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Publications

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    • All HBS Web  (725)
      • Faculty Publications  (35)

      Earnings Response Coefficient Remove Earnings Response Coefficient →

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      • 2022
      • Working Paper

      Markups to Financial Intermediation in Foreign Exchange Markets

      By: Jonathan Wallen
      On average from 2013 to 2020, foreign asset managers in net sold forward 1.1 trillion U.S. dollars. This forward sale of dollars hedges the currency mismatch of foreign investment in U.S. dollar assets. By accommodating this demand, U.S. and European banks earn an...  View Details
      Keywords: Foreign Exchange; Financial Intermediation; Arbitrage; Market Power; Regulations; Currency; Assets; Interest Rates; Banking Industry
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      Wallen, Jonathan. "Markups to Financial Intermediation in Foreign Exchange Markets." Working Paper, March 2022.
      • December 2021
      • Case

      Danish Crown: Feeding the Future

      By: David E. Bell, Damien P. McLoughlin, Daniela Beyersdorfer and Mette Fuglsang Hjortshoej
      Danish Crown, one of the world’s largest exporters of pork meat and one of Europe’s top five producers of beef, faced increasing headwinds in 2021, making CEO Jais Valeur feel like the core of the meat business was under attack. As a cooperative and prominent player in...  View Details
      Keywords: Agribusiness; Animal-Based Agribusiness; Food; Environmental Management; Climate Change; Environmental Sustainability; Nutrition; Cooperative Ownership; Change Management; Transition; Leadership; Leading Change; Marketing; Product Marketing; Corporate Strategy; Agriculture and Agribusiness Industry; Food and Beverage Industry; Europe; Denmark
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      Bell, David E., Damien P. McLoughlin, Daniela Beyersdorfer, and Mette Fuglsang Hjortshoej. "Danish Crown: Feeding the Future." Harvard Business School Case 522-057, December 2021.
      • October 2021 (Revised March 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...  View Details
      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; Distribution Industry; Health Industry; Pharmaceutical Industry; United States; West Virginia; Tennessee; Ohio; Pennsylvania
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      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 March 2022.)
      • 2021
      • Working Paper

      Governance Transparency and Firm Value: Evidence from Korean Chaebols

      By: Akash Chattopadhyay, Sa-Pyung Sean Shin and Charles C.Y. Wang
      We examine Korean business groups' transition from circular-shareholding structures to (relatively simple) pyramidal-shareholding structures between 2011 and 2018. When firms were removed from ownership loops, chaebol families' control or incentive conflicts in them...  View Details
      Keywords: Business Groups; Cross Shareholding; Circular Shareholding; Pyramidal Ownership; Governance Transparency; Ownership Transparency; Earnings Response Coefficient; Business Conglomerates; Corporate Governance; Valuation; Business Earnings
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      Chattopadhyay, Akash, Sa-Pyung Sean Shin, and Charles C.Y. Wang. "Governance Transparency and Firm Value: Evidence from Korean Chaebols." Harvard Business School Working Paper, No. 22-012, September 2021. (Revised November 2021.)
      • July 2021
      • Article

      Material Sustainability Information and Stock Price Informativeness

      By: Jody Grewal, Clarissa Hauptmann and George Serafeim
      As part of the SEC’s revision of Regulation S-K, many investors proposed the mandatory disclosure of sustainability information in the form of environmental, social, and governance (ESG) data. However, progress is contingent on collecting evidence regarding which...  View Details
      Keywords: Voluntary Disclosure; Accounting Standards; Sustainability; Nonfinancial Information; Corporate Social Responsibility; Stock Price Informativeness; Synchronicity; Environmental Sustainability; Corporate Disclosure; Corporate Accountability; Stocks; Price; Corporate Social Responsibility and Impact; Accounting; Standards
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      Grewal, Jody, Clarissa Hauptmann, and George Serafeim. "Material Sustainability Information and Stock Price Informativeness." Journal of Business Ethics 171, no. 3 (July 2021): 513–544.
      • Article

      Job Loss, Credit and Crime in Colombia

      By: Gaurav Khanna, Carlos Medina, Anant Nyshadham, Christian Posso and Jorge Tamayo
      We investigate the effects of job displacement, as a result of mass layoffs, on criminal arrests using a matched employer-employee-crime dataset from Medellín, Colombia. Job displacement leads to immediate and persistent earnings losses and higher probability of arrest...  View Details
      Keywords: Job Displacements; Job Cuts and Outsourcing; Crime and Corruption; Credit; Colombia; Medellín
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      Khanna, Gaurav, Carlos Medina, Anant Nyshadham, Christian Posso, and Jorge Tamayo. "Job Loss, Credit and Crime in Colombia." American Economic Review: Insights 3, no. 1 (March 2021): 97–114.
      • May 2020
      • Case

      Big Boom Beverages: Fight or Flight?

      By: Stephen A. Greyser and William Ellet
      Four college friends market a beverage that combines ingredients like those in a drink they consumed in college bars. It includes a caffeinated energy drink, malt liquor, and a soft drink flavoring. They launch the business, Big Boom Beverages (BBB), with their own...  View Details
      Keywords: Alcoholic Beverages; Energy Drinks; Regulation; Entrepreneurship; Ethics; Marketing Communications; Corporate Social Responsibility and Impact; Reputation; Communication Strategy; Decision Making
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      Greyser, Stephen A., and William Ellet. "Big Boom Beverages: Fight or Flight?" Harvard Business School Brief Case 920-557, May 2020.
      • 2020
      • Working Paper

      Job Loss, Credit and Crime in Colombia

      By: Gaurav Khanna, Carlos Medina, Anant Nyshadham, Christian Posso and Jorge Tamayo
      We investigate the effects of job displacement, as a result of mass layoffs, on criminal arrests using a matched employer-employee-crime dataset from Medellín, Colombia. Job displacement leads to immediate and persistent earnings losses and higher probability of arrest...  View Details
      Keywords: Job Displacements; Job Cuts and Outsourcing; Crime and Corruption; Credit; Colombia; Medellín
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      Khanna, Gaurav, Carlos Medina, Anant Nyshadham, Christian Posso, and Jorge Tamayo. "Job Loss, Credit and Crime in Colombia." Harvard Business School Working Paper, No. 20-104, April 2020.
      • September 2019
      • Article

      The Effect of Enforcement Transparency: Evidence from SEC Comment-Letter Reviews

      By: Miguel Duro, Jonas Heese and Gaizka Ormazabal
      This paper studies the effect of the public disclosure of the Securities and Exchange Commission (SEC) comment-letter reviews (CLs) on firms’ financial reporting. We exploit a major change in the SEC’s disclosure policy: in 2004, the SEC decided to make its CLs...  View Details
      Keywords: Disclosure; SEC Comment-Letter Reviews; Public Enforcement; Governance; Information Publishing; Policy; Financial Reporting; Capital Markets; Organizational Change and Adaptation
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      Duro, Miguel, Jonas Heese, and Gaizka Ormazabal. "The Effect of Enforcement Transparency: Evidence from SEC Comment-Letter Reviews." Review of Accounting Studies 24, no. 3 (September 2019): 780–823.
      • June 2019
      • Article

      Brokers vs. Retail Investors: Conflicting Interests and Dominated Products

      By: Mark Egan
      I study how brokers distort household investment decisions. Using a novel convertible bond dataset, I find that consumers often purchase dominated bonds—cheap and expensive versions of otherwise identical bonds coexist in the market. The empirical evidence suggests...  View Details
      Keywords: Brokers; Fiduciary Standard; Consumer Finance; Structured Products; Household; Investment; Decisions; Motivation and Incentives; Conflict of Interests
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      Egan, Mark. "Brokers vs. Retail Investors: Conflicting Interests and Dominated Products." Journal of Finance 74, no. 3 (June 2019): 1217–1260.
      • January 2019
      • Article

      Wage Elasticities in Working and Volunteering: The Role of Reference Points in a Laboratory Study

      By: Christine L. Exley and Stephen J. Terry
      We experimentally test how effort responds to wages—randomly assigned to accrue to individuals or to a charity—in the presence of expectations-based reference points or targets. When individuals earn money for themselves, higher wages lead to higher effort with...  View Details
      Keywords: Reference Points; Wage Elasticities; Labor Supply; Effor; Volunteering; Prosocial Behavior; Wages; Motivation and Incentives; Nonprofit Organizations; Behavior
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      Exley, Christine L., and Stephen J. Terry. "Wage Elasticities in Working and Volunteering: The Role of Reference Points in a Laboratory Study." Management Science 65, no. 1 (January 2019): 413–425.
      • December 2018
      • Case

      The Global-Local Tension: Vodafone CEO Vittorio Colao Leading with 'International Values and Local Roots' (A)

      By: Tsedal Neeley
      Vittorio Colao, CEO of telecommunication giant Vodafone, must respond to reports of disturbing accounting practices at two of Vodafone’s operating companies. In one case, €60 million have been misreported due to a series of failures to check manual accounting...  View Details
      Keywords: GLOBAL-LOCAL; Organization Culture; Global Identity; Local Identity; Accounting Discrepency; Globalization; Leadership; Trust; Organizational Culture; Organizational Design; Organizations; Identity; Local Range; Global Range; Values and Beliefs; Accounting Audits
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      Neeley, Tsedal. "The Global-Local Tension: Vodafone CEO Vittorio Colao Leading with 'International Values and Local Roots' (A)." Harvard Business School Case 419-031, December 2018.
      • December 2018
      • Supplement

      The Global-Local Tension: Vodafone CEO Vittorio Colao Leading with 'International Values and Local Roots' (B)

      By: Tsedal Neeley
      Vittorio Colao, CEO of telecommunication giant Vodafone, must respond to reports of disturbing accounting practices at two of Vodafone’s operating companies. In one case, €60 million have been misreported due to a series of failures to check manual accounting...  View Details
      Keywords: GLOBAL-LOCAL; Global Identity; Local Identity; Accounting Discrepency; Globalization; Leadership; Trust; Organizational Culture; Organizational Design; Organizations; Identity; Local Range; Global Range; Values and Beliefs; Accounting Audits
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      Neeley, Tsedal. "The Global-Local Tension: Vodafone CEO Vittorio Colao Leading with 'International Values and Local Roots' (B)." Harvard Business School Supplement 419-032, December 2018.
      • November–December 2018
      • Article

      Uncertainty about Managers' Reporting Objectives and Investors' Response to Earnings Reports: Evidence from the 2006 Executive Compensation Disclosures

      By: Fabrizio Ferri, Ronghuo Zheng and Yuan Zou
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      Ferri, Fabrizio, Ronghuo Zheng, and Yuan Zou. "Uncertainty about Managers' Reporting Objectives and Investors' Response to Earnings Reports: Evidence from the 2006 Executive Compensation Disclosures." Journal of Accounting & Economics 66, nos. 2-3 (November–December 2018): 339–365.
      • January 2018 (Revised March 2020)
      • Case

      SAP: Branding in the Digital Age

      By: Das Narayandas and Amram Migdal
      By 2017, digital, social, and mobile technologies were rapidly changing the way many of SAP’s traditional customers did business over the last decade. In response to this trend, SAP had acquired companies with capabilities in e-commerce, human capital, workforce...  View Details
      Keywords: Brand Positioning; Marketing; Sales; Brands and Branding; Strategy; Technology Industry
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      Narayandas, Das, and Amram Migdal. "SAP: Branding in the Digital Age." Harvard Business School Case 518-058, January 2018. (Revised March 2020.)
      • December 2016
      • Article

      Selective Regulator Decoupling and Organizations' Strategic Responses

      By: Jonas Heese, Ranjani Krishnan and Frank Moers
      Organizations often respond to institutional pressures by symbolically adopting policies and procedures but decoupling them from actual practice. Literature has examined why organizations decouple from regulatory pressures. In this study, we argue that decoupling...  View Details
      Keywords: Regulator Leniency; Beneficence; Mispricing; Upcoding; Nonprofit Organizations; Health Care and Treatment; Revenue; Health Industry
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      Heese, Jonas, Ranjani Krishnan, and Frank Moers. "Selective Regulator Decoupling and Organizations' Strategic Responses." Academy of Management Journal 59, no. 6 (December 2016). (Selected for Best Paper Proceedings of the 2015 Academy of Management Annual Meeting. Winner of the Healthcare Management Division of the Academy of Management 2015 Best Paper Award.)
      • Article

      ESG Integration in Investment Management: Myths and Realities

      By: Sakis Kotsantonis, Christopher Pinney and George Serafeim
      The authors’ aim in this article is to set the record straight on the financial performance of sustainable investing while also correcting a number of other widespread misconceptions about this rapidly growing set of principles and methods. Myth Number 1:...  View Details
      Keywords: ESG; Sustainability; Investment Management; Finance; Corporate Social Responsibility; Integrated Corporate Reporting; Corporate Social Responsibility and Impact; Investment; Environmental Sustainability; Corporate Governance
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      Kotsantonis, Sakis, Christopher Pinney, and George Serafeim. "ESG Integration in Investment Management: Myths and Realities." Journal of Applied Corporate Finance 28, no. 2 (Spring 2016): 10–16.
      • 2017
      • Working Paper

      The Importance of Unemployment Insurance as an Automatic Stabilizer

      By: Marco Di Maggio and Amir Kermani
      We assess the extent to which unemployment insurance (UI) serves as an automatic stabilizer to mitigate the economy's sensitivity to shocks. Using a local labor market design based on heterogeneity in local benefit generosity (defined as the percentage of household...  View Details
      Keywords: Unemployment Insurance; Automatic Stabilizers; Bartik Shocks; Aggregate Demand; System Shocks; Employment; Balance and Stability; Insurance; Volatility; Insurance Industry
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      Di Maggio, Marco, and Amir Kermani. "The Importance of Unemployment Insurance as an Automatic Stabilizer." Harvard Business School Working Paper, No. 17-009, July 2016. (Revise and Resubmit to American Economic Journal: Macroeconomics.)
      • Article

      Seeing Wealth as a Responsibility Improves Attitudes Towards Taxation

      By: Ashley V. Whillans, Nathan J. Wispinski and Elizabeth W. Dunn
      Taxes are beneficial; society depends on the revenue generated from taxation to provide essential public services such as education and health care. Taxes also attract a high degree of loathing. Tax noncompliance is a major problem for governments worldwide—with...  View Details
      Keywords: Wealth; Taxation; Attitudes; Society
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      Whillans, Ashley V., Nathan J. Wispinski, and Elizabeth W. Dunn. "Seeing Wealth as a Responsibility Improves Attitudes Towards Taxation." Journal of Economic Behavior & Organization 127 (July 2016): 146–154.
      • March 2016 (Revised April 2019)
      • Technical Note

      ESG Metrics: Reshaping Capitalism?

      By: George Serafeim
      In the past twenty-five years, the world had seen an exponential growth in the number of companies reporting environmental, social and governance (ESG) data. Investor interest in ESG data also grew rapidly. A growing belief that increasing levels of social inequality...  View Details
      Keywords: Capitalism; Sustainability; Accountability; Corporate Social Responsibility; Responsibilities To Society; Environment; Social Impact Investment; ESG; Corporate Social Responsibility and Impact; Environmental Sustainability; Measurement and Metrics; Integrated Corporate Reporting; Corporate Accountability; Accounting; Economic Systems
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      Serafeim, George, and Jody Grewal. "ESG Metrics: Reshaping Capitalism?" Harvard Business School Technical Note 116-037, March 2016. (Revised April 2019.)
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