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All HBS Web
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- Faculty Publications (125)
- 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.)
- June 2011 (Revised January 2013)
- Case
Oddo Securities―ESG Integration
By: Paul M. Healy
The case describes the process of integrating environmental, social, and governance issues into valuation models and research analyst recommendations.
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Keywords:
Financial Strategy;
Mathematical Methods;
Integration;
Valuation;
Environmental Sustainability;
Social Issues;
Governance Controls;
Investment
Serafeim, George, Paul M. Healy, and Aldo Sesia. "Oddo Securities―ESG Integration." Harvard Business School Case 111-085, June 2011. (Revised January 2013.)
- May 2011
- Article
Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting
By: George Serafeim
I analyze Embedded Value (EV) reporting by firms with life insurance operations to assess the impact of unregulated financial reporting on transparency and to examine the institutional characteristics that promote unregulated reporting. Under EV accounting the present...
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Keywords:
Financial Statements;
Mergers and Acquisitions;
Financial Reporting;
Cash Flow;
Contracts;
Equity;
Profit;
Value;
Corporate Disclosure;
Governing Rules, Regulations, and Reforms;
Business and Shareholder Relations;
Business Earnings
Serafeim, George. "Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting." Journal of Accounting Research 49, no. 2 (May 2011).
- March 2011 (Revised April 2011)
- Case
State Bank of India: Transforming a State Owned Giant
By: Rajiv Lal and Rachna Tahilyani
February 2011: O.P. Bhatt reflected contentedly on his five-year term as Chairman of State Bank of India (SBI), India's largest commercial bank. He had led SBI on a journey of transformation from an old, hierarchical, transaction oriented, government bank to a modern,...
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Keywords:
Transformation;
Customer Relationship Management;
Commercial Banking;
Leading Change;
Growth and Development Strategy;
Marketing;
Organizational Change and Adaptation;
Banking Industry;
India
Lal, Rajiv, and Rachna Tahilyani. "State Bank of India: Transforming a State Owned Giant." Harvard Business School Case 511-114, March 2011. (Revised April 2011.)
- March 2011
- Article
Accounting Scholarship That Advances Professional Knowledge and Practice
By: Robert S. Kaplan
Recent accounting scholarship has used statistical analysis on asset prices, financial reports and disclosures, laboratory experiments, and surveys of practice. The research has studied the interface among accounting information, capital markets, standard setters, and...
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Keywords:
Corporate Disclosure;
Asset Pricing;
Risk Management;
Surveys;
Capital Markets;
Measurement and Metrics;
Valuation;
Fair Value Accounting;
Management Analysis, Tools, and Techniques;
Financial Reporting
Kaplan, Robert S. "Accounting Scholarship That Advances Professional Knowledge and Practice." Accounting Review 86, no. 2 (March 2011).
- March 2011
- Article
Do Sell-Side Stock Analysts Exhibit Escalation of Commitment?
By: John Beshears and Katherine L. Milkman
This paper presents evidence that when an analyst makes an out-of-consensus forecast of a company's quarterly earnings that turns out to be incorrect, she escalates her commitment to maintaining an out-of-consensus view on the company. Relative to an analyst who was...
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Keywords:
Escalation Of Commitment;
Stock Market;
Updating;
Behavioral Economics;
Motivation and Incentives;
Behavior;
Consumer Behavior;
Financial Markets;
Forecasting and Prediction
Beshears, John, and Katherine L. Milkman. "Do Sell-Side Stock Analysts Exhibit Escalation of Commitment?" Journal of Economic Behavior & Organization 77, no. 3 (March 2011): 304–317.
- January 2011
- Case
The Risk-Reward Framework at Morgan Stanley Research
By: Suraj Srinivasan and David Lane
The case describes the Risk-Reward framework that Morgan Stanley analysts use as a systematic approach to communicate a broader range of fundamental insights about a company rather than the traditional single point estimates. The goal of the framework is to focus the...
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Keywords:
Financial Statements;
Forecasting and Prediction;
Equity;
Framework;
Management Analysis, Tools, and Techniques;
Risk Management;
Business Processes;
Research;
Valuation
Srinivasan, Suraj, and David Lane. "The Risk-Reward Framework at Morgan Stanley Research." Harvard Business School Case 111-011, January 2011.
- January 2011
- Case
Sidoti & Company: Launching a Micro-Cap Product
By: Boris Groysberg, Paul M. Healy and Sarah Abbott
It is 2010 and Sidoti & Company, a New York-based brokerage firm specializing in small capitalization stocks, has just launched a new product- micro cap stock research. The firm has hired a group of five analysts who will produce written research reports on micro-cap...
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Keywords:
Business Model;
Financial Strategy;
Product Launch;
Strategic Planning;
Corporate Strategy;
Financial Services Industry;
New York (city, NY)
Groysberg, Boris, Paul M. Healy, and Sarah Abbott. "Sidoti & Company: Launching a Micro-Cap Product." Harvard Business School Case 411-072, January 2011.
- September 2011
- Article
What Drives Sell-Side Analyst Compensation at High-Status Investment Banks?
By: Boris Groysberg, Paul M. Healy and David A. Maber
We use proprietary data from a major investment bank to investigate factors associated with analysts' annual compensation. We find compensation to be positively related to "All-Star" recognition, investment-banking contributions, the size of analysts' portfolios, and...
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Keywords:
Investment Banking;
Research;
Compensation and Benefits;
Investment Portfolio;
Forecasting and Prediction;
Resource Allocation;
Status and Position;
Business Earnings;
Quality;
Revenue;
Stocks;
Voting
Groysberg, Boris, Paul M. Healy, and David A. Maber. "What Drives Sell-Side Analyst Compensation at High-Status Investment Banks?" Journal of Accounting Research 49, no. 4 (September 2011): 969–1000.
- October 2010 (Revised December 2010)
- Case
Global Expansion at Sanford C. Bernstein (A) (Abridged)
By: Linda A. Hill and Dana Teppert
Sanford C. Bernstein, a premier sell-side research firm, is expanding globally, and has recently opened an office in Hong Kong. Global Director of Research Robert van Brugge must consider how best to organize the firm's research department to enhance cross-sector and...
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Keywords:
Cross-Cultural and Cross-Border Issues;
Globalized Firms and Management;
Organizational Structure;
Expansion;
Financial Services Industry;
Hong Kong
Hill, Linda A., and Dana Teppert. "Global Expansion at Sanford C. Bernstein (A) (Abridged)." Harvard Business School Case 411-063, October 2010. (Revised December 2010.)
- October 2010
- Supplement
Global Expansion at Sanford C. Bernstein (B) (Abridged)
By: Linda A. Hill and Dana Teppert
Sanford C. Bernstein, a premier sell-side research firm, is expanding globally, and has recently opened an office in Hong Kong. Global Director of Research Robert van Brugge must consider how best to organize the firm's research department to enhance cross-sector and...
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Keywords:
Leadership;
Problems and Challenges;
Global Strategy;
Perspective;
Adaptation;
Expansion;
Organizational Culture;
Cross-Cultural and Cross-Border Issues;
Financial Services Industry;
Hong Kong
Hill, Linda A., and Dana Teppert. "Global Expansion at Sanford C. Bernstein (B) (Abridged)." Harvard Business School Supplement 411-066, October 2010.
- October 2010 (Revised July 2012)
- Case
Global Expansion at Sanford C. Bernstein
By: Linda A. Hill and Dana Teppert
Sanford C. Bernstein, a premier sell-side research firm, is expanding globally and has recently opened an office in Hong Kong. Global Director of Research Robert van Brugge must consider how best to organize the firm's research department to enhance cross-sector and...
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Keywords:
Change Management;
Talent and Talent Management;
Globalized Firms and Management;
Knowledge Sharing;
Leading Change;
Organizational Change and Adaptation;
Organizational Design;
Research;
Financial Services Industry;
Hong Kong
Hill, Linda A., and Dana Teppert. "Global Expansion at Sanford C. Bernstein." Harvard Business School Case 411-051, October 2010. (Revised July 2012.)
- October 2010 (Revised July 2012)
- Supplement
Robin Bienenstock at Sanford C. Bernstein
By: Linda A. Hill and Dana Teppert
Robin Bienenstock, a senior sell-side equity research analyst at Sanford C. Bernstein, considers how to build her research franchise given the changing nature of the industry and the firm. A collaborative research paper called "Computer in Your Pocket" was recently...
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Keywords:
Employees;
Knowledge Dissemination;
Knowledge Sharing;
Leadership;
Groups and Teams;
Research;
Cooperation;
Financial Services Industry
Hill, Linda A., and Dana Teppert. "Robin Bienenstock at Sanford C. Bernstein." Harvard Business School Supplement 411-053, October 2010. (Revised July 2012.)
- October 2010 (Revised July 2012)
- Supplement
Toni Sacconaghi at Sanford C. Bernstein
By: Linda A. Hill and Dana Teppert
Toni Sacconaghi, a senior sell-side equity research analyst at Sanford C. Bernstein covering U.S. IT hardware companies, thinks about the challenges and opportunities presented by the firm's new office in Hong Kong. Sacconaghi was previously the only analyst covering...
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Keywords:
Employees;
Knowledge Sharing;
Knowledge Use and Leverage;
Research;
Social and Collaborative Networks;
Financial Services Industry;
Hong Kong;
United States
Hill, Linda A., and Dana Teppert. "Toni Sacconaghi at Sanford C. Bernstein." Harvard Business School Supplement 411-052, October 2010. (Revised July 2012.)
- 2010
- Working Paper
Accounting Scholarship that Advances Professional Knowledge and Practice
By: Robert S. Kaplan
Recent accounting scholarship has used statistical analysis on asset prices, financial reports and disclosures, laboratory experiments, and surveys of practice. The research has studied the interface among accounting information, capital markets, standard setters, and...
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Keywords:
Accounting;
Business Education;
Information;
Management Analysis, Tools, and Techniques;
Risk Management;
Measurement and Metrics;
Business Processes;
Performance Improvement;
Practice
Kaplan, Robert S. "Accounting Scholarship that Advances Professional Knowledge and Practice." Harvard Business School Working Paper, No. 11-043, October 2010.
- September 2010
- Article
Do Inventory and Gross Margin Data Improve Sales Forecasts for U.S. Public Retailers?
By: Saravanan Kesavan, Vishal Gaur and Ananth Raman
Firm-level sales forecasts for retailers can be improved if we incorporate cost of goods sold, inventory, and gross margin (defined here as the ratio of sales to cost of goods sold) as three endogenous variables. We construct a simultaneous equations model, estimated...
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Keywords:
Sales;
Forecasting and Prediction;
Distribution;
Goods and Commodities;
Cost;
Public Sector;
Profit;
Mathematical Methods;
Data and Data Sets;
Retail Industry;
United States
Kesavan, Saravanan, Vishal Gaur, and Ananth Raman. "Do Inventory and Gross Margin Data Improve Sales Forecasts for U.S. Public Retailers?" Management Science 56, no. 9 (September 2010).
- 2010
- Working Paper
When Do Analysts Add Value? Evidence from Corporate Spinoffs
By: Emilie Rose Feldman, Stuart Gilson and Belen Villalonga
We investigate the information content and forecast accuracy of 1,793 analyst reports written around 62 spinoffs—a setting in which analysts' ability to inform investors is potentially very high. We find that analysts pay little attention to subsidiaries about to be...
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Keywords:
Earnings Management;
Mergers and Acquisitions;
Business Subsidiaries;
Restructuring;
Forecasting and Prediction;
Insolvency and Bankruptcy;
Initial Public Offering;
Price;
Reports;
Research
Feldman, Emilie Rose, Stuart Gilson, and Belen Villalonga. "When Do Analysts Add Value? Evidence from Corporate Spinoffs." Harvard Business School Working Paper, No. 10-102, May 2010.
- February 2010
- Case
Shurgard Self-Storage: Expansion to Europe (Abridged)
Shurgard, a U.S.-based firm that rents storage facilities to consumers and small businesses, is considering financing options for rapid expansion of its European operations. Five years after entering Europe, Shurgard Europe has opened 17 facilities in Belgium, France,...
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Keywords:
Business Model;
Business Growth and Maturation;
Multinational Firms and Management;
Logistics;
Corporate Entrepreneurship;
Trade;
Equity;
Corporate Finance;
United States;
Europe
Hamermesh, Richard G. "Shurgard Self-Storage: Expansion to Europe (Abridged)." Harvard Business School Case 810-102, February 2010.
- August 2009 (Revised February 2013)
- Case
Eddie Bauer (A)
By: Paul Healy, Sharon Katz and Aldo Sesia
In June 2005, Eddie Bauer, the specialty apparel retailer, emerged from bankruptcy. Under the plan of reorganization former creditors converted their debt into common shares, taking 100% ownership in the reconstituted company. Large banks-including Bank of America and...
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Keywords:
Financial Statements;
Mergers and Acquisitions;
Restructuring;
Insolvency and Bankruptcy;
Stock Shares;
Valuation;
Apparel and Accessories Industry;
Retail Industry;
United States
Healy, Paul, Sharon Katz, and Aldo Sesia. "Eddie Bauer (A)." Harvard Business School Case 110-008, August 2009. (Revised February 2013.)
- 2009
- Working Paper
Do Analysts Follow Managers Who Switch Companies? An Analysis of Relationships in the Capital Markets.
By: Francois Brochet, Gregory S. Miller and Suraj Srinivasan
We examine the importance of professional relationships developed between analysts and managers by investigating analyst coverage decisions in the context of CEO and CFO moves between publicly listed firms. We find that top executive moves from an origin firm to a...
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Keywords:
Business and Stakeholder Relations;
Capital Markets;
Decisions;
Managerial Roles;
Financial Institutions;
Investment;
Market Participation;
Public Ownership;
Relationships
Brochet, Francois, Gregory S. Miller, and Suraj Srinivasan. "Do Analysts Follow Managers Who Switch Companies? An Analysis of Relationships in the Capital Markets." American Accounting Association Financial Accounting and Reporting Section Paper, August 2009. (Forthcoming, The Accounting Review, March 2014.)