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  • Spring 2013
  • Article

The Growth of Finance

By: Robin Greenwood and David S. Scharfstein
The U.S. financial services industry grew from 4.9% of GDP in 1980 to 7.9% of GDP in 2007. A sizeable portion of the growth can be explained by rising asset management fees, which in turn were driven by increases in the valuation of tradable assets, particularly... View Details
Keywords: Finance; Asset Management; Research; Mortgages; Financial Services Industry
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  • 28 Aug 2019
  • News

Universities Aim to Educate Family Offices on Grooming Next-Gen Leaders

  • April 2021 (Revised July 2021)
  • Case

Public Equities Impact Investing at BlackRock

By: Shawn A. Cole, Vikram S. Gandhi, Michael Norris and John Masko
In early 2021, BlackRock—the world’s largest asset manager with $9 trillion in assets under management (AUM)—sought to become a leader in promoting environmental and social sustainability. Over the previous ten years, CEO Larry Fink had written an annual open letter to... View Details
Keywords: Impact Investing; Renewable Energy; Climate Change; Environmental Sustainability; Equity; Corporate Social Responsibility and Impact; Financial Management; Investment Funds; Investment Return; Mission and Purpose; Organizational Change and Adaptation; Financial Services Industry; United States
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  • 04 Oct 2022
  • Cold Call Podcast

Cold Call: Corporate Governance and Growth Strategy at Capital SAFI

Keywords: Re: V.G. Narayanan; Financial Services
  • June 2021
  • Case

Building the Governance to Take Capital SAFI to the Next Level

By: V.G. Narayanan, Asis Martinez Jerez and Mariana Cal
Asset management firm Capital SAFI wanted to attract new strategic investors and expand to other countries. Having the right corporate governance in place was critical to achieve this goal. View Details
Keywords: Board Of Directors; Transparency; Sustainable Finance; South America; Latin America; Corporate Governance; Governance Controls; Governing and Advisory Boards; Business Organization; Corporate Strategy; Transformation; Investment Funds; Financial Services Industry; Bolivia; South America; Latin America
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  • July 2010
  • Supplement

Marketing Analysis Toolkit: Customer Lifetime Value Analysis (CW)

By: Thomas J. Steenburgh and Jill Avery
Customers are increasingly being viewed as assets that bring value to the firm. Customer lifetime value is a metric which allows managers to understand the overall value of their customer base and relate it to three customer strategies firms employ: asset acquisition -... View Details
Keywords: Competency and Skills; Customer Relationship Management; Customer Value and Value Chain; Decisions; Framework; Management Practices and Processes; Marketing; Marketing Strategy; Strategic Planning; Mathematical Methods; Value
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    Marco Sammon

    Marco Sammon is an assistant professor in the Finance Unit at Harvard Business School. He teaches FIN2 in the required curriculum.

    His research is focused on asset pricing. Currently, he is working on several projects regarding the factors that affect the... View Details

    • Teaching Interest

    MBA Elective Curriculum: Investment Strategies

    By: Malcolm P. Baker

    This is a CORE course for students pursuing careers in finance. Thus, students interested in pursuing careers in mutual funds, hedge funds, pension funds, endowments, wealth management, financial consulting, marketing and client service, sales and trading,... View Details

    • May 2020
    • Teaching Note

    Kraft Heinz: The $8 Billion Brand Write-Down

    By: Jill Avery
    Teaching Note for HBS Case No. 519-076. On Friday, February 22, 2019, following an unexpected and disappointing earnings report, The Kraft Heinz Company’s stock price fell 27%, wiping out $16 billion in market value. CEO Bernardo Hees had announced that the company had... View Details
    Keywords: Marketing; Marketing Strategy; Brands and Branding; Consumer Products Industry; Food and Beverage Industry; United States
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    • July 1997 (Revised August 1997)
    • Case

    numeric investors l.p.

    By: Andre F. Perold and Brian J. Tierney
    Numeric Investors manages equity portfolios with the use of a momentum model and a value model. The momentum model is based on earnings surprise and analysts' revisions of their earnings estimates. The firm offers long-short as well as long-only strategies, and its... View Details
    Keywords: Asset Management; Cost; Equity; Financial Strategy; Investment; Investment Portfolio; Management; Product Development; Performance Efficiency; Business Strategy
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      Adi Sunderam

      Adi Sunderam is the Willard Prescott Smith Professor of Corporate Finance at Harvard Business School, a Research Associate at the National Bureau of Economic Research, and a Faculty Affiliate of the Harvard Economics department. He teaches Finance 2 in... View Details

      Keywords: asset management; asset management; asset management; asset management; asset management; asset management

        Lauren H. Cohen

        Lauren Cohen is the L.E. Simmons Professor in the Finance & Entrepreneurial Management Units at Harvard Business School and a Research Associate at the National Bureau of Economic Research. He is an Editor of the Review of Financial... View Details

        Keywords: asset management; asset management; asset management; asset management; asset management; asset management
        • February 1997 (Revised April 1997)
        • Case

        Harrington Financial Group

        By: Robert C. Merton and Alberto Moel
        In early 1997, Harrington Bank, a small Indiana savings and loan (thrift) wondered what its next move should be. Harrington was acquired in 1988 by the principals of Smith Breeden Associates, a money-management and consulting firm specializing in the application of... View Details
        Keywords: Banks and Banking; Mergers and Acquisitions; Price; Risk Management; Mortgages; Contracts; Asset Management; Investment; Financial Services Industry
        Related
        • 2016
        • Article

        Cloaked Trading

        By: Lauren Cohen, Dong Lou and Christopher J. Malloy
        Using a novel, proprietary database of micro-level trading activities by asset managers, we show strong evidence of asset managers engaging in strategic trading in order to “cloak” their most valuable trades. This takes the form, for instance, of a manager who sells... View Details
        Keywords: Strategic Trading; Information; Asset Management; Investment
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        • 2008
        • Working Paper

        Inexperienced Investors and Bubbles

        By: Robin Greenwood and Stefan Nagel
        We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the... View Details
        Keywords: Investment; Stocks; Information Technology; Price Bubble; Asset Management; Experience and Expertise
        Related
        • 15 Feb 2016
        • Working Paper Summaries

        Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting

        Keywords: by Erik Stafford; Banking; Financial Services
        • 25 Jun 2015
        • News

        Responsible investment: Vice versus nice

        • June 2012 (Revised August 2012)
        • Case

        MF Global: Where's the Money?

        By: Clayton S. Rose, Pamela Chan and Raghav Chopra
        When MF Global failed in October of 2011, it was discovered that $1.6 billion of segregated customer assets was missing. Safeguarding these assets was the firm's responsibility, and in the words of one SEC official, its "sacred obligation." What is known about the... View Details
        Keywords: Financial Firms; Customer Obligations; Bankruptcy; Regulation; Financial Crisis; Brokerage; Asset Management; Ethics; Governing Rules, Regulations, and Reforms; Financial Management; Crisis Management; Insolvency and Bankruptcy; Financial Services Industry
        Related
        • October 2006 (Revised October 2007)
        • Case

        Grosvenor Group Limited

        By: Andre F. Perold, Arthur I Segel, Oliver Corlette and Soyoun Song
        A global real estate investment firm is trying to decide whether to enter into a property-derivative transaction to help it effect a change in asset allocation. The market for real estate derivatives is beginning to grow quite rapidly and the firm is trying to... View Details
        Keywords: Asset Management; Financial Instruments; Financial Markets; Business or Company Management; Property; Financial Services Industry; Real Estate Industry
        Related
        • 2007
        • Working Paper

        Interpersonal Authority in a Theory of the Firm

        By: Eric J. Van den Steen
        This paper develops a theory of the firm in which a firm's centralized asset ownership and low-powered incentives give a manager 'interpersonal authority' over employees (in a world with differing priors). The paper derives such interpersonal authority as... View Details
        Keywords: Governance Controls; Employee Relationship Management; Managerial Roles; Motivation and Incentives; Boundaries; Theory
        Related