Publications

Small business lending has remained unchanged for decades, laden with frictions and barriers that prevent many small businesses from accessing the capital they need to succeed. Financial technology, or “fintech,” promises to change this trajectory. In 2010, new fintech... View Details

2019
White Paper

Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy

By: George Serafeim, T. Robert Zochowski and Jennifer Downing

Reimagining capitalism is an imperative. We need to create a more inclusive and sustainable form of capitalism that works for every person and the planet. Massive environmental damage, growing income and wealth disparity, stress, and depression within developed... View Details

Keywords: Impact-Weighted Accounts; IWAI; Background; Economic Systems; Economy; Corporate Social Responsibility and Impact; Measurement and Metrics; Financial Statements

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2024
Working Paper

Antitrust Platform Regulation and Entrepreneurship: Evidence from China

By: Ke Rong, D. Daniel Sokol, Di Zhou and Feng Zhu

Many jurisdictions have launched antitrust enforcement and brought in regulation of large tech platforms. The swift and strict implementation of China’s Anti-Monopoly Guidelines for the Platform Economy (Platform Guidelines) provides a quasi-natural experiment... View Details

Keywords: Governing Rules, Regulations, and Reforms; Competition; Venture Capital; Market Entry and Exit; Supply and Industry; China

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19 May 2009
First Look

First Look: May 19, 2009

Working PapersDon't Just Survive—Thrive: Leading Innovation in Good Times and Bad (revised) Authors:Lynda M. Applegate and Bruce Harreld Abstract Battered by contracting markets and frozen credit, many businesses today are fighting for... View Details

Keywords: Martha Lagace

December 1993 (Revised January 1994)
Case

Montana Land Reliance

By: Forest L. Reinhardt and Thomas Patterson

The Montana Land Reliance is a small not-for-profit organization in the business of creating conservation easements on private lands in Montana. The easements preserve the scenic character and recreational value of the lands by precluding subdivision and other forms of... View Details

Keywords: Private Ownership; Motivation and Incentives; Business or Company Management; Natural Environment; Nonprofit Organizations; Property; Environmental Sustainability; Government and Politics; Montana

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24 Jan 2012
Working Paper Summaries

What Do Development Banks Do? Evidence from Brazil, 2002-2009

Keywords: by Sergio G. Lazzarini, Aldo Musacchio, Rodrigo Bandeira-de-Mello & Rosilene Marcon; Banking

September 2017 (Revised April 2022)
Case

Tempur Sealy International (A)

By: Benjamin C. Esty and Lauren G. Pickle

This case explores the long-term relationship between Tempur Sealy (TPX, a mattress manufacturer) and Mattress Firm (MFRM, a bedding retailer and TPX's largest customer). For almost 20 years, the firms enjoyed a mutually beneficial and commercially prosperous... View Details

2010
Working Paper

Investment Taxation and Portfolio Performance

By: Daniel B. Bergstresser and Jeffrey Pontiff

Taxes have a first-order impact on portfolio returns. Most research mistakenly assumes that portfolios command similar tax burdens, or that tax burdens are proportional to dividend yields. Portfolio strategies differ in the pace of capital gains realization. We use the... View Details

Keywords: Financial Strategy; Investment Return; Investment Portfolio; Taxation; Performance Evaluation

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January 2024 (Revised May 2024)
Case

Uncle Nearest: Creating a Legacy

By: Hise Gibson, Archie L. Jones, Nicole Gilmore and Ai-Ling Jamila Malone

Fawn Weaver, as a Black woman and industry outsider in a capital-intensive, highly regulated, competitive and male-dominated spirits industry, successfully overcame numerous obstacles to launch a premium American whiskey brand, Uncle Nearest in 2017, which became the... View Details

July–August 2018
Article

The Other Diversity Dividend

By: Paul Gompers and Silpa Kovvali

Researchers have struggled to establish a causal relationship between diversity and financial performance—especially at large companies, where decision rights and incentives can be murky, and the effects of any given choice can be tough to pin down. So the authors... View Details

Keywords: Diversity; Decision Making; Finance; Performance Improvement; Venture Capital

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September 2003 (Revised February 2007)
Case

PolyMedica Corporation (A)

By: David F. Hawkins and Jacob Cohen

The Securities and Exchange Commission and investors question PolyMedica Corp.'s practice of capitalizing rather than expensing of direct-response advertising. View Details

Keywords: Activity Based Costing and Management; Business Earnings; Advertising; Private Sector; Budgets and Budgeting; Cost Management; Capital Markets; Marketing; Private Equity; Pharmaceutical Industry; Medical Devices and Supplies Industry

15 Oct 2013
First Look

First Look: October 15

Depression? By: Nanda, Ramana, and Tom Nicholas Abstract—We find a negative relationship between bank distress and the level, quality, and trajectory of firm-level innovation during the Great Depression, particularly for R&D firms... View Details

Keywords: Sean Silverthorne

October 2013 (Revised August 2016)
Case

NOWaccount

By: Ramana Nanda, William A. Sahlman and Lauren Barley

It was September 2013, and NOWaccount Network Corporation (NOW®) co-founders John Hayes and Lara Hodgson were putting the final touches on the presentation deck for their annual shareholders' meeting. Along with co-founder Stacey Abrams, the pair had designed NOW's... View Details

Keywords: Entrepreneurial Finance; Finance; Entrepreneurship

October 2014 (Revised February 2017)
Case

Europe, Russia, and the Age of Gas Revolution

By: Rawi Abdelal, Leonardo Maugeri and Sogomon Tarontsi

The 2014 Ukraine crisis once again exposed the mutually limiting knot—a web of commercial relationships and oil and gas pipelines—that historically tied the European Union and Russia closely. In this crisis, a familiar conundrum preoccupied minds in the corridors of... View Details

Keywords: International Relations; Business and Government Relations; Energy Sources; Energy Industry; European Union; Russia; Ukraine