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- 2023
- Working Paper
The Stock Market and Bank Risk-Taking
By: David S. Scharfstein and Antonio Falato
Using confidential supervisory risk ratings, we document that banks increase risk after they go public compared to a control group of banks that filed to go public but withdrew their filings for plausibly exogenous reasons. The increase in risk increases short-term... View Details
Scharfstein, David S., and Antonio Falato. "The Stock Market and Bank Risk-Taking." Working Paper, September 2023.
- June 2017
- Article
Options Compensation as a Commitment Mechanism in Oligopoly Competition
By: Jun Ishii and David Hao Zhang
We analyze how CEO stock options compensation can be used as a commitment device in oligopolistic competition. We develop a two-stage model where shareholders choose managerial compensation to commit their managers to being aggressive in equilibrium. Our results may... View Details
Keywords: CEO Compensation; Ceo Risk-taking; Strategic Delegation; Stock Options; Executive Compensation
Ishii, Jun, and David Hao Zhang. "Options Compensation as a Commitment Mechanism in Oligopoly Competition." Managerial and Decision Economics 38, no. 4 (June 2017): 513–525.
- 07 Oct 2014
- HBS Seminar
Dylan Minor, Kellogg School of Management, Northwestern University
- 19 Jan 2016
- First Look
January 19, 2016
are less risk averse, or even risk-seeking, in order to improve performance. However, individuals amenable to increased risk-taking may be more likely to engage in misconduct. To study this issue, we explore U.S. political scandals and... View Details
Keywords: Sean Silverthorne
- 02 Nov 2009
- Research & Ideas
Shareholders Need a Say on Pay
With executive compensation soaring to unprecedented levels in recent years, the prickly issue of CEO pay has received increasing media and government attention. Now, with the perfect storm of a failing economy, government bailouts, and... View Details
- 24 Mar 2015
- First Look
First Look: March 24
by increased bank capital requirements can reduce overall bank funding costs and increase bank lending. I quantify this mechanism in a two-sector business cycle model featuring a banking sector that provides liquidity and has excessive View Details
Keywords: Sean Silverthorne
- 11 Sep 2007
- First Look
First Look: September 11, 2007
developing proven molecules from strategic partners to leapfrog competition and create large molecule biologics in India. The company understood that its transition from an API to an innovation-led company focused on new biologics would require patience and a View Details
Keywords: Martha Lagace
- 17 Jun 2014
- First Look
First Look: June 17
Working Papers Putting Skin in the Game: Managerial Ownership and Bank Risk-Taking By: Bouwens, Jan, and Arnt Verriest Abstract—This paper examines the relation between managerial ownership and bank risk exposure for a large sample of... View Details
Keywords: Sean Silverthorne
- 01 Mar 2011
- News
Cyberposium 16
Stores and the Mobile Revolution.” Other keynoters included Brad Garlinghouse (MBA ’97), president, AOL Consumer Applications, who is shifting AOL’s culture toward more risk-taking to achieve greater innovation and consumer engagement.... View Details
- 21 Sep 2009
- Research & Ideas
Excessive Executive Pay: What’s the Solution?
In the search for culprits in the global financial meltdown, bloated executive pay and the excessive risk-taking behavior it fueled stand out as prime suspects. Of the two, pay dominates the headlines and provokes the most public and... View Details
Keywords: by Roger Thompson
- 01 Sep 2009
- News
Over the Top
Illustration by Ken Orvidas/theispot.com In the search for culprits in the global financial meltdown, bloated executive pay and the excessive risk-taking behavior it fueled stand out as prime suspects. Of the two, pay dominates the... View Details
- 21 Jul 2011
- News
Social Investing’s Time Has Come
founder and CEO of Social Finance, a Boston-based nonprofit established in January to introduce SIBs to the United States. A companion organization with the same name is based in London. With governments here and abroad strapped for cash... View Details
- 01 Dec 2009
- News
Hope for Reform Dims
THAIN: Regulations failed to keep up with innovations in financial markets. A year after the federal government rushed to rescue Wall Street from its own nearly fatal excesses, former Merrill Lynch CEO John Thain (MBA ’79) worries “that... View Details
- 01 Oct 2002
- News
Faculty Research Symposium
nonprofits to the managerial emphasison unregulated pro forma earnings, to teamwork in health-care organizations. Synopses of three of the presentations follow. Pay Check: Equity-Based Compensation and Incentives In 2000, CEOs were... View Details
- 08 Jan 2020
- Research & Ideas
NFL Head Coaches Are Getting Younger. What Can Organizations Learn?
hopped in lateral cycles and the upward flow of creative offensive schemes stopped at the college level, with most teams running similar, risk-averse offenses, and innovation taking root slowly.” This conservative approach to hiring seems to have changed in recent... View Details
- Profile
David A. Frankel
introduced me to more great people,” Frankel said. He ended up backing 27 startups before he and Paley founded Founder Collective, a venture capital firm based in Harvard Square and New York (Chris Dixon was an integral part of the founding team but at the time, he was... View Details
- 01 Dec 2008
- News
No Easy Fix for the Financial Crisis
the bailout could very well calm the current crisis but also provoke even greater, and even more dangerous, risk-taking in the future.” Innovation Will Continue University Professor Robert Merton, who received the Nobel Prize in economics... View Details
- 21 Jan 2009
- First Look
First Look: January 21, 2009
paper: http://www.hbs.edu/research/pdf/08-012.pdf Cases & Course MaterialsArrow Electronics—The Apollo Acquisition Harvard Business School Case 607-007 Having already made 10 acquisitions of competitors in the last decade, the CEO... View Details
Keywords: Martha Lagace
- 15 Jun 2021
- News
June 2021 Books and Podcasts
York City to his time as an internationally touring opera singer, his business launch during the Great Recession, and ultimately to his position as founder and CEO of Aria, a real estate company with a mission to humanize the experience... View Details
- 02 Mar 2010
- First Look
First Look: March 2
taking in individuals' experiential decisions across different levels of risk. Specifically, we contrast three major views concerning the psychological constructs that underlie risk-taking behavior. The first is the classical economic... View Details
Keywords: Martha Lagace