Paul M. Healy

Paul Healy is the James R. Williston Professor at the Harvard Business School. His research covers a broad range of topics, including white collar crime, governance, business ethics, financial analysis, and Wall Street research. He joined the HBS faculty in 1998, after fourteen years on the faculty at the M.I.T. Sloan School of Management, where he received awards for teaching excellence in 1991, 1992, and 1997. He received accounting and finance degrees from Victoria University in New Zealand (1976 and 1977) and a Ph.D. from the University of Rochester (1981). He has published widely in the leading academic and practitioner journals, has received numerous research rewards, and is the co-author of one of the leading financial analysis textbooks. He has taught MBA and executive courses on accounting, financial analysis, corporate boards, and ethical leadership.

Featured Work

Personal Relationships and Enforcement of Management Controls: An Analysis of Punishments for Perpetrators of Economic Crimes

To explore how companies enforce management control systems, we examine whether social relationships influence the severity and consistency of punishments for main perpetrators of corporate economic crimes. We find wide variation in rates of dismissal and prosecution of the main perpetrators, and that punishment rates are lower for senior management than for middle managers and junior staff. The negative relation between seniority and punishment severity, however, holds only for senior male perpetrators, who receive more lenient punishments than senior female perpetrators or more junior perpetrators controlling for the type and economic magnitude of the crime. These findings are more pronounced in organizations that operate in countries with more gender inequality, have less frequent updates to internal controls, do not report the crime to regulators, and do not disclose their identity in the survey. We interpret these findings as evidence that the main perpetrators’ personal connections with punishment decision-makers influence the severity of their punishments and the consistency with which management control systems are enforced.  

Directors’ Perceptions of Board Effectiveness and Internal Operations

We contribute to the growing literature on the effectiveness of corporate boards by examining the effect of two insights that have been largely unexplored in prior studies that use public data. First, since boards’ responsibilities are wide-ranging, more holistic performance measures may better capture the full range of their duties than specific public actions. And second, because corporate boards share many characteristics of other types of teams, their effectiveness is likely to be influenced by their internal operations. To examine the performance effects of these insights, we use data from 577 directors of U.S. public firms that responded to a survey we conducted in 2015-2016 and qualitative data from interviews of 75 directors. Our study establishes a strong relation between director perceptions of board performance effectiveness and internal board operations. Further, by highlighting the critical role of internal operations, identifying areas of relative strength and weakness in boards’ effectiveness in various activities, and probing director perceptions of their primary responsibilities, we are able to offer concrete suggestions for future research on board effectiveness.

Causes and Consequences of Firm Disclosures of Anticorruption Efforts

Multinationals frequently operate in locations where laws against corruption are not widely enforced. We examine ratings of self-reported anticorruption efforts for 480 multinationals to better understand what factors underlie their efforts and their performance consequences. Not surprisingly, country and industry corruption risks, as well as regulatory enforcement and monitoring, are important drivers of firms' anti-corruption efforts. Performance tests suggest that firms' decisions on how to manage corruption risk are as much ethical as economic.
Co-authored by George Serafeim

Fighting Corruption at Siemens

On November 15, 2006, German prosecutors raided offices and homes of Siemens AG staff as part of an ongoing investigation into bribery. The subsequent investigations covered business representing 60% of Siemens' revenues and spanned operations in Asia, Africa, Europe, the Middle East, and the Americas. Through interviews with key Siemens executives and supporting internal materials, this multimedia case takes a look at how one of the world's largest companies faced corruption head-on.

Books

• Groysberg, Boris, and Paul M. Healy. Wall Street Research: Past, Present, and Future. Palo Alto, CA: Stanford University Press, 2013. View Details
• Palepu, Krishna G., and Paul M. Healy. Business Analysis and Valuation: Using Financial Statements, Text and Cases. 5th ed. Cengage Learning, 2013. View Details
• Healy, Paul M., and Krishna G. Palepu. Business Analysis and Valuation: Using Financial Statements. 4th ed. Mason, OH: Thomson South-Western, 2007. View Details
• Palepu, Krishna G., Paul M. Healy, and Victor L. Bernard. Business Analysis and Valuation Using Financial Statements: Text and Cases. 3rd ed. Mason, OH: Thomson South-Western, 2003. View Details
• Bruns, William J., Paul M. Healy, J. H. Hertenstein, Robert S. Kaplan, and Sharon M. McKinnon. Reading Financial Reports. 2nd ed. Business Fundamentals . Boston: Harvard Business School Press, 2002. View Details
• Healy, Paul M., Krishna G. Palepu, and Victor L. Bernard. Business Analysis and Valuation. 2nd ed. South-Western College Publishing, 2000. View Details
• Bernard, Victor L., Paul M. Healy, and Krishna G. Palepu. Business Analysis and Valuation Using Financial Statements. Cincinnati, OH: South-Western College Publishing, 1996. View Details

Journal Articles

• Healy, Paul M., and George Serafeim. "Voluntary, Self-Regulatory, and Mandatory Disclosure of Oil and Gas Company Payments to Foreign Governments." Accounting Horizons 34, no. 1 (March 2020): 111–129. View Details
• Healy, Paul M., and George Serafeim. "An Analysis of Firms' Self-reported Anticorruption Efforts." Accounting Review 91, no. 2 (March 2016): 489–511. View Details
• Healy, Paul M., and George Serafeim. "How to Scandal-Proof Your Company." Harvard Business Review 97, no. 4 (July–August 2019): 42–50. View Details
• Groysberg, Boris, Paul M. Healy, and Eric Lin. "Job-Hopping Toward Equity: Changing Employers Can Help Narrow the Gender Gap in Executive Compensation." MIT Sloan Management Review 63, no. 1 (Fall 2021). View Details
• Cheng, J. Yo-Jud, Boris Groysberg, and Paul M. Healy. "Why Do Boards Have So Few Black Directors?" Harvard Business Review Digital Articles (August 13, 2020). View Details
• Cheng, J. Yo-Jud, Boris Groysberg, Paul M. Healy, and Rajesh Vijayaraghavan. "Directors' Perceptions of Board Effectiveness and Internal Operations." Management Science 67, no. 10 (October 2021): 6399–6420. View Details
• Groysberg, Boris, Paul M. Healy, and Eric Lin. "Determinants of Gender Differences in Change in Pay among Job-Switching Executives." Industrial & Labor Relations Review 75, no. 1 (January 2022): 168–199. View Details
• Maber, David A., Boris Groysberg, and Paul M. Healy. "An Empirical Examination of Sell-Side Brokerage Analysts' Published Research, Concierge Services, and High-Touch Services." European Accounting Review 30, no. 4 (2021): 827–853. View Details
• Cheng, J. Yo-Jud, Boris Groysberg, and Paul M. Healy. "Your CEO Succession Plan Can't Wait." Harvard Business Review Digital Articles (May 4, 2020). View Details
• Healy, Paul M. "Wall Street Research." Journal of Applied Finance 24, no. 2 (2014): 6–16. View Details
• Healy, Paul M., George Serafeim, Suraj Srinivasan, and Gwen Yu. "Market Competition, Earnings Management, and Persistence in Accounting Profitability Around the World." Review of Accounting Studies 19, no. 4 (December 2014): 1281–1308. View Details
• Groysberg, Boris, Paul Healy, George Serafeim, and Devin Shanthikumar. "The Stock Selection and Performance of Buy-Side Analysts." Management Science 59, no. 5 (May 2013): 1062–1075. View Details
• Healy, Paul M., and Karthik Ramanna. "When the Crowd Fights Corruption." Harvard Business Review 91, nos. 1/2 (January–February 2013). View Details
• Groysberg, Boris, Paul M. Healy, Nitin Nohria, and George Serafeim. "What Makes Analysts Say 'Buy'?" Harvard Business Review 90, no. 11 (November 2012). View Details
• Groysberg, Boris, Paul Healy, Nitin Nohria, and George Serafeim. "What Factors Drive Analyst Forecasts?" Financial Analysts Journal 67, no. 4 (July–August 2011). View Details
• 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. View Details
• Groysberg, Boris, Paul M. Healy, and Yang Gui. "Can Research Committees Add Value for Investors? An Analysis of Lehman Brothers' Ten Uncommon Values® Recommendations." Journal of Financial Transformation 24 (November 2008): 123–130. View Details
• Groysberg, Boris, Paul M. Healy, and Craig James Chapman. "Buy-Side vs. Sell-Side Analysts' Earnings Forecasts ." Financial Analysts Journal 64, no. 4 (July–August 2008): 25 – 39. View Details
• Cowen, Amanda Paige, Boris Groysberg, and Paul Healy. "Which Types of Analyst Firms Are More Optimistic?" Journal of Accounting & Economics 41, nos. 1-2 (April 2006): 119–146. (Winner of Emerald Management Reviews. Citation of Excellence​.) View Details
• Healy, Paul M., and Krishna G. Palepu. "How the Quest for Efficiency Corroded the Market." Harvard Business Review 81, no. 7 (July 2003). View Details
• Healy, Paul M., and Krishna G. Palepu. "The Fall of Enron." Journal of Economic Perspectives 17, no. 2 (Spring 2003). View Details
• Healy, P. M. "Audit the audit committees: VIEWPOINT PAUL HEALY AND KRISHNA PALEPU: After Enron, boards must change the focus and provide greater financial transparency." Financial Times (June 10, 2002), 14. View Details
• Healy, P. M. "R&D Accounting and the Tradeoff between Relevance and Objectivity." Journal of Accounting Research 40, no. 3 (June 2002): 677, 34 pgs. View Details
• Gilson, Stuart C., Paul M. Healy, Christopher F. Noe, and Krishna G. Palepu. "Analyst Specialization and Conglomerate Stock Breakups." Journal of Accounting Research 39, no. 3 (December 2001). View Details
• Healy, Paul M., and Krishna G. Palepu. "Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature." Journal of Accounting & Economics 31, nos. 1-3 (September 2001): 405–440. View Details
• Healy, Paul M., and James Wahlen. "A Review of the Earnings Management Literature and its Implications for Standard Setting." Accounting Horizons (December 1999). View Details
• Healy, Paul M., Amy P. Hutton, and Krishna G. Palepu. "Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure." Contemporary Accounting Research 16, no. 3 (fall 1999). View Details
• Healy, Paul M. "Discussion of Earnings-based Bonus Plans and Earnings Management by Business Unit Managers." Journal of Accounting & Economics 26, nos. 1-3 (January 1999). View Details
• Healy, Paul M., Andrew Alford, and Ng Kah Hwa. "The Performance of International Joint Ventures: A Study of The Merchant Banking Industry In Singapore." Journal of Corporate Finance 4, no. 1 (March 1998). View Details
• Healy, Paul M., Krishna G. Palepu, and Richard S. Ruback. "Which Takeovers are Profitable: Strategic or Financial?" MIT Sloan Management Review 38, no. 4 (summer 1997): 45–57. View Details
• Healy, Paul M., and Krishna G. Palepu. "Using Capital Structure to Communicate with Investors: The Case of CUC International." Journal of Applied Corporate Finance 8, no. 4 (winter 1996). View Details
• Healy, Paul M. "Discussion of a Market-Based Evaluation of Discretionary Accrual Models." Journal of Accounting Research 34 (1996). View Details
• Healy, Paul M., and Krishna G. Palepu. "The Challenges of Investor Communication: The Case of CUC International, Inc." Journal of Financial Economics 38, no. 2 (June 1995): 111–140. View Details
• Palepu, Krishna G., and Paul M. Healy. "The Effect of Firms' Financial Disclosure Strategies on Stock Prices." Accounting Horizons 7 (March 1993): 1–11. View Details
• Healy, Paul M., Krishna G. Palepu, and Richard S. Ruback. "Does Corporate Performance Improve after Mergers?" Journal of Financial Economics 31, no. 2 (April 1992): 135–175. View Details
• Healy, Paul M. "How Management Bonus Plans Affect Reported Earnings." CPE Program Lesson 90-11. Accounting Today (1991). View Details
• Healy, Paul M., and Krishna G. Palepu. "Earnings and Risk Changes Surrounding Primary Stock Offers." Journal of Accounting Research 28, no. 1 (spring 1990): 25–48. View Details
• Healy, Paul M., and Krishna G. Palepu. "Effectiveness of Accounting-Based Dividend Covenants." Journal of Accounting & Economics 12, nos. 1-3 (January 1990): 97–124. View Details
• Healy, Paul M., and Krishna G. Palepu. "How Do Investors Interpret Firms' Financial Decisions." Continental Bank Journal of Applied Corporate Finance 2, no. 3 (fall 1989). View Details
• Asquith, Paul, Paul M. Healy, and Krishna G. Palepu. "Earnings and Stock Splits." Accounting Review 64, no. 3 (July 1989): 387–403. View Details
• Healy, Paul M., and Franco Modigliani. "Dividend Decisions and Earnings." Journal of Accounting, Auditing & Finance 5, no. 1 (Winter 1990): 3–26. View Details
• Healy, Paul M., and Krishna G. Palepu. "Earnings Information Conveyed by Dividend Initiations and Omissions." Journal of Financial Economics 21, no. 2 (September 1988): 149–175. View Details
• Healy, Paul M., Sok-Hyon Kang, and Krishna G. Palepu. "The Effect of Accounting Procedure Changes on CEO's Cash Salary and Bonus Compensation." Journal of Accounting & Economics 9, no. 1 (April 1987): 7–34. View Details
• Healy, Paul M., and Tom Lys. "Auditor Changes Following Big Eight Mergers with Non-Big Eight Audit Firms." Journal of Accounting and Public Policy 5, no. 4 (winter 1986): 251–265. View Details
• Healy, Paul M. "The Effect of Bonus Schemes on Accounting Decisions." Journal of Accounting & Economics 7, nos. 1-3 (April 1985): 85–107. View Details

Book Chapters

• Healy, Paul M., and Krishna G. Palepu. "International Equity Acquisitions: Who, Where, and Why?" In Foreign Direct Investment, edited by K. Froot. Chicago: University of Chicago Press, 1993. View Details
• Healy, Paul M. "The Effects of Changes in Corporate Control on Firm Performance." In Transforming Organizations, edited by Thomas Kochan and Michael Useem. New York: Oxford University Press, 1992. View Details

Working Papers

• Cheng, J. Yo-Jud, Boris Groysberg, and Paul M. Healy. "Recipe for Succession: An Analysis of Board-Level Drivers of CEO Succession Planning." Working Paper, September 2019. (Revise and Resubmit at Strategic Management Journal.) View Details
• Cheng, J. Yo-Jud, Boris Groysberg, Paul M. Healy, and Rajesh Vijayaraghavan. "Directors' Perceptions of Board Effectiveness and Internal Operations." Working Paper, February 2020. (Under revision at Management Science.) View Details
• Healy, Paul, and George Serafeim. "Who Pays for White-Collar Crime?" Harvard Business School Working Paper, No. 16-148, June 2016. View Details

Cases and Teaching Materials

• Healy, Paul M., and Yuan Zou. "Brown and Coconut." Harvard Business School Case 122-011, July 2021. (Revised August 2021.) View Details
• Serafeim, George, Paul M. Healy, and Jérôme Lenhardt. "Statoil: Transparency on Payments to Governments." Harvard Business School Case 115-049, March 2015. View Details
• Healy, Paul M., George Serafeim, and David Lane. "Wealth Management Crisis at UBS (A)." Harvard Business School Case 111-082, March 2011. (Revised December 2019.) View Details
• Healy, Paul M., George Serafeim, and David Lane. "Wealth Management Crisis at UBS (B)." Harvard Business School Supplement 111-090, March 2011. (Revised February 2018.) View Details
• Wang, Charles C.Y., and Paul M. Healy. "Air Products' Pursuit of Airgas." Harvard Business School Teaching Note 122-020, August 2021. View Details
• Healy, Paul M., and Marshal Herrmann. "Mira's Microbrewery Inc." Harvard Business School Teaching Note 121-065, March 2021. (Revised March 2021.) View Details
• Healy, Paul M. "Ketchup and Hotdog Synergies: Intangibles Created by the Kraft Heinz Merger." Harvard Business School Teaching Note 121-064, March 2021. View Details
• Healy, Paul M. "Capitalizing Development Costs at Fiat Chrysler Automobiles and Volkswagen." Harvard Business School Teaching Note 121-054, March 2021. View Details
• Healy, Paul, and Marshal Herrmann. "Ketchup and Hotdog Synergies: Intangibles Created by the Kraft Heinz Merger." Harvard Business School Case 121-017, July 2020. (Revised May 2022.) View Details
• Healy, Paul. "Cash Flow Statements and Analysis." Harvard Business School Case 121-019, July 2020. (Revised September 2020.) View Details
• Healy, Paul M., and Marshal Herrmann. "Capitalizing Development Costs at Fiat Chrysler Automobiles and Volkswagen." Harvard Business School Case 121-018, July 2020. (Revised August 2021.) View Details
• Healy, Paul, and Marshal Herrmann. "Accounting for Liabilities at Tesla." Harvard Business School Exercise 121-010, July 2020. (Revised September 2020.) View Details
• Healy, Paul M., and Marshal Herrmann. "Accounting for Assets at Tesla." Harvard Business School Exercise 121-009, July 2020. (Revised November 2020.) View Details
• Healy, Paul, and Marshal Herrmann. "Accounting for Revenues." Harvard Business School Exercise 121-022, July 2020. (Revised July 2021.) View Details
• Healy, Paul M., and Marshal Herrmann. "Mira's Microbrewery Inc." Harvard Business School Case 120-126, July 2020. (Revised May 2022.) View Details
• Healy, Paul M., and Alpana Thapar. "The Board's Role in Refocusing Bahrain Development Bank." Harvard Business School Case 120-099, April 2020. View Details
• Healy, Paul M., Susanna Gallani, and Esel Cekin. "Building a Meritocracy at Alghanim Industries." Harvard Business School Multimedia/Video Case 120-702, September 2019. View Details
• Healy, Paul, and Eugene Soltes. "Rajat Gupta." Harvard Business School Case 117-004, December 2016. (Revised January 2022.) View Details
• Healy, Paul M. "The Homes Cycling Shop." Harvard Business School Case 120-019, July 2019. (Revised September 2019.) View Details
• Healy, Paul M., Susanna Gallani, and Esel Çekin. "Building a Meritocracy at Alghanim Industries." Harvard Business School Case 119-019, June 2019. (Revised July 2019.) View Details
• Healy, Paul, and Siko Sikochi. "Revenue Recognition at HBP." Harvard Business School Case 119-029, August 2018. (Revised July 2020.) View Details
• Dey, Aiyesha, and Paul Healy. "PCAOB Efforts to Improve Audit Quality (A) and (B)." Harvard Business School Teaching Note 119-017, July 2018. View Details
• Healy, Paul M., and Esel Y. Cekin. "Governance Transition at Anadolu Group." Harvard Business School Case 119-048, November 2018. View Details
• Dey, Aiyesha, and Paul Healy. "PCAOB Efforts to Improve Audit Quality (B): Excerpts of Public Comment Letters." Harvard Business School Supplement 118-109, June 2018. View Details
• Dey, Aiyesha, and Paul Healy. "PCAOB Efforts to Improve Audit Quality (A)." Harvard Business School Case 118-108, June 2018. (Revised July 2018.) View Details
• Healy, Paul, and Jonas Heese. "Accounting for Nuclear Power Provisions at RWE." Harvard Business School Case 118-013, August 2017. (Revised December 2017.) View Details
• Healy, Paul, and Eugene Soltes. "Rajat Gupta." Harvard Business School Teaching Note 117-068, May 2017. View Details
• Wang, Charles C.Y., Paul M. Healy, and Kyle Thomas. "Air Products' Pursuit of Airgas (B)." Harvard Business School Supplement 116-025, November 2015. (Revised March 2018.) View Details
• Wang, Charles C.Y., Paul M. Healy, Penelope Rossano, and Kyle Thomas. "Air Products' Pursuit of Airgas (A)." Harvard Business School Case 116-024, November 2015. (Revised March 2018.) View Details
• Groysberg, Boris, Paul M. Healy, and Sarah L. Abbott. "Transpower New Zealand: Evaluating Board Performance." Harvard Business School Case 416-024, October 2015. View Details
• Healy, Paul M. "Three-Year Planning at Li & Fung Limited." Harvard Business School Teaching Note 116-057, April 2016. View Details
• Healy, Paul M., Gautam Mukunda, and Esel Çekin. "A Challenger's Strategy: Pinar Abay at ING Bank Turkey." Harvard Business School Multimedia/Video Case 116-701, September 2015. View Details
• Healy, Paul, Gautam Mukunda, and Esel Çekin. "A Challenger's Strategy: Pinar Abay at ING Bank Turkey." Harvard Business School Case 116-023, October 2015. View Details
• Goldberg, Lena G., Paul Healy, and Nancy Hua Dai. "CreditEase: Providing Credit and Financial Services for China's Underclass." Harvard Business School Case 315-027, October 2014. View Details
• Healy, Paul, Suraj Srinivasan, and Aldo Sesia. "Southeastern Asset Management Challenges Buyout at Dell." Harvard Business School Case 114-015, June 2014. (Revised May 2017.) View Details
• Healy, Paul, Gwen Yu, and Aldo Sesia. "Accounting for Virtual Goods at Zynga." Harvard Business School Case 115-005, July 2014. View Details
• Healy, Paul, V.G. Narayanan, and Penelope Rossano. "Guiding Professional Accountants to Do the Right Thing." Harvard Business School Case 115-028, March 2015. View Details
• Healy, Paul M., and Penelope Rossano. "Valuation Ratios in the Airline Industry, 2013." Harvard Business School Case 115-013, October 2014. (Revised October 2014.) View Details
• Healy, Paul M., and Keith Chi-ho Wong. "Three-Year Planning at Li & Fung Limited." Harvard Business School Case 114-098, May 2014. (Revised April 2016.) View Details
• Healy, Paul, and Rachna Tahilyani. "Managing Change at Axis Bank (B)." Harvard Business School Supplement 114-083, April 2014. View Details
• Healy, Paul, and Rachna Tahilyani. "Managing Change at Axis Bank (A)." Harvard Business School Case 114-082, March 2014. View Details
• Healy, Paul M., and Penelope Rossano. "Mittal Steel's Pursuit of Arcelor (B)." Harvard Business School Supplement 114-057, January 2014. (Revised October 2014.) View Details
• Healy, Paul M., and Penelope Rossano. "Mittal Steel's Pursuit of Arcelor (A)." Harvard Business School Case 114-056, January 2014. (Revised September 2015.) View Details
• Healy, Paul, and Penelope Rossano. "Alcoa's Bid for Alcan (B)." Harvard Business School Supplement 114-030, October 2013. View Details
• Healy, Paul, and Penelope Rossano. "Alcoa's Bid for Alcan (A)." Harvard Business School Case 114-029, October 2013. (Revised December 2015.) View Details
• Healy, Paul, and Maria Loumioti. "Gordon Brothers: Collateralizing Corporate Loans by Brands." Harvard Business School Case 114-016, August 2013. (Revised November 2013.) View Details
• Healy, Paul. "The Fall of Enron (TN)." Harvard Business School Teaching Note 113-128, April 2013. View Details
• Healy, Paul M., and Rachna Tahilyani. "Growing Financial Services in India: Aditya Birla Financial Services Group." Harvard Business School Case 113-059, April 2013. (Revised November 2013.) View Details
• Healy, Paul, and Keith Chi-ho Wong. "Value Partners and the Evergrande Situation." Harvard Business School Case 113-113, April 2013. (Revised March 2014.) View Details
• Healy, Paul. "BTG Pactual: Preserving a Partnership Culture." Harvard Business School Case 113-094, February 2013. (Revised June 2013.) View Details
• Healy, Paul. "Corruption at Siemens (TP) (A), (B), (C) and (D)." Harvard Business School Teaching Plan 113-092, March 2013. View Details
• Healy, Paul. "Apartheid in South Africa." Harvard Business School Background Note 113-084, January 2013. View Details
• Healy, Paul, Clayton S. Rose, and Penelope Rossano. "Aubrey McClendon's Special Incentive Compensation at Chesapeake Energy (B)." Harvard Business School Supplement 113-093, January 2013. View Details
• Healy, Paul, Karthik Ramanna, and Matthew Shaffer. "Rospil.info." Harvard Business School Case 112-033, February 2012. (Revised June 2012.) View Details
• Healy, Paul, and Krishna Palepu. "The Fall of Enron." Harvard Business School Case 109-039, November 2008. (Revised July 2019.) View Details
• Healy, Paul, Clayton S. Rose, and Aldo Sesia. "Aubrey McClendon's Special Incentive Compensation at Chesapeake Energy (A)." Harvard Business School Case 110-047, January 2010. (Revised April 2013.) View Details
• Healy, Paul. "Fighting Corruption at Siemens." Harvard Business School Teaching Note 112-089, March 2012. View Details
• Healy, Paul, and Djordjija Petkoski. "Fighting Corruption at Siemens." Harvard Business School Multimedia/Video Case 112-702, March 2012. View Details
• Groysberg, Boris, Paul Healy, and Sarah L. Abbott. "Gerson Lehrman Group: Managing Risks." Harvard Business School Case 412-004, September 2011. (Revised January 2012.) View Details
• Healy, Paul, Krishna G. Palepu, and George Serafeim. "Subprime Crisis and Fair-Value Accounting (TN)." Harvard Business School Teaching Note 112-027, August 2011. View Details
• "Business Analysis and Valuation Model (Version 5)." Harvard Business School Tool 103-701, January 2003. (Revised February 2011.) View Details
• Groysberg, Boris, Paul M. Healy, and Sarah Abbott. "Sidoti & Company: Launching a Micro-Cap Product." Harvard Business School Case 411-072, January 2011. View Details
• Groysberg, Boris, Paul M. Healy, and Sarah Abbott. "Morgan Asset Management." Harvard Business School Case 411-058, November 2010. View Details
• Healy, Paul, Sharon Katz, and Aldo Sesia. "Eddie Bauer (A)." Harvard Business School Case 110-008, August 2009. (Revised February 2013.) View Details
• Healy, Paul M., Sharon P. Katz, and Aldo Sesia. "Eddie Bauer (B)." Harvard Business School Supplement 110-009, August 2009. (Revised August 2010.) View Details
• Healy, Paul M., Sharon P. Katz, and Aldo Sesia. "Eddie Bauer (C)." Harvard Business School Supplement 110-010, August 2009. (Revised August 2010.) View Details
• Groysberg, Boris, Paul M. Healy, and Sarah Abbott. "Credit Suisse Group: Managing Equity Research as a Business." Harvard Business School Case 410-073, January 2010. (Revised April 2010.) View Details
• Healy, Paul M., and Sharon P. Katz. "Eddie Bauer (TN) (A), (B) and (C)." Harvard Business School Teaching Note 110-041, November 2009. View Details
• Healy, Paul M., Krishna G. Palepu, and George Serafeim. "Subprime Crisis and Fair-Value Accounting." Harvard Business School Case 109-031, October 2008. (Revised August 2009.) View Details
• Healy, Paul M. "Financial Reporting Problems at Molex, Inc. (A)." Harvard Business School Case 105-082, June 2005. (Revised July 2009.) View Details
• Healy, Paul M., and Maria Loumioti. "Corruption at Siemens (A)." Harvard Business School Case 108-033, June 2008. (Revised May 2009.) View Details
• Healy, Paul M., and Maria Loumioti. "Corruption at Siemens (B)." Harvard Business School Supplement 108-034, June 2008. (Revised May 2009.) View Details
• Healy, Paul M., and Maria Loumioti. "Corruption at Siemens (C)." Harvard Business School Supplement 108-035, June 2008. (Revised May 2009.) View Details
• Healy, Paul M., and Maria Loumioti. "Corruption at Siemens (D)." Harvard Business School Supplement 108-036, June 2008. (Revised May 2009.) View Details
• Healy, Paul M. "Revenue Recognition Problems in the Communications Equipment Industry (TN)." Harvard Business School Teaching Note 108-028, September 2007. (Revised June 2008.) View Details
• Healy, Paul M., Boris Groysberg, and Geoff Marietta. "Prudential Securities (TN)." Harvard Business School Teaching Note 108-027, September 2007. (Revised January 2008.) View Details
• Healy, Paul M. "Valuation at Novartis." Harvard Business School Case 108-041, October 2007. View Details
• Healy, Paul M. "Financial Reporting Problems at Molex, Inc. (TN) (A), (B) & (C)." Harvard Business School Teaching Note 106-018, August 2005. (Revised September 2007.) View Details
• Healy, Paul M. "Merrill Lynch in 2003: Sunny Skies Ahead? (TN)." Harvard Business School Teaching Note 108-025, September 2007. View Details
• Healy, Paul M. "DICOM Group plc and Captiva Software Corp. (TN)." Harvard Business School Teaching Note 108-026, September 2007. View Details
• Healy, Paul M., and Arjuna J Costa. "Revenue Recognition Problems in the Communications Equipment Industry." Harvard Business School Case 107-025, August 2006. (Revised August 2007.) View Details
• Healy, Paul M. "DICOM Group plc and Captiva Software Corp." Harvard Business School Case 106-015, August 2005. (Revised April 2007.) View Details
• Groysberg, Boris, and Paul M. Healy. "10 Uncommon Values®: Optimizing the Stock-Selection Process (TN)." Harvard Business School Teaching Note 407-073, February 2007. (Revised April 2007.) View Details
• Healy, Paul M., and Boris Groysberg. "10 Uncommon Values®: Optimizing the Stock-Selection Process." Harvard Business School Case 405-022, November 2004. (Revised March 2007.) View Details
• Hawkins, David F., and Paul M. Healy. "HBS Financial Accounting Tutorial (TN)." Harvard Business School Teaching Note 107-063, February 2007. View Details
• "HBS Financial Accounting Tutorial." Harvard Business School Tutorial 107-707, February 2007. View Details
• Healy, Paul M. "Financial Reporting Problems at Molex, Inc. (C)." Harvard Business School Supplement 107-049, December 2006. View Details
• Healy, Paul M. "Financial Reporting Problems at Molex, Inc. (B)." Harvard Business School Supplement 107-048, December 2006. View Details
• Healy, Paul M. "Nokia in 2003." Harvard Business School Case 106-067, May 2006. View Details
• Hawkins, David F., and Paul M. Healy. "Financial Accounting: An Online Introductory Course (TN)." Harvard Business School Teaching Note 106-041, November 2005. (Revised February 2006.) View Details
• Healy, Paul M., Brett Laschinger, and Ajay Shroff. "United Parcel Service's IPO." Harvard Business School Case 103-015, October 2002. (Revised October 2005.) View Details
• "Prematriculation Financial Accounting Tutorial/Module." Harvard Business School Tutorial 105-708, June 2005. View Details
• Hawkins, David F., and Paul M. Healy. "Pre-matriculation Accounting Tutorial (TN)." Harvard Business School Teaching Note 105-074, May 2005. View Details
• Groysberg, Boris, Paul M. Healy, and David Kiron. "Merrill Lynch in 2003: Sunny Skies Ahead?" Harvard Business School Case 105-067, April 2005. View Details
• Groysberg, Boris, Paul M. Healy, and Amanda Cowen. "Prudential Securities." Harvard Business School Case 104-008, May 2004. (Revised April 2005.) View Details
• Healy, Paul M., and Krishna G. Palepu. "Valuation Ratios in the Restaurant Industry." Harvard Business School Case 104-066, January 2004. (Revised March 2005.) View Details
• Healy, Paul M. "Valuation Ratios in the Restaurant Industry (TN)." Harvard Business School Teaching Note 105-056, February 2005. View Details
• Healy, Paul M. "City of New York, The (TN)." Harvard Business School Teaching Note 104-033, September 2003. View Details
• Healy, Paul M. "CUC International, Inc. (A) (TN)." Harvard Business School Teaching Note 104-028, August 2003. View Details
• Healy, Paul M. "United Parcel Service's IPO (TN)." Harvard Business School Teaching Note 104-029, August 2003. View Details
• Healy, Paul M. "Thermo Electron Corporation: Financial Analysis TN." Harvard Business School Teaching Note 100-083, February 2000. (Revised August 2003.) View Details
• Healy, Paul M. "Boston Chicken, Inc. TN." Harvard Business School Teaching Note 100-084, February 2000. (Revised August 2003.) View Details
• Healy, Paul M. "Brierley Investments Limited TN." Harvard Business School Teaching Note 100-085, February 2000. (Revised August 2003.) View Details
• Healy, Paul M. "Krispy Kreme Doughnuts (TN)." Harvard Business School Teaching Note 104-024, August 2003. View Details
• Healy, Paul M. "Valuation Ratios in the Airline Industry (TN)." Harvard Business School Teaching Note 104-025, August 2003. View Details
• Healy, Paul M. "Computer Associates International Inc.: Governance and Investor Communication Challenge (TN)." Harvard Business School Teaching Note 104-026, August 2003. View Details
• Healy, Paul M., and Jacob Cohen. "Pre-Paid Legal Services, Inc." Harvard Business School Case 100-037, November 1999. (Revised July 2003.) View Details
• Healy, Paul M., Krishna G. Palepu, and Jonathan Barnett. "Valuation Ratios in the Airline Industry." Harvard Business School Case 103-002, April 2003. (Revised May 2003.) View Details
• Healy, Paul M., and Jacob Cohen. "Yahoo!'s Stock-Based Compensation (B)." Harvard Business School Case 103-043, January 2003. (Revised May 2003.) View Details
• Healy, Paul M., and Jacob Cohen. "Yahoo!'s Stock-Based Compensation (C)." Harvard Business School Case 103-044, January 2003. (Revised May 2003.) View Details
• Healy, Paul M., and Jacob Cohen. "Yahoo!'s Stock-Based Compensation (D)." Harvard Business School Case 103-045, January 2003. (Revised May 2003.) View Details
• Healy, Paul M., and Krishna G. Palepu. "Computer Associates International, Inc.: Governance and Investor Communication Challenge." Harvard Business School Case 103-007, July 2002. (Revised April 2003.) View Details
• Healy, Paul M., and Jacob Cohen. "Yahoo!'s Stock-Based Compensation." Harvard Business School Case 101-059, November 2000. (Revised January 2003.) View Details
• Healy, Paul M. "Pre-Paid Legal Services, Inc. TN." Harvard Business School Teaching Note 100-082, February 2000. (Revised September 2002.) View Details
• Healy, Paul M. "Inventory Exercises." Harvard Business School Exercise 101-012, September 2000. (Revised January 2002.) View Details
• Healy, Paul M., and Preeti Choudhary. "Liability Reporting." Harvard Business School Background Note 101-016, August 2000. (Revised November 2001.) View Details
• Healy, Paul M., Amy P. Hutton, Robert S. Kaplan, and Krishna G. Palepu. "Financial Reporting Environment, The." Harvard Business School Background Note 102-029, September 2001. View Details
• Healy, Paul M. "Boeing Company's Accounting for Executive Stock Compensation, The." Harvard Business School Teaching Note 101-088, April 2001. View Details
• Healy, Paul M. "Reporting Income for Dot-coms TN." Harvard Business School Teaching Note 101-086, March 2001. View Details
• Healy, Paul M. "Revenue Recognition." Harvard Business School Background Note 101-017, August 2000. (Revised February 2001.) View Details
• Healy, Paul M., and Preeti Choudhary. "Expense Recognition." Harvard Business School Background Note 101-015, August 2000. (Revised February 2001.) View Details
• Healy, Paul M., and Preeti Choudhary. "Asset Reporting." Harvard Business School Background Note 101-014, August 2000. (Revised January 2001.) View Details
• Healy, Paul M. "Reporting Income for Dot-Coms." Harvard Business School Background Note 101-013, August 2000. (Revised January 2001.) View Details
• Healy, Paul M., and Jacob Cohen. "Boeing Company's Accounting for Executive Stock Compensation, The." Harvard Business School Case 100-031, September 1999. (Revised December 2000.) View Details
• Healy, Paul M., and Jacob Cohen. "Accounting for Mergers & Acquisitions." Harvard Business School Background Note 101-021, August 2000. (Revised October 2000.) View Details
• Hutton, Amy P., Paul M. Healy, and Jacob Cohen. "Off-Balance Sheet Leases in the Restaurant Industry." Harvard Business School Case 101-033, October 2000. (Revised October 2000.) View Details
• Healy, Paul M., and Jacob Cohen. "MCI-WorldCom Combination, The (A)." Harvard Business School Case 101-027, September 2000. View Details
• Healy, Paul M., and Jacob Cohen. "MCI-WorldCom Combination, The (B)." Harvard Business School Case 101-028, September 2000. View Details
• Healy, Paul M., and Jacob Cohen. "Financial Statement and Ratio Analysis." Harvard Business School Background Note 101-029, September 2000. View Details
• Healy, Paul M., and Jacob Cohen. "Aerospace Technologies, Inc." Harvard Business School Case 101-003, July 2000. View Details
• Healy, Paul M. "City of New York, The." Harvard Business School Case 198-030, May 1998. (Revised April 2000.) View Details
• Healy, Paul M. "Adelphia Communications Corporation." Harvard Business School Case 198-031, September 1997. (Revised March 2000.) View Details
• Healy, Paul M. "Adelphia Communications Corporation TN." Harvard Business School Teaching Note 100-086, February 2000. View Details
• Healy, Paul M. "Brierley Investments Limited." Harvard Business School Case 100-014, December 1999. View Details
• Healy, Paul M., and Souren G. Ouzounian. "Thermo Electron Corporation: Financial Analysis." Harvard Business School Case 100-057, November 1999. View Details
• Healy, Paul M., and Jacob Cohen. "Emergence of an International Accounting Standards Setter, The." Harvard Business School Background Note 100-046, October 1999. View Details
• Healy, Paul M. "Boston Chicken, Inc." Harvard Business School Case 198-032, September 1997. (Revised August 1999.) View Details
• Healy, Paul M., Bjorn N. Jorgensen, and Penny Joseph. "Echlin vs. SPX." Harvard Business School Case 199-010, October 1998. (Revised January 1999.) View Details
• Palepu, Krishna G., and Paul M. Healy. "CUC International, Inc. (A)." Harvard Business School Case 192-099, February 1992. (Revised October 1996.) View Details
• Palepu, Krishna G., and Paul M. Healy. "CUC International, Inc. (B)." Harvard Business School Supplement 192-100, February 1992. (Revised May 1995.) View Details
• Palepu, Krishna G., and Paul M. Healy. "CUC International, Inc. (C)." Harvard Business School Supplement 192-101, February 1992. (Revised May 1995.) View Details

Research Summary

Overview

My current research examines the role that boards of directors and senior management play in governing an organization. My interests focus on two areas. First, I examine factors that increase the effectiveness of board governance. And second, I explore how leadership and internal governance systems promote and support integrity within an organization. In earlier work in my career I have examined the management and effectiveness of investment research, company disclosure decisions, and mergers and acquisitions.

Board Governance

I examine how the internal operations of boards, including how they select new directors, how they interact with each other and the CEO, and how they review their performance, affect their governance effectiveness

Keywords: Board Of Directors

Corruption

World Bank estimates indicate that as much as $1 trillion is paid in bribes throughout the world in a given year. Corruption has been shown to slow economic development. My research focuses on how corruption affects multinational companies. It discusses differences in companies’ commitments to fighting corruption and their implications for performance, as well as providing greater understanding for how companies become involved in corruption and the consequences of getting caught.

Keywords: Corruption; Internal Governance

Wall Street Research

Wall Street research helps to support a well-functioning capital market by providing investors with information about investment opportunities, and corporate issuers with liquidity for their stocks. Yet surprisingly little is known about how Wall Street research actually works. Academic research has focused on analysts' earnings forecasts and stock recommendations, although investors appear to put little stock in this summary data. Regulators have focused on concerns about analysts' conflicts of interest that diminish the quality and integrity of analyst research. My research provides greater insights into how analysts perform their role as information intermediaries, how they are managed and rewarded, and how they really perform.

Keywords: Sell-side Analysts; Brokerage; Investment Banking; Buy-side Analysts; Compensation; Financial Services Industry

Teaching

Audit Committees in a New Era of Governance

The last ten years has heightened demands on audit committees. Not only are they responsible for overseeing internal and external audits to ensure that investors receive accurate and transparent information, but they must ensure compliance with new accounting and regulatory rules and standards. This intensive program prepares audit committee members and chief financial officers to operate effectively in this new environment.

Related Link: http://www.exed.hbs.edu/programs/ac/Pages/default.aspx

Leadership and Corporate Accountability

This course focuses on the responsibilities of companies, their leaders, and their boards. Its aim is to deepend students' understanding of the economic, legal, and ethical dimensions of these responsibilities and to provide practical guidance on driving performance that delivers on all three dimensions. These situations have the potential to define, for good and bad, the careers of executives involved, and to determine the sustainability of their firms. Through a series of difficult dilemmas set in different regions of the world, the course builds a framework for decision-making and explores the elements of effective governance.

Related Link: http://www.exed.hbs.edu/assets/Pages/video.aspx?videoid=1227

Financial Reporting and Control

Throughout their careers, business leaders are required to measure and evaluate their organization's economic performance, improve resource allocation and strategy implementation within their organizations, and build accountability for performance through effective external and internal governance. Top leadership in most organizations must also communicate performance information to external investors and other capital providers to ensure that their organizations are able to access capital on favorable terms. This course provides students with key concepts and frameworks that guide the effective design and use of performance measurement systems to accomplish these multiple complex goals.

Related Link: https://inside.hbs.edu/Departments/mba/academics/courses/Pages/rc_term_i.aspx

Women on Boards

The program helps women who aspire to be board directors to develop the tools and experience needed to become effective directors.

Awards & Honors

Awarded an Honorary Doctorate from Victoria University in 2020.

Awarded an Honorary Doctorate in 2013 by the University of Turku (Turun yliopisto) in Finland.

Winner of the second place 2013 Hermes Fund Managers' Best Paper Prize for the paper "Causes and Consequences of Firm Disclosures of Anticorruption Efforts" (with George Serafeim, Harvard Business School Working Paper, No. 12–077, 2012).

Honored in 2013 as a Fellow of the New Zealand Institute of Chartered Accountants for outstanding contributions to the profession of accountancy.

Winner of the 2006 Emerald Management Reviews Citation of Excellence for "Which Types of Analyst Firms Are More Optimistic?" (with Amanda Paige Cowen and Boris Groysberg, Journal of Accounting & Economics, April 2006).

Winner of the 2001 All Star Paper Award from the Journal of Financial Economics for "Does Corporate Performance Improve after Mergers?" (April 1992) with Krishna G. Palepu and Richard S. Ruback.

Business Analysis and Valuation Using Financial Statements (South-Western College Publishing, 1996), with Victor L. Bernard and Krishna G. Palepu, won the 1999 American Accounting Association Notable Contributions to Accounting Literature Award.

Recipient of the MIT Sloan School of Management Outstanding Teacher Award in 1997. Also a recipient of this award in 1991 and 1992.

Business Analysis and Valuation Using Financial Statements (South-Western College Publishing, 1996), with Victor L. Bernard and Krishna G. Palepu, won the 1997 Wildman Medal from the American Accounting Association.

Winner of the 1990 American Accounting Association Notable Contribution Award for the article "The Effect of Bonus Schemes on Accounting Decisions" (Journal of Accounting & Economics, April 1985).

Additional Information

Collaborators

• Krishna Palepu
• Boris Groysberg
• Karthik Ramanna
• George Serafeim

Working Knowledge

• Articles, Working papers, More

Areas of Interest

• corporate governance
• disclosure
• financial intermediaries
• financial reporting
• financial statement analysis
Additional Topics
• boards of directors
• corporate accountability
• financial strategy
• mergers and acquisitions
• quality of earnings
• valuation
• value investing
Industries
• accounting industry
• brokerage
• pharmaceuticals
Geographies
• Australia and Oceania
• Europe
• New Zealand