Accounting and Management

- RECENT PUBLICATION: Case
  Case | HBS Case Collection | March 2018 (Revised March 2018)
  Designing a Compliance Program at AB InBev
  Eugene Soltes
  Compliance programs help companies align the interests and behavior of employees with external expectations and regulation. The case discusses how ABInBev, a major brewer, developed its compliance program.
  Keywords: Governance; Crime and Corruption; Governance Compliance; Consumer Products Industry; Africa; Europe; India; North America;
  
  Citation:
  Soltes, Eugene. "Designing a Compliance Program at AB InBev." Harvard Business School Case 118-071, March 2018. (Revised March 2018.) View Details
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- RECENT PUBLICATION: Case
  Case | HBS Case Collection | March 2018
  Whole Foods under Amazon
  Dennis Campbell, Tatiana Sandino, James Barnett and Christine Snively
  In August 2018, Amazon acquired Whole Foods Market for $13.7 billion. Whole Foods was struggling with high costs and faced growing competition from traditional supermarkets offering more organic products. Prior to the acquisition, Whole Foods began rolling out a new order-to-shelf (OTS) inventory management system that many observers believed had led to shortages. For years, store team leaders at Whole Foods were empowered to make inventory decisions and tailor their stores to meet local needs, but OTS came with strict rules for purchasing and displaying goods which upset many employees. Should Amazon push Whole Foods to improve performance by emphasizing efficiency and standardization? Or should it aim to maintain a sense of empowerment among employees?
  Keywords: Performance Efficiency; Performance Improvement; Employee Relationship Management; Food and Beverage Industry;
  
  Citation:
  Campbell, Dennis, Tatiana Sandino, James Barnett, and Christine Snively. "Whole Foods under Amazon." Harvard Business School Case 118-074, March 2018. View Details
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- RECENT PUBLICATION: Working Paper
  Working Paper | HBS Working Paper Series | 2018
  Government Incentives and Financial Intermediaries: The Case of Chinese Sell-Side Analysts
  Sheng Cao, Xianjie He, Charles C.Y. Wang and Huifang Yin
  We study how sell-side analysts produce information in a context where the central government can influence financial intermediaries. Leveraging seven economic periods between 2005 and 2015 when the Chinese government had strong incentives to prop up the stock market, we show that sell-side analysts employed at state-owned brokerages issued relatively optimistic earnings forecasts and stock recommendations during these periods. This relative optimism is particularly pronounced in earnings forecasts for larger firms and for state-owned enterprises and is found regardless of analysts' experience or star status or of their brokerages' degree of dependence on commissions. Although these optimistic forecasts are also relatively less accurate, the evidence suggests that they influence investors' beliefs. These findings highlight the role of government incentives in the behavior and output of analysts in emerging-market contexts.
  Keywords: sell-side analysts; forecast optimism; forecast accuracy; government incentives; emerging markets; Stocks; Forecasting and Prediction; Business and Government Relations; Emerging Markets;
  
  Citation:
  Cao, Sheng, Xianjie He, Charles C.Y. Wang, and Huifang Yin. "Government Incentives and Financial Intermediaries: The Case of Chinese Sell-Side Analysts." Harvard Business School Working Paper, No. 18-095, March 2018. View Details
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