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When Naming a CEO, Ignore the Market Reaction (Spanish version)
Citrin, James M.Article HBS-F1201CA new study finds no correlation between how a company's stock fares upon the announcement of a new CEO and the share price over that CEO's tenure. In fact, under certain circumstances, CEOs whose appointments cause their company's stock to drop tend to achieve better results over time than CEOs whose appointments cause the stock to rise. Directors looking to choose a new CEO should think about other criteria, such as the company's recent perform...Starting at €8.20
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When Naming a CEO, Ignore the Market Reaction
Citrin, James M.Article HBS-F1201C-EA new study finds no correlation between how a company's stock fares upon the announcement of a new CEO and the share price over that CEO's tenure. In fact, under certain circumstances, CEOs whose appointments cause their company's stock to drop tend to achieve better results over time than CEOs whose appointments cause the stock to rise. Directors looking to choose a new CEO should think about other criteria, such as the company's recent perform...Starting at €8.20
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Succeeding at Succession
Citrin, James M.; Ogden, DaytonArticle HBS-F1011A-ELeadership and People ManagementFor too long, boards have relied on rules of thumb and conventional wisdom when picking CEOs. New research offers some surprising insights that will better guide succession strategy.Starting at €8.20
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Interest Rates, Market Pricing, and Compounding
Harris, Robert S.; Conroy, Robert M.Technical Note DARDEN-F-1517-EFinanceUsing examples from financial markets, this note examines links among market prices, stated interest rates, and compounding assumptions. The note emphasizes how interest rates are expressions of market prices, and pays particular attention to the role of compounding assumptions. Market prices are converted into stated interest rates for different compounding assumptions. Guidance is offered on how to make intelligent comparisons across markets th...Starting at €8.20
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The CEO 100, 2019 Edition
Harvard Business Review; Citrin, James M.; Hildebrand, Claudius A.; Stark, Robert J.; George, BillArticle HBS-R1906B-EUnlike rankings that are based on subjective evaluations or short-term metrics, HBR's annual list of the best-performing CEOs in the world relies on objective performance measures over a chief executive's entire tenure--and these "career numbers" tend to hold steady. It's no surprise, then, that 65 of last year's CEOs reappear this year. They do so despite a change in our methodology: This year we weighted environmental, social, and governance (E...Starting at €8.20
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Valuing Assets in Financial Markets
Harris, Robert S.; Conroy, Robert M.Technical Note DARDEN-F-1518-EFinanceThis technical note provides an overview of techniques used to value assets, including multiples, arbitrage pricing, and discounted cash flow. The note emphasizes the basic nature of valuation approaches and their logical underpinning, focusing on how techniques are applied to assets that are or might be traded in financial markets. The note sets the stage for specific (and often complicated) applications of the pricing techniques.Starting at €8.20
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Stock Options and Compensation
Harris, Robert S.; Conroy, Robert M.Technical Note DARDEN-F-1521-EFinanceThis note is a brief introduction to the logic and practice of using stock options to compensate executives. The Black-Scholes option-pricing model is used to estimate the value of option grants for a company. The note affords the opportunity to apply options valuation in the context of executive compensation, and serves as a companion to introductions to options that expose the reader to the Black-Scholes option-pricing model. A spreadsheet is a...Starting at €8.20
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The Black-Scholes Option-Pricing Model
Harris, Robert S.; Conroy, Robert M.Technical Note DARDEN-F-1522-EFinanceThis note discusses the Black-Scholes option-pricing model and then applies the model to call options. The underlying logic of the model is emphasized and illustrated through the use of simple examples. The model is then applied using real data. The note pays particular attention to procedures for estimating the potential for stock-price changes (volatility). It also provides the reader with an appreciation of the economic underpinnings of the mo...Starting at €8.20
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Using the Equity Residual Approach to Valuation: An Example (Abridged)
Harris, Robert S.; Conroy, Robert M.Technical Note DARDEN-F-1609-EFinanceThis note provides an example of the equity residual valuation method to a company. The note can be used to accompany cases on private equity acquisitions or other levered transactions. It provides a simple fact set to focus on the essentials of the method.Starting at €8.20
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Option Valuation and Dividend Payments
Harris, Robert S.; Conroy, Robert M.Technical Note DARDEN-F-1523-EFinanceThis note shows how dividend payments affect option values owing to the effects of dividend payments on share price and resulting investor behavior. In addition to discussing the underlying logic, the note shows how to value options for dividend-paying stocks by adapting the Black-Scholes option-pricing model. The note addresses issues of early exercise and the underlying incentives of investors who own call or put options.Starting at €8.20