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- All HBS Web
(2,225)
- People (2)
- News (468)
- Research (1,447)
- Events (4)
- Multimedia (7)
- Faculty Publications (696)
- June 12, 2017
- Article
Corporate Balance Sheets in Emerging Markets: A Comparison of the Global Crisis and the Asian Financial Crisis
By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
Leverage levels in emerging market firms rose dramatically in the aftermath of the Global Crisis. This column examines whether concerns of a repeat of the Asian financial crisis, which was largely attributed to corporate financial roots, are justified. While firm... View Details
Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza. "Corporate Balance Sheets in Emerging Markets: A Comparison of the Global Crisis and the Asian Financial Crisis." Vox, CEPR Policy Portal (June 12, 2017).
- July 2020
- Article
Higher Economic Inequality Intensifies the Financial Hardship of People Living in Poverty by Fraying the Community Buffer
By: Jon M. Jachimowicz, Barnabas Szaszi, Marcel Lukas, David Smerdon, Jaideep Prabhu and Elke U. Weber
The current research investigates whether higher economic inequality disproportionately intensifies the financial hardship of low-income individuals. We propose that higher economic inequality increases financial hardship for low-income individuals by reducing their... View Details
Keywords: Economic Inequalty; Economy; Income; Equality and Inequality; Poverty; Civil Society or Community
Jachimowicz, Jon M., Barnabas Szaszi, Marcel Lukas, David Smerdon, Jaideep Prabhu, and Elke U. Weber. "Higher Economic Inequality Intensifies the Financial Hardship of People Living in Poverty by Fraying the Community Buffer." Special Issue on Racism in Action. Nature Human Behaviour 4, no. 7 (July 2020): 702–712.
- April 2013 (Revised March 2014)
- Case
Value Partners and the Evergrande Situation
By: Paul Healy and Keith Chi-ho Wong
In June 2012, Cheah Cheng-Hye and his colleagues at Value Partners, a Hong-Kong-based investment firm, received a copy of a short-seller report alleging that Evergrande, one of China's largest property developers, was using fraudulent accounting and paying bribes to... View Details
Keywords: Financial Analysis; Value Investing; China; Asset Management; Crime and Corruption; Financial Services Industry; China
Healy, Paul, and Keith Chi-ho Wong. "Value Partners and the Evergrande Situation." Harvard Business School Case 113-113, April 2013. (Revised March 2014.)
- September 2024
- Case
XYZ Robotics
By: Jeffrey J. Bussgang, Brian Mao Fu, Shu Lin and Jamie Gong
Founded in 2018, XYZ Robotics was a China-based startup specializing in robotic picking solutions and 3D machine vision products. Amid an economic downturn and intense competition, the company faced considerable financial challenges and needed to determine the best way... View Details
Keywords: Robotics; 3D Systems; China; Resource Allocation; Business Startups; Competition; Product; Economic Slowdown and Stagnation; Technology Industry; China
Bussgang, Jeffrey J., Brian Mao Fu, Shu Lin, and Jamie Gong. "XYZ Robotics." Harvard Business School Case 825-059, September 2024.
- 2013
- Working Paper
These Are the Good Old Days: Foreign Entry and the Mexican Banking System
By: Stephen Haber and Aldo Musacchio
In 1997, the Mexican government reversed long-standing policies and allowed foreign banks to purchase Mexico's largest commercial banks and relaxed restrictions on the founding of new, foreign-owned banks. The result has been a dramatic shift in the ownership structure... View Details
Keywords: Market Entry and Exit; Balance and Stability; Foreign Direct Investment; Banks and Banking; Society; Economics; Banking Industry; Mexico
Haber, Stephen, and Aldo Musacchio. "These Are the Good Old Days: Foreign Entry and the Mexican Banking System." Harvard Business School Working Paper, No. 13-062, January 2013. (NBER Working Paper Series, No. 18713, January 2013.)
- October 2009
- Supplement
Merger of Equals: The Integration of Mellon Financial and The Bank of New York (C)
By: Ryan D. Taliaferro, Clayton S. Rose and David Lane
[Continuation of "A" and "B" cases.] Less than a month after the close of the merger between The Bank of New York and Mellon Financial, managers at the two firms realized that plans for combining their asset servicing businesses – and realizing the $180 million of... View Details
Keywords: Mergers and Acquisitions; Horizontal Integration; Financial Institutions; Business Processes; Risk Management; Strategy; Market Transactions; Assets; System; Saving; Banking Industry; New York (state, US)
Taliaferro, Ryan D., Clayton S. Rose, and David Lane. "Merger of Equals: The Integration of Mellon Financial and The Bank of New York (C)." Harvard Business School Supplement 210-028, October 2009.
- 2015
- Book
Political Standards: Corporate Interest, Ideology, and Leadership in the Shaping of Accounting Rules for the Market Economy
By: Karthik Ramanna
There are certain institutions underlying our modern market-capitalist system that are largely outside the interest and understanding of the general public—e.g., rulemaking for bank capital adequacy, actuarial standards, accounting standards, and auditing practice. In... View Details
Keywords: Business And Society; Financial Institutions; Financial Reporting; GAAP; IFRS; Lobbying; Capitalism; Sustainability; Accounting; Finance; Business and Government Relations; Leadership; Financial Services Industry; Financial Services Industry; United States; China; India
Ramanna, Karthik. Political Standards: Corporate Interest, Ideology, and Leadership in the Shaping of Accounting Rules for the Market Economy. Chicago: University of Chicago Press, 2015. (Reviews by Anat Admati, S.P. Kothari, Lynn Stout, Lawrence Summers, and Luigi Zingales, among others.)
- March 2021
- Case
CashDrop (A)
By: Rembrand Koning, Paul A. Gompers and Sarah Gulick
In July 2020, Ruben Flores-Martinez had launched a startup, CashDrop, which provided easy and cheap sales options for small businesses. The COVID-19 pandemic helped CashDrop quickly grow. Flores-Martinez, who had previously sought and been denied venture capital... View Details
Keywords: Payment Systems; Small Business; Entrepreneurship; Business Startups; Venture Capital; Online Technology; Financial Services Industry; Financial Services Industry; Chicago; Illinois
Koning, Rembrand, Paul A. Gompers, and Sarah Gulick. "CashDrop (A)." Harvard Business School Case 221-051, March 2021.
- 04 Mar 2011
- Working Paper Summaries
From Social Control to Financial Economics: The Linked Ecologies of Economics and Business in Twentieth Century America
- September 2009
- Article
Finance and Politics: A Review Essay Based on Kenneth Dam's Analysis of Legal Traditions in The Law-Growth Nexus
By: Mark J. Roe and Jordan I. Siegel
Strong financial markets are widely thought to propel economic development, with many in finance seeing legal tradition as fundamental to protecting investors sufficiently for finance to flourish. Kenneth Dam finds that the legal tradition view inaccurately portrays... View Details
Keywords: Financial Development; Economic Development; Kenneth Dam; Finance; Government and Politics; Information; Law
Roe, Mark J., and Jordan I. Siegel. "Finance and Politics: A Review Essay Based on Kenneth Dam's Analysis of Legal Traditions in The Law-Growth Nexus." Journal of Economic Literature 47, no. 3 (September 2009): 781–800. (Strong financial markets are widely thought to propel economic development, with many in finance seeing legal tradition as fundamental to protecting investors sufficiently for finance to flourish. Kenneth Dam finds that the legal tradition view inaccurately portrays how legal systems work, how laws developed historically, and how government power is allocated in the various legal traditions. Yet, after probing the legal origins' literature for inaccuracies, Dam does not deeply develop an alternative hypothesis to explain the world's differences in financial development. Nor does he challenge the origins core data, which could be origins' trump card. Hence, his analysis will not convince many economists, despite that his legal learning suggests conceptual and factual difficulties for the legal origins explanations. Yet, a dense political economy explanation is already out there and the origins-based data has unexplored weaknesses consistent with Dam's contentions. Knowing if the origins view is truly fundamental, flawed, or secondary is vital for financial development policy making because policymakers who believe it will pick policies that imitate what they think to be the core institutions of the preferred legal tradition. But if they have mistaken views, as Dam indicates they might, as to what the legal traditions' institutions really are and which types of laws are effective, or what is really most important to financial development, they will make policy mistakes—potentially serious ones.)
- 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
Keywords: Bankruptcy; Financial Distress; COVID-19; Insolvency and Bankruptcy; Financial Crisis; Health Pandemics; United States
Wang, Jialan, Jeyul Yang, Benjamin Iverson, and Raymond Kluender. "Bankruptcy and the COVID-19 Crisis." Harvard Business School Working Paper, No. 21-041, September 2020.
- September 1994 (Revised June 2017)
- Case
Chemalite, Inc. (B): Cash Flow Analysis
By: Robert Simons and Antonio Davila
Students are asked to use actual and pro forma financial statements to prepare a statement of cash flows under both the direct and indirect method. View Details
Keywords: Cash Flow Analysis; Strategy Execution; Management Control Systems; Analysis; Cash Flow; Financial Statements
Simons, Robert, and Antonio Davila. "Chemalite, Inc. (B): Cash Flow Analysis." Harvard Business School Case 195-130, September 1994. (Revised June 2017.)
- 2017
- Working Paper
Lessons Unlearned? Corporate Debt in Emerging Markets
By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate... View Details
Keywords: Corporate Debt; Financial Fragility; Firm-level Data; Large Firms; Emerging Markets; Borrowing and Debt; Corporate Finance; Financial Condition
Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza. "Lessons Unlearned? Corporate Debt in Emerging Markets." Harvard Business School Working Paper, No. 17-097, May 2017. (Revised October 2017. NBER Working Paper Series, No. 23407, May 2017)
- October 2014 (Revised February 2017)
- Case
A Currency We Can Call Our Own: Populism, Banking Crises, and Exchange Rate Crises in Argentina, 1946–2002
By: Rafael Di Tella
The case describes Argentina's struggle to establish a credible monetary system under populist pressures and the recurrent use of exchange rate stabilization plans. It focuses on two episodes where there was "too little money" in the economy: during the hyperinflation... View Details
Keywords: Debt Crisis; Hyperinflation; Financial Crisis; Inflation and Deflation; Currency Exchange Rate; Argentina
Di Tella, Rafael. "A Currency We Can Call Our Own: Populism, Banking Crises, and Exchange Rate Crises in Argentina, 1946–2002." Harvard Business School Case 715-019, October 2014. (Revised February 2017.)
- December 2011
- Case
Bergerac Systems: The Challenge of Backward Integration
By: David A. Garvin and Sunru Yong
Bergerac Systems is a small, rapidly growing manufacturer of diagnostic instruments used in veterinary practices. The company introduced the OmniVue chemistry analyzer, which enables veterinarians to run a wide range of blood and blood chemistry tests on their animal... View Details
Keywords: Financial Analysis; Manufacturing Strategy; Strategy; Production; Supply Chain Management; Vertical Integration; Performance Capacity; Financial Strategy; Medical Devices and Supplies Industry
Garvin, David A., and Sunru Yong. "Bergerac Systems: The Challenge of Backward Integration." Harvard Business School Brief Case 114-381, December 2011.
- November 2012
- Case
Occupy Wall Street
By: Rakesh Khurana and Eric Baldwin
This case examines the Occupy Wall Street movement, which emerged in late 2011 in response to the fallout from the global financial crisis of 2008 and the economic downturn that followed. Occupy Wall Street was born out of a sense of frustration with both a global... View Details
- April 2012 (Revised June 2014)
- Case
Capitalizing for the Future: HSBC in 2010
By: Anette Mikes and Dominique Hamel
Following the financial crisis of 2007/2008, HSBC CEO Michael Geoghegan saw a fundamental change in global opportunities and risks. With increasing regulation and fierce competition between banks, the Western hemisphere was going to be a tougher place to do business.... View Details
Keywords: Accounting; Competitive Strategy; Control Systems; Finance; Financial Crisis; Banks and Banking; Emerging Markets; Risk Management; Business Strategy; Banking Industry
Mikes, Anette, and Dominique Hamel. "Capitalizing for the Future: HSBC in 2010." Harvard Business School Case 112-097, April 2012. (Revised June 2014.)
- November 2016 (Revised April 2018)
- Case
Darby's Investment in Sirma: Professionalizing an Entrepreneurial Firm
By: Suraj Srinivasan and Eren Kuzucu
In March 2010, Burak Dalgın (HBS MBA 2004) led private equity firm Darby's investment in Sırma, a local Turkish water and beverage company. Sırma was owned and managed by members of two Turkish business families. The existing management, while being highly... View Details
Keywords: Control Systems; Variance Analysis; Emerging Markets; Debt; Family Ownership; Turkey; Valuation; Business or Company Management; Private Equity; Financial Reporting; Investment; Budgets and Budgeting; Food and Beverage Industry; Turkey
Srinivasan, Suraj, and Eren Kuzucu. "Darby's Investment in Sirma: Professionalizing an Entrepreneurial Firm." Harvard Business School Case 117-033, November 2016. (Revised April 2018.)
- November 2024 (Revised January 2025)
- Case
MiDAS: Automating Unemployment Benefits
By: Shikhar Ghosh and Shweta Bagai
In 2015, the state of Michigan considered whether to nominate its Michigan Integrated Data Automated System (MiDAS) for a prestigious state technology award. Launched in 2013 amid severe budget pressures, the $47 million automated fraud detection system was designed to... View Details
Keywords: Artificial Intelligence; AI; Machine Learning Models; Algorithmic Data; Automation; Benefits; Compensation; Cost Reduction; Government; Fraud; Government Technology; Public Sector; Systems; Systems Integration; Unemployment Insurance; Waste Heat Recovery; AI and Machine Learning; Government Administration; Insurance; Decision Making; Digital Transformation; Employment; Public Administration Industry; United States; Michigan
Ghosh, Shikhar, and Shweta Bagai. "MiDAS: Automating Unemployment Benefits." Harvard Business School Case 825-100, November 2024. (Revised January 2025.)
- December 2012
- Background Note
Jefferson County: Specific Swap Detail
Jefferson County, Alabama, faces an EPA mandate requiring sewer system upgrades. How will they finance the upgrades? What consequences will follow? View Details
Keywords: Local Government; Political Process; Bankruptcy; Debt Management; Financial Planning; Financial Management; Urban Development; City; Infrastructure; Government and Politics; Alabama
Bergstresser, Daniel, Randolph Cohen, and Jeff Klein. "Jefferson County: Specific Swap Detail." Harvard Business School Background Note 213-061, December 2012.