Publications

November 2018
Case

Governance Transition at Anadolu Group

By: Paul M. Healy and Esel Y. Cekin

Kamil Yazici and Izzet Ozilhan founded and built Anadolu Group Holding—a family business that grew into a multi-billion-dollar regional powerhouse. For 57 years they were equal partners in running the company. They then handed over a leadership role to a next... View Details

Forthcoming
Article

Institutional Corporate Bond Pricing

By: Ishita Sen, Lorenzo Bretscher, Lukas Schmid and Varun Sharma

We propose an equilibrium corporate bond pricing model that accommodates the heterogeneity in institutional investors' preferences and mandates in an empirically tractable way. Our model, estimated on rich holdings data, quantifies investors' preferences and demand... View Details

Keywords: Corporate Bonds; Demand Systems; Insurance Companies; Mutual Funds; Liquidity; Bonds; Price; Investment Funds

SSRN

01 Mar 2011
News

Two Kinds of Green

social and environmental concerns into daily operations. In the multimedia case “Burt’s Bees: Balancing Growth and Sustainability,” HBS associate professor Christopher Marquis uses text exhibits and video interviews to show how the small natural products View Details

Keywords: Julia Hanna; natural products company; Miscellaneous Manufacturing; Manufacturing; Management, Scientific, and Technical Consulting Services; Professional Services

01 Sep 2023
News

In My Humble Opinion: Futures Investor

In the half-century since his graduation, Theodore Roosevelt IV (MBA 1972) has earned widespread respect as both a forward-thinking investment banker and an influential activist through his efforts to address climate change and preserve public lands. For much of that... View Details

Keywords: Deborah Blagg; climate change; investment banking; leadership; carbon tax

2012
Working Paper

Leviathan in Business: Varieties of State Capitalism and Their Implications for Economic Performance

By: Aldo Musacchio and Sergio G. Lazzarini

In this paper we document the extent and reach of state capitalism around the world and explore its economic implications. We focus on governmental provision of capital to corporations—either equity or debt—as a defining feature of state capitalism. We present a... View Details

Keywords: State Capitalism; State-owned Enterprises; Development Banks; Sovereign Wealth Funds; Economic Systems; State Ownership; Sovereign Finance; Business and Government Relations; Investment

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2017
Working Paper

The Benefits of Selective Disclosure: Evidence from Private Firms

By: Joan Farre-Mensa

Private firms’ ability to communicate confidentially with selected investors implies that valuation disagreements between firms and investors are larger at public firms than at private ones. Consistent with the notion that misvaluation concerns lead public firms to... View Details

Keywords: Finance; Equity; Private Companies; Corporate Cash; Precautionary Motives; Share Issuance; IPOs; Selective Disclosure; Private Ownership; Cash; Market Timing; Corporate Finance; Public Ownership; Corporate Disclosure; United States

SSRN

2013
Book

Wall Street Research: Past, Present, and Future

By: Boris Groysberg and Paul M. Healy

Wall Street equity analysts provide research products and services on publicly-traded companies to institutional and retail investors to help them make more profitable investment decisions. During the last ten years Wall Street research has been battered by a series of... View Details

Keywords: Financial Analysts; Investment Banks; Conflicts Of Interest; Accounting; Financial Institutions; Financial Services Industry; United States

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July 2012 (Revised April 2013)
Case

Peter Jepsen

By: Howard H. Stevenson, Michael J. Roberts and James M. Sharpe

About to break bank covenants, Peter Jepsen has to deal with a contentious prior owner, improve profitability and staff appropriately all while maintaining credibility with his investors, in the furniture hardware company he has owned for less than a year. View Details

Web

‘Misfits’ in Power: When a Company Needs a Leader CEO, But Gets a Manager | Working Knowledge

put to a diverse group of CEOs surveyed yearly by the European Bank for Reconstruction and Development, European Investment Bank, and World Bank. Almost three-quarters of the companies in the survey are... View Details

October 1991 (Revised October 1996)
Case

Hawkeye Bancorporation

By: Krishna G. Palepu

Hawkeye, a small bank holding company in Iowa, faces difficulties in the mid 1980s as the local Iowa farm economy is in recession. This case provides an opportunity for students to become familiar with bank financial statements, and introduces some issues in market... View Details

Keywords: Financial Statements; Financial Reporting; Financial Crisis; Economic Growth; Market Participation; Banks and Banking; Governing Rules, Regulations, and Reforms; Private Ownership; Banking Industry

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Web

Research Links: Records of Railroad Companies & Personal Papers - Railroads and the Transformation of Capitalism | Harvard Business School

Railroads Finance Management Business Analysts Mass Distribution Mergers & Syndicates Research Links Railroad Records Photographs Research Collections Secondary Sources Related Sites Research Links: Records of Railroad Companies &... View Details

February 2017
Case

Eve Hall: The African American Investment Fund in Milwaukee

By: Steven Rogers and Alterrell Mills

The case highlights the role of minority chambers of commerce and the background of Eve Hall, a well-regarded multi-sector leader asked to revive Wisconsin's African-American chamber. This case study examines the lending options that a minority chamber of commerce... View Details

2019
Book

Fintech, Small Business & the American Dream: How Technology Is Transforming Lending and Shaping a New Era of Small Business Opportunity

By: Karen G. Mills

Fintech, Small Business & the American Dream describes the needs of small businesses for capital and demonstrates how technology—novel data sources, artificial intelligence, machine learning—will transform the small business lending market. This market has been... View Details

Find at Harvard

October 1984 (Revised July 1988)
Case

Mark Twain Bancshares, Inc.

By: Joseph L. Badaracco Jr.

Describes the history, management, and organization of an extremely successful bank holding company. The company has had a very charismatic chairman, has made MBAs bank presidents at very early ages, and has a long record of innovation. Now deregulation and a coming... View Details

Keywords: Management Style; Financial Services Industry

Jonathan Wallen is an Assistant Professor of Finance in the Finance Unit and teaches Finance 1 to MBA students.

Professor Wallen’s research centers on financial intermediation and its intersection with asset pricing, currency markets,... View Details

July 2012 (Revised November 2012)
Case

Dragonfly Corporation

By: Howard H. Stevenson and Jim Sharpe

After 3 years of losses and under legal threats from their landlord, a husband and wife team are faced with shutting the company down, buying time with the landlord or turning to their parents for additional funds. Despite opening a new location and seeing that sales... View Details

Keywords: Entrepreneurs; Entrepreneurial Management; Turnarounds; Bankruptcy; Bank Loan; Crisis Management; Family Business; Retail Trade; Financial Crisis; Financial Analysis; Entrepreneurship; Insolvency and Bankruptcy; Retail Industry; United States

01 Sep 2020
News

3-Minute Briefing: Mark Mason (MBA 1995)

are also well-positioned to help our clients weather this crisis and piece the economy back together. This is a moment for global banks like Citi to show the vital role we can play in growing an inclusive economy. I’m a believer in... View Details

Keywords: April White; Photo by: Michael Bucher; banking; diversity; COVID-19; leadership; African American; career advice; Finance

November 2013
Supplement

Arch Wireless, Inc. (B): Food for Vultures

By: Stuart C. Gilson

In 2002, a hedge fund investor acquires the distressed bank debt of a bankrupt wireless paging company and converts his holding into common stock of the reorganized entity. Determining his likely return from this investment is challenging, given that the entire... View Details

Keywords: Bankruptcy Reorganization; Distress Investing; Capital Structure; Restructuring; Investment Funds; Insolvency and Bankruptcy; Borrowing and Debt; Wireless Technology; Telecommunications Industry