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- All HBS Web (705)
- Faculty Publications (221)
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- 2018
- Working Paper
Detecting Anomalies: The Relevance and Power of Standard Asset Pricing Tests
By: Malcolm Baker, Patrick Luo and Ryan Taliaferro
The two standard approaches for identifying capital market anomalies are cross-sectional coefficient tests, in the spirit of Fama and MacBeth (1973), and time-series intercept tests, in the spirit of Jensen (1968). A new signal can pass the first test, which we label a... View Details
Keywords: Investment Management; Anomalies; Portfolio Construction; Transaction Costs; Investment; Management; Asset Pricing; Market Transactions; Cost
Baker, Malcolm, Patrick Luo, and Ryan Taliaferro. "Detecting Anomalies: The Relevance and Power of Standard Asset Pricing Tests." Working Paper, July 2018.
- January 2014
- Article
Randomized Tax Enforcement Messages: A Policy Tool for Improving Audit Strategies
By: Dina Pomeranz, Cristobal Marshall and Pamela Castellon
Reducing tax evasion is a key challenge for governments around the world, particularly in developing countries. This paper presents a methodology to generate information to optimize audit strategies. Randomly selected taxpayers receive a deterrence message. Comparing... View Details
Pomeranz, Dina, Cristobal Marshall, and Pamela Castellon. "Randomized Tax Enforcement Messages: A Policy Tool for Improving Audit Strategies." Tax Administration Review, no. 36 (January 2014): 1–21.
- Teaching Interest
Executive Education - Owner/President Management Program
Delivered in three units that span 24 months over three calendar years, the Owner/President Management (OPM) program is a transformative learning experience that boosts leadership skills and the value of participants’ enterprises. Sinozich teaches the Finance... View Details
- January – February 2011
- Article
Creating Shared Value
By: Michael E. Porter and Mark R. Kramer
The capitalist system is under siege. In recent years business has been criticized as a major cause of social, environmental, and economic problems. Companies are widely thought to be prospering at the expense of their communities. Trust in business has fallen to new... View Details
Keywords: Customer Value and Value Chain; Economic Growth; Economic Systems; Corporate Social Responsibility and Impact; Environmental Sustainability; Trust; Human Needs; Welfare; Competitive Advantage; Value Creation
Porter, Michael E., and Mark R. Kramer. "Creating Shared Value." Harvard Business Review 89, nos. 1-2 (January–February 2011): 62–77.
- 2018
- Working Paper
Corporate Tax Cuts Increase Income Inequality
By: Suresh Nallareddy, Ethan Rouen and Juan Carlos Suárez Serrato
This paper studies the effects of corporate tax changes on income inequality. Using state corporate tax rate changes as a setting, we show that cutting state corporate tax rates leads to increases in income inequality. This result is robust to using regression and... View Details
Nallareddy, Suresh, Ethan Rouen, and Juan Carlos Suárez Serrato. "Corporate Tax Cuts Increase Income Inequality." Harvard Business School Working Paper, No. 18-101, May 2018.
- Teaching Interest
Managing Human Capital: Keeping Hope Alive in Organizations (Not offered 2013-2014)
Managing Human Capital has been specifically designed to teach practical skills for the general manager who seeks to manage both other people and his or her own career with optimal effectiveness. Any and all students who believe they will need to effectively manage... View Details
- April 2011 (Revised April 2012)
- Case
Angels in British Columbia
By: Josh Lerner, Thomas Hellmann and Ilkin Ilyaszade
The case study provides an overview of the angel investment practices and describes government policies towards angel and venture capital investing in British Columbia, Canada. It focuses in particular on the Equity Capital Program (BCECP henceforth), which provides... View Details
Keywords: Venture Capital; Private Equity; Investment; Policy; Taxation; Performance Improvement; Programs; British Columbia
Lerner, Josh, Thomas Hellmann, and Ilkin Ilyaszade. "Angels in British Columbia." Harvard Business School Case 811-100, April 2011. (Revised April 2012.)
- 13 Jan 2015
- First Look
First Look: January 13
colleges by limiting the number of possible applications. Download working paper: http://www.nber.org/papers/w20774 Does Front-Loading Taxation Increase Savings? Evidence from Roth 401(k) Introductions By: Beshears, John, James J. Choi,... View Details
Keywords: Sean Silverthorne
- July 2017
- Case
Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor
By: Josh Lerner, John D. Dionne and Amram Migdal
The case examines the March 2015 Centerbridge Partners investment decision regarding whether to acquire Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. The case... View Details
Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Accommodations Industry; Entertainment and Recreation Industry; Financial Services Industry; North and Central America; United States
Lerner, Josh, John D. Dionne, and Amram Migdal. "Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor." Harvard Business School Case 818-023, July 2017.
- December 2004 (Revised August 2007)
- Background Note
LTCM's Profit Motive
By: Henry B. Reiling and Kevin Wall
This case summarizes the finding and reasoning inherent in the economic substance and penalty imposition holdings of the district court decision in Long Term Capital Holdings v. United States. The court upheld the IRS's contention that a transaction between Long Term... View Details
Reiling, Henry B., and Kevin Wall. "LTCM's Profit Motive." Harvard Business School Background Note 205-054, December 2004. (Revised August 2007.)
- November 1991 (Revised December 1996)
- Case
Pressco, Inc.--1985
A capital budgeting problem is viewed from the context of a marketing representative attempting to make a sale of energy saving heavy industrial equipment. Tax law changes promise to have a significant impact on the customer's decision process. Teaching purpose: To... View Details
Keywords: Capital Budgeting; Machinery and Machining; Valuation; Taxation; Customer Value and Value Chain; Cost vs Benefits; Inflation and Deflation; Cost Management; Product Marketing; North and Central America
Fruhan, William E., Jr. "Pressco, Inc.--1985." Harvard Business School Case 292-085, November 1991. (Revised December 1996.)
- April 4, 2009
- Article
The Return of State-Owned Enterprises: Should We Be Afraid?
By: Aldo Musacchio and Francisco Flores-Macias
The global financial crisis of 2008-2009 has prompted many industrialized states worldwide to increase their stakes in private corporations. This wave of partial nationalizations has come amidst full-scale expropriations in developing countries such as Venezuela,... View Details
Keywords: History; Private Ownership; State Ownership; Financial Crisis; Business and Government Relations
Musacchio, Aldo, and Francisco Flores-Macias. "The Return of State-Owned Enterprises: Should We Be Afraid?" Harvard International Review (website) (April 4, 2009).
- 2021
- Working Paper
No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions
By: Robert C. Merton and Richard T. Thakor
This paper analyzes the costs and benefits of a no-fault-default debt structure as an alternative to the typical bankruptcy process. We show that the deadweight costs of bankruptcy can be avoided or substantially reduced through no-fault-default debt, which permits a... View Details
Keywords: No-fault Default; Chapter 11; Insolvency and Bankruptcy; Borrowing and Debt; Governing Rules, Regulations, and Reforms; Financial Institutions; Contracts
Merton, Robert C., and Richard T. Thakor. "No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions." NBER Working Paper Series, No. 28341, January 2021.
- August 2016 (Revised August 2017)
- Case
AnswerDash (Abridged)
By: Elie Ofek and Jeffrey D. Shulman
It is 2014 and AnswerDash, a startup backed by venture capital, has not seen the widespread adoption of their online self-service customer support solution that they were expecting based on early success in helping clients save and generate substantial amounts of... View Details
Keywords: Pricing; Economic Value Estimation; Price Metrics; Organizational Selling; Innovation Adoption; Business To Business; Marketing; Customer Lifetime Value; Venture Capital; Customer Relationship Management; Price; Marketing Strategy; Entrepreneurship; Technology Adoption; Business Startups; Sales; Innovation and Invention; Product Marketing; Financial Services Industry
Ofek, Elie, and Jeffrey D. Shulman. "AnswerDash (Abridged)." Harvard Business School Case 517-020, August 2016. (Revised August 2017.)
- June 2016 (Revised August 2017)
- Case
AnswerDash
By: Elie Ofek and Jeffrey D. Shulman
It is 2014, and AnswerDash, a startup backed by venture capital, has not seen the widespread adoption of their online self-service customer support solution that they were expecting based on early success in helping clients save and generate substantial amounts of... View Details
Keywords: Pricing; Economic Value Estimation; Price Metrics; Organizational Selling; Innovation Adoption; Business To Business; Marketing; Customer Lifetime Value; Venture Capital; Customer Relationship Management; Price; Marketing Strategy; Entrepreneurship; Technology Adoption; Business Startups; Sales; Innovation and Invention; Product Marketing; Financial Services Industry
Ofek, Elie, and Jeffrey D. Shulman. "AnswerDash." Harvard Business School Case 516-106, June 2016. (Revised August 2017.)
- 24 Nov 2010
- Working Paper Summaries
Valuation When Cash Flow Forecasts Are Biased
Keywords: by Richard S. Ruback
- 28 Apr 2014
- Working Paper Summaries
Payout Policy
- fall 2008
- Article
The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market
By: Kenneth A. Froot
In this paper, I provide evidence concerning the imperfections in the reinsurance market. I try to get at some of the root causes of these imperfections, e.g., the behavior of ratings firms and the agency problems associated with the corporate form of ownership. I also... View Details
Keywords: Catastrophe Risk; Corporate Finance; Banking And Insurance; Hedging; Banking; Financial Markets; Insurance; Policy; Risk Management; Natural Disasters; Cost of Capital; Asset Pricing; Insurance Industry
Froot, Kenneth A. "The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market." Risk Management and Insurance Review 11, no. 2 (fall 2008): 281–294.
- July–August 2013
- Article
Building Sustainable Cities
By: John D. Macomber
By 2050 the number of people living in cities will have nearly doubled, to 6 billion, and the problems created by this rampant urbanization are among the most important challenges of our time. Of all resource-management issues, the author argues, water, electricity,... View Details
Macomber, John D. "Building Sustainable Cities." Harvard Business Review 91, nos. 7/8 (July–August 2013): 40–50.
- 2017
- Working Paper
Inventory Management for Mobile Money Agents in the Developing World
By: Karthik Balasubramanian, David F. Drake and Douglas Fearing
Mobile money systems, platforms built and managed by mobile network operators to allow money to be stored as digital currency, have burgeoned in the developing world as a mechanism to transfer money electronically. Mobile money agents exchange cash for electronic value... View Details
Balasubramanian, Karthik, David F. Drake, and Douglas Fearing. "Inventory Management for Mobile Money Agents in the Developing World." Harvard Business School Working Paper, No. 17-109, June 2017. (Presented at INFORMS 2015 and POMS 2016. Finalist and first runner up, Production and Operations Management College of Sustainable Operations Best Student Paper Award.)