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March 2010
Article

Information Content of Insider Trades before and after the Sarbanes-Oxley Act

By: Francois Brochet

This paper examines the information content of Form 4 filings under the more timely disclosure regime introduced by Section 403 of the Sarbanes-Oxley Act of 2002 (SOX). Abnormal returns and trading volumes around filings of insider stock purchases are significantly... View Details

Keywords: Stocks; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Government Legislation; Lawsuits and Litigation; Market Transactions; Volume; Sales

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Working Paper Summaries

A Quantity-Driven Theory of Term Premia and Exchange Rates

Keywords: by Robin Greenwood, Samuel G. Hanson, Jeremy C. Stein, and Adi Sunderam

30 Jun 2008
Research & Ideas

Rethinking Retirement Planning

Many of us are sailing toward retirement with the hope that Social Security, personal savings, and money saved in an employer's 401(k) or 403(b) plan will add up to the magic sum required to enjoy our remaining years in reasonable style. But how to reach that goal can... View Details

Keywords: by Julia Hanna; Banking; Financial Services

November 1984
Background Note

Black-Scholes Option Pricing Program for the HP 12C Calculator

By: Andre F. Perold

Contains a program that can be used on the HP12C pocket calculator to compute the Black-Scholes option price and the associated hedge ratio. The program must be given the following parameters: the exercise price, the risk-free rate, the time to expiration, and the... View Details

Keywords: Stock Options; Investment Funds; Price; Management; Software

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1993
Book

Foreign Direct Investment

Keywords: Corporate Finance; Market Imperfections; Foreign Direct Investment; Financial Instruments; Markets; Asset Pricing

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2007
Other Unpublished Work

Round Numbers and Security Returns

By: Edward Johnson, Nicole Bastian Johnson and Devin M. Shanthikumar

We document consistent differences in daily stock returns related to round numbers. In particular, we examine returns following previous day closing prices that are just above or just below round number benchmarks. We find, for both one-digit, two-digit and three-digit... View Details

Keywords: Stocks; Investment Return; Price; Market Transactions

April 2002
Case

Sally Jameson: Valuing Stock Options in a Compensation Package (Abridged)

By: Peter Tufano

Details a thinly disguised situation facing a recent Harvard MBA graduate who was forced by a prospective employer to place a dollar value on a grant of stock options. There are two objectives: 1) Serves as an introduction to option valuation, in which students have an... View Details

Keywords: Valuation; Stock Options; Compensation and Benefits

08 Jan 2008
First Look

First Look: January 8, 2008

Abstract We use oil price fluctuations to construct a new instrument to test the impact of transfers from wealthy OPEC nations to their poorer Muslim allies. The instrument identifies plausibly exogenous... View Details

Keywords: Martha Lagace

01 Mar 2011
First Look

First Look: March 1

direct-selling cosmetics company involved in emerging markets exhibits significant foreign exchange risk exposure and profitability swings in the wake of the 2008 financial crisis. Students must review the company's use of derivative View Details

Keywords: Sean Silverthorne

21 Nov 2006
First Look

First Look: November 21, 2006

To establish causality, we instrument for downloads using data on international school holidays. Downloads have an effect on sales which is statistically indistinguishable from zero. Our estimates are inconsistent with claims that file... View Details

Keywords: Sean Silverthorne

April 2022
Supplement

PG&E and the First Climate Change Bankruptcy

By: Stuart C. Gilson

Keywords: Chapter 11; Utilities; Liabilities; Restructuring; Insolvency and Bankruptcy; Debt Securities; Legal Liability; Climate Change; Utilities Industry; United States

2000
Other Unpublished Work

Do Executive Stock Options Encourage Risk-Taking?

By: Randolph B. Cohen, Brian J. Hall and Luis M. Viceira

Executive stock options create incentives for executives to manage firms in ways that maximize firm market value. Since options increase in value with the volatility of the underlying stock, executive stock options provide managers with incentives to take actions that... View Details

Keywords: Risk and Uncertainty; Motivation and Incentives; Stock Options; Executive Compensation

October 1994
Case

Bankers Trust: Global Investment Bank

By: Andre F. Perold and Kuljot Singh

In October 1992, Eugene Shanks, president of Bankers Trust New York Corp., and Brian Walsh, head of the Global Investment Bank (GIB) business unit, are considering a proposal for a large and complex financing involving the North Sea Oil Co. (NSOC). The financing... View Details

Keywords: Risk and Uncertainty; Credit Derivatives and Swaps; Risk Management; Value Creation; Business History; Capital Markets; Financing and Loans; Financial Markets; Corporate Finance; Banking Industry; Energy Industry

August 2018 (Revised August 2019)
Technical Note

A Note on Compensation

By: Ethan Bernstein and Michael Norris

This note provides an overview of the important terms, concepts, and frameworks that a manager should know about compensation—whether it be their own or that of an employee. Because compensation in practice is fraught with pitfalls, this note presents an overview of... View Details

Keywords: Compensation Design; Benefits; Perks; Variable Compensation; Compensation and Benefits; Executive Compensation; Stock Options; Profit Sharing; Job Design and Levels; Labor Unions; Wages; United States

May 1997
Case

Donna Karan International Inc.

By: Krishna G. Palepu and Sarayu Srinivasan

Designer Donna Karan takes her firm public. After eager anticipation from Wall Street, the stock loses 60% of its value. This case addresses the questions: Is Karan's company ready to undertake responsibilities of being public? Is the company's strategy sustainable?... View Details

Keywords: Public Equity; Stock Shares; Financial Strategy; Corporate Accountability; Corporate Social Responsibility and Impact; Outcome or Result; Going Public; Business Strategy; Valuation; Fashion Industry

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June 2011 (Revised September 2011)
Case

Tough Choices for the Illinois Pension System

By: Robert C. Pozen and Brij S. Khurana

This case describes the precarious fiscal situation of the Illinois public pension system in the spring of 2009 and the accounting of pension plans by non-federal municipalities more generally. In February 2009, in the midst of a recession, recently-appointed Governor... View Details

Keywords: Budgets and Budgeting; Financial Crisis; Financial Liquidity; Annuities; Financial Management; Financing and Loans; Taxation; Strategic Planning; Problems and Challenges; Illinois

October 2003 (Revised January 2004)
Background Note

Online Securities Trading in Japan

By: Lynda M. Applegate, Jamie Ladge, Haruki Umezawa and Masako Egawa

Provides an overview of the Japanese securities industry and discusses how the online trading/brokerage industry grew as a result of deregulation of financial markets and penetration of the Internet in Japan. Describes major players in the online industry--Matsui... View Details

Keywords: Internet and the Web; Competitive Strategy; Emerging Markets; Financial Markets; Business Strategy; Financial Instruments; Globalized Markets and Industries; Internet and the Web; Japan

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March 2005
Article

Sovereign Debt As a Contingent Claim: A Quantitative Approach

By: Laura Alfaro and Fabio Kanczuk

We construct a dynamic equilibrium model with contingent service and adverse selection to quantitatively study sovereign debt. In the model, benefits of defaulting are tempered by higher future interest rates. For a wide set of parameters, the only equilibrium is one... View Details

Keywords: Sovereign Finance; Borrowing and Debt; Interest Rates; Balance and Stability; Risk and Uncertainty; Risk Management; Mathematical Methods; Management Style; Segmentation; Debt Securities; Banking Industry

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January 1994 (Revised June 1994)
Case

Dean Witter, Discover & Co.

By: Dwight B. Crane and W. James Whalen

Early in 1993, Sears was in the process of spinning off its Dean Witter, Discover subsidiary. This subsidiary consisted of a securities brokerage that was acquired in 1981 and also the Discover Card, a general purpose credit card, the firm introduced in 1985. The key... View Details

Keywords: Valuation; Business Subsidiaries; Initial Public Offering; Credit Cards; Corporate Strategy; Asset Pricing; Financial Services Industry

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June 1995
Case

Banc One Corporation (A)

As Banc One's use of derivatives had proliferated, investors and analysts had expressed increasing concern about the size of derivative portfolios, the potential sensitivity of their value to interest rate swings, and the lack of standardized reporting on their use.... View Details

Keywords: Credit Derivatives and Swaps; Investment Banking; Financial Reporting; Annual Reports; Banking Industry

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