Publications

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Peter Tufano is a Baker Foundation Professor at Harvard Business School and Senior Advisor to the Harvard Salata Institute for Climate and Sustainability. From 2011 to 2021, he served as the Peter Moores Dean at View Details

May 2014
Article

Incorporating Field Data into Archival Research

By: Eugene F. Soltes

I explore the use of field data in conjunction with archival evidence by examining Iliev, Miller, and Roth's (2014) analysis of an amendment to the Securities Exchange Act of 1934. This regulatory amendment allowed depositary banks to cross-list firms without the... View Details

Keywords: Analytics and Data Science; Research; Financial Reporting

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January 2011 (Revised July 2011)
Case

Accounting for Catastrophes: BP PLC and Union Carbide Corporation (A)

By: David F. Hawkins

The IASB and FASB propose new contingency loss recognition, measurement, and disclosure rules (A case). The B and C cases apply these proposals to British Petroleum's Mexican Gulf oil spill and Union Carbide's Bhophal gas discharge. View Details

Keywords: Financial Reporting; International Accounting; Trade; International Finance; Standards; Strength and Weakness; Natural Disasters; Crisis Management; Governance Controls; Governing Rules, Regulations, and Reforms; Energy Industry; India

May 2008 (Revised July 2009)
Case

Sovereign Wealth Funds: For Profits or Politics?

By: Laura Alfaro and Renee Kim

On March 21, 2008, the U.S. government secured an agreement from two leading sovereign wealth funds (SWFs) to adopt a new set of investment principles to govern the Funds' activities. SWFs, broadly defined as an investment fund owned by a national or a government, were... View Details

Keywords: Foreign Direct Investment; Investment Funds; Sovereign Finance; Corporate Disclosure; Governing Rules, Regulations, and Reforms; International Relations; State Ownership; United States

Deborah Winshel is a member of the Faculty of the Harvard Business School where she teaches Leadership and Corporate Accountability to first year MBAs and executives.

Most recently, Deborah was a Managing Director and Global Head of Social Impact at... View Details

February 2022 (Revised November 2022)
Case

Fondeadora

By: Álvaro Rodríguez Arregui and Mitchell Weiss

Norman Müller and René Serrano, cofounders of Fondeadora, a Mexican “neobank,” had lined up a $12.5 million in Series A funding round in 2020 only to run into a major obstacle: The lead investor was Gradient Ventures, a venture firm launched by Alphabet, Inc., and... View Details

Keywords: Fundraising; Entrepreneurship; Venture Capital; Financial Institutions; Business Startups; Government Legislation; Governing Rules, Regulations, and Reforms; Financial Strategy; Financial Services Industry; Mexico City; Latin America

06 Mar 2012
First Look

First Look: March 6

learning, can reorient research about the link between identity-group-based diversity and performance. How to Make Finance Work Authors:Robin Greenwood and David S. Scharfstein Publication:Harvard Business Review 90, no. 3 (March 2012) Abstract Once a sleepy old boys'... View Details

Keywords: Sean Silverthorne

March 2025
Case

The Changing Climate on Wall Street

By: Clayton S. Rose, Maxim Pike Harrell and Michael Norris

Increasing and conflicting regulatory requirements and political pressures regarding climate change tested the leaders of U.S. financial institutions, as they struggled to determine how best to comply while managing their business and its risks. In October 2024,... View Details

2008
Working Paper

Consequences of Voluntary and Mandatory Fair Value Accounting: Evidence Surrounding IFRS Adoption in the EU Real Estate Industry

By: Karl A Muller III, Edward J. Riedl and Thorsten Sellhorn

We examine the causes and consequences of European real estate firms' decisions to provide investment property fair values prior to the required disclosure of this information under International Financial Reporting Standards (IFRS). We find evidence that investor... View Details

Keywords: Fair Value Accounting; Financial Reporting; International Accounting; Corporate Disclosure; Standards; Real Estate Industry; European Union

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27 Mar 2018
First Look

First Look at New Research, March 27, 2018

analysis of tort laws. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=54284 forthcoming Management Science Market Reaction to Mandatory Nonfinancial Disclosure By: Grewal, Jody, Edward J. Riedl, and George Serafeim... View Details

Keywords: Sean Silverthorne

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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October 2022
Case

Sustainable Finance at Itau BBA

By: George Serafeim, Maria Loumioti and Benjamin Maletta

As of August 2022, the Itau BBA had structured dozens of sustainability linked bonds, which made future interest payments a function of the borrower meeting a target for a sustainability metric, and had solidified its reputation as a pioneer of sustainable finance in... View Details

Keywords: Sustainable Finance; Corporate Social Responsibility; Environmental Sustainability; Growth Strategy; Debt Contracting; Performance Metrics; Risk Assessment; ESG (Environmental, Social, Governance) Performance; Financial Instruments; Risk Management; Debt Securities; Measurement and Metrics; Banking Industry; Pulp and Paper Industry; Latin America

19 Apr 2022
Cold Call Podcast

What Role Do Individual Leaders Play in Corporate Governance?

Keywords: Re: Aiyesha Dey

Research Summary

Overview

By: Ethan C. Rouen

Relying on empirical archival methodologies—as well as techniques in data science—to develop and structure new sources of data by which to approach questions of looming disclosure changes, Professor Rouen has focused on one of the Securities and Exchange Commission’s... View Details

October 2022
Background Note

Note on Cyberattacks and Regulatory Regimes

By: Frank Nagle, George A. Riedel, William R. Kerr and David Lane

Describes common types of cyberattacks on enterprises and their costs, as well as the fragmentary regulatory regimes through which U.S. states and regulatory agencies at the start of 2021 attempted to encourage disclosure of cyberattacks and to pursue enforcement... View Details

Keywords: Regulations; Regulatory Agencies; Cyberattacks; Governance; Corporate Disclosure; Cybersecurity; Financial Services Industry; Financial Services Industry; Financial Services Industry; Financial Services Industry; United States

June 29, 2022
Other Article

Strategic Complexity? Using Experiments to Understand and Overcome Obfuscation

By: Michael Luca, Ginger Zhe Jin and Daniel Martin

Credit card companies must decide what product features to disclose to consumers, such as payment schedules, penalties, and fees--and also whether to present them clearly or bury them in the fine print. Firms face similar choices in settings ranging from privacy... View Details

Keywords: Obfuscation; Credit Cards; Strategic Incentives; Complexity; Agreements and Arrangements; Customers; Consumer Behavior; Financial Services Industry

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October 2001 (Revised November 2005)
Case

eBay, Inc.: Stock Option Plans (A)

The footnote disclosure for eBay, Inc. in 2000 indicates that if the company had accounted for employee stock options under the fair value method, its reported profit of $48 million would have been a loss of $91 million. The protagonist is a prospective member of the... View Details

Keywords: Corporate Disclosure; Stock Options; Financial Reporting

2003
Article

Confirming Management Earnings Forecasts, Earnings Uncertainty, and Stock Returns

By: Michael B. Clement, Richard Frankel and Jeffrey Miller

In this study we examine the association among confirming management forecasts, stock prices, and analyst expectations. Confirming management forecasts are voluntary disclosures by management that corroborate existing market expectations about future earnings. This... View Details

Keywords: Forecasting and Prediction; Corporate Disclosure; Price; Stocks; Investment Return

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November 2004 (Revised February 2009)
Case

Salomon Brothers (A)

By: Lynn S. Paine

Describes Salomon Brothers' recovery from the August 1991 Treasury auction scandal. Details the impact of the firm's disclosure of bidding improprieties and describes how the new management team, led by Warren Buffett and Deryck Maughan, guided the company through the... View Details

Keywords: Crime and Corruption; Ethics; Leadership; Crisis Management; Reputation; Financial Services Industry