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    Robert C. Merton

    Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management.

    Merton is University Professor Emeritus at Harvard University and was the George Fisher Baker Professor of... View Details

    Keywords: banking; brokerage; financial services; insurance industry; investment banking industry; retail financial services
    • January 2017
    • Case

    Nashua River Capital Management

    By: Samuel Hanson and Aldo Sesia
    Investment manager Eliza Baena confronts an apparent convertible bond arbitrage opportunity when she notices a narrowing spread between two Boston Properties (BXP) bonds, one a convertible bond and the other a straight bond, in the wake of the 2008 Lehman bankruptcy.... View Details
    Keywords: Asset Management; Bonds; Investment
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      Maxim Alekseev

      Maxim Alekseev is a doctoral student in Business Economics at Harvard Business School. His research interests include international trade and financial intermediation.

      Before coming to HBS, Maxim received his B.A. summa cum laude in Economics from... View Details

        John D. Macomber

        John Macomber is a Senior Lecturer in the Finance unit at Harvard Business School. His professional background includes leadership of real estate, construction, and information technology businesses. At HBS, Mr. Macomber's work focuses on climate adaptation and the... View Details

        Keywords: building materials; construction; energy; green technology; infrastructure industry; real estate; transportation; utilities; waste management; insurance industry
        • November 1999
        • Case

        Long-Term Capital Management, L.P. (A)

        By: Andre F. Perold
        Long-Term Capital Management, L.P. (LTCM) was in the business of engaging in trading strategies to exploit market pricing discrepancies. Because the firm employed strategies designed to make money over long horizons--from six months to two years or more--it adopted a... View Details
        Keywords: Fluctuation; Capital; Financial Liquidity; Financing and Loans; Investment Funds; Investment Portfolio; Corporate Governance; Governing Rules, Regulations, and Reforms; Management; Risk Management; Marketing; Motivation and Incentives; Financial Services Industry
        Related
        • September 2017 (Revised June 2019)
        • Case

        Dianrong: Marketplace Lending, Blockchain, and 'The New Finance' in China

        By: Christopher J. Malloy, Lauren H. Cohen and Anthony K. Woo
        This case examines the strategic positioning of Dianrong, one of the largest online peer-to-peer (P2P) lending platforms in China, in its attempt to become a foundational player in the expansion of the FinTech sector in Asia. Dianrong had recently announced the... View Details
        Keywords: Financing and Loans; Internet and the Web; Supply Chain; Finance; Innovation and Invention; Competition; Product Positioning; Strategy; Financial Services Industry; China
        Related
        • April 1993 (Revised December 1994)
        • Case

        American Express TRS Charge-Card Receivables

        By: Andre F. Perold and Kuljot Singh
        American Express (TRS) Co. is considering a proposal to securitize a portion of their consumer charge-card receivables portfolio. In the past, they have relied exclusively on a captive finance subsidiary, Credco, to perform this function. The proposed securitization... View Details
        Keywords: Credit Cards; Restructuring; Borrowing and Debt; Financial Management; Financial Strategy; Debt Securities; Travel Industry
        Related
        • June 2010
        • Case

        Legendary Pictures & ABRY Partners

        This case focuses on the review by the private equity firm ABRY Partners of an opportunity to invest in a film financing vehicle, Legendary Pictures. Before 2004, private equity firms had avoided co-investing with film studios in film productions because of their... View Details
        Keywords: Private Equity; Investment; Film Entertainment; Entertainment and Recreation Industry
        Related
        • Research Summary

        Current Research

        Kevin P. Coyne has taught classes in undergraduate, MBA, and executive education programs at a wide variety of schools, as well as company training programs. His current research interests include:

        Sustainable Competitive... View Details

        • March 2024
        • Supplement

        ELCA's Series A Cap Table Exercise (Instructor Version)

        By: Raymond Kluender and Anke Becker
        In ELCA, the company must decide between two term sheets: one put forth by STV and one put forth by ESV.

        This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
        Keywords: Analysis; Venture Capital; Investment; Ownership Stake
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          W. Carl Kester

          Carl Kester is a Baker Foundation Professor and the George Fisher Baker Jr. Professor of Business Administration, Emeritus at Harvard Business School. He is a member of the Finance Unit. He served as Deputy Dean for Academic Affairs (2006-2010), Chairman of the... View Details

          Keywords: asset management; banking; education industry; financial services; investment banking industry; pharmaceuticals; private equity (LBO funds)
          • January 1985 (Revised November 1985)
          • Background Note

          Note on the Microcomputer Software Industry--January 1982

          By: William A. Sahlman
          Contains a history of the microcomputer software industry from the mid-1970s through early 1982. During that period growth was explosive. Many new companies were formed. However, the eventual structure of the industry was not yet clear. No truly dominant firms had... View Details
          Keywords: Industry Growth; Business Strategy; Software; Computer Industry
          Related
          • November 1999
          • Case

          Long-Term Capital Management, L.P. (C)

          By: Andre F. Perold
          Long-Term Capital Management, L.P. (LTCM) was in the business of engaging in trading strategies to exploit market pricing discrepancies. Because the firm employed strategies designed to make money over long horizons--from six months to two years or more--it adopted a... View Details
          Keywords: Fluctuation; Capital; Financial Liquidity; Financing and Loans; Investment Funds; Investment Portfolio; Corporate Governance; Governing Rules, Regulations, and Reforms; Management; Risk Management; Markets; Motivation and Incentives; Financial Services Industry
          Related
          • Research Summary

          Economic Catastrophe Bonds

          (with Joshua Coval and Erik Stafford)

          The central insight of asset pricing is that a security's value depends on both its distribution of payoffs across economic states and state prices. In fixed income markets, many investors focus exclusively on estimates of... View Details
          • November 2021 (Revised December 2021)
          • Case

          Praava Health: A New Model for Bangladesh

          By: Michael Chu
          Launched in Dhaka, Bangladesh, in 2018, Praava Health (‘Praava’) delivered high-quality in-clinic primary and specialist care, backed by its own high quality diagnostic laboratories, imaging and pharmacy. Praava was founder Sylvana Sinha’s response to what she saw as a... View Details
          Keywords: Entrepreneurship; Health Care and Treatment; Investment Return; Mobile and Wireless Technology; Business Model; Growth and Development Strategy; Health Industry; Bangladesh; Asia
          Related
          • May 2000 (Revised May 2001)
          • Case

          Debt Policy at UST Inc.

          UST, Inc. is a very profitable smokeless tobacco firm with low debt compared to other firms in the tobacco industry. The setting for the case is UST's recent decision to substantially alter its debt policy by borrowing $1 billion to finance its stock repurchase... View Details
          Keywords: Capital Structure; Consumer Products Industry; Agriculture and Agribusiness Industry
          Related
          • March 2024
          • Supplement

          ELCA's Series A Cap Table Exercise (Student Version)

          By: Raymond Kluender, Anke Becker and Johnson Elugbadebo
          In ELCA, the company must decide between two term sheets: one put forth by STV and one put forth by ESV.

          This exercise is an analysis of the implications of these two term sheets on the ownership structure and the payouts of common and preferred... View Details
          Keywords: Analysis; Venture Capital; Investment; Ownership Stake
          Related
          • March 2011
          • Case

          Valuation of AirThread Connections

          By: Erik Stafford and Joel L. Heilprin
          This case can be used as a capstone valuation exercise for first-year MBA students in an introductory finance course. A senior associate in the business development group at American Cable Communications, one of the largest cable companies in the U.S., must prepare a... View Details
          Keywords: Communication; Present Value; Tax Accounting; Capital Costs; Synergy; Telephony; Wireless Technologies; Communication Technology; Assets; Cost of Capital; Valuation; Cash Flow; Capital Structure; Accounting; Wireless Technology; Communications Industry; Media and Broadcasting Industry
          Related

            Vikram Gandhi

            Vikram S. Gandhi is the Gerald P. Kaminsky Senior Lecturer of Business Administration in the General Management Unit. He has developed and teaches two new courses in the Elective Curriculum of the MBA Program. The first is a finance and investing course, Sustainable... View Details

            Keywords: financial services
            • Article

            MIT Roundtable on Corporate Risk Management

            By: Robert C. Merton

            Against the backdrop of financial crisis, a distinguished group of academics and practitioners discusses the contribution of financial management and innovation to corporate growth and value, along with the pitfalls and unintended consequences of such innovation.... View Details

            Keywords: Financial Crisis; Market Participation; Finance; Innovation and Invention; Growth and Development Strategy; Value; Distribution; Capital Structure; Risk Management; Business Ventures; Business Model; Strategy
            Related