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Publications

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  • All HBS Web  (1,606)
    • News  (290)
    • Research  (1,191)
    • Events  (2)
  • Faculty Publications  (508)

Show Results For

  • All HBS Web  (1,606)
    • News  (290)
    • Research  (1,191)
    • Events  (2)
  • Faculty Publications  (508)
← Page 7 of 1,606 Results →

    Bank Capital and the Growth of Private Credit

    We show that business development companies (BDCs)—closed-end funds that provide a significant share of nonbank loans to middle market firms—are very well capitalized according to bank capital frameworks. They have median risk-based capital ratios of about 36% and,... View Details
    • 15 Sep 2015
    • News

    Easing the Costs of Saving a Child

    less so. Taylor contributed to a not-for-profit to help pay airfare to bring orphans to the United States for month-long summer vacations with prospective adopting families. The program ran so well, he doubled his loan the following year. “The recycling of the View Details
    Keywords: Jill Radsken
    • June 2015
    • Article

    The Capital Purchase Program and Subsequent Bank SEOs

    By: Mozaffar N. Khan and Dushyantkumar Vyas
    We find that in the aftermath of the recent financial crisis banks replenished only 12% of crisis-related losses through SEOs in 2009 and 2010. However, SEOs are disproportionately conducted by Capital Purchase Program (CPP) recipients, and this is not explained by CPP... View Details
    Keywords: Accounting; Capital; Equity; Financial Crisis; Banks and Banking; Banking Industry; United States
    Citation
    Purchase
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    Khan, Mozaffar N., and Dushyantkumar Vyas. "The Capital Purchase Program and Subsequent Bank SEOs." Journal of Financial Stability 18 (June 2015): 91–105.
    • Fast Answer

    Biotech and Pharmaceuticals: R&D spending, production cost

    can be found in company’s income statement that can be found in Capital IQ ABI/ProQuest - To locate articles on the topic, use search terms: drug development cost (drug development) AND (success... View Details
    • 17 Oct 2019
    • News

    Venturing Away from Venture Capital

    Illustration by Peter Arkle Illustration by Peter Arkle Sandra Oh Lin (MBA 2003) has raised enough venture capital for now, thank you very much. Lin is the founder and CEO of KiwiCo, which designs and delivers science and art project kits... View Details
    Keywords: Alexander Gelfand
    • June 2007
    • Article

    Risk Management, Capital Budgeting and Capital Structure Policy for Insurers and Reinsurers

    By: K. A. Froot
    Keywords: Risk Management; Capital Budgeting; Cost of Capital; Policy; Insurance; Asset Pricing; Insurance Industry
    Citation
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    Related
    Froot, K. A. "Risk Management, Capital Budgeting and Capital Structure Policy for Insurers and Reinsurers." Journal of Risk and Insurance 74, no. 2 (June 2007): 273–299. (Winner of Robert C. Witt Award Given annually for the best feature article in the Journal of Risk and Insurance presented by American Risk and Insurance Association. Revised from NBER Working Paper no. 10184, Harvard Business School Working Paper no. 04-035, December 2003.)
    • February 1979
    • Background Note

    Note on the Theory of Optimal Capital Structure

    By: William E. Fruhan Jr.
    Examines the interrelationship between the maximization of the share value of a firm's common stock and the minimization of the firm's weighted average cost of capital. Presents a revised version of a case by J.W. Mullins, Jr. View Details
    Keywords: Capital Structure; Cost of Capital; Stock Shares; Core Relationships; Value
    Citation
    Educators
    Purchase
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    Fruhan, William E., Jr. "Note on the Theory of Optimal Capital Structure." Harvard Business School Background Note 279-069, February 1979.
    • August 2011 (Revised October 2014)
    • Supplement

    High Wire Act: Credit Suisse and Contingent Capital (B)

    By: Clayton S. Rose and Aldo Sesia
    The B case describes the process and terms of the very successful offerings of contingent capital in February 2011, as well as The Basel Committee's preliminary decision not to allow contingent capital to count as Tier 1 equity. View Details
    Keywords: Cost vs Benefits; Decisions; Financial Crisis; Finance; Capital; Financial Instruments; Leadership
    Citation
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    Rose, Clayton S., and Aldo Sesia. "High Wire Act: Credit Suisse and Contingent Capital (B)." Harvard Business School Supplement 312-008, August 2011. (Revised October 2014.)
    • March 1989 (Revised February 1998)
    • Teaching Note

    Marriott Corp.: The Cost of Capital, Teaching Note

    By: Richard S. Ruback
    Teaching Note for (9-298-101). View Details
    Keywords: Cost of Capital; Accommodations Industry
    Citation
    Purchase
    Related
    Ruback, Richard S. "Marriott Corp.: The Cost of Capital, Teaching Note." Harvard Business School Teaching Note 289-048, March 1989. (Revised February 1998.)
    • May 2022
    • Article

    Investment as the Opportunity Cost of Dividend Signaling

    By: Zach Kaplan and Gerardo Pérez Cavazos
    We provide evidence that firms with weak investment opportunities (those whose current earnings justify a greater valuation than firms with strong investment opportunities) signal their permanent earnings level through their dividends. In the cross-section, we show... View Details
    Keywords: Dividends; Earnings; Investment Opportunities; Payout Policy; Signaling; Capital Structure; Business Earnings; Investment; Opportunities
    Citation
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    Kaplan, Zach, and Gerardo Pérez Cavazos. "Investment as the Opportunity Cost of Dividend Signaling." Accounting Review 97, no. 3 (May 2022): 279–308.
    • 22 Feb 2000
    • Research & Ideas

    Social Capital Markets: Creating Value in the Nonprofit World

    The Harvard Business School Initiative on Social Enterprise is embarking on a new intellectual endeavor to understand a fast-changing and fertilearena — the Social Capital Markets. For years, money given to nonprofits has been thought of... View Details
    Keywords: by Anne Kavanagh
    • Research Summary

    The Real Effects of Capital Controls: Financial Constraints, Exporters, and Firm Investment

    By: Laura Alfaro
    In aftermath of the global financial crisis of 2008–2009, emerging-market governments have increasingly restricted foreign capital inflows. The data show a statistically significant drop in cumulative abnormal returns for Brazilian firms following capital control... View Details
    • 06 Aug 2009
    • Working Paper Summaries

    Buy Local? The Geography of Successful and Unsuccessful Venture Capital Expansion

    Keywords: by Henry Chen, Paul A. Gompers, Anna Kovner & Josh Lerner
    • 24 Sep 2024
    • Blog Post

    Climate Finance in Africa: Health, Self-Interest, Avoided Future Cost

    where the investor presence pushed a non-viable project into the viable camp. These are additional investments that would not have happened without that capital that’s impact. Avoided future cost is... View Details
    • 2024
    • Working Paper

    Capital Market Integration and Growth across the United States

    By: Leonardo D'Amico and Maxim Alekseev
    What drives the integration of national financial markets and what are its consequences for regional growth? We digitize and collect US state-level banking data from 1953 to 1983 and document a tight link between high nominal short rates and financial integration,... View Details
    Keywords: Interest Rates; Financial Markets; Economic Growth; Banks and Banking; Analytics and Data Science
    Citation
    Related
    D'Amico, Leonardo, and Maxim Alekseev. "Capital Market Integration and Growth across the United States." Working Paper, October 2024.
    • 2025
    • Working Paper

    Generative AI Use by Capital Market Information Intermediaries: Evidence from Seeking Alpha

    By: Mark Bradshaw, Chenyang Ma, Benjamin Yost and Yuan Zou
    We study the use of generative AI for firm-specific financial analysis on the Seeking Alpha platform. We find that, after the initial launch of ChatGPT in November 2022, the share of AI-generated articles rose sharply to 13.4% of all articles, then declined in late... View Details
    Keywords: Generative Ai; Seeking Alpha; Equity Research; Large Language Models; Gpt; AI and Machine Learning; Information Publishing; Financial Markets
    Citation
    SSRN
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    Bradshaw, Mark, Chenyang Ma, Benjamin Yost, and Yuan Zou. "Generative AI Use by Capital Market Information Intermediaries: Evidence from Seeking Alpha." Harvard Business School Working Paper, No. 25-055, April 2025.
    • 1994
    • Other Unpublished Work

    Interest Allocation Rules and the Changing Cost of Debt Finance

    By: K. A. Froot and J. Hines
    Keywords: Corporation Taxation; Interest Deductibility; Cost of Capital; Taxation; Interest Rates; Borrowing and Debt; Corporate Finance
    Citation
    Related
    Froot, K. A., and J. Hines. "Interest Allocation Rules and the Changing Cost of Debt Finance." Harvard University, 1994.
    • 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
    Citation
    Educators
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    Froot, Kenneth A., and Andre F. Perold. "Global Equity Markets: The Case of Royal Dutch and Shell." Harvard Business School Case 296-077, March 1996. (Revised April 2006.)
    • 2016
    • Article

    Organizational Decision-Making and Information: Angel Investments by Venture Capital Partners

    By: Andy Wu
    We study information aggregation in organizational decision-making for the financing of entrepreneurial ventures. We introduce a formal model of voting where agents face costly tacit information to improve their decision quality. Equilibrium outcomes suggest a... View Details
    Keywords: Entrepreneurial Finance; Angel Investors; Organization Design; Voting; Group Decision-making; Information; Strategy; Organizations; Entrepreneurship; Decision Making; Financing and Loans
    Citation
    Find at Harvard
    Read Now
    Related
    Wu, Andy. "Organizational Decision-Making and Information: Angel Investments by Venture Capital Partners." Academy of Management Best Paper Proceedings (2016): 189–194.
    • 2014
    • Working Paper

    Crony Capitalism, American Style: What Are We Talking About Here?

    By: Malcolm S. Salter
    This paper seeks to reduce the ambiguity surrounding our understanding of what crony capitalism is, what it is not, what costs crony capitalism leaves in its wake, and how we might contain it. View Details
    Keywords: Democracy; Industrial Governance; Institutional Corruption; Crony Capitalism; Lobbying; Campaign Finance; Costs; Cronyism; Business Ethics; Campaign Finance Reform; Revolving Door; Economic Systems; Ethics; Political Elections; Financing and Loans; United States
    Citation
    SSRN
    Read Now
    Related
    Salter, Malcolm S. "Crony Capitalism, American Style: What Are We Talking About Here?" Harvard Business School Working Paper, No. 15-025, October 2014.
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