Publications

Read Now

This paper explores the long-standing empirical fact of increased trading volume around news releases through the lens of canonical models of gradual information diffusion and differences of opinion. I use a unique dataset of clicks on news by key finance... View Details

2008
Working Paper

Market Reaction to the Adoption of IFRS in Europe

By: Christopher S. Armstrong, Mary E. Barth, Alan D. Jagolinzer and Edward J. Riedl

This study examines the European stock market reaction to sixteen events associated with the adoption of International Financial Reporting Standards (IFRS) in Europe. European IFRS adoption represented a major milestone towards financial reporting convergence yet... View Details

Keywords: Financial Reporting; International Accounting; Financial Markets; Code Law; Standards; Adoption; Europe

Read Now

September 2005 (Revised January 2006)
Case

Restating Revenues and Earnings at INVESTools, Inc. (A)

By: Michael D. Kimbrough and F. Warren McFarlan

Relates the events leading up to the announcement in February 2005 that INVESTools, a Utah-based provider of investor education services, would be restating prior-year financial statements due to inappropriate revenue recognition. View Details

Keywords: Accounting; Accounting Audits; Financial Statements; Capital Markets; Currency Exchange Rate; Corporate Disclosure; Financial Services Industry; Education Industry; Utah

July 2008 (Revised November 2012)
Case

Negotiating Equity Splits at UpDown

By: Noam Wasserman and Deepak Malhotra

Michael Reich is having severe doubts about how he split the equity with his co-founders two months ago, when they completed a one-page "November Agreement." Since then, Michael has found an angel investor and has worked non-stop on the business, while one co-founder... View Details

Keywords: Business Startups; Entrepreneurship; Capital; Venture Capital; Equity; Compensation and Benefits; Negotiation; Partners and Partnerships

January 2024
Case

BWX Technologies

By: Suraj Srinivasan, Yuan Zou and Aldo Sesia

Rex Geveden and Robb LeMasters, CEO and CFO of BWX Technologies, Inc. (BWXT), were concerned that investors and analysts did not fully appreciate the company's transformation from a nuclear reactor provider to the US Navy and Canadian utilities to a multi-product line... View Details

Keywords: Transformation; Communication Intention and Meaning; Business and Shareholder Relations; Valuation; Diversification; United States; Canada

January 1986 (Revised March 1997)
Case

Horizon Group

By: William A. Sahlman

Contains a description of a situation confronting the co-founder of a company planning to produce software for microcomputers. The company has just completed raising money from some wealthy investors by forming an R&D Limited Partnership. Development of the program (an... View Details

Keywords: Business or Company Management; Venture Capital; Partners and Partnerships; Business Plan; Outcome or Result; Research and Development; Financial Strategy; Corporate Finance; Information Technology Industry

13 Nov 2015
News

If CEOs Care About the Long Term, Why Don’t They Talk About It?

October 2012 (Revised February 2013)
Case

Jim Johnson's Re-election to the Goldman Sachs Board

By: Suraj Srinivasan and Kelly Baker

The case presents the opposition by a leading institutional investor in Goldman Sachs to the re-election of Jim Johnson to the board of directors of the company. The investor, Sequoia Fund, opposes the re-election citing Jim Johnson's prior track record as the CEO of... View Details

Keywords: Board Of Directors; Corporate Governance; Director Elections; Goldman Sachs; Reputation; Institutional Investing; Governing and Advisory Boards; Corporate Accountability; Banking Industry; New York (city, NY)

14 Jul 2022
News

Is It Time for Creditor Activism to Address ESG Risks?

November 1996
Case

Del Webb Corporation (B), The

By: Jay W. Lorsch and Samanta Graff

On November 16, 1987, the Del Webb board appointed Phil Dion chairman and CEO. This case outlines the development and implementation of a strategy to focus exclusively on real estate development and to liquidate all other assets. Discusses the appointment of two new... View Details

Keywords: Crisis Management; Management Succession; Strategic Planning; Governing and Advisory Boards; Business and Shareholder Relations; Conflict of Interests; Real Estate Industry

16 Nov 2020
Working Paper Summaries

Private Equity and COVID-19

Keywords: by Paul A. Gompers, Steven N. Kaplan, and Vladimir Mukharlyamov; Financial Services

October 2011
Case

Patricia Gottesman at Crimson Hexagon

By: Lena G. Goldberg and Mary Beth Findlay

After successful capital raises and significant progress in gaining market acceptance of its tools for analyzing public opinion, Crimson Hexagon's CEO prepares to address the company's investors on the question of exit strategy. View Details

Keywords: Corporate Strategy; Strategic Planning; Business and Shareholder Relations; Business and Stakeholder Relations; Policy; Information Industry; Web Services Industry

Find at Harvard

Legislation in Congress could make it easier for everyday people to become investors in small companies. Harvard Business School’s Karim Lakhani and entrepreneur Slava Menn tell Kara why... View Details

19 Jan 2011
Research & Ideas

Activist Board Members Increase Firm’s Market Value

“Allowing owners to have more power and influence in corporate board elections seems to be valuable.” In August 2010, the US Securities and Exchange Commission passed Rule 14a-11, also known as the shareholder proxy access rule, which would allow large View Details

Keywords: by Carmen Nobel

29 Dec 2011
News

Year In Review: Mega Tech Brands Raise Megabucks

01 Dec 2003
What Do You Think?

Is This the Twilight Era for the Managed Mutual Fund?

coverage of mutual fund management misdeeds. And part may be in the general ignorance about how funds are managed and investors charged for the services. Whatever the cause, according to William Donoghue, "The financial McCarthyism... View Details

Keywords: by James Heskett

April 2010 (Revised May 2017)
Case

Tremblant Capital Group

By: Robin Greenwood

Brett Barakett, CEO and founder of Tremblant Capital Group, a New York–based hedge fund, must decide what to do with his fund's position in Green Mountain Coffee Roasters, which has dropped in value by more than 40% in recent months. Tremblant is a hedge fund that... View Details

Keywords: Business Earnings; Behavioral Finance; Stocks; Investment Funds; Consumer Behavior; Competitive Advantage; Financial Services Industry; New York (city, NY)

June 2021
Case

Building the Governance to Take Capital SAFI to the Next Level

By: V.G. Narayanan, Asis Martinez Jerez and Mariana Cal

Asset management firm Capital SAFI wanted to attract new strategic investors and expand to other countries. Having the right corporate governance in place was critical to achieve this goal. View Details

Keywords: Board Of Directors; Transparency; Sustainable Finance; South America; Latin America; Corporate Governance; Governance Controls; Governing and Advisory Boards; Business Organization; Corporate Strategy; Transformation; Investment Funds; Financial Services Industry; Bolivia; South America; Latin America