Publications
Publications
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- All HBS Web
(2,170)
- Faculty Publications (822)
- June 2013
- Teaching Plan
Citigroup-Wachovia-Wells Fargo
By: Guhan Subramanian and Charlotte Krontiris
This case follows the events of a crucial week in the 2008 financial crisis, when the federal government orchestrated the sale of Wachovia Bank first to Citigroup and then, in a surprise move, to Wells Fargo. We examine the extraordinary relations between government... View Details
- Article
Raising Capital Requirements: At What Cost?
By: Malcolm Baker and Jeffrey Wurgler
Since the financial crisis, bank capital positions have improved considerably. However, calls for heightened capital requirements have not abated. Federal Reserve Chair Ben Bernanke, Vice Chair Janet Yellen, and governors Daniel Tarullo and Jeremy Stein have all... View Details
- Article
Sustainability in Financial Services Is Not About Being Green
By: Robert G. Eccles and George Serafeim
- May 2013
- Teaching Plan
High Wire Act: Credit Suisse and Contingent Capital
By: Clayton Rose and David Lane
Late in 2010, Credit Suisse CEO Brady Dougan and his team considered whether or not to issue contingent capital, which Swiss regulators would require by 2019. They faced a number of substantial issues, including: Would contingent capital actually work as conceptualized... View Details
- 2013
- Working Paper
Prosocial Bonuses Increase Employee Satisfaction and Team Performance
By: Lalin Anik, Lara B. Aknin, Michael I. Norton, Elizabeth W. Dunn and Jordi Quoidbach
In two field studies, we explore the impact of providing employees and teammates with prosocial bonuses, a novel type of bonus spent on others rather than on oneself. In Experiment 1, we show that prosocial bonuses in the form of donations to charity lead to happier... View Details
- 2013
- Working Paper
Combining Banking with Private Equity Investing
By: Lily Fang, Victoria Ivashina and Josh Lerner
Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks arrange more debt financing for in-house transactions yet have the lowest exposure to... View Details
- 2013
- Working Paper
Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly
By: Malcolm Baker and Jeffrey Wurgler
Minimum capital requirements are a central tool of banking regulation. Setting them balances a number of factors, including any effects on the cost of capital and in turn the rates available to borrowers. Standard theory predicts that, in perfect and efficient capital... View Details
- May 2013
- Article
The Stock Selection and Performance of Buy-Side Analysts
Prior research on equity analysts focuses almost exclusively on those employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research and their analysts face different stock selection and recommendation incentives... View Details
- April 2013
- Teaching Plan
Barclays and the LIBOR Scandal
By: Clayton S. Rose and Aldo Sesia
In the summer of 2012, Barclays plc, one of the largest banks in the world, agreed to settle with authorities and acknowledged that the firm had manipulated LIBOR (London Inter-Bank Offered Rate)—a benchmark reference rate that was fundamental to the operation of... View Details
- April 2013 (Revised November 2013)
- Case
Growing Financial Services in India: Aditya Birla Financial Services Group
By: Paul M. Healy and Rachna Tahilyani
Aditya Birla Financial Services Group is a large, broad-based, Indian financial services institution offering products ranging from life insurance and mutual funds to private equity. The company has witnessed a turnaround in recent years and regained lost market share.... View Details
Keywords: Regulatory Environment; Finance; Asset Management; Business Growth and Maturation; Transformation; Leadership Development; Leadership Style; Business Processes; Organizational Structure; Organizational Change and Adaptation; Competitive Strategy; Diversification; Segmentation; Financial Services Industry; Financial Services Industry; India
- 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
- March 2013 (Revised March 2013)
- Case
Rough Justice: Stuart Eizenstat and Holocaust-era Asset Restitution (A)
By: James K. Sebenius and Laurence A. Green
Beginning in 1994, a series of articles and public disclosures indicated that Swiss banks may have retained assets belonging to victims of the Holocaust, and also may have engaged in long term attempts to block survivors' ability to recover those assets after World War... View Details
- March 2013
- Case
Currency Wars
By: Laura Alfaro and Hilary White
In February 2013, the G-20 finance ministers met in Moscow, Russia to discuss the rising anxieties over a potential international currency war. It was speculated that certain countries were purposely devaluing their currencies in order to improve their competitiveness... View Details
Keywords: Currency; Competitiveness; Trade Policy; Devaluation; Exchange Rate; Monetary Policy; Quantitative Easing; Inflation Targeting; Capital Flows; Central Banking; Currency Exchange Rate; Competitive Strategy; Emerging Markets; Policy; Trade; Conflict and Resolution; Banking Industry; Banking Industry; Moscow
- March 2013 (Revised June 2013)
- Case
Triodos Bank: Conscious Money in Action
By: Rebecca Henderson, Kate Isaacs and Katrin Kaufer
Keywords: Banking Industry
- February–March 2013
- Article
The Mobile Banking and Payment Revolution
By: Sunil Gupta
Mobile technology is revolutionizing the global banking and payment industry. It offers new opportunities for banks to provide added convenience to their existing customers in developed countries and reach a large population of unbanked customers in emerging markets.... View Details
- February 2013 (Revised June 2013)
- Case
BTG Pactual: Preserving a Partnership Culture
By: Paul Healy
- January 2013 (Revised October 2014)
- Case
Barclays and the LIBOR Scandal
By: Clayton S. Rose and Aldo Sesia
In June of 2012, Barclays plc admitted that it had manipulated LIBOR—a benchmark interest rate that was fundamental to the operation of international financial markets and that was the basis for trillions of dollars of financial transactions. Between 2005 and 2009... View Details
- November 2012 (Revised November 2013)
- Case
Persephone's Pomegranate: Crédit Agricole and Emporiki
By: Dante Roscini, Daniela Beyersdorfer and Jerome Lenhardt
In 2006 the French bank Crédit Agricole bought the Greek Emporiki bank, for €2.8 billion, at the peak of a bull market for bank takeovers. Six years, a major financial crisis, and €5.2 billion of losses later, in a context of great uncertainty in the European banking... View Details
- October 2012 (Revised February 2013)
- Case
Jim Johnson's Re-election to the Goldman Sachs Board
By: Suraj Srinivasan and Kelly Baker
The case presents the opposition by a leading institutional investor in Goldman Sachs to the re-election of Jim Johnson to the board of directors of the company. The investor, Sequoia Fund, opposes the re-election citing Jim Johnson's prior track record as the CEO of... View Details
- October 2012 (Revised September 2015)
- Case
Altoona State Investment Board: July 2012
By: Josh Lerner and Nathaniel Burbank
Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice between three... View Details