Publications
Publications
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- All HBS Web
(13,460)
- Faculty Publications (4,168)
- March 2024 (Revised April 2024)
- Case
Out of Hand Theater: Monetizing Creativity
Ariel Fristoe co-founded the Out of Hand Theater ensemble (OOH) in Atlanta in 2001. OOH began as a traditional theater nonprofit, which Ariel and her colleagues ran on a shoestring budget. But over the years, the group transformed: First, around 2010, OOH pivoted to... View Details
- March 2024 (Revised June 2024)
- Case
Kashat: Navigating the Uncertainties of the Egyptian Fintech Market
By: Paul A. Gompers and Ahmed Dahawy
Karim Nour, the founder of Kashat, an Egyptian nano-lending fintech company, is contemplating how to manage the growth of his startup. Over the summer of 2022, Kashat's loan disbursements had grown by nearly 40%, fueled by macroeconomic instability in Egypt. However,... View Details
- March 2024
- Case
Funderbeam: Teaming Up or Going Alone?
By: Paul A. Gompers, Elena Corsi and Orna Dan
Funderbeam, a global platform founded in Estonia to enable start-ups to run private syndications and secondaries while offering liquidity for private equity investors, was at a crossroads. Over its ten-year run, the company had expanded its services and areas of... View Details
Keywords: Decision Making; Business Exit or Shutdown; Transition; Leading Change; Business or Company Management; Organizational Change and Adaptation; Law; Mergers and Acquisitions; Financing and Loans; Cross-Cultural and Cross-Border Issues; Ownership Stake; Expansion; Business Startups; Venture Capital; Financial Services Industry; Estonia; Republic of Ireland; United Kingdom; Singapore
- March 2024 (Revised May 2024)
- Case
Masterpiece for the Masses: The First Art Exchange ARTEX
By: Lauren Cohen, Anastasiya Siroochenko (Siro) and Sophia Pan
Yassir Benjelloun-Touimi, CEO of ARTEX, aspired to marry the world of art and finance. Hoping to promote transparent, fractionalized ownership of renowned artwork, the founder had spent years contemplating the birth of an art stock market. This exchange would allow... View Details
Keywords: Trading; Art Market; Art Fair; Tokenization; Democratization; Exchange Traded Fund; Price Monitoring; Trends And Opportunities; Financial Liquidity; Financial Markets; Arts; Financial Strategy; Initial Public Offering; Investment Return; Technological Innovation; Business Model; Trends; Stocks; Assets; Diversification; Trade; Financial Services Industry; Fine Arts Industry; Paris; France
- 2024
- Working Paper
The Fading Light of Democratic Capitalism: How Pervasive Cronyism and Restricted Suffrage Are Destroying Democratic Capitalism as a National Ideal…and What to Do about It
What are we to do about declining public trust and confidence in democratic capitalism, which many citizens consider a cornerstone of our national ideology and identity? While the answer is not entirely clear, I argue in this essay that any effort aimed at restoring... View Details
- March 2024
- Case
Nomad: A License to Bank
By: Paul A. Gompers and Pedro Levindo
In late 2023, Lucas Vargas, CEO and co-founder of Nomad, a fintech that offered financial services in the United States for Brazilian residents, had to decide what to do to ensure the company’s continued expansion. Nomad launched its first product, a U.S. digital bank... View Details
Keywords: Mergers and Acquisitions; Business Startups; Customer Satisfaction; Decision Making; Entrepreneurship; Banks and Banking; Initial Public Offering; Global Strategy; Growth and Development Strategy; Brands and Branding; Marketing Strategy; Product Launch; Organizational Culture; Going Public; Ownership Stake; Innovation and Invention; Strategic Planning; Business and Government Relations; Business and Stakeholder Relations; Risk and Uncertainty; Business Strategy; Competitive Advantage; Corporate Strategy; Diversification; Expansion; Vertical Integration; Leadership; Law; Banking Industry; Technology Industry; Service Industry; Brazil; United States; North America; Latin America
- 2024
- Working Paper
Appropriate Entrepreneurship? The Rise of China and the Developing World
By: Josh Lerner, Junxi Liu, Jacob Moscona and David Yang
Global innovation and entrepreneurship has traditionally been dominated by a handful
of high-income countries, especially the US. This paper investigates the international
consequences of the rise of a new hub for innovation, focusing on the dramatic
growth of... View Details
- March 2024 (Revised February 2025)
- Case
Doing Business in Buenos Aires, Argentina
By: Joseph B. Fuller, Alan D. MacCormack, Nori Gerardo Lietz, Leonard A. Schlesinger, Karina Souza and Zeke Gillman
This case examines the challenges and opportunities of doing business in Argentina. It highlights Argentina's economic and political transformation in the decades leading up to 2024. The case gives an overview of some of the main obstacles faced by businesses operating... View Details
- March 2024 (Revised February 2025)
- Case
Doing Business in São Paulo, Brazil
The case gives readers an overview of key factors of doing business in Brazil, including Brazil’s economic transformation since its colonial years until 2023, when leftist President Luiz Inácio Lula da Silva was sworn in for his third term, after the most polarized... View Details
- March 22, 2024
- Article
It’s Time to Give Up on Ending Social Media’s Misinformation Problem
By: Scott Duke Kominers and Jesse Shapiro
- 2024
- Working Paper
Corporate Debt, Boom-Bust Cycles, and Financial Crises
By: Victoria Ivashina, Sebnem Kalemli-Özcan, Luc Laeven and Karsten Müller
Using a new dataset on sectoral credit exposures covering financial and non-financial sectors in 115 economies over the period 1940–2014, we document the following evidence that corporate debt plays a key role in explaining boom-bust cycles, financial crises, and slow... View Details
- 2024
- Book
Deals: The Economic Structure of Business Transactions
By: Guhan Subramanian and Michael Klausner
Drawing on real-life cases from a wide range of industries, two acclaimed experts offer a sophisticated but accessible guide to business deals, designed to maximize value for your side.
Business transactions take widely varying forms—from multibillion-dollar... View Details
Business transactions take widely varying forms—from multibillion-dollar... View Details
- 2025
- Working Paper
Exports in Disguise? Trade Rerouting During the U.S.-China Trade War
By: Ebehi Iyoha, Edmund Malesky, Jaya Wen and Sung-Ju Wu
This paper introduces a new measure of tariff evasion through rerouting and applies it to the
2018 U.S.–China trade war, focusing on Vietnam as a transit country. We use transaction-level trade data and define rerouting as the flow of a granular eight-digit Harmonized... View Details
- March 2024
- Article
Flight to Safety: How Economic Downturns Affect Talent Flows to Startups
By: Shai Bernstein, Richard Townsend and Ting Xu
Using proprietary data from AngelList Talent, we study how individuals’ job search and application behavior changed during the COVID-19 downturn. We find that job seekers shifted their searches toward more established firms and away from early-stage startups, even... View Details
- March 2024
- Article
Human Capital Affects Religious Identity: Causal Evidence from Kenya
By: Livia Alfonsi, Michal Bauer, Julie Chytilová and Edward Miguel
We study how human capital and economic conditions causally affect the choice of religious denomination. We utilize a longitudinal dataset monitoring the religious history of more than 5,000 Kenyans over 20 years, in tandem with a randomized experiment (deworming) that... View Details
- March 2024
- Article
The Political Effects of Immigration: Culture or Economics?
By: Alberto Alesina and Marco Tabellini
We review the growing literature on the political economy of immigration. First, we discuss the effects of immigration on a wide range of political and social outcomes. The existing evidence suggests that immigrants often, but not always, trigger backlash, increasing... View Details
- February 2024
- Module Note
Collaborate on the Core, Compete on the Edges
By: Frank Nagle
In the rapidly evolving environment of modern business, the digitization of economic activity and the ubiquitous integration of technology across industries are fundamentally altering how companies develop and implement strategy. The rise of digital technologies has... View Details
- February 2024 (Revised May 2024)
- Case
Lina Khan at the FTC: Redefining Antitrust in the Age of Big Tech
By: Joseph L. Badaracco Jr. and Susan Pinckney
In 2023 and 2024, the Federal Trade Commission and U.S. Department of Justice sued Google, Amazon, and Apple claiming antitrust violations. These lawsuits marked a shift in U.S. antitrust enforcement away from the Chicago School and towards the New Brandeis school of... View Details
- 2024
- Article
Half the Firms, Double the Profits: Public Firms' Transformation, 1996–2022
By: Mark J. Roe and Charles C.Y. Wang
The number of public firms in the United States has halved since the beginning of the twenty-first century, causing consternation among corporate and securities law regulators. The dominant explanations, often advanced by Securities and Exchange commissioners when... View Details
- February 2024 (Revised June 2024)
- Case
Can Families Conquer Private Equity? Pritzker Private Capital
By: Lauren Cohen and Sophia Pan
Anthony (Tony) Pritkzer, Paul Carbone, and the Pritzker Private Capital (PPC) team wondered how to approach the firm’s next phase of growth. PPC was a private equity firm that offered a differentiated approach to the family capital market. Back in 2016, the partners... View Details
Keywords: Family Office; External Financing; Succession; Leadership Transition; Family Business; Private Equity; Investment; Business Growth and Maturation; Financial Strategy; Investment Portfolio; Business Model; Private Sector; Financial Liquidity; Risk Management; Organizational Structure; Competitive Advantage; Venture Capital; Management Succession; Financial Services Industry; Chicago; Illinois; United States