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- August 2022
- Case
Sweet Teez Bakery: Projecting the Dough’s Rise
By: Emily R. McComb, Mel Martin and Amy Klopfenstein
In 2021, the HBS Impact Investment Fund student team met with entrepreneur Teresa Maynard, who had applied for a $25,000 impact investment loan. The students thought the former Harvard Data Scientist’s bakery business, Sweet Teez Bakery, showed promise. Maynard had...
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- August 2022
- Supplement
Sweet Teez Bakery: Projecting the Dough’s Rise Financial Supplement
By: Emily R. McComb, Mel Martin and Amy Klopfenstein
Abstract: In 2021, the HBS Impact Investment Fund student team met with entrepreneur Teresa Maynard, who had applied for a $25,000 impact investment loan. The students thought the former Harvard Data Scientist’s bakery business, Sweet Teez Bakery, showed promise....
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- January 2022 (Revised March 2022)
- Module Note
Analysis of Financial and Non-Financial Information for Forecasting Performance
This note describes the main themes and cases of a teaching module on the analysis of information from, and outside of, financial statements for forecasting firms’ future financial performance. The module’s pedagogical goal is to deepen students’ understanding of the...
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- Article
Core Earnings: New Data and Evidence
By: Ethan Rouen, Eric C. So and Charles C.Y. Wang
Using a novel dataset, we show that components of firms' GAAP earnings stemming from ancillary business activities or transitory shocks are significant in frequency and magnitude. These components have grown over time and are dispersed across various sections of the...
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- Article
Complementarity between Audited Financial Reporting and Voluntary Disclosure: The Case of Former Andersen Clients
By: Richard Frankel, Alon Kalay, Gil Sadka and Yuan Zou
Prior literature presents various perspectives on the role of financial reporting. One view is that mandatory periodic reporting disciplines managers and encourages timely voluntary disclosure. We examine this "confirmation hypothesis" using the shock to financial...
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- October 2021
- Case
Financial Reporting at Mattel
By: Aiyesha Dey, Trung Nguyen, Marshal Herrmann and Julia Kelley
In September 2020, Diana Ferguson was nearing her first Audit Committee meeting as the newly appointed Audit Committee chair of Mattel, Inc. Mattel was just recovering from an accounting scandal which had revealed the company’s poor internal controls and weak board...
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Keywords:
Accounting;
Accounting Audits;
Financial Reporting;
Financial Statements;
Governance;
Corporate Accountability;
Corporate Disclosure;
Corporate Governance;
Governance Compliance;
Governance Controls;
Governing Rules, Regulations, and Reforms;
Governing and Advisory Boards;
Lawsuits and Litigation;
Business and Shareholder Relations;
Consumer Products Industry;
Entertainment and Recreation Industry;
Financial Services Industry;
North and Central America;
United States;
California
- Article
The Harmonization of Lending Standards within Banks through Mandated Loan-Level Transparency
By: Jung Koo Kang, Maria Loumioti and Regina Wittenberg-Moerman
We explore whether the introduction of transparent reporting rules increases credit standard harmonization within a bank. We exploit the new loan-level reporting rules imposed on banks that borrow from the European Central Bank using repurchase agreements...
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- July 2021
- Case
'Why I Blew the Whistle': Mauro Botta v. PwC
By: Aiyesha Dey, Jonas Heese and Sarah Mehta
Set in April 2021, this case tells the story of Mauro Botta, a senior manager at PricewaterhouseCoopers (PwC). In 2016, Botta filed a whistleblower claim with the U.S. Securities and Exchange Commission, alleging that PwC had failed to fulfill its obligations to remain...
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- June 2021 (Revised January 2022)
- Case
MicroStrategy: Accounting for Cryptocurrency
By: Jonas Heese and Annelena Lobb
On February 15, 2021, Alina Moss, an analyst who covered the technology company MicroStrategy, pondered a rise in MicroStrategy’s share price. Moss had dialed into the company earnings call. When it ended, Moss had more questions than answers. MicroStrategy had...
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- March 2021 (Revised April 2021)
- Case
Wirecard: The Downfall of a German Fintech Star
By: Jonas Heese, Charles C.Y. Wang and Tonia Labruyere
Wirecard was a German fintech company, member of the DAX30, that provided payment processing and related services. Wirecard had enjoyed large growth rates over the years and most investors and analysts were enthusiastic about the company's prospects. Wirecard's...
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- September 2020
- Case
An Introduction to Money Laundering: 'The Hunter'
By: Eugene Soltes, Guilhem Ros and Grace Liu
Money laundering schemes disguise the criminal origins of an estimated 2% to 5% of the world’s gross domestic product. Money laundering not only enables criminals to escape detection, but may also be used to finance further criminal operations including terrorism. This...
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- June 2020 (Revised October 2020)
- Case
Muddy Waters vs. eHealth: The Debate of a 'Lifetime'
By: Jonas Heese and Cristo Liautaud
In May 2020, an analyst was assessing eHealth’s performance. eHealth was an online / tele-sales broker of health insurance products. The stock had recently hit all-time highs, closing at a peak of $146 on March 4, 2020. But now, May 4, 2020, eHealth traded at $103. The...
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- June 2020 (Revised February 2021)
- Case
Accounting for Leases at American Airlines (A)
By: Jonas Heese, Gerardo Pérez Cavazos and Julia Kelley
In March 2020, as coronavirus reduced demand for air travel, an analyst was forecasting American Airlines’ (American’s) first quarter financial results. To develop a forecast, she needed to familiarize herself with Accounting Standards Update (ASU) 2016-02, “Leases...
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Keywords:
Accounting;
Financial Reporting;
Financial Statements;
Finance;
Governance;
Corporate Accountability;
Corporate Governance;
Governing Rules, Regulations, and Reforms;
Governing and Advisory Boards;
Leasing;
Accounting Industry;
Air Transportation Industry;
North and Central America;
United States
- June 2020 (Revised February 2021)
- Supplement
Accounting for Leases at American Airlines (B)
By: Jonas Heese, Gerardo Pérez Cavazos and Julia Kelley
This is a supplement to the “Accounting for Leases at American Airlines (A)” case. The (B) case describes American Airlines’ financial results for the first quarter of 2020, as well as the continuing effects of coronavirus on the airline industry.
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Keywords:
Accounting;
Financial Reporting;
Financial Statements;
Finance;
Governance;
Corporate Accountability;
Corporate Governance;
Governing Rules, Regulations, and Reforms;
Governing and Advisory Boards;
Leasing;
Health Pandemics;
Accounting Industry;
Air Transportation Industry;
North and Central America;
United States
- June 2020
- Article
Lazy Prices
By: Lauren Cohen, Christopher J. Malloy and Quoc Nguyen
We explore the implications of a subtle "default" choice that firms make in their regular reporting practices, namely that firms typically repeat what they most recently reported. Using the complete history of regular quarterly and annual filings by U.S. corporations...
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- October 2019
- Case
Impax Laboratories: Executing Accretive Acquisitions (A)
By: Benjamin C. Esty and Daniel Fisher
Impax Laboratories was a technology-based pharmaceutical company that used a “dual platform” strategy to sell both generic and branded treatments. While Impax had grown organically for most of its history, it was beginning to use major acquisitions for growth. In the...
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- October 2019
- Supplement
Impax Laboratories: Executing Accretive Acquisitions (B)
By: Benjamin C. Esty and Daniel Fisher
Explores events after Impax announced the acquisition of a portfolio of generic pharmaceutical products from Teva in June 2016.
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- October 2019
- Supplement
Impax Laboratories: Executing Accretive Transactions (A)
By: Benjamin C. Esty and Daniel Fisher
Impax Laboratories was a technology-based pharmaceutical company that used a “dual platform” strategy to sell both generic and branded treatments. While Impax had grown organically for most of its history, it was beginning to use major acquisitions for growth. In the...
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- September 2019
- Article
The Effect of Enforcement Transparency: Evidence from SEC Comment-Letter Reviews
By: Miguel Duro, Jonas Heese and Gaizka Ormazabal
This paper studies the effect of the public disclosure of the Securities and Exchange Commission (SEC) comment-letter reviews (CLs) on firms’ financial reporting. We exploit a major change in the SEC’s disclosure policy: in 2004, the SEC decided to make its CLs...
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- December 2018 (Revised August 2022)
- Teaching Note
Revenue Recognition at HBP
By: Siko Sikochi and Paul Healy
In early 2014, Corporate Learning, one of three business units at Harvard Business Publishing (HBP), was in the process of revamping its flagship product, Harvard Manage-Mentor (HMM) from version 11.0 (HMM11) to version 12.0 (HMM12). The revamped software would be...
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