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  • Article

Why Do Pro Forma and Street Earnings Not Reflect Changes in GAAP? Evidence from SFAS 123R

By: Ian D. Gow, Mary E. Barth and Daniel Taylor
This study examines how key market participants—managers and analysts—responded to SFAS 123R's controversial requirement that firms recognize stock-based compensation expense. Despite mandated recognition of the expense, some firms' managers exclude it from pro forma... View Details
Keywords: Motivation and Incentives; Employee Stock Ownership Plan
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  • September 2006 (Revised November 2006)
  • Supplement

SUN Brewing (A) (CW)

The Khemka family of India--founders, managers, and majority owners of Russia-based SUN Brewing--faces a difficult decision in 1998. Following the ruble's massive devaluation in August 1998, the stock price of SUN brewing, which is publicly listed on the Luxemburg... View Details
Keywords: Financial Crisis; Emerging Markets; Family Business; Financing and Loans; Capital Markets; Decision Choices and Conditions; Food and Beverage Industry; India; Russia
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  • 24 Jul 2000
  • Research & Ideas

Value Maximization and Stakeholder Theory

our actions and opportunities, at least in the short run. It is our job as directors, managers, and employees to resist the temptation to conform to the pressures of equity and debt markets when those markets do not have the private... View Details
Keywords: by Michael C. Jensen
  • 25 Sep 2018
  • First Look

New Research and Ideas, September 25, 2018

City–based startup, offering investors equity in individual CRE properties that its investment team had sourced and vetted. Traditional private equity (PE) funds required investors in CRE View Details
Keywords: Dina Gerdeman
  • 11 Aug 2009
  • First Look

First Look: August 11, 2009

profit from their private information relating to a specific financial reporting element, goodwill impairments, prior to its incorporation by the equity market or recognition by the firm's accounting system. Download the paper:... View Details
Keywords: Martha Lagace
  • Fast Answer

Investment analyst reports (equity research reports)

reports also are available via Pitchbook. Select Library, then Research Center and choose Morningstar) Standard & Poor's NetAdvantage (for equity analysis) Standard & Poor's Ratings Direct within Capital IQ (for credit... View Details
  • July 2021
  • Article

Invisible Inequality Leads to Punishing the Poor and Rewarding the Rich

By: Oliver P. Hauser, Gordon T. Kraft-Todd, David Rand, Martin A. Nowak and Michael I. Norton
Four experiments examine how the lack of awareness of inequality affects behaviour towards the rich and poor. In Experiment 1, participants who became aware that wealthy individuals donated a smaller percentage of their income switched from rewarding the wealthy to... View Details
Keywords: Income Transparency; Income; Wealth; Equality and Inequality; Knowledge; Behavior; Outcome or Result; Society; Policy
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  • September 2012 (Revised November 2014)
  • Case

Cialis Lifecycle Management: Lilly's BPH Dilemma

By: Elie Ofek and Natalie Kindred
How should Eli Lilly further develop and market a new indication of its highly successful erectile-dysfunction (ED) drug, Cialis, without confusing Cialis's hard-won brand equity with physicians and patients? With the final stages of clinical trials for the new... View Details
Keywords: Product Positioning; Attitudes; Brands and Branding; Pharmaceutical Industry; United States
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  • Web

California - Global

Jolla-based private equity fund of funds. Prior to her years at HBS, Allison was an Analyst in Goldman Sachs’s Executive Office, and a Researcher for the U.S. Department of Treasury Office of the Assistant Secretary for International... View Details
  • 2005
  • Other Unpublished Work

Corporate Financing Decisions When Investors Take the Path of Least Resistance

By: Malcolm Baker, Joshua Coval and Jeremy Stein
We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to... View Details
Keywords: Decisions; Behavior; Stocks; Mergers and Acquisitions; Policy; Investment; Financial Institutions; Equity; Corporate Finance
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    Howard H. Stevenson

    Howard H. Stevenson is Sarofim-Rock Baker Foundation Professor emeritus, former Senior Associate Dean, Director of Publishing, and Chair of the Harvard Business Publishing Company board. The Sarofim-Rock Chair was established in 1982 to provide a continuing base for... View Details

    Keywords: broadcasting; communications; computer; construction; financial services; forest products; health care; high technology; industrial goods; insurance industry; investment banking industry; manufacturing; paper; professional services; real estate; service industry; software; venture capital industry
    • April 2010 (Revised March 2011)
    • Case

    The Auction for Travelport (A)

    By: Andrei Hagiu and Misha Sanwal
    A senior Blackstone director is deciding how aggressively to bid for Travelport, a travel distribution business containing several key services and platforms. Travelport's most important properties were Galileo, one of the top 3 global distribution systems (GDSs),... View Details
    Keywords: Value Creation; Product Positioning; Cost vs Benefits; Private Equity; Leveraged Buyouts; Competitive Advantage; Auctions; Industry Structures; Travel Industry
    Related
    • 19 Aug 2008
    • First Look

    First Look: August 19, 2008

    Consequences to Missing Quarterly Earnings Benchmarks Authors:Rick Mergenthaler, Shiva Rajgopal, Suraj Srinivasan Abstract We find that missing quarterly earnings benchmarks, especially the analyst consensus earnings number, is associated with career penalties in the... View Details
    Keywords: Sean Silverthorne
    • Fast Answer

    Bloomberg: tickers

     On the page that appears, choose options listed under Equity Securities for equity or under Debt Securities for debt. Or, hit appropriate yellow key, type TK, then hit GO; e.g., ... View Details
    • 07 Apr 2022
    • Research & Ideas

    Giving Back: Consumers Care More About How Companies Donate Than How Much

    in which they donate a higher proportion of short-term profits. They might also reassess their marketing of programs like Pledge 1% in which companies promise to donate 1 percent of annual profits, employee time or company equity to... View Details
    Keywords: by Pamela Reynolds
    • Web

    Measuring Sentiment & Expectations - Behavioral Finance & Financial Stability

    updates and corrections of the data by Mergent. Current version update: Sept 2020. Equity Market Sentiment "Sent" Baker and Wurgler developed an index of equity market sentiment that captures the common... View Details
    • Web

    Mid-US - Global

    Motivated by a pivotal life experience and deep concern for racial health inequities, Martin transitions from a successful hedge fund career to champion health equity through WellWithAll. He leverages his extensive network and industry... View Details
    • Web

    About - Business & Environment

    Futures in 2020 to help democratize climate science and build bridges between climate science and many other disciplines. Reynir Indahl (MBA 1998), Managing Partner, Summa Equity Reynir Indahl is working with George Serafeim on projects... View Details
    • Web

    HBS - The year in Review

    innovative programs – most notably, the new Digital Transformation Certificate, awarded to those who complete three qualifying programs. More on the Digital Transformation Certificate Race, Gender & Equity Initiative Announced HBS... View Details
    • 24 Oct 2018
    • Sharpening Your Skills

    Startup or Established Company? Which Is Best for You?

    models, or have limited budget to get work done. But you may earn high-value equity in exchange for lower-than-market-level pay. If you want to dig more into deciding which startup to join, I suggest Jeff Bussgang’s book Entering... View Details
    Keywords: by Julia B. Austin