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  • 17 Mar 2021
  • Research & Ideas

Beyond Pajamas: Sizing Up the Pandemic Shopper

forth. It’s a well-known phenomenon that repurchase rates after the first transaction are lower than repurchase rates after several transactions. In other words, customers who make a few purchases are more... View Details
Keywords: by Ayelet Israeli, Eva Ascarza, and Laura Castrillo; Retail
  • 14 Dec 2010
  • Op-Ed

Tax US Companies to Spur Spending

would also help enormously in directing these cash hoards toward investment. But even cash disgorged through dividends, share repurchases or mergers would have a potentially stimulative effect compared with corporations banking the funds.... View Details
Keywords: by Mihir A. Desai
  • 06 Jan 2003
  • Research & Ideas

Why Expensing Options Doesn’t Solve the Problem

overstate income and understate debt. For example, Enron would sell certain assets to new SPEs, booking a gain on the sale. Then, in quite a few of the transactions, Enron would repurchase the very same assets within months at a slightly... View Details
Keywords: by William Sahlman
  • 11 May 2010
  • First Look

First Look: May 11

firm, minority shareholders fare poorly after listing. Parent firms often repurchase subsidiaries at large discounts to valuations at the time of listing and experience positive abnormal returns when View Details
Keywords: Martha Lagace
  • 18 May 2010
  • First Look

First Look: May 18

establishing that cultural values causally impact the contents of gender stereotypes. Download the paper: http://www.hbs.edu/research/pdf/10-097.pdf Characteristic Timing Authors:Robin Greenwood and Samuel Gregory Hanson Abstract We use differences between the... View Details
Keywords: Martha Lagace
  • 03 Jul 2012
  • First Look

First Look: July 3

risk managers, can become influential. Download the paper: http://www.hbs.edu/research/pdf/11-068.pdf   Cases & Course MaterialsNote: Net Cash, Share Repurchases and EPS Growth William E. Fruhan Jr. Harvard Business School Background... View Details
Keywords: Sean Silverthorne
  • 05 Jul 2011
  • First Look

First Look: July 5

that mature on the same date. Franey must decide if there is an opportunity, how to structure a trade to exploit it, and how much of his fund's capital to allocate. Case exposition includes considerable detail on financing arrangements, particularly short-selling,... View Details
Keywords: Sean Silverthorne
  • 04 Jan 2021
  • What Do You Think?

How Do We Sustain Organization Diversity?

all earners and remove private money from our lawmaking process (2) Remove a publicly traded company’s ability to repurchase their own stock, or allow it to continue under a steep tax penalty (3) Invest in educational infrastructure as a... View Details
Keywords: by James Heskett
  • 22 Aug 2007
  • Research & Ideas

The Hedge Fund as Activist

removal of a poison pill (a device that makes it difficult for a firm to be acquired), ask for a share repurchase or dividend increase, or, in extreme cases, ask for the removal of the CEO. While a few pension funds, like CalPERS, have... View Details
Keywords: by Robin Greenwood; Financial Services
  • 23 Jun 2009
  • First Look

First Look: June 23

differences between the attributes of stock issuers and repurchasers to shed light on characteristic-related mispricing. During years when issuing firms are large relative to repurchasing firms, for example,... View Details
Keywords: Martha Lagace
  • 06 Nov 2000
  • Research & Ideas

The Determinants of Corporate Venture Capital Success

repurchase by Xerox (at a price determined through arm's-length bargaining). A conservative calculation (assuming that Xerox sold its stakes in firms that went public at the time of the initial public offering rather than later, after... View Details
Keywords: by Paul Gompers & Josh Lerner
  • 03 Jan 2017
  • First Look

January 3, 2017

these issues. Firms devote more external capital to finance their share repurchases than to avoid regular dividend cuts. Debt is the main source of capital used to externally finance payouts, particularly when credit market conditions are... View Details
Keywords: Carmen Nobel
  • 25 May 2010
  • First Look

First Look: May 25

minority shareholders fare poorly after listing. Parent firms often repurchase subsidiaries at large discounts to valuations at the time of listing and experience positive abnormal returns when repurchases... View Details
Keywords: Martha Lagace
  • 17 Mar 2009
  • First Look

First Look: March 17, 2009

repurchasers to shed light on characteristic-related mispricing. When issuing firms are large relative to repurchasing firms, for example, we find that large firms subsequently underperform. This holds true... View Details
Keywords: Martha Lagace
  • 11 Jan 2011
  • First Look

First Look: Jan. 11

repurchasers to forecast characteristic-related factor returns. For example, we show that large firms underperform following years when issuing firms are large relative to repurchasing firms. While our... View Details
Keywords: Sean Silverthorne
  • 22 Apr 2014
  • First Look

First Look: April 22

account for secular changes in how payouts are made over the last 30 years, during which repurchases have replaced dividends as the prime vehicle for corporate payouts. Other payout motives such as changes in compensation practices and... View Details
Keywords: Sean Silverthorne
  • 21 Oct 2014
  • First Look

First Look: October 21

can account for secular changes in how payouts were made over the last 30 years, during which repurchases have replaced dividends as the prime vehicle for corporate payouts. Other payout motives such as changes in compensation practices... View Details
Keywords: Sean Silverthorne
  • 23 Dec 2014
  • First Look

First Look: December 23

"financed payouts" are widespread, persistent, prevalent both among dividend-paying and repurchasing firms, and large in magnitude. Standard interpretations of agency or signaling theories are unable to explain this behavior. We... View Details
Keywords: Carmen Nobel
  • 07 Mar 2017
  • First Look

First Look at New Research, March 7

by maintaining a relatively large balance sheet, even when policy rates have moved well away from the zero lower bound (ZLB). In so doing, it can help ensure that there is an ample supply of government-provided safe short-term claims—e.g., interest-bearing reserves and... View Details
Keywords: Sean Silverthorne
  • 22 Feb 2011
  • Research & Ideas

The Most Important Management Trends of the (Still Young) Twenty-First Century

perhaps even more importantly, engaging in CSR-activities on a customer-by-customer basis allows firms to calculate a return-on-investment for such activities: Do customers who we involve in our charitable causes "pay us back" with increased brand loyalty and View Details
Keywords: by Sean Silverthorne

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