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- Faculty Publications (84)
Show Results For
- All HBS Web (178)
- Faculty Publications (84)
- August 2024
- Case
The Walt Disney Company: Management Guidance
By: Joseph Pacelli and James Weber
In November 2023, financial analyst Aurora Fee was forecasting The Walt Disney Company’s earnings and stock price, with the goal of providing an investment recommendation to her clients. Disney, one of the world’s largest media and entertainment companies, had just... View Details
Keywords: Valuation; Accounting; Investment; Communication; Forecasting and Prediction; Business Earnings; Growth and Development Strategy; Financial Services Industry; Entertainment and Recreation Industry; United States
Pacelli, Joseph, and James Weber. "The Walt Disney Company: Management Guidance." Harvard Business School Case 125-027, August 2024.
- January 2017
- Article
Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns
By: Tom Y. Chang, Samuel M. Hartzmark, David H. Solomon and Eugene F. Soltes
We present evidence consistent with markets failing to properly price information in seasonal earnings patterns. Firms with historically larger earnings in one quarter of the year (“positive seasonality quarters”) have higher returns when those earnings are usually... View Details
Chang, Tom Y., Samuel M. Hartzmark, David H. Solomon, and Eugene F. Soltes. "Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns." Review of Financial Studies 30, no. 1 (January 2017): 281–323.
- Research Summary
The Role of Financial and Information Intermediaries in the Capital Markets
Hutton's research investigates the role of financial analysts and short sellers in the pricing of equity securities. Recently, Hutton examines (with Patricia Dechow and Richard Sloan) the role of sell-side analysts' earnings forecasts in the pricing of common equity... View Details
- 19 May 2015
- First Look
First Look: May 19
Joanne, George Serafeim, and Shan Wu Abstract—We study how career concerns influence banking analysts' forecasts and how their forecasting behavior benefits both them and bank managers. We show that banking... View Details
Keywords: Sean Silverthorne
- 2013
- Article
Boardroom Centrality and Firm Performance
By: David F. Larcker, Eric C. So and Charles C.Y. Wang
Firms with central or well-connected boards of directors earn superior risk-adjusted stock returns. Initiating a long position in the most central firms and a short position in the least central firms earns an average risk-adjusted return of 4.68% per year. Firms with... View Details
Larcker, David F., Eric C. So, and Charles C.Y. Wang. "Boardroom Centrality and Firm Performance." Journal of Accounting & Economics 55, nos. 2-3 (April–May 2013): 225–250.
- June 2018 (Revised October 2018)
- Teaching Note
Valuing Snap After the IPO Quiet Period (A), (B), and (C)
By: Marco Di Maggio and Benjamin C. Esty
Teaching Note for HBS Nos. 218-095, 218-096, and 218-116. View Details
Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; Advertising Industry; Entertainment and Recreation Industry; Web Services Industry; United States; California
- May 2018 (Revised October 2019)
- Case
Managing the Future of Work
By: William R. Kerr, Allison Ciechanover and Jeff Huizinga
By 2019, leaders from the public and private sector had become increasingly anxious about how advanced technologies and aging global populations could affect labor markets, workplaces, and workers’ lives. Some analysts forecasted that hundreds of millions of workers... View Details
Keywords: Labor Markets; Workplace; Employment; Technological Innovation; Demographics; Organizational Change and Adaptation; Change Management; Problems and Challenges; Opportunities
Kerr, William R., Allison Ciechanover, and Jeff Huizinga. "Managing the Future of Work." Harvard Business School Case 818-128, May 2018. (Revised October 2019.)
Siyu Zhang
Siyu Zhang is a second-year doctoral student at HBS. Zhang joined Harvard Business School in 2020 as a Research Associate and has been working on macroeconomic forecasting projects. Prior to joining HBS, he was a Data Scientist at John Hancock, where he utilized... View Details
- January 2011
- Case
The Risk-Reward Framework at Morgan Stanley Research
By: Suraj Srinivasan and David Lane
The case describes the Risk-Reward framework that Morgan Stanley analysts use as a systematic approach to communicate a broader range of fundamental insights about a company rather than the traditional single point estimates. The goal of the framework is to focus the... View Details
Keywords: Financial Statements; Forecasting and Prediction; Equity; Framework; Management Analysis, Tools, and Techniques; Risk Management; Business Processes; Research; Valuation
Srinivasan, Suraj, and David Lane. "The Risk-Reward Framework at Morgan Stanley Research." Harvard Business School Case 111-011, January 2011.
- Article
Why Do Pro Forma and Street Earnings Not Reflect Changes in GAAP? Evidence from SFAS 123R
By: Ian D. Gow, Mary E. Barth and Daniel Taylor
This study examines how key market participants—managers and analysts—responded to SFAS 123R's controversial requirement that firms recognize stock-based compensation expense. Despite mandated recognition of the expense, some firms' managers exclude it from pro forma... View Details
Gow, Ian D., Mary E. Barth, and Daniel Taylor. "Why Do Pro Forma and Street Earnings Not Reflect Changes in GAAP? Evidence from SFAS 123R." Review of Accounting Studies 17, no. 3 (September 2012): 526–562.
- June 2018 (Revised April 2021)
- Supplement
Valuing Snap After the IPO Quiet Period
By: Benjamin C. Esty, Marco Di Maggio and Greg Saldutte
Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; United States; California
- 2024
- Working Paper
Finance Without Exotic Risk
By: Pedro Bordalo, Nicola Gennaioli, Rafael La Porta and Andrei Shleifer
We address the joint hypothesis problem in cross-sectional asset pricing by using measured analyst expectations of earnings growth. We construct a firm-level measure of Expectations Based Returns (EBRs) that uses analyst forecast errors and revisions and shuts down any... View Details
Bordalo, Pedro, Nicola Gennaioli, Rafael La Porta, and Andrei Shleifer. "Finance Without Exotic Risk." NBER Working Paper Series, No. 33004, September 2024.
- January 2001 (Revised July 2003)
- Case
Pharmacyclics: Financing Research & Development
By: Malcolm P. Baker, Richard S. Ruback and Aldo Sesia
Pharmacyclics (NASDAQ: PCYC), a pharmaceutical company that manufactures products that will improve existing therapeutic treatments for cancer, arteriosclerosis, and retinal disease, was considering a $60 million private placement in February 2000. The company had more... View Details
Keywords: Valuation; Cash Flow; Financing and Loans; Business Startups; Financial Strategy; Medical Devices and Supplies Industry; Pharmaceutical Industry; Health Industry
Baker, Malcolm P., Richard S. Ruback, and Aldo Sesia. "Pharmacyclics: Financing Research & Development." Harvard Business School Case 201-056, January 2001. (Revised July 2003.)
- Research Summary
Understanding and Managing Information Intermediaries
Brian Bushee is investigating whether information intermediaries such as institutional investors and financial analysts are sophisticated and efficient users of accounting information and whether these intermediaries' decisions influence the choices made by... View Details
- Article
Core Earnings: New Data and Evidence
By: Ethan Rouen, Eric C. So and Charles C.Y. Wang
Using a novel dataset, we show that components of firms' GAAP earnings stemming from ancillary business activities or transitory shocks are significant in frequency and magnitude. These components have grown over time and are dispersed across various sections of the... View Details
Keywords: Core Earnings; Transitory Earnings; Non-operating Earnings; Quantitative Disclosures; Equity Valuation; Big Data; Business Earnings; Financial Reporting; Valuation; Analytics and Data Science
Rouen, Ethan, Eric C. So, and Charles C.Y. Wang. "Core Earnings: New Data and Evidence." Journal of Financial Economics 142, no. 3 (December 2021): 1068–1091.
- 20 Mar 2009
- Working Paper Summaries
Catering to Characteristics
- April 2023
- Article
The Stock Market Valuation of Human Capital Creation
By: Ethan Rouen and Matthias Regier
We develop a measure of firm-year-specific human capital investment from publicly disclosed personnel expenses (PE) and examine the stock market valuation of this investment. Measuring the future value of PE (PEFV) based on the relation between... View Details
Rouen, Ethan, and Matthias Regier. "The Stock Market Valuation of Human Capital Creation." Art. 102384. Journal of Corporate Finance 79 (April 2023).
- July 2001 (Revised March 2002)
- Case
Progressive Insurance: Disclosure Strategy
By: Amy P. Hutton and James Weber
Progressive Insurance had refused to play Wall Street's earning game. Progressive didn't manage reported earnings nor did management give guidance to analysts. Management then considered taking their unique disclosure strategy one step further to become the first to... View Details
Keywords: Earnings Management; Stocks; Corporate Disclosure; Insurance; Volatility; Insurance Industry; United States
Hutton, Amy P., and James Weber. "Progressive Insurance: Disclosure Strategy." Harvard Business School Case 102-012, July 2001. (Revised March 2002.)
- January–February 2021
- Article
Cross‐firm Return Predictability and Accounting Quality
By: Wen Chen, Mozaffar Khan, Leonid Kogan and George Serafeim
We test the hypothesis that if poor accounting quality (AQ) is associated with poor investor understanding of firms’ revenue and cost structures, then poor AQ stocks likely respond more slowly than good AQ stocks to new non‐idiosyncratic information that affects both... View Details
Keywords: Accounting Quality; Earnings Quality; Stock Returns; Investment Strategy; Accounting; Business Earnings; Quality; Investment Return; Investment; Strategy
Chen, Wen, Mozaffar Khan, Leonid Kogan, and George Serafeim. "Cross‐firm Return Predictability and Accounting Quality." Journal of Business Finance & Accounting 48, nos. 1-2 (January–February 2021): 70–101.
- 2022
- Working Paper
The Stock Market Value of Human Capital Creation
By: Matthias Regier and Ethan Rouen
We develop a measure of firm-year-specific human capital investment from publicly disclosed personnel expenses (PE) and examine the stock market valuation of this investment. Measuring the future value of PE (PEFV) based on the relation between lagged... View Details
Regier, Matthias, and Ethan Rouen. "The Stock Market Value of Human Capital Creation." Harvard Business School Working Paper, No. 21-047, October 2020. (Revised March 2022.)