervalued... View Details
    Keywords: Stock Shares; Investment Return; Business Model; Valuation; Financial Services Industry
    Related
    • 2009
    • Working Paper

    Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act

    By: Dhammika Dharmapala, C. Fritz Foley and Kristin J. Forbes
    This paper analyzes the impact on firm behavior of the Homeland Investment Act of 2004, which provided a one-time tax holiday for the repatriation of foreign earnings by U.S. multinationals. The analysis controls for endogeneity and omitted variable bias by using... View Details
    Keywords: Investment; Multinational Firms and Management; Government Legislation; Taxation; Business and Shareholder Relations; Behavior; United States
    Related
    • June 2024 (Revised March 2025)
    • Case

    Wemade: (Re)Establishing Trust in Blockchain Games (A)

    By: Jung Koo Kang, Charles C.Y. Wang, David Allen and Kwangmoon So
    This case explores the fundamental challenges and accounting issues arising from the integration of blockchain technology into traditional business models. It features Wemade, a South Korean online gaming company that has staked its future on blockchain-based games.... View Details
    Keywords: Blockchain; Cryptocurrency; Video Games; Accounting; Financial Reporting; Revenue Recognition; Games, Gaming, and Gambling; Corporate Disclosure; Information Technology; Technology Adoption; Accounting Industry; Information Technology Industry; Video Game Industry; South Korea
    Related
    • December 2019 (Revised June 2024)
    • Case

    The Dutch East India Company in 1612 (A)

    By: Lynn S. Paine and Giuseppe Dari-Mattiacci
    The Dutch East India Company’s board of directors must decide what to do about an impending legal requirement to liquidate the company’s assets and return to shareholders their capital and any profits earned during a ten-year lock-up period. The charter granted to the... View Details
    Keywords: Corporate Governance; Globalized Firms and Management; Organizational Structure; Laws and Statutes; Financial Markets; Business and Shareholder Relations; Business and Government Relations; Business History; Shipping Industry; Netherlands
    Related
    • 15 Mar 2024
    • HBS Case

    Let's Talk: Why It's Time to Stop Avoiding Taboo Topics at Work

    time in the workplace and can be addressed wisely—or poorly—says Harvard Business School Senior Lecturer Christina Wing, whose forthcoming book Unspeakable offers advice for managing weighty interactions. She has also created a... View Details
    Keywords: by Avery Forman
    • 15 Aug 2023
    • Research & Ideas

    Why Giving to Others Makes Us Happy

    When budgeting for expenses, people may want to consider including a line item for giving, since a growing body of research shows that spending money on others can provide a mental boost. Harvard Business School Assistant Professor Ashley... View Details
    Keywords: by Michael Blanding
    • 10 Apr 2008
    • Working Paper Summaries

    Where Does it Go? Spending by the Financially Constrained

    Keywords: by Shawn A. Cole, John Thompson & Peter Tufano; Financial Services