Found 48 article(s) for author 'George Serafeim'

The EU Has Trust Issues, and It’s Taking Down Greece’s Economy

The EU Has Trust Issues, and It’s Taking Down Greece’s Economy. George Serafeim, May 24, 2016, Opinion, “Uncertainty can severely affect an economy. Just look at what has happened in a short period of time to the UK economy. People are postponing major investment decisions after resolving the uncertainty over whether the UK stays in the EU or not. Supporters of Brexit hope that a UK outside the EU will be different. Opposition fears that a UK outside the EU will be different. But they both agree that it will be different. So given the prospect of a very different UK, people are not willing to commit capital and resources.Link

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Voluntary, Self-Regulatory and Mandatory Disclosure of Oil and Gas Company Payments to Foreign Governments

Voluntary, Self-Regulatory and Mandatory Disclosure of Oil and Gas Company Payments to Foreign Governments. Paul Healy, George Serafeim, 2015, Paper, “Transparency advocates argue that disclosure of oil and gas company payments to host governments for natural resources is a public good, helping to reduce corruption and increase accountability in resource rich countries. Yet we find a very low frequency of voluntary disclosures of payments to host governments by oil and gas firms, and negative stock price reactions for affected firms at the announcement of regulations mandating disclosure. This suggests that sample firm managers and their investors perceive that there are private costs of such voluntary disclosures, contributing to continued low transparency and weak governance in resource rich countries.Link

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Debt Should be a Guide to Policy Making

Debt Should be a Guide to Policy Making. George Serafeim, July 14, 2015, Video. “European finance ministers encountered a range of hurdles to financing Greece through the next few weeks during negotiations over another full-scale bailout. All the available options are either financially inadequate, politically unpalatable, legally suspect or beyond European leaders’ control, finance ministers said. Harvard University Professor of Business George Serafeim shares his views on “The Pulse…”Link

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Reforming Greece: Myths and Truths

Reforming Greece: Myths and Truths. George Serafeim, April 22, 2015, Opinion. “News about the Greek economy continues on the front page of every major newspaper, as the country continues its six-year struggle to reenergize its economy. On Friday, Eurozone finance ministers will decide whether to release emergency funds to Greece, and the country must make two repayments totaling 950 million euros to the International Monetary Fund by May 12 …” Link

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Corporate Sustainability: First Evidence on Materiality

Corporate Sustainability: First Evidence on Materiality. Mozaffar Khan, George Serafeim, March 24, 2015, Paper. “An increasing number of companies make sustainability investments, and an increasing number of investors integrate sustainability performance data in their capital allocation decisions. To date however, the prior academic literature has not distinguished between investments in material versus immaterial sustainability issues. We develop a novel dataset by hand-mapping data on sustainability investments classified as material for each industry into firm-specific performance data on a variety of sustainability investments…” Link

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If Greece Embraces Uncertainty, Innovation Will Follow

If Greece Embraces Uncertainty, Innovation Will Follow. George Serafeim, March 13, 2015, Opinion. “No matter what happens with the Greek bailout, all parties agree that the Greek economy will have to become more competitive. Many politicians and commentators mention two critical factors in accomplishing this: increasing innovative capacity and reducing bureaucracy. Both are important, but they are far more difficult to achieve than many understand because they are, to a significant extent, influenced by culture. ‘Culture’ can sound like a catchall, a convenient way to place the blame outside the realm of policy, but I am talking about one specific dimension of culture: avoiding uncertainty…” Link

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Speaking of the short-term: disclosure horizon and managerial myopia

Speaking of the short-term: disclosure horizon and managerial myopia. George Serafeim, March 12, 2015, Paper. “We study conference calls as a voluntary disclosure channel and create a proxy for the time horizon that senior executives emphasize in their communications. We find that our measure of disclosure time horizon is associated with capital market pressures and executives’ short-term monetary incentives. Consistent with the language emphasized during conference calls partially capturing short-termism, we show that our proxy is associated with earnings and...” Link

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Divestment Alone Won’t Beat Climate Change

Divestment Alone Won’t Beat Climate Change, George Serafeim, September 4, 2014, Opinion, The fossil fuel divestment movement – an increasingly popular approach with environmentalists — primarily tries to convince pension funds, university endowments, and other asset holders that their investments in oil and coal are unethical because of impact of fossil fuel emissions on the world’s climate. Proponents argue that divestment is a symbolic statement that can discourage fossil fuel consumption by stigmatizing the industry. Despite its recent successes, we believe this approach is limited. Both of us have done work on sustainable development and are keen to see a transition away from fossil fuels in order to limit climate change. But divestment alone is not the answer. Link

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How to Kill Quarterly Earnings Guidance

How to Kill Quarterly Earnings Guidance. George Serafeim, June 18, 2014, Opinion. “Quarterly earnings guidance has outlived its usefulness. There are instances when it might be perfectly legitimate and value enhancing to issue earnings guidance in an effort to inform the market about material disruptions, shifts in the business model etc., but on the whole, the practice is not a helpful way of building a sustainable business that is geared to succeed in the long-term. By now it is well understood that the short-term focus by shareholders on quarterly earnings can impair firms’ ability to create long-term value…” Link Verified October 11, 2014

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