Publications

05 Sep 2019
Working Paper Summaries

The Value of Intermediation in the Stock Market

Keywords: by Marco Di Maggio, Mark Egan, and Francesco Franzoni

10 Apr 2023
News

Leading the Way

alongside his mentor as a Be A Leader board member. He is also an active mentor, particularly for Hispanic students who aspire to have a career in finance or attend HBS. With his help, Be A Leader now has a vital partnership with HBS... View Details

Keywords: Margie Kelley

January 2019
Article

Bubbles for Fama

By: Robin Greenwood, Andrei Shleifer and Yang You

We evaluate Eugene Fama's claim that stock prices do not exhibit price bubbles. Based on U.S. industry returns 1926–2014 and international sector returns 1985–2014, we present four findings: (1) Fama is correct in that a sharp price increase of an industry portfolio... View Details

Keywords: Bubble; Market Efficiency; Predictability; Price Bubble; Stocks; Price; Forecasting and Prediction

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26 Mar 2020
Research & Ideas

7 Leadership Principles for Managing in the Time of Coronavirus

emotionally but also prudently with respect to the long-term finances of the organization. Whatever you can do to conserve cash is going to be critical, because that’s what’s going to determine whether your employees are going to be paid... View Details

Keywords: by John A. Quelch; Health

November 2013 (Revised November 2014)
Case

Freemium Pricing at Dropbox

By: Thales Teixeira and Elizabeth Anne Watkins

Online storage company Dropbox provided remote-storage over the internet of any type of computer file, along with file sharing, synchronization and backup. Using a freemium pricing strategy whereby a basic service was free-of-charge and a premium service was paid,... View Details

Keywords: Marketing Strategy; Price; Internet; Information Technology Industry

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HBS - Financials | Supplemental Financial Information

largest expense decreases occurred in areas such as advertising, contingent labor, and technical services. Debt Service HBS finances major capital projects with a mix of three sources of funding: gifts, unrestricted reserves of internally... View Details

11 Apr 2024
News

Mission Control

around me was like freaking out a little bit. I had friends, I remember, you know, Paul, he's like, oh, Peter, I want to sit down with you. And so we sit down in New York, we had a beer, and he's normally like a very gregarious, he's a Russian guy, he worked in View Details

01 Oct 1997
News

High Fives

as a member of the corporate finance department after graduating from HBS. Elected a managing director in 1978, he was eventually given responsibility for engineering Lehman's mergers and acquisitions area. In 1985, he left Lehman to... View Details

Web

Modern Capitalism: Mergers and Syndicates - Railroads and the Transformation of Capitalism | Harvard Business School

Railroads Finance Management Business Analysts Mass Distribution Mergers & Syndicates Research Links Modern Capitalism: Mergers and Syndicates Productivity rose almost six-fold in the United States during the era of railroad expansion.... View Details

August 2020
Supplement

Luckin Coffee (B): Revelations of Fraud

By: Ramon Casadesus-Masanell and Karen Elterman

This case describes revelations of fraud at Luckin Coffee, beginning with an anonymous report in January 2020 and continuing with the company’s admission in April 2020 that it had inflated its revenues by 2.2 billion RMB ($310 million), almost half its reported... View Details

Keywords: Fraud; Corporate Misconduct; Business Earnings; Financial Statements; Financial Condition; Stocks; Financial Management; Profit; Revenue; Price; Food; Lawfulness; Crime and Corruption; Food and Beverage Industry; Technology Industry; Asia; China

Profile

Peggy Mativo-Ochola

number-crunching, understanding macroeconomic indicators – these and more are better covered in business school than in education school." "I was initially intimidated by my finance classes," Peggy admits. "I was in... View Details

Keywords: Nonprofit/Government/Education

June 2003
Case

In-N-Out Burger

By: Youngme E. Moon, Lucy Cummings, Sonali Sampat, Sam Thakarar and Kerry Herman

In-N-Out Burger is a fast-food chain with 171 company-owned locations in three states--California, Nevada, and Arizona. It has an extremely hardcore customer base and the company appears to be in good financial health. The primary issue in this case concerns expansion:... View Details

Keywords: Customer Relationship Management; Profit; Leadership Development; Brands and Branding; Product Marketing; Distribution; Expansion; Food and Beverage Industry; Arizona; California; Nevada

Web

Investor - Entrepreneurship

(TEM) SUMMER Intern with a VC firm and serve as a Rock Summer Fellow. FALL Take EC Courses applicable to VC/Investing: Venture Capital and Private Equity Private Equity Finance Financial Management of Small Firms Launching Technology... View Details

May 2018 (Revised January 2019)
Teaching Note

Nashton Partners and Its Search Fund Process

By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld

Teaching Note for HBS No. 212-006. In 2008, Jay Davis (HBS’ 08) and Jason Pananos (HBS’ 08) formed Nashton Partners and raised $500,000 from investors to fund their search. After 30 months of searching, and exhausting the money they raised to fund their search, Davis... View Details

Keywords: Search Fund; Acquisition; Capital Structure; Financing and Loans; Investment Funds; Partners and Partnerships

Web

HBS - Financials | Supplemental Financial Information

CLIMB (Credential of Leadership, Impact, and Management in Business) program. The yearlong, comprehensive offering for both new and experienced business leaders combines courses on leadership, strategy, and finance with shorter courses in... View Details

July 2013 (Revised May 2024)
Case

BMVSS: Changing Lives, One Jaipur Limb at a Time

By: Srikant Datar and Saloni Chaturvedi

Bhagwan Mahaveer Viklang Sahayata Samiti (BMVSS) is an Indian not-for-profit organization engaged in assisting differently-abled persons by providing them with the legendary low-cost prosthesis, the Jaipur Foot, and other mobility-assisting devices, free of cost. Known... View Details

Keywords: Nonprofit Organizations; Financial Condition; Health Care and Treatment; Diversity; Philanthropy and Charitable Giving; Growth and Development Strategy; Medical Devices and Supplies Industry; Health Industry; India; Asia

September 2023
Article

Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement

By: George Serafeim and Aaron Yoon

We investigate whether ESG ratings predict future ESG news and the associated market reactions. We find that the consensus rating predicts future news, but its predictive ability diminishes for firms with large disagreement between raters. Relation between news and... View Details

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January 2022 (Revised January 2024)
Case

ReNew Power: Leading the Energy Transition in India

By: Gunnar Trumbull and Malini Sen

Founder-CEO of one of India’s largest clean energy companies, ReNew Power, which develops, builds, and operates utility-scale wind and solar energy projects, has to decide the way forward for the company as the country and the world stand poised at the cusp of an... View Details

Keywords: Energy Generation; Renewable Energy; Energy Sources; Entrepreneurship; Private Equity; Initial Public Offering; Forecasting and Prediction; Trends; Transformation; Private Ownership; Environmental Sustainability; Energy Industry; India; Asia

December 2022
Case

To Feed the Planet: Juan Luciano at ADM

By: Joshua D. Margolis, David E. Bell, Damien McLoughlin, Stacy Straaberg and James Weber

In December 2022, Juan Luciano, Chairman and CEO of agribusiness and nutrition giant ADM, considered the next phase of the historic company’s future. Beginning in 2011 when he joined as COO and moving into his tenure as CEO in 2015, Luciano led a transformation of ADM... View Details