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All HBS Web
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- Faculty Publications (105)
- 2008
- Working Paper
Inexperienced Investors and Bubbles
By: Robin Greenwood and Stefan Nagel
We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the...
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Keywords:
Investment;
Stocks;
Information Technology;
Price Bubble;
Asset Management;
Experience and Expertise
Greenwood, Robin, and Stefan Nagel. "Inexperienced Investors and Bubbles." NBER Working Paper Series, No. 14111, June 2008.
- November 2007 (Revised March 2009)
- Case
OppenheimerFunds and Take-Two Interactive (A)
By: Jay W. Lorsch, Andrew Hill and Kaitlyn Simpson
Describes the dilemma faced by Emmanuel Ferreira, a fund manager at OppenheimerFunds. As the largest shareholder and a long-time investor in software publisher Take-Two Interactive, Ferreira contemplates whether or not to get involved with other investors in trying to...
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Keywords:
Restructuring;
Decision Choices and Conditions;
Investment;
Corporate Governance;
Governing and Advisory Boards;
Business and Shareholder Relations
Lorsch, Jay W., Andrew Hill, and Kaitlyn Simpson. "OppenheimerFunds and Take-Two Interactive (A)." Harvard Business School Case 408-074, November 2007. (Revised March 2009.)
- October 2007 (Revised November 2007)
- Case
Barclays Global Investors and Exchange Traded Funds
By: Luis M. Viceira and Alison Berkley Wagonfeld
Provides an overview of the Exchange Traded Funds (EFT) industry and highlights the leadership role that Barclays Global Investors (BGI) has played in this developing asset class. BGI launched its first ETFs under the iShares brand name in 2000, and by mid-2007 BGI was...
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Keywords:
History;
Venture Capital;
Asset Management;
Stocks;
Investment Funds;
Leading Change;
Expansion;
Competitive Strategy;
Capital Markets;
Global Strategy;
Financial Strategy;
Banking Industry;
Financial Services Industry;
Asia;
Europe
Viceira, Luis M., and Alison Berkley Wagonfeld. "Barclays Global Investors and Exchange Traded Funds." Harvard Business School Case 208-033, October 2007. (Revised November 2007.)
- 2007
- Working Paper
Hedge Fund Investor Activism and Takeovers
By: Robin Greenwood and Michael Schor
We examine long-horizon stock returns around hedge fund activism in a comprehensive sample of 13D filings by portfolio investors between 1993 and 2006. Abnormal returns surrounding investor activism are high for the subset of targets that are...
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Keywords:
Mergers and Acquisitions;
Private Equity;
Investment Return;
Investment Activism;
Investment Portfolio;
Corporate Governance
Greenwood, Robin, and Michael Schor. "Hedge Fund Investor Activism and Takeovers." Harvard Business School Working Paper, No. 08-004, July 2007.
- 2007
- Other Unpublished Work
Hedge Fund Investor Activism and Takeovers
By: Robin Greenwood and Michael Schor
We examine long-horizon stock returns around hedge fund activism in a comprehensive sample of 13D filings by portfolio investors between 1993 and 2006. Abnormal returns surrounding investor activism are high for the subset of targets that are acquired ex-post, but not...
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Keywords:
Mergers and Acquisitions;
Private Equity;
Investment Return;
Investment Activism;
Investment Portfolio;
Corporate Governance
Greenwood, Robin, and Michael Schor. "Hedge Fund Investor Activism and Takeovers." 2007.
- June 2007 (Revised March 2008)
- Case
Zoots - Financing Growth (A)
By: Michael J. Roberts, William A. Sahlman and Todd Krasnow
Traces the genesis and founding of Zoots, the largest chain of dry cleaning establishments in the U.S. Founded by some of the founders of the very successful Staples chain, the company raises a very large amount of capital without fully proving its business model, and...
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Keywords:
Business Startups;
Decision Choices and Conditions;
Venture Capital;
Financial Strategy;
Investment Return;
Growth and Development Strategy;
Valuation;
United States
Roberts, Michael J., William A. Sahlman, and Todd Krasnow. "Zoots - Financing Growth (A)." Harvard Business School Case 807-139, June 2007. (Revised March 2008.)
- March 2007 (Revised March 2009)
- Case
Cherrypicks
By: William R. Kerr
Cherrypicks is a Hong Kong communications start-up approaching a large Korean mobile operator for a partnership to take the operator's products to markets outside of Korea. SK Telecom's (SKT) Ring Back Tones (RBT) product is a spectacular success in South Korea, but...
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Keywords:
Business Model;
Business Startups;
Communication Strategy;
Entrepreneurship;
Partners and Partnerships;
Communications Industry;
China;
Hong Kong;
South Korea
Kerr, William R. "Cherrypicks." Harvard Business School Case 807-106, March 2007. (Revised March 2009.)
- July 2006 (Revised March 2008)
- Case
Changan Automobile Co., Ltd.
By: Dennis Campbell and Donglin Xia
Chairman Yin Jiaxu must communicate that the company's extraordinary reported performance in 2002 reflects Changan's unique strategy within the competitive dynamics of China's automobile industry. Changan's 2002 annual report demonstrated an extraordinary level of...
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Keywords:
Financial Reporting;
Ethics;
Corporate Disclosure;
Media;
Business and Shareholder Relations;
Auto Industry;
China
Campbell, Dennis, and Donglin Xia. "Changan Automobile Co., Ltd." Harvard Business School Case 107-006, July 2006. (Revised March 2008.)
- July 2005 (Revised September 2020)
- Case
The U.S. Current Account Deficit
By: Laura Alfaro, Rafael Di Tella, Ingrid Vogel, Renee Kim, Sarah Jeong, Matthew Johnson and Jonathan Schlefer
Investors and policymakers throughout the world were confronted with the risk of painful economic consequences arising from the large U.S. current account deficit. In 2007, the U.S. current account deficit was $731 billion, equivalent to 5.3% of GDP. The implications...
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Keywords:
World Economy;
Macroeconomics;
Borrowing and Debt;
Currency;
Foreign Direct Investment;
Business and Government Relations;
United States
Alfaro, Laura, Rafael Di Tella, Ingrid Vogel, Renee Kim, Sarah Jeong, Matthew Johnson, and Jonathan Schlefer. "The U.S. Current Account Deficit." Harvard Business School Case 706-002, July 2005. (Revised September 2020.)
- March 2005
- Article
Short- and Long-term Demand Curves for Stocks: Theory and Evidence on the Dynamics of Arbitrage
By: Robin Greenwood
I develop a framework to analyze demand curves for multiple risky securities at extended horizons in a setting with limits-to-arbitrage. Following an unexpected change in uninformed investor demand for several assets, I predict returns of each security to be...
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Keywords:
Limits To Arbitrage;
Event Studies;
Demand Curves;
Portfolio Choice;
Framework;
Demand and Consumers;
Change;
Risk and Uncertainty;
Debt Securities;
Forecasting and Prediction;
Stocks;
Assets;
Investment Portfolio;
System Shocks;
Price;
Japan
Greenwood, Robin. "Short- and Long-term Demand Curves for Stocks: Theory and Evidence on the Dynamics of Arbitrage." Journal of Financial Economics 75, no. 3 (March 2005): 607–649.
- December 2004 (Revised March 2007)
- Case
Cutlass Capital, L.P.
By: Richard G. Hamermesh and Brian DeLacey
David Hetz and Jon Osgood are forming a new venture capital fund in 2001 to invest in health care start-ups. Describes their fundraising activities at a time when venture capital investing has reached an all-time high. Although their background skills and experiences...
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Keywords:
Venture Capital;
Negotiation Process;
Entrepreneurship;
Investment Funds;
Health Care and Treatment;
Business Startups;
Health Industry;
United States
Hamermesh, Richard G., and Brian DeLacey. "Cutlass Capital, L.P." Harvard Business School Case 805-075, December 2004. (Revised March 2007.)
- November 2004 (Revised July 2005)
- Case
Messier's Reign at Vivendi Universal
By: Rakesh Khurana, Vincent Dessain and Daniela Beyersdorfer
Focuses on a crisis in the board at Vivendi. Highlights the difficulties that arise when dramatic pressure from outside the boardroom affects boardroom dynamics. In this case, there are two events. The first is an unexpectedly large financial loss and a pending cash...
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Keywords:
Corporate Governance;
Crisis Management;
History;
Cash Flow;
Acquisition;
Performance;
Telecommunications Industry;
Media and Broadcasting Industry
Khurana, Rakesh, Vincent Dessain, and Daniela Beyersdorfer. "Messier's Reign at Vivendi Universal." Harvard Business School Case 405-063, November 2004. (Revised July 2005.)
- March 2004 (Revised May 2005)
- Case
Shurgard Self-Storage: Expansion to Europe
By: Richard G. Hamermesh and Indra Reinbergs
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:
Private Equity;
Valuation;
Business Model;
Governing and Advisory Boards;
Entrepreneurship;
Cross-Cultural and Cross-Border Issues;
Service Industry;
Belgium;
France;
Sweden;
United States;
Europe
Hamermesh, Richard G., and Indra Reinbergs. "Shurgard Self-Storage: Expansion to Europe." Harvard Business School Case 804-112, March 2004. (Revised May 2005.)
- 18 Nov 2003
- Other Presentation
The U.S. Homebuilding Industry and The Competitive Position of Large Builders
Strategy presentation at the Centex Investor Conference, New York. Topics include: The structure of the homebuilding industry, the competitive advantages of large homebuilders, market assessment of homebuilding versus other industries and the role of investors in...
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Porter, Michael E. "The U.S. Homebuilding Industry and The Competitive Position of Large Builders." Centex Investor Conference, New York, NY, November 18, 2003.
- October 2002 (Revised August 2004)
- Case
Canary Wharf
By: William J. Poorvu, Arthur I Segel and Camille Douglas
On September 25, 2002, Peter Anderson was due to meet with Morgan Stanley in ten minutes. Anderson had been the finance director of Canary Wharf Group (CWG) since Paul Reichmann and a group of investors had repurchased Canary Wharf in 1995. Anderson had joined Olympia...
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Keywords:
Entrepreneurship;
Negotiation;
Business or Company Management;
Financial Management;
Financial Strategy;
Financing and Loans;
Crisis Management;
Problems and Challenges;
Insolvency and Bankruptcy;
Success
Poorvu, William J., Arthur I Segel, and Camille Douglas. "Canary Wharf." Harvard Business School Case 803-058, October 2002. (Revised August 2004.)
- Article
Control, Performance, and Knowledge Transfers in Large Multinationals: Unilever in the United States, 1945-1980
By: G. Jones
This article considers key issues relating to the organization and performance of large multinational firms in the post-Second World War period. Although foreign direct investment is defined by ownership and control, in practice the nature of that "control" is far from...
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Keywords:
Multinational Firms and Management;
Governance Controls;
Performance;
Business or Company Management;
Ownership;
Consumer Products Industry;
Manufacturing Industry;
United States
Jones, G. "Control, Performance, and Knowledge Transfers in Large Multinationals: Unilever in the United States, 1945-1980." Business History Review 76, no. 3 (Fall 2002): 435–478.
- November 2001 (Revised October 2006)
- Case
Smartix (A): Dancing with Elephants
By: Donald N. Sull, James K. Sebenius and Noam Wasserman
This case describes issues facing the founder-CEO of a high-tech start-up in Boston, as he negotiates with multiple large potential partners and investors. The negotiations include a potential business partnership with FleetCenter and Madison Square Garden, and a...
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Keywords:
Information Technology;
Venture Capital;
Negotiation;
Entrepreneurship;
Business Startups;
Power and Influence;
Technology Industry;
Boston
Sull, Donald N., James K. Sebenius, and Noam Wasserman. "Smartix (A): Dancing with Elephants." Harvard Business School Case 902-156, November 2001. (Revised October 2006.)
- October 1999 (Revised April 2003)
- Case
International Investor, The: Islamic Finance and the Equate Project
By: Benjamin C. Esty and Mathew M Millett
Equate Petrochemical Co. (Equate) is a joint venture between Union Carbide Corp. and Petrochemical Industries Co. (PIC) for the construction of a $2 billion petrochemical plant in Kuwait. The sponsors began construction in August 1994, using a bridge loan, and are in...
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Keywords:
International Finance;
Project Finance;
Religion;
Investment;
Finance;
Mining Industry;
Energy Industry;
Kuwait
Esty, Benjamin C., and Mathew M Millett. "International Investor, The: Islamic Finance and the Equate Project." Harvard Business School Case 200-012, October 1999. (Revised April 2003.)
- March 1996 (Revised October 1996)
- Case
Singapore's Trade in Services
By: Debora L. Spar
Focuses on the efforts of Singapore's Economic Development Board (EDB) to grow the tiny island almost wholly through an expansion of its service economy. Between 1965 and 1990, Singapore achieved a remarkable rate of growth, largely by opening its economy to foreign...
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Keywords:
Growth Management;
Service Operations;
Government and Politics;
Developing Countries and Economies;
Macroeconomics;
Service Industry;
Singapore
Spar, Debora L., Julia Kou, and Laura Bures. "Singapore's Trade in Services." Harvard Business School Case 796-135, March 1996. (Revised October 1996.)
- August 1987 (Revised December 1998)
- Background Note
Capital Market Myopia
Focuses attention on a phenomenon we call capital market myopia, a situation in which participants in the capital markets ignore the logical implications of their individual investment decisions. Viewed in isolation, each decision seems to make sense. When taken...
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Keywords:
Capital Markets
Sahlman, William A., and Howard H. Stevenson. "Capital Market Myopia." Harvard Business School Background Note 288-005, August 1987. (Revised December 1998.)