Publications
Publications
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- All HBS Web
(606)
- Faculty Publications (151)
- December 2013
- Article
Legislating Stock Prices
By: Lauren Cohen, Karl Diether and Christopher Malloy
We demonstrate that legislation has a simple, yet previously undetected impact on stock prices. Exploiting the voting record of legislators whose constituents are the affected industries, we show that the votes of these "interested" legislators capture important... View Details
- 2013
- Working Paper
NBC and the 2012 London Olympics: Unexpected Success
By: Stephen A. Greyser and Vadim Kogan
"The 2010 Vancouver Winter Games lost $223 million, astonishing for a 17-day event. Next year's London Summer Games, which cost a record Olympic rights fee of $1.18 billion, are expected to lose at least as much..." wrote Richard Sandomir in The New York Times. "NBC... View Details
- September 2013
- Teaching Note
Trader Joe's
By: David L. Ager and Michael A. Roberto
Based on a variety of metrics, Trader Joe's ranked as one of the most successful grocers in the United States in 2013. Experts estimated that the company had the highest sales per square foot of any major grocery chain, even significantly higher than top performer... View Details
- September 2013 (Revised April 2014)
- Case
Trader Joe's
By: David L. Ager and Michael A. Roberto
Based on a variety of metrics, Trader Joe's ranked as one of the most successful grocers in the United States in 2013. Experts estimated that the company had the highest sales per square foot of any major grocery chain, even significantly higher than top performer... View Details
- 2013
- Book
Wall Street Research: Past, Present, and Future
By: Boris Groysberg and Paul M. Healy
Wall Street equity analysts provide research products and services on publicly-traded companies to institutional and retail investors to help them make more profitable investment decisions. During the last ten years Wall Street research has been battered by a series of... View Details
- June 2013 (Revised April 2015)
- Case
Buffett's Bid for Media General's Newspapers
By: Benjamin C. Esty and Aldo Sesia
On May 12, 2012, BH Media Group, a subsidiary of Warren Buffett's Berkshire Hathaway, announced an offer to buy Media General's (MEG) newspaper division for $142 million in cash and provide debt financing to the struggling firm. Reactions from investors and industry... View Details
Keywords: Mergers ＆ Acquisitions; Bankruptcy; Mergers and Acquisitions; Valuation; Capital Structure; Insolvency and Bankruptcy; Financial Strategy; Risk Management; Executive Compensation; Cash Flow; Business Exit or Shutdown; Media; Advertising; Restructuring; Media and Broadcasting Industry; Media and Broadcasting Industry; United States
- May 2013
- Article
The Stock Selection and Performance of Buy-Side Analysts
Prior research on equity analysts focuses almost exclusively on those employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research and their analysts face different stock selection and recommendation incentives... View Details
- April 2013
- Case
Managing with Analytics at Procter & Gamble
By: Thomas H. Davenport, Marco Iansiti and Alain Serels
Senior management at P&G has put a strong emphasis on using data to make "better, smarter, real-time business decisions." The Global Business Services (GBS) organization has developed tools, systems and processes to provide managers throughout P&G with direct access to... View Details
- March 2013
- Case
NovaStar Financial: A Short Seller's Battle
By: Suraj Srinivasan and Amy Kaser
The NovaStar case describes the challenges faced by short seller Marc Cohodes of hedge fund Rocker Partners as he tried to expose what he thought was widespread fraud in mortgage lender NovaStar Financial. The case is set in the time period from 2001 to 2007 and tracks... View Details
Keywords: Short Selling; Financial Accounting; Financial Analysis; Financial Analysts; Valuation; Business Analysis; Financial Statement Analysis; Financial Statements; Securitization; Securities Analysis; Fraud; Accounting Quality; Accounting Red Flags; Accounting Restatements; Hedge Fund; Hedge Funds; Accounting Scandal; Accounting Fraud; Financial Crisis; Financial Intermediaries; Financial Firms; Corporate Accountability; Subprime Lending; Mortgage Lending; Accounting; Accrual Accounting; Fair Value Accounting; Governance; Governance Compliance; Corporate Governance; Governance Controls; Financial Services Industry; United States; California
- January 2013 (Revised August 2013)
- Case
First Solar: CFRA's Accounting Quality Concerns
By: Suraj Srinivasan and Ian McKown Cornell
The case relates to accounting quality analysis conducted by the leading research firm Center for Financial Research and Analysis (CFRA) on companies in the solar industry with a focus on First Solar Inc. In 2009, CFRA was concerned that First Solar, like much of the... View Details
Keywords: Accounting; Accounting Quality; Financial Accounting; Financial Statement Analysis; Accounting Fraud; Accounting Red Flags; Accounting Scandal; Risk and Uncertainty; Quality; Earnings Management; Valuation; Crime and Corruption; Financial Statements; Energy Sources; Green Technology Industry; Green Technology Industry; Green Technology Industry
- December 2012
- Case
Trouble Brewing for Green Mountain Coffee Roasters
By: Suraj Srinivasan and Michael Norris
In October 2011, noted hedge fund manager David Einhorn of Greenlight Capital delivered a presentation at an investors' conference analyzing the business and accounting quality weaknesses of Green Mountain Coffee Roasters. Until then Green Mountain had exhibited rapid... View Details
Keywords: Accounting Fraud; Accounting Quality; Accounting Red Flags; Accounting Restatements; Accounting Scandal; Accounting Information; Financial Accounting; Financial Analysts; Financial Analysis; Financial Intermediaries; Hedge Funds; Financial Ratios; Financial Statement Analysis; Valuation Methodologies; Earnings Quality; Accounting; Quality; Earnings Management; Valuation; Crime and Corruption; Mergers and Acquisitions; Financial Reporting; Investment Funds; Financial Statements; Food and Beverage Industry
- October 2012
- Case
Hill Country Snack Foods Co.
By: W. Carl Kester and Craig Stephenson
Hill Country Snack Foods, located in Austin, Texas, manufactures, markets, and distributes snack foods and frozen treats. The CEO is passionate about maximizing shareholder value and believes in keeping tight control over costs and operating the business as efficiently... View Details
- Article
The Stock Selection and Performance of Buy-Side Analysts
We examine the selection and performance of stocks recommended by analysts at a large investment firm relative to those of sell-side analysts during the period mid-1997 and 2004. The buy-side firm's analysts issued less optimistic recommendations for stocks with larger... View Details
- September 2011 (Revised September 2013)
- Case
The K-Dow Petrochemicals Joint Venture
By: Guhan Subramanian, James K. Sebenius, Phillip Andrews, Rhea Ghosh and Charlotte Krontiris
In 2007, the Dow Chemical Company and the Kuwait Petroleum Corporation announced plans to launch a multibillion-dollar joint venture. Later known as K-Dow Petrochemicals, it would be one of the largest manufacturers of chemicals and plastics in the world. Analysts... View Details
- August 2011 (Revised July 2012)
- Case
Mike Mayo Takes on Citigroup (A)
By: Suraj Srinivasan and Amy Kaser
The case details the conflict between Mike Mayo, an influential banking analyst and Citigroup about what Mayo considers aggressive accounting policies. Mike Mayo questions Citigroup's lack of a valuation allowance against their Deferred Tax Assets despite Citi's recent... View Details
- July – August 2011
- Article
What Factors Drive Analyst Forecasts?
A firm's competitive environment, its strategic choices, and its internal capabilities are considered important determinants of its future performance. Yet there is little evidence on whether analysts' forecasts of firm performance actually reflect any of these factors... View Details
- June 2011
- Case
CA Technologies: Bringing the Cloud to Earth
By: Marco Iansiti and Kerry Herman
Adam Famularo, general manager, Cloud Computing business, CA Technologies, and David Dobson, WVP and group executive, Customer Solutions Group, were preparing for a presentation on communicating and positioning CA Technologies' new strategy for cloud computing.... View Details
- May – June 2011
- Article
Too Many Cooks Spoil the Broth: How High Status Individuals Decrease Group Effectiveness
By: Boris Groysberg, Jeffrey T. Polzer and Hillary Anger Elfenbein
Can groups become effective simply by assembling high status individual performers? Though an affirmative answer may seem straightforward on the surface, this answer becomes more complicated when group members benefit from collaborating on interdependent tasks.... View Details
- March 2011 (Revised April 2011)
- Case
State Bank of India: Transforming a State Owned Giant
By: Rajiv Lal and Rachna Tahilyani
February 2011: O.P. Bhatt reflected contentedly on his five-year term as Chairman of State Bank of India (SBI), India's largest commercial bank. He had led SBI on a journey of transformation from an old, hierarchical, transaction oriented, government bank to a modern,... View Details
- January 2011
- Case
Sidoti & Company: Launching a Micro-Cap Product
By: Boris Groysberg, Paul M. Healy and Sarah Abbott
It is 2010 and Sidoti & Company, a New York-based brokerage firm specializing in small capitalization stocks, has just launched a new product- micro cap stock research. The firm has hired a group of five analysts who will produce written research reports on micro-cap... View Details