Publications

October 7, 2021
Article

Carbon Might Be Your Company’s Biggest Financial Liability

By: Robert G. Eccles and John Mulliken

The price of carbon may be zero in many places today, but it’s unlikely to remain zero for long. That means that many companies have hidden liabilities on their books. To cover their carbon short position, executives can take several steps: Measure the position in... View Details

Keywords: Climate Risk; Climate Finance; Risk Management; Governance; Environmental Accounting; Climate Change; Environmental Sustainability

July 2008
Article

Fairness in Extended Dictator-Game Experiments

By: Felix Oberholzer-Gee and Reiner Eichenberger

We test the robustness of behavior in dictator games by offering allocators the choice to play an unattractive lottery. With this lottery option, mean transfers from allocators to recipients substantially decline, partly because many allocators now keep the entire... View Details

Keywords: Decision Choices and Conditions; Fairness; Game Theory; Risk and Uncertainty; Behavior

September 2008
Article

Firm Heterogeneity and Credit Risk Diversification

By: Samuel G. Hanson, M. Hashem Pesaran and Til Schuermann

This paper examines the impact of neglected heterogeneity on credit risk. We show that neglecting heterogeneity in firm returns and/or default thresholds leads to under estimation of expected losses (EL), and its effect on portfolio risk is ambiguous. Once EL is... View Details

Keywords: Volatility; Credit; Investment Return; Outcome or Result; Risk and Uncertainty; Loss; Diversification; Complexity; United States

30 Jun 2009
First Look

First Look: June 30

Baldwin, and Christopher L. Magee Abstract Hierarchy is a generic structure in which levels are asymmetrically ordered. In an industry setting, classic supply chains display strict hierarchy, whereas clusters of firms have linkages going... View Details

Keywords: Martha Lagace

13 Jun 2017
Research & Ideas

Why Global Investments Are Still a Good Bet

markess. Using stock market data for the largest seven developed countries between 1986 and 2013, they disentangled changes in the prices of securities versus their value. “This is how you can piece out... View Details

Keywords: by Michael Blanding; Financial Services

21 Nov 2013
News

Case Study: BlackBerry and Thorsten Heins

phones, and focused the company on the critical launch of its next iteration of handsets, BlackBerry 10. The phones came in two versions: first launched was a touch-screen phone designed to attract... View Details

Keywords: Management of Companies and Enterprises; Management of Companies and Enterprises; Management of Companies and Enterprises; Management of Companies and Enterprises

April 2002 (Revised September 2002)
Background Note

Capital Controls

By: Rawi E. Abdelal and Laura Alfaro

Only in the waning years of the 20th century did international financial markets begin to enjoy the freedom from government regulation that they had experienced before the first world war. By 2002, international capital markets had grown to be enormous--$1.2 trillion... View Details

Keywords: History; Policy; Business and Government Relations; Change Management; Cost vs Benefits; Governance Controls; Governance Compliance; Emerging Markets; Financial Markets; Network Effects; Banking Industry; Financial Services Industry

2011
Book

Accelerating Energy Innovation: Insights from Multiple Sectors

By: Rebecca Henderson and Richard G. Newell

Accelerating energy innovation could be an important part of an effective response to the threat of climate change. Written by a stellar group of experts in the field, this book complements existing research on the subject with an exploration of the role that public... View Details

Keywords: Energy Sources; Innovation and Invention; Climate Change; Policy; Competition; Demand and Consumers; Finance; Energy Industry

Read Now

26 Apr 2011
News

Do You See What I See?

already offers customized learning experiences to members of the Boston medical community. And a new student field study by Clive Chang (HBS ’11), Inessa Lurye (HKS/HBS ’13), and Mary Winn New (HBS ’11)... View Details

Keywords: Julia Hanna; Colleges, Universities, and Professional Schools; Educational Services

2007
Chapter

Behavioral Corporate Finance: A Survey

By: Malcolm Baker, Richard Ruback and Jeffrey Wurgler

Research in behavioral corporate finance takes two distinct approaches. The first emphasizes that investors are less than fully rational. It views managerial financing and investment decisions as rational responses to securities market mispricing. The second approach... View Details

Keywords: Decisions; Prejudice and Bias; Debt Securities; Financial Management; Price; Theory; Investment; Problems and Challenges; Behavioral Finance; Corporate Finance

Keywords: Management of Companies and Enterprises; Management of Companies and Enterprises; Management of Companies and Enterprises; Management of Companies and Enterprises; Management of Companies and Enterprises; Management of Companies and Enterprises

Read Now

01 Apr 2001
News

HBS Press Books in Brief

line managers and CEOs will find compelling. The Death of Distance: How the Communications Revolution Is Changing Our Lives, a completely new edition of the best-selling book... View Details

07 Apr 2008
Research & Ideas

The Debate over Taxing Foreign Profits

Congress and the next president of the United States will be under pressure to make major changes to U.S. corporate tax policy, the consequences of which could have significant... View Details

Keywords: by Sean Silverthorne

June 2004 (Revised May 2005)
Case

World Vision International's AIDS Initiative: Challenging a Global Partnership

By: Christopher A. Bartlett and Daniel F. Curran

After 25 years of building a network of interdependent, national organizations delivering relief and development that are responsive to local needs, World Vision's International office is planning to implement a major global HIV/AIDS initiative that challenges the... View Details

Keywords: Change Management; Decision Choices and Conditions; Globalized Markets and Industries; Governing and Advisory Boards; Management Systems; Networks; Partners and Partnerships; Welfare; Adaptation

25 Mar 2014
First Look

First Look: March 25

ambiguity of profits and power, as well as the often-jealous interactions between different solutions to the problem of empire. The book presents a powerful mosaic of imperial... View Details

Keywords: Sean Silverthorne

February 2001
Case

Free Trade vs. Protectionism: The Great Corn-Laws Debate

By: David A. Moss, Kevin P. Brennan, Matthew B. Gorin and Marian Lee

Examines the extended conflict between free traders and protectionists in nineteenth-century Britain. It culminates with Prime Minister Robert Peel's decision at the end of 1845 about whether to repeal the Corn Laws, a series of acts that had protected British... View Details

Keywords: Conflict of Interests; Trade; Governing Rules, Regulations, and Reforms; Policy; Government Legislation; Change Management; Competitive Advantage; Plant-Based Agribusiness; Market Entry and Exit; Agriculture and Agribusiness Industry; Great Britain

August 2008 (Revised June 2012)
Case

Martingale Asset Management LP in 2008, 130/30 Funds, and a Low-Volatility Strategy

By: Luis M. Viceira and Helen Tung

In early July of 2008, William (Bill) Jacques, Chief Investment Officer at Martingale Asset Management, a quantitative value-oriented investment manager in Boston, Massachusetts, was busy preparing for an upcoming meeting with the group that made new product decisions... View Details

Keywords: Volatility; Asset Management; Stocks; Financial Strategy; Investment Funds; Product Development

03 Mar 2008
First Look

First Look: March 4, 2008

banks had failed since 1825, and many legislatures believed that a significant change in the banking regime was needed to shore up the state's financial systems. Others, however, feared that a major change... View Details

Keywords: Martha Lagace

13 May 2014
First Look

First Look: May 13

how management and corporate boards of directors can best manage investor relations with activist stockholders such as hedge funds who are demanding major changes within a corporation to improve stockholder... View Details

Keywords: Sean Silverthorne

February 2024 (Revised April 2024)
Supplement

Can Cities Beat the Heat? (B8): Minneaoplis-St. Paul Climate Action Snapshot

By: Rosabeth Moss Kanter, Praveen Kumar and Jacob A. Small

Climate snapshots provide a summary of climate actions that occurred between 2018 and 2024, highlighting major green initiatives, innovations, carbon mitigation strategy, and action across multiple levels of government and the private sector. Snapshots also provide an... View Details

Keywords: Mitigation Policies; Carbon Footprint; Climate Finance; Mobility; Adaptation; Renewable Energy; Climate Change; Problems and Challenges; Sustainable Cities; City; Innovation Strategy; Investment; United States; Minneapolis; St. Paul