Publications
Publications
Show Results For
-
All HBS Web
(3,047)
- Faculty Publications (804)
Page 1 of
804
Results
→
- 2022
- Working Paper
Retail Investors’ Contrarian Behavior Around News and the Momentum Effect
By: Cheng (Patrick) Luo, Enrichetta Ravina, Marco Sammon and Luis M. Viceira
Using a large panel of U.S. brokerage accounts trades and positions, we show that a large fraction of retail investors trade as contrarians after large earnings surprises, especially for loser stocks, and that such contrarian trading contributes to post earnings...
View Details
- June 2022
- Technical Note
Business Implications from Regulating Carbon Emissions in the EU
By: George Serafeim and Benjamin Maletta
In the beginning of the 21st century, the European Union (the EU) had led the global fight against climate change with a wide array of policy measures. The EU’s primary approach to climate policy had been taxation via the European Union Emissions Trading System (EU...
View Details
- Article
Do the Right Firms Survive Bankruptcy?
By: Samuel Antill
In U.S. Chapter 11 bankruptcy cases, firms are either reorganized, acquired, or liquidated. I show that decisions to liquidate often reduce creditor recovery, costing creditors billions of dollars every year. I exploit the within-district random assignment of...
View Details
- Article
Weak Corporate Insolvency Rules: The Missing Driver of Zombie Lending
By: Bo Becker and Victoria Ivashina
"Zombie lending"—lending to less-productive firms at subsidized rates—can help banks with misaligned incentives in the short run, but it prolongs economic downturns. We propose that inefficient resolution of insolvency is a significant contributor to this problem. We...
View Details
- March 2022 (Revised March 2022)
- Case
El Salvador: Launching Bitcoin as Legal Tender
By: Laura Alfaro, Carla Larangeira and Ruth Costas
In June 2021, Nayib Bukele, El Salvador’s president, surprised the world with the announcement that the country would adopt bitcoin as legal tender, becoming the first nation to do so. Bitcoin was mostly used for trading and had one of the most volatile track records...
View Details
Keywords:
Bitcoin;
Currency;
Financial Strategy;
Economic Growth;
Governance;
Macroeconomics;
Assets;
Latin America;
El Salvador
- 2022
- Working Paper
Can Evidence-Based Information Shift Preferences Towards Trade Policy?
By: Laura Alfaro, Maggie X. Chen and Davin Chor
We investigate the role of evidence-based information in shaping individuals' preferences for trade policies through a series of survey experiments that contain randomized information treatments. Each information treatment provides a concise statement of...
View Details
- March 2022
- Case
MTN: Unlocking Value While Driving Socioeconomic Progress
By: Benjamin C. Esty, Pippa Tubman Armerding and Dilyana Karadzhova Botha
On March 10, 2021, Ralph Mupita the new CEO of MTN Group, Africa largest telecommunications company, presented the group’s 2020 annual results and unveiled a new strategy to “drive growth and unlock value.” Despite MTN’s leadership in most of its markets, the company’s...
View Details
- March 2022 (Revised April 2022)
- Case
In Search of Global Regulation
By: Geoffrey Jones and Mona Rahmani
The history of the international regulation of global capitalism is surveyed, addressing the challenges facing firms confronting international, national, and regional regulation. Follows the history of global regulation after 1914, from the League of Nations;...
View Details
- 2022
- Working Paper
High-Yield Debt Covenants and Their Real Effects
By: Falk Bräuning, Victoria Ivashina and Ali Ozdagli
High-yield debt including leveraged loans is characterized by incurrence financial covenants, or “cov-lite” provisions. A traditional loan agreement includes maintenance covenants, which require continuous compliance with the covenant threshold, and their violation...
View Details
- 2022
- Working Paper
Investing in the Next Generation: The Long-Run Impacts of a Liquidity Shock
By: Patrick Agte, Arielle Bernhardt, Erica M. Field, Rohini Pande and Natalia Rigol
How do poor entrepreneurs trade off investments in business enterprises versus children's human capital, and how do these choices influence intergenerational socio-economic mobility? To examine this, we exploit experimental variation in household income resulting from...
View Details
- February 2022 (Revised March 2022)
- Case
Hertz in Bankruptcy: A Wild Ride in Pandemic Times
Hertz filed for Chapter 11 bankruptcy in response to asset-backed securities (ABS) obligations and the COVID-19 pandemic. Enthusiastic Robinhood investors and shrewd negotiating tactics helped Hertz stabilize. Roughly nine months into the bankruptcy, Hertz received...
View Details
- February 2022
- Case
Launching the Social
By: Tom Eisenmann, Lindsay N. Hyde and Tom Quinn
This case features the same protagonists as Ample Hills Creamery (HBS No. 822-073), and can be used as a continuation of that story.
Ample Hills Creamery started in 2010 as a temporary ice cream pushcart in Brooklyn, New York City. On the strength of inventive...
View Details
- February 2022
- Supplement
SpartanNash Company: The Amazon Warrants (A)
By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher
As of 12/31/21, Amazon held $22 billion of equity and warrants in related companies. In fact, it often requests a free grant of warrants when it enters into a new commercial agreement with a supplier. Over the past 20 years, Amazon has gotten warrants almost 20...
View Details
- 2022
- Working Paper
Gone with the Big Data: Institutional Lender Demand for Private Information
By: Jung Koo Kang
I explore whether the value of borrowers’ private information is an important determinant of institutional lender participation in syndicated loans. Institutional lenders have been shown to exploit their access to borrowers’ private information by trading on it in...
View Details
- 2022
- Working Paper
Excess Reconstitution-Day Volume
By: Alex Chinco and Marco Sammon
FTSE/Russell reconstitutes its Russell 1000 and 2000 indexes on the last Friday of June each year, and it announces which stocks will switch indexes roughly two weeks in advance. Exchange-traded funds (ETFs) must do all of their rebalancing on Russell’s reconstitution...
View Details
- 2022
- Chapter
The Servicification of the U.S. Economy: The Role of Startups versus Incumbent Firms
By: Mercedes Delgado, J. Daniel Kim and Karen G. Mills
Over the last few decades, the U.S. economy has exhibited a significant shift from manufacturing towards services. This transition has been particularly prominent in an important subcategory of services industries that drives innovation and employs many high-wage...
View Details
- January 2022
- Supplement
Kornit Digital: The Amazon Warrants (C)
By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher
As of 12/31/21, Amazon held $22 billion of equity and warrants in related companies. In fact, it often requests a free grant of warrants when it enters into a new commercial agreement with a supplier. Over the past 20 years, Amazon has gotten warrants almost 20...
View Details
- January 2022
- Case
SpartanNash Company: The Amazon Warrants (A)
By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher
As of 12/31/21, Amazon held $22 billion of equity and warrants in related companies. In fact, it often requests a free grant of warrants when it enters into a new commercial agreement with a supplier. Over the past 20 years, Amazon has gotten warrants in almost 20...
View Details
- January 2022
- Article
Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting
By: Erik Stafford
The contributions of asset selection and incremental leverage to buyout investment performance are more important than typically assumed or estimated to be. Buyout funds select small firms with distinct value characteristics. Public equities with these characteristics...
View Details
- December 2021
- Case
Katerra (A)
By: Lindsay N. Hyde, Thomas R. Eisenmann and Tom Quinn
In April 2020, Katerra executives struggled with a series of decisions that would determine the fate of one of the best-funded construction startups in history. Katerra was founded in 2015 by technology-industry executive Michael Marks and commercial real estate...
View Details