Publications

October 2007
Article

The Influence of Financial Statement Recognition and Analyst Coverage on the Market's Valuation of R&D Capital

By: Michael D. Kimbrough

Statement of Financial Accounting Standards 141 (SFAS No. 141)'s requirement that an acquirer in a business combination estimate the fair value of the target's separately identifiable assets and liabilities (including research and development capital) provides a rare... View Details

Keywords: Information; Value Creation; Fair Value Accounting; Research and Development; Financial Statements; Capital

spring 1989
Article

The Changing Character of Stock Market Liquidity

By: André Perold and James F. Gammill

Keywords: Stocks; Markets; Financial Liquidity

October 2002 (Revised April 2005)
Case

Jinwoong: Financing an Entrepreneurial Firm in the Wake of the Korean Financial Crisis

Describes T.P. Lee, the founder and CEO of Jinwoong, a 19-year-old entrepreneurial company in Korea that has grown to become the world's largest manufacturer of camping tents. Labeled by Fortune as one of the most promising entrepreneurs in Asia in 1993, Lee faces some... View Details

Keywords: Emerging Markets; Entrepreneurship; Financing and Loans; Financial Crisis; Manufacturing Industry; Consumer Products Industry; South Korea

March 2023 (Revised March 2024)
Case

The Purdue Pharma Bankruptcy: Settling the Opioid Crisis

By: Kristin Mugford, Carin-Isabel Knoop and Susan Pinckney

How to get to a fair outcome for claimants in the Purdue Pharma bankruptcy given its significant role in the U.S. opioid crisis. View Details

01 Aug 2018
What Do You Think?

Are Free Trade and Free Markets Quaint Ideas From the Past?

democracies. "Rodrik rejects the notion that efficient markets for capital, goods, and labor will always regulate themselves" Recent books by Dani Rodrik and Robert Kuttner generally support these... View Details

Keywords: by James Heskett

Working Paper

Index Rebalancing and Stock Market Composition: Do Indexes Time the Market?

By: Marco Sammon and John J. Shim

Value-weighted indexes must rebalance in response to stock market composition changes, e.g., issuance, buybacks, and IPOs. In doing so, existing index funds implicitly engage in market timing. Index funds’ long-short rebalancing portfolios have a -3.5% annual return... View Details

Keywords: Investment Funds; Financial Markets; Market Timing; Investment Return

SSRN

16 Jun 2010
Working Paper Summaries

Does Diversification Create Value in the Presence of External Financing Constraints? Evidence from the 2008-2009 Financial Crisis

Keywords: by Venkat Kuppuswamy & Belén Villalonga

March 2011 (Revised March 2014)
Case

The IASB at a Crossroads: The Future of International Financial Reporting Standards (A)

By: Karthik Ramanna, Karol Misztal and Daniela Beyersdorfer

What are the major challenges to the continued growth of IFRS worldwide? Should countries be encouraged to pursue "full adoption" of IFRS or should each country determine its own IFRS "convergence" strategy? Given the limitations of governance and... View Details

Keywords: International Accounting; Emerging Markets; Financial Reporting; Global Strategy; Fair Value Accounting; Corporate Governance; Standards; Adoption; Growth and Development Strategy

March 2023
Article

Not from Concentrate: Collusion in Collaborative Industries

By: Jordan M. Barry, John William Hatfield, Scott Duke Kominers and Richard Lowery

The chief principle of antitrust law and theory is that reducing market concentration—having more, smaller firms instead of fewer, bigger ones—reduces anticompetitive behavior. We demonstrate that this principle is fundamentally incomplete.

In many... View Details

SSRN

17 Jun 2016
Op-Ed

Companies Need to Start Marketing Security to Customers

on financial controls, not on risks to consumers and brand reputations. That's not good enough" Even marketers who pay special attention to safety are reluctant to tout their superiority. You never see... View Details

Keywords: by John A. Quelch; Entertainment & Recreation

April 1998
Case

Citibank Hong Kong--Capital Arbitrage in the Emerging Markets

Describes how a credit derivative may be used to structure a profitable transaction between a bank and its client. Design and risk management issues are discussed in the context of this new class of derivative security. View Details

Keywords: Credit Derivatives and Swaps; Investment Banking; Financial Services Industry; Hong Kong

June 1985 (Revised August 1994)
Background Note

U.S. Government Debt Market and the Structure of Interest Rates, The

Concerns U.S. Government Debt Market and various conventions used to depict the structure of interest rates. View Details

Keywords: Sovereign Finance; Bonds; Interest Rates

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

November 2022
Case

The Battle Among Channels for Marketing Pharmaceuticals: UpScript, Pharmacy Benefit Managers, and Direct-to-Consumer Sales

By: Regina E. Herzlinger and Tiffany Farrell

Can an online, direct-to-consumer pharmacy both improve the quality and speed of care for patients who need branded drugs and stabilize profits for pharmaceutical manufacturers? UpScript, after years spent achieving legal and regulatory compliance and simultaneous... View Details

Keywords: DTC; Internet and the Web; Marketing Channels; Customer Value and Value Chain; Governing Rules, Regulations, and Reforms; Competitive Strategy; Service Delivery; Growth and Development Strategy; Pharmaceutical Industry; Health Industry; Retail Industry

Web

Digital Marketing & AI Workshop - Course Catalog

to design, execute, and measure campaigns that drive financial impact. Students will learn to apply proven frameworks and emerging tools at different stages of a company’s lifecycle, focusing on acquisition, retention, and revenue growth.... View Details

March 2013
Case

NovaStar Financial: A Short Seller's Battle

By: Suraj Srinivasan and Amy Kaser

The NovaStar case describes the challenges faced by short seller Marc Cohodes of hedge fund Rocker Partners as he tried to expose what he thought was widespread fraud in mortgage lender NovaStar Financial. The case is set in the time period from 2001 to 2007 and tracks... View Details

Web

EMIS (Emerging Markets Information System) | Baker Library

EMIS (Emerging Markets Information System) Country and company information on Africa, Asia, Australia, Europe, and the Middle East. Read More Includes country profiles; macroeconomic statistics, forecasts, and analysis; reports on View Details

March 2005 (Revised December 2005)
Case

Morgan Stanley and TRAC-X: The Battle for the CDS Indexes Market

Morgan Stanley's credit derivatives business, specifically its collateralized debt obligation (CDO) business, has been hugely successful. One of its leading offerings is the TRAC-X product, jointly created and marketed by Morgan Stanley and JP Morgan. However, a new... View Details

Keywords: Credit Derivatives and Swaps; Product; Competition; Capital Markets; Financial Services Industry

May 2009
Article

Synchronicity and Firm Interlocks in an Emerging Market

By: Tarun Khanna and Catherine Thomas

Stock price synchronicity has been attributed to poor corporate governance and a lack of firm-level transparency. This paper investigates the association between different kinds of firm interlocks, control groups, and synchronicity in Chile. A unique data set... View Details

Keywords: Stocks; Price; Corporate Governance; Governance Controls; Governing and Advisory Boards; Resource Allocation; Emerging Markets; Ownership Stake; Chile