Skip to Main Content
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions
Faculty & Research
  • Faculty
  • Research
  • Featured Topics
  • Academic Units
  • …→
  • Harvard Business School→
  • Faculty & Research→
  • Research
    • Research
    • Publications
    • Global Research Centers
    • Case Development
    • Initiatives & Projects
    • Research Services
    • Seminars & Conferences
    →
  • Publications→

Publications

Publications

Filter Results : (29) Arrow Down
Filter Results : (29) Arrow Down Arrow Up

Show Results For

  • All HBS Web  (159)
    • Faculty Publications  (29)

    Show Results For

    • All HBS Web  (159)
      • Faculty Publications  (29)

      Repurchases Remove Repurchases →

      Page 1 of 29 Results →

      Are you looking for?

      Targeted Repurchases and Common Stock Returns
      Note: Net Cash, Share Repurchases and EPS Growth
      → Search All HBS Web
      • 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
      Citation
      SSRN
      Read Now
      Related
      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

      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
      Citation
      Find at Harvard
      Register to Read
      Related
      Fried, Jesse M., and Charles C.Y. Wang. "Are Buybacks Really Shortchanging Investment?" Harvard Business Review 96, no. 2 (March–April 2018): 88–95.
      • January 2018 (Revised December 2018)
      • Case

      Capital Allocation at HCA

      By: W. Carl Kester and Emily R. McComb
      In early 2017, HCA Holdings, an investor-owned hospital management company, faced a strategically important capital allocation decision. After the exit of its private equity sponsors in 2016, HCA had to determine how best to allocate its substantial annual free cash...  View Details
      Keywords: Capital Allocation; Cash Distribution Policy; Dividends; Share Repurchases; Growth Strategy And Execution; Growth Investing; Capital Expenditures; Debt Management; Debt Reduction; Debt Policy; Hospital Management; Investor-owned Hospital Chains; Capital Budgeting; Capital Structure; Cash Flow; Corporate Finance; Decision Choices And Conditions; Health Industry; United States
      Citation
      Educators
      Purchase
      Related
      Kester, W. Carl, and Emily R. McComb. "Capital Allocation at HCA." Harvard Business School Case 218-039, January 2018. (Revised December 2018.)
      • May 2017
      • Supplement

      Battle for the Soul of Capitalism: Unilever and the Kraft Heinz Takeover Bid (B)

      By: William W. George and Amram Migdal
      This (B) case describes the aftermath of Unilever’s February 2017 rejection of Kraft Heinz Company’s (KHC)/3G Capital’s (3G) unsolicited $143 billion takeover offer. In an effort to defend itself against future attempts by KHC/3G or other suitors, Unilever announced on...  View Details
      Keywords: Value Creation; Restructuring; Performance Improvement
      Citation
      Purchase
      Related
      George, William W., and Amram Migdal. "Battle for the Soul of Capitalism: Unilever and the Kraft Heinz Takeover Bid (B)." Harvard Business School Supplement 317-128, May 2017.
      • 2016
      • Article

      The Federal Reserve's Balance Sheet as a Financial-Stability Tool

      By: Robin Greenwood, Samuel Gregory Hanson and Jeremy C. Stein
      We argue that the Federal Reserve should use its balance sheet to help reduce a key threat to financial stability: the tendency for private-sector financial intermediaries to engage in excessive amounts of maturity transformation—i.e., to finance risky assets using...  View Details
      Keywords: Central Banking; Policy; Risk Management; Public Administration Industry; United States
      Citation
      Read Now
      Related
      Greenwood, Robin, Samuel Gregory Hanson, and Jeremy C. Stein. "The Federal Reserve's Balance Sheet as a Financial-Stability Tool." Jackson Hole Economic Symposium Conference Proceedings (Federal Reserve Bank of Kansas City) (2016): 335–397.
      • March 2016
      • Article

      Dividends as Reference Points: A Behavioral Signaling Approach

      By: Malcolm Baker, Brock Mendel and Jeffrey Wurgler
      We outline a dividend signaling model that features investors who are averse to dividend cuts. Managers with strong unobservable cash earnings separate by paying high dividends but retain enough to be likely not to fall short next period. The model is consistent with a...  View Details
      Keywords: Investment
      Citation
      Find at Harvard
      Read Now
      Related
      Baker, Malcolm, Brock Mendel, and Jeffrey Wurgler. "Dividends as Reference Points: A Behavioral Signaling Approach." Review of Financial Studies 29, no. 3 (March 2016): 697–738.
      • 2016
      • Article

      Cloaked Trading

      By: Lauren Cohen, Dong Lou and Christopher J. Malloy
      Using a novel, proprietary database of micro-level trading activities by asset managers, we show strong evidence of asset managers engaging in strategic trading in order to “cloak” their most valuable trades. This takes the form, for instance, of a manager who sells...  View Details
      Keywords: Strategic Trading; Information; Asset Management; Information; Asset Management; Investment
      Citation
      Read Now
      Related
      Cohen, Lauren, Dong Lou, and Christopher J. Malloy. "Cloaked Trading." Journal of Investment Consulting 17, no. 2 (2016): 69–80. (Winner of the Best Paper Prize of the Journal of Investment Consulting Academic Paper Competition, 2016 ; Winner of the Institute for Quantitative Investment Research (INQUIRE) Grant, 2014.)
      • June 2015
      • Supplement

      Generating Higher Value at IBM (A): EPS Forecasting Model

      By: Benjamin C. Esty and Scott Mayfield
      This case analyzes IBM's financial performance and its capital allocation decisions over a 10-year period from 2004-2013, during which IBM returned more than $140B to shareholders through a combination of dividends and share repurchases. During this time, CEO Sam...  View Details
      Keywords: Dividends; Share Repurchases; Earnings Guidance; Financial Statement Analysis; Financial Ratios; Payout Policy; Earnings Per Share (eps); Earnings Management; Change Management; Leadership; Transformation; Financial Strategy
      Citation
      Purchase
      Related
      Esty, Benjamin C., and Scott Mayfield. "Generating Higher Value at IBM (A): EPS Forecasting Model." Harvard Business School Spreadsheet Supplement 215-711, June 2015.
      • June 2015 (Revised September 2017)
      • Supplement

      Generating Higher Value at IBM

      By: Benjamin C. Esty and Scott Mayfield
      This case analyzes IBM's financial performance and its capital allocation decisions over a 10-year period from 2004-2013, during which IBM returned more than $140B to shareholders through a combination of dividends and share repurchases. During this time, CEO Sam...  View Details
      Keywords: Dividends; Share Repurchases; Earnings Guidance; Financial Statement Analysis; Financial Ratios; Payout Policy; Earnings Per Share (eps); Earnings Management; Change Management; Leadership; Transformation; Financial Strategy
      Citation
      Purchase
      Related
      Esty, Benjamin C., and Scott Mayfield. "Generating Higher Value at IBM." Harvard Business School Spreadsheet Supplement 215-710, June 2015. (Revised September 2017.)
      • May 2015 (Revised September 2017)
      • Case

      Generating Higher Value at IBM (A)

      By: Benjamin C. Esty and E. Scott Mayfield
      This case analyzes IBM's financial performance and its capital allocation decisions over a 10-year period from 2004-2013, during which IBM returned more than $140B to shareholders through a combination of dividends and share repurchases. During this time, CEO Sam...  View Details
      Keywords: Dividends; Share Repurchases; Earnings Guidance; Financial Statement Analysis; Financial Ratios; Payout Policy; Earnings Per Share (eps); Earnings Management; Change Management; Leadership; Transformation; Financial Strategy
      Citation
      Educators
      Purchase
      Related
      Esty, Benjamin C., and E. Scott Mayfield. "Generating Higher Value at IBM (A)." Harvard Business School Case 215-058, May 2015. (Revised September 2017.)
      • Article

      Agency Costs, Mispricing, and Ownership Structure

      By: Sergey Chernenko, C. Fritz Foley and Robin Greenwood
      Standard theories of corporate ownership assume that because markets are efficient, insiders ultimately bear all agency costs that they create and therefore have a strong incentive to minimize conflicts of interest with outside investors. We argue that if equity is...  View Details
      Keywords: Business And Shareholder Relations; Ownership; Conflict Of Interests; Investment; Valuation
      Citation
      Find at Harvard
      Read Now
      Related
      Chernenko, Sergey, C. Fritz Foley, and Robin Greenwood. "Agency Costs, Mispricing, and Ownership Structure." Financial Management 41, no. 4 (Winter 2012): 885–914.
      • 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
      Citation
      Educators
      Purchase
      Related
      Ivashina, Victoria. "HCA, Inc. LBO Exit." Harvard Business School Case 813-056, November 2012. (Revised January 2014.)
      • April 2012
      • Background Note

      Note: Net Cash, Share Repurchases and EPS Growth

      By: William E. Fruhan Jr.
      How companies with large net cash positions can enhance earnings/share through share repurchase in an environment of low interest rates.  View Details
      Keywords: Stock Shares; Corporate Finance
      Citation
      Educators
      Purchase
      Related
      Fruhan, William E., Jr. "Note: Net Cash, Share Repurchases and EPS Growth." Harvard Business School Background Note 212-101, April 2012.
      • 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
      Citation
      Find at Harvard
      Read Now
      Related
      Greenwood, Robin, and Samuel G. Hanson. "Share Issuance and Factor Timing." Journal of Finance 67, no. 2 (April 2012): 761–798. (Internet Appendix Here.)
      • March 2011
      • Article

      What Do Dividends Tell Us About Earnings Quality

      By: Douglas Skinner and Eugene F. Soltes
      Over the past 30 years, there have been significant changes in the distribution of earnings (cross-sectional variation has increased, with increasing left skewness) as well as in corporate payout policy, with many fewer firms paying dividends and the emergence of stock...  View Details
      Keywords: Distribution; Business Earnings; Change; Policy; Stocks; Investment Return; Performance Consistency; Quality
      Citation
      Find at Harvard
      Read Now
      Related
      Skinner, Douglas, and Eugene F. Soltes. "What Do Dividends Tell Us About Earnings Quality." Review of Accounting Studies 16, no. 1 (March 2011).
      • 2010
      • Other Unpublished Work

      Share Issuance and Factor Timing

      By: Robin Greenwood and Samuel 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: Forecasting And Prediction; Equity; Stocks; Stock Shares; Investment Return; Investment Portfolio; Price; Performance Evaluation
      Citation
      SSRN
      Related
      Greenwood, Robin, and Samuel Hanson. "Share Issuance and Factor Timing." December 2010. (Appendix. Previously titled "Characteristic Timing," NBER Working Paper Series, No. 15948.)
      • September 2010
      • Article

      Bank Lending During the Financial Crisis of 2008

      By: Victoria Ivashina and David S. Scharfstein
      This paper documents that new loans to large borrowers fell by 47% during the peak period of the financial crisis (fourth quarter of 2008) relative to the prior quarter and by 79% relative to the peak of the credit boom (second quarter of 2007). New lending for real...  View Details
      Keywords: Financial Liquidity; Financing And Loans; Credit; Borrowing And Debt; Financial Crisis; Banking Industry
      Citation
      SSRN
      Find at Harvard
      Read Now
      Related
      Ivashina, Victoria, and David S. Scharfstein. "Bank Lending During the Financial Crisis of 2008." Journal of Financial Economics 97, no. 3 (September 2010): 319–338.
      • June 2010 (Revised November 2013)
      • Case

      Momentive Performance Materials, Inc.

      By: Victoria Ivashina and David Scharfstein
      After nearly violating its loan covenants in 2009, Momentive Performance Materials, backed by its financial sponsor Apollo Global Management, took a variety of actions to restructure its debt. The restructuring steps included an open market repurchase of publicly held...  View Details
      Keywords: Restructuring; Financial Crisis; Borrowing And Debt; Private Equity; Financing And Loans
      Citation
      Educators
      Purchase
      Related
      Ivashina, Victoria, and David Scharfstein. "Momentive Performance Materials, Inc." Harvard Business School Case 210-081, June 2010. (Revised November 2013.)
      • January 2010 (Revised October 2011)
      • Case

      The Congressional Oversight Panel's Valuation of the TARP Warrants (A)

      By: Carliss Y. Baldwin
      The Congressional Oversight Panel wants to value the warrants issued to the government in connection with the TARP investments of 2008, in order to increase the transparency of options repurchases. The case describes the methodology used to value the warrants. Students...  View Details
      Keywords: Financial Crisis; Asset Pricing; Financial Instruments; Investment; Business And Government Relations; Mathematical Methods; Valuation; Banking Industry; Public Administration Industry; United States
      Citation
      Educators
      Purchase
      Related
      Baldwin, Carliss Y. "The Congressional Oversight Panel's Valuation of the TARP Warrants (A)." Harvard Business School Case 210-035, January 2010. (Revised October 2011.)
      • January 2010 (Revised March 2010)
      • Supplement

      The Congressional Oversight Panel's Valuation of the TARP Warrants (B)

      By: Carliss Y. Baldwin
      The Congressional Oversight Panel wants to value the warrants issued to the government in connection with the TARP investments of 2008, in order to increase the transparency of options repurchases. The case describes the methodology used to value the warrants. This...  View Details
      Keywords: Financial Crisis; Investment; Public Opinion; Valuation; Banking Industry; Public Administration Industry; United States
      Citation
      Purchase
      Related
      Baldwin, Carliss Y. "The Congressional Oversight Panel's Valuation of the TARP Warrants (B)." Harvard Business School Supplement 210-036, January 2010. (Revised March 2010.)
      • 1
      • 2
      • →

      Are you looking for?

      Targeted Repurchases and Common Stock Returns
      Note: Net Cash, Share Repurchases and EPS Growth
      → Search All HBS Web
      ǁ
      Campus Map
      Harvard Business School
      Soldiers Field
      Boston, MA 02163
      →Map & Directions
      →More Contact Information
      • Make a Gift
      • Site Map
      • Jobs
      • Harvard University
      • Trademarks
      • Policies
      • Digital Accessibility
      Copyright © President & Fellows of Harvard College