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All HBS Web
(1,371)
- Faculty Publications (282)
- February 2018
- Article
Structural GARCH: The Volatility-Leverage Connection
By: Robert F. Engle and Emil N. Siriwardane
During the financial crisis, financial firm leverage and volatility both rose dramatically. Consequently, institutions are being asked to reduce leverage in order to reduce risk, though the effectiveness depends upon the role of capital structure in volatility. To...
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Keywords:
Leverage;
Credit Risk;
Crisis Management;
Equity;
Volatility;
Credit;
Risk Management;
Financial Crisis
Engle, Robert F., and Emil N. Siriwardane. "Structural GARCH: The Volatility-Leverage Connection." Review of Financial Studies 31, no. 2 (February 2018): 449–492.
- December 2017 (Revised January 2018)
- Teaching Note
Bega Cheese: Bidding to Bring Vegemite Back Home
By: Benjamin C. Esty, Lauren G. Pickle and Greg Saldutte
In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands such as Vegemite, the iconic Australian...
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Keywords:
Mergers & Acquisitions;
Value Drivers;
Discounted Cash Flow (DCF);
Dairy Industry;
Corporate Scope;
Diversification;
Consumer Goods;
Iconic Brands;
Australia;
Corporate Finance;
Bidding Strategy;
Cross Border;
Financing;
Mergers and Acquisitions;
Valuation;
Value Creation;
Business Divisions;
Capital Structure;
Food;
Bids and Bidding;
Consumer Products Industry;
Food and Beverage Industry;
Australia;
United States
Ivashina, Victoria, Alexey Tuzikov, and Abhijit Tagade. "Valuation Techniques in Private Equity: LBO Model." Harvard Business School Background Note 218-106, June 2018.
- December 2017 (Revised January 2022)
- Supplement
Bega Cheese: Bidding to Bring Vegemite Back Home
By: Benjamin C. Esty and Lauren G. Pickle
In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands including Vegemite, the iconic Australian...
View Details
Keywords:
Mergers & Acquisitions;
Value Drivers;
Discounted Cash Flow (DCF);
Dairy Industry;
Corporate Scope;
Consumer Goods;
Iconic Brands;
Bidding Strategy;
Cross Border;
Financing;
Mergers and Acquisitions;
Valuation;
Value Creation;
Business Divisions;
Capital Structure;
Food;
Bids and Bidding;
Diversification;
Brands and Branding;
Corporate Finance;
Consumer Products Industry;
Food and Beverage Industry;
Australia;
United States
- December 2017
- Supplement
Bega Cheese: Bidding to Bring Vegemite Back Home
By: Benjamin C. Esty and Lauren G. Pickle
In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands (Vegemite—the iconic Australian spread,...
View Details
Keywords:
Mergers & Acquisitions;
Value Drivers;
Discounted Cash Flow (DCF);
Dairy Industry;
Corporate Scope;
Diversification;
Consumer Goods;
Iconic Brands;
Australia;
Corporate Finance;
Bidding Strategy;
Cross Border;
Mergers and Acquisitions;
Valuation;
Value Creation;
Business Divisions;
Capital Structure;
Food;
Bids and Bidding;
Retail Industry;
Consumer Products Industry;
Food and Beverage Industry;
Australia;
United States
- December 2017 (Revised February 2021)
- Case
Bega Cheese: Bidding to Bring Vegemite Back Home
By: Benjamin C. Esty and Lauren G. Pickle
In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business, which included several leading consumer brands such as Vegemite, the iconic Australian...
View Details
Keywords:
Mergers & Acquisitions;
Value Drivers;
Discounted Cash Flow (DCF);
Dairy Industry;
Corporate Scope;
Consumer Goods;
Iconic Brands;
Bidding Strategy;
Cross Border;
Financing;
Mergers and Acquisitions;
Valuation;
Value Creation;
Diversification;
Business Divisions;
Corporate Finance;
Capital Structure;
Food;
Bids and Bidding;
Consumer Products Industry;
Food and Beverage Industry;
Australia;
United States
Esty, Benjamin C., and Lauren G. Pickle. "Bega Cheese: Bidding to Bring Vegemite Back Home." Harvard Business School Case 218-001, December 2017. (Revised February 2021.)
- Article
Scenario Generation for Long Run Interest Rate Risk Assessment
By: Robert F. Engle, Guillaume Roussellet and Emil N. Siriwardane
We propose a statistical model of the term structure of U.S. treasury yields tailored for long-term probability-based scenario generation and forecasts. Our model is easy to estimate and is able to simultaneously reproduce the positivity, persistence, and factor...
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Keywords:
Forecasting;
Stress Testing;
Interest Rates;
Forecasting and Prediction;
Risk Management;
United States
Engle, Robert F., Guillaume Roussellet, and Emil N. Siriwardane. "Scenario Generation for Long Run Interest Rate Risk Assessment." Special Issue on Theoretical and Financial Econometrics: Essays in Honor of C. Gourieroux. Journal of Econometrics 201, no. 2 (December 2017): 333–347.
- 2020
- Working Paper
The Real Exchange Rate, Innovation and Productivity
By: Laura Alfaro, Alejandro Cuñat, Harald Fadinger and Yanping Liu
We evaluate manufacturing firms' responses to changes in the real exchange rate (RER) using detailed firm-level data for a large set of countries for the period 2001–2010. We uncover the following stylized facts about regional variation of manufacturing firms'...
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Keywords:
Real Exchange Rate;
Firm Level Data;
Innovation;
Productivity;
Exporting;
Importing;
Credit Constraints;
Currency Exchange Rate;
Innovation and Invention;
Performance Productivity
Alfaro, Laura, Alejandro Cuñat, Harald Fadinger, and Yanping Liu. "The Real Exchange Rate, Innovation and Productivity." Harvard Business School Working Paper, No. 18-044, November 2017. (Revised April 2020.)
- 2017
- Working Paper
Intermediation in the Supply of Agricultural Products in Developing Economies
By: Kris J. Ferreira, Joel Goh and Ehsan Valavi
Problem Definition: Farmers face several challenges in agricultural supply chains in emerging economies that contribute to extreme levels of poverty. One common challenge is that farmers only have access to one channel, often an auction, for which to sell their crops....
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Keywords:
Developing Countries;
Agricultural Supply Chain;
Intermediation;
Multiple Cahnels;
Walrasian Auction;
Developing Countries and Economies;
Supply Chain;
Distribution Channels;
Profit;
Agriculture and Agribusiness Industry
Ferreira, Kris J., Joel Goh, and Ehsan Valavi. "Intermediation in the Supply of Agricultural Products in Developing Economies." Harvard Business School Working Paper, No. 18-033, October 2017.
- September 2017 (Revised February 2018)
- Case
Dinesh Moorjani and Hatch Labs
By: Shikhar Ghosh, Christopher Stanton, Allison Ciechanover and Jeff Huizinga
This case is about Tinder. It discusses different business models and ways of structuring the initial team. With a $6 million investment from IAC/Interactive in 2010, Dinesh Moorjani founded Hatch Labs to build mobile apps. His mission was to attract entrepreneurial...
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Keywords:
Returns;
Incubator;
Mobile App;
Venture Capital;
Entrepreneurship;
Decision Choices and Conditions;
Business Model;
Mobile and Wireless Technology;
Talent and Talent Management;
Valuation;
Equity;
Finance;
United States;
North America
Ghosh, Shikhar, Christopher Stanton, Allison Ciechanover, and Jeff Huizinga. "Dinesh Moorjani and Hatch Labs." Harvard Business School Case 818-026, September 2017. (Revised February 2018.)
- 2017
- Article
Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds
By: John Y. Campbell, Adi Sunderam and Luis M. Viceira
The covariance between U.S. Treasury bond returns and stock returns has moved considerably over time. While it was slightly positive on average in the period 1953–2009, it was unusually high in the early 1980s and negative in the 2000s, particularly in the downturns of...
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Campbell, John Y., Adi Sunderam, and Luis M. Viceira. "Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds." Critical Finance Review 6, no. 2 (2017): 263–301.
- Article
Kill or Die: Moral Judgment Alters Linguistic Coding of Causality
By: Julian De Freitas, Peter DiScioli, Jason Nemirow, Maxim Massenkoff and Steven Pinker
What is the relationship between the language people use to describe an event and their moral judgments?
We test the hypothesis that moral judgment and causative verbs rely on the same underlying mental
model of people’s actions. Experiment 1a finds that participants...
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Keywords:
Moral Cognition;
Moral Psychology;
Causative Verbs;
Trolley Problem;
Argument Structure;
Moral Sensibility;
Judgments
De Freitas, Julian, Peter DiScioli, Jason Nemirow, Maxim Massenkoff, and Steven Pinker. "Kill or Die: Moral Judgment Alters Linguistic Coding of Causality." Journal of Experimental Psychology: Learning, Memory, and Cognition 43, no. 8 (August 2017): 1173–1182.
- June 2017 (Revised September 2021)
- Case
Sales Misconduct at Wells Fargo Community Bank
Set in early 2017, this case examines widespread sales misconduct at Wells Fargo Community Bank. Wells Fargo's governance and controls are described in the lead up to the September 2016 announcement that Wells Fargo had settled with regulators for $185 million in...
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Keywords:
Corporate Governance;
Governance Controls;
Governing Rules, Regulations, and Reforms;
Governing and Advisory Boards;
Executive Compensation;
Lawsuits and Litigation;
Crisis Management;
Mission and Purpose;
Organizational Design;
Business and Community Relations;
Business and Government Relations;
Crime and Corruption;
Business Organization;
Business Model;
Ethics;
Corporate Accountability;
Governance Compliance;
Policy;
Compensation and Benefits;
Resignation and Termination;
Laws and Statutes;
Legal Liability;
Business or Company Management;
Risk Management;
Business Processes;
Organizational Culture;
Organizational Structure;
Failure;
Agency Theory;
Business and Shareholder Relations;
Business and Stakeholder Relations;
Risk and Uncertainty;
Salesforce Management;
Public Opinion;
Banking Industry;
North and Central America
Srinivasan, Suraj, Dennis W. Campbell, Susanna Gallani, and Amram Migdal. "Sales Misconduct at Wells Fargo Community Bank." Harvard Business School Case 118-009, June 2017. (Revised September 2021.)
- June 2017
- Case
Veolia: Resourcing the World
By: Gautam Ahuja, Tarun Khanna, Kristina Maslauskaite and Vincent Dessain
In March 2016, Antoine Frérot, CEO of Veolia, a global environmental services provider, was undergoing an important transformation of the company. In 2013, Frérot presented a growth strategy that focused on increasing the share of industrial clients, enhancing growth...
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Keywords:
Strategy;
Circular;
Emerging Markets;
Organizational Change and Adaptation;
Growth and Development Strategy;
Economy
Ahuja, Gautam, Tarun Khanna, Kristina Maslauskaite, and Vincent Dessain. "Veolia: Resourcing the World." Harvard Business School Case 717-505, June 2017.
- March 2017 (Revised January 2018)
- Module Note
The Entrepreneurial Manager, Module 2 Part 2: Resourcing the Business Model – Team and Culture
By: Paul Gompers
- Article
Deposit Competition and Financial Fragility: Evidence from the U.S. Banking Sector
By: Mark Egan, Ali Hortaçsu and Gregor Matvos
We develop a structural empirical model of the US banking sector. Insured depositors and run-prone uninsured depositors choose between differentiated banks. Banks compete for deposits and endogenously default. The estimated demand for uninsured deposits declines with...
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Egan, Mark, Ali Hortaçsu, and Gregor Matvos. "Deposit Competition and Financial Fragility: Evidence from the U.S. Banking Sector." American Economic Review 107, no. 1 (January 2017): 169–216.
- Article
No Unique Effect of Intergroup Competition on Cooperation: Non-competitive Thresholds Are as Effective as Competitions between Groups for Increasing Human Cooperative Behavior
By: Matthew R. Jordan, Jillian J. Jordan and David G. Rand
Explaining cooperation remains a central topic for evolutionary theorists. Many have argued that group selection provides such an explanation: theoretical models show that intergroup competition could have given rise to cooperation that is costly for the individual....
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Keywords:
Intergroup Competition;
Threshold Public Goods Game;
Multi-level Selection;
Cooperation;
Groups and Teams;
Competition
Jordan, Matthew R., Jillian J. Jordan, and David G. Rand. "No Unique Effect of Intergroup Competition on Cooperation: Non-competitive Thresholds Are as Effective as Competitions between Groups for Increasing Human Cooperative Behavior." Evolution and Human Behavior 38, no. 1 (January 2017): 102–108.
- Article
Lessons From Hollywood: A New Approach To Funding R&D
By: Gary P. Pisano and Andrew W. Lo
Companies find it increasingly difficult to justify long-term, risky R&D investments—particularly in science-based fields such as biotechnology, advanced materials, and energy. We argue in this article that the traditional venture model has limits for such investments...
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Keywords:
Financial Innovation;
Financial Strategy;
Project Management;
R&D;
Start-up;
Innovation Strategy;
Business Model;
Research and Development;
Financial Management;
Risk Management;
Strategy
Pisano, Gary P., and Andrew W. Lo. "Lessons From Hollywood: A New Approach To Funding R&D." MIT Sloan Management Review 57, no. 2 (Winter 2016): 47–54.
- December 7, 2016
- Article
Is Your Client’s Generational Transition Stuck?: How Changing the Ownership Model Can Create Traction
By: Josh Baron
Baron, Josh. "Is Your Client’s Generational Transition Stuck? How Changing the Ownership Model Can Create Traction." Family Firm Institute Practitioner (December 7, 2016).
- 18 Nov 2016
- Conference Presentation
Rawlsian Fairness for Machine Learning
By: Matthew Joseph, Michael J. Kearns, Jamie Morgenstern, Seth Neel and Aaron Leon Roth
Motivated by concerns that automated decision-making procedures can unintentionally lead to discriminatory behavior, we study a technical definition of fairness modeled after John Rawls' notion of "fair equality of opportunity". In the context of a simple model of...
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Joseph, Matthew, Michael J. Kearns, Jamie Morgenstern, Seth Neel, and Aaron Leon Roth. "Rawlsian Fairness for Machine Learning." Paper presented at the 3rd Workshop on Fairness, Accountability, and Transparency in Machine Learning, Special Interest Group on Knowledge Discovery and Data Mining (SIGKDD), November 18, 2016.
- September 2016 (Revised May 2018)
- Case
Zurich Insurance: Fostering People Management Practices
By: Boris Groysberg and Katherine Connolly
Zurich Insurance was undergoing organizational change after implementing five new people practices focused on manager development, diversity and inclusion, job model and data analytics, recruitment, and talent pipeline. The case provides background for the company, as...
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Keywords:
Managing Change;
Organizational Behavior;
Diversity Management;
Organizational Architecture;
Recruiting;
Succession Planning;
Management;
Organizational Culture;
Organizational Change and Adaptation;
Leading Change;
Human Capital;
Human Resources;
Insurance;
Leadership;
Diversity;
Organizational Structure;
Recruitment;
Management Succession;
Insurance Industry
Groysberg, Boris, and Katherine Connolly. "Zurich Insurance: Fostering People Management Practices." Harvard Business School Case 417-035, September 2016. (Revised May 2018.)