Publications

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October 2003 (Revised February 2004)
Case

Dividend Policy at Linear Technology

By: Malcolm P. Baker and Alison Berkley Wagonfeld

In 1992, Linear Technology, a designer and manufacturer of analog semiconductors, initiated a dividend. The firm increased its dividend by approximately $0.01 per share each year thereafter. In fiscal year 2002, Linear experienced its first significant drop in sales... View Details

Keywords: Financial Strategy; Investment Return; Financial Condition; Taxation; Initial Public Offering; Financial Management; Semiconductor Industry

03 May 2017
HBS Seminar

Seth Stephens-Davidowitz, The New York Times and Wharton, University of Pennsylvania

Web

Placement - Doctoral

studies, are uniquely individualized. Factors like departmental fit, location preferences, dual career choices, and family needs shape these decisions. We celebrate when students secure a position that brings them joy! Students are supported throughout their job search... View Details

May 1986 (Revised November 1990)
Case

Airbus vs. Boeing (A): Turbulent Skies

Presents the economic and political dimensions of competition in the commercial aircraft industry, as demonstrated by Airbus of Europe and Boeing of the United States. View Details

Keywords: Economics; Government and Politics; Competition; Aerospace Industry; Europe; United States

Web

Behavioral Finance & Financial Stability

Info Do Fire Sales Create Externalities? By: Sergey Chernenko & Adi Sunderam DEC 2018 How do cash policies affect stock returns? A mutual fund that uses its cash reserves to accommodate outflows will lower the volatility of its underlying holdings View Details

October 2003 (Revised April 2005)
Case

Innovation Corrupted: The Rise and Fall of Enron

Presents an historical overview of Enron's rise and fall and summarizes what is currently known about (1) the evolution of Enron's business model, (2) the organizational processes Enron officials relied on to drive and monitor the business, (3) emergent behavior... View Details

Keywords: Business Model; Behavior; Governing and Advisory Boards; Success; Transformation; Failure; Business Processes; Energy Industry; United States

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December 2004 (Revised October 2005)
Case

Innovation Corrupted: The Rise and Fall of Enron (A)

Presents a brief historical overview of Enron's rise, its strategic successes and failures, the evolution of its business model, and the organizational processes relied upon by Enron's management to drive and monitor the business. A rewritten version of an earlier... View Details

Keywords: Adaptation; Success; Business Model; Business History; Growth Management; Governance Controls; Innovation and Management; Failure; Business Processes; Energy Industry; United States

December 2004 (Revised October 2005)
Case

Innovation Corrupted: The Rise and Fall of Enron (B)

Presents a brief historical overview of Enron's rise, its strategic successes and failures, the evolution of its business model, and the organizational processes relied upon by Enron's management to drive and monitor the business. A rewritten version of an earlier... View Details

Keywords: Transition; Risk Management; Management Practices and Processes; Success; Business Model; Strategy; Business History; Governance Controls; Innovation and Management; Failure; Business Processes; Energy Industry; United States

July 1999
Case

Restructuring General Motors North America (A): Pay-for-Performance

Presents the new pay-for-performance scheme adopted by General Motors (GM) in its 1999 reorganization of its sales and marketing organization. Once in operation, many administrative problems developed requiring a reconsideration of the scheme's basic architecture. View Details

Keywords: Restructuring; Compensation and Benefits; Marketing; Organizational Change and Adaptation; Problems and Challenges; Sales; Auto Industry; North America

Article

Investor Sentiment in the Stock Market

By: Malcolm Baker and Jeffrey Wurgler

We examine how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. We test this prediction by... View Details

Keywords: Financial Markets; Stocks; Investment Return; Valuation; Forecasting and Prediction; Volatility; Price; Risk and Uncertainty; Behavioral Finance

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01 Feb 1999
News

Too Much of a Good Thing?

under threatened employees," Salter argues. "That can be achieved by syndicating the risks of transnational layoffs through basic national health insurance, earned income tax credits, portable pensions, and... View Details

Keywords: Garry Emmons

December 1980 (Revised December 1984)
Case

Hudepohl Brewing Co.

Presents the problem of how an established regional brewer can survive the onslaught of national breweries, some of which are being cross-subsidized by diversified parent companies. Requires detailed analysis of what operations are profitable and unprofitable for... View Details

Keywords: Business Subsidiaries; Profit; Management Analysis, Tools, and Techniques; Industry Growth; Private Ownership; Problems and Challenges; Competition; Diversification

2010
Working Paper

Lawful but Corrupt: Gaming and the Problem of Institutional Corruption in the Private Sector

This paper describes how the gaming of society's rules by corporations contributes to the problem of institutional corruption in the world of business. "Gaming" in its various forms involves the use of technically legal means to subvert the intent of society's rules in... View Details

Keywords: Crime and Corruption; Civil Society or Community; Competitive Advantage; Earnings Management; Trust; Law; Performance; Investment Funds; Private Sector; Behavior; Relationships; Goals and Objectives

Research Summary

Renovating Democratic Capitalism

This in-process work focuses on how best to address the declining public trust and confidence in democratic capitalism, which many citizens consider to be a cornerstone of our national ideology and identity? While the answer to this question is not entirely clear, I... View Details

21 Aug 2008
News

Skilling's Appeal and Enron's Legacy

November 1999 (Revised June 2002)
Case

Debate Over Unbundling General Motors: The Delphi Divestiture and Other Possible Transactions, The

Ever since General Motors (GM) announced in February 1997 its intention to divest Delphi Automotive Systems--its upstream parts manufacturing operations--Wall Street had called for further unbundling, and various stakeholders competed for their claim of value... View Details

Keywords: Valuation; Supply Chain; Vertical Integration; Corporate Strategy; Corporate Governance; Auto Industry; United States

May 1988 (Revised November 1990)
Case

Airbus vs. Boeing (B): The Storm Intensifies

Discusses the growing competition faced by U.S. producers of civil aircraft due to the success and expanding product line of Airbus Industries. Designed to foster discussion of international trade policy as it affects producers in the industry and to encourage firm... View Details

Keywords: Trade; Policy; Negotiation; Competition; Competitive Strategy; Aerospace Industry; United States

2024
Working Paper

The Fading Light of Democratic Capitalism: How Pervasive Cronyism and Restricted Suffrage Are Destroying Democratic Capitalism as a National Ideal…and What to Do about It

What are we to do about declining public trust and confidence in democratic capitalism, which many citizens consider a cornerstone of our national ideology and identity? While the answer is not entirely clear, I argue in this essay that any effort aimed at restoring... View Details

Keywords: Government Administration; Economic Systems; Trust; United States