Publications
Publications
Show Results For
- All HBS Web
(1,156)
- Faculty Publications (255)
Analysts
→
- October 2010 (Revised July 2012)
- Supplement
Robin Bienenstock at Sanford C. Bernstein
By: Linda A. Hill and Dana Teppert
Robin Bienenstock, a senior sell-side equity research analyst at Sanford C. Bernstein, considers how to build her research franchise given the changing nature of the industry and the firm. A collaborative research paper called "Computer in Your Pocket" was recently... View Details
- October 2010 (Revised July 2012)
- Supplement
Toni Sacconaghi at Sanford C. Bernstein
By: Linda A. Hill and Dana Teppert
Toni Sacconaghi, a senior sell-side equity research analyst at Sanford C. Bernstein covering U.S. IT hardware companies, thinks about the challenges and opportunities presented by the firm's new office in Hong Kong. Sacconaghi was previously the only analyst covering... View Details
- 2010
- Working Paper
Accounting Scholarship that Advances Professional Knowledge and Practice
By: Robert S. Kaplan
Recent accounting scholarship has used statistical analysis on asset prices, financial reports and disclosures, laboratory experiments, and surveys of practice. The research has studied the interface among accounting information, capital markets, standard setters, and... View Details
- September 2010
- Article
Do Inventory and Gross Margin Data Improve Sales Forecasts for U.S. Public Retailers?
By: Saravanan Kesavan, Vishal Gaur and Ananth Raman
Firm-level sales forecasts for retailers can be improved if we incorporate cost of goods sold, inventory, and gross margin (defined here as the ratio of sales to cost of goods sold) as three endogenous variables. We construct a simultaneous equations model, estimated... View Details
- August 2010
- Article
Sell-Side School Ties
By: Lauren H. Cohen, Christopher J. Malloy and Andrea Frazzini
We study the impact of social networks on agents' ability to gather superior information about firms. Exploiting novel data on the educational backgrounds of sell-side equity analysts and senior officers of firms, we test the hypothesis that analysts' school ties to... View Details
- Article
The Impact of Corporate Social Responsibility on Investment Recommendations
By: Ioannis Ioannou and George Serafeim
Using a large sample of publicly traded U.S. firms over 16 years, we investigate the impact of corporate socially responsible (CSR) strategies on security analysts' recommendations. Socially responsible firms received more favorable recommendations in recent years... View Details
- June 2010
- Article
Star Power: Colleague Quality and Turnover
By: Boris Groysberg and Linda Eling-Lee
In this article, we argue that the existence of greater organizational resources, in the form of higher quality colleagues, acts as a retention mechanism. We test our hypotheses using a panel data set of securities analysts in 24 securities firms over a 9-year period.... View Details
- 2010
- Working Paper
When Do Analysts Add Value? Evidence from Corporate Spinoffs
By: Emilie Rose Feldman, Stuart Gilson and Belen Villalonga
We investigate the information content and forecast accuracy of 1,793 analyst reports written around 62 spinoffs—a setting in which analysts' ability to inform investors is potentially very high. We find that analysts pay little attention to subsidiaries about to be... View Details
- February 2010
- Case
Shurgard Self-Storage: Expansion to Europe (Abridged)
Shurgard, a U.S.-based firm that rents storage facilities to consumers and small businesses, is considering financing options for rapid expansion of its European operations. Five years after entering Europe, Shurgard Europe has opened 17 facilities in Belgium, France,... View Details
- February 2010 (Revised October 2010)
- Case
YouTube: Time to Charge Users?
By: Anita Elberse and Sunil Gupta
In January 2010, YouTube, the world's largest online video aggregator, was still seeking to become profitable. Was the time right for Google, YouTube's parent company, to charge users seeking to upload content, as some analysts had suggested—and if so, who should be... View Details
- 2009
- Other Unpublished Work
When Do Analysts Add Value? Evidence from Corporate Spinoffs
By: Emilie Feldman, Stuart Gilson and Belen Villalonga
- November 2009 (Revised September 2010)
- Case
Discovering Hidden Gems: The Story of Daryl Morey, Shane Battier, and the Houston Rockets (A)
By: Frances X. Frei and Matthew Todd Perlberg
As NBA Commissioner David Stern approached the podium, silent anticipation gripped the 4,000 Houston Rockets fans gathered at the Rockets Draft Party. "With the 8th pick in the 2006 NBA draft," Stern began, "the Houston Rockets select Rudy Gay from the University of... View Details
- September 2009
- Article
Hidden Roadblocks in Cross-Border Talks
While most analysts and dealmakers are aware of "cultural" differences in negotiations that cross national borders--different protocol and process expectations, differences in the role of the individual versus the group, differences in attitudes toward risk and time,... View Details
- August 2009 (Revised February 2013)
- Case
Eddie Bauer (A)
By: Paul Healy, Sharon Katz and Aldo Sesia
In June 2005, Eddie Bauer, the specialty apparel retailer, emerged from bankruptcy. Under the plan of reorganization former creditors converted their debt into common shares, taking 100% ownership in the reconstituted company. Large banks-including Bank of America and... View Details
- 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
- March 2009
- Journal Article
Does Individual Performance Affect Entrepreneurial Mobility? Empirical Evidence from the Financial Analysis Market
By: Boris Groysberg, Ashish Nanda and M. Julia Prats
Our paper contributes to the studies on the relationship between workers' human capital and their decision to become self-employed as well as their probability to survive as entrepreneurs. Analysis from a panel data set of research analysts in investment banks over... View Details
- December 2008
- Case
JBS Swift & Co.
By: David E. Bell and Cathy Ross
Brazilian meat packer JBS surprised many in the U.S. beef industry when it acquired Swift & Co.—a company more than five times its size—in 2007, then moved to acquire the U.S.'s fourth and fifth largest beef producers in 2008. The new JBS Swift slashed costs and... View Details
- December 2008
- Article
The Teaching of Strategy: From General Manager to Analyst and Back Again?
By: Joseph L. Bower
Courses in strategy are an outgrowth of the business policy course first taught at Harvard Business School in 1912. This article examines how the teaching of a course concerned with the development and implementation of the goals and policies of a firm changed during... View Details
- November 2008 (Revised January 2012)
- Case
Teena Lerner: Dividing the Pie at Rx Capital (Abridged)
By: Boris Groysberg, Victoria Winston and Robin Abrahams
Teena Lerner, the CEO of Rx Capital, had a problem. Her three-year-old hedge fund was highly profitable, but in 2004, one of her four equities analysts lost a lot of money for the firm. If Lerner followed her existing compensation system, designed to reward teamwork,... View Details
- November 2008
- Journal Article
Can Research Committees Add Value for Investors? An Analysis of Lehman Brothers' Ten Uncommon Values® Recommendations
By: Boris Groysberg, Paul M. Healy and Yang Gui
Since 1949 Lehman Brothers has used an investment committee to select the top ten recommendations made by its analysts each year. We examine the performance of this committee's recommendations and find that on average its selections generated abnormal returns of 2.7%... View Details