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All HBS Web
(597)
- News (132)
- Research (387)
- Events (1)
- Multimedia (1)
- Faculty Publications (107)
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- 17 Aug 2023
- Research & Ideas
‘Not a Bunch of Weirdos’: Why Mainstream Investors Buy Crypto
In a little more than a decade, investors have transformed cryptocurrency from a techno-curiosity into a trillion-dollar-plus opportunity that has the potential to one day reshape the global economy. Yet in the past 10 years, little has...
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Keywords:
by Ben Rand
- 18 Feb 2011
- Working Paper Summaries
A Behavioral Model of Demandable Deposits and Its Implications for Financial Regulation
- May 2007
- Article
Corporate Financing Decisions When Investors Take the Path of Least Resistance
By: Malcolm Baker, Joshua Coval and Jeremy Stein
We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to...
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Baker, Malcolm, Joshua Coval, and Jeremy Stein. "Corporate Financing Decisions When Investors Take the Path of Least Resistance." Journal of Financial Economics 84, no. 2 (May 2007): 266–298.
- 2005
- Other Unpublished Work
Corporate Financing Decisions When Investors Take the Path of Least Resistance
By: Malcolm Baker, Joshua Coval and Jeremy Stein
We explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to...
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Keywords:
Decisions;
Behavior;
Stocks;
Mergers and Acquisitions;
Policy;
Investment;
Financial Institutions;
Equity;
Corporate Finance
Baker, Malcolm, Joshua Coval, and Jeremy Stein. "Corporate Financing Decisions When Investors Take the Path of Least Resistance." NBER Working Paper Series, April 2005. (First Draft in 2004.)
- 2023
- Working Paper
Investor Preferences, Security Design and Volatility Prices
By: Claire Célérier, Gordon Liao and Boris Vallée
This paper investigates the effects of the issuance of retail products with non-linear payoffs on option prices. For a given underlying asset, when the outstanding volume of products embedding a short-put position increases, implied volatility at the corresponding...
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Keywords:
Security Design;
Dividend;
Options;
Structured Products;
Market Segmentation;
Financial Instruments;
Design;
Volatility;
Markets;
Segmentation
Célérier, Claire, Gordon Liao, and Boris Vallée. "Investor Preferences, Security Design and Volatility Prices." Working Paper, 2023.
- 2010
- Chapter
The Euro as a Reserve Currency for Global Investors
By: Luis M. Viceira and Ricardo Gimeno
This article explores the demand for the euro for risk management purposes and the evidence of stock market integration in the euro area. We define a reserve currency as one that investors demand either because it helps them hedge real interest risk and inflation risk,...
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Keywords:
Volatility;
Inflation and Deflation;
Capital Markets;
Currency;
Stocks;
Financial Markets;
Financing and Loans;
Investment Return;
Investment Portfolio;
Risk Management
Viceira, Luis M., and Ricardo Gimeno. "The Euro as a Reserve Currency for Global Investors." Chap. 4 in Spain and the Euro. The First Ten Years, 149–178. Madrid, Spain: Banco de España, 2010.
- 04 Apr 2018
- Op-Ed
Op-Ed: Why Private Investors Must Fund 'New Nuclear' Power Right Now
Drbouz In June 2016, I gave a TED Talk called We Need Nuclear Power to Solve Climate Change. The talk discussed the world’s realistic options for reducing fossil CO2 emissions soon enough to contain climate change’s more severe effects. To my surprise, that talk has...
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- Third Quarter 2018
- Article
Why and How Investors Use ESG Information: Evidence from a Global Survey
By: Amir Amel-Zadeh and George Serafeim
Using survey data from a sample of senior investment professionals from mainstream (i.e., not SRI funds) investment organizations, we provide insights into why and how investors use reported environmental, social, and governance (ESG) information. Relevance to...
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Keywords:
ESG;
ESG (Environmental, Social, Governance) Performance;
Sustainability;
Investment Management;
Investment Strategy;
Metrics;
Standard Setting;
Accounting Standards;
Finance;
Investment;
Information;
Environmental Sustainability;
Governance;
Performance Effectiveness;
Strategy
Amel-Zadeh, Amir, and George Serafeim. "Why and How Investors Use ESG Information: Evidence from a Global Survey." Financial Analysts Journal 74, no. 3 (Third Quarter 2018): 87–103.
- 2020
- Working Paper
Institutional Corporate Bond Pricing
By: Ishita Sen, Lorenzo Bretscher, Lukas Schmid and Varun Sharma
We compile a rich dataset that links institutional investors' position level holdings with corporate bond characteristics and estimate demand elasticities with respect to critical sources of risk. Persistence in institutions' holdings provide us with an instrument to...
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Keywords:
Corporate Bonds;
Demand Systems;
Insurance Companies;
Mutual Funds;
Liquidity;
Bonds;
Insurance;
Investment Funds;
Financial Liquidity
Sen, Ishita, Lorenzo Bretscher, Lukas Schmid, and Varun Sharma. "Institutional Corporate Bond Pricing." Working Paper, December 2020. (Revised January 2022. Revise and Resubmit, Review of Financial Studies.)
- August 2016 (Revised May 2017)
- Case
eBay vs. Carl Icahn, 2014
By: David B. Yoffie and Eric Baldwin
This case explores Carl Icahn's attack on eBay, starting in January 2014. The case examines how John Donahoe, CEO of eBay, should respond to Icahn's demand that eBay spin off PayPal and accept Icahn's two nominees to the board of directors.
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Keywords:
Activist Shareholder;
Activist Investors;
Technology;
Strategy;
Corporate Strategy;
Investment Activism;
Financial Services Industry;
Retail Industry
Yoffie, David B., and Eric Baldwin. "eBay vs. Carl Icahn, 2014." Harvard Business School Case 717-417, August 2016. (Revised May 2017.)
- October 2021 (Revised October 2022)
- Case
The Opioid Settlement and Controversy Over CEO Pay at AmerisourceBergen
By: Suraj Srinivasan and Li-Kuan Ni
In 2020, AmerisourceBergen Corporation, a Fortune 50 company in the drug distribution industry, agreed to settle thousands of lawsuits filed nationwide against the company for its opioid distribution practices that critics alleged had contributed to the nationwide...
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Keywords:
Opioids;
Drug;
Investors;
Shareholder Activism;
Investment Activism;
Executive Compensation;
Corporate Accountability;
Corporate Governance;
Governance Compliance;
Governance Controls;
Risk Management;
Corporate Social Responsibility and Impact;
Business and Shareholder Relations;
Business and Stakeholder Relations;
Legal Liability;
Distribution Industry;
Health Industry;
Pharmaceutical Industry;
United States;
West Virginia;
Tennessee;
Ohio;
Pennsylvania
Srinivasan, Suraj, and Li-Kuan Ni. "The Opioid Settlement and Controversy Over CEO Pay at AmerisourceBergen." Harvard Business School Case 122-014, October 2021. (Revised October 2022.)
- August 2015 (Revised September 2015)
- Case
Shareholder Activists and Corporate Strategy
By: David Collis and Ashley Hartman
By 2015, there had been an upsurge in activist shareholders arguing for radical changes in companies' corporate strategies. Personalities like Carl Icahn, Bill Ackman, and Daniel Loeb were feared and loathed in some quarters, celebrated in others. With nearly $120...
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Keywords:
Scope;
Activist Investors;
Spin-offs;
Synergy;
Diversification;
Consolidation;
Hedge Fund;
Corporate Strategy
Collis, David, and Ashley Hartman. "Shareholder Activists and Corporate Strategy." Harvard Business School Case 716-403, August 2015. (Revised September 2015.)
- January 2019 (Revised July 2021)
- Case
Analytical Space: The Next Frontier?
By: Thomas R. Eisenmann, Jeffrey J. Bussgang and David Lane
With one satellite aloft and in the midst of beta testing in late 2018, Analytical Space founders Justin Oliveira and Dan Nevius turned to critical questions about the pioneering startup’s go-to-market, pricing, and business development strategy. Analytical Space aimed...
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Keywords:
Pricing Decisions;
Demand Validation;
Revenue Model;
Business Development;
Space Tech;
Satellites;
Earth Observation;
Remote Sensing;
Business Startups;
Emerging Markets;
Growth and Development Strategy;
Finance;
Selection and Staffing;
Business Strategy;
Aerospace Industry
Eisenmann, Thomas R., Jeffrey J. Bussgang, and David Lane. "Analytical Space: The Next Frontier?" Harvard Business School Case 819-089, January 2019. (Revised July 2021.)
- June 2004
- Article
A Catering Theory of Dividends
By: Malcolm Baker and Jeffrey Wurgler
We propose that the decision to pay dividends is driven by prevailing investor demand for dividend payers. Managers cater to investors by paying dividends when investors put a stock price premium on payers, and by not paying when investors prefer nonpayers. To test...
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Keywords:
Dividends;
Catering;
Financial Instruments;
Investment Return;
Business and Shareholder Relations
Baker, Malcolm, and Jeffrey Wurgler. "A Catering Theory of Dividends." Journal of Finance 59, no. 3 (June 2004): 1125–1165.
- April 2011
- Article
Local Dividend Clienteles
We exploit demographic variation to identify the effect of dividend demand on corporate payout policy. Retail investors tend to hold local stocks, and older investors prefer dividend-paying stocks. Together, these tendencies generate geographically varying demand for...
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Keywords:
Business Headquarters;
Demographics;
Investment;
Geographic Location;
Policy;
Business and Shareholder Relations
Becker, Bo, Zoran Ivkovic, and Scott Weisbenner. "Local Dividend Clienteles." Journal of Finance 66, no. 2 (April 2011): 655–684.
- 27 Oct 2009
- Working Paper Summaries
Stock Price Fragility
Keywords:
by Robin Greenwood & David Thesmar
- August 2013 (Revised December 2017)
- Supplement
Harold Mills at ZeroChaos (B)
By: Lena G. Goldberg and Maurice L. Kuykendoll II
After leading a management buy-out, Harold Mills transformed ZeroChaos into a global staffing enterprise. Poised to raise additional capital to fund the company's next phase of growth, he was also confronting the liquidity demands of his early-stage investors and...
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Keywords:
Business Growth and Maturation;
Growth and Development Strategy;
Business and Shareholder Relations
Goldberg, Lena G., and Maurice L. Kuykendoll II. "Harold Mills at ZeroChaos (B)." Harvard Business School Supplement 314-044, August 2013. (Revised December 2017.)
- August 2013
- Case
Harold Mills at ZeroChaos (A)
By: Lena G. Goldberg and Maurice L. Kuykendoll II
After leading a management buy-out, Harold Mills transformed ZeroChaos into a global staffing enterprise. Poised to raise additional capital to fund the company's next phase of growth, he was also confronting the liquidity demands of his early-stage investors and...
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Goldberg, Lena G., and Maurice L. Kuykendoll II. "Harold Mills at ZeroChaos (A)." Harvard Business School Case 314-043, August 2013.
- 2022
- Working Paper
Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market
By: Zach Y. Brown, Mark Egan, Jihye Jeon, Chuqing Jin and Alex A. Wu
Index funds are one of the most common ways investors access financial markets and are perceived to be a transparent and low-cost alternative to active investment management. Despite these purported virtues of index fund investing and the introduction of new products...
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Keywords:
Mutual Funds;
Passive Investing;
Asset Management;
Financial Markets;
Investment Funds;
Financial Management;
Financial Services Industry;
United States
Brown, Zach Y., Mark Egan, Jihye Jeon, Chuqing Jin, and Alex A. Wu. "Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market." Harvard Business School Working Paper, No. 24-019, October 2023. (NBER Working Paper Series, No. 31778, October 2023.)
- 21 Sep 2017
- Cold Call Podcast