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Publications
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- July 2025
- Teaching Note
Peak Investment Capital
By: Richard S. Ruback and Royce Yudkoff
Teaching Note for HBS Case No. 219-061. View Details
- July 2025
- Case
ICARE: Frontline Leadership at Michelin
By: Hubert Joly and Emilie Billaud
In 2025, Michelin CEO Florent Menegaux reflected on the company’s transformation since taking the helm in 2019. Amid a volatile global landscape marked by inflation, rising competition, and geopolitical and sustainability pressures, Michelin had achieved strong... View Details
Keywords: Human Capital; Transformation; Management Practices and Processes; Managerial Roles; Organizational Culture; Leadership; Competency and Skills; Global Strategy; Multinational Firms and Management; Human Resources; Compensation and Benefits; Recruitment; Retention; Employee Relationship Management; Working Conditions; Leading Change; Growth and Development Strategy; Groups and Teams; Motivation and Incentives; Well-being; Auto Industry; Manufacturing Industry; Europe; China; United States
- June 2025
- Case
Bessemer Venture Partners (2025)
By: Jo Tango and Srimayi Mylavarapu
Bessemer Venture Partners, one of the oldest venture capital firms in the United States, had long been known for its decentralized culture and thesis-driven investing. An internal debate had surfaced around the firm’s approach to seed-stage investing. With competitors... View Details
- June 2025
- Teaching Plan
SWEN Blue Ocean: Impact Investing Goes to Sea
By: Vikram S Gandhi and David Allen
Teaching Plan for HBS Case No. 325-013 View Details
- June 2025
- Case
VC Exits in Africa: Knife Capital and Quicket
By: Paul A. Gompers, Emanuele Colonnelli, Maagatha Kalavadakken and Namrata Arora
Keet van Zyl and Eben van Heerden, co-founders of Knife Capital, face a critical decision point with their investment in Quicket, a prominent South African ticketing company. As the global ticketing industry recovers, they are exploring strategic exit options to... View Details
Keywords: Financial Services Industry
- June 2025
- Case
Accounting for OpenAI at Microsoft
By: Jonas Heese, Joseph Pacelli, Nicole Zelazko and Michael Norris
In early 2025, Microsoft was evaluating the impact of its $14 billion investment in OpenAI. As OpenAI’s computing needs expanded, Microsoft positioned Azure as the exclusive provider for training and inference of their large language models. Despite the scale of the... View Details
- 2025
- Working Paper
Small Business Innovation Applied to National Needs
By: Kyle Myers, Lauren Lanahan and Evan E. Johnson
Small businesses have long supplied a disproportionate share of major innovations in the United States. We review a centerpiece policy on this topic: the U.S. Small Business Innovation Research (SBIR) program. We trace its legislative history and summarize program... View Details
- June 2025
- Case
TfL Pension Fund and the 2022 Gilt Market Crisis
By: Emil N. Siriwardane, Vincent Dessain, Emer Moloney and Carlota Moniz
On September 27, 2022, Padmesh Shukla, CIO of the Transport for London (TfL) Pension Fund, was keeping a careful eye on the turmoil in the U.K. sovereign bond (or gilt) market. When the new government announced the largest tax cuts the U.K. had seen in half a century,... View Details
Keywords: Financial Crisis; Macroeconomics; Assets; Asset Management; Borrowing and Debt; Corporate Finance; Capital Markets; Equity; Financial Liquidity; Financial Instruments; Financial Strategy; Interest Rates; Governing and Advisory Boards; Crisis Management; Resource Allocation; Investment; Financial Services Industry; United Kingdom; England; London; Europe
- June 2025
- Case
Vail Resorts: Responding to Activist Pressure (A)
By: Benjamin C. Esty and Edward A. Meyer
On January 27, 2025, the head of a relatively small hedge fund named Late Apex Partners sent a highly critical letter to the board of directors of Vail Resorts, the world’s largest ski resort operator. In his letter, and the 88-slide presentation that accompanied his... View Details
Keywords: Corporate Finance; Capital Budgeting; Corporate Governance; Competitive Advantage; Competitive Strategy; Leading Change; Valuation; Investment Activism; Climate Change; Management Succession; Financial Management; Risk Management; Business and Shareholder Relations; Sports Industry; Entertainment and Recreation Industry; Travel Industry; United States; Australia; Canada
- 2025
- Working Paper
Who Ends Up at Jobs in Impact Investing?
By: Shawn Cole, Marcus Sander and Jonah Zahnd
As the impact investing industry has grown, so too has students’ desire to find employment in jobs tasked with the dual mandate of creating financial and social or environmental returns. There is to date relatively little information available on employment in the... View Details
- 2025
- Working Paper
Race, Rental Yields, and Housing Decay in Manhattan
By: Tom Nicholas and Christophe Spaenjers
We develop a new dataset on real estate transactions in Manhattan (1912–1939), linked to federal Census records (1930 and 1940) and property images used for tax assessment purposes (around 1940 and 1980). We analyze investor returns and incentives to maintain... View Details
- May 2025
- Case
The Micro-Family Office: Aamir Rehman
By: Lauren Cohen and Sophia Pan
With a successful career and strong academic credentials, Aamir Rehman sought to design a life grounded in autonomy. For him, this meant serving on boards, continuing his professorship, and ensuring a secure and comfortable life for his family. While he didn’t possess... View Details
Keywords: Family Office; Family And Friends; Trends And Opportunities; Wealth Management; Family Business; Financial Strategy; Personal Finance; Investment Portfolio; Private Equity; Organizational Design; Family and Family Relationships; Happiness; Satisfaction; Balance and Stability; Human Capital; Compensation and Benefits; Economy; Trends; Business Model; Asset Management; Financial Management; New Jersey; United States
- April 2025
- Case
Kleiner Perkins (2019)
By: Jo Tango and Srimayi Mylavarapu
Kleiner Perkins, founded in 1972, quickly rose to prominence as one of Silicon Valley’s leading venture capital firms, earning a reputation for early investments in industry giants like Google, Amazon, and Citrix. However, a bold, strategic pivot to cleantech investing... View Details
- 2025
- Working Paper
Performance Capital Flows in DC Pensions
By: Bryan Gutierrez Cortez, Victoria Ivashina and Juliana Salomao
Are defined contribution (DC) pension funds' capital flows sensitive to performance? We examine pressures from individual account holders who can switch their pension managers. Using novel data on retirement accounts for nearly 10 million individuals, we analyze... View Details
- April 2025
- Article
The Allocation of Socially Responsible Capital
By: Daniel Green and Benjamin N. Roth
Portfolio allocation decisions increasingly incorporate social values. We develop a tractable framework to study how competition between investors to own socially valuable assets affects social welfare. Relative to the most common social-investing strategies, we... View Details
- 2025
- Working Paper
With a Little Help from My Family: Informal Startup Financing
By: Brian K. Baik, Johan Ludvig S. Karlsen and Katja Kisseleva
Using Norwegian administrative data, we identify family equity investments in startups
and examine their effects on investor returns and firm behavior. Informal investors
earn lower returns than external individuals, and the firms they back are less
likely to secure... View Details
- March 2025
- Case
Silicon Valley Bank: Gone in 36 Hours
This case examines factors contributing to the collapse of Silicon Valley Bank (SVB) in March 2023, an event as unpredicted as it was quick. SVB funded nearly half of all U.S. venture-backed startups and at the end of 2022 held $173 billion in deposits, largely... View Details
Keywords: Accounting Standards; Bank Runs; Financial Accounting; Financial Reporting; Social Media; Banks and Banking; Financing and Loans; Investment Portfolio; Interest Rates; Debt Securities; Risk and Uncertainty; Financial Statements; Risk Management; Failure; Fair Value Accounting; Credit; Corporate Governance; Financial Services Industry; Banking Industry; United States
- March 2025 (Revised April 2025)
- Case
Perplexity: Redefining Search
By: Suraj Srinivasan, Michelle Hu, Sriraghav Srinivasan and Radhika Kak
By early 2025, Perplexity had rapidly evolved from a modest startup into a popular "answer engine" valued at $9 billion. The company had boldly positioned itself as the disruptor to Google aiming to redefine search for the AI age. Through novel AI... View Details
- March 2025 (Revised March 2025)
- Case
Good for the Seller, Good for the Buyer and Good for Society: Sampo-yoshi, Sustainability and Trust at ITOCHU
By: Sandra J. Sucher and Bethelehem Y Araya
In 2024, ITOCHU CEO Masahiro Okafuji was at a crossroads. As the thirteenth CEO since ITOCHU’s founding in 1858, he had fueled the company’s growth since 2011 by bringing ITOCHU’s founding philosophy of Sampo-yoshi (good for the seller, good for the buyer and... View Details
- 2025
- Working Paper
How to Choose Among Technologies with Learning Curves: Making Better Investment Decisions
By: Christian Kaps and Arielle Anderer
Learning curves, the fact that technologies improve as a function of cumulative experience or investment, are desirable-think inexpensive solar panels or higher performing semiconductors. But, for firms that need to pick one technology among several candidates, such as... View Details