Shareholder - Publications - Faculty & Research

25 Aug 2017
Op-Ed

Op-Ed: After Charlottesville, Where Does a CEO's Responsibility Lie?

little guidance. Executives may be tempted to take refuge in the idea that they have fiduciary obligations to maximize shareholder returns, but this is simply a myth—corporate leaders have many responsibilities, but there is no... View Details

Keywords: by Gautam Mukunda

November 2019
Article

The Relevance of Broker Networks for Information Diffusion in the Stock Market

By: Marco Di Maggio, Francesco Franzoni, Amir Kermani and Carlo Sommavilla

This paper shows that the network of relationships between brokers and institutional investors shapes information diffusion in the stock market. We exploit trade-level data to show that central brokers gather information by executing informed trades, which is then... View Details

Keywords: Broker Networks; Institutional Investors; Asset Prices; Business and Shareholder Relations; Institutional Investing; Information; Knowledge Dissemination; Financial Markets; Asset Pricing

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08 Aug 2018
Sharpening Your Skills

Parmigiano-Reggiano, Jane Austen, and Other Things You Didn't Know About Finance

Sapphire Made Credit Cool for Millennials The Chase Sapphire Reserve card was one of the hottest product launches in 2016. But what would be JP Morgan's next act be? State Street’s SHE: Investing in Women Leaders Index funds are the major View Details

Keywords: by Sean Silverthorne; Financial Services

03 Aug 2016
What Do You Think?

How Can We Hold the “Leadership Industry” Accountable?

for personal enrichment at the expense of all other shareholders until there is a change in the process of selecting board (members) ” Nisha Advani cited the nature of leadership itself in saying “Leadership, though grounded in... View Details

Keywords: by James Heskett; Education

22 Oct 2012
Research & Ideas

Not Your Father’s State-Run Capitalism

In addition, businesses in which the government is a majority shareholder may be more suitable for countries that recognize a "double bottom line" where compelling social interests—such as energy security, economic development, or job... View Details

Keywords: by Michael Blanding

December 2010
Article

Management and the Financial Crisis (We Have Met the Enemy and He Is Us...)

By: William A. Sahlman

The financial crisis of 2008-2009 has revealed that our broad model of corporate governance is broken, independent of the shortcomings in the regulatory system. Managers and boards of directors in scores of systemically important firms failed to protect employees,... View Details

Keywords: Risk Management; Human Capital; Ethics; Policy; Corporate Governance; Financial Crisis; Finance; Business and Shareholder Relations

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12 Apr 2010
Research & Ideas

One Report: Better Strategy through Integrated Reporting

Balanced Scorecard, HBS professor Robert S. Kaplan and David P. Norton, there is compelling evidence that better measurement, and therefore better information, leads to better decision-making. Deeper engagement with the broad stakeholder community. First, it will help... View Details

Keywords: by Martha Lagace

11 Jul 2012
Research & Ideas

Book Excerpt: ’The Future of Boards’

done better in the last six months to a year," one director said. "What did we miss? I think it's always great to have time to reflect backward about what we learned about what we've just been through, or what we're going through, and how we could have served the View Details

Keywords: by Jay Lorsch

14 Nov 2012
Research & Ideas

New Agenda for Corporate Accountability Reporting

not clear what exactly corporate accountability reporting is, or how to evaluate its usefulness to different constituencies such as customers, bondholders, shareholders, employees, and communities. It's not clear how it affects managers' decision-making or impacts... View Details

Keywords: by Martha Lagace; Accounting; Energy; Utilities

July 1995 (Revised May 1997)
Case

Nutra Foods

By: David F. Hawkins

An investor reviews his equity investment and asks for help in understanding how the stock splits and dividends impact his investment and the company's stockholders' equity portion of the balance sheet. View Details

Keywords: History; Financial Management; Private Equity; Capital Structure; Valuation; Investment Return; Business and Shareholder Relations; Financial Services Industry; Food and Beverage Industry

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November 2006 (Revised December 2011)
Case

HCA, Inc. (A)

By: Richard S. Ruback

Focuses on the buyout of HCA by three private equity firms: Bain Capital, KKR, and Merrill Lynch Global Private Equity. It provides an opportunity to discuss a variety of issues related to leveraged buyouts including the process, the role of private equity, the... View Details

Keywords: Leveraged Buyouts; Private Equity; Investment; Business and Shareholder Relations; Conflict and Resolution; Valuation

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26 Nov 2013
First Look

First Look: November 26

Publications August 2013 Journal of Corporate Finance Golden Parachutes and the Wealth of Shareholders By: Bebchuk, Lucian A., Alma Cohen, and Charles C.Y. Wang Abstract—Golden parachutes (GPs) have attracted substantial attention from... View Details

Keywords: Sean Silverthorne

15 Sep 2015
First Look

September 15, 2015

2015 Research Handbook on Shareholder Power Thirty Years of Evolution in the Roles of Institutional Investors in Corporate Governance By: Coates, John C. Abstract—No abstract available. Publisher's link:... View Details

Keywords: Sean Silverthorne

20 Jun 2011
Lessons from the Classroom

Fame, Faith, and Social Activism: Business Lessons from Bono

escalating, high-profile campaign against Third World debt, poverty, war and disease. “Any CEO who thinks his or her job is about maximizing shareholder value is living in the past.” Koehn, a Harvard Business School historian who has... View Details

Keywords: by Kim Girard; Entertainment & Recreation

18 Nov 2008
First Look

First Look: November 18, 2008

too, had a cumulative positive impact on well-being. We suggest that shifting focus from the impact of major life changes on well-being to the impact of seemingly minor repeated behaviors is crucial for understanding how best to improve well-being. Laws versus... View Details

Keywords: Martha Lagace

October 2009
Case

A Big (Double) Deal: Anadarko's Acquisition of Kerr-McGee and Western Gas Resources

By: Clayton M. Christensen and Curtis Rising

On June 23, 2006, Anadarko Petroleum Corporation announced that it was simultaneously acquiring two public companies, Kerr-McGee and Western Gas Resources, in all-cash deals. The total price was about $24 billion, a figure close to Anadarko's market cap at the time.... View Details

Keywords: Acquisition; Business Model; Transformation; Negotiation; Organizational Culture; Public Ownership; Business and Shareholder Relations; Alignment; Valuation; Energy Industry; United States

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May 2010 (Revised June 2010)
Supplement

Pfizer: Letter from the Chairman (B)

By: Robert L. Simons and Kathryn Rosenberg

This case continues the story begun in "Pfizer: A Letter from the Chairman" (HBS No. 110-003), revealing the letter Chairman and CEO Jeff Kindler wrote for the 2008 Annual Report. View Details

Keywords: Corporate Accountability; Corporate Governance; Business and Shareholder Relations; Value Creation; Decision Choices and Conditions; Annual Reports; Pharmaceutical Industry; United States

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08 Nov 2016
Working Paper Summaries

Managers' Cultural Background and Disclosure Attributes

Keywords: by Francois Brochet, Gregory S. Miller, Patricia Naranjo, and Gwen Yu

14 May 2013
First Look

First Look: May 14

and society at large. To do that, it has to increase shareholder value while at the same time improving the firm's performance on environmental, social, and governance (ESG) dimensions. This article outlines a process that can be used to... View Details

Keywords: Sean Silverthorne