Publications

June 1990
Article

Herd Behavior and Investment

By: David S. Scharfstein and Jeremy Stein

Keywords: Investment; Behavior

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September 2022 (Revised September 2024)
Case

Esas Group: Investing Together, Staying Together

By: Christina R. Wing and Alpana Thapar

This case opens in June 2022, after Esas Group, one of Turkey’s largest family-owned investment firms, implements a series of changes to professionalize the business and help transition family members from operators to responsible investors. In December 2019, the Group... View Details

Keywords: Family Business; Transition; Business or Company Management; Organizational Structure; Governing and Advisory Boards; Governance; Financial Services Industry; Turkey

April 1993 (Revised May 1993)
Case

Northern Telecom (A): Greenwich Investment Proposal

By: Robert J. Dolan

The business products division has developed a business proposal asking for $50 million to fund the creation of a new telephone system for the small business market. The company's last entry into this marketplace lost $70 million. The new product would face 100... View Details

Keywords: Risk and Uncertainty; Communication Technology; Market Entry and Exit; Corporate Entrepreneurship; Investment; Product Development; Telecommunications Industry; Canada

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2012
Working Paper

Payout Taxes and the Allocation of Investment

When corporate payout is taxed, internal equity (retained earnings) is cheaper than external equity (share issues). If there are no perfect substitutes for equity finance, payout taxes may therefore have an effect on the investment of firms. High taxes will favor... View Details

Keywords: Business Earnings; Equity; Financing and Loans; Investment; Taxation; Business and Shareholder Relations; Motivation and Incentives

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April 2015 (Revised April 2015)
Case

Yale University Investments Office: February 2015

By: Josh Lerner

David Swensen and the Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments—hedge funds, private equity, real estate—given the impact of the recent market turmoil. The case explores the risks... View Details

Keywords: Asset Management; Resource Allocation; Investment; Venture Capital; Investment Funds; Property; Private Equity

Article

Survive Another Day: Using Changes in the Composition of Investments to Measure the Cost of Credit Constraints

By: Luis Garicano and Claudia Steinwender

We introduce a novel empirical strategy to measure the size of credit shocks. Theoretically, we show that credit shocks reduce the value of long-term relative to short-term investments. Empirically, we can therefore compare the reduction of long-term relative to... View Details

Keywords: Credit Constraints; Credit Crunch; Spain; Investment Behavior; Credit Squeeze; Financial Crisis; Economic Growth; Investment; Credit; Manufacturing Industry; Spain; European Union

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21 Sep 2007
Working Paper Summaries

Intra-Industry Foreign Direct Investment

Keywords: by Laura Alfaro & Andrew Charlton

January 2019
Module Note

Executing Active Investment Strategies

By: Samuel G. Hanson

September 2018
Supplement

Advent International: Kroton Investment

By: Victoria Ivashina, Priscilla Zogbi and Ruth Kostas

Keywords: Private Equity; Acquisition; IPO; Valuation; Education; Distance Learning; Turnaround; Growth; Exit; PE; Buyer; Middle-class; Low Income; K-12; Entrepreneur; Family Business; University; College; Consolidation; Fragmentation; Penetration; Value; Shares; Control; Negotiation; Equity; Transaction; Board; Majority; Minority; Post-secondary; Leverage; Campus; Deal; Shareholder; Tag Along

October 1999
Case

CIBC Corporate and Investment Banking (B): 1992-1997

By: Joseph L. Bower and Michael Raynor

From 1992 to 1997, CIBC CEO Al Flood and head of investment banking John Hunkin integrate the struggling investment bank, Wood Gundy, with CIBC's corporate bank. The impact and interaction of organization design, compensation schemes, and communication initiatives are... View Details

Keywords: Investment Banking; Banks and Banking; Mergers and Acquisitions; Organizational Design; Business Plan; Communication; Banking Industry

October 2018
Supplement

African Bank Investments Limited (B)

By: Lynn S. Paine and Will Hurwitz

Less than a year after joining the board of African Bank Investments Limited (ABIL), the newest director finds himself in difficult discussions with other directors about removing the struggling company’s CEO. The case is set in South Africa in mid-2014 as shares in... View Details

Keywords: Ethics; Personal Finance; Corporate Accountability; Governing and Advisory Boards; Corporate Governance; Crisis Management; Insurance; Leadership; Management; Risk Management; Banking Industry; Financial Services Industry; Insurance Industry; Africa; South Africa

February 2006 (Revised August 2006)
Case

Investment Banking at Thomas Weisel Partners

By: Malcolm P. Baker and Lauren Barley

Thomas Weisel Partners (TWP), a San Francisco-based bank focusing on emerging growth companies, is considering its strategy in the context of regulatory, competitive, and legal changes. Blake Jorgensen, the chief operating officer and co-director of investment banking,... View Details

Keywords: Strategy; Business or Company Management; Conflict of Interests; Change Management; Investment Banking; Financing and Loans; Laws and Statutes; Financial Strategy; Corporate Finance; Banking Industry; San Francisco

August 2010 (Revised June 2020)
Teaching Note

Generation Investment Management (TN)

By: Sandra J. Sucher

Teaching Note for 613-002. The case and/or its teaching note includes references to case supplement videos that are intended for students to view, along with the written case, before class. As a reminder, the (A) video supplement is intended for students to view... View Details

Keywords: Investment; Development Economics; Environmental Sustainability; Energy Generation; Rural Scope; Non-Renewable Energy; Pollutants; Financial Services Industry; India