Publications

2016
Chapter

Financing Entrepreneurial Experimentation

By: Ramana Nanda and Matthew Rhodes-Kropf

Keywords: Innovation; Investing; Abandonment Option; Failure Tolerance; Risk and Uncertainty; Technological Innovation; Venture Capital; Entrepreneurship

September 2015
Article

Speaking of the Short-Term: Disclosure Horizon and Managerial Myopia

By: Francois Brochet, Maria Loumioti and George Serafeim

We study conference calls as a voluntary disclosure channel and create a proxy for the time horizon that senior executives emphasize in their communications. We find that our measure of disclosure time horizon is associated with capital market pressures and executives'... View Details

Keywords: Short-termism; Management Styles; Disclosure; Conference Calls; Investing; Earnings Management; Motivation and Incentives; Management Style; Forms of Communication

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2024
Working Paper

The Retail Habitat

By: Toomas Laarits and Marco Sammon

Retail investors trade hard-to-value stocks. Controlling for size, stocks with a high share of retail-initiated trades are composed of more intangible capital, have longer duration cash-flows and a higher likelihood of being mispriced. Consistent with retail-heavy... View Details

Keywords: Retail; Retail Trade; Intangible Capital; Mispricing; Investment; Valuation; Business Earnings

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August 2014 (Revised March 2015)
Case

Molycorp: Issuing the 'Happy Meal' Securities (B)

By: Benjamin C. Esty and E. Scott Mayfield

Molycorp, the Western hemisphere's only producer of rare earth minerals, was in the middle of a $1 billion capital expansion in its effort to become a vertically integrated supplier of rare earth minerals, oxides, and metals. After reporting lower than expected... View Details

01 Mar 2003
News

All in a Day's Work

is located in Dudley Square, Roxbury’s commercial hub and the intersection of several major streets — there’s a quiet hum of activity in the open, airy room where twelve BCC staffers are beginning their day. Since its founding in 1985, BCC has View Details

Keywords: Julia Hanna; Boston Community Capital; Samsung; Management of Companies and Enterprises; Management; Real Estate

Article

Integrated Reporting and Investor Clientele

By: George Serafeim

In this paper, I examine the relation between Integrated Reporting (IR) and the composition of a firm's investor base. I hypothesize and find that firms that practice IR have a more long-term oriented investor base with more dedicated and fewer transient investors.... View Details

Keywords: Integrated Reporting; Sustainability Reporting; Long-term Investing; Short-termism; Accounting; Integrated Corporate Reporting; Environmental Sustainability; Investment; Corporate Governance

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September 2013 (Revised November 2013)
Case

Qatar: Energy for Development

By: Aldo Musacchio, Colin Donovan, Samir Mikati, Rami Sarafa and Abdulla AlMisnad

Despite being the richest country in the world on a per capita basis, for analysts Qatar belongs in the group of emerging markets considered "frontier markets." This case analyzes the strengths and weaknesses of the development strategy of this small country as set... View Details

Keywords: Frontier Markets; State-owned Enterprises; State Capitalism; Sovereign Wealth Funds; Economic Development; Sovereign Finance; State Ownership; Development Economics; Energy Industry; Middle East; Qatar

17 Mar 2014
News

Impact Investing: Patience, Please

Keywords: venture philanthropy; social enterprise; impact investing; Funds, Trusts, and Other Financial Vehicles; Finance

2021
Working Paper

Stock Investors' Returns Are Exaggerated

By: Jesse M. Fried, Paul Ma and Charles C.Y. Wang

The stock market generates less wealth than it appears. We show that total shareholder return (TSR), the standard measure of stock investor performance, substantially exaggerates returns earned by these investors in aggregate, and thus by most investors. The main... View Details

Keywords: All-shareholder Returns; Capital Flows; Dividend Reinvestment; Equity Premium; Total Shareholder Returns; Stocks; Investment Return; Market Timing

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01 Jun 2023
News

In My Humble Opinion: Very Continental

Ngoyi at the Fund for Export Development in Africa: creating sustainable development at scale. (Courtesy of Marlene Ngoyi) Born in Brussels to Congolese parents and raised in Gabon, Marlene Ngoyi (MBA 2009) has lived and worked in countries including Guatemala, the... View Details

Keywords: Julia Hanna; investment; exports; infrastructure; life experience; finance; Finance

October 2022 (Revised February 2024)
Case

Masdar City: Aiming for Sustainable and Profitable Real Estate

By: Boris Vallee and Fares Khrais

Masdar City broke ground in 2008 and was conceived by the Abu Dhabi government to be an international beacon of innovation in sustainable energy and real estate. It was also to be a profitable investment for the government. At first glance, the two goals pulled in... View Details

01 Dec 2020
News

Well Matched

footballer Michael Owen) and rooting for the Denver Broncos (her mom is a native, she explains). After completing her undergraduate degree at Wharton, Rapaport took on a range of investment banking roles. “I learned that I loved the... View Details

Keywords: Julia Hanna; venture capital; diversity; inclusion; tennis; leadership; women; Finance

12 Apr 2023
News

Step Change

Subscribe on iTunes Subscribe on Spotify More Skydeck episodes Hi, my name is Julia Hanna. I'm a writer and editor for the HBS Alumni Bulletin. In 2019, I met Egyptian alumna Amal Enan (MBA 2014) when she was on campus for her 5th reunion. Enan had already held a... View Details

Keywords: Julia Hanna; entrepreneurship; women; venture capital; Egypt; developing economies; Finance

November 2017 (Revised April 2019)
Case

Summa Equity: Building Purpose-Driven Organizations

By: George Serafeim and David Freiberg

In 2015, Reynir Indahl left top Nordic private equity firm Altor Equity Partners to found Summa Equity (Summa). After long contemplation following the financial crisis, Indahl was convinced the financial system was producing negative externalities and that the current... View Details

April 2016 (Revised January 2018)
Supplement

Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio

By: Nori Gerardo Lietz and Ricardo Andrade

Keywords: Real Estate; Germany; Distress Investing; Non-performing Loan; Borrowing and Debt; Capital Structure; Private Equity; Negotiation Deal; Valuation; Real Estate Industry; Financial Services Industry; Germany; Europe

December 2016 (Revised December 2018)
Case

From Start-Up to Grown-Up Nation: The Future of the Israeli Innovation Ecosystem

By: Elie Ofek and Margot Eiran

In June 2016, Benjamin (Bibi) Netanyahu, Prime Minister of Israel, wrestled with how to sustain Israel’s strong innovation track record and the country’s reputation as the “startup nation.” Despite the economic miracle the country had wrought since its founding, he... View Details