Publications
Publications
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- All HBS Web
(620)
- Faculty Publications (121)
- 2014
- Article
The Growth and Limits of Arbitrage: Evidence from Short Interest
By: Samuel G. Hanson and Adi Sunderam
We develop a novel methodology to infer the amount of capital allocated to quantitative equity arbitrage strategies. Using this methodology, which exploits time-variation in the cross section of short interest, we document that the amount of capital devoted to value... View Details
- 2014
- Article
Corporate Governance and the Financial Crisis in Italy
By: Dante Roscini
The financial crisis hit Italy harder than many other Eurozone countries. In part this was due to the fact that the crisis came upon a system that was weakened by years of sub-par economic growth. One of the several endogenous factors that explain the stagnation of the... View Details
- October 2013
- Article
Consulting on the Cusp of Disruption
By: Clayton M. Christensen, Dina Wang and Derek C. M. van Bever
Consulting fundamental business model has not changed in more than 100 years: very smart outsiders go into organizations for a finite period of time and recommend solutions for the most difficult problems confronting their clients. But at traditional... View Details
- May 2013 (Revised September 2013)
- Case
The Kashagan Production Sharing Agreement (PSA)
By: Benjamin C. Esty and Florian Bitsch
When discovered in the 1990s, the Kashagan oil field was the second largest oil field in the world. The project sponsors (equity investors) signed a 40-year production sharing agreement (PSA) with the Kazakh government in 1997, with the expectation the field would... View Details
Keywords: Contracts; Oil ＆ Gas; Project Finance; Kazakhstan; Asia; ENI; Risk Management; Economic Development; Project Management; Expropriation; Product Sharing Agreement; Negotiation; Agreements and Arrangements; Development Economics; Energy Sources; Capital Budgeting; International Finance; Valuation; Joint Ventures; Energy Industry; Asia; Kazakhstan; Italy
- March 2013
- Article
Bridging the Gap? Government Subsidized Lending and Access to Capital
By: Josh Lerner and Kristle Romero-Cortes
The consequences of providing public funds to financial institutions remain controversial. We examine the Community Development Financial Institution (CDFI) Fund's impact on credit union activity, using hitherto little studied U.S. Treasury data. The CDFI Fund grants... View Details
- January 2013 (Revised March 2016)
- Case
The Private Company Council
By: Karthik Ramanna and Luis M. Viceira
Financial Accounting Foundation chairman Jack Brennan is under pressure from private-company interests to set up a new body—the Private Company Council—to determine separate GAAP for private companies. PCC advocates—including the US Chamber of Commerce—argue that... View Details
- April–May 2012
- Article
Resources or Power? Implications of Social Networks on Compensation and Firm Performance
By: Joanne Horton, Yuval Millo and George Serafeim
Using a sample of 4,278 listed UK firms, we construct a social network of directorship-interlocks that comprises 31,495 directors. We use social capital theory and techniques developed in social network analysis to measure a director's connectedness and investigate... View Details
- March 2012
- Article
Macroeconomic Policy and U.S. Competitiveness
By: Richard H.K. Vietor and Matthew Weinzierl
The United States is on a glide path to fiscal disaster, with experts projecting that the federal government will take in far less money than it spends-indefinitely. Our current fiscal policy is eroding competitiveness in several ways, and business conditions in the... View Details
- October 2011 (Revised March 2013)
- Case
Yale University Investments Office: February 2011
By: Josh Lerner and Ann Leamon
David Swensen and the Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments—hedge funds, private equity, real estate—given the impact of the recent market turmoil. The case explores the risks... View Details
- March 2011
- Case
Semiconductor Manufacturing International Company in 2011
By: Willy Shih and Jia Cheng
When David Wang took over as the CEO of SMIC, he knew that if he was to capitalize on the company's strategic location in the China market, he would have to transform the company mindset and its operating structure from its roots in the manufacturing of DRAMs to the... View Details
- November 2010 (Revised October 2012)
- Background Note
Farmland Investing: A Technical Note
By: Ray Goldberg, Arthur I Segel, Gustavo Herrero and Andrew Terris
This note seeks to provide an overview of farmland investing, the investment thesis behind investing in agriculture, how and why investors would choose farmland, and the general risks and return characteristics of this asset class. In recent years, a growing number of... View Details
- 2010
- Other Unpublished Work
International Capital Allocation, Sovereign Borrowing, and Growth
By: Laura Alfaro, Sebnem Kalemli-Ozcan and Vadym Volosovych
The key in the investigation of "where" and "why" capital flows, relative to the neoclassical benchmark, is how we measure these flows. The macro literature has been using three main yardsticks: the current account balance, returns to capital, and the volume of net... View Details
- 2010
- Working Paper
International Capital Allocation, Sovereign Borrowing, and Growth
By: Laura Alfaro, Sebnem Kalemli-Ozcan and Vadym Volosovych
The key in the investigation of "where" and "why" capital flows, relative to the neoclassical benchmark, is how we measure these flows. The macro literature has been using three main yardsticks: the current account balance, returns to capital, and the volume of net... View Details
- Article
Specialization and Success: Evidence from Venture Capital
By: Paul A. Gompers, Anna Kovner and Josh Lerner
This paper examines how organizational structure affects behavior and outcomes, studying the performance of different types of venture capital organizations. We find a strong positive relationship between the degree of specialization by individual venture capitalists... View Details
- May 2009
- Article
Synchronicity and Firm Interlocks in an Emerging Market
By: Tarun Khanna and Catherine Thomas
Stock price synchronicity has been attributed to poor corporate governance and a lack of firm-level transparency. This paper investigates the association between different kinds of firm interlocks, control groups, and synchronicity in Chile. A unique data set... View Details
- January 2009
- Case
Berkshire Hathaway
By: Bharat N. Anand and Samhita Patwardhan Jayanti
Berkshire Hathaway describes the history and strategy of one of the best known investment firms over the last forty years. The case describes the investment philosophy of Warren Buffett, its legendary chairman and CEO, the gradual diversification of its portfolio, its... View Details
- July 2008
- Teaching Note
Yale University Investments Office: August 2006 (TN)
By: Josh Lerner and Ann Leamon
Teaching Note for [807073]. View Details
- 2008
- Working Paper
The Strength of Peripheral Ties: Maintaining Status When Firms Lose Resources
By: Mikolaj J. Piskorski and Bharat N. Anand
This paper examines conditions under which high-status firms can retain their positions, even if they lose resources. Firms are considered high status when they obtain ties from other high-status firms. Among high-status firms, we distinguish between those that also... View Details
- November 2007
- Background Note
Asset Allocation I
By: Joshua D. Coval, Erik Stafford, Rodrigo Osmo, John Jernigan, Zack Page and Paulo Passoni
The goal of these simulations is to understand the mathematics of mean-variance optimization and the equilibrium pricing of risk if all investors use this rule with common information sets. Simulation A focuses on five to 10 years of monthly sector returns that are... View Details
- January 2007 (Revised March 2011)
- Case
Yale University Investments Office: August 2006
By: Josh Lerner
The Yale Investments Office must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments--hedge funds, private equity, real estate, and so forth. Considers the risks and benefits of a different asset allocation strategy.... View Details