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  • 2002
  • Other Unpublished Work

Market Liquidity as a Sentiment Indicator

By: Malcolm Baker and Jeremy Stein
We build a model that helps to explain why increases in liquidity—such as lower bid–ask spreads, a lower price impact of trade, or higher turnover—predict lower subsequent returns in both firm-level and aggregate data. The model features a class of irrational... View Details
Keywords: Price; Financial Liquidity; Trade; Valuation; Markets; Forecasting and Prediction; Equity; Stock Shares; Investment Return
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  • February 2013 (Revised October 2013)
  • Case

Investindustrial Exits Ducati

By: Francois Brochet and Karol Misztal
In early 2012, Investindustrial, a European private equity group, publicly announced their intention to sell their 76.7% stake in Ducati Motor Holding S.p.A., an iconic Italian producer of sport performance motorcycles. The decision followed a six-year turnaround... View Details
Keywords: Cost vs Benefits; Private Equity; Valuation; Investment Return; Brands and Branding; Financial Services Industry; Motorcycle Industry; Hong Kong; Italy
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  • Web

Related Topics - Institute For Strategy And Competitiveness

Defining and delivering value in social enterprises. Strategy in Emerging Economies Investing in a long-term, distinctive strategy. STRATEGIES FOR LARGE-SCALE CHANGE Value-Based Health Care Delivery offers... View Details
  • Web

About Us | Information Technology

Margolis interviews AMD executive Professor Josh Margolis interviews AMD executive Dave Habeeb on location at Advanced Micro Devices Chairman & CEO Jamie Dimon JPMorgan Chase & Co. shares thoughts on the importance and value of DEI... View Details
  • 24 Apr 2014
  • News

Betting big on star power can be a winning strategy in business—not just show business

Researching the entertainment industry, Anita Elberse, the Lincoln Filene Professor of Business Administration, has found that blockbuster strategies work. Content producers who pursue these strategies make huge investments in a small... View Details
  • Web

Strategic Financial Analysis Online Course | HBS Online

intersection of accounting, strategy, and finance, and learn how to evaluate a business’s performance, prospects, and value to make strategic investment decisions that generate financial success. 8 weeks 5-6... View Details
  • 12 PM – 1 PM EDT, 16 Mar 2016
  • Webinars: Trending@HBS

How the Internet Became Commercial: Innovation, Privatization, and the Birth of a New Network

logic. All major technologies deploy when they overcome the circular conundrum and an adaptation conundrum. The circular conundrum arises because maximum value from the commercial technology requires all components to work together. That... View Details
  • April 2002 (Revised February 2003)
  • Background Note

An Economic Framework for Assessing Development Impact

By: Benjamin C. Esty, Frank J. Lysy and Carrie Ferman
Discusses the differences between private and social returns and describes an economic framework for assessing a project's social return [known as the economic rate of return (ERR)]. The framework begins by analyzing the impact of a new project on private financiers... View Details
Keywords: Cost vs Benefits; Microeconomics; Investment Return; Framework; Projects; Business and Stakeholder Relations; Valuation
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  • March 2013
  • Supplement

HOYA Corporation (A)

By: W. Carl Kester
Keywords: Mergers and Acquisitions; Investment Activism; Corporate Governance; Governance Controls; Governing and Advisory Boards; Negotiation Tactics; Business and Shareholder Relations; Valuation; Japan
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  • 24 Apr 2014
  • News

Building a better India through business and philanthropy

Known for understanding opportunities ahead of the curve, Ajay Piramal (AMP 110, 1992) led his family’s business away from textiles to pharmaceuticals in the 1980s. “Our guiding principle has been to build businesses that deliver long-term View Details
  • March 2009 (Revised September 2010)
  • Case

HOYA Corporation (A)

By: W. Carl Kester and Masako Egawa
In 2007, HOYA of Japan must decide whether to change its friendly exchange offer for Pentax into a hostile cash tender offer. A surprising sequence of events had caused a friendly merger agreement to fall apart, resulting in a boardroom coup at Pentax and the... View Details
Keywords: Mergers and Acquisitions; Investment Activism; Corporate Governance; Governance Controls; Governing and Advisory Boards; Negotiation Tactics; Business and Shareholder Relations; Valuation; Japan
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  • 02 May 2008
  • What Do You Think?

What is the Future of State Capitalism?

forms of capitalism." Citing examples of Dutch and British investments abroad, Cole Woodson comments, "I find the question to be somewhat delinquent ... to the tune of several centuries." He adds that to the extent that... View Details
Keywords: by Jim Heskett
  • 25 Jul 2006
  • First Look

First Look: July 25, 2006

vector of state variables describing investment opportunities, with coefficients that are a function of the investment horizon. We apply our method to the optimal portfolio choice problem of an investor who... View Details
Keywords: Sean Silverthorne
  • 18 Dec 2018
  • First Look

New Research and Ideas, December 18, 2018

the threshold for research and development (R&D) investment in an economically viable product. Further, the small size of patient populations for orphan drugs, together with the increasing prevalence of biologics among orphan drugs,... View Details
Keywords: Dina Gerdeman
  • 24 Sep 2014
  • Op-Ed

The ABCs of Addressing Climate Change (From a Business Perspective)

New York has invested to elevate the number of waterproof transformers and switchgear in case the city has to face another event like Superstorm Sandy . This is not a noted warming alarmist utility. Globally, the new issuance of weather... View Details
Keywords: by John Macomber; Energy; Utilities
  • Mar 2012
  • Article

A Jobs Compact for America's Future

Without a well-trained, well-paid, continuously improving workforce the United States cannot compete with other nations effectively—and won’t be able to sustain high and rising living standards. Yet at all levels of the economy, we behave as if we don’t believe that:... View Details
  • 30 Jan 2018
  • First Look

January 30, 2018

developed economies and then turns to developing countries, covering the following topics: farmers' adoption of AI, how AI affects their decision to invest in risky assets, and the extent to which AI helps farmers smooth income and... View Details
Keywords: Sean Silverthorne
  • 19 Apr 2018
  • Blog Post

Policy, Practice, Leadership & Impact: Making a Difference with the HBS/HKS Joint Degree

summers I had to hypothesis-test where I could add the most value in Africa’s private sector development. As I leave HBS, I am most excited to see how invested the school has become in increasing the... View Details
  • 01 Jul 2013
  • News

The Nature of Business

investment opportunities. "Investing in nature can produce very attractive business returns," said Tercek. "Compared with manmade solutions, natural infrastructure often works better, costs less, and appreciates in View Details
Keywords: Jill Radsken; Social Assistance; Health, Social Assistance
  • 12 Mar 2018
  • Op-Ed

Op-Ed: Why BlackRock CEO Larry Fink Is Not a Socialist

rose from $400 million in 1985 to $60 billion by 2000. Today, thanks to the revival of long-term investments under CEO Omar Ishrak, Medtronic’s shareholder value has risen to $110 billion. The challenge to... View Details
Keywords: by Bill George; Banking