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  • 2014
  • Book

Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond

By: Aldo Musacchio and Sergio G. Lazzarini
In this book we describe the transformation of state capitalism from a model in which governments owned and ran corporations and broadly controlled the allocation of financial resources into two new varieties of state capitalism: Leviathan as a majority and as a... View Details
Keywords: State Capitalism; State-owned Enterprises; Industrial Policy; Development Banks; Capitalism; Financial Markets; Corporate Governance Theory; CEO Effects; Public Sector; Economic Systems; Financial Institutions; Corporate Governance; Business and Government Relations; Governing and Advisory Boards; State Ownership; Privatization; Public Ownership; Emerging Markets; Banking Industry; Mining Industry; Energy Industry
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  • 2023
  • Working Paper

The Market for Sharing Interest Rate Risk: Quantities and Asset Prices

By: Umang Khetan, Jane Li, Ioana Neamtu and Ishita Sen
We study the extent of interest rate risk sharing across the financial system using granular positions and transactions data in interest rate swaps. We show that pension and insurance (PF&I) sector emerges as a natural counterparty to banks and corporations: overall,... View Details
Keywords: Interest Rates; Investment Funds; Banks and Banking; Insurance; Investment Banking; Risk and Uncertainty
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  • Research Summary

Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond

Part of the fear and misunderstanding of state capitalism in the post-Berlin Wall era stems from the fact that most observers see state-owned enterprises (SOEs) as inefficient soviet companies. In Reinventing State Capitalism: Leviathan in Business, Brazil and... View Details

Keywords: State Capitalism; State-owned Enterprises; Development Banks; State Ownership; Development Economics; Management; Energy Industry; Banking Industry; Brazil; China; Europe; Latin America; Asia
  • 28 Feb 2012
  • First Look

First Look: Feb. 28

performance and the flow of sustainability related information to markets. Aviva Investors, a GBP 259 billion fund, is the investment arm of the large British insurance company, Aviva plc. Aviva Investors is... View Details
Keywords: Sean Silverthorne
  • Teaching Interest

Overview

Globalization and Emerging Markets (Elective Course) The world order has changed significantly in the last two decades. The influence of western-style varieties of capitalism has been challenged by new forms of capitalism that rely less on private enterprise and on the... View Details
Keywords: Globalization; Strategy; Macroeconomics; State Capitalism; Political Economy; Emerging Markets; Multinational Firms and Management; Global Strategy; Economics; Energy Industry; Retail Industry; Mining Industry; Agriculture and Agribusiness Industry; Banking Industry; China; Africa; Dubai; Pakistan; India; Brazil; Russia; Cuba; Argentina
  • November 2013 (Revised May 2023)
  • Case

Valuing Yahoo! in 2013

By: Luis M. Viceira and Atul Khosla
In late July 2013, Danielle Engle, Managing Director of Clairemont Capital, was contemplating what to do about a large investment her fund had in the stock of Yahoo! Inc. In mid-2012, Clairemont had invested nearly $75M in Yahoo! after the tech company settled a highly... View Details
Keywords: Investment; Decision Making; Investment Activism; Business Model; Growth and Development Strategy; Valuation
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  • March 2012
  • Article

The Incentive Bubble

By: Mihir Desai
The past three decades have seen American capitalism quietly transformed by a single, powerful idea—that financial markets are a suitable tool for measuring performance and structuring compensation. Stock instruments for managers, high-powered incentive contracts for... View Details
Keywords: Economic Systems; Financial Markets; Executive Compensation; Motivation and Incentives; Corporate Governance; Equality and Inequality; Human Capital; United States
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  • 21 Jun 2010
  • Research & Ideas

Strategy and Execution for Emerging Markets

indigenous companies and investors in emerging markets worldwide. Palepu and Khanna joined forces for our Q&A. Martha Lagace: Why study emerging markets? Krishna G. Palepu: Emerging markets are the growth engine for most Western... View Details
Keywords: by Martha Lagace
  • 18 Jan 2012
  • Research & Ideas

Beyond Heroic Entrepreneurs

In recent years, business schools and investors alike have been paying more attention to social entrepreneurs, those who create ventures with the primary goal of achieving positive social change. But most people encounter the field only... View Details
Keywords: by Carmen Nobel
  • 2016
  • Working Paper

Credit Migration and Covered Interest Rate Parity

By: Gordon Y Liao
I document economically large and persistent discrepancies in the pricing of credit risk between corporate bonds denominated in different currencies. The discrepancies amount to 50-100 basis points on trillions of dollars of debt notional. I relate this violation of... View Details
Keywords: Market Segmentation; Debt Issuance; Covered Interest Rate Parity; Cross-currency Basis; Credit Risk; Financial Markets; Credit
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  • 15 Dec 2008
  • Research & Ideas

The Surprisingly Successful Marriages of Multinationals and Social Brands

value. Their owners and initial investors will, just as naturally, want to find some appropriate exit point (or, at least, liquidity event). And, for a variety of reasons, being acquired (through a well-designed acquisition agreement!)... View Details
Keywords: by Sarah Jane Gilbert; Consumer Products; Food & Beverage
  • 03 Feb 2016
  • Research & Ideas

The State of Customer Service Leadership

largely in the hands of those who lead our service organizations. It’s natural that we would look to leaders in the service sector for the same cutting-edge practices that we used to find being implemented in the past in our View Details
Keywords: by Jim Aisner; Retail
  • 22 Jan 2019
  • First Look

New Research and Ideas, January 22, 2019

how separating entrepreneurs from the investor can create frictions that might inhibit the funding of good projects. It has largely abstracted away from the fact that a startup typically does not have just... View Details
Keywords: Dina Gerdeman
  • 19 Sep 2011
  • Research & Ideas

Doomsday Coming for Catastrophic Risk Insurers?

will choose to cover gargantuan losses "because those will wipe you out," says Froot. But that's not where they spend their money. "For medium and even smaller large losses, there's some risk sharing—maybe 30, 40, up to 60... View Details
Keywords: by Maggie Starvish; Financial Services
  • 18 Jun 2001
  • Research & Ideas

Tech Investment the Wise Way

Excerpted with permission from "The Dual Edged Role of the Business Model in Leveraging Corporate Technology Investments," in Taking Technical Risks: How Innovators, Executives, and Investors Manage High Tech Risks, article ©... View Details
Keywords: by Henry Chesbrough & Richard S. Rosenbloom
  • 11 Jan 2011
  • Working Paper Summaries

Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge

Keywords: by Bo Becker, Daniel B. Bergstresser & Guhan Subramanian; Financial Services
  • 25 Oct 2016
  • First Look

October 25, 2016

factor of about 2 to 1. Even after adjusting for differences in internal labor cost rates, the hospital at the 90th percentile of cost spent about twice as much as the one at the 10th percentile of cost. The large variation in costs among... View Details
Keywords: Sean Silverthorne
  • Article

The Role of Finance and Private Investment in Developing Sustainable Cities

By: John D. Macomber
Three trends will drive urban investment, development, and entrepreneurship in the next two decades. This article provides tools to identify the situations and circumstances that will be most favorable for private sector involvement in consideration of these trends.... View Details
Keywords: Trends; Demographics; Private Sector; Investment; City; Infrastructure; Opportunities; Urban Development
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  • 02 Sep 2009
  • Working Paper Summaries

Information Risk and Fair Value: An Examination of Equity Betas and Bid-Ask Spreads

Keywords: by Edward J. Riedl & George Serafeim; Banking
  • June 2021
  • Technical Note

SPAC Space

By: John R. Wells and Benjamin Weinstock
In 2020, over half of all initial public offerings (IPOs) in the United States were special purpose acquisition companies (SPACs), blank-check companies that typically had two years to find a business to take public, usually through a reverse merger. Together, 248... View Details
Keywords: Special Purpose Acquisition Companies; SPACs; Mergers and Acquisitions; Going Public; Initial Public Offering; Investment; Strategy
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