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  • January–February 2021
  • Article

Cross‐firm Return Predictability and Accounting Quality

By: Wen Chen, Mozaffar Khan, Leonid Kogan and George Serafeim
We test the hypothesis that if poor accounting quality (AQ) is associated with poor investor understanding of firms’ revenue and cost structures, then poor AQ stocks likely respond more slowly than good AQ stocks to new non‐idiosyncratic information that affects both... View Details
Keywords: Accounting Quality; Earnings Quality; Stock Returns; Investment Strategy; Accounting; Business Earnings; Quality; Investment Return; Investment; Strategy
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  • Third Quarter 2018
  • Article

Why and How Investors Use ESG Information: Evidence from a Global Survey

By: Amir Amel-Zadeh and George Serafeim
Using survey data from a sample of senior investment professionals from mainstream (i.e., not SRI funds) investment organizations, we provide insights into why and how investors use reported environmental, social, and governance (ESG) information. Relevance to... View Details
Keywords: ESG; ESG (Environmental, Social, Governance) Performance; Sustainability; Investment Management; Investment Strategy; Metrics; Standard Setting; Accounting Standards; Finance; Investment; Information; Environmental Sustainability; Governance; Performance Effectiveness; Strategy
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  • 18 Jun 2013
  • First Look

First Look: June 18

Hall, Matthew, Anette Mikes, and Yuval Millo Abstract—This paper, based on a five-year longitudinal study at two UK-based banks, documents and analyzes the practices used by... View Details
Keywords: Anna Secino
  • September 2023
  • Article

Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement

By: George Serafeim and Aaron Yoon
We investigate whether ESG ratings predict future ESG news and the associated market reactions. We find that the consensus rating predicts future news, but its predictive ability diminishes for firms with large disagreement between raters. Relation between news and... View Details
Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Ratings; ESG Reporting; ESG Disclosure Metrics; Sustainability; Investments; Disagreement; Rating Disagreement; Ratings; Environmental Sustainability; Social Issues; Corporate Social Responsibility and Impact; Performance; News; Investment; Financial Markets; Stocks; Price
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  • 15 Apr 2014
  • First Look

First Look: April 15

Institutional Logics By: Ioannou, Ioannis, and George Serafeim Abstract—We explore the impact of corporate social responsibility (CSR) ratings on sell-side analysts'... View Details
Keywords: Sean Silverthorne
  • 2012
  • Article

Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs

By: Mozaffar N. Khan, Leonid Kogan and George Serafeim
In tests of the equity market timing theory of external finance, the prior literature has used overvaluation identifiers such as high market-to-book and high prior returns that are likely correlated with other determinants of SEOs. We use price pressure resulting from... View Details
Keywords: Equity; Market Transactions; Valuation; Capital Structure; Market Timing; Mathematical Methods; Acquisition
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  • 12 Apr 2011
  • First Look

First Look: April 12

monitoring efforts as well as the syndication process. Working Papers The Consequences of Mandatory Corporate Sustainability Reporting Authors: Ioannis Ioannou and George View Details
Keywords: Sean Silverthorne
  • 06 Mar 2018
  • First Look

First Look at Research and Ideas, March 6, 2018

forthcoming Financial Analysts Journal Why and How Investors Use ESG Information: Evidence from a Global Survey By: Amel-Zadeh, Amir, and George View Details
Keywords: Sean Silverthorne
  • Summer 2013
  • Article

A Tale of Two Stories: Sustainability and the Quarterly Earnings Call

By: Robert G. Eccles and George Serafeim
One of the challenges companies claim to face in making sustainability a core part of their strategy and operations is that the market does not care about sustainability, either in general or because the time frames in which it matters are too long. The response of... View Details
Keywords: Sustainability; Communication; Integrated Corporate Reporting; Investment; Environmental Sustainability
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  • 28 Jun 2011
  • First Look

First Look: June 28

Authors:Ioannis Ioannou and George Serafeim Publication:Business Strategy Review (May 2011) Abstract We are exploring the value of forcing corporations to issue sustainability... View Details
Keywords: Sean Silverthorne
  • 16 May 2017
  • First Look

First Look at New Ideas and Research, May 16

rapidly in importance. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=52634 The Consequences of Mandatory Corporate Sustainability Reporting By: Ioannou, Ioannis, and George View Details
Keywords: Re: Multiple Faculty
  • 30 Jun 2021
  • In Practice

The Harvard Business School Faculty Summer Reader 2021

new books to come from Patrick Rothfuss and George R. R. Martin." This summer I want to complete the Murderbot Diaries by Martha Wells—a super fun series about a killer robot... View Details
Keywords: by Kathryn Haviland
  • 24 Sep 2013
  • First Look

First Look: September 24

Earnings Call By: Eccles, Robert G., and George Serafeim Abstract—One of the challenges companies claim to face in making sustainability a core part of their strategy View Details
Keywords: Sean Silverthorne
  • 02 Oct 2012
  • First Look

First Look: October 2

Publications Corporate Social Responsibility and Access to Finance Authors: Beiting Cheng, Ioannis Ioannou, and George Serafeim Publication:... View Details
Keywords: Sean Silverthorne
  • 23 May 2017
  • First Look

First Look at New Ideas and Research: May 23, 2017

George Serafeim Abstract—We examine if, and under what conditions, disclosure of sustainability information identified as investor relevant by... View Details
Keywords: Carmen Nobel
  • Article

Market Reaction to and Valuation of IFRS Reconciliation Adjustments: First Evidence from the UK

By: Joanne Horton and George Serafeim
We investigate the market reaction to, and the value-relevance of, information contained in the mandatory transitional documents required by International Financial Reporting Standards (IFRS) 1 (2005). We find significant negative abnormal returns for firms reporting... View Details
Keywords: Valuation; Markets; Information; International Finance; Earnings Management; Stock Shares; Taxation; Goodwill Accounting; Price; Financial Reporting; Standards; Corporate Disclosure; United Kingdom
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  • October 2017 (Revised October 2022)
  • Case

JetBlue: Relevant Sustainability Leadership

By: George Serafeim
In 2017, JetBlue, the airline founded on the mission to “bring humanity back to air travel,” was considering becoming one of the first companies to report its sustainability performance according to the Sustainability Accounting Standards Board (SASB) standards. SASB... View Details
Keywords: Sustainability; Metrics; Leadership And Change Management; Airlines; Innovation; Purpose; ESG; ESG (Environmental, Social, Governance) Performance; Sustainability Reporting; Change Management; Leadership; Financial Reporting; Environmental Sustainability; Mission and Purpose; Reports; Competitive Strategy; Measurement and Metrics; Corporate Social Responsibility and Impact; Air Transportation Industry; United States
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  • May 2011
  • Article

Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting

By: George Serafeim
I analyze Embedded Value (EV) reporting by firms with life insurance operations to assess the impact of unregulated financial reporting on transparency and to examine the institutional characteristics that promote unregulated reporting. Under EV accounting the present... View Details
Keywords: Financial Statements; Mergers and Acquisitions; Financial Reporting; Cash Flow; Contracts; Equity; Profit; Value; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Business and Shareholder Relations; Business Earnings
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  • September 2016
  • Article

The Effect of Target Difficulty on Target Completion: The Case of Reducing Carbon Emissions

By: Ioannis Ioannou, Shelley Xin Li and George Serafeim
Targets are an integral component of management control systems and play a significant role in achieving desirable performance outcomes. We focus on a key environmental performance objective—reduction of carbon emissions—as a setting in which to examine how target... View Details
Keywords: Sustainability; Target-setting; Management Accounting; Management Accounting And Control Systems; Control Systems; Sustainable Development; Environment; Goals and Objectives; Climate Change; Management Systems; Accounting; Environmental Sustainability
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  • 23 Aug 2011
  • First Look

First Look: August 23

relevant for industries characterized by product proliferation and horizontal differentiation. Read the paper: http://www.people.hbs.edu/banand/matchmaker2011published.pdf Accelerating the Adoption of... View Details
Keywords: Sean Silverthorne

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