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All HBS Web
(930)
- People (1)
- News (232)
- Research (521)
- Events (1)
- Multimedia (2)
- Faculty Publications (112)
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- June 2013
- Article
Issuer Quality and Corporate Bond Returns
By: Robin Greenwood and Samuel G. Hanson
We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the...
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Greenwood, Robin, and Samuel G. Hanson. "Issuer Quality and Corporate Bond Returns." Review of Financial Studies 26, no. 6 (June 2013): 1483–1525. (Internet Appendix Here.)
- Research Summary
Explaining Returns With Cash-Flow Proxies (with Tuomo Vuolteenaho)
Stock returns are correlated with contemporaneous earnings growth, dividend growth, future real activity, and other cash-flow proxies. The correlation between cash-flow proxies and stock returns may arise from association of cash-flow proxies with one-period expected...
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- 2017
- Working Paper
Self-Employment Dynamics and the Returns to Entrepreneurship
By: Eleanor W. Dillon and Christopher T. Stanton
Small business owners and others in self-employment have the option to transition to paid work. If there is initial uncertainty about entrepreneurial earnings, this option increases the expected lifetime value of self-employment relative to pay in a single year. This...
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Keywords:
Self-employed;
Small Business;
Business Earnings;
Entrepreneurship;
Ownership;
Compensation and Benefits
Dillon, Eleanor W., and Christopher T. Stanton. "Self-Employment Dynamics and the Returns to Entrepreneurship." Harvard Business School Working Paper, No. 17-022, September 2016. (Revised March 2018.)
- 2012
- Working Paper
Issuer Quality and Corporate Bond Returns
By: Robin Greenwood and Samuel G. Hanson
We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the...
View Details
Keywords:
Price;
Credit;
Risk and Uncertainty;
Investment Return;
Forecasting and Prediction;
Bonds;
Market Design;
Cost of Capital;
Mathematical Methods;
System Shocks
Greenwood, Robin, and Samuel G. Hanson. "Issuer Quality and Corporate Bond Returns." Harvard Business School Working Paper, No. 11-065, January 2011. (Revised September 2012, Internet Appendix Here.)
- April 2021
- Article
Evaluating Firm-Level Expected-Return Proxies: Implications for Estimating Treatment Effects
By: Charles M.C. Lee, Eric C. So and Charles C.Y. Wang
We introduce a parsimonious framework for choosing among alternative expected-return proxies (ERPs) when estimating treatment effects. By comparing ERPs’ measurement-error variances in the cross section and in time series, we provide new evidence on the relative...
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Keywords:
Implied Cost Of Capital;
Expected Returns;
Cost of Capital;
Investment Return;
Performance Evaluation
Lee, Charles M.C., Eric C. So, and Charles C.Y. Wang. "Evaluating Firm-Level Expected-Return Proxies: Implications for Estimating Treatment Effects." Review of Financial Studies 34, no. 4 (April 2021): 1907–1951.
- 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,...
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Keywords:
History;
Private Ownership;
State Ownership;
Financial Crisis;
Business and Government Relations
Musacchio, Aldo, and Francisco Flores-Macias. "The Return of State-Owned Enterprises: Should We Be Afraid?" Harvard International Review (website) (April 4, 2009).
- Spring 2013
- Article
Accounting Quality, Stock Price Delay, and Future Stock Returns
By: Jeffrey Callen, Mozaffar N. Khan and Hai Lu
In frictionless capital markets with complete information and rational investors, stock prices adjust to new information instantaneously and completely. However, a substantial body of research studies information imperfections such as asymmetric information and...
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Callen, Jeffrey, Mozaffar N. Khan, and Hai Lu. "Accounting Quality, Stock Price Delay, and Future Stock Returns." Contemporary Accounting Research 30, no. 1 (Spring 2013): 269–295.
- 2003
- Article
Confirming Management Earnings Forecasts, Earnings Uncertainty, and Stock Returns
By: Michael B. Clement, Richard Frankel and Jeffrey Miller
In this study we examine the association among confirming management forecasts, stock prices, and analyst expectations. Confirming management forecasts are voluntary disclosures by management that corroborate existing market expectations about future earnings. This...
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Clement, Michael B., Richard Frankel, and Jeffrey Miller. "Confirming Management Earnings Forecasts, Earnings Uncertainty, and Stock Returns." Journal of Accounting Research 41, no. 4 (2003): 653–679.
- May 2021
- Article
Private and Social Returns to R&D: Drug Development and Demographics
By: Efraim Benmelech, Janice Eberly, Dimitris Papanikolaou and Joshua Krieger
Investment in intangible capital such as R&D has increased dramatically since the 1990s. However, productivity growth remains sluggish in recent years. One potential reason is that a significant share of the increase in intangible investment is geared toward consumer...
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Keywords:
Drug Development;
Research and Development;
Investment Return;
Demographics;
Pharmaceutical Industry
Benmelech, Efraim, Janice Eberly, Dimitris Papanikolaou, and Joshua Krieger. "Private and Social Returns to R&D: Drug Development and Demographics." AEA Papers and Proceedings 111 (May 2021): 336–340.
- 22 Feb 2021
- Working Paper Summaries
Private and Social Returns to R&D: Drug Development and Demographics
- January 2024 (Revised May 2024)
- Case
Pioneer Natural Resources: Enhancing the Capital Return Strategy with Variable Dividends
In February 2021, Scott Sheffield, the CEO of Pioneer Natural Resources (an independent oil and gas company based in Texas), was considering the possibility of enhancing the firm’s capital return strategy by introducing a variable dividend tied to cash flows in...
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Keywords:
Corporate Finance;
Cash Flow;
Financial Management;
Financial Strategy;
Value Creation;
Decision Choices and Conditions;
Investment Return;
Profit;
Policy;
Business and Shareholder Relations;
Energy Industry;
United States;
North America;
Texas
Esty, Benjamin C., Elisabeth Kempf, and Scott Mayfield. "Pioneer Natural Resources: Enhancing the Capital Return Strategy with Variable Dividends." Harvard Business School Case 224-001, January 2024. (Revised May 2024.)
- Article
A Better Way to Assess Managerial Performance
Total shareholder return (TSR) has become the definitive metric for gauging performance. Unlike accounting measures such as revenue growth or earnings per share that reflect the past, TSR is based on share price and thus captures investor expectations of what will...
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Keywords:
Total Shareholder Return;
Buybacks;
Core Operating Shareholder Return;
Management;
Operations;
Performance;
Measurement and Metrics
Desai, Mihir, Mark Egan, and Scott Mayfield. "A Better Way to Assess Managerial Performance." Harvard Business Review 100, no. 2 (March–April 2022): 134–141.
- 30 Dec 2014
- Working Paper Summaries
Return on Political Investment in the American Jobs Creation Act of 2004
- 14 Oct 2021
- In Practice
Reunited and It Feels (Not) So Good: Tips for Managing a Rocky Return
COVID-19 variants snuffed out the brief period of vaccination-injected optimism earlier this year, as childcare and school disruptions lingered. Despite such resistance and health concerns, some employees have joyfully returned to their...
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Keywords:
by Kristen Senz
- Research Summary
Time Varying Expected Returns, Stochastic Dividend Yields, and Default Probabilities: Linking the Credit Risk and Equity Literature (with George Chacko and Jens Hilscher)
In standard structural bond pricing models, the firm defaults once the market value of assets has fallen below a threshold. Expected returns, or at least dividend yields, are assumed to be constant, which implies that any asset value movement is permanent and has the...
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- 09 Mar 2022
- Research & Ideas
War in Ukraine: Soaring Gas Prices and the Return of Stagflation?
are already seeing higher prices at the pump, for one thing—and in some areas, those prices could spike even higher, says Harvard Business School Professor Rawi Abdelal. Abdelal, HBS’s Herbert F. Johnson Professor of International Management, recently View Details
- 15 Apr 2002
- Research & Ideas
In the Virtual Dressing Room Returns Are A Real Problem
Most compelling is the high return rate for apparel products purchased online, which mirrors the rate for catalog apparel purchases: By one estimate, returns for apparel bought from catalogs ranged from 12...
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- September 2017 (Revised February 2018)
- Case
Dinesh Moorjani and Hatch Labs
By: Shikhar Ghosh, Christopher Stanton, Allison Ciechanover and Jeff Huizinga
This case is about Tinder. It discusses different business models and ways of structuring the initial team. With a $6 million investment from IAC/Interactive in 2010, Dinesh Moorjani founded Hatch Labs to build mobile apps. His mission was to attract entrepreneurial...
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Keywords:
Returns;
Incubator;
Mobile App;
Venture Capital;
Entrepreneurship;
Decision Choices and Conditions;
Business Model;
Mobile and Wireless Technology;
Talent and Talent Management;
Valuation;
Equity;
Finance;
United States;
North America
Ghosh, Shikhar, Christopher Stanton, Allison Ciechanover, and Jeff Huizinga. "Dinesh Moorjani and Hatch Labs." Harvard Business School Case 818-026, September 2017. (Revised February 2018.)
- October 2014 (Revised June 2016)
- Case
MasterCard: Driving Financial Inclusion
By: Sunil Gupta, Rajiv Lal and Natalie Kindred
MasterCard CEO Ajay Banga was investing significant time and attention to increase financial inclusion among individuals with historically no access to banking or financial services in countries around the world with large underserved populations. The effort included...
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Keywords:
Marketing;
Financial Services;
Financial And Social Return;
Financial Inclusion;
Strategic Management;
South Africa;
Nigeria;
Ajay Banga;
Marketing Strategy;
Social Marketing;
Financial Services Industry;
Banking Industry;
South Africa;
Nigeria
Gupta, Sunil, Rajiv Lal, and Natalie Kindred. "MasterCard: Driving Financial Inclusion." Harvard Business School Case 515-035, October 2014. (Revised June 2016.)
- October 2016 (Revised February 2019)
- Module Note
Strategy Execution Module 5: Building a Profit Plan
By: Robert Simons
This module reading describes how to build a profit plan to reflect the strategy of a business in economic terms. After introducing the profit wheel, cash wheel, and ROE wheel, the module illustrates how to use a profit plan to assess the viability of different...
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Keywords:
Management Control Systems;
Implementing Strategy;
Execution;
Profit Planning;
Cash Flow Analysis;
Asset Utilization;
Return On Equity;
Business Planning;
Testing Strategy;
Analyzing Strategic Alternative;
Strategy;
Asset Management;
Cash Flow;
Investment Return;
Management Systems;
Profit
Simons, Robert. "Strategy Execution Module 5: Building a Profit Plan." Harvard Business School Module Note 117-105, October 2016. (Revised February 2019.)