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All HBS Web
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- Faculty Publications (252)
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- 2013
- Working Paper
Inequality and Decision Making: Imagining a New Line of Inquiry
By: David Moss, Anant Thaker and Howard Rudnick
The substantial increase in inequality in the United States over the past three decades has provoked considerable debate, with some analysts characterizing rising inequality as among the greatest threats facing the nation and others dismissing it as little more than a...
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Keywords:
Equality and Inequality;
Income;
Decision Making;
Government and Politics;
Economics;
United States
Moss, David, Anant Thaker, and Howard Rudnick. "Inequality and Decision Making: Imagining a New Line of Inquiry." Harvard Business School Working Paper, No. 13-099, June 2013.
- 2013
- Article
Learning and the Disappearing Association Between Governance and Returns
By: Lucian A. Bebchuk, Alma Cohen and Charles C.Y. Wang
The correlation between governance indices and abnormal returns documented for 1990–1999 subsequently disappeared. The correlation and its disappearance are both due to market participants' gradually learning to appreciate the difference between good-governance and...
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Keywords:
Corporate Governance;
Investment Return;
Operations;
Performance;
Value;
Learning;
Business Earnings;
Behavioral Finance
Bebchuk, Lucian A., Alma Cohen, and Charles C.Y. Wang. "Learning and the Disappearing Association Between Governance and Returns." Journal of Financial Economics 108, no. 2 (May 2013): 323–348. (2013 IRRCi Investor Research Award.)
- May 2013
- Article
The Stock Selection and Performance of Buy-Side Analysts
Prior research on equity analysts focuses almost exclusively on those employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research and their analysts face different stock selection and recommendation incentives...
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Keywords:
Buy-side Analysts;
Sell-side Analysts;
Stock Recommendations;
Recommendation Optimism;
Recommendation Performance;
Investment Recommendations;
Conflicts Of Interest;
Financial Markets;
Financial Institutions;
Financial Services Industry;
United States
Groysberg, Boris, Paul Healy, George Serafeim, and Devin Shanthikumar. "The Stock Selection and Performance of Buy-Side Analysts." Management Science 59, no. 5 (May 2013): 1062–1075.
- April 2013
- Case
Managing with Analytics at Procter & Gamble
By: Thomas H. Davenport, Marco Iansiti and Alain Serels
Senior management at P&G has put a strong emphasis on using data to make "better, smarter, real-time business decisions." The Global Business Services (GBS) organization has developed tools, systems and processes to provide managers throughout P&G with direct access to...
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Keywords:
Analytics;
Data Management;
Forecasting;
Shared Services;
Procter & Gamble;
Laundry Detergent;
Information Management;
Forecasting and Prediction;
Information Technology;
Mathematical Methods;
Consumer Products Industry;
North America
Davenport, Thomas H., Marco Iansiti, and Alain Serels. "Managing with Analytics at Procter & Gamble." Harvard Business School Case 613-045, April 2013.
- 2013
- Article
Boardroom Centrality and Firm Performance
By: David F. Larcker, Eric C. So and Charles C.Y. Wang
Firms with central or well-connected boards of directors earn superior risk-adjusted stock returns. Initiating a long position in the most central firms and a short position in the least central firms earns an average risk-adjusted return of 4.68% per year. Firms with...
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Larcker, David F., Eric C. So, and Charles C.Y. Wang. "Boardroom Centrality and Firm Performance." Journal of Accounting & Economics 55, nos. 2-3 (April–May 2013): 225–250.
- March 2013
- Case
NovaStar Financial: A Short Seller's Battle
By: Suraj Srinivasan and Amy Kaser
The NovaStar case describes the challenges faced by short seller Marc Cohodes of hedge fund Rocker Partners as he tried to expose what he thought was widespread fraud in mortgage lender NovaStar Financial. The case is set in the time period from 2001 to 2007 and tracks...
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Keywords:
Short Selling;
Financial Accounting;
Financial Analysis;
Financial Analysts;
Valuation;
Business Analysis;
Financial Statement Analysis;
Financial Statements;
Securitization;
Securities Analysis;
Fraud;
Accounting Quality;
Accounting Red Flags;
Accounting Restatements;
Hedge Fund;
Hedge Funds;
Accounting Scandal;
Accounting Fraud;
Financial Crisis;
Financial Intermediaries;
Financial Firms;
Corporate Accountability;
Subprime Lending;
Mortgage Lending;
Accounting;
Accrual Accounting;
Fair Value Accounting;
Governance;
Governance Compliance;
Corporate Governance;
Governance Controls;
Financial Services Industry;
United States;
California
Srinivasan, Suraj, and Amy Kaser. "NovaStar Financial: A Short Seller's Battle." Harvard Business School Case 113-120, March 2013.
- January 2013 (Revised August 2013)
- Case
First Solar: CFRA's Accounting Quality Concerns
By: Suraj Srinivasan and Ian McKown Cornell
The case relates to accounting quality analysis conducted by the leading research firm Center for Financial Research and Analysis (CFRA) on companies in the solar industry with a focus on First Solar Inc. In 2009, CFRA was concerned that First Solar, like much of the...
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Keywords:
Accounting;
Accounting Quality;
Financial Accounting;
Financial Statement Analysis;
Accounting Fraud;
Accounting Red Flags;
Accounting Scandal;
Risk and Uncertainty;
Quality;
Earnings Management;
Valuation;
Crime and Corruption;
Financial Statements;
Energy Sources;
Green Technology Industry;
Accounting Industry;
Energy Industry
Srinivasan, Suraj, and Ian McKown Cornell. "First Solar: CFRA's Accounting Quality Concerns." Harvard Business School Case 113-044, January 2013. (Revised August 2013.)
- January 2013
- Article
Level Two Negotiations: Helping the Other Side Meet Its 'Behind-the-Table' Challenges
A long analytic tradition has explored the challenge of productively synchronizing "internal" with "external" negotiations, with a special focus on how each side can best manage internal opposition to agreements negotiated "at the table." Implicit in much of this work...
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Keywords:
James Baker;
Internal Negotiation;
Dispute Resolution;
Bargaining;
Two-level Games;
Negotiation;
Germany;
United States
Sebenius, James K. "Level Two Negotiations: Helping the Other Side Meet Its 'Behind-the-Table' Challenges." Negotiation Journal 29, no. 1 (January 2013): 7–21.
- June 2012
- Article
Decoding Inside Information
By: Lauren Cohen, Christopher Malloy and Lukasz Pomorski
Using a simple empirical strategy, we decode the information in insider trading. Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable "routine" insider trading that is not informative for the future of firms....
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Keywords:
Strategy;
Financial Markets;
Forecasting and Prediction;
Law Enforcement;
Opportunities;
Geographic Location;
Business Earnings
Cohen, Lauren, Christopher Malloy, and Lukasz Pomorski. "Decoding Inside Information." Journal of Finance 67, no. 3 (June 2012): 1009–1043. (Winner of Chicago Quantitative Alliance Academic Paper Competition. First Prize presented by Chicago Quantitative Alliance. Winner of Institute for Quantitative Investment Research (INQUIRE) Grant presented by Institute for Quantitative Investment Research.)
- Spring 2013
- Article
Does Mandatory IFRS Adoption Improve the Information Environment?
By: Joanne Horton, George Serafeim and Ioanna Serafeim
We examine the effect of mandatory International Financial Reporting Standards (IFRS) adoption on firms' information environment. We find that after mandatory IFRS adoption, consensus forecast errors decrease for firms that mandatorily adopt IFRS relative to forecast...
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Keywords:
International Accounting;
Financial Reporting;
Standards;
Information;
Quality;
Earnings Management
Horton, Joanne, George Serafeim, and Ioanna Serafeim. "Does Mandatory IFRS Adoption Improve the Information Environment?" Contemporary Accounting Research 30, no. 1 (Spring 2013): 388–423.
- December 2012
- Case
Trouble Brewing for Green Mountain Coffee Roasters
By: Suraj Srinivasan and Michael Norris
In October 2011, noted hedge fund manager David Einhorn of Greenlight Capital delivered a presentation at an investors' conference analyzing the business and accounting quality weaknesses of Green Mountain Coffee Roasters. Until then Green Mountain had exhibited rapid...
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Keywords:
Accounting Fraud;
Accounting Quality;
Accounting Red Flags;
Accounting Restatements;
Accounting Scandal;
Accounting Information;
Financial Accounting;
Financial Analysts;
Financial Analysis;
Financial Intermediaries;
Hedge Funds;
Financial Ratios;
Financial Statement Analysis;
Valuation Methodologies;
Earnings Quality;
Accounting;
Quality;
Earnings Management;
Valuation;
Crime and Corruption;
Mergers and Acquisitions;
Financial Reporting;
Investment Funds;
Financial Statements;
Food and Beverage Industry
Srinivasan, Suraj, and Michael Norris. "Trouble Brewing for Green Mountain Coffee Roasters." Harvard Business School Case 113-035, December 2012.
- November 2012
- Article
What Makes Analysts Say 'Buy'?
Groysberg, Boris, Paul M. Healy, Nitin Nohria, and George Serafeim. "What Makes Analysts Say 'Buy'?" Harvard Business Review 90, no. 11 (November 2012).
- October 2012
- Case
Hill Country Snack Foods Co.
By: W. Carl Kester and Craig Stephenson
Hill Country Snack Foods, located in Austin, Texas, manufactures, markets, and distributes snack foods and frozen treats. The CEO is passionate about maximizing shareholder value and believes in keeping tight control over costs and operating the business as efficiently...
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Keywords:
United States;
Financial Strategy;
Debt Management;
Retail Trade;
Risk Management;
Food;
Capital Structure;
Corporate Finance;
Retail Industry;
Food and Beverage Industry;
Texas
Kester, W. Carl, and Craig Stephenson. "Hill Country Snack Foods Co." Harvard Business School Brief Case 913-517, October 2012.
- 2012
- Article
Hiring Cheerleaders: Board Appointments of 'Independent' Directors
By: Lauren Cohen, Andrea Frazzini and Christopher Malloy
We provide evidence that firms appoint independent directors who are overly sympathetic to management, while still technically independent according to regulatory definitions. We explore a subset of independent directors for whom we have detailed, micro-level data on...
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Keywords:
Recruitment;
Management;
Corporate Governance;
Performance;
Governing and Advisory Boards;
Executive Compensation;
Governing Rules, Regulations, and Reforms;
Prejudice and Bias
Cohen, Lauren, Andrea Frazzini, and Christopher Malloy. "Hiring Cheerleaders: Board Appointments of 'Independent' Directors." Management Science 58, no. 6 (June 2012): 1039–1058.
- May 2012
- Article
Complicated Firms
By: Lauren Cohen and Dong Lou
We exploit a novel setting in which the same piece of information affects two sets of firms: one set of firms requires straightforward processing to update prices, while the other set requires more complicated analyses to incorporate the same piece of information into...
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Keywords:
Investment Portfolio;
Information;
Price;
Forecasting and Prediction;
Complexity;
Mathematical Methods
Cohen, Lauren, and Dong Lou. "Complicated Firms." Journal of Financial Economics 104, no. 2 (May 2012). (Winner of Istanbul Stock Exchange 25th Anniversary Best Paper Competition. First Prize presented by Istanbul Stock Exchange. Winner of Center for Research in Security Prices Forum. Best Paper Prize presented by University of Chicago Booth School of Business. Winner of Paul Woolley Centre for the Study of Capital Market Dysfunctionality. Academic Grant presented by Paul Woolley Centre for the Study of Capital Market Dysfunctionality. Winner of Crowell Memorial Prize For the best paper on quantitative investing presented by PanAgora Asset Management, Inc.)
- Article
The Stock Selection and Performance of Buy-Side Analysts
We examine the selection and performance of stocks recommended by analysts at a large investment firm relative to those of sell-side analysts during the period mid-1997 and 2004. The buy-side firm's analysts issued less optimistic recommendations for stocks with larger...
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Keywords:
Buy-side Analysts;
Sell-side Analysts;
Stock Recommendations;
Recommendation Optimism;
Recommendation Performance;
Investment Recommendations;
Conflicts Of Interest;
Financial Markets;
Financial Institutions;
Stocks;
Financial Services Industry;
United States
Groysberg, Boris, Paul M. Healy, Georgios Serafeim, Devin Shanthikumar, and Gui Yang. "The Stock Selection and Performance of Buy-Side Analysts." Harvard Business School Working Knowledge (March 20, 2012).
- September 2011 (Revised September 2013)
- Case
The K-Dow Petrochemicals Joint Venture
By: Guhan Subramanian, James K. Sebenius, Phillip Andrews, Rhea Ghosh and Charlotte Krontiris
In 2007, the Dow Chemical Company and the Kuwait Petroleum Corporation announced plans to launch a multibillion-dollar joint venture. Later known as K-Dow Petrochemicals, it would be one of the largest manufacturers of chemicals and plastics in the world. Analysts...
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Subramanian, Guhan, James K. Sebenius, Phillip Andrews, Rhea Ghosh, and Charlotte Krontiris. "The K-Dow Petrochemicals Joint Venture." Harvard Business School Case 912-002, September 2011. (Revised September 2013.)
- September 2011
- Article
Information Risk and Fair Value: An Examination of Equity Betas
By: Edward J. Riedl and George Serafeim
Using a sample of U.S. financial institutions, we exploit recent mandatory disclosures of financial instruments designated as fair value level 1, 2, and 3 to test whether greater information risk in financial instrument fair values leads to higher cost of capital. We...
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Keywords:
Forecasting and Prediction;
Assets;
Cost of Capital;
Financial Institutions;
Financial Instruments;
Corporate Disclosure;
Information;
Risk and Uncertainty;
Value;
United States
Riedl, Edward J., and George Serafeim. "Information Risk and Fair Value: An Examination of Equity Betas." Journal of Accounting Research 49, no. 4 (September 2011): 1083–1122.
- 2011
- Chapter
The Analyst Recommendation and Earnings Forecast Anomaly
By: George Serafeim
Serafeim, George. "The Analyst Recommendation and Earnings Forecast Anomaly." Chap. 3 in The Handbook of Equity Market Anomalies: Translating Market Inefficiencies into Effective Investment Strategies, edited by Len Zacks, 63–91. John Wiley & Sons, 2011.
- August 2011 (Revised July 2012)
- Case
Mike Mayo Takes on Citigroup (A)
By: Suraj Srinivasan and Amy Kaser
The case details the conflict between Mike Mayo, an influential banking analyst and Citigroup about what Mayo considers aggressive accounting policies. Mike Mayo questions Citigroup's lack of a valuation allowance against their Deferred Tax Assets despite Citi's recent...
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Keywords:
Accounting;
Taxation;
Capital;
Financial Reporting;
Corporate Disclosure;
Valuation;
Banks and Banking;
Financial Strategy;
Money;
Conflict Management;
Capital Budgeting;
Asset Management;
Banking Industry
Srinivasan, Suraj, and Amy Kaser. "Mike Mayo Takes on Citigroup (A)." Harvard Business School Case 112-025, August 2011. (Revised July 2012.)