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All HBS Web
(2,762)
- Faculty Publications (814)
- 2012
- Working Paper
Reaching for Yield in the Bond Market
By: Bo Becker and Victoria Ivashina
Reaching-for-yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyses this phenomenon in the corporate bond market. Specifically, we show evidence for...
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Keywords:
Fixed Income;
Reaching For Yield;
Financial Intermediation;
Insurance Companies;
Insurance;
Bonds;
Assets;
Risk Management;
Investment Return;
Investment Portfolio;
Insurance Industry
Becker, Bo, and Victoria Ivashina. "Reaching for Yield in the Bond Market." Harvard Business School Working Paper, No. 12-103, May 2012. (Revised December 2012. NBER Working Paper Series, No. 18909, March 2013)
- April 2012
- Case
Bank of America: Mobile Banking (Abridged)
By: Sunil Gupta and Michael Norris
In January 2010, Bank of America is discussing its future mobile strategy. Should the company add complexity to its app, design multiple apps for business segments, or expand into other mobile channels?
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Keywords:
Technology Adoption;
Mobile and Wireless Technology;
Banks and Banking;
Banking Industry;
United States
Gupta, Sunil, and Michael Norris. "Bank of America: Mobile Banking (Abridged)." Harvard Business School Case 512-082, April 2012.
- April 2012
- Article
Bouncing Out of the Banking System: An Empirical Analysis of Involuntary Bank Account Closures
By: Dennis Campbell, F. Asis Martinez-Jerez and Peter Tufano
Using a new database, we document the factors that relate to the extent of involuntary consumer bank account closure resulting from excessive overdraft activity. Consumers who have accounts involuntarily closed for overdraft activity may have limited or no access to...
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Keywords:
Mathematical Methods;
Customers;
Social Issues;
Outcome or Result;
Budgets and Budgeting;
Forecasting and Prediction;
Competition;
Banks and Banking;
Policy;
Personal Characteristics;
Credit;
Employment;
United States
Campbell, Dennis, F. Asis Martinez-Jerez, and Peter Tufano. "Bouncing Out of the Banking System: An Empirical Analysis of Involuntary Bank Account Closures." Journal of Banking & Finance 36, no. 4 (April 2012): 1224–1235.
- 2012
- Working Paper
How Short-Termism Invites Corruption—And What to Do About It
Researchers and business leaders have long decried short-termism: the excessive focus of executives of publicly traded companies-along with fund managers and other investors-on short-term results. The central concern is that short-termism discourages long-term... View Details
Keywords:
Business and Shareholder Relations;
Public Ownership;
Performance Expectations;
Economy;
Crime and Corruption;
Ethics;
Trust;
Financial Services Industry;
United States
Salter, Malcolm S. "How Short-Termism Invites Corruption—And What to Do About It." Harvard Business School Working Paper, No. 12-094, April 2012.
- 2012
- Working Paper
Why Every Company Needs a CSR Strategy and How to Build It
By: Kash Rangan, Lisa Chase and Sohel Karim
The authors argue for a strategic and pragmatic, rather than ideological, approach to Corporate Social Responsibility (CSR) that contrasts sharply with the prevailing Shared Value framework offered by Porter and Kramer (HBR; Jan.-Feb. 2011). We assert that, despite...
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Keywords:
Corporate Social Responsibility and Impact;
Corporate Strategy;
Values and Beliefs;
Profit;
Practice
Rangan, Kash, Lisa Chase, and Sohel Karim. "Why Every Company Needs a CSR Strategy and How to Build It." Harvard Business School Working Paper, No. 12-088, April 2012.
- Article
The Stock Selection and Performance of Buy-Side Analysts
We examine the selection and performance of stocks recommended by analysts at a large investment firm relative to those of sell-side analysts during the period mid-1997 and 2004. The buy-side firm's analysts issued less optimistic recommendations for stocks with larger...
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Keywords:
Buy-side Analysts;
Sell-side Analysts;
Stock Recommendations;
Recommendation Optimism;
Recommendation Performance;
Investment Recommendations;
Conflicts Of Interest;
Financial Markets;
Financial Institutions;
Stocks;
Financial Services Industry;
United States
Groysberg, Boris, Paul M. Healy, Georgios Serafeim, Devin Shanthikumar, and Gui Yang. "The Stock Selection and Performance of Buy-Side Analysts." Harvard Business School Working Knowledge (March 20, 2012).
- Article
Credit Access and Social Welfare: The Rise of Consumer Lending in the United States and France
By: Gunnar Trumbull
Research into the causes of the 2008 financial crisis has drawn attention to a link between growing income inequality in the United States and high household indebtedness. Most accounts trace the U.S. idea of credit-as-welfare to the period of wage stagnation and...
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Keywords:
Household Finance;
Welfare State;
Credit;
Personal Finance;
Welfare;
Borrowing and Debt;
France;
United States
Trumbull, Gunnar. "Credit Access and Social Welfare: The Rise of Consumer Lending in the United States and France." Politics & Society 40, no. 1 (March 2012).
- March 2012
- Article
How to Make Finance Work
By: Robin Greenwood and David S. Scharfstein
Once a sleepy old boys' club, the U.S. financial sector is now a dynamic and growing business that attracts the best and the brightest. It is tempting to declare the industry a roaring success. But its purpose is to serve the needs of U.S. households and firms, and by...
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Keywords:
Business Ventures;
Value;
Competitive Advantage;
Investment;
Performance Evaluation;
Household;
Financial Crisis;
Finance;
Financial Services Industry;
United States
Greenwood, Robin, and David S. Scharfstein. "How to Make Finance Work." Harvard Business Review 90, no. 3 (March 2012).
- February 2012
- Case
Henkel: Building a Winning Culture
By: Robert Simons and Natalie Kindred
This case illustrates a CEO-led organizational transformation driven by stretch goals, performance measurement, and accountability. When Kasper Rorsted became CEO of Henkel, a Germany-based producer of personal care, laundry, and adhesives products, in 2008, he was...
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Keywords:
Performance Measurement;
Performance Appraisals;
Human Resource Management;
Values;
Organizational Transformations;
Pay For Performance;
Strategy Execution;
Values and Beliefs;
Work-Life Balance;
Organizational Culture;
Human Resources;
Performance Evaluation;
Compensation and Benefits
Simons, Robert, and Natalie Kindred. "Henkel: Building a Winning Culture." Harvard Business School Case 112-060, February 2012.
- January 2012 (Revised June 2015)
- Background Note
Inventory-Based Lending Industry Note
By: C. Fritz Foley, Ananth Raman and Nathan C. Craig
Inventory-based lending is a form of asset-based lending used by retailers and wholesalers. This note describes the development and the current state of the inventory-based lending industry.
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Foley, C. Fritz, Ananth Raman, and Nathan C. Craig. "Inventory-Based Lending Industry Note." Harvard Business School Background Note 612-057, January 2012. (Revised June 2015.)
- December 2011
- Article
EXEMPLARY CONTRIBUTION: Transforming Mental Models on Emerging Markets
By: Charles Dhanaraj and Tarun Khanna
Economic growth in the Western world increasingly depends on meaningful engagement with emerging markets such as Brazil, China, India, South Africa, and Turkey. Business schools are responding with increased attention to these markets in their research and curricula....
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Keywords:
Emerging Markets;
Business Model;
Economic Growth;
Developing Countries and Economies;
Research;
Business Education;
Learning;
Financial Institutions;
Framework;
Transformation;
Perspective;
India;
China;
Brazil;
South Africa;
Turkey
Dhanaraj, Charles, and Tarun Khanna. "EXEMPLARY CONTRIBUTION: Transforming Mental Models on Emerging Markets." Academy of Management Learning & Education 10, no. 4 (December 2011).
- December 2011
- Article
Prices or Knowledge? What Drives Demand for Financial Services in Emerging Markets?
By: Shawn A. Cole, Thomas Sampson and Bilal Zia
Financial development is critical for growth, but its micro-determinants are not well understood. We test leading theories of low demand for financial services in emerging markets, combining novel survey evidence from Indonesia and India with a field experiment. We...
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Keywords:
Price;
Knowledge;
Demand and Consumers;
Emerging Markets;
Banks and Banking;
Education;
Finance;
Behavior;
Service Operations;
Financial Services Industry;
India;
Indonesia
Cole, Shawn A., Thomas Sampson, and Bilal Zia. "Prices or Knowledge? What Drives Demand for Financial Services in Emerging Markets?" Journal of Finance 66, no. 6 (December 2011): 1933–1967.
- November 2011
- Article
How Great Companies Think Differently
Corporate leaders have long subscribed to the belief that the sole purpose of business is to make money. That narrow view, deeply embedded in the American capitalist system, molds the actions of most corporations, constraining them to focus on maximizing short-term...
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Keywords:
Decision Choices and Conditions;
Profit;
Leadership;
Corporate Social Responsibility and Impact;
Business and Shareholder Relations;
Behavior;
Social Issues;
Competitive Advantage
Kanter, Rosabeth Moss. "How Great Companies Think Differently." Harvard Business Review 89, no. 11 (November 2011).
- October 2011 (Revised February 2018)
- Teaching Note
Mike Mayo Takes on Citigroup (A) and (B)
By: Suraj Srinivasan
Keywords:
Banks and Banking
- 2011
- Book
Capitalism at Risk: Rethinking the Role of Business
The spread of capitalism worldwide has made people wealthier than ever before. But capitalism's future is far from assured. The global financial meltdown of 2008 nearly triggered another Great Depression, economies in Europe are still teetering, and powerful...
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Keywords:
Business And Society;
Economic Systems;
Economic Growth;
Leading Change;
Business and Community Relations;
Business and Stakeholder Relations;
Business Strategy
Bower, Joseph L., Herman B. Leonard, and Lynn S. Paine. Capitalism at Risk: Rethinking the Role of Business. Boston: Harvard Business Review Press, 2011. (Published in Chinese as "Qi ye zai jing ji zhong de jue se," Beijing: China Machine Press, 2012. Published in Japanese as ハーバードが教える 10年後に生き残る会社、消える会社, Tokuma Shoten Publishing Co., Ltd., 2013.)
- September 2011 (Revised September 2011)
- Case
Perella Weinberg Partners: New Firm, Old Values
By: Clayton S. Rose and Aman Malik
In the five years since it opened its doors, the investment banking boutique Perella Weinberg Partners had grown into a firm that advised a roster of blue-chip clients on critical transactions and had over $8 billion of client assets under management. The three...
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Keywords:
Cost;
Investment Banking;
Growth and Development;
Compensation and Benefits;
Growth and Development Strategy;
Market Entry and Exit;
Going Public;
Banking Industry
Rose, Clayton S., and Aman Malik. "Perella Weinberg Partners: New Firm, Old Values." Harvard Business School Case 312-013, September 2011. (Revised September 2011.)
- September 2011 (Revised December 2011)
- Case
CARD Group: Mutually Reinforcing Institutions
By: Cynthia A. Montgomery, Michael Shih-Ta Chen and Dawn Lau
CARD (Center for Agricultural and Rural Development) is a Philippines-based microfinance organization that began as an NGO and has since expanded into eight related entities providing services to the poor. Under Founding Director Dr. Aristotle Alip's leadership, CARD...
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Keywords:
Microfinance;
Partners and Partnerships;
Non-Governmental Organizations;
Business Strategy;
Competitive Strategy;
Financial Services Industry;
Philippines
Montgomery, Cynthia A., Michael Shih-Ta Chen, and Dawn Lau. "CARD Group: Mutually Reinforcing Institutions." Harvard Business School Case 712-414, September 2011. (Revised December 2011.)
- September 2011 (Revised February 2013)
- Case
Trucost: Valuing Corporate Environmental Impacts
By: Michael W. Toffel and Stephanie van Sice
Trucost provided corporate environmental performance data and analysis to institutional investors and corporate managers, but after operating for a decade had yet to achieve profitability. Trucost was struggling to effectively differentiate its high quality products...
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Keywords:
Competitive Strategy;
Knowledge Use and Leverage;
Distribution Channels;
Investment;
Measurement and Metrics;
Corporate Social Responsibility and Impact;
Information;
Value;
Environmental Sustainability;
Financial Services Industry
Toffel, Michael W., and Stephanie van Sice. "Trucost: Valuing Corporate Environmental Impacts." Harvard Business School Case 612-025, September 2011. (Revised February 2013.)
- September 2011
- Article
Global Capitalism at Risk: What Are You Doing About It?
Market capitalism, a system that has proven to be a remarkable engine of wealth creation, is poised for a breakdown. That sounds dire, and it is. Increasing income inequality, migration, weaknesses in the global financial system, environmental degradation, and...
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Keywords:
Disruption;
Economic Systems;
Globalization;
Corporate Governance;
Markets;
Risk and Uncertainty
Bower, Joseph L., Herman B. Leonard, and Lynn S. Paine. "Global Capitalism at Risk: What Are You Doing About It?" Harvard Business Review 89, no. 9 (September 2011).
- September 2011
- Article
Information Risk and Fair Value: An Examination of Equity Betas
By: Edward J. Riedl and George Serafeim
Using a sample of U.S. financial institutions, we exploit recent mandatory disclosures of financial instruments designated as fair value level 1, 2, and 3 to test whether greater information risk in financial instrument fair values leads to higher cost of capital. We...
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Keywords:
Forecasting and Prediction;
Assets;
Cost of Capital;
Financial Institutions;
Financial Instruments;
Corporate Disclosure;
Information;
Risk and Uncertainty;
Value;
United States
Riedl, Edward J., and George Serafeim. "Information Risk and Fair Value: An Examination of Equity Betas." Journal of Accounting Research 49, no. 4 (September 2011): 1083–1122.