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  • All HBS Web  (1,352)
    • People  (1)
    • News  (353)
    • Research  (789)
    • Events  (4)
    • Multimedia  (1)
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  • Article

The Cross Section of Expected Holding Period Returns and Their Dynamics: A Present Value Approach

By: Matthew R. Lyle and Charles C.Y. Wang
We provide a tractable model of firm-level expected holding period returns using two firm fundamentals—book-to-market ratio and ROE—and study the cross-sectional properties of the model-implied expected returns. We find that 1) firm-level expected returns and expected... View Details
Keywords: Expected Returns; Discount Rates; Holding Period Returns; Fundamental Valuation; Present Value; Valuation; Investment Return
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Lyle, Matthew R., and Charles C.Y. Wang. "The Cross Section of Expected Holding Period Returns and Their Dynamics: A Present Value Approach." Journal of Financial Economics 116, no. 3 (June 2015): 505–525.
  • June 2024
  • Supplement

Heritage Holding (A)

By: Richard S. Ruback and Royce Yudkoff
Pre-Abstract: Instructors should consider the timing of making videos available to students, as they may reveal key case details.

Abstract: The summer of 2022 marked a crucial period for Heritage Holding co-founders, Alex de Pfyffer and Ross Porter. The... View Details
Keywords: Acquisition; Small Business; Cost vs Benefits; Decisions; Business Education; Leadership Style; Leading Change; Business or Company Management; Problems and Challenges; Private Equity; Corporate Strategy; Business Model; North America
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Ruback, Richard S., and Royce Yudkoff. "Heritage Holding (A)." Harvard Business School Multimedia/Video Supplement 224-723, June 2024.
  • June 2024
  • Supplement

Heritage Holding (B)

By: Richard S. Ruback and Royce Yudkoff
Pre-Abstract: Instructors should consider the timing of making videos available to students, as they may reveal key case details.

Abstract: The summer of 2022 marked a crucial period for Heritage Holding co-founders, Alex de Pfyffer and Ross Porter. The... View Details
Keywords: Acquisition; Small Business; Cost vs Benefits; Decisions; Business Education; Leadership Style; Leading Change; Business or Company Management; Problems and Challenges; Private Equity; Corporate Strategy; Business Model; North America
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Ruback, Richard S., and Royce Yudkoff. "Heritage Holding (B)." Harvard Business School Multimedia/Video Supplement 224-724, June 2024.
  • November 2001 (Revised April 2002)
  • Case

Taking Charge at Dogus Holding (A)

By: Rakesh Khurana, Gina Carioggia and Simon Johnson
Describes 37-year-old Ferit Sahenk's challenges in taking over his father's traditionally managed $14 billion Turkish conglomerate in a period of economic instability. Leading the large holding company into the 21st century will require the establishment of a more... View Details
Keywords: Business Conglomerates; Trade; Competitive Strategy; Decision Making; Leadership; Performance Effectiveness; Organizational Change and Adaptation; Family Business; Change Management; Turkey
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Khurana, Rakesh, Gina Carioggia, and Simon Johnson. "Taking Charge at Dogus Holding (A)." Harvard Business School Case 402-009, November 2001. (Revised April 2002.)
  • 2007
  • Other Unpublished Work

Round Numbers and Security Returns

By: Edward Johnson, Nicole Bastian Johnson and Devin M. Shanthikumar
We document consistent differences in daily stock returns related to round numbers. In particular, we examine returns following previous day closing prices that are just above or just below round number benchmarks. We find, for both one-digit, two-digit and three-digit... View Details
Keywords: Stocks; Investment Return; Price; Market Transactions
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Johnson, Edward, Nicole Bastian Johnson, and Devin M. Shanthikumar. "Round Numbers and Security Returns." November 2007.
  • May 1996
  • Case

First Capital Holdings Corp.

By: Stuart C. Gilson, Harry DeAngelo and Linda DeAngelo
The manager of a money-management firm considers whether to invest in the securities of a large, financially troubled, California-based life insurance holding company that holds 40% of its assets in high-yield junk bonds. Over the past year, the value of its portfolio... View Details
Keywords: Risk Management; Debt Securities; Bonds; Valuation; Investment Return; Fair Value Accounting; Financial Institutions; Insurance Industry
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Gilson, Stuart C., Harry DeAngelo, and Linda DeAngelo. "First Capital Holdings Corp." Harvard Business School Case 296-032, May 1996.
  • June 1993 (Revised April 1998)
  • Case

COMCO Holding AG (B): COMCO Martech

By: Rosabeth M. Kanter
COMCO Martech was a new breed of joint venture for COMCO Holding, a mid-sized Swiss-German company that had grown over a five-year period through tie-ups with small, start-up companies. Whereas a typical COMCO venture provided services to a large German retailer, was... View Details
Keywords: Joint Ventures; Business Startups; Trade; Operations; Environmental Sustainability; Business or Company Management; Multinational Firms and Management; Partners and Partnerships; Switzerland; United States; Europe
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Kanter, Rosabeth M. "COMCO Holding AG (B): COMCO Martech." Harvard Business School Case 393-143, June 1993. (Revised April 1998.)
  • Research Summary

Cross-ownership, returns and voting in mergers

We show that institutional shareholders of acquiring companies on average do not lose money around public merger announcements, because they also hold substantial stakes in the targets and make up for the losses from the former with the gains from the latter. Depending... View Details
  • August 2024
  • Case

Keurig: A Return to Growth

By: David Fubini and Patrick Sanguineti
By the early 2010s, Keurig Green Mountain (KGM) had lost the momentum that had made it the name in at-home coffee brewing in North America. Following a series of product missteps, negative media scrutiny, and ongoing challenges to its partner relationships, in late... View Details
Keywords: Turnaround; Mergers and Acquisitions; Decisions; Initial Public Offering; Global Strategy; Growth and Development Strategy; Going Public; Diversification; Expansion; Food and Beverage Industry
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Fubini, David, and Patrick Sanguineti. "Keurig: A Return to Growth." Harvard Business School Case 425-009, August 2024.
  • 2014
  • Article

Bond Supply and Excess Bond Returns

By: Robin Greenwood and Dimitri Vayanos
We examine empirically how the maturity structure of government debt affects bond yields and excess returns. Our analysis is based on a theoretical model of preferred habitat in which clienteles with strong preferences for specific maturities trade with arbitrageurs.... View Details
Keywords: Bonds; Investment Return
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Greenwood, Robin, and Dimitri Vayanos. "Bond Supply and Excess Bond Returns." Review of Financial Studies 27, no. 3 (March 2014): 663–713. (Also earlier version NBER Working Paper Series, No. 13806, February 2008.)
  • 2024
  • Working Paper

Climate Solutions, Transition Risk, and Stock Returns

By: Shirley Lu, Edward J. Riedl, Simon Xu and George Serafeim
Using large language models to measure firms' climate solution products and services, we find that high-climate solution firms exhibit lower stock returns and higher market valuation multiples. Their stock prices respond positively to events signaling increased demand... View Details
Keywords: Technology; Generative Ai; Large Language Models; Climate Finance; Climate Change; Innovation and Invention; Environmental Sustainability; AI and Machine Learning; Investment; Financial Markets
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Lu, Shirley, Edward J. Riedl, Simon Xu, and George Serafeim. "Climate Solutions, Transition Risk, and Stock Returns." Harvard Business School Working Paper, No. 25-024, November 2024.
  • December 2020
  • Article

Stock Market Returns and Consumption

By: Marco Di Maggio, Amir Kermani and Kaveh Majlesi
This paper employs Swedish data containing security level information on households' stock holdings to investigate how consumption responds to changes in stock market returns. We exploit households’ portfolio weights in previous years as an instrument for actual... View Details
Keywords: Capital Gain; Dividend Income; Consumption; Near-rational Behavior; Investment Return; Household; Spending; Behavior
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Di Maggio, Marco, Amir Kermani, and Kaveh Majlesi. "Stock Market Returns and Consumption." Journal of Finance 75, no. 6 (December 2020): 3175–3219. (DFA Distinguished Paper Prize.)
  • October 2000
  • Article

The Equity Share in New Issues and Aggregate Stock Returns

By: Malcolm Baker and Jeffrey Wurgler
The share of equity issues in total new equity and debt issues is a strong predictor of U.S. stock market returns between 1928 and 1997. In particular, firms issue more equity than debt just before periods of low market returns. The equity share in new issues has... View Details
Keywords: Equity; Borrowing and Debt; Stocks; Markets; Debt Securities; Forecasting and Prediction; Accounting Industry; United States
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Baker, Malcolm, and Jeffrey Wurgler. "The Equity Share in New Issues and Aggregate Stock Returns." Journal of Finance 55, no. 5 (October 2000): 2219–57.
  • 26 Feb 2008
  • Working Paper Summaries

Long-Run Stockholder Consumption Risk and Asset Returns

Keywords: by Christopher J. Malloy, Tobias J. Moskowitz & Annette Vissing-Jørgensen; Financial Services
  • 2023
  • Working Paper

Avoiding Idiosyncratic Volatility: Flow Sensitivity to Individual Stock Returns

By: Marco Di Maggio, Francesco Franzoni, Shimon Kogan and Ran Xing
Despite positive and significant earnings announcement premia, we find that institutional investors reduce their exposure to stocks before earnings announcements. A novel result on the sensitivity of flows to individual stock returns provides a potential explanation.... View Details
Keywords: New Trading; Mutual Funds; Fund Flows; Limits To Arbitrage; Financial Constraints; Earnings Announcements; Institutional Investing; Stocks
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Di Maggio, Marco, Francesco Franzoni, Shimon Kogan, and Ran Xing. "Avoiding Idiosyncratic Volatility: Flow Sensitivity to Individual Stock Returns." Harvard Business School Working Paper, No. 23-072, March 2023. (Revise and Resubmit to The Journal of Finance.)
  • September 2016 (Revised March 2018)
  • Case

Qalaa Holdings and the Egyptian Refining Company

By: Victoria Ivashina and Marc Homsy
This case follows Qalaa Holdings, a successful Egypt-based private equity firm, and gives insight into the types of investments it pursued, its growth over time, and the limited partner base it had at hand. It also allows students to consider and debate whether the... View Details
Keywords: Africa; Structuring And Financing Large Projects; Private Equity; Infrastructure; Project Finance; Emerging Markets; Financial Services Industry; Egypt; Africa
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Ivashina, Victoria, and Marc Homsy. "Qalaa Holdings and the Egyptian Refining Company." Harvard Business School Case 217-011, September 2016. (Revised March 2018.)
  • 05 Jul 2006
  • Working Paper Summaries

A Cross-Sectional Analysis of the Excess Comovement of Stock Returns

Keywords: by Robin Greenwood; Financial Services
  • 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
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Musacchio, Aldo, and Francisco Flores-Macias. "The Return of State-Owned Enterprises: Should We Be Afraid?" Harvard International Review (website) (April 4, 2009).
  • July 2014
  • Article

Winners in the Spotlight: Media Coverage of Fund Holdings as a Driver of Flows

By: David H. Solomon, Eugene F. Soltes and Denis Sosyura
We show that media coverage of mutual fund holdings affects how investors allocate money across funds. Controlling for fund performance, fund holdings with high past returns attract extra flows only if these stocks were recently featured in major newspapers. In... View Details
Keywords: Prejudice and Bias; Media; Investment Funds; Financial Services Industry
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Solomon, David H., Eugene F. Soltes, and Denis Sosyura. "Winners in the Spotlight: Media Coverage of Fund Holdings as a Driver of Flows." Journal of Financial Economics 113, no. 1 (July 2014): 53–72.
  • December 13, 2022
  • Article

What Elon Musk Can Learn from Steve Jobs’s Return to Apple

By: Andy Wu and Goran Calic
Changing the strategic direction of an existing company is among the hardest management challenges out there. Most attempts fail. In trying to remake Twitter, Elon Musk has a daunting task ahead of him. There’s precedent, however, for dramatically reimagining a major... View Details
Keywords: Business or Company Management; Corporate Strategy; Change Management; Transformation
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Wu, Andy, and Goran Calic. "What Elon Musk Can Learn from Steve Jobs’s Return to Apple." Harvard Business Review (website) (December 13, 2022).
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