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(761)
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- Faculty Publications (129)
Show Results For
- All HBS Web
(761)
- News (167)
- Research (409)
- Events (8)
- Multimedia (2)
- Faculty Publications (129)
- October 1990
- Article
Bankruptcy, Boards, Banks, and Blockholders: Evidence on Changes in Corporate Ownership and Control When Firms Default
By: S. C. Gilson
In 111 publicly traded firms that either file for bankruptcy or privately restructure their debt between 1979 and 1985, bank lenders frequently become major stockholders or appoint new directors. On average, only 46% of incumbent directors remain when bankruptcy or... View Details
Keywords: Insolvency and Bankruptcy; Governance; Banks and Banking; Change; Business Ventures; Ownership
Gilson, S. C. "Bankruptcy, Boards, Banks, and Blockholders: Evidence on Changes in Corporate Ownership and Control When Firms Default." Journal of Financial Economics 27, no. 2 (October 1990): 355–387.
- 2009
- Working Paper
Do Analysts Follow Managers Who Switch Companies? An Analysis of Relationships in the Capital Markets.
By: Francois Brochet, Gregory S. Miller and Suraj Srinivasan
We examine the importance of professional relationships developed between analysts and managers by investigating analyst coverage decisions in the context of CEO and CFO moves between publicly listed firms. We find that top executive moves from an origin firm to a... View Details
Keywords: Business and Stakeholder Relations; Capital Markets; Decisions; Managerial Roles; Financial Institutions; Investment; Market Participation; Public Ownership; Relationships
Brochet, Francois, Gregory S. Miller, and Suraj Srinivasan. "Do Analysts Follow Managers Who Switch Companies? An Analysis of Relationships in the Capital Markets." American Accounting Association Financial Accounting and Reporting Section Paper, August 2009. (Forthcoming, The Accounting Review, March 2014.)
- August 2009
- Case
Nomura's Global Growth: Picking Up Pieces of Lehman
By: C. Fritz Foley and Linnea Meyer
What issues commonly arise in international financial management? Kenichi Watanabe and Takumi Shibata, CEO and COO of Nomura Holdings Inc., one of the leading investment banks in Asia, have the opportunity to expand their firm internationally through the acquisition of... View Details
Keywords: Mergers and Acquisitions; Insolvency and Bankruptcy; Investment Banking; International Finance; Cross-Cultural and Cross-Border Issues; Expansion; Financial Services Industry; Japan
Foley, C. Fritz, and Linnea Meyer. "Nomura's Global Growth: Picking Up Pieces of Lehman." Harvard Business School Case 210-017, August 2009.
- 08 Nov 2012
- Working Paper Summaries
Admitting Mistakes: Home Country Effect on the Reliability of Restatement Reporting
- Web
Faculty & Advisors | MBA
Co-Director of Harvard Stem Cell Institute Program Advisors Students have access to a network of program advisors who serve as mentors, speakers, and career advisors for the community. Christiana (Chris) Bardon MBA ‘03, Harvard... View Details
- Web
Live from Klarman Hall - Alumni
Leading with AI addressed this question by convening experts at the forefront of AI with business leaders who recognize its profound impact and potential. The conference was presented in partnership by HBS Alumni Relations and the Digital Data Design View Details
- 09 Oct 2020
- HBS Seminar
Jeffrey L. Furman, BU, Questrom Sch of Business
- 02 Nov 2009
- Research & Ideas
Shareholders Need a Say on Pay
hasn't been much variation on compensation packages in the past, Ferri advocates a more holistic approach that tailors executive pay to a company's individual circumstances. "I like the notion of say on pay because it encourages View Details
- Web
Application Requirements - Doctoral
do not hold a Bachelor degree or its equivalent from an institution at which English is the language of instruction must submit TOEFL or IELTS scores. Submitted scores are valid for no longer than two years.... View Details
- 07 Aug 2007
- First Look
First Look: August 7, 2007
between firm payout policy and tax incentives. Analysis of a panel of firms matched with the tax characteristics of the clients of their institutional shareholders indicates that "dividend-averse" View Details
Keywords: Martha Lagace
- 2022
- Working Paper
On the Estimation of Demand-Based Asset Pricing Models
A growing literature uses portfolio holdings data to quantify the impact of investor demand on equilibrium prices via counterfactual experiments. The key parameter in relating demand and equilibrium prices is investors’ elasticity of demand with respect to the price.... View Details
van der Beck, Philippe. "On the Estimation of Demand-Based Asset Pricing Models." Swiss Finance Institute Research Paper Series, No. 22-67, May 2022.
- 13 Jan 2010
- Working Paper Summaries
Private Equity and Industry Performance
- Web
Hiring Organizations
AxmedRx Ayala Corporation Ayala Land, Inc. Azolla Ventures B B Capital Bain & Company Bain Capital Bain Capital Ventures Balance Rock Partners Bank of America Barry-Wehmiller BC Partners BCG Digital Ventures Beanstalk Benefits Beartown View Details
- 06 Aug 2020
- Blog Post
WHY WE STARTED THE HBS BLACK INVESTMENT CLUB
institutional racism to become so entrenched in American life. Although the past few months have been difficult on myself and other members of the Black community, I am cautiously optimistic that the BLM movement can create lasting and... View Details
Keywords: All Industries
- January 2009
- Case
The Federal Reserve and the Banking Crisis of 1931
By: David A. Moss and Cole Bolton
In early October 1931, in the midst of a global economic depression, the U.S. banking system was in crisis—with bank suspensions running at near record levels. At the same time, the broader economy was sputtering, and U.S. gold reserves had come under severe pressure... View Details
Keywords: Decision Choices and Conditions; Financial Crisis; Central Banking; Business History; Crisis Management; Banking Industry; United States
Moss, David A., and Cole Bolton. "The Federal Reserve and the Banking Crisis of 1931." Harvard Business School Case 709-040, January 2009.
- September 1989 (Revised April 1990)
- Case
Banc One Corp.--1989
Banc One Corp., an innovative and financially successful super-regional bank holding company, has a track record of upgrading performance of acquisitions while retaining previous management--doing better with the same people. In June 1989 Banc One made its first... View Details
Keywords: Business Growth and Maturation; Banks and Banking; Private Ownership; Human Resources; Mergers and Acquisitions; Performance Evaluation; Management Teams; Banking Industry; United States
Kanter, Rosabeth M. "Banc One Corp.--1989." Harvard Business School Case 390-029, September 1989. (Revised April 1990.)
- September 2011
- Article
Political Instability: Effects on Financial Development, Roots in the Severity of Economic Inequality
By: Mark J. Roe and Jordan I. Siegel
We here bring forward strong evidence that political instability impedes financial development, with its variation a primary determinant of differences in financial development around the world. As such, it needs to be added to the short list of major determinants of... View Details
Keywords: Financial Development; Political Instability; Government and Politics; Finance; Growth and Development; Economics; Equality and Inequality
Roe, Mark J., and Jordan I. Siegel. "Political Instability: Effects on Financial Development, Roots in the Severity of Economic Inequality." Journal of Comparative Economics 39, no. 3 (September 2011): 279–309. (We here bring forward strong evidence that political instability impedes financial development, with its variation a primary determinant of differences in financial development around the world. As such, it needs to be added to the short list of major determinants of financial development. First, structural conditions first postulated by
Engerman and Sokoloff (2002) as generating long-term inequality are shown here empirically to be exogenous determinants of political instability. Second, that exogenously-determined political instability in turn holds back financial development, even when we control for factors prominent in the last decade's cross-country studies of
financial development. The findings indicate that inequality-perpetuating conditions that result in political instability are fundamental roadblocks for international organizations like the World Bank that seek to promote financial development. The evidence here includes country fixed effect regressions and an instrumental model inspired by Engerman and Sokoloff's (2002) work, which to our knowledge has not yet been used in finance and which is consistent with current tests as valid instruments. Four conventional measures of national political instability — Alesina and Perotti's (1996) well-known index of instability, a subsequent index derived from Banks' (2005) work,
and two indices of managerial perceptions of nation-by-nation political instability — persistently predict a wide range of national financial development outcomes for recent decades. Political instability's significance is time consistent in cross-sectional regressions back to the 1960's, the period when the key data becomes available, robust
in both country fixed-effects and instrumental variable regressions, and consistent across multiple measures of instability and of financial development. Overall, the results indicate the existence of an important channel running from structural inequality to political instability, principally in nondemocratic settings, and then to financial
backwardness. The robust significance of that channel extends existing work demonstrating the importance of political economy explanations for financial development and financial backwardness. It should help to better understand which policies will work for financial development, because political instability has causes, cures, and effects quite distinct from those of many of the key institutions most studied in the past decade as explaining financial backwardness.)
- 22 Aug 2006
- First Look
First Look: August 22, 2006
Stanford University Press, forthcoming. Abstract This paper explores the question: Do institutions persist over time and determine current economic outcomes? Specifically, does the adoption or inheritance of a legal tradition in the past... View Details
Keywords: Martha Lagace
- Web
Creating Emerging Markets
business and social enterprise. India Kiran Mazumdar-Shaw Chairperson and Managing Director, Biocon Limited Morocco Mostafa Terrab Chairman and CEO, OCP Group Argentina Laura Catena Managing Director, Bodega Catena Zapata; Founder, Catena View Details
- 2020
- Working Paper
Costly External Financing and Monetary Policy Transmission: Evidence from a Natural Experiment
By: Emily Williams
I provide new evidence that large and small banks have different external financing costs, which generates cross sectional variation in a deposits market pricing power channel of monetary policy transmission. I do so by exploiting a natural experiment using anti-trust... View Details
Keywords: External Financing; Monetary Policy Transmission; Experiment; Banks and Banking; Financing and Loans; Interest Rates
Williams, Emily. "Costly External Financing and Monetary Policy Transmission: Evidence from a Natural Experiment." Working Paper, April 2020.