Publications

Educators

2020
Working Paper

Internal Models, Make Believe Prices, and Bond Market Cornering

By: Ishita Sen and Varun Sharma

Exploiting position-level heterogeneity in regulatory incentives to misreport and novel data on regulators, we document that U.S. life insurers inflate the values of corporate bonds using internal models. We estimate an additional $9-$18 billion decline in regulatory... View Details

Keywords: Life Insurers; Capital Regulation; Internal Models; Corporate Bonds; Regulatory Supervision; Concentrated Ownership; Bonds; Capital; Governing Rules, Regulations, and Reforms; Insurance; Investment Portfolio

SSRN

December 2020
Article

Unwanted Attention: Swiss Multinationals and the Creation of International Corporate Guidelines in the 1970s

By: Sabine Pitteloud

During the last decade, we have seen an increased opposition to globalization. Within this wave of criticism, firms and more specifically multinational corporations have been major targets, accused of multiple wrongdoings, such as social dumping, fiscal evasion, job... View Details

Keywords: Multinationals; Guidelines; Lobbying; Business History; Multinational Firms and Management; Governing Rules, Regulations, and Reforms; Global Range; Switzerland

Register to Read

14 Oct 2002
Research & Ideas

The Widening Rift Between Corporations and Society

grasping the revolutionary potential of the new digital medium. As a result, corporations have failed to adapt to the true nature of their markets in the twenty-first century. Organizational change programs, visionary leadership, or... View Details

Keywords: by Martha Lagace

March 2018
Teaching Note

Making Target the Target: Boycotts and Corporate Political Activity (A) and (B)

By: Nien-hê Hsieh and Victor Wu

Through the challenges facing Target, the case examines the ways in which corporations can become involved in political and legislative debates and processes, ranging from campaign contributions to lobbying. In 2016, Target CEO Brian Cornell must determine how to... View Details

10 Oct 2005
Research & Ideas

Corporate Responsibility and the Environment: What is the Right Thing To Do?

very expensive, natural garments; Ben and Jerry's, and so on. But the evidence is very mixed as to how often CSR pays off, or serves the company strategically. Most of the authors did not think that usually happened. Q: Can you tell us more about the difference between... View Details

Keywords: by Manda Salls

November 2009
Article

Responding to Public and Private Politics: Corporate Disclosure of Climate Change Strategies

By: Erin Marie Reid and Michael W. Toffel

The challenges associated with climate change will require governments, citizens, and firms to work collaboratively to reduce greenhouse gas emissions, a task that requires information on companies' emissions levels, risks, and reduction opportunities. This paper... View Details

Keywords: Climate Change; Problems and Challenges; Pollutants; Risk and Uncertainty; Business and Shareholder Relations; Management Practices and Processes; Social Issues; Corporate Disclosure; Values and Beliefs; Governing Rules, Regulations, and Reforms; Government and Politics

16 Mar 2003
Research & Ideas

At the Center of Corporate Scandal Where Do We Go From Here?

Harvard Business School Dean Kim B. Clark made these remarks to the National Press Club on February 26.What I'd like to do is talk about a topic that I think touches the very heart of our society: the issue of corporate misconduct and the... View Details

Keywords: by Kim B. Clark

05 May 2003
Research & Ideas

Greed, Fear, and The System Hinder Corporate Reform

already lost money. Enforcement may work as a deterrent, but in the long run, he suggested, it is difficult to know whether deterrence instills investor confidence. The key is to let everyone know that regulators are out there, he said.... View Details

Keywords: by Martha Lagace

26 May 2015
Research & Ideas

Corporate Field Researchers Share Tricks of the Trade

showing how certain investors spend a lot of time in private meetings with corporate executives—and how this gives the investors an unfair advantage, in spite of Federal regulations that are supposed to... View Details

Keywords: by Carmen Nobel

2022
Book

Les multinationales suisses dans l'arène politique (1942–1993) [Swiss Multinationals in the Political Arena (1942–1993)]

By: Sabine Pitteloud

En décembre 2020, les Suisses votaient sur l’initiative populaire « pour des multinationales responsables ». Cet épisode récent a rappelé que la régulation de l’activité des sociétés multinationales fait l’objet de luttes politiques, auxquelles participent les... View Details

Keywords: Multinational Enterprise; Multinational Companies; Multinational Corporations; Lobbying; Business ＆ Government Relations; Labor Relations; Relocation; Offshoring And Outsourcing; Corporate Regulation; Transnational Regulation; Multinational Firms and Management; Business and Government Relations; Governing Rules, Regulations, and Reforms; International Relations; Food and Beverage Industry; Pharmaceutical Industry; Manufacturing Industry; Switzerland

08 Oct 2021
Research & Ideas

How Newspaper Closures Open the Door to Corporate Crime

pay the penalty to regulators without it affecting your reputation.” The paper, When the Local Newspaper Leaves Town: The Effects of Local Newspaper Closures on Corporate Misconduct, confirms that the press... View Details

Keywords: by Avery Forman

Article

Evaluating the Effectiveness of Corporate Compliance Programs: Establishing a Model for Prosecutors, Courts, and Firms

By: Eugene F. Soltes

When prosecutors, courts, and regulators make charging and sentencing decisions, they must evaluate whether firms have effective compliance programs. Such evaluations are difficult because of the challenges associated with measuring effectiveness. Notably, these... View Details

Keywords: Corporate Governance; Governance Compliance; Performance Effectiveness; Performance Evaluation

05 Jun 2013
Op-Ed

Corporate Leaders Need to Step Up on Climate Change

Green initiatives are ubiquitous these days, implemented with zeal at companies like Dupont, IBM, Walmart, and Walt Disney. The programs being rolled out—lighting retrofits, zero-waste factories, and carpool incentives—save money and provide a green glow. Most large... View Details

Keywords: by Michael Toffel & Auden Schendler

March 2013 (Revised August 2014)
Case

Indonesia's OJK: Building Financial Stability

By: Lakshmi Iyer and David Lane

In 2013, a new financial services authority, the Otoritas Jasa Keuangan (OJK), took over responsibility for regulating capital markets and non-bank financial institutions in Indonesia. OJK was scheduled to take over bank regulation and supervision from the central... View Details

Keywords: Monetary Policy; Bank Regulation; Financial Market Regulation; Corruption; Bureaucracy; Central Bank Independence; Indonesia; Crime and Corruption; Central Banking; Ethics; Emerging Markets; Financial Markets; Corporate Governance; Financial Crisis; Financial Strategy; Financial Services Industry; Indonesia

Educators

March 2020
Article

Voluntary, Self-Regulatory, and Mandatory Disclosure of Oil and Gas Company Payments to Foreign Governments

By: Paul M. Healy and George Serafeim

Concerns about high rates of government corruption in resource-rich countries have led transparency advocates to urge oil and gas firms to disclose payments to host governments for natural resources. Transparency, they argue, can increase government accountability and... View Details

Keywords: Oil ＆ Gas; Corruption; Transparency; Self-regulation; Industry Self-regulation; Regulation; Disclosure; Disclosure Regulation; Energy Sources; Crime and Corruption; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Energy Industry

SSRN

May 2011
Article

Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting

By: George Serafeim

I analyze Embedded Value (EV) reporting by firms with life insurance operations to assess the impact of unregulated financial reporting on transparency and to examine the institutional characteristics that promote unregulated reporting. Under EV accounting the present... View Details

Keywords: Financial Statements; Mergers and Acquisitions; Financial Reporting; Cash Flow; Contracts; Equity; Profit; Value; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Business and Shareholder Relations; Business Earnings

May 2020
Case

Big Boom Beverages: Fight or Flight?

By: Stephen A. Greyser and William Ellet

Four college friends market a beverage that combines ingredients like those in a drink they consumed in college bars. It includes a caffeinated energy drink, malt liquor, and a soft drink flavoring. They launch the business, Big Boom Beverages (BBB), with their own... View Details

Keywords: Alcoholic Beverages; Energy Drinks; Regulation; Entrepreneurship; Ethics; Marketing Communications; Corporate Social Responsibility and Impact; Reputation; Communication Strategy; Decision Making

Educators

Spring–Fall 2015
Article

Whither Uber? Competitive Dynamics in Transportation Networks

By: Benjamin Edelman

Transportation Network Companies offer notable service advances—but do they comply with the law? I offer evidence of some important shortfalls, then consider how the legal system might appropriately respond. Though it is tempting to forgive many violations in light of... View Details

Keywords: Transportation Network Company; Uber; Lyft; Regulation; Lawfulness; Transportation Networks; Laws and Statutes; Law Enforcement; Transportation Industry; Information Technology Industry

2021
Article

Les multinationales comme catégorie politique: les années formatrices (1970-1990)

By: Sabine Pitteloud

While multinationals are emblematic economic actors driving the current globalization process through the organization of production in global value chains, they appear to be important political actors as well. This article provides an historical perspective on such... View Details

Keywords: Multinational Corporation; Lobbying; Investor Protection; Multinational Firms and Management; Business and Government Relations; Governance