Publications

September 2024
Article

Activist Directors: Determinants and Consequences

By: Ian D. Gow, Sa-Pyung Sean Shin and Suraj Srinivasan

This paper examines determinants and consequences of hedge fund activism, focusing on activist directors, i.e., directors appointed in response to activist demands. Using a sample of 3,259 activism events from 2004 to 2016, we identify 1,623 activist directors.... View Details

Keywords: Governing and Advisory Boards; Investment Activism; Business and Shareholder Relations

2010
Article

Competing against Online Sharing

By: Ramon Casadesus-Masanell and Andres Hervas-Drane

This paper aims to explore online sharing of copyrighted content over peer-to-peer (p2p) file sharing networks and its impact on the music industry and to assess the viable business models for the industry in the future. View Details

Keywords: Consumers; Computer Networks; Resource Sharing; Online Operations; Internet and the Web; Copyright; Networks; Business Model; Music Industry

Find at Harvard

24 Jun 2021
News

Study Shows CEO and Worker Pay Gap Is Widening

23 Oct 2018
First Look

New Research and Ideas, October 23, 2018

virtually irresistible. But long-term assessments could differ, particularly if the free service reduces quality and consumer choice. In this short paper, we examine these concerns. Publisher's link:... View Details

Keywords: Dina Gerdeman

November 2023
Article

A Quantity-Driven Theory of Term Premia and Exchange Rates

By: Robin Greenwood, Samuel G. Hanson, Jeremy C. Stein and Adi Sunderam

We develop a model in which specialized bond investors must absorb shocks to the supply and demand for long-term bonds in two currencies. Since long-term bonds and foreign exchange are both exposed to unexpected movements in short-term interest rates, a shift in the... View Details

Keywords: Term Premium; Exchange Rate; Currency Exchange Rate; Bonds

July–August 2013
Article

Complementary Goods: Creating, Capturing, and Competing for Value

By: Taylan Yalcin, Elie Ofek, Oded Koenigsberg and Eyal Biyalogorsky

This paper studies the strategic interaction between firms producing strictly complementary products. With strict complements, a consumer derives positive utility only when both products are used together. We show that value-capture and value-creation problems arise... View Details

Keywords: Complementary Goods; Product Development; Royalty Fees; Product Marketing; Competition

Find at Harvard

06 Jun 2023
Cold Call Podcast

The Opioid Crisis, CEO Pay, and Shareholder Activism

Keywords: Re: Suraj Srinivasan; Health; Pharmaceutical; Distribution

January 2021 (Revised May 2021)
Case

Amazon Shopper Panel: Paying Customers for Their Data

By: Eva Ascarza and Ayelet Israeli

This case introduces a new Amazon program that has consumers upload their receipts from transactions outside of Amazon, in exchange for money. Through the discussion, the case aims to explore issues in customers’ privacy in the digital age, the value of customers’ own... View Details

Designers of consumer-facing digital products have tended to focus on novelty and speed (“move fast and break things”). They’ve spent more effort on innovating than on anticipating how customers—and bad actors—might engage with products. But as digital products become... View Details

May 2006 (Revised April 2009)
Case

Cola Wars Continue: Coke and Pepsi in 2006

By: David B. Yoffie and Michael Slind

Examines the industry structure and competitive strategy of Coca-Cola and Pepsi over 100 years of rivalry. New challenges in 2006 include boosting flagging carbonated soft drink (CSD) sales and finding new revenue streams. Both firms also began to modify their... View Details

Keywords: History; Competitive Strategy; Industry Structures; Growth and Development Strategy; Food and Beverage Industry; United States

May 2020 (Revised March 2022)
Case

The Coronavirus (COVID-19) Pandemic and the Global Economy (A)

By: Alberto Cavallo and Christian Godwin

In April 2020, the world struggled to contain the exponential escalation of the coronavirus (COVID-19) pandemic. Dozens of countries had imposed restrictions on travel, work, and social gatherings. A large share of the global population was under lockdowns and... View Details

October 2017 (Revised August 2018)
Case

HTC and Virtual Reality

By: David B. Yoffie, Andy Wu and Allison M. Ciechanover

In fall 2017, HTC CEO and Chairperson Cher Wang was driving the company to focus on virtual reality (VR). HTC's first VR product, VIVE, released in spring 2016, was applauded for its superior immersive room-scale capabilities. However, early adoption of VR beyond... View Details

Keywords: Virtual Reality; Strategy; Competition; Information Technology; Innovation and Management; Consumer Behavior; Customer Relationship Management; Technology Industry

15 Jul 2020
Video

The HBS Health Minute: Leveraging Artificial Intelligence and Deep-Learning Insights to Improve Health Outcomes and Reduce Costs

2007
Working Paper

A Resource Belief-Curse: Oil and Individualism

By: Rafael Di Tella, Juan Dubra and Robert MacCulloch

We study the correlation between a belief concerning individualism and a measure of luck in the US during the period 1983-2004. The measure of beliefs is the answer to a question related to whether the poor should be helped by the government or if they should help... View Details

Keywords: Energy; Price; Policy; Government and Politics; Poverty; Welfare; Energy Industry; United States

October 2014
Teaching Note

Financial Policy at Apple, 2013 (A) and (B)

By: Mihir A. Desai and Elizabeth Meyer

This is the teaching note to HBS case 214-085: Financial Policy at Apple, 2013 (A). View Details

Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; Consumer Products Industry; Consumer Products Industry; United States; Republic of Ireland

2024
Working Paper

Climate Solutions, Transition Risk, and Stock Returns

By: Shirley Lu, Edward J. Riedl, Simon Xu and George Serafeim

Using large language models to measure firms' climate solution products and services, we find that high-climate solution firms exhibit lower stock returns and higher market valuation multiples. Their stock prices respond positively to events signaling increased demand... View Details

Keywords: Technology; Generative Ai; Large Language Models; Climate Finance; Climate Change; Innovation and Invention; Environmental Sustainability; AI and Machine Learning; Investment; Financial Markets

SSRN

2010
Chapter

A Resource Belief-Curse: Oil and Individualism

By: Rafael Di Tella, Juan Dubra and Robert MacCulloch

We study the correlation between a belief concerning individualism and a measure of luck in the US during the period 1983-2004. The measure of beliefs is the answer to a question related to whether the poor should be helped by the government or if they should help... View Details

Keywords: History; Natural Environment; Non-Renewable Energy; Values and Beliefs; Price; Poverty; Policy; Economy; United States

Find at Harvard

Working Paper

Covenant-Light Contracts and Creditor Coordination

By: Bo Becker and Victoria Ivashina

In 2015, 70% of newly issued leveraged loans had weaker enforcement features, called covenant-light or "cov-lite"; this is nearly a three-time increase in cov-lite issuance compared to a previous peak in 2007. We evaluate whether this development can be attributed to... View Details

Keywords: Credit Cycles; Loan Contracts; Debt Covenants; Contracts; Financing and Loans; Credit; Borrowing and Debt

SSRN