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  • 15 Apr 2014
  • First Look

First Look: April 15

business relations, and then reputation and regulatory relations. The impact on stock price has been much less significant, and this could be attributed to stock View Details
Keywords: Sean Silverthorne
  • 05 Apr 2004
  • What Do You Think?

Should We Brace Ourselves for Another Era of M&A Value Destruction?

in an asymmetrical fashion (for example, through stock options), it is in their financial best interest to do M&A to add volatility to their business." Is M&A part of the natural Darwinian process of business, or is it rigged... View Details
Keywords: by James Heskett
  • 16 Sep 2013
  • Research & Ideas

Earnings Calls That Get Lost in Translation

questions. The calls are high stakes — a top executive with a murky message can cause share demand to dry up, or worse, a drop in the stock price, faster than you can say, "Outlook is uncertain." Imagine, then, the challenge for... View Details
Keywords: by Dina Gerdeman
  • 01 Oct 2002
  • News

Sam Hayes

market is still the most efficient in the world,” he says. “Over the longer term, one can buy and hold investments and be confident that price disparities will smooth out with time and be reflective of real value.” The author and coauthor... View Details
Keywords: Garry Emmons
  • 25 Jan 2011
  • First Look

First Look: Jan. 25

high-beta and high-volatility stocks have long underperformed low-beta and low-volatility stocks. This anomaly may be partly explained by the fact that the typical institutional investor's mandate to beat a fixed benchmark discourages... View Details
Keywords: Sean Silverthorne
  • 08 Jan 2019
  • First Look

New Research and Ideas, January 8, 2019

supply expenses are provided. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=55343 Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds By: Baker, Malcolm, Daniel Bergstresser, George... View Details
Keywords: Dina Gerdeman
  • 19 Jul 2016
  • First Look

July 19, 2016

due to significant investments in people and technology. The company’s stock price dropped 10% on the news, the largest one-day decline since 1998. In February 2016, Walmart reported that revenues for 2015... View Details
Keywords: Sean Silverthorne
  • 12 Dec 2017
  • First Look

New Research and Ideas, December 12, 2017

https://www.hbs.edu/faculty/Pages/item.aspx?num=53593 Material Sustainability Information and Stock Price Informativeness By: Grewal, Jody, Clarissa Hauptmann, and George Serafeim Abstract—As part of the... View Details
Keywords: Sean Silverthorne
  • 02 Mar 2018
  • Op-Ed

Op-Ed: Trump’s Tariffs Could Harm Allies as Much as Opponents

increased for consumers, and there were more jobs lost in those sectors suffering from higher steel prices than steel jobs created. After Trump’s announcement, the Dow Jones industrial average greeted the news with a drop of more than 1.5... View Details
Keywords: by Dante Roscini; Steel; Manufacturing
  • 05 May 2003
  • Research & Ideas

Greed, Fear, and The System Hinder Corporate Reform

shareholders have lost an "enormous" amount of wealth? Designing regulatory systems is very tricky and could result in the "unintended consequences" of slippery CEO pay efforts, he observed. "I think society pays a View Details
Keywords: by Martha Lagace
  • 01 Jun 1999
  • News

Short Takes

can be an inflationary influence if a committee feels pressured to raise its own top executive's pay in order to keep up with the competition. In addition, the sample companies favored the inclusion of stock options in CEO pay packages as... View Details
Keywords: Judith A. Ross
  • 11 Apr 2017
  • First Look

First Look at New Research, April 11

that researchers face when demonstrating the existence and effects of resale price maintenance (RPM). We outline three approaches for finding price effects of RPM and the corresponding hurdles in data and... View Details
  • 12 Nov 2008
  • First Look

First Look: November 12, 2008

PE-backed firms that are majority-owned by PE sponsors exhibit superior long-term stock price performance after they go public. These results stem from the professional ownership, tighter monitoring, and... View Details
Keywords: Martha Lagace
  • 05 Oct 2010
  • First Look

First Look: October 5, 2010

This paper presents a model that can reconcile these apparently contradictory perspectives. We show that if the source of long-term advantage is modeled as a stock of capability that accumulates gradually over time, a firm's proclivity to... View Details
Keywords: Sean Silverthorne
  • Person Page

Read excerpts from DENIAL

By: Richard S. Tedlow

The Edifice Complex: Denial at Sears

Book Excerpt: Denial at Sears (BusinessWeek.com, February 26, 2010)

 

From Denial: Why Business... View Details

  • 25 Nov 2014
  • First Look

First Look: November 25

Lee, Ma, and Wang (2014) perform best, followed by peers with the highest overlap in analyst coverage, in explaining cross-sectional variations in base firms' out-of-sample (a) stock returns, (b) valuation multiples, (c) growth rates, (d)... View Details
Keywords: Carmen Nobel
  • 11 Jul 2006
  • First Look

First Look: July 11, 2006

service provider Geek Squad. For the eight years leading up to 2004, Best Buy had reported double-digit revenue growth every year and rarely missed earnings. But on December 13, 2005, Best Buy missed its third-quarter earnings per share (coming in at $0.28, not $0.30).... View Details
Keywords: Sean Silverthorne
  • 16 Sep 2002
  • Research & Ideas

The Irrational Quest for Charismatic CEOs

usual reasons have become clichés: Disruptive technologies, emerging global competitors, changing workforce expectations, and heightened investor concerns over immediate stock price have put pressure on... View Details
Keywords: by Martha Lagace
  • 15 Jan 2008
  • First Look

First Look: January 15, 2008

specialize in different stages of a complex production process. This paper considers the pricing behavior and profitability of these so-called modular clusters. In particular, we investigate a possibility hinted at in prior work: that for... View Details
Keywords: Martha Lagace
  • 06 May 2014
  • First Look

First Look: May 6

transmitting information from equity to debt holders. This provides a novel argument as to why information contained in stock prices affects the real value of a corporation. It also allows us to make... View Details
Keywords: Sean Silverthorne