Publications

Research Summary

Wall Street Research

By: Paul M. Healy

Wall Street research helps to support a well-functioning capital market by providing investors with information about investment opportunities, and corporate issuers with liquidity for their stocks. Yet surprisingly little is known about how Wall Street research... View Details

Keywords: Sell-side Analysts; Brokerage; Investment Banking; Buy-side Analysts; Compensation; Financial Services Industry

13 Mar 2018
First Look

March 13, 2018

Well-being: A Global Perspective By: De Neve, Jan-Emmanuel, Amy Blankson, Andrew Clark, Cary Cooper, James Harter, Christian Krekel, Jenn Lim, Paul Litchfield, Jennifer Moss, Michael I. Norton, Mariano Rojas, View Details

Keywords: Sean Silverthorne

May 2004 (Revised April 2005)
Case

Prudential Securities

By: Boris Groysberg, Paul M. Healy and Amanda Cowen

Prudential Insurance Co. attempted to diversify into financial services by building an investment banking franchise. Prudential's initial foray into the industry was its acquisition of The Bache Group in 1982. In 2000, the company decided to exit investment banking.... View Details

Keywords: Investment Banking; Corporate Strategy; Competitive Strategy; Market Entry and Exit; Diversification; Mergers and Acquisitions; Financial Services Industry; Insurance Industry

October 2000 (Revised October 2000)
Case

Off-Balance Sheet Leases in the Restaurant Industry

By: Amy P. Hutton, Paul M. Healy and Jacob Cohen

Amid mounting concern by credit agencies about off-balance sheet liabilities, an analyst for one of the leading credit-rating agencies has been asked to make a presentation about off-balance sheet liabilities, the strategic analysis behind leasing versus purchasing... View Details

Keywords: Fair Value Accounting; Property; Leasing; Financial Statements; Capital Structure; Credit; Financial Services Industry

January 2014 (Revised September 2015)
Case

Mittal Steel's Pursuit of Arcelor (A)

By: Paul M. Healy and Penelope Rossano

Lakshmi Mittal, CEO of Mittal Steel, a UK-based company with Indian roots, took advantage of a weakened Arcelor that had successfully won a bidding war for Canadian steel company Dofasco, with an unsolicited bid to buy the company. Mittal's plans for acquiring Arcelor... View Details

Keywords: Fiduciary Duty; Steel; India; Europe; Governance; Mergers; Board Decisions; White Knight; Strategy; Negotiation; Mergers and Acquisitions; Corporate Governance; Cross-Cultural and Cross-Border Issues; Steel Industry; Canada; United Kingdom; Russia; India

January 2022
Article

Determinants of Gender Differences in Change in Pay among Job-Switching Executives

By: Boris Groysberg, Paul M. Healy and Eric Lin

The authors investigate what determines differences in change in pay between men and women executives who move to new employers. Using proprietary data of 2,034 executive placements from a global search firm, the authors observe narrower pay differences between men and... View Details

Keywords: Executive Pay; Executive Labor Market; Gender Pay Gap; External Recruitment; Executive Compensation; Gender; Human Capital

January 2014 (Revised October 2014)
Supplement

Mittal Steel's Pursuit of Arcelor (B)

By: Paul M. Healy and Penelope Rossano

Lakshmi Mittal, CEO of Mittal Steel, a UK-based company with Indian roots, took advantage of a weakened Arcelor that had successfully won a bidding war for Canadian steel company Dofasco, with an unsolicited bid to buy the company. Mittal's plans for acquiring Arcelor... View Details

Keywords: Strategy; Fiduciary Duty; Negotiation; Steel; India; Europe; Governance; Mergers; Board Decisions; White Knight; Valuation; Mergers and Acquisitions; Corporate Governance; Economics; Steel Industry; Canada; United Kingdom; India

2016
Article

Do External Labor Market Job Switches Affect the Gender Compensation Gap?

By: Boris Groysberg, Paul M. Healy and Eric Lin

This paper investigates how external mobility influences the gender compensation gap for job switching executives. Using proprietary data for 2,034 executive placements from a global search firm, we find job switching narrows the gender gap by 45%, from 11% to 6%. We... View Details

Keywords: Executive Compensation; Gender

14 Sep 2010
First Look

First Look: September 14, 2010

Evidence from Social, Environmental and Governance Scores Authors:Ioannis Ioannou and George Serafeim Abstract We investigate the institutional... View Details

Keywords: Sean Silverthorne

11 Mar 2014
First Look

First Look: March 11

https://www.hbs.edu/faculty/Pages/item.aspx?num=46651 The Use of Broker Votes to Reward Brokerage Firms' and Their Analysts' Research Activities By: Maber, David A., Boris Groysberg, and View Details

Keywords: Sean Silverthorne

2016
Working Paper

What Factors Drive Director Perceptions of Their Board's Effectiveness?

By: Boris Groysberg, Paul M. Healy and Richard Ellis Crum

We use a survey of directors to collect data on their ratings of board effectiveness as well as board internal dynamics and key processes. Controlling for many of the governance metrics examined by prior research, we find that directors’ ratings of their boards’... View Details

Keywords: Board Of Directors; Corporate Governance; Performance Effectiveness; Perception; Risk Management

SSRN

24 Mar 2015
First Look

First Look: March 24

George Serafeim, and David Wood Abstract—A new generation of corporate reporting-integrated reporting-is emerging that will help investors and other key stakeholders such as... View Details

Keywords: Sean Silverthorne

September 2011
Article

What Drives Sell-Side Analyst Compensation at High-Status Investment Banks?

By: Boris Groysberg, Paul M. Healy and David A. Maber

We use proprietary data from a major investment bank to investigate factors associated with analysts' annual compensation. We find compensation to be positively related to "All-Star" recognition, investment-banking contributions, the size of analysts' portfolios, and... View Details

Keywords: Investment Banking; Research; Compensation and Benefits; Investment Portfolio; Forecasting and Prediction; Resource Allocation; Status and Position; Business Earnings; Quality; Revenue; Stocks; Voting

July–August 2019
Article

How to Scandal-Proof Your Company

By: Paul M. Healy and George Serafeim

Despite efforts to crack down on illegal activity, crimes like fraud, bribery, embezzlement, and money laundering are rampant in corporations. What steps can leaders take to fix this growing problem? View Details

Keywords: Organizations; Crime and Corruption; Organizational Culture; Leadership; Ethics

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August 2006 (Revised August 2007)
Case

Revenue Recognition Problems in the Communications Equipment Industry

By: Paul M. Healy and Arjuna J Costa

Designed to explore recognition issues in the context of a potential market downturn. In late 2000, Lucent Technologies reports multiple revisions to its recent financial results due to revenue recognition problems, leading to a dramatic decline in its stock price.... View Details

Keywords: Corporate Disclosure; Revenue Recognition; Policy; Supply and Industry; Performance; Communications Industry