financial capital - Publications - Faculty & Research - Harvard Business School

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March 2020 (Revised February 2023)
Case

Political Legitimacy and Global Capital Markets: Malaysia's 1MDB (A)

By: Meg Rithmire and Courtney Han

In May 2018, Malaysia’s 14th General Election saw a change of power that many thought they would never witness in their lifetimes. The political party that had ruled Malaysia for 60 year was kicked out of office by a 92 year-old challenger, Mahathir Mohamed, who had... View Details

Keywords: Government Administration; Crime and Corruption; Financial Markets; Malaysia

August 2001
Teaching Note

CDC Capital Partners TN

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

Teaching Note for (9-801-333). View Details

Keywords: Financial Services Industry; United Kingdom

14 Oct 2011
Working Paper Summaries

The Cost of Capital for Alternative Investments

Keywords: by Jakub W. Jurek & Erik Stafford

April 2025
Article

The Allocation of Socially Responsible Capital

By: Daniel Green and Benjamin N. Roth

Portfolio allocation decisions increasingly incorporate social values. We develop a tractable framework to study how competition between investors to own socially valuable assets affects social welfare. Relative to the most common social-investing strategies, we... View Details

Keywords: Socially Responsible Investing; Investment Portfolio; Welfare; Social Issues; Investment Return

01 Sep 2016
Cold Call Podcast

Behind Apple's Tax Situation, an Unprecedented Financial Policy

Keywords: Re: Mihir A. Desai; Technology; Consumer Products

2019
White Paper

Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy

By: George Serafeim, T. Robert Zochowski and Jennifer Downing

Reimagining capitalism is an imperative. We need to create a more inclusive and sustainable form of capitalism that works for every person and the planet. Massive environmental damage, growing income and wealth disparity, stress, and depression within developed... View Details

Keywords: Impact-Weighted Accounts; IWAI; Background; Economic Systems; Economy; Corporate Social Responsibility and Impact; Measurement and Metrics; Financial Statements

June 2011
Case

Shelley Capital and the Hedge Fund Secondary Market

By: Luis Viceira, Elena Corsi and Ruth Dittrich

An advisory company has to decide how to sell their client's hedge fund holdings in the secondary market, and thinks about their future. Shelley Capital was a a European advisory company operating in the hedge fund secondary market, a market that boosted in 2008 with... View Details

Keywords: Insolvency and Bankruptcy; Investment Funds; Marketing Strategy; Financial Crisis; Sales; Leadership Development; Financial Markets; Crisis Management; Business Processes; Risk and Uncertainty; Globalized Economies and Regions; Financial Services Industry; Financial Services Industry; Europe

October 2011 (Revised October 2013)
Case

A New Financial Policy at Swedish Match

By: Bo Becker and Michael Norris

Swedish Match is a profitable smokeless tobacco company with low debt compared to other firms in its industry. The firm's CFO now wants to revise the firm's conservative financial policy. View Details

Keywords: Capital Structure; Corporate Finance; Sweden

June 2015
Article

The Capital Purchase Program and Subsequent Bank SEOs

By: Mozaffar N. Khan and Dushyantkumar Vyas

We find that in the aftermath of the recent financial crisis banks replenished only 12% of crisis-related losses through SEOs in 2009 and 2010. However, SEOs are disproportionately conducted by Capital Purchase Program (CPP) recipients, and this is not explained by CPP... View Details

Keywords: Accounting; Capital; Equity; Financial Crisis; Banks and Banking; Banking Industry; United States

2021
Working Paper

No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions

By: Robert C. Merton and Richard T. Thakor

This paper analyzes the costs and benefits of a no-fault-default debt structure as an alternative to the typical bankruptcy process. We show that the deadweight costs of bankruptcy can be avoided or substantially reduced through no-fault-default debt, which permits a... View Details

Keywords: No-fault Default; Chapter 11; Insolvency and Bankruptcy; Borrowing and Debt; Governing Rules, Regulations, and Reforms; Financial Institutions; Contracts

Article

Do Strict Capital Requirements Raise the Cost of Capital? Bank Regulation, Capital Structure and the Low Risk Anomaly

By: Malcolm Baker and Jeffrey Wurgler

Traditional capital structure theory predicts that reducing banks' leverage reduces the risk and cost of equity but does not change the weighted average cost of capital, and thus the rates for borrowers. We confirm that the equity of better-capitalized banks has lower... View Details

Keywords: Capital Structure; Banks and Banking; Banking Industry

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August 2001
Teaching Note

Venture Capital Case Vignettes TN

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

Teaching Note for (9-801-408). View Details

Keywords: Financial Services Industry

06 Dec 2017
Working Paper Summaries

Does Financial Misconduct Affect the Future Compensation of Alumni Managers?

Keywords: by Boris Groysberg, Eric Lin, and George Serafeim

2024
Working Paper

Primary Capital Market Transactions and Index Funds

By: Marco Sammon and Chris Murray

We document the effects of mechanical buying by CRSP-index-tracking funds on post-IPO returns and IPO deal structure. Leveraging a difference-in-differences-style design built on a 2017 CRSP rule change, we find that expected index fund demand leads fast track IPOs to... View Details

Keywords: Investment Funds; Initial Public Offering; Investment Return; Price; Market Transactions; Financial Markets

Trading on Talent: Human Capital and Firm Performance

How does a firm's human capital impact financial performance? By directly observing the employment and education trajectories of a significant proportion of U.S. public company employees from 1990 to the present, we explore the relationship between performance and two... View Details

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

Keywords: Financial Institutions; Capital Markets; Financial Crisis; Decision Choices and Conditions; Leadership; International Finance; Financial Liquidity; Risk and Uncertainty; Competitive Strategy; Financial Services Industry; Switzerland

2024
Working Paper

Internal and External Capital Markets of Large Banks

By: Lina Lu, Marco Macchiavelli and Jonathan Wallen

Despite regulatory restrictions, large U.S. bank holding companies have sizable and dynamic internal capital markets. They raise long-term debt at the holding company and deposits at the commercial bank to internally make unsecured loans to affiliated broker-dealers.... View Details

Keywords: Banks and Banking; International Finance; Financial Markets

18 May 2012
News

Where Venture Capital is Heading

Keywords: NASA; contests; Funds, Trusts, and Other Financial Vehicles; Funds, Trusts, and Other Financial Vehicles

2022
Working Paper

The Stock Market Value of Human Capital Creation

By: Matthias Regier and Ethan Rouen

We develop a measure of firm-year-specific human capital investment from publicly disclosed personnel expenses (PE) and examine the stock market valuation of this investment. Measuring the future value of PE (PEFV) based on the relation between lagged... View Details

Keywords: Intangibles; Market Valuation; Human Capital; Stocks; Financial Markets; Valuation

2024
Working Paper

Capital Market Integration and Growth across the United States

By: Leonardo D'Amico and Maxim Alekseev

What drives the integration of national financial markets and what are its consequences for regional growth? We digitize and collect US state-level banking data from 1953 to 1983 and document a tight link between high nominal short rates and financial integration,... View Details

Keywords: Interest Rates; Financial Markets; Economic Growth; Banks and Banking; Analytics and Data Science

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