Publications
Publications
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- All HBS Web
(550)
- Faculty Publications (121)
- 2012
- Article
Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs
By: Mozaffar N. Khan, Leonid Kogan and George Serafeim
In tests of the equity market timing theory of external finance, the prior literature has used overvaluation identifiers such as high market-to-book and high prior returns that are likely correlated with other determinants of SEOs. We use price pressure resulting from... View Details
- 2012
- Article
A Reduced-Form Approach to Behavioral Public Finance
By: Sendhil Mullainathan, Joshua Schwartzstein and William Congdon
Research in behavioral public finance has blossomed in recent years, producing diverse empirical and theoretical insights. This article develops a single framework with which to understand these advances. Rather than drawing out the consequences of specific... View Details
- 2012
- Chapter
Foreign Direct Investment and Growth
By: L. Alfaro and M. S. Johnson
This paper examines the evolution of the literature on the relationship between foreign direct investment (FDI) and growth in host countries, particularly developing countries. It provides a broad overview, with a focus on two elements that have recently become... View Details
- September 2011 (Revised January 2012)
- Case
Telemonitoring at Visiting Nurse Health System
By: F. Warren McFarlan, Mark Keil and Mala Kaul
The Telemonitoring at Visiting Nurse Health System case presents one home healthcare organization's efforts to use telemonitoring to improve the quality of care provided to at-risk patients who were discharged from hospitals and needed home care. After two years of... View Details
- April 2011 (Revised September 2011)
- Case
BlackRock Solutions
By: Kenneth A. Froot and Scott Waggoner
The BlackRock Solutions case examines the different functions and economics of a global asset manager's value chain, with particular emphasis on the "money management" and the "investment systems platform" businesses. Students analyze why BlackRock decided to unbundle... View Details
Keywords: Investment Management; Strategic Vision; Organizational Behavior; Economies Of Scale And Scope; Unbundling Of Services; Strategic Planning; Risk Management; Financial Management; Asset Management; Competitive Advantage; Value; Corporate Strategy; Organizational Culture; Investment; Financial Strategy
- 2011
- Working Paper
Entrepreneurship and the Discipline of External Finance
By: Ramana Nanda
I confirm the finding that the propensity to start a new firm rises sharply among those in the top five percentiles of personal wealth. This pattern is more pronounced for entrants in less capital intensive sectors. Prior to entry, founders in this group earn about 6%... View Details
- 2011
- Teaching Note
Juner New Materials: On the Road to IPO (TN)
By: F. Warren McFarlan, Donglin Xia, Ning Jia and Ziqian Zhao
Juner New Materials (Juner) is a private China-based company that develops, produces, and distributes modified plastic compounds. Founded in 1995 by female serial entrepreneur Xiaomin Chen, Juner has exhibited strong performance and growth potential in the past fifteen... View Details
Keywords: Emerging Markets; Entrepreneurship; Financial Statements; IPO; Valuation; Women Executives; China; Plastics; China
- December 2010
- Article
Management and the Financial Crisis (We Have Met the Enemy and He Is Us...)
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
- September 2010 (Revised May 2012)
- Case
Harvard Management Company (2010)
By: Andre F. Perold and Erik Stafford
In February 2010, Jane Mendillo, CEO of Harvard Management Company, was reflecting on the list of issues facing Harvard University's endowment in preparation for the upcoming board meeting. The recent financial crisis had vividly highlighted several key issues... View Details
- September 2010 (Revised May 2012)
- Case
Windward Investment Management
By: Luis M. Viceira and Ricardo Alberto De Armas
Windward Investment Management has experienced rapid growth in assets under management in just ten years, from under $30 million at year-end 1999 to $3.6 billion in 2010. Windward is one of the leading firms in the Registered Investment Advisor (RIA) industry that... View Details
- September 2010 (Revised July 2021)
- Case
Gone Rural
By: Andre F. Perold
Gone Rural employs 750 women in rural communities across Swaziland to produce handwoven baskets and other hand-crafted items. The women are mostly grandmothers caring for children orphaned as a result of the country's high AIDS-related death rate. The company has a... View Details
- 2011
- Working Paper
Cyclicality of Credit Supply: Firm Level Evidence
By: Bo Becker and Victoria Ivashina
Theory predicts that there is a close link between bank credit supply and the evolution of the business cycle. Yet fluctuations in bank-loan supply have been hard to quantify in the time-series. While loan issuance falls in recessions, it is not clear if this is due to... View Details
- 2010
- Mimeo
An Analysis of the Impact of 'Substantially Heightened' Capital Requirements on Large Financial Institutions
By: Anil Kashyap, Jeremy C. Stein and Samuel G. Hanson
We examine the impact of "substantially heightened" capital requirements on large financial institutions, and on their customers. Our analysis yields three main conclusions. First, the frictions associated with raising new external equity finance are likely to be... View Details
- March 2010
- Article
Does Foreign Direct Investment Promote Growth? Exploring the Role of Financial Markets on Linkages
By: Laura Alfaro, Sebnem Kalemli-Ozcan, Areendam Chanda and Selin Sayek
Do multinational companies generate positive externalities for the host country? The evidence so far is mixed varying from beneficial to detrimental effects of foreign direct investment (FDI) on growth, with many studies that find no effect. In order to provide an... View Details
- 2010
- Casebook
Global Capital and National Institutions: Crisis and Choice in the International Financial Architecture
By: Laura Alfaro
All managers face a business environment in which international and macroeconomic phenomena matter. International capital flows can significantly affect countries' development efforts and provide clear investment opportunities for businesses. During the 1990s and early... View Details
- 2010
- Chapter
Measuring and Managing Macrofinancial Risk and Financial Stability: A New Framework
By: Dale F. Gray, Robert C. Merton and Zvi Bodie
This paper proposes a new approach to improve the way central banks can analyze and manage the financial risks of a national economy. It is based on the modern theory and practice of contingent claims analysis (CCA), which is successfully used today at the level of... View Details
- June 2009 (Revised August 2010)
- Background Note
How Institutional Investors Think About Real Estate
By: Arthur I Segel
Real estate is an increasingly important component in the portfolios of institutional investors. This note discusses the issues these investors must consider when investing in real estate from the legal forms of ownership, to separate or commingled funds, to property... View Details
- April 2009 (Revised September 2011)
- Case
Before the Fall: Lehman Brothers 2008
By: Clayton S. Rose and Anand Ahuja
This case examines Lehman Brothers in the months preceding its collapse. Following the announcement of a huge and unexpected second quarter loss, the CFO was removed from her post after only seven months in the job. This case explores the challenges faced by a firm... View Details
- January 2009
- Supplement
The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (B2)
By: Clayton S. Rose, Daniel Baird Bergstresser and David Lane
Bear Stearns & Co burned through nearly all of its $18 billion in cash reserves during the week of March 10, 2008, and an unprecedented provision of liquidity support from the Federal Reserve on Friday March 13 was insufficient to reverse the decline in Bear's... View Details
- January 2009 (Revised November 2011)
- Case
The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (A)
By: Clayton S. Rose, Daniel Baird Bergstresser and David Lane
"Bear Stearns & Co. burned through nearly all of its $18 billion in cash reserves during the week of March 10, 2008, and an unprecedented provision of liquidity support from the Federal Reserve on Friday, March 13 was insufficient to reverse the decline in Bear's... View Details