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  • 2005
  • Working Paper

Pseudo Market Timing and Predictive Regressions

By: Malcolm Baker, Ryan Taliaferro and Jeffrey Wurgler
A number of studies claim that aggregate managerial decision variables, such as aggregate equity issuance, have power to predict stock or bond market returns. Recent research argues that these results may be driven by an aggregate time-series version of Schultz's... View Details
Keywords: Managerial Roles; Equity; Market Timing; Financial Instruments; Investment Return; Mathematical Methods
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  • January–February 2014
  • Article

Building a Game-Changing Talent Strategy

By: Douglas A. Ready, Linda A. Hill and Robert J. Thomas
When most of the world's financial services giants were stumbling and retrenching in the aftermath of the 2008 recession, the asset management firm BlackRock was busy charting a course for growth. Its revenues, profits, and stock price all performed consistently... View Details
Keywords: Talent and Talent Management; Success; Business Strategy; Financial Crisis; Financial Services Industry
Related
  • Web

Topics - HBS Working Knowledge

Plants (2) Failure (19) Fairness (9) Family Business (26) Family Ownership (6) Family and Family Relationships (10) Film Entertainment (1) Finance (604) Financial Condition (18) Financial Crisis (19) View Details
  • October 2008
  • Article

The Small World of Investing: Board Connections and Mutual Fund Returns

By: Lauren Cohen, Andrea Frazzini and Christopher J. Malloy
This paper uses social networks to identify information transfer in security markets. We focus on connections between mutual fund managers and corporate board members via shared education networks. We find that portfolio managers place larger bets on firms they are... View Details
Keywords: Financial Markets; Information Management; Social and Collaborative Networks; Announcements; Investment Portfolio; Investment Return; Investment Funds; Asset Pricing; Governing and Advisory Boards
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  • May 2008 (Revised October 2010)
  • Case

Tribune Company, 2007

By: Timothy A. Luehrman and Eric Seth Gordon
This case describes the proposed acquisition of Tribune Company by Sam Zell in 2007. Tribune Company is one of the largest newspapers and broadcasting companies in the United States. Zell's proposed acquisition is unusual in several respects. It is two-tiered, employs... View Details
Keywords: Mergers and Acquisitions; Financial Markets; Employee Stock Ownership Plan; Negotiation Offer; Journalism and News Industry; Publishing Industry
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  • Forthcoming
  • Article

Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath

By: Antonio Falato, Giovanni Favara and David Scharfstein
We present evidence that pressure to maximize short-term stock prices and earnings leads banks to increase risk. We start by showing that banks increase risk when they transition from private to public ownership through a public listing or an acquisition. The increase... View Details
Keywords: Ownership Type; Risk and Uncertainty; Financial Markets; Banks and Banking; Transition; Price
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  • January 2001 (Revised June 2001)
  • Case

COFIDIS

An offspring of French catalog marketer 3 Suisses, and a popular sponsor of Tour de France, Cofidis sells consumer credit over the phone, defying conventional banking with a product policy and a communication strategy that perfectly fits the company's comparative... View Details
Keywords: Marketing Strategy; Internet and the Web; Marketing Communications; Competitive Advantage; Product; Credit; Financial Services Industry; France
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  • 28 Oct 2008
  • First Look

First Look: October 28, 2008

source development. We use DSMs to analyze a sample of matched-pair products—products that perform the same function but that have been developed via these contrasting modes of organization. Our results reveal significant differences in... View Details
Keywords: Martha Lagace
  • September 2012 (Revised July 2014)
  • Case

Blackstone's Investment in Intelenet

By: Josh Lerner, Sandeep Bapat and Rachna Tahilyani
Three years had passed since Blackstone's investment in Intelenet Global Services, their third largest investment in India. Great progress had been made, but now a new challenge loomed. Globank, a large global bank, was Intelenet's largest customer. Intelenet's... View Details
Keywords: India; Blackstone; Private Equity; Financial Services Industry; India
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  • 09 Apr 2008
  • Research & Ideas

The Matchmaker of the Modern Economy

result would be a stronger country with a growing supply of well-paying jobs. In forming ARD, its founders were guided by an intuitive understanding of the dynamics of entrepreneurship. They realized that organizations with "enormous... View Details
Keywords: by Spencer E. Ante
  • Web

Human Behavior & Decision-Making - Faculty & Research

others who earn a higher pay rate. Our results suggest that low pay rates are, in and of themselves, unlikely to promote dishonesty. Instead, it is the salience of upward social comparisons that encourages the poorly compensated to cheat.... View Details
  • Web

Leadership - Faculty & Research

kilometers to the south. As a result of nature's onslaught, three of Daini's four reactors lacked sufficient power to achieve cooldown. To prevent the disaster experienced up north, the site superintendent, Naohiro Masuda, and his team... View Details
  • 03 Mar 2023
  • Research & Ideas

When Showing Know-How Backfires for Women Managers

what’s driving the bind,” she says. “This is not about being capable or talented. It’s more a constraint that is completely understandable.” Meanwhile, women’s neglect of office tasks and resulting financial... View Details
Keywords: by Kara Baskin; Retail; Consumer Products
  • 18 Mar 2013
  • HBS Case

HBS Cases: LEGO

components. While the number of LEGO-branded items grew, sales did not, and in 1998 the company suffered its first financial loss. "Their top-line growth was slowing down but their cost was accelerating, so they were starting to lose... View Details
Keywords: by Maggie Starvish; Entertainment & Recreation
  • 20 Aug 2007
  • Research & Ideas

HBS Cases: Using Investor Relations Proactively

might the reaction have been elsewhere? Dessain: By 2005, Total had become the world's fourth-largest oil and gas company. For the first half of 2005 it showed a profit of €5.8 billion, but also planned to save money to create buffers for future downturns.... View Details
Keywords: by Martha Lagace; Energy; Utilities
  • 2010
  • Other Unpublished Work

Why Takeover Vulnerability Matters to Debtholders

By: Joan Farre-Mensa
Recent work documents that firms that are more vulnerable to takeover have higher borrowing costs. This paper investigates the reasons behind this stylized fact. My results show that firms with few antitakeover defenses face a higher cost of debt because lenders are... View Details
Keywords: Acquisition; Borrowing and Debt; Cost; Equity; Banks and Banking; Investment Portfolio; Risk Management; Agreements and Arrangements; Business and Shareholder Relations; Conflict and Resolution
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  • 21 Feb 2018
  • Research & Ideas

When a Competitor Abandons the Market, Should You Advance or Retreat?

SolStock In late 2016 drug maker Eli Lilly announced it would stop research on the Alzheimer's drug solanezumab after results proved disappointing over three trials. For competitors such as Biogen, Merck, and Roche, this decision... View Details
Keywords: by Rachel Layne; Pharmaceutical; Health
  • 21 Sep 2023
  • HBS Seminar

Pinar Ozcan, Saïd Business School

  • January 2013 (Revised April 2017)
  • Supplement

Maxum Petroleum, Inc.

By: W. Carl Kester
Maxum seeks an oil-price hedging strategy that yields substantial cash during oil price spikes, is affordable under ordinary circumstances, and is easily managed. It is striving to avoid a repeat of the challenging situation encountered in 2008 when spiking oil prices... View Details
Keywords: Hedging; Options; Commodities; Credit Derivatives and Swaps; Risk Management; Futures and Commodity Futures; Financial Strategy; Volatility
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  • 23 Mar 2023
  • Research & Ideas

As Climate Fears Mount, More Investors Turn to 'ESG' Funds Despite Few Rules

Investor interest in social responsibility has skyrocketed in the past three years, even as US regulations to hold companies accountable remain in flux and the environmental, social, and governance (ESG) label itself draws backlash. Investors are willing to pay a... View Details
Keywords: by Rachel Layne; Financial Services