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Show Results For
- All HBS Web
(953)
- News (195)
- Research (592)
- Events (1)
- Multimedia (2)
- Faculty Publications (242)
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- 24 May 2004
- Research & Ideas
When Reputation Trumps Regulation
from the literature has clearly shown that many local exchanges in emerging markets are suffering for the lack of strong legal and regulatory institutions to protect minority investors. When investors lose... View Details
Keywords: by Ann Cullen
- 11 Oct 2017
- Research & Ideas
The House Wants to Squelch Voices of ‘Small’ Shareholders. Research Shows Those Voices Matter.
Exxon’s institutional investors would be eligible to submit shareholder proposals under the current law, only 7 (at the time of this writing) would meet the 1 percent threshold. In high tech, the thresholds... View Details
Keywords: by Carmen Nobel
- 2008
- Working Paper
Do Legal Origins Have Persistent Effects Over Time? A Look at Law and Finance around the World c. 1900
By: Aldo Musacchio
How persistent are the effects of legal institutions adopted or inherited in the distant past? A substantial literature argues that legal origins have persistent effects that explain clear differences in investor protections and financial development around the world... View Details
Keywords: History; Law; Development Economics; Investment; Corporate Governance; Finance; Business and Government Relations
Musacchio, Aldo. "Do Legal Origins Have Persistent Effects Over Time? A Look at Law and Finance around the World c. 1900." Harvard Business School Working Paper, No. 08-030, January 2008.
- July 1998 (Revised August 1998)
- Case
Optimark: Launching a Virtual Securities Market
Bill Lupien's OptiMark Technologies, Inc., plans to launch a super-computer system in September, 1998 that he believes will release previously withheld liquidity to the securities market. While today's market matches those trades based on price and size, Lupien's... View Details
Keywords: Information Technology; Financial Markets; Product Launch; Financial Services Industry; United States
Sviokla, John J., and Melissa Dailey. "Optimark: Launching a Virtual Securities Market." Harvard Business School Case 399-005, July 1998. (Revised August 1998.)
- 2009
- Other Unpublished Work
The Pecora Hearings
By: David Moss, Cole Bolton and Eugene Kintgen
In 1932, in the depths of the Great Depression, the Senate Banking Committee began a much-publicized investigation of the nation's financial sector. The hearings, which came to be known as the Pecora hearings after the Banking Committee's lead counsel Ferdinand... View Details
- July 2003 (Revised January 2004)
- Case
Swedish Lottery Bonds
Profiling nonsystematic risk for a bond investor, the case describes lottery bond issues by the Swedish National Debt Office (SNDO). Swedish lottery bonds are a specific type of financial fixed income instrument for Swedish retail investors. The distinctive feature of... View Details
Keywords: Bonds; Business and Government Relations; Public Administration Industry; Retail Industry; Sweden
Chacko, George C., Peter A. Hecht, Vincent Dessain, and Anders Sjoman. "Swedish Lottery Bonds." Harvard Business School Case 204-048, July 2003. (Revised January 2004.)
- 2007
- Chapter
Legal Origin vs. the Politics of Creditor Rights: Bond Markets in Brazil, 1850-2002
By: Aldo Musacchio
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 determine the subsequent course of institutional and financial development? This... View Details
- 2010
- Working Paper
Law and Finance c. 1900
By: Aldo Musacchio
How persistent are the effects of legal institutions adopted or inherited in the distant past? A substantial literature argues that legal origins have persistent effects that explain clear differences in investor protections and financial development around the world... View Details
Musacchio, Aldo. "Law and Finance c. 1900." NBER Working Paper Series, No. 16216, July 2010.
- July 2021
- Article
Material Sustainability Information and Stock Price Informativeness
By: Jody Grewal, Clarissa Hauptmann and George Serafeim
As part of the SEC’s revision of Regulation S-K, many investors proposed the mandatory disclosure of sustainability information in the form of environmental, social, and governance (ESG) data. However, progress is contingent on collecting evidence regarding which... View Details
Keywords: Voluntary Disclosure; Accounting Standards; Sustainability; Nonfinancial Information; Corporate Social Responsibility; Stock Price Informativeness; Synchronicity; Environmental Sustainability; Corporate Disclosure; Corporate Accountability; Stocks; Price; Corporate Social Responsibility and Impact; Accounting; Standards
Grewal, Jody, Clarissa Hauptmann, and George Serafeim. "Material Sustainability Information and Stock Price Informativeness." Journal of Business Ethics 171, no. 3 (July 2021): 513–544.
- January 2017
- Case
T. Rowe Price and the Dell Inc. MBO (A)
By: Lena G. Goldberg
T. Rowe Price’s mutual funds, separate accounts, institutional investors, and retirement accounts were, in the aggregate, Dell Inc.’s third largest shareholder in 2013 when Dell announced a management-led buyout, or MBO, structured as a merger. In considering whether... View Details
Keywords: Fiduciary Duties; Management Buy-out; Mergers and Acquisitions; Valuation; Business and Shareholder Relations; Financial Services Industry; Computer Industry; Delaware
Goldberg, Lena G. "T. Rowe Price and the Dell Inc. MBO (A)." Harvard Business School Case 317-088, January 2017.
- 08 Sep 2003
- Research & Ideas
A Bold Proposal for Investment Reform
out of the rut we're currently in, both the suppliers and those demanding information have to be willing to consider radical ideas in terms of reform. What radical measures should the investor community or those demanding information... View Details
- 12 Oct 2006
- First Look
First Look: October 12, 2006
portion of their award winning investor relations program, and had previously been used only to enhance communications. The case allows a discussion of the relative merit of more formally including this information in BP's planning and... View Details
Keywords: Sean Silverthorne
- Article
The Ownership and Trading of Debt Claims in Chapter 11 Restructurings
By: Victoria Ivashina, Benjamin Iverson and David C. Smith
What is the ownership structure of bankrupt debt claims? How does the ownership evolve though bankruptcy? And how does debt ownership influence Chapter 11 outcomes? To answer these questions, we construct a data set that identifies the entire capital structure for 136... View Details
Keywords: Ownership Structure; Distressed Debt; Trading In Bankruptcy; Restructuring; Capital Structure; Insolvency and Bankruptcy; Ownership; Borrowing and Debt; United States
Ivashina, Victoria, Benjamin Iverson, and David C. Smith. "The Ownership and Trading of Debt Claims in Chapter 11 Restructurings." Journal of Financial Economics 119, no. 2 (February 2016): 316–335.
- January 2020
- Article
How Do Venture Capitalists Make Decisions?
By: Paul A. Gompers, William Gornall, Steven N. Kaplan and Ilya A. Strebulaev
We survey 885 institutional venture capitalists (VCs) at 681 firms to learn how they make decisions across eight areas: deal sourcing, investment selection, valuation, deal structure, post-investment value-added, exits, internal firm organization, and relationships... View Details
Gompers, Paul A., William Gornall, Steven N. Kaplan, and Ilya A. Strebulaev. "How Do Venture Capitalists Make Decisions?" Journal of Financial Economics 135, no. 1 (January 2020): 169–190.
- April 1994 (Revised August 1996)
- Case
American Express (A)
By: Jay W. Lorsch
In January 1993, the American Express board met to decide who would succeed James D. Robinson, III as chairman and CEO. The board needed to act in the spotlight of intense media and investor scrutiny, and after leaks had revealed that there was a conflict among the... View Details
Keywords: Decision Making; Corporate Governance; Resignation and Termination; Leadership; Management Succession; Performance Evaluation
Lorsch, Jay W. "American Express (A)." Harvard Business School Case 494-093, April 1994. (Revised August 1996.)
- 2013
- Book
Wall Street Research: Past, Present, and Future
By: Boris Groysberg and Paul M. Healy
Wall Street equity analysts provide research products and services on publicly-traded companies to institutional and retail investors to help them make more profitable investment decisions. During the last ten years Wall Street research has been battered by a series of... View Details
Keywords: Financial Analysts; Investment Banks; Conflicts Of Interest; Accounting; Financial Institutions; Financial Services Industry; United States
Groysberg, Boris, and Paul M. Healy. Wall Street Research: Past, Present, and Future. Palo Alto, CA: Stanford University Press, 2013.
- 30 Jul 2008
- Op-Ed
Why the U.S. Should Encourage FDI
Last year, foreign investors set new records for their acquisition activity in the United States. And 2008 began with nearly daily stories of American financial executives courting foreign direct investors, particularly sovereign wealth... View Details
Keywords: by Mihir A. Desai
- July 2018
- Teaching Note
Cumplo.com
Teaching Note for HBS No. 818-039. Teaching Note for HBS No. 818-039. Cumplo is a Chilean-based fin-tech startup that provides investors and small businesses with opportunities to access loans and investments in ways distinct from traditional financial institutions in... View Details
- September 2009
- Article
Finance and Politics: A Review Essay Based on Kenneth Dam's Analysis of Legal Traditions in The Law-Growth Nexus
By: Mark J. Roe and Jordan I. Siegel
Strong financial markets are widely thought to propel economic development, with many in finance seeing legal tradition as fundamental to protecting investors sufficiently for finance to flourish. Kenneth Dam finds that the legal tradition view inaccurately portrays... View Details
Keywords: Financial Development; Economic Development; Kenneth Dam; Finance; Government and Politics; Information; Law
Roe, Mark J., and Jordan I. Siegel. "Finance and Politics: A Review Essay Based on Kenneth Dam's Analysis of Legal Traditions in The Law-Growth Nexus." Journal of Economic Literature 47, no. 3 (September 2009): 781–800. (Strong financial markets are widely thought to propel economic development, with many in finance seeing legal tradition as fundamental to protecting investors sufficiently for finance to flourish. Kenneth Dam finds that the legal tradition view inaccurately portrays how legal systems work, how laws developed historically, and how government power is allocated in the various legal traditions. Yet, after probing the legal origins' literature for inaccuracies, Dam does not deeply develop an alternative hypothesis to explain the world's differences in financial development. Nor does he challenge the origins core data, which could be origins' trump card. Hence, his analysis will not convince many economists, despite that his legal learning suggests conceptual and factual difficulties for the legal origins explanations. Yet, a dense political economy explanation is already out there and the origins-based data has unexplored weaknesses consistent with Dam's contentions. Knowing if the origins view is truly fundamental, flawed, or secondary is vital for financial development policy making because policymakers who believe it will pick policies that imitate what they think to be the core institutions of the preferred legal tradition. But if they have mistaken views, as Dam indicates they might, as to what the legal traditions' institutions really are and which types of laws are effective, or what is really most important to financial development, they will make policy mistakes—potentially serious ones.)
- December 2007
- Article
Private Power in Indonesia
By: Louis T. Wells
The Asian Currency Crisis led to the collapse of agreements Indonesia had negotiated for private electric power only a few years earlier. The ensuing struggle meant bad publicity and several hundred million dollars in costs for Indonesia. As Indonesia in 2007 was... View Details
Keywords: Energy Generation; Government Legislation; Knowledge Management; Knowledge Sharing; Risk Management; Agreements and Arrangements; Business and Government Relations; Indonesia
Wells, Louis T. "Private Power in Indonesia." Bulletin of Indonesian Economic Studies 43, no. 3 (December 2007): 341–364.