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- All HBS Web (155)
- Faculty Publications (56)
- 24 Nov 2014
- Research & Ideas
Corrupting Silence: Companies Must Speak Up Against Bribes
business world with revelations it had been paying bribes for contracts on a massive scale—eventually admitting to payouts in 60 percent of its markets, totaling $130 million to $275 million a year. Shopping trips to Hong Kong were the...
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by Michael Blanding
- Web
Supplemental Financial Information II - Annual Report 2020
restrictions are generally reinvested in the endowment. In compliance with the law, HBS accesses the investment appreciation within existing endowment accounts when the terms of the gift require funds to be withdrawn at a rate higher than the University’s View Details
- 29 Sep 2009
- First Look
First Look: September 29
Working PapersLocal Dividend Clienteles Authors:Bo Becker, Zoran Ivkovich, and Scott WeisbennerNBER Working Paper Series, No. 15175, July 2009 Abstract We exploit demographic variation to identify the effect of dividend demand on firm View Details
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Martha Lagace
- Web
Supplemental Financial Information - Financial Report 2015
the University’s payout rate in any given year. Decapitalizations in fiscal 2014 were unusually high as a result of a one-time $17 million use of funds in the School’s endowment reserve, which was established more than 10 years ago to...
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- Web
Supplemental Financial Information - Annual Report 2016
appreciation within existing endowment accounts when the terms of the gift require funds to be withdrawn at a rate higher than the University’s payout rate in any given year. Decapitalization of endowment income—or cash drawn from...
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- 18 May 2010
- First Look
First Look: May 18
payout policy, profitability, and industry. We consider interpretations of these results based on both time-varying risk premia and mispricing. Our results are primarily consistent with the view that firms issue and repurchase shares to...
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Martha Lagace
- 13 Oct 2015
- First Look
October 13, 2015
tax savings. We find that 2,281 top executives strategically realized their built-in capital gains prior to the tax hikes to save nearly $741 million in personal taxes in 2012. These executives also (1) make payout policy choices that...
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- 07 Jun 2017
- Research & Ideas
How an African History Scholar Became a Modern Righter of Wrongs
Leigh Day—and six decades after the Kenyan rebels were detained and tortured, the British government settled out of court with some 5,500 Kikuyu detention camp survivors. The monetary payout was 19.9 million pound sterling, the equivalent...
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by Carmen Nobel
- 30 Jun 2009
- First Look
First Look: June 30
increase in domestic investment, employment or R@amp;D—even for the firms that lobbied for the tax holiday stating these intentions and for firms that appeared to be financially constrained. Instead, a $1 increase in repatriations was associated with an increase of...
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Martha Lagace
- 23 Jun 2009
- First Look
First Look: June 23
attention to the returns of firms that do not issue at all, suggesting that issuance is partly an attempt to cater to broad time-varying patterns in characteristics mispricing. Our approach helps forecast returns to portfolios based on book-to-market (HML), size (SMB),...
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Martha Lagace
- 01 Jun 2010
- News
M.I.A. Boards
Fuld told analysts, “I must say the board’s been wonderfully supportive.” The next day the board approved $100 million in payouts to five executives. Four days later the 159-year-old company declared the largest bankruptcy in U.S....
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- 27 Feb 2018
- First Look
First Look at New Research and Ideas, February 27, 2018
distribution. We also find that households’ consumption is significantly more responsive to dividend payouts across all parts of the wealth distribution. Our findings are broadly consistent with near-rational behavior in which households...
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Sean Silverthorne
- Web
Investors Society Report - HBS Fund Investors Society 2021 Report
the HBS Fund to foster innovation while also strengthening core programs and priorities. This report, produced specially for members, highlights examples of activities that you helped make possible. $33.5M Total gifts from Investors Society members in FY21—equivalent...
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- 06 Sep 2016
- First Look
September 6, 2016
emphasizing that the company delivered strong results despite an exceptionally challenging environment, which included a nearly 50% drop in oil prices. However, shareholders questioned the massive payout and ultimately rejected BP's...
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Carmen Nobel
- 01 Sep 2015
- First Look
First Look -- September 1, 2015
debt increases exogenously and they use the proceeds of equity issues to increase payouts to shareholders. Our evidence suggests that extant findings that have been attributed to constraints may instead reflect differences in the growth...
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Sean Silverthorne
- 24 Apr 2012
- First Look
First Look: April 24
would not be achieved even if the product offered a payout ratio comparable to U.S. insurance contracts. We present evidence suggesting that lack of trust, liquidity constraints, and limited salience are significant non-price frictions...
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Carmen Nobel
- 25 May 2010
- First Look
First Look: May 25
be financially constrained or lobbied for the holiday. Instead, estimates indicate that a $1 increase in repatriations was associated with a $0.60 to $0.92 increase in payouts to shareholders—despite regulations stating that such...
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Martha Lagace
- Web
Supplemental Financial Information - Financial Report 2018
be withdrawn at a rate higher than the University’s payout rate in any given year. As in fiscal 2017, decapitalization of endowment income—or cash drawn from endowment appreciation—was a $3 million source of cash in fiscal 2018. Ending...
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- Web
Supplemental Financial Information II - Annual Report 2019
gift restrictions are generally reinvested in the endowment. In compliance with the law, HBS accesses the investment appreciation within existing endowment accounts when the terms of the gift require funds to be withdrawn at a rate higher than the University’s View Details
- Web
CFO Letter - Annual Report 2014
percent in fiscal 2015. Revenue from MBA tuition and fees is projected to rise 5 percent, partially offset by an increase in financial aid. The University has advised the School that its fiscal 2015 endowment payout will grow 3 percent...
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