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      • Faculty Publications  (32)

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      • October 27, 2020
      • Blog Post

      Short-Termism, Shareholder Payouts, and Investment in the EU

      By: Jesse M. Fried and Charles C.Y. Wang
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      Fried, Jesse M., and Charles C.Y. Wang. "Short-Termism, Shareholder Payouts, and Investment in the EU." Harvard Law School Forum on Corporate Governance and Financial Regulation (October 27, 2020). https://corpgov.law.harvard.edu/2020/10/27/short-termism-shareholder-payouts-and-investment-in-the-eu/.
      • 2020
      • Working Paper

      Short-Termism, Shareholder Payouts, and Investment in the EU

      By: Jesse M. Fried and Charles C.Y. Wang
      Investor-driven “short-termism” is said to harm EU public firms' ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered—in the form of rising levels of repurchases and dividends—is...  View Details
      Keywords: Short-termism; Quarterly Capitalism; Eu; Dividends; Equity Issuances; Equity Compensastion; Capital Flows; Capital Distribution; R&d; Investment; Innovation; Investment; Corporate Governance; Investment Return; Acquisition; European Union
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      Fried, Jesse M., and Charles C.Y. Wang. "Short-Termism, Shareholder Payouts, and Investment in the EU." Harvard Business School Working Paper, No. 21-054, October 2020.
      • Article

      Short-Termism and Capital Flows

      By: Jesse M. Fried and Charles C.Y. Wang
      During 2007–2016, S&P 500 firms distributed to shareholders $7 trillion via buybacks and dividends, over 96% of their aggregate net income, prompting claims that "short-termism" is impairing firms' ability to invest and innovate. We show that, when taking into account...  View Details
      Keywords: Short-termism; Quarterly Capitalism; Share Buybacks; Open Market Repurchases; Dividends; Equity Issuances; Seasoned Equity Offerings; Equity Compensastion; Acquisitions; Payout Policy; Capital Flows; Capital Distribution; Working Capital; Business And Shareholder Relations; Acquisition
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      Fried, Jesse M., and Charles C.Y. Wang. "Short-Termism and Capital Flows." Review of Corporate Finance Studies 8, no. 1 (March 2019): 207–233.
      • April 2018 (Revised June 2020)
      • Case

      Tesla's CEO Compensation Plan

      By: Krishna G. Palepu and Sarah Mehta
      Tesla’s board of directors proposed an unusual compensation plan for the company’s CEO Elon Musk. The plan payouts were entirely contingent on achieving very ambitious market value, sales, and EBIT targets over the next ten years. If all the targets were achieved,...  View Details
      Keywords: Ceo Compensation; Compensation Committee; Corporate Governance; Executive Compensation; Governing And Advisory Boards; Business And Shareholder Relations; Auto Industry; United States
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      Palepu, Krishna G., and Sarah Mehta. "Tesla's CEO Compensation Plan." Harvard Business School Case 118-085, April 2018. (Revised June 2020.)
      • Article

      Are Buybacks Really Shortchanging Investment?

      By: Jesse M. Fried and Charles C.Y. Wang
      It’s no secret that the American economy is suffering from the twin ills of slow growth and rising income inequality. Many lay the blame at the doors of America’s largest public corporations. The charge? These firms prefer to distribute cash generated from their...  View Details
      Keywords: Economy; Investment; Stocks; Business And Shareholder Relations; Equality And Inequality; United States
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      Fried, Jesse M., and Charles C.Y. Wang. "Are Buybacks Really Shortchanging Investment?" Harvard Business Review 96, no. 2 (March–April 2018): 88–95.
      • 2017
      • Article

      Agricultural Insurance and Economic Development

      By: Shawn A. Cole and Wentao Xiong
      This article provides a review of recent research on agricultural insurance (AI) in developing countries. Agricultural producers face a variety of significant risks; historically, only government-subsidized products have achieved widespread adoption. A recent...  View Details
      Keywords: Agribusiness; Insurance; Developing Countries And Economies; Adoption; Risk Management; Research; Agriculture And Agribusiness Industry
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      Cole, Shawn A., and Wentao Xiong. "Agricultural Insurance and Economic Development." Annual Review of Economics 9 (2017): 235–262.
      • July 2017 (Revised September 2017)
      • Case

      GM's Capital Allocation Framework

      By: C. Fritz Foley, F. Katelynn Boland and Michael Lemm
      In March of 2015, General Motors announced the details of a newly established capital allocation framework. This framework provided a target for return on invested capital, guidelines for capital structure choices, and policies related to payouts. Senior managers face...  View Details
      Keywords: Capital Budgeting; Capital Structure; Performance Metrics; Capital Budgeting; Capital Structure; Performance Evaluation; Measurement And Metrics; Auto Industry; Transportation Industry; United States
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      Foley, C. Fritz, F. Katelynn Boland, and Michael Lemm. "GM's Capital Allocation Framework." Harvard Business School Case 218-026, July 2017. (Revised September 2017.)
      • January 12, 2017
      • Blog Post

      Short-Termism and Shareholder Payouts: Getting Corporate Capital Flows Right

      By: Jesse Fried and Charles CY Wang
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      Fried, Jesse, and Charles CY Wang. "Short-Termism and Shareholder Payouts: Getting Corporate Capital Flows Right." Harvard Law School Forum on Corporate Governance and Financial Regulation (January 12, 2017). https://corpgov.law.harvard.edu/2017/01/12/short-termism-and-shareholder-payouts-getting-corporate-capital-flows-right/.
      • June 2016
      • Case

      Controversy over Executive Remuneration at BP

      By: V.G. Narayanan and Ashley Hartman
      In March 2016, BP disclosed that its chief executive officer, Bob Dudley, would receive a $19.6 million compensation package, a 20% increase in total compensation over the previous year. BP justified the amount, emphasizing that the company delivered strong results...  View Details
      Keywords: Executive Compensation; Executive Compensation
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      Narayanan, V.G., and Ashley Hartman. "Controversy over Executive Remuneration at BP." Harvard Business School Case 116-063, June 2016.
      • 2015
      • Working Paper

      Executives' Financial Preferences and Shareholder Tax Outcomes

      By: Gerardo Pérez Cavazos and Andreya M. Perez-Silva
      We demonstrate that executives’ personal financial preferences impact both layers of shareholder taxes, corporate taxes and corporate payouts. We reconstruct executives’ insider equity portfolios to quantify their personal incentives and analyze stock sales that reveal...  View Details
      Keywords: Executives; Capital Gain; Dividends; Effective Tax Rate; Tax Avoidance; Taxation; Management Teams; Business And Shareholder Relations
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      Pérez Cavazos, Gerardo, and Andreya M. Perez-Silva. "Executives' Financial Preferences and Shareholder Tax Outcomes." Harvard Business School Working Paper, No. 16-034, September 2015.
      • 2014
      • Other Teaching and Training Material

      Entrepreneurship Reading: Financing Entrepreneurial Ventures

      By: William R. Kerr, Ramana Nanda and James McQuade
      "Financing Entrepreneurial Ventures" introduces students to the key issues involved in the financing of entrepreneurial enterprises. The Reading begins by examining how business models shape external financing requirements. It then contrasts the choice to bootstrap...  View Details
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      Kerr, William R., Ramana Nanda, and James McQuade. "Entrepreneurship Reading: Financing Entrepreneurial Ventures." Core Curriculum Readings Series. Harvard Business Publishing 8072, 2014.
      • August 2014
      • Article

      What Makes Annuitization More Appealing?

      By: John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian and Stephen P. Zeldes
      We conduct and analyze two large surveys of hypothetical annuitization choices. We find that allowing individuals to annuitize a fraction of their wealth increases annuitization relative to a situation where annuitization is an "all or nothing" decision. Very few...  View Details
      Keywords: Annuity; Pension; Retirement Income; Framing; Annuities; Retirement
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      Beshears, John, James J. Choi, David Laibson, Brigitte C. Madrian, and Stephen P. Zeldes. "What Makes Annuitization More Appealing?" Special Issue on NBER Pensions. Journal of Public Economics 116 (August 2014): 2–16.
      • 2014
      • Working Paper

      Activist Directors: Determinants and Consequences

      By: Ian D. Gow, Sa-Pyung Sean Shin and Suraj Srinivasan
      This paper examines the determinants and consequences of hedge fund activism with a focus on activist directors, i.e., those directors appointed in response to demands by activists. Using a sample of 1,969 activism events over the period 2004–2012, we identify 824...  View Details
      Keywords: Governing And Advisory Boards; Investment Activism
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      Gow, Ian D., Sa-Pyung Sean Shin, and Suraj Srinivasan. "Activist Directors: Determinants and Consequences." Harvard Business School Working Paper, No. 14-120, June 2014.
      • May 2014
      • Article

      Dynamics of Demand for Index Insurance: Evidence from a Long-Run Field Experiment

      By: Shawn A. Cole, Daniel Stein and Jeremy Tobacman
      This paper estimates how experimentally-manipulated experiences with a novel financial product, rainfall index insurance, affect subsequent insurance demand. Using a seven-year panel, we develop three main findings. First, recent experience matters for demand,...  View Details
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      Cole, Shawn A., Daniel Stein, and Jeremy Tobacman. "Dynamics of Demand for Index Insurance: Evidence from a Long-Run Field Experiment." American Economic Review: Papers and Proceedings 104, no. 5 (May 2014): 284–290.
      • 2013
      • Working Paper

      How Does Risk Management Influence Production Decisions? Evidence from a Field Experiment

      By: Shawn Cole, Xavier Gine and James Vickery
      Weather is a key source of income risk, particularly in emerging market economies. This paper uses a randomized controlled trial involving a sample of Indian farmers to study how an innovative rainfall insurance product affects production decisions. We find that...  View Details
      Keywords: Risk Management; Production; Weather; Insurance; Emerging Markets; Agribusiness; Insurance Industry; Agriculture And Agribusiness Industry; India
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      Cole, Shawn, Xavier Gine, and James Vickery. "How Does Risk Management Influence Production Decisions? Evidence from a Field Experiment." Harvard Business School Working Paper, No. 13-080, March 2013. (Revised September 2014.)
      • January 2013
      • Article

      Barriers to Household Risk Management: Evidence from India

      By: Shawn A. Cole, Xavier Gine, Jeremy Tobacman, Petia Topalova, Robert M. Townsend and James Vickery
      Why do many households remain exposed to large exogenous sources of non-systematic income risk? We use a series of randomized field experiments in rural India to test the importance of price and non-price factors in the adoption of an innovative rainfall insurance...  View Details
      Keywords: Risk Management; Household; India
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      Cole, Shawn A., Xavier Gine, Jeremy Tobacman, Petia Topalova, Robert M. Townsend, and James Vickery. "Barriers to Household Risk Management: Evidence from India." American Economic Journal: Applied Economics 5, no. 1 (January 2013): 104–135.
      • November 2012 (Revised January 2014)
      • Case

      HCA, Inc. LBO Exit

      By: Victoria Ivashina
      This case discusses the events following the 2006 $33.2 billion buyout of Hospital Corporation of America (HCA) by a consortium of private equity firms, including Bain Capital, KKR, and Merrill Lynch's private equity arm. The case highlights some of the core features...  View Details
      Keywords: Entrepreneurship; Finance; Stockholders; Dividends; Private Equity; Initial Public Offering
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      Ivashina, Victoria. "HCA, Inc. LBO Exit." Harvard Business School Case 813-056, November 2012. (Revised January 2014.)
      • April 2012
      • Article

      Share Issuance and Factor Timing

      By: Robin Greenwood and Samuel G. Hanson
      We show that characteristics of stock issuers can be used to forecast important common factors in stocks' returns such as those associated with book-to-market, size, and industry. Specifically, we use differences between the attributes of stock issuers and repurchasers...  View Details
      Keywords: Investment Portfolio; Stock Shares; Forecasting And Prediction; Investment Return; Policy; Profit
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      Greenwood, Robin, and Samuel G. Hanson. "Share Issuance and Factor Timing." Journal of Finance 67, no. 2 (April 2012): 761–798. (Internet Appendix Here.)
      • June 2011
      • Article

      Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act

      By: Dhammika Dharmapala, C. Fritz Foley and Kristin J. Forbes
      This paper analyzes the impact of the Homeland Investment Act of 2004, which provided a one-time tax holiday for the repatriation of foreign earnings and thereby reduced the cost to U.S. multinationals of accessing a source of internal capital. Lawmakers and lobbyists...  View Details
      Keywords: Investment; Performance Effectiveness; Code Law; Taxation; Cost; Capital; Financial Strategy; Research And Development; Governing Rules, Regulations, And Reforms; Business And Shareholder Relations; United States
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      Dharmapala, Dhammika, C. Fritz Foley, and Kristin J. Forbes. "Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act." Journal of Finance 66, no. 3 (June 2011): 753–787.
      • April 2011
      • Article

      Institutional Tax Clienteles and Payout Policy

      By: Mihir Desai and Li Jin
      This paper employs heterogeneity in institutional shareholder tax characteristics to identify the relation between firm payout policy and tax incentives. Analysis of a panel of firms matched with the tax characteristics of the clients of their institutional...  View Details
      Keywords: Private Equity; Investment; Taxation; Ownership Stake; Business And Shareholder Relations
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      Desai, Mihir, and Li Jin. "Institutional Tax Clienteles and Payout Policy." Journal of Financial Economics 100, no. 1 (April 2011): 68–84.
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