Publications

March 1995
Article

Tests of Conditional Mean-Variance Efficiency of the U.S. Stock Market

By: C. Engel, J. Frankel, Kenneth A. Froot and T. Rodrigues

Keywords: Risk Aversion; Risk; International Investing; CAPM; Capital Asset Pricing; International Finance; Risk and Uncertainty; Asset Pricing; Financial Markets; Foreign Direct Investment; Behavioral Finance; United States

Find at Harvard

16 May 2016
HBS Case

Food Safety Economics: The Cost of a Sick Customer

keep close watch over them. In 2015, Dr. Margaret Chan, director-general of the World Health Organization, highlighted the problem. “A local food safety problem can rapidly become an international... View Details

Keywords: by Dina Gerdeman; Food & Beverage

01 Mar 2014
News

Innovation: Crowdfunding College Costs

Savingforcollege.com, which Cordero describes as "the Consumer Reports of 529 plans.") The plan is to capitalize on market share down the road: "There is a lot of value in... View Details

Keywords: Hanna, Julia; Gradsave; crowdfunding; Colleges, Universities, and Professional Schools; Educational Services; Finance

Research Summary

The Evolution of Corporate Structure, Internal Governance, and Leadership

My research documents the evolution of the internal governance of senior management in large US firms over a 20-year period and explores, via multiple methods, the causes and consequences of these changes. My findings suggest that... View Details

October 2012 (Revised July 2014)
Background Note

The Role of the Government in the Early Development of American Venture Capital

By: Josh Lerner and Tom Nicholas

Whether the government or markets, or a mixture of both, can provide efficient and effective incentives for encouraging entrepreneurial activity and new venture financing is an age-old question. Public promotion efforts are controversial and in most cases they tend to... View Details

Keywords: Venture Capital; Business and Government Relations; United States

29 Apr 2008
Research Event

Venture Capital

international economy. It is appropriate that the conference took place in Silicon Valley. This all but unique confluence of ideas, research, financing, and human resources has served as a matrix in which... View Details

Keywords: by Josh Lerner; Financial Services

04 Oct 2007
What Do You Think?

Has Managerial Capitalism Peaked?

to take into account the cost of capital employed during the term of the option. The severance payment arrangements to which they agree are too... View Details

Keywords: by Jim Heskett

2010
Mimeo

An Analysis of the Impact of 'Substantially Heightened' Capital Requirements on Large Financial Institutions

By: Anil Kashyap, Jeremy C. Stein and Samuel G. Hanson

We examine the impact of "substantially heightened" capital requirements on large financial institutions, and on their customers. Our analysis yields three main conclusions. First, the frictions associated with raising new external equity finance are likely to be... View Details

Keywords: Financial Institutions; Governing Rules, Regulations, and Reforms; Capital; Equity; Financing and Loans; Credit

Read Now

October 2013
Article

The Costs of Favoritism: Is Politically-Driven Aid Less Effective?

By: Axel Dreher, Stephan Klasen, James Vreeland and Eric Werker

As is now well documented, aid is given for both political as well as economic reasons. The conventional wisdom is that politically motivated aid is less effective in promoting developmental objectives. We examine the ex-post performance ratings of World Bank projects... View Details

Keywords: World Bank; Aid Effectiveness; Political Influence; United Nations Security Council; International Finance; Prejudice and Bias; Outcome or Result; Projects; Government and Politics; Power and Influence

Find at Harvard

Read Now

May 2024
Supplement

Forest Park Capital (B)

By: Richard S. Ruback and Royce Yudkoff

During the Covid-19 Pandemic in 2020, Betsy Harbison formed the search fund Forest Park Capital with the intention of purchasing a small business. The case conveys the details of Betsy’s final decision at the terminus of her search, between a software company... View Details

Keywords: Search Fund; Entrepreneurship Through Acquisition; Acquisition; Small Business; Cost vs Benefits; Decisions; Business Education; Corporate Entrepreneurship; Leadership Style; Leading Change; Business or Company Management; Problems and Challenges; Tourism Industry; Web Services Industry; North America; Missouri

November 1993 (Revised September 2018)
Case

Rudi Gassner and the Executive Committee of BMG International (A)

By: Linda Hill and Katherine Seger Weber

Explores the roles of CEO Rudi Gassner and the 9-person executive committee in leading BMG International. BMG International is the international music subsidiary of Bertlesmann, a German company that is the second-largest media conglomerate in the world. Describes a... View Details

Keywords: Managerial Roles; Management Teams; Decision Making; Business Plan; Growth and Development Strategy; Global Strategy; Leadership Style; Organizational Culture; Business Subsidiaries; Business Conglomerates; Cost Management; Change Management; Music Industry; Media and Broadcasting Industry; Germany

Research Summary

Level Playing Fields in International Financial Regulation

Joint work with Alan Morrison, Saïd Business School, Oxford.

We study a model of featuring two economies with adverse selection of and moral hazard by bankers. We demonstrate... View Details

30 Sep 2014
Working Paper Summaries

The Real Effects of Capital Controls: Financial Constraints, Exporters, and Firm Investment

Keywords: by Laura Alfaro, Anusha Chari & Fabio Kanczuk

1999
Chapter

The Pricing of US Catastrophe Reinsurance

By: K. Froot and P. O'Connell

Keywords: Financial Markets; Catastrophe Risk; Corporate Finance; Cost Of Capital; Banking And Insurance; Asset Pricing; Hedging; Banking; Insurance; Natural Disasters; Policy; Risk Management; Insurance Industry; United States

March 2003 (Revised January 2004)
Case

CDC Capital Partners: December 2002

By: G. Felda Hardymon, Josh Lerner and Ann Leamon

Paul Fletcher, CEO of CDC Capital Partners, a private equity group investing in the world's poorest countries, is wrestling with questions raised by the imminent reorganization of the firm. Previously an arm of the United Kingdom's international aid agency, CDC is... View Details

Keywords: Private Equity; Investment Portfolio; Privatization; Venture Capital; Business and Government Relations; Emerging Markets; Infrastructure; Financial Services Industry; Banking Industry; United Kingdom

January 2016 (Revised October 2016)
Case

Saudi Aramco and Corporate Venture Capital

By: Joseph B. Fuller, Matthew Rhodes-Kropf and Nathaniel Burbank

Saudi Aramco launched an internal venture capital arm in 2011, which promptly became the world's largest investor in energy related startups. In choosing to proceed, the company's New Business Development unit (NPD) wrestled with a number of challenges. How should the... View Details

Keywords: Venture Capital; Corporate Entrepreneurship; Energy Industry; Saudi Arabia

June 2007 (Revised June 2011)
Case

TA Energy (Turkey): A Bundle of International Partnerships

By: William R. Kerr, Daniel J. Isenberg and Ant Bozkaya

Stimulates discussion of entrepreneurship in emerging economies, especially for entrepreneurs returning to their home countries to start businesses with global technologies and partners. Focuses on the partnership tensions between global firms and local... View Details

Keywords: Family Business; Developing Countries and Economies; Entrepreneurship; Venture Capital; Globalized Firms and Management; Partners and Partnerships; Conflict and Resolution; Turkey