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  • 2016
  • Working Paper

Saving More in Groups: Field Experimental Evidence from Chile

By: Felipe Kast, Stephan Meier and Dina Pomeranz
We test the impact of a peer group savings program on precautionary savings through two randomized field experiments among 2,687 microcredit clients. The first experiment finds that the Peer Group Treatment, which combines public goal setting, monitoring in the group,... View Details
Keywords: Saving; Decision Making; Interest Rates; Planning; Performance Effectiveness; Economics; Entrepreneurship; Growth and Development; Social Enterprise; Global Range; Chile
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  • 2010
  • Book

The Squam Lake Report: Fixing the Financial System

By: as part of the Squam Lake Working Group Scharfstein, David S.
In the fall of 2008, fifteen of the world's leading economists-representing the broadest spectrum of economic opinion-gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term plan for financial regulation reform. The Squam Lake... View Details
Keywords: Financial Crisis; Financial Markets; Governing Rules, Regulations, and Reforms; Business and Government Relations
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  • November 2011 (Revised September 2012)
  • Case

Underwater Engineer at Intel Corporation

By: E. Scott Mayfield
Molly Miller, an Intel employee and shareholder, must decide whether to vote FOR or AGAINST Intel's proposed 2009 option exchange program. Given recent declines in Intel's stock price, more than 99% of Intel's outstanding employee stock options are "underwater," and... View Details
Keywords: Stock Options; Employee Stock Ownership Plan; Semiconductor Industry
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  • Article

The Growing Strategic Importance of End-of-Life Product Management

By: Michael W. Toffel
Requiring manufacturers to manage the their products when they become waste is an innovative form of regulation, one that has been adopted by countries in Asia, Europe, and North America on a variety of products that range from vehicles to appliances to batteries.... View Details
Keywords: Product; Environmental Sustainability; Cost Management; Wastes and Waste Processing; Strategy; Governing Rules, Regulations, and Reforms; Manufacturing Industry; Asia; Europe; North and Central America
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  • 02 Jan 2024
  • Research & Ideas

10 Trends to Watch in 2024

The lightning-fast ascent of generative AI isn’t the only sea change on the horizon for businesses in the new year. The global economy is in flux as war, climate change, trade issues, and infrastructure problems demand attention. Many companies continue to struggle to... View Details
Keywords: by Rachel Layne
  • May 2009 (Revised November 2010)
  • Case

Depreciation at Delta Air Lines: The "Fresh Start"

By: William J. Bruns Jr.
In estimating depreciation for accounting purposes, Delta Air Lines has changed its assumptions about aircraft lifespan and residual values four times in the last thirty years or so. In the most recent changes, Delta adopted fair value accounting as part of its fresh... View Details
Keywords: Accounting Policies; Accounting Procedures; Depreciation; Bankruptcy; Cost Accounting; Financial Reporting; Insolvency and Bankruptcy; Policy; Air Transportation Industry
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  • February 2002 (Revised May 2003)
  • Case

Endeca Technologies (A)

By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Steve Papa, CEO of Endeca Technologies, must decide among two term sheets raising the same amount of badly needed money for his young software company. One deal is led by insiders and, is offered at a lower price. It continues a board that has worked very well and... View Details
Keywords: Venture Capital; Cost vs Benefits; Financial Condition; Financing and Loans; Management Skills; Financial Strategy; Corporate Finance; Decision Choices and Conditions; Information Technology Industry
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  • September 2024
  • Case

Google Quantum AI

By: David B. Yoffie, Michael A. Cusumano and Matt Higgins
Quantum computing may be the most important nascent computing technology of the 21st century. It has the potential to impact industries ranging from drug discovery to cybersecurity. Google's Quantum AI is one of the leaders in quantum research. This case explores the... View Details
Keywords: Business Model; Price; Technological Innovation; Resource Allocation; Business Strategy; Information Technology Industry
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  • November 2005 (Revised August 2006)
  • Background Note

When Investing and Social Objectives Meet

By: Gregory S. Miller, Vincent Marie Dessain and Anders Sjoman
Introduces students to a group of investors and stakeholders who evaluate firms at least partially on factors other than eventual investment payoff. Focuses on investors who evaluate and attempt to impact firms' ethical, corporate governance, or other "societal"... View Details
Keywords: Consumer Behavior; Investment; Business and Stakeholder Relations; Business and Shareholder Relations
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  • November 2009 (Revised October 2010)
  • Case

AME Learning Inc.

By: Thomas R. Eisenmann and Ann Leamon
Justin Joffe is about to graduate from HBS in Spring 2009. He must decide whether to join his father's company, Toronto-based AME Learning, as president working alongside his father who will be CEO. AME has been in business for 12 years, mostly as a small consulting... View Details
Keywords: Business Model; Family Business; Age; Private Equity; Financing and Loans; Growth and Development Strategy; Family and Family Relationships
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  • February 2011
  • Article

Dividend Taxes and International Portfolio Choice

By: Mihir Desai and Dhammika Dharmapala
This paper investigates how dividend taxes influence portfolio choices, using the response to the distinctive treatment of a subset of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003. An open-economy after-tax capital asset... View Details
Keywords: Dividends; Portfolio Choice; Taxes; Tax Treaties; Foreign Portfolio Investment; Taxation; Lawfulness; Economy; Price; Equity; Stocks; Investment Portfolio; Opportunities; Behavior; United States
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  • February 1984 (Revised February 1986)
  • Case

E.I. du Pont de Nemours & Co.: Titanium Dioxide

By: W. Carl Kester, Robert R. Glauber, David W. Mullins Jr. and Stacy S. Dick
Disequilibrium in the $350 million TiO2 market has prompted Du Pont's Pigments Department to develop two strategies for competing in this market in the future. The growth strategy has a smaller internal rate of return than the alternative strategy due to large capital... View Details
Keywords: Forecasting and Prediction; Cash Flow; Investment Return; Growth and Development Strategy; Strategic Planning; Projects; Chemical Industry
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  • March 31, 2022
  • Article

Two Approaches to Capping Health Care Prices

By: Michael E. Chernew, Maximilian J. Pany and Leemore S. Dafny
High health care prices for the privately-insured contribute to high premiums, which put downward pressure on wages, and induce employers to reduce benefit generosity and charge employees more for coverage. As the average annual premium for family coverage currently... View Details
Keywords: Price Caps; Health Care and Treatment; Price
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  • March 1, 2021
  • Article

Transitioning to Clean Energy Transportation Services: Life-cycle Cost Analysis for Vehicle Fleets

By: Stephen Comello, Gunther Glenk and Stefan Reichelstein
Comprehensive global decarbonization requires that transportation services cease to rely on fossil fuels for power generation. This paper develops a generic, time-driven life-cycle cost model for mobility services to address two closely related questions central to the... View Details
Keywords: Decarbonization; Electric Vehicles; Renewable Energy; Biofuel; Carbon Emissions; Mobility; Batteries; Energy; Environmental Management; Environmental Accounting; Transportation; Operations; Management; Sustainable Cities; Decision Making; Investment; Energy Industry; Transportation Industry; Utilities Industry; Motorcycle Industry; Auto Industry; Consulting Industry; Industrial Products Industry; Manufacturing Industry; Europe; North America; South America; Africa; Asia
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  • 2012
  • Working Paper

Leviathan in Business: Varieties of State Capitalism and Their Implications for Economic Performance

By: Aldo Musacchio and Sergio G. Lazzarini
In this paper we document the extent and reach of state capitalism around the world and explore its economic implications. We focus on governmental provision of capital to corporations—either equity or debt—as a defining feature of state capitalism. We present a... View Details
Keywords: State Capitalism; State-owned Enterprises; Development Banks; Sovereign Wealth Funds; Economic Systems; State Ownership; Sovereign Finance; Business and Government Relations; Investment
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  • 2007
  • Working Paper

Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends

By: Mihir A. Desai and Dhammika Dharmapala
This paper investigates how taxes influence portfolio choices by exploring the response to the distinctive treatment of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA). JGTRRA lowered the dividend tax rate to 15% for American equities... View Details
Keywords: Equity; Financial Markets; International Finance; Investment Portfolio; Government Legislation; Taxation; United States
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  • April 2014 (Revised October 2015)
  • Case

Texas Teachers and the New Texas Way

By: Matthew Rhodes-Kropf, Luis M. Viceira, John D. Dionne and Nathaniel Burbank
In 2011 Britt Harris, the Chief Investment Officer for the $107.4 billion Teachers Retirement System of Texas (TRS), was considering whether to pursue strategic partnerships with a group of large private equity firms. After spending four years aggressively moving the... View Details
Keywords: Texas; TRS; Texas Teachers; Private Equity; Texas
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  • February 2002 (Revised February 2002)
  • Case

Roundabout Theatre Company, The (A)

Todd Haimes is the artistic director of the Roundabout, a nonprofit theatre. He must decide if he is willing to accept a large sponsorship from American Airlines and, in doing so, allow the airline to the name the Roundabout's new Broadway theatre. In making this... View Details
Keywords: Business or Company Management; Nonprofit Organizations; Decision Making; Financing and Loans; Theater Entertainment; Fine Arts Industry
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  • Fall 2024
  • Article

The Credit Rating Agency Market in Africa: Landscape and Future Research Directions

By: Saveshen Pillay and Anywhere Sikochi
We explore the role of credit ratings in global markets and highlight potential opportunities for research on the African credit rating agency market. We trace the evolution of credit ratings and conduct a comprehensive literature review of existing studies globally... View Details
Keywords: Credit Rating; Credit Rating Agencies; Credit; Conflict of Interests; Governing Rules, Regulations, and Reforms; Financial Markets; Africa
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  • 2024
  • Working Paper

Private Equity Fund Valuation Management during Fundraising

By: Brian K. Baik
I investigate whether and how private equity fund managers (GPs) inflate their interim fund valuations (net asset values or NAVs) during fundraising periods. Specifically, I study the extent to which the GPs inflate NAVs by managing valuation assumptions (e.g.,... View Details
Keywords: Private Equity; Institutional Investors; Valuation Multiples; Earnings Management; Private Firms; Valuation; Investment Funds
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