• January 2019
• Case

First Aid Beauty

By: Karen Mills and Annie Dang

In 2008, Lilli Gordon, an experienced financial and skincare entrepreneur, founded First Aid Beauty (FAB). She had discovered a white space in the prestige beauty market: high-end skin solutions that were suitable for sensitive skin. After initial success through...  View Details

Keywords: Prestige Beauty; Skincare; Preferred Shares; Common Stock; Entrepreneurship; Venture Capital; Private Equity; Decision Choices and Conditions; Beauty and Cosmetics Industry

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Mills, Karen, and Annie Dang. "First Aid Beauty." Harvard Business School Case 319-082, January 2019.

• 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.

• December 2015 (Revised May 2017)
• Case

Corning, 2002

By: Malcolm Baker

Corning, with large investments in fiber optic technology, was hit particularly hard by the collapse of the telecommunications industry in 2001. With over $4 billion in debt, the firm's survival appears to rest on raising additional equity capital. James Flaws, the...  View Details

Keywords: Financial Strategy; Financial Condition; Financial Instruments; Valuation; Capital; Public Equity; Stock Shares; Business or Company Management; Strategy; Manufacturing Industry; Industrial Products Industry

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Baker, Malcolm. "Corning, 2002." Harvard Business School Case 216-037, December 2015. (Revised May 2017.)

• Article

Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches

By: Charles M.C. Lee, Paul Ma and Charles C.Y. Wang

Applying a "co-search" algorithm to Internet traffic at the SEC's EDGAR website, we develop a novel method for identifying economically-related peer firms and for measuring their relative importance. Our results show that firms appearing in chronologically adjacent...  View Details

Keywords: Peer Firm; EDGAR Search Traffic; Revealed Preference; Co-search; Industry Classification; Perception; Internet and the Web; Investment

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Lee, Charles M.C., Paul Ma, and Charles C.Y. Wang. "Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches." Journal of Financial Economics 116, no. 2 (May 2015): 410–431.

• January 2014
• Case

Newfield Energy

By: William E. Fruhan and Wei Wang

In September 2013, Miles Griffin, CEO and chairman of the board of Newfield Energy, prepares to present financial proposals to the board of directors for approval. Newfield (based in Houston, Texas) was a large independent energy company primarily engaged in the...  View Details

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Fruhan, William E., and Wei Wang. "Newfield Energy." Harvard Business School Brief Case 914-541, January 2014.

• May 2013
• Article

The Stock Selection and Performance of Buy-Side Analysts

By: Boris Groysberg, Paul Healy, George Serafeim and Devin Shanthikumar

Prior research on equity analysts focuses almost exclusively on those employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research and their analysts face different stock selection and recommendation incentives...  View Details

Keywords: Buy-side Analysts; Sell-side Analysts; Stock Recommendations; Recommendation Optimism; Recommendation Performance; Investment Recommendations; Conflicts Of Interest; Financial Markets; Financial Institutions; Financial Services Industry; United States

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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.

• 2014
• Working Paper

Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches

By: Charles M.C. Lee, Paul Ma and Charles C.Y. Wang

Applying a "co-search" algorithm to Internet traffic at the SEC's EDGAR web-site, we develop a novel method for identifying economically-related peer firms and for measuring their relative importance. Our results show that firms appearing in chronologically adjacent...  View Details

Keywords: Peer Firm; EDGAR Search Traffic; Revealed Preference; Co-search; Industry Classification; Analytics and Data Science; Internet and the Web; Mathematical Methods; Corporate Finance

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Lee, Charles M.C., Paul Ma, and Charles C.Y. Wang. "Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches." Harvard Business School Working Paper, No. 13-048, November 2012. (Revised September 2013, March 2014, June 2014, July 2014.)

• October 2012
• Case

Winfield Refuse Management, Inc.: Raising Debt vs. Equity

By: W. Carl Kester and Sunru Yong

A small, publicly traded company specializing in non-hazardous waste management considers a major acquisition in the Midwestern U.S. The acquisition can provide entry into the region, help the firm compete in a competitive industry, and improve its cost position. The...  View Details

Keywords: United States; Acquisitions; Capital Structure; Equity Capital; Debt Management; Expansion; Leveraged Buyouts; Financial Analysis; Administrative/Support/Waste Management/Remediation Services; Equity; Borrowing and Debt; Service Industry

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Kester, W. Carl, and Sunru Yong. "Winfield Refuse Management, Inc.: Raising Debt vs. Equity." Harvard Business School Brief Case 913-530, October 2012.

• Article

The Stock Selection and Performance of Buy-Side Analysts

By: Boris Groysberg, Paul M. Healy, Georgios Serafeim, Devin Shanthikumar and Gui Yang

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...  View Details

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

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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).

• February 2011
• Article

Dividend Taxes and International Portfolio Choice

By: Mihir Desai and Dhammika Dharmapala

This paper investigates how dividend taxes influence portfolio choices, using the response to the distinctive treatment of a subset of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003. An open-economy after-tax capital asset...  View Details

Keywords: Dividends; Portfolio Choice; Taxes; Tax Treaties; Foreign Portfolio Investment; Taxation; Lawfulness; Economy; Price; Equity; Stocks; Investment Portfolio; Opportunities; Behavior; United States

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Desai, Mihir, and Dhammika Dharmapala. "Dividend Taxes and International Portfolio Choice." Review of Economics and Statistics 93, no. 1 (February 2011): 266–284.

• September 2009 (Revised June 2011)
• Supplement

Citigroup's Exchange Offer (B)

By: Robin Greenwood and James Quinn

Citigroup faced considerable distress in early 2009. In late 2008, the bank had accepted $45 billion in preferred equity from the United States government via the Troubled Assets Relief Program (TARP). Yet, the stock had continued to slide in early 2009. In late...  View Details

Keywords: Financial Instruments; Financial Services Industry

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Greenwood, Robin, and James Quinn. "Citigroup's Exchange Offer (B)." Harvard Business School Supplement 210-004, September 2009. (Revised June 2011.)

• September 2009 (Revised June 2011)
• Supplement

Citigroup's Exchange Offer (C)

By: Robin Greenwood and James Quinn

Citigroup faced considerable distress in early 2009. In late 2008, the bank had accepted $45 billion in preferred equity from the United States government via the Troubled Assets Relief Program (TARP). Yet, the stock had continued to slide in early 2009. In late...  View Details

Keywords: Financial Instruments; Financial Services Industry

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Greenwood, Robin, and James Quinn. "Citigroup's Exchange Offer (C)." Harvard Business School Supplement 210-015, September 2009. (Revised June 2011.)

• July 2009 (Revised June 2015)
• Case

Citigroup's Exchange Offer

By: Robin Greenwood and James Quinn

Citigroup faced considerable distress in early 2009. In late 2008, the bank had accepted $45 billion in preferred equity from the United States government via the Troubled Assets Relief Program (TARP). Yet, the stock had continued to slide in early 2009. In late...  View Details

Keywords: Financial Crisis; Capital Markets; Banks and Banking; Stocks; Price; Globalized Markets and Industries; Financial Services Industry

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Greenwood, Robin, and James Quinn. "Citigroup's Exchange Offer." Harvard Business School Case 210-009, July 2009. (Revised June 2015.)