Publications

November 2003 (Revised November 2005)
Case

Arcor: Global Strategy and Local Turbulence

Argentine confectionery manufacturer, Arcor Group, seeks to implement an international strategy but in 2003, recovering from the Argentine financial crisis, thwarts globalization plans. Already Latin America's leading candy producer and an exporter to over 100... View Details

Keywords: Risk and Uncertainty; Decision Making; Global Strategy; Food and Beverage Industry; Argentina

10 Apr 2012
First Look

First Look: April 10

emerge over and over: teams become increasingly concerned with the risks of failure rather than the requirements of excellence. As a result, they revert to safe, standard approaches instead of delivering original solutions tailored to... View Details

Keywords: Carmen Nobel

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Browse All Articles, Research, & Case Studies - HBS Working Knowledge

Eisenhower, and Robert McNamara. 08 Nov 2024 Op-Ed How Private Investors Can Help Solve Africa's Climate Crisis by John Macomber Africa faces escalating climate risks that threaten its people and businesses. While governments and... View Details

December 2012 (Revised April 2013)
Case

Olam: On a New Course

By: David E. Bell, Forest Reinhardt and Mary Shelman

From modest beginnings as a cashew trader in Nigeria, Olam, founded by Indian nationals in 1989, has grown into a leading global agricultural trading company, with annual revenues of $14 billion. The company recently has begun investing in farms and in the production... View Details

Keywords: Risk Management; Leadership; Customer Value and Value Chain; Corporate Strategy; Organizational Culture; Environmental Sustainability; Expansion; Competitive Advantage; Agribusiness; Agriculture and Agribusiness Industry; Nigeria

April 2011
Case

Hermitage's Russian Quandary (A)

By: Eric Werker, Ray Fisman and Lauren Weber

In June 2007, the offices of Russian hedge fund Hermitage Capital were raided by Moscow police; in the months that followed, Hermitage founder Bill Browder found himself banned from Russia and fending off efforts to expropriate the fund's Russian assets. This case... View Details

Keywords: Crime and Corruption; Private Equity; Investment; Law Enforcement; Laws and Statutes; Crisis Management; Risk Management; Business and Government Relations; Financial Services Industry; Moscow

September 1992 (Revised October 1992)
Case

Acid Rain: The Southern Co. (B)

By: Forest L. Reinhardt

In addition to the issues of expected cost minimization elucidated in Acid Rain: The Southern Co. (A), problems involving regulatory uncertainty are critical to the firm's Clean Air Act compliance strategy. The regulatory uncertainty affects, and is affected by, the... View Details

Keywords: Energy Generation; Business Strategy; Environmental Sustainability; Cost vs Benefits; Risk and Uncertainty; Strategic Planning; Investment Return; Government Legislation; Wastes and Waste Processing; Business and Government Relations; Utilities Industry; Energy Industry; United States

Third Quarter 2022
Article

How Global Upheaval Influences Board Decision-Making: What Is the Effect of Cold War II on Corporate Governance?

By: Michael Montelongo

What should boards and companies do or not do when confronting the impact of geopolitical crises? It may be helpful to consider the broader context giving rise to these issues, namely why we’re in the situation, the lessons we’re learning about geopolitical risk in... View Details

Keywords: Governing and Advisory Boards; International Relations; Globalization; Decision Making

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26 Jan 2016
First Look

January 26, 2016

Political corruption governs the efficiency with which tax revenues are translated into infrastructure. The model predicts an inverted-U relationship between taxation and growth, with corruption reducing the optimal taxation level. We... View Details

Keywords: Sean Silverthorne

December 2011 (Revised May 2012)
Case

Heavy Metal (A): Baosteel Enters Brazil

What is Baosteel, a top Chinese steelmaker, doing in Brazil? The company is responding to the Chinese government's "go global" policy and to the possible rise in iron ore input costs. But steel mills are complex, capital-intensive projects, and Brazil is an emerging... View Details

05 Jul 2006
First Look

First Look: July 5, 2006

limit their equity exposures in politically risky countries by sharing ownership with local partners and by serving foreign markets with exports rather than local production. The residual political View Details

Keywords: Sean Silverthorne

April 2010 (Revised October 2010)
Case

Vale: Global Expansion in the Challenging World of Mining

By: Tarun Khanna, Aldo Musacchio and Ricardo Reisen de Pinho

In 2009 the management of Vale, a Brazilian diversified mining company and the largest iron ore producer in the world, was under pressure from at least two fronts. First, the emergence of China as the most important consumer of iron ore in the last few years had... View Details

Keywords: Financial Crisis; Investment; Global Strategy; Risk Management; Market Entry and Exit; Business and Government Relations; Competitive Strategy; Mining Industry; Brazil

17 May 2017
Research & Ideas

Minorities Who 'Whiten' Job Resumes Get More Interviews

are at an even greater risk for discrimination when applying with a pro-diversity employer because you’re being more transparent,” DeCelles says. “Those companies have the same rate of discrimination, which makes you more vulnerable when... View Details

Keywords: by Dina Gerdeman

October 2024 (Revised January 2025)
Case

Citizens of the World: The International Legacy of Gloria von Thurn und Taxis

By: Lauren Cohen, Maximilian Form and Sophia Pan

When her husband passed away and inheritance taxes struck, Princess Gloria von Thurn und Taxis took decisive action to preserve her family’s fortune and legacy. The Thurn und Taxis family, one of Europe’s oldest aristocratic dynasties, had built their wealth through... View Details

Keywords: Family Office; Real Estate; Legacy; International Business; Family Business; Economy; Macroeconomics; Financial Crisis; Financial Liquidity; Investment; Global Strategy; Reputation; Diversification; Wealth; Taxation; Germany

10 Feb 2009
First Look

First Look: February 10, 2009

Working PapersInflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds Authors:John Y. Campbell, Adi Sunderam, and Luis M. Viceira Abstract The covariance between U.S. Treasury bond returns and stock returns has moved... View Details

Keywords: Martha Lagace

November 2023
Case

Gabon Special Economic Zone

By: John Macomber and Wale Lawal

Tropical rain forest covers about 80% of the West African nation of Gabon, part of the Congo Basin and the "lungs of the world." Gabon is one of the first nations to earn revenue from carbon sequestration...as long as the rain forest remains intact. There are... View Details

Keywords: Economic Development; Forestry; Wood; Carbon Credits; Supply Chain; Economic Growth; Developing Countries and Economies; Climate Change; Environmental Sustainability; Government Administration; Business and Government Relations; Strategy; Forest Products Industry; Africa; Gabon

11 Dec 2018
First Look

New Research and Ideas, December 11, 2018

convince ICC’s Investment/Credit Committee to provide capital despite the many risks associated with investing in Argentina. Due to Argentina’s vast energy resources, its modern political history has been... View Details

Keywords: Dina Gerdeman

January 2014
Article

Randomized Tax Enforcement Messages: A Policy Tool for Improving Audit Strategies

By: Dina Pomeranz, Cristobal Marshall and Pamela Castellon

Reducing tax evasion is a key challenge for governments around the world, particularly in developing countries. This paper presents a methodology to generate information to optimize audit strategies. Randomly selected taxpayers receive a deterrence message. Comparing... View Details

Keywords: Lawfulness; Taxation; Chile