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  • June 2013 (Revised September 2015)
  • Case

Procter & Gamble

By: Jay W. Lorsch and Kathleen Durante

On July 12, 2012, Bill Ackman's Pershing Square Capital Management announced publicly that it had purchased about $2 billion of Procter and Gamble (P&G) stock. Shares in the company closed up 3.75% the day the disclosure was made public. Ackman told the New York... View Details

Keywords: Ackman; P＆G; Pershing Square Capital Managment; Disruption; Management Succession; Crisis Management; Acquisition; Consumer Products Industry; Financial Services Industry
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  • 28 Aug 2012
  • Working Paper Summaries

Channels of Influence

Keywords: by Lauren Cohen, Umit G. Gurun & Christopher J. Malloy
  • July 2001
  • Technical Note

Technical Note on LBO Valuation (A): LBO Structure and the Target IRR Method of Valuation

By: Carliss Y. Baldwin
Explains the equity cash flow method of valuation as it applies to leveraged buyouts. Also explains: 1) earnings and cash flow forecasts, 2) debt structure and the cash sweep, 3) the cashing out horizon and terminal valuation, and 4) the target IRR method of valuation. View Details
Keywords: Valuation; Leveraged Buyouts; Capital Budgeting; Borrowing and Debt; Cash Flow; Equity; Profit; Price; Forecasting and Prediction
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  • 23 Oct 2018
  • First Look

New Research and Ideas, October 23, 2018

boards (SBs) on managers' behavior and on long-run firm value using a natural experiment: a 1990 law that imposed a SB on all firms incorporated in Massachusetts. We find that the law led to an increase in Tobin's Q, increased investment in capital expenditure and... View Details
Keywords: Dina Gerdeman
  • 13 May 2008
  • First Look

First Look: May 13, 2008

levels of thinking. Purchase this book: http://harvardbusinessonline.hbsp.harvard.edu/ b01/en/common/item_detail.jhtml?id=2115&referral=2342 Do Buy-Side Analysts Earnings Forecasts Out-Perform Those of... View Details
Keywords: Martha Lagace
  • 17 Sep 2013
  • First Look

First Look: September 17

basis points per month. Further, firms that cast their calls have higher accruals leading up to call, barely exceed/meet earnings forecasts on the call that they cast, and in the quarter directly following... View Details
Keywords: Sean Silverthorne
  • 19 May 2008
  • Research & Ideas

Connecting School Ties and Stock Recommendations

placed on information acquisition and synthesis. Certain agents play key roles in revealing information into equity markets. A large part of an equity analyst's job is to research, produce, and then disclose reports forecasting aspects of... View Details
Keywords: by Martha Lagace; Financial Services
  • 13 Apr 2010
  • First Look

First Look: April 13

Interest Rates Author:Luis M. Viceira Publication:International Journal of Forecasting (forthcoming) Abstract This paper explores time variation in bond risk, as measured by the covariation of bond returns with stock returns and with... View Details
Keywords: Martha Lagace
  • 16 Jun 2015
  • First Look

First Look: June 16, 2015

that our proxy is associated with earnings and real activities management. Overall, the results show that the time horizon of conference call narratives can be informative regarding managers' myopic behavior. Publisher's link:... View Details
Keywords: Sean Silverthorne
  • 19 Aug 2008
  • First Look

First Look: August 19, 2008

Consequences to Missing Quarterly Earnings Benchmarks Authors:Rick Mergenthaler, Shiva Rajgopal, Suraj Srinivasan Abstract We find that missing quarterly earnings benchmarks, especially the analyst consensus... View Details
Keywords: Sean Silverthorne
  • July 2002
  • Case

Introducing ... The XFL!

By: Susan M. Fournier, Stephen A. Greyser and Seth Schulman
When the XFL professional football league debuted on February 3, 2001, it generated a Nielsen rating of 10.1, higher than any nationally televised program in a Saturday evening time slot. The next week, ratings plummeted, and by week nine the XFL game earned the title... View Details
Keywords: Advertising; Forecasting and Prediction; Product Positioning; Consumer Behavior; Product Development; Culture; Commercialization
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  • 2017
  • Working Paper

Learning by Doing: The Value of Experience and the Origins of Skill for Mutual Fund Managers

By: Elisabeth Kempf, Alberto Manconi and Oliver Spalt
Learning by doing matters for professional investors. We develop a new methodology to show that mutual fund managers outperform in industries where they have obtained experience on the job. The key to our identification strategy is that we look "inside" funds and... View Details
Keywords: Fund Managers; Experience and Expertise; Performance; Forecasting and Prediction
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  • 12 Feb 2008
  • First Look

First Look: February 12, 2007

but all share a belief in the importance of understanding change over time. Publisher's site: http://www.oup.com/us/catalog/general/subject/Business/History/ The Effect of Macro Information Environment Change on the Quality of Management View Details
Keywords: Martha Lagace
  • March 2013
  • Article

Misvaluing Innovation

By: Lauren Cohen, Karl Diether and Christopher Malloy
We demonstrate that a firm's ability to innovate is predictable, persistent, and relatively simple to compute, and yet the stock market ignores the implications of past successes when valuing future innovation. We show that two firms that invest the exact same in... View Details
Keywords: Innovation; Return Predictability; R＆D; Information; Forecasting and Prediction; Research and Development; Innovation and Invention
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  • April 2012
  • Article

The Predictive Value of Accruals and Consequences for Market Anomalies

By: Francois Brochet, Seunghan Nam and Joshua Ronen
We revisit the role of the cash and accrual components of accounting earnings in predicting future cash flows using out-of-sample predictions and market value of equity as a proxy for all future cash flows. We find that, on average, accruals improve upon current cash... View Details
Keywords: Forecasting and Prediction; Investment Return; Value; Equity; Markets; Cash Flow; Information Management; Accrual Accounting; Earnings Management; Corporate Governance; Stocks
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  • February 2022 (Revised January 2024)
  • Supplement

Winning Business at Russell Reynolds (C)

By: Ethan Bernstein and Cara Mazzucco
In an effort to make compensation drive collaboration, Russell Reynolds Associates’ (RRA) CEO Clarke Murphy sought to re-engineer the bonus system for his executive search consultants in 2016. As his HR analytics guru, Kelly Smith, points out, that risks upsetting—and... View Details
Keywords: Restructuring; Talent and Talent Management; Compensation and Benefits; Growth and Development Strategy; Organizational Change and Adaptation; Organizational Culture; Performance Evaluation; Motivation and Incentives; Consulting Industry
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  • 19 May 2015
  • First Look

First Look: May 19

pessimistic forecasts for banks that could be their future employers. This pattern is not observed when the same analysts forecast earnings of companies that are not likely to... View Details
Keywords: Sean Silverthorne
  • June 2012
  • Article

Decoding Inside Information

By: Lauren Cohen, Christopher Malloy and Lukasz Pomorski
Using a simple empirical strategy, we decode the information in insider trading. Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable "routine" insider trading that is not informative for the future of firms.... View Details
Keywords: Strategy; Financial Markets; Forecasting and Prediction; Law Enforcement; Opportunities; Geographic Location; Business Earnings
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  • 12 Aug 2014
  • First Look

First Look: August 12

in entrepreneurship despite earning low risk-adjusted returns. This has lead to attempts to provide explanations-using both standard economic theory and behavioral economics-for why certain individuals may be attracted to such an... View Details
Keywords: Sean Silverthorne
  • 01 Jul 2014
  • First Look

First Look: July 1

Fútbol By: Elberse, Anita Abstract—Markets for soccer players are winner-take-all markets in which a select few top players earn extremely high rewards. The search for effective talent strategies in these conditions has led clubs to... View Details
Keywords: Carmen Nobel

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