Publications
Publications
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(1,552)
- Faculty Publications (402)
- January 2021 (Revised February 2021)
- Case
Carnival Corporation: Cruising Through COVID-19
By: Stuart C. Gilson and Sarah Abbott
In March 2020, in response to the global pandemic, the cruise industry ceased operations. Carnival was the largest cruise line operator in the world, and CEO Arnold Donald and his management team worked to position the company to survive. They slashed operating... View Details
- January 2021 (Revised June 2021)
- Case
Hester Pharmaceuticals (A): A Pricing Dilemma
By: Dante Roscini and John Masko
In August 2019, the leadership of Hester Pharmaceuticals (Hester) had a problem. Italy promised to be a key market for their new breakthrough oncology drug Akrozumab, but for almost two years, its single-payer healthcare system had been unable to agree with Hester on a... View Details
Keywords: Macroeconomics; Trade; Price; Global Range; Global Strategy; Globalized Markets and Industries; Health Care and Treatment; Patents; Monopoly; Negotiation; Business and Government Relations; Risk and Uncertainty; Human Needs; Business Strategy; Commercialization; Pharmaceutical Industry; Italy
- January 2021
- Article
State and Local Government Employment in the COVID-19 Crisis
By: Daniel Green and Erik Loualiche
Local governments are facing large losses in revenues and increased expenditures because of the COVID-19 crisis. We document a causal relationship between fiscal pressures induced by COVID-19 and the layoffs of state and local government workers. States that depend... View Details
- December 9, 2020
- Article
Give Employees Cash to Purchase Their Own Insurance
By: Regina E. Herzlinger and Barak D. Richman
Employers’ and employees’ health care costs continue to skyrocket. A solution is to allow employers to give employees pre-tax cash to purchase their own health insurance. This move, enabled by a newly enacted federal rule, would put competitive pressure on insurers,... View Details
- Article
The Unprecedented Stock Market Reaction to COVID-19
By: Scott Baker, Nicholas Bloom, Steven J. Davis, Kyle Kost, Marco Sammon and Tasaneeya Viratyosin
No previous infectious disease outbreak, including the Spanish Flu, has impacted the stock market as forcefully as the COVID-19 pandemic. In fact, previous pandemics left only mild traces on the U.S. stock market. We use text-based methods to develop these points with... View Details
- November 2020 (Revised April 2021)
- Case
Roll-Ups and Surprise Billing: Collisions at the Intersection of Private Equity and Patient Care
By: Trevor Fetter and Kira Seiger
This case describes the increasing investment by private equity (PE) firms in patient care and other healthcare services. The case focuses on investments in physician staffing firms and roll-up strategy investments in physician practice management (PPM). Included in... View Details
Keywords: Business Ventures; Acquisition; Mergers and Acquisitions; Business Model; Change; Disruption; Fluctuation; Trends; Customers; Customer Value and Value Chain; Ethics; Fairness; Finance; Equity; Insurance; Private Equity; Geography; Geographic Scope; Health; Health Care and Treatment; Markets; Demand and Consumers; Supply and Industry; Industry Structures; Ownership; Ownership Type; Private Ownership; Relationships; Agency Theory; Business and Community Relations; Business and Shareholder Relations; Business and Stakeholder Relations; Networks; Strategy; Competition; Consolidation; Expansion; Integration; Horizontal Integration; Vertical Integration; Value; Value Creation; Health Industry; Health Industry; United States
- November 2020
- Teaching Note
Valuing Celgene's CVR
By: Benjamin C. Esty and Daniel Fisher
Teaching Note for HBS Case No. 221-031. When Bristol-Myers Squibb (BMS) acquired Celgene Corporation in November 2019, Celgene shareholders received cash, BMS stock, and a contingent value right (CVRs) that would pay $9 if the U.S. Food and Drug Administration (FDA)... View Details
- November 2020
- Supplement
Valuing Celgene's CVR
By: Benjamin C. Esty and Daniel Fisher
When Bristol-Myers Squibb (BMS) acquired Celgene Corporation in November 2019, Celgene shareholders received cash, BMS stock, and a contingent value right (CVRs) that would pay $9 if the U.S. Food and Drug Administration (FDA) approved three of Celgene’s late stage... View Details
- November 2020
- Case
Valuing Celgene's CVR
By: Benjamin C. Esty and Daniel Fisher
When Bristol-Myers Squibb (BMS) acquired Celgene Corporation in November 2019, Celgene shareholders received cash, BMS stock, and a contingent value right (CVRs) that would pay $9 if the U.S. Food and Drug Administration (FDA) approved three of Celgene’s late stage... View Details
- November 2020
- Case
Wilderness Safaris: Responses to the COVID-19 Crisis
By: James E. Austin, Megan Epler Wood and Herman B. "Dutch" Leonard
This case is an epilogue to “Wilderness Safaris: Impact Investing and Ecotourism Conservation in Africa” (2-321-020), which ends with the emergence of the pandemic in March 2020. The final discussion area for that case can be “What should Wilderness Safari CEO Keith... View Details
- 2020
- Working Paper
Revenue Collapses and the Consumption of Small Business Owners in the Early Stages of the COVID-19 Pandemic
By: Olivia S. Kim, Jonathan A. Parker and Antoinette Schoar
Using detailed transaction-level data from financial accounts, this paper shows that the revenues of small businesses and the consumption spending of their owners both decline by roughly 40% following the declaration of the national emergency in March 2020. However,... View Details
- October 2020
- Case
Fiscal Responses to COVID-19
For the first half of 2020, the COVID-19 crisis seemed on the verge of spiraling out of control. The business world struggled to figure out what COVID meant for macroeconomics. Extended restrictions limiting human interaction meant an end to normal economic production,... View Details
- October 2020 (Revised March 2021)
- Supplement
Migros Turkey: Scaling Online Operations During COVID-19 (C)
By: Antonio Moreno and Gamze Yucaoglu
The case opens in August 2020 as Ozgur Tort and Mustafa Bartin, CEO and chief large-format and online retail officer of Migros Ticaret A.S. (Migros), Turkey’s oldest and one of its largest supermarket chains, are navigating Migros through COVID-19 and the unprecedented... View Details
Keywords: Business Model; Strategy; Digital Platforms; Information Technology; Technology Adoption; Value Creation; Globalization; Competition; Expansion; Logistics; Profit; Resource Allocation; Diversification; Corporate Strategy; Crisis Management; Health Pandemics; Strategic Planning; Food and Beverage Industry; Turkey
- October 2020 (Revised November 2020)
- Case
Wilderness Safaris: Impact Investing and Ecotourism Conservation in Africa
By: James E. Austin, Megan Epler Wood and Herman B. "Dutch" Leonard
In 2018 the majority ownership of publicly owned Wilderness Safaris, the leading high-end ecotourism company in Africa with safari operations in eight countries, was acquired by The Rise Fund, one of the world’s largest private social impact investing funds, and by FS... View Details
Keywords: Investing; Investing For Impact; Ecotourism; COVID-19; Equity Financing; Strategy Formulation; Profitability; Environmental And Social Sustainability; Sustainability; Conservation Planning; Corporate Social Responsibility; Investment; Social Enterprise; Social Entrepreneurship; Environmental Sustainability; Strategy; Financing and Loans; Corporate Social Responsibility and Impact; Health Pandemics; Tourism Industry; Africa; Rwanda; Angola
- October 2020 (Revised November 2023)
- Case
COVID-19 Testing at Everlywell
By: Jeffrey J. Bussgang and Olivia Hull
In March 2020, as COVID-19 spreads rapidly across the U.S., Everlywell founder Julia Cheek considers how to respond as a small start-up specializing in at-home lab testing. After making dramatic budget cuts, she decides to pivot the organization to address the... View Details
Keywords: Entrepreneurship; Business Strategy; Venture Capital; Health Care and Treatment; Health Disorders; Leading Change; Technology Adoption; Digital Platforms; Competitive Strategy; Science; Adaptation; Corporate Social Responsibility and Impact; Crisis Management; Social Entrepreneurship; Ethics; Government Legislation; Health; Health Testing and Trials; Health Pandemics; Health Industry; Health Industry; Health Industry; Texas; United States
- October 2020
- Case
LifeBank Nigeria
By: Brian Trelstad, Pippa Tubman Armerding and Wale Lawal
The aspiration of addressing maternal deaths in Nigeria, which were mostly caused by blood shortages, led Temie Giwa-Tubosun to found LifeBank in 2015. LifeBank developed an online platform that enabled hospitals to connect and purchase blood from local blood banks and... View Details
- Fall 2020
- Article
Business Credit Programs in the Pandemic Era
By: Samuel G. Hanson, Jeremy C. Stein, Adi Sunderam and Eric Zwick
We develop a pair of models that speak to the goals and design of the sort of business-lending and corporate-bond purchase programs that have been introduced by governments in response to the ongoing COVID-19 pandemic. An overarching theme is that, in contrast to the... View Details
- 2020
- Working Paper
Private Equity and COVID-19
By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
We survey more than 200 private equity (PE) managers from firms with $1.9 trillion of assets under management (AUM) about their portfolio performance, decisionmaking and activities during the Covid-19 pandemic. Given that PE managers have significant incentives to... View Details
- 2020
- Working Paper
Bankruptcy and the COVID-19 Crisis
By: Jialan Wang, Jeyul Yang, Benjamin Iverson and Raymond Kluender
We examine the impact of the COVID-19 economic crisis on business and consumer bankruptcies in the United States using real-time data on the universe of filings. Historically, bankruptcies have closely tracked the business cycle and contemporaneous unemployment rates.... View Details
- September 2020 (Revised January 2021)
- Case
Catalys Pacific
In 2019, BT Slingsby founds Catalys Pacific, the first biotech “venture creation” fund in Tokyo. After convincing some of the biggest Japanese pharmaceutical firms to invest, BT hopes the fund can make a big splash and transform biotechnology innovation in Japan. After... View Details
Keywords: Pharmaceutical Companies; Biotech; Health Care; Entrepreneur; Innovation; International Business; Entrepreneurial Finance; Entrepreneurship; Finance; Innovation Strategy; Venture Capital; Strategy; Cross-Cultural and Cross-Border Issues; Pharmaceutical Industry; Biotechnology Industry; Tokyo