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  • March 2008
  • Article

Market Reactions to Export Subsidies

By: M. A. Desai and James R. Hines Jr.
This paper analyzes the economic impact of export subsidies by investigating stock price reactions to a critical event in 1997. On November 18, 1997, the European Union announced its intention to file a complaint before the World Trade Organization (WTO), arguing that... View Details
Keywords: Economic Systems; Trade; Development Economics; Financial Markets; Profit; Taxation; Volume; Value Creation; Market Design; Business Subsidiaries; Utilities Industry; Financial Services Industry; Europe; North and Central America
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    Lauren H. Cohen

    Lauren Cohen is the L.E. Simmons Professor in the Finance & Entrepreneurial Management Units at Harvard Business School and a Research Associate at the National Bureau of Economic Research. He is an Editor of the Review of Financial... View Details

    Keywords: asset management; brokerage; financial services; federal government; investment banking industry; state government
    • November 1999 (Revised November 1999)
    • Case

    Goodyear: The Aquatred Launch (Condensed)

    Goodyear is planning to launch an innovative new tire in a price sensitive and highly competitive category. The case deals with channel conflicts and management issues arising in mature product categories. View Details
    Keywords: Conflict Management; Product Launch; Auto Industry; Rubber Industry
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    • 2023
    • Chapter

    Inflation and Misallocation in New Keynesian Models

    By: Alberto Cavallo, Francesco Lippi and Ken Miyahara
    The New Keynesian framework implies that sluggish price adjustment results in a distorted allocation of resources. We use a simple model to quantify these unobservable distortions, using data that depict the price-setting behavior of firms, specifically the frequency... View Details
    Keywords: Macroeconomics; Inflation and Deflation; Price; Analytics and Data Science; Cost
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    • October 1997 (Revised December 1997)
    • Case

    Arrow Electronics: The Schweber Acquisition

    The CEO of Arrow is about to negotiate the acquisition of a smaller competitor to achieve economies of scale. The case presents data to permit evaluation of prices to bid and negotiating strategy. View Details
    Keywords: Negotiation Tactics; Acquisition; Electronics Industry
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    • 15 Jul 2010
    • Working Paper Summaries

    Trade Policy and Firm Boundaries

    Keywords: by Laura Alfaro, Paola Conconi, Harald Fadinger & Andrew F. Newman
    • December 2005 (Revised February 2019)
    • Case

    Brighter Smiles for the Masses--Colgate vs. P&G

    By: Felix Oberholzer-Gee, Dennis Yao and Filipa Azevedo Jorge
    In 2000, Procter & Gamble Co. introduced Crest Whitestrips, a new, revolutionary product that allowed consumers to whiten their teeth at home. With Whitestrips, P&G created an entire new category in oral care, worth $460 million in 2002. Whitestrips sent P&G's main... View Details
    Keywords: Competitive Advantage; Competitive Strategy; Advertising; Product Launch; Patents; Price; Performance Effectiveness; Consumer Products Industry
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    • Research Summary

    The Cross Section of Expected Firm (Not Equity) Returns

    This paper provides the first comprehensive study of expected firm (unlevered equity) returns. After accounting for the debt component of the firm return, I find that many of the cross sectional determinants of expected equity returns, such as the book-to-market... View Details

      The Market for Green Securities

      We study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes. After an overview of the U.S. corporate and municipal green bonds markets, we study pricing and ownership patterns using a simple framework that incorporates assets... View Details

      • 07 Jul 2020
      • Working Paper Summaries

      Predictable Financial Crises

      Keywords: by Robin Greenwood, Samuel G. Hanson, Andrei Shleifer, and Jakob Ahm Sørensen
      • May 2016
      • Case

      The Inexorable Rise of Walmart? 1988—2016

      By: John R. Wells and Gabriel Ellsworth
      In October 2015, Walmart surprised investors by announcing that it expected flat sales growth for 2015 and growth of only 3% to 4% over the coming three years. Profits would also fall due to significant investments in people and technology. The company’s stock price... View Details
      Keywords: Asda; Costco; David Glass; Convenience Stores; Discount Retailing; Dollar Stores; Doug McMillon; E-commerce; Online Retail; General Merchandise; Grocery; Lee Scott; Mike Duke; Multichannel Retailing; Omnichannel; Neighborhood Market; Sam Walton; Sam's Club; Store Formats; Supercenter; Supermarket; Warehouse Clubs; Merchandising; Walmart; Wal-Mart; Globalized Firms and Management; Competitive Strategy; Corporate Strategy; Growth and Development Strategy; Business Units; Business Divisions; Business Growth and Maturation; Business Model; Business Organization; For-Profit Firms; Film Entertainment; Television Entertainment; Banks and Banking; Price; Profit; Revenue; Food; Global Range; Cross-Cultural and Cross-Border Issues; Global Strategy; Business History; Compensation and Benefits; Employees; Human Capital; Labor Unions; Wages; Business or Company Management; Goals and Objectives; Management Succession; Brands and Branding; Product Positioning; Distribution; Supply Chain; Supply Chain Management; Public Ownership; Problems and Challenges; Labor and Management Relations; Strategy; Adaptation; Business Strategy; Competition; Competitive Advantage; Diversification; Expansion; Segmentation; Information Technology; Internet; Mobile Technology; Online Technology; Web; Web Sites; Retail Industry; Food and Beverage Industry; Distribution Industry; Banking Industry; United States; Arkansas; Bentonville
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      • June 2004
      • Article

      A Catering Theory of Dividends

      By: Malcolm Baker and Jeffrey Wurgler
      We propose that the decision to pay dividends is driven by prevailing investor demand for dividend payers. Managers cater to investors by paying dividends when investors put a stock price premium on payers, and by not paying when investors prefer nonpayers. To test... View Details
      Keywords: Dividends; Catering; Financial Instruments; Investment Return; Business and Shareholder Relations
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      • March 1996 (Revised April 2006)
      • Case

      Global Equity Markets: The Case of Royal Dutch and Shell

      By: Kenneth A. Froot and Andre F. Perold
      Royal Dutch and Shell common stocks are securities with linked cash flow, so that the ratio of their stock prices should be fixed. In fact, the ratio is highly variable, moving with the markets where the securities are intensively traded. Royal Dutch trades more... View Details
      Keywords: International Equity Markets; International Cost Of Capital; Cross-border Valuation; International Finance; Equity; Cost of Capital; Valuation; Cash Flow
      Related
      • 2021
      • Working Paper

      Saving for a Dry Day: Coal, Dams, and the Energy Transition

      By: Michele Fioretti and Jorge Tamayo
      Renewable generation creates a tradeoff between current and future energy production as generators produce energy by releasing previously stored resources. Studying the Colombian market, we find that diversified firms strategically substitute fossil fuels for... View Details
      Keywords: Energy Generation; Renewable Energy; Production; Green Technology Industry; Energy Industry; Colombia
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      • 2019
      • Working Paper

      Collusion in Markets with Syndication

      By: John William Hatfield, Scott Duke Kominers, Richard Lowery and Jordan M. Barry
      Many markets, including markets for IPOs and debt issuances, are syndicated: each winning bidder invites competitors to join its syndicate to complete production. Using repeated extensive form games, we show that collusion in syndicated markets may become easier as... View Details
      Keywords: Collusion; Antitrust; IPO Underwriting; Syndication; ＂Repeated Games＂
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      • Article

      Brand Values and Capital Market Valuation

      By: Mary Barth, Michael B. Clement, George Foster and Ron Kasznik
      Brand value estimates are significantly positively related to prices and returns, incremental to accounting variables. Questionable brand value estimate reliability underlies lack of financial statement recognition for brands. Findings suggest estimates are relevant... View Details
      Keywords: Brands and Branding; Valuation
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      • March 2020
      • Article

      Estimating the Value of Electricity Storage in PJM: Arbitrage and Some Welfare Effects

      By: Ramteen Sioshansi, Paul Denholm, Thomas Jenkin and Jurgen Weiss
      Significant increases in prices and price volatility of natural gas and electricity have raised interest in the potential economic opportunities for electricity storage. The paper analyzes the arbitrage value of a price-taking storage device in PJM during the six-year... View Details
      Keywords: Energy Storage; Arbitrage; Energy; Energy Industry
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      • January 2013
      • Article

      Barriers to Household Risk Management: Evidence from India

      By: Shawn A. Cole, Xavier Gine, Jeremy Tobacman, Petia Topalova, Robert M. Townsend and James Vickery
      Why do many households remain exposed to large exogenous sources of non-systematic income risk? We use a series of randomized field experiments in rural India to test the importance of price and non-price factors in the adoption of an innovative rainfall insurance... View Details
      Keywords: Risk Management; Household; India
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      • July 1989 (Revised June 1993)
      • Case

      American Airlines, Inc.: Revenue Management

      Begins with a description of the elements of post-deregulation competition in the commercial airline industry. This should facilitate a discussion of the use of quantitative methods to support a broad range of tactical and strategic airline decisions. The principal... View Details
      Keywords: Competition; Revenue; Air Transportation Industry
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      • May 1992
      • Article

      Coordination in Split-Award Auctions

      By: James J. Anton and Dennis Yao
      We analyze split award procurement auctions in which a buyer divides full production between two suppliers or awards all production to a single supplier, and suppliers have private cost information. An intriguing feature of split awards is that the equilibrium bids are... View Details
      Keywords: Supply Chain Management; Balance and Stability; Cost; Auctions; Bids and Bidding; Production; Five Forces Framework; Supply and Industry; Situation or Environment; Information; Manufacturing Industry
      Related