Publications

April 2011 (Revised June 2011)
Case

Internet Securities, Inc.: Path to Sustainability

By: Lynda M. Applegate, William R. Kerr and Ryan Johnson

Founded in 1994 when the Internet was still a "toy for techies," the case is set in 1998 when Internet IPOs were red-hot. Internet Securities provides hard-to-find financial, business, economic, and political information on emerging markets. Information from over 600... View Details

Keywords: Acquisition; Business Model; Business Startups; Decision Choices and Conditions; Venture Capital; Cash Flow; Initial Public Offering; Analytics and Data Science; Growth and Development Strategy; Valuation

Research Summary

Negotiating Campaigns

By: James K. Sebenius

While most negotiation research focuses on specific transactions, many important negotiating situations can better be understood as elements of larger "campaigns." By this term, I mean a series of related negotiations and other away-from-the-table... View Details

March 1997
Case

Sensormatic Electronics Corporation-1995

By: Krishna G. Palepu and James Chang

Sensormatic is a leading provider of security systems to the retail industry. The company relies on customer financing as a key component of its strategy. The company's growth strategy and accountingis attacked by short-sellers and the financial press. View Details

Keywords: Analysis; Valuation; Financial Reporting; Financing and Loans; Financial Statements; Business Strategy

Article

Consequences of Financial Reporting Failure for Outside Directors: Evidence from Accounting Restatements and Audit Committee Members

By: Suraj Srinivasan

I use a sample of 409 companies that restated their earnings from 1997 to 2001 to examine penalties for outside directors, particularly audit committee members, when their companies experience accounting restatements. Penalties from lawsuits and Securities and Exchange... View Details

Keywords: Outcome or Result; Business Earnings; Financial Statements; Lawsuits and Litigation; Labor; Markets; Financial Reporting; Accounting Audits; Cost; Reputation

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Suraj Srinivasan is the Philip J. Stomberg Professor of Business Administration, a member of the Accounting and Management faculty unit, and chair of the View Details

Keywords: accounting industry; financial services

Samuel L. Hayes

Samuel L. Hayes holds the Jacob H. Schiff Chair in Investment Banking Emeritus, at the Harvard Business School. He has taught at the School since 1970, prior to which he was a tenured member of the faculty of the Columbia University Graduate School of Business. He... View Details

2022
Working Paper

Between Human Dignity and Security: Identifying Citizen and Elite Preferences and Concerns over Refugee Reception

By: Kristin Fabbe, Eleni Kyrkopoulou and Mara Vidali

Under what conditions do citizens and elites support the creation of migrant and refugee hosting facilities in their area, and what types of facilities do they prefer? What types of concerns underlay these preferences and how do they differ by ideology and elite... View Details

Keywords: National Security; Immigration; Refugees; Human Needs; Public Opinion; Greece

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July 2010 (Revised August 2021)
Supplement

Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships (CW)

By: Benjamin C. Esty and Albert W. Sheen

After booming for more than five years, the global shipping (maritime) industry experienced a dramatic crash in late 2008 as the global financial system froze and the global economy slid into recession. Ship charter rates (revenue) fell by as much as 90% causing prices... View Details

Keywords: Fair Value Accounting; Economic Slowdown and Stagnation; Capital Markets; Cash Flow; Financial Liquidity; Banks and Banking; Price; Price Bubble; Contracts; Crisis Management; Market Transactions; Valuation; Shipping Industry

20 Jan 2009
Research & Ideas

Risky Business with Structured Finance

In the wake of the financial crisis, many once-esoteric investment terms have become a familiar part of our vocabulary. The role of structured finance securities such as collateralized debt obligations (CDOs), for example, and the part... View Details

Keywords: by Julia Hanna; Banking; Financial Services

12 Feb 2008
First Look

First Look: February 12, 2007

the performance of mechanisms intended for human use. Download the paper: http://www.hbs.edu/research/pdf/08-064.pdf PublicationsBusiness Analysis and Valuation: Using Financial Statements. 4th ed. Authors:Paul M. Healy and Krishna G.... View Details

Keywords: Martha Lagace

June 2010 (Revised August 2021)
Case

Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships

By: Benjamin C. Esty and Albert Sheen

After booming for more than five years, the global shipping (maritime) industry experienced a dramatic crash in late 2008 as the global financial system froze and the global economy slid into recession. Ship charter rates (revenue) fell by as much as 90% causing prices... View Details

Keywords: Fair Value Accounting; Financial Crisis; Capital Markets; Financial Liquidity; International Finance; Globalized Markets and Industries; Valuation; Banking Industry; Shipping Industry; Germany

August 2022
Article

The Bulletproof Glass Effect: Unintended Consequences of Privacy Notices

By: Aaron R. Brough, David A. Norton, Shannon L. Sciarappa and Leslie K. John

Drawing from a content analysis of publicly traded companies’ privacy notices, a survey of managers, a field study, and five online experiments, this research investigates how consumers respond to privacy notices. A privacy notice, by placing legally enforceable limits... View Details

Keywords: Choice; Purchase Intent; Privacy; Privacy Notices; Warnings; Assurances; Information Disclosure; Trust; Consumer Behavior; Spending; Decisions; Information; Communication

Article

The Changing Landscape of Auditors' Liability

By: Colleen Honigsberg, Shivaram Rajgopal and Suraj Srinivasan

We provide a comprehensive overview of shareholder litigation against auditors since the passage of the Private Securities Litigation Reform Act (PSLRA). The number of lawsuits per year has declined, dismissals have increased, and settlements in recent years have... View Details

Keywords: Auditor Litigation; Tellabs; Section 10(b); Section 11; Audit Quality; Janus; PSLRA; Class-action Litigation; Accounting Audits; Lawsuits and Litigation; Legal Liability

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February 2023
Teaching Note

Bear to Bull? An Analyst’s Journey with Netflix

By: Aiyesha Dey and Joseph Pacelli

Teaching Note for HBS Case No. 123-001. Wedbush Securities analyst Michael Pachter said “hell freezing over” was more likely than him upgrading the “sell” rating he had maintained on movie and television streaming giant Netflix since 2011, despite meteoric subscriber... View Details

Keywords: Equity; Analysis; Stock Shares

2009
Working Paper

Principles that Matter: Sustaining Software Innovation from the Client to the Web

By: Marco Iansiti

Economic analysis often reviews the role of principles—such as respect for intellectual property rights—in driving innovation. Given the interdependent nature of innovation in information technology, three core principles have emerged that work together to ensure that... View Details

Keywords: Decision Choices and Conditions; Technological Innovation; Intellectual Property; Partners and Partnerships; Competition; Information Technology; Internet and the Web

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26 Mar 2009
Working Paper Summaries

The Bloody Millennium: Internal Conflict in South Asia

Keywords: by Lakshmi Iyer

August 2007 (Revised November 2010)
Case

Grand Central Publishing

By: Anita Elberse

In April 2007, Grand Central's publisher Jamie Raab and editor Karen Kosztolnyik were involved in a frantic bidding war for a proposed book on the life of cat Dewey, billed as the feline answer to the best-selling "Marley & Me: Life and Love with the World's Worst... View Details

Keywords: Acquisition; Product Launch; Bids and Bidding; Product Development; Publishing Industry