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1980
Working Paper

Taxation and the Ex-dividend Day Behavior of Common Stock Prices

By: Jerry R. Green

The behavior of stock prices around ex-dividend days has been suggested as evidence for tax-induced clientele effects and as a means to estimate the average effective tax rate faced by investors. In this paper these possibilities are examined theoretically and... View Details

Keywords: Taxation; Stocks; Price

2020
Working Paper

How Should U.S. Bank Regulators Respond to the COVID-19 Crisis?

By: Michael Blank, Samuel G. Hanson, Jeremy C. Stein and Adi Sunderam

Drawing on lessons from the 2007–2009 Global Financial Crisis (GFC) and a simple conceptual framework, we examine the response of U.S. bank regulators to the COVID-19 pandemic. We argue that the current regulatory strategy of “watchful waiting”—the same strategy that... View Details

Keywords: COVID-19; Bank Regulation; Recapitalization; Health Pandemics; Banks and Banking; Governing Rules, Regulations, and Reforms; Strategy; Risk Management; United States

2005
Working Paper

Pseudo Market Timing and Predictive Regressions

By: Malcolm Baker, Ryan Taliaferro and Jeffrey Wurgler

A number of studies claim that aggregate managerial decision variables, such as aggregate equity issuance, have power to predict stock or bond market returns. Recent research argues that these results may be driven by an aggregate time-series version of Schultz's... View Details

Keywords: Managerial Roles; Equity; Market Timing; Financial Instruments; Investment Return; Mathematical Methods

Research Summary

Explaining Returns With Cash-Flow Proxies (with Tuomo Vuolteenaho)

Stock returns are correlated with contemporaneous earnings growth, dividend growth, future real activity, and other cash-flow proxies. The correlation between cash-flow proxies and stock returns may arise from association of cash-flow proxies with one-period expected... View Details

25 Sep 2017 - 27 Sep 2017
Lecture

Three-Day Series on Innovation and Entrepreneurship in Africa

By: Euvin Naidoo

Africa and the 4th Industrial Revolution: Innovation, leapfrogging and the promise and challenges of the Demographic Dividend Optional pre-seminar viewing: 2017 MasterClass on Digital Innovation and the Fourth Industrial Revolution Monday, September 25, ... View Details

Keywords: Entrepreneurship; Innovation and Invention; Africa

April 2021
Case

Glass-Shattering Leaders: Ana Paula Pessoa

By: Boris Groysberg and Colleen Ammerman

Ana Paula Pessoa built a career at the largest media conglomerate in Latin America, combining a passion for digital transformation with a commitment to doing work that had a positive impact on society. Having grown up during a dictatorial military regime in Brazil, the... View Details

Keywords: Glass Ceiling; Leadership; Gender; Power and Influence

2016
Working Paper

Financing Payouts

By: Joan Farre-Mensa, Roni Michaely and Martin Schmalz

We study the extent to which firms rely on the capital markets to fund their payouts. We find that 42% of firms that pay out capital also initiate debt or equity issues in the same year, resulting in 32% of aggregate payouts being externally financed. Most firms with... View Details

Keywords: Payout Policy; Financing Decisions; Debt Issues; Equity Issues; Capital Structure; Decision Making; Financing and Loans; Corporate Finance

March 2016
Article

Trade Credit and Taxes

By: Mihir Desai, C. Fritz Foley and James R. Hines Jr.

This paper analyzes the extent to which firms use trade credit to reallocate capital in response to tax incentives. Tax-induced differences in pretax returns encourage the use of trade credit to reallocate capital from firms facing low tax rates to those facing high... View Details

Keywords: Taxation; Trade; Credit; Capital

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October 2024
Case

Edizione

By: Cynthia A. Montgomery, Dante Roscini, Elena Corsi and Hugo Etchegoyhen

This case study examines the diversification and transformation of Edizione, the Benetton family's holding company originally established to reinvest dividends from the Benetton clothing brand. Edizione expanded significantly in the late 1990s and early 2000s,... View Details

2012
Chapter

Integrated Reporting Requires Integrated Assurance

By: Robert G. Eccles, Michael P. Krzus and Liv A. Watson

In the wake of the recent financial crisis, increasing the effectiveness of auditing has weighed heavily on the minds of those responsible for governance. When a business is profitable and paying healthy dividends to its stockholders, fraudulent activities and... View Details

Keywords: Risk Management; Crime and Corruption; Integrated Corporate Reporting; Governance Compliance; Organizational Culture; Management Systems; Laws and Statutes; Information Management; Accounting Audits; Financial Crisis

June 2008
Article

'Thar' She Blows: Can Bubbles Be Rekindled with Experienced Subjects?

By: Reshmaan Hussam, David Porter and Vernon Smith

We report 28 new experiment sessions consisting of up to three experience levels to examine the robustness of learning and “error” elimination among participants in a laboratory asset market and its effect on price bubbles. Our answer to the title question is: “yes.”... View Details

Keywords: Experimental Economics; Asset Markets; Bubbles; Price Bubble; Financial Markets

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May 2020
Teaching Note

Kraft Heinz: The $8 Billion Brand Write-Down

Teaching Note for HBS Case No. 519-076. On Friday, February 22, 2019, following an unexpected and disappointing earnings report, The Kraft Heinz Company’s stock price fell 27%, wiping out $16 billion in market value. CEO Bernardo Hees had announced that the company had... View Details

Keywords: Marketing; Marketing Strategy; Brands and Branding; Consumer Products Industry; Food and Beverage Industry; United States

December 2019 (Revised June 2024)
Case

The Dutch East India Company in 1612 (A)

By: Lynn S. Paine and Giuseppe Dari-Mattiacci

The Dutch East India Company’s board of directors must decide what to do about an impending legal requirement to liquidate the company’s assets and return to shareholders their capital and any profits earned during a ten-year lock-up period. The charter granted to the... View Details

Keywords: Corporate Governance; Globalized Firms and Management; Organizational Structure; Laws and Statutes; Financial Markets; Business and Shareholder Relations; Business and Government Relations; Business History; Shipping Industry; Netherlands

20 Feb 2008
First Look

First Look: February 20, 2008

Working PapersFinding Missing Markets (and a disturbing epilogue): Evidence from an Export Crop Adoption and Marketing Intervention in Kenya Authors:Nava Ashraf, Xavier Gine, and Dean Karlan Abstract In much of the developing world, many farmers grow crops for local... View Details

Keywords: Martha Lagace

2022
Working Paper

Retail Investors’ Contrarian Behavior Around News, Attention, and the Momentum Effect

By: Cheng (Patrick) Luo, Enrichetta Ravina, Marco Sammon and Luis M. Viceira

Using a large panel of U.S. brokerage accounts trades and positions, we show that a large fraction of retail investors trade as contrarians after large earnings surprises, especially for loser stocks, and that such contrarian trading contributes to post earnings... View Details

Keywords: Retail Investors; Post Earnings Announcement Drift; Price Momentum; Behavioral Finance; Investment; Demographics

December 2007
Article

Learning to Live with Governments: Unilever in India and Turkey, 1950-1980

A noteworthy characteristic of the contemporary global economy is the uneven distribution of world foreign direct investment (FDI). In 2007 three-quarters of world FDI was located in developed countries. The residual was concentrated in a small number of emerging... View Details

Keywords: Developing Countries and Economies; Ethics; Foreign Direct Investment; Governing Rules, Regulations, and Reforms; Business and Community Relations; Business and Government Relations; Consumer Products Industry; India; Turkey

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14 Oct 2014
First Look

First Look: October 14

Publications October 2014 Journal of International Economics The Global Agglomeration of Multinational Firms By: Alfaro, Laura, and Maggie Xiaoyang Chen Abstract—The explosion of multinational activities in recent decades is rapidly transforming the global landscape... View Details

Keywords: Sean Silverthorne

06 Mar 2018
First Look

First Look at Research and Ideas, March 6, 2018

their businesses to shareholders through stock buybacks and dividends rather than invest for the long term, undermining job growth and putting the country’s economic future at risk, often pointing to the high ratio of shareholder payouts... View Details

Keywords: Sean Silverthorne

December 2009 (Revised March 2013)
Case

Woolf Farming and Processing

By: David E. Bell, Laura Winig and Mary Louise Shelman

Woolf Farming Company, a privately owned family farming business in California's Central Valley, found its business threatened by a lack of water, brought on by a combination of drought, poor quality well water and unavailability of surface water due to federally... View Details

Keywords: Family Business; Resource Allocation; Quality; Business and Government Relations; Decision Choices and Conditions; Infrastructure; Investment; Growth and Development Strategy; Climate Change; Agriculture and Agribusiness Industry; California

January 2022 (Revised February 2022)
Case

Introducing EVA at ISS: A Better Way to Evaluate CEO Performance and Compensation?

By: Jonas Heese, Charles C.Y. Wang and James Weber

In early 2019, Anthony Campagna, the global director of fundamental research at ISS EVA, a unit of the proxy advisory firm Institutional Shareholder Services (ISS), was preparing to release ISS's analyses of public company performance and CEO compensation ahead of Say... View Details

Keywords: Jobs and Positions; Compensation and Benefits; Performance; Performance Productivity; Measurement and Metrics; Analytics and Data Science; Value; Business or Company Management; Performance Evaluation; Business and Shareholder Relations

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