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Publications
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- Faculty Publications (792)
- Other Article
Sustainable Strategies and Net-Zero Goals
By: Mark L. Frigo, Robert S. Kaplan and Karthik Ramanna
In a recent Harvard Business Review article, Kaplan and Ramanna describe a rigorous approach, the E-liability method, for companies’ ESG reporting, especially as it pertains to GHG emissions measurements. They argue that the current standards for measuring... View Details
- March 2022 (Revised August 2022)
- Case
Swvl: Smart Mobility for the Masses
By: Krishna Palepu, Esel Çekin and Menna Hassan
The case focuses on strategy and governance issues at Swvl, a tech-enabled mass mobility marketplace. It describes the journey of CEO and Chairman Mostafa Kandil on his journey from founding the company to its listing on Nasdaq. Since its founding in Egypt in 2017,... View Details
- March 2022 (Revised March 2024)
- Case
Hometown Foods: Changing Price amid Inflation
During the early part of the 2021 Covid-19 pandemic, Hometown Foods, a large seller of flour-based products, thrived as consumers hoarded baked goods and took up baking to pass the time and find comfort. Then, amid growing shortages in commodities, a vaccine arrived,... View Details
- March 5, 2022
- Article
Hospital Capacity Shortages: An SEC-Backed Transparency “PULL” Will Open Beds Faster Than a “PUSH” by HHS
In the new normal of ongoing pandemics, hospital bed shortages will continue. Healthcare innovation expert and author of the upcoming book Innovating in Healthcare: Creating Breakthrough Services, Products, and Business Models (Wiley, 2023, 978-1119543008), HBS... View Details
- 2022
- Article
Which Corporate ESG News Does the Market React To?
By: George Serafeim and Aaron Yoon
Using a dataset that classifies firm-level ESG news as positive and negative, we examine how stock prices react to different types of ESG news. We analyze 111,020 firm-day observations for 3,126 companies and find that prices react only to issues identified as... View Details
- February 18, 2022
- Article
Transparency as a Solution for COVID-19 Related Hospital Capacity Issues
By: Regina E. Herzlinger and Richard Boxer
In the initial phases of the COVID-19 pandemic, many U.S. hospitals could not provide an adequate supply of beds to meet demand. Solving the problem of hospital bed capacity is of great importance in the “new normal,” which requires recognizing that SARS-CoV-2 is but... View Details
Keywords: COVID; COVID-19 Pandemic; Health Care; Health Care Demand; Health Care Delivery; Health Care Industry; Health Care Operations; Health Care Policy; Transparency; Hospital; Hospital Management; Hospitals; Health Pandemics; Health Care and Treatment; Service Delivery; Operations; Performance Capacity; Policy; Health Industry
- February 2022
- Article
Borrowing to Save? The Impact of Automatic Enrollment on Debt
By: John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian and William L. Skimmyhorn
Does automatic enrollment into a retirement plan increase financial distress due to increased borrowing outside the plan? We study a natural experiment created when the U.S. Army began automatically enrolling newly hired civilian employees into the Thrift Savings Plan.... View Details
- 2024
- Working Paper
What Triggers National Stock Market Jumps?
By: Scott R. Baker, Nicholas Bloom, Steven J. Davis and Marco Sammon
We examine newspapers the day after major stock-market jumps to evaluate the proximate cause, geographic source, and clarity of these events from 1900 in the US, 1930 in the UK and 1980 in 12 other countries. We find four main results. First, the United States plays an... View Details
- January 2022
- Background Note
The Florange Law: Encouraging Long-Termism in Equity Markets?
By: Charles C.Y. Wang and Tonia Labruyere
This note provides background information on a French law (“the Florange law”) passed in 2014 that the French government said would encourage long-term shareholdings. The note describes the law, what led to it, the reactions it evoked, and similar initiatives in other... View Details
- January 2022
- Technical Note
Introduction to Capital Structure Analytics
By: Samuel Antill and Ted Berk
This technical note provides an overview of key analytical approaches that are useful in assessing the appropriateness of a firm’s capital structure and funding plan. This note introduces basic quantitative tools and metrics that are commonly used as inputs to this... View Details
- January 2022 (Revised March 2022)
- Module Note
Analysis of Financial and Non-Financial Information for Forecasting Performance
This note describes the main themes and cases of a teaching module on the analysis of information from, and outside of, financial statements for forecasting firms’ future financial performance. The module’s pedagogical goal is to deepen students’ understanding of the... View Details
- January 2022
- Background Note
Residual Income Valuation Model
By: Charles C.Y. Wang and Albert Shin
This note explains the residual income valuation model (RIM), how it relates to "traditional" valuation models, the intuition behind its use, and empirical research related to its value relevance. RIM is theoretically equivalent to the dividend discount model and the... View Details
- January 2022 (Revised December 2022)
- Case
TotalEnergies’ Investment in Hyzon Motors
By: Vikram S. Gandhi and David Lane
In November 2021, Girish Nadkarni, the head of TotalEnergies’ corporate venture capital arm (TEV) was considering whether, and on what terms, to exit an investment in Hyzon Motors, a start-up supplier of hydrogen-powered trucks. TEV had invested $4 million in Hyzon,... View Details
Keywords: Business Units; Communication Intention and Meaning; Renewable Energy; Venture Capital; Growth and Development Strategy; Market Design; Standards; Commercialization; Investment Portfolio; Market Transactions; Financial Services Industry; Financial Services Industry; Financial Services Industry; Europe; New York (city, NY)
- 2022
- Article
Improving Efficiency and Reducing Costs of MRI-Guided Prostate Brachytherapy Using Time-Driven Activity-Based Costing
By: Nikhil G. Thaker, Rajat J. Kudchadker, James R. Incalcaterra, Tharakeswara K. Bathala, Robert S. Kaplan, Ankit Agarwal, Deborah A. Kuban, Benjamin D. Frank, Prajnan Das, Thomas W. Feeley and Steven J. Frank
Integrated quality improvement (QI) and cost reduction strategies can help increase value in cancer care. We applied standard QI and TDABC methods to improve workflow efficiency and reduce costs for MRI-guided prostate brachytherapy. We constructed process maps,... View Details
- 2021
- Working Paper
Limits to Bank Deposit Market Power
By: Juliane Begenau and Erik Stafford
Claims about the market power of bank deposits in the banking literature are numerous and far reaching. Recently, a causal narrative has emerged in the banking literature: market power in bank deposits, measured as imperfect pass-through of short-term market rates on... View Details
- 2021
- Working Paper
Stock Investors' Returns Are Exaggerated
By: Jesse M. Fried, Paul Ma and Charles C.Y. Wang
The stock market generates less wealth than it appears. We show that total shareholder return (TSR), the standard measure of stock investor performance, substantially exaggerates returns earned by these investors in aggregate, and thus by most investors. The main... View Details
- Article
Core Earnings: New Data and Evidence
By: Ethan Rouen, Eric C. So and Charles C.Y. Wang
Using a novel dataset, we show that components of firms' GAAP earnings stemming from ancillary business activities or transitory shocks are significant in frequency and magnitude. These components have grown over time and are dispersed across various sections of the... View Details
- Article
The Emergence of Mafia-like Business Systems in China
By: Meg Rithmire and Hao Chen
A large body of literature on state–business relations in China has examined the political role of capitalists and collusion between the state and the private sector. This paper contributes to that literature and understanding of the internal differentiation among... View Details
- 2021
- Working Paper
The Green Bonding Hypothesis: How Do Green Bonds Enhance the Credibility of Environmental Commitments?
By: Shirley Lu
This paper proposes and provides evidence on a green bonding hypothesis, where green bonds act as a commitment device that subjects firms to institutions holding them accountable to their environmental promises. I find that green-bond issuers face higher climate change... View Details
- 2024
- Working Paper
What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences
By: Mark Egan, Alexander MacKay and Hanbin Yang
We present an empirical model of portfolio choice that allows for the nonparametric estimation of investors' (subjective) expectations and risk preferences. Utilizing a comprehensive dataset of 401(k) plans from 2009 through 2019, we explore heterogeneity in asset... View Details