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      • Faculty Publications  (129)

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      • February 2023
      • Teaching Note

      Bear to Bull? An Analyst’s Journey with Netflix

      By: Aiyesha Dey and Joseph Pacelli
      Teaching Note for HBS Case No. 123-001. Wedbush Securities analyst Michael Pachter said “hell freezing over” was more likely than him upgrading the “sell” rating he had maintained on movie and television streaming giant Netflix since 2011, despite meteoric subscriber...  View Details
      Keywords: Equity; Analysis; Stock Shares
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      Dey, Aiyesha, and Joseph Pacelli. "Bear to Bull? An Analyst’s Journey with Netflix." Harvard Business School Teaching Note 123-072, February 2023.
      • October 2022
      • Case

      Driving Decarbonization at BMW

      By: Shirley Lu, George Serafeim and Michael W. Toffel
      The case describes BMW’s electrification and decarbonization strategy, and how the company measured carbon emissions throughout the life cycle of its vehicles and used tools like carbon abatement cost curves to evaluate decarbonization opportunities. In mid-2022,...  View Details
      Keywords: Decarbonization; Climate Change; Environment; Sustainability; Carbon Accounting; Carbon; Carbon Abatement; Electric Vehicles; Automobiles; Transportation; Environmental Accounting; Environmental Management; Environmental Sustainability; Accounting; Strategy; Technological Innovation; Supply Chain; Business and Stakeholder Relations; Transportation Industry; Auto Industry; Battery Industry; Germany; China; United States; Europe
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      Lu, Shirley, George Serafeim, and Michael W. Toffel. "Driving Decarbonization at BMW." Harvard Business School Case 123-008, October 2022.
      • September 2022 (Revised January 2023)
      • Case

      Bear to Bull: An Analyst’s Journey with Netflix

      By: Aiyesha Dey, Joseph Pacelli, Jennifer G. Lawson and Tom Quinn
      Wedbush Securities analyst Michael Pachter said “hell freezing over” was more likely than him upgrading the “sell” rating he had maintained on movie and television streaming giant Netflix since 2011, despite meteoric subscriber and share price growth. In 2022, however,...  View Details
      Keywords: Accounting; Asset Pricing; Cash Flow; Investment; Stocks; Equity; Analysis; Attitudes; Financial Services Industry; Financial Services Industry; United States
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      Dey, Aiyesha, Joseph Pacelli, Jennifer G. Lawson, and Tom Quinn. "Bear to Bull: An Analyst’s Journey with Netflix." Harvard Business School Case 123-001, September 2022. (Revised January 2023.)
      • Article

      The Value of Intermediation in the Stock Market

      By: Marco Di Maggio, Mark Egan and Francesco Franzoni
      We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit...  View Details
      Keywords: Financial Intermediation; Institutional Investors; Research Analysts; Broker Networks; Equity Trading; Institutional Investing
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      Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Journal of Financial Economics 145, no. 2A (August 2022): 208–233.
      • Article

      Core Earnings: New Data and Evidence

      By: Ethan Rouen, Eric C. So and Charles C.Y. Wang
      Using a novel dataset, we show that components of firms' GAAP earnings stemming from ancillary business activities or transitory shocks are significant in frequency and magnitude. These components have grown over time and are dispersed across various sections of the...  View Details
      Keywords: Core Earnings; Transitory Earnings; Non-operating Earnings; Quantitative Disclosures; Equity Valuation; Big Data; Business Earnings; Financial Reporting; Valuation; Analytics and Data Science
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      Rouen, Ethan, Eric C. So, and Charles C.Y. Wang. "Core Earnings: New Data and Evidence." Journal of Financial Economics 142, no. 3 (December 2021): 1068–1091.
      • December 2021
      • Article

      Partisan Professionals: Evidence from Credit Rating Analysts

      By: Elisabeth Kempf and Margarita Tsoutsoura
      Partisan perception affects the actions of professionals in the financial sector. Using a novel dataset linking credit rating analysts to party affiliations from voter records, we show that analysts who are not affiliated with the U.S. president’s party downward-adjust...  View Details
      Keywords: Political Affiliation; Credit Rating Agencies; Political Partisanship; Political Elections; Perception; Credit
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      Kempf, Elisabeth, and Margarita Tsoutsoura. "Partisan Professionals: Evidence from Credit Rating Analysts." Journal of Finance 76, no. 6 (December 2021): 2805–2856.
      • 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.
      • 2021
      • Working Paper

      Public Disclosure of Private Meetings: Does Observing Peers' Information Acquisition Affect Analysts' Attention Allocation?

      By: Yi Ru, Ronghuo Zheng and Yuan Zou
      We investigate the impact of observing peers’ information acquisition on financial analysts’ attention allocation. Using the timely disclosure mandate by the Shenzhen Stock Exchange as a setting, we find that, when analysts can observe that a firm is visited by other...  View Details
      Keywords: Attention Allocation; Informational Efficiency; Corporate Site Visits; Externalities; Information; Acquisition; Corporate Disclosure; Outcome or Result
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      Ru, Yi, Ronghuo Zheng, and Yuan Zou. "Public Disclosure of Private Meetings: Does Observing Peers' Information Acquisition Affect Analysts' Attention Allocation?" Harvard Business School Working Paper, No. 22-064, July 2021.
      • June 2021 (Revised February 2023)
      • Case

      MicroStrategy: Accounting for Cryptocurrency

      By: Jonas Heese and Annelena Lobb
      On February 15, 2021, Alina Moss, an analyst who covered the technology company MicroStrategy, pondered a rise in MicroStrategy’s share price. Moss had dialed into the company earnings call. When it ended, Moss had more questions than answers. MicroStrategy had...  View Details
      Keywords: Cryptocurrency; Share Price; Electronic Commerce; Intangible Assets; Assets; Accounting; Financial Statements; Financial Management; Financial Reporting; Analytics and Data Science; E-commerce
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      Heese, Jonas, and Annelena Lobb. "MicroStrategy: Accounting for Cryptocurrency." Harvard Business School Case 121-066, June 2021. (Revised February 2023.)
      • March 2021 (Revised April 2021)
      • Case

      Wirecard: The Downfall of a German Fintech Star

      By: Jonas Heese, Charles C.Y. Wang and Tonia Labruyere
      Wirecard was a German fintech company, member of the DAX30, that provided payment processing and related services. Wirecard had enjoyed large growth rates over the years and most investors and analysts were enthusiastic about the company's prospects. Wirecard's...  View Details
      Keywords: Accounting Fraud; Scandal; Accounting Audits; Accounting; Financial Reporting; Financial Institutions; Financial Markets; Corporate Governance; Governance Compliance; Corporate Accountability; Governance Controls; Financial Services Industry; Germany; Singapore; Dubai
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      Heese, Jonas, Charles C.Y. Wang, and Tonia Labruyere. "Wirecard: The Downfall of a German Fintech Star." Harvard Business School Case 121-058, March 2021. (Revised April 2021.)
      • 2022
      • Working Paper

      The Stock Market Value of Human Capital Creation

      By: Matthias Regier and Ethan Rouen
      We develop a measure of firm-year-specific human capital investment from publicly disclosed personnel expenses (PE) and examine the stock market valuation of this investment. Measuring the future value of PE (PEFV) based on the relation between lagged...  View Details
      Keywords: Intangibles; Market Valuation; Human Capital; Stocks; Financial Markets; Valuation
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      Regier, Matthias, and Ethan Rouen. "The Stock Market Value of Human Capital Creation." Harvard Business School Working Paper, No. 21-047, October 2020. (Revised March 2022.)
      • August 2020
      • Case

      Mary Guerrero and the Advancement of Latinx Talent: Developing an Employee Resource Group at a Top Tier Bank (A)

      By: Rosabeth Moss Kanter and Amy Hernandez Turcios
      Mary Guerrero was a first-generation Latina and an investment banking analyst at a top tier bank on Wall Street—Bulge Bracket Bank (BBB). She was committed to increasing representation of Latinx talent at her firm. She was already doing a lot of individual work to make...  View Details
      Keywords: Latin America; Bank; Representation; Scale; Inclusion; Coalition; Resources; Latinx; Talent and Talent Management; Diversity; Ethnicity; Banks and Banking; Leadership
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      Kanter, Rosabeth Moss, and Amy Hernandez Turcios. "Mary Guerrero and the Advancement of Latinx Talent: Developing an Employee Resource Group at a Top Tier Bank (A)." Harvard Business School Case 321-017, August 2020.
      • June 2020 (Revised October 2020)
      • Case

      Muddy Waters vs. eHealth: The Debate of a 'Lifetime'

      By: Jonas Heese and Cristo Liautaud
      In May 2020, an analyst was assessing eHealth’s performance. eHealth was an online / tele-sales broker of health insurance products. The stock had recently hit all-time highs, closing at a peak of $146 on March 4, 2020. But now, May 4, 2020, eHealth traded at $103. The...  View Details
      Keywords: Revenue Recognition; Health; Insurance; Online Technology; Insurance Industry
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      Heese, Jonas, and Cristo Liautaud. "Muddy Waters vs. eHealth: The Debate of a 'Lifetime'." Harvard Business School Case 120-114, June 2020. (Revised October 2020.)
      • June 2020 (Revised February 2021)
      • Case

      Accounting for Leases at American Airlines (A)

      By: Jonas Heese, Gerardo Pérez Cavazos and Julia Kelley
      In March 2020, as coronavirus reduced demand for air travel, an analyst was forecasting American Airlines’ (American’s) first quarter financial results. To develop a forecast, she needed to familiarize herself with Accounting Standards Update (ASU) 2016-02, “Leases...  View Details
      Keywords: Accounting; Financial Reporting; Financial Statements; Finance; Governance; Corporate Accountability; Corporate Governance; Governing Rules, Regulations, and Reforms; Governing and Advisory Boards; Leasing; Accounting Industry; Air Transportation Industry; North and Central America; United States
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      Heese, Jonas, Gerardo Pérez Cavazos, and Julia Kelley. "Accounting for Leases at American Airlines (A)." Harvard Business School Case 120-069, June 2020. (Revised February 2021.)
      • May 2020 (Revised November 2021)
      • Supplement

      Valuing Peloton

      By: E. Scott Mayfield
      Peloton Interactive, a well-known unicorn in the connected fitness space, had gone public with a market capitalization of over $8.0 billion. In the weeks following its public debut, Peloton’s stock price fell by over 25%. Taylor Knox, a stock analyst and enthusiastic...  View Details
      Keywords: Business Model; Disruptive Innovation; Risk and Uncertainty; Stocks; Price; Valuation; Entertainment and Recreation Industry
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      Mayfield, E. Scott. "Valuing Peloton." Harvard Business School Spreadsheet Supplement 220-717, May 2020. (Revised November 2021.)
      • January 2020
      • Article

      The Job Rating Game: Revolving Doors and Analyst Incentives

      By: Elisabeth Kempf
      Investment banks frequently hire analysts from rating agencies. While many argue that this "revolving door" creates captured analysts, it can also create incentives to improve accuracy. To study this issue, I construct an original dataset, linking analysts to their...  View Details
      Keywords: Credit Rating Agencies; Investment Banking; Recruitment; Performance Evaluation; Financial Services Industry
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      Kempf, Elisabeth. "The Job Rating Game: Revolving Doors and Analyst Incentives." Journal of Financial Economics 135, no. 1 (January 2020): 41–67.
      • November 2019
      • Case

      Gillette: Cutting Prices to Regain Share

      By: Benjamin C. Esty and Daniel Fisher
      After losing market share to low-priced competitors such as Harry’s and Dollar Shave Club for several years, Gillette decided to fight back by launching new products and increasing advertising. When these efforts failed to stem the losses, Gillette decided to cut the...  View Details
      Keywords: Marketing Strategy; Product Positioning; Business Strategy; Competition; Price; Public Equity; Retail Industry; Consumer Products Industry; United States
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      Esty, Benjamin C., and Daniel Fisher. "Gillette: Cutting Prices to Regain Share." Harvard Business School Case 720-378, November 2019.
      • October 2019
      • Case

      Impax Laboratories: Executing Accretive Acquisitions (A)

      By: Benjamin C. Esty and Daniel Fisher
      Impax Laboratories was a technology-based pharmaceutical company that used a “dual platform” strategy to sell both generic and branded treatments. While Impax had grown organically for most of its history, it was beginning to use major acquisitions for growth. In the...  View Details
      Keywords: Financial Reporting; Financial Statements; Mergers and Acquisitions; Capital Structure; Competition; Competitive Advantage; Corporate Strategy; Pharmaceutical Industry; United States
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      Esty, Benjamin C., and Daniel Fisher. "Impax Laboratories: Executing Accretive Acquisitions (A)." Harvard Business School Case 220-030, October 2019.
      • October 2019
      • Supplement

      Impax Laboratories: Executing Accretive Transactions (A)

      By: Benjamin C. Esty and Daniel Fisher
      Impax Laboratories was a technology-based pharmaceutical company that used a “dual platform” strategy to sell both generic and branded treatments. While Impax had grown organically for most of its history, it was beginning to use major acquisitions for growth. In the...  View Details
      Keywords: Financial Reporting; Financial Statements; Mergers and Acquisitions; Capital Structure; Financial Strategy; Competition; Competitive Advantage; Corporate Strategy; Pharmaceutical Industry; United States
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      Esty, Benjamin C., and Daniel Fisher. "Impax Laboratories: Executing Accretive Transactions (A)." Harvard Business School Spreadsheet Supplement 220-710, October 2019.
      • August 2019 (Revised November 2022)
      • Case

      Paradigm Capital Value Fund

      By: Luis M. Viceira and Elena Corsi
      Karl Jan Erick Hummel had founded Paradigm Capital Value Fund in 2007 together with Columbia Business School Professor Bruce Greenwald, an expert in value investing and now chairman of the fund. The fund followed the principles of value investing to their target...  View Details
      Keywords: Investment Activism; Investment Portfolio; Financial Management; Growth and Development Strategy; Investment Funds; Financial Services Industry
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      Viceira, Luis M., and Elena Corsi. "Paradigm Capital Value Fund." Harvard Business School Case 220-014, August 2019. (Revised November 2022.)
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