Publications

28 Apr 2023
Blog Post

Creating a Workplace That Supports Employees in Work and Life

his company through their active language and ERG, but also through a generous employee donation match program. “As LGBTQ organizations were at the top of my list (of organizations he supports), I felt that [they] supported me even in a... View Details

Keywords: All Industries

23 Jul 2013
First Look

First Look: July 23

Restaurant Hygiene Inspections and Online Reviews By: Kang, Jun Seok, Polina Kuznetsova, Yejin Choi, and Michael Luca Abstract—Restaurant hygiene inspections are often cited as a success story of public disclosure. Hygiene grades... View Details

Keywords: Anna Secino

13 Apr 2015
News

Former SBA Chief: The Post-Recession Future Is Bright for Entrepreneurs

17 May 2016
First Look

May 17, 2016

details of his theories regarding economic development and international financial interactions, as well as his indebtedness to earlier Renaissance traditions. The book also uncovers new material relating to... View Details

Keywords: Sean Silverthorne

October 1996 (Revised February 1997)
Case

Upjohn Company, The: The Upjohn-Pharmacia Merger

By: Krishna G. Palepu and Amy P. Hutton

In August 1995, the Upjohn Co. and Pharmacia AB announced a "merger of equals." This case provides background information on the industry, the position of Upjohn, and Upjohn's rationale for the proposed merger. View Details

Keywords: Mergers and Acquisitions; Financial Statements; Business Strategy; Annual Reports; Pharmaceutical Industry

20 Apr 2009
Research & Ideas

Misgovernance at the World Bank

capital, shareholder losses, and, in the extreme, financial crises—at the end of the day the investors by their nature have some tolerance for risk. "In an aid organization, however, the costs View Details

Keywords: by Martha Lagace

April 2004 (Revised July 2005)
Case

Offshoring at Global Information Systems, Inc.

By: William E. Fruhan Jr.

This case explores the topic of offshoring high-tech jobs several perspectives. The issues presented include determining the stock price consequences of offshoring, examining the economic consequences of the offshore job to both the transferring and receiving... View Details

Keywords: Economy; Stocks; Job Cuts and Outsourcing; Personal Development and Career; Competition

10 Dec 2014
News

Lessons for Private Equity Learned From the Last Merger Frenzy

December 2009
Article

Catering Through Nominal Share Prices

By: Malcolm Baker, Robin Greenwood and Jeffrey Wurgler

We propose and test a catering theory of nominal stock prices. The theory predicts that when investors place higher valuation on low-price firms, managers will maintain share prices at lower levels, and vice-versa. Using measures of time-varying catering incentives... View Details

Keywords: Stocks; Stock Shares; Investment; Investment Return; Price; Theory; Valuation

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01 Dec 2008
Lessons from the Classroom

How Many U.S. Jobs Are ‘Offshorable’?

determined that between 22 and 29 percent (25.2 to 31.8 million) of all U.S. jobs are potentially offshorable. Those cited included high-paying, high-skill jobs such as financial analyst and microbiologist.... View Details

Keywords: by Julia Hanna

18 Jun 2013
First Look

First Look: June 18

managers' influence activities. An explicit focus on toolmaking extends accounting research that has hitherto focused attention on the structural arrangements and interpersonal connections when explaining the emergence View Details

Keywords: Anna Secino

21 Oct 2016
News

The barbarian establishment

May 2008 (Revised March 2009)
Case

SKS Microfinance

By: Shawn A. Cole and Theresa Chen

Vikram Akula, CEO of SKS Microfinance, seeks a venture capital investment to fund his firm. SKS, one of the largest and fastest growing microfinance institutions in India, is a profitable, for-profit institution with a social mission. In what is one of the first... View Details

Keywords: For-Profit Firms; Venture Capital; Microfinance; Corporate Social Responsibility and Impact; Valuation; Financial Services Industry; India

05 Mar 2019
First Look

New Research and Ideas, March 5, 2019

forthcoming Journal of Financial and Quantitative Analysis Leverage and the Beta Anomaly By: Baker, Malcolm, Mathias F. Hoeyer, and Jeffrey Wurgler Abstract— The well-known weak empirical relationship... View Details

Keywords: Dina Gerdeman

06 Aug 2012
News

Family Offices Seeing Fastest Growth as Firms Oust Banks

26 Mar 2013
News

A Bear Call on Bullish Analysts

05 Oct 2014
News

SEC’s new rules give US money market funds a floating feeling

Article

Laws versus Contracts: Legal Origins, Shareholder Protections, and Ownership Concentration in Brazil, 1890–1950

By: Aldo Musacchio

This article examines some of the institutional conditions that facilitated the development of equity markets in Brazil. A critical factor was the addition of protections for investors to corporate bylaws, which enabled relatively large corporations in Brazil to... View Details

Keywords: Voting; Equity; Financial Markets; Investment; Governance Controls; Business History; Ownership Stake; Brazil