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January 2013 (Revised June 2017)
Case

The Perfect Storm: What Happens When the Market Moves Four Standard Deviations?

By: Nori Gerardo Lietz

Adam Carter was the portfolio manager for Tate Modern Finance III, L.P. (“Tate” or the “Fund”), the third in a series of U.S. commercial real estate debt funds sponsored by the London-based Tate Partners. The Fund was capitalized with $700 million of equity... View Details

Keywords: CMBS; CLO; Repo Financing; Financial Strategy; Investment Funds; Financing and Loans

January 2025
Case

Index and Active Investing: Vanguard and the New Frontier of Active ETFs

By: Marco Sammon, Luis M. Viceira and Jonathan Kanagasabai

This case explores Vanguard’s strategic decision-making process as it considers entering the growing market for actively managed exchange-traded funds (ETFs). Set in 2024, the case places students in the position of Rodney Comegys, Vanguard’s global head of the Equity... View Details

Keywords: Asset Management; Financial Strategy; Investment Funds; Investment Portfolio; Financial Services Industry

January 2005 (Revised December 2005)
Case

KAMCO and the Cross-Border Securitization of Korean Non-Performing Loans

Covers the first international nonperforming loan securitization done in Korea. The CEO of KAMCO is trying to dispose of a portfolio of nonperforming commercial loans that the organization acquired from a number of banks. A group of investment bankers have proposed... View Details

Keywords: Debt Securities; Decision Choices and Conditions; Capital Markets; Financing and Loans; Cross-Cultural and Cross-Border Issues; Financial Services Industry; South Korea

October 2024
Case

GLIN Impact Capital

By: Ethan Rouen and Akiko Saito

In 2024, the co-founders of the venture capital fund GLIN Impact Capital face a critical inflection point as they consider launching a second, significantly larger impact investment fund in Japan. Founded in 2021 by the three Harvard Business School alumni, GLIN is one... View Details

Keywords: Venture Capital; Investment Funds; Growth and Development Strategy; Corporate Social Responsibility and Impact; Power and Influence; Japan

July 2018
Teaching Note

The Perfect Storm: What Happens When the Market Moves Four Standard Deviations?

By: Nori Gerardo Lietz and Sayiddah Fatima McCree

Adam Carter was the portfolio manager for Tate Modern Finance III, L.P. (“Tate” or the “Fund”), the third in a series of U.S. commercial real estate debt funds sponsored by the London-based Tate Partners. The Fund was capitalized with $700 million of equity... View Details

Keywords: CMBS; CLO; Repo Financing; Real Estate; Financial Strategy; Investment Funds; Financing and Loans

August 2010 (Revised March 2012)
Supplement

The Dow Acquisition of Rohm and Haas (B)

By: Jay W. Lorsch and Melissa Barton

The Dow Board made a bid for Rohm and Haas Company in order to transition its portfolio away from commodity chemicals towards specialty chemicals. View Details

Keywords: Mergers and Acquisitions; Investment Portfolio; Governing and Advisory Boards; Chemical Industry

1993
Working Paper

Currency Hedging Over Long Horizons

By: K. A. Froot

This paper reexamines the widely-held wisdom that the currency exposure of international investments should be entirely hedged. It finds that the previously documented ability of hedges to reduce portfolio return variance holds at short horizons, but not at long... View Details

Keywords: Currency; Hedging; Transaction Costs; Exchange Rates; International Markets; Real Exchange Rate; Purchasing Power Parity; International Finance; Currency Exchange Rate; Asset Pricing; Investment; Globalized Markets and Industries

18 Nov 2022
HBS Case

What Does It Take to Safeguard a Legacy in Asset Management?

in a business environment awakening to equity and inclusion. One of the first Black portfolio managers, Eddie Brown, founded the eponymous firm in 1983. It was only the second Black-founded investment firm... View Details

Keywords: by Rachel Layne; Financial Services

June 2003 (Revised August 2003)
Case

Pension Policy at The Boots Company PLC

By: Luis M. Viceira and Akiko M. Mitsui

In early 2000, the trustees of the pension scheme at Boots considered a proposal to move 100% of the pension assets into a bond portfolio, which would be passively managed. The Boots Co. PLC was a leading retailer of cosmetics and toiletries in the United Kingdom, and... View Details

Keywords: Performance Productivity; Employees; Asset Management; Capital Structure; Investment Portfolio; Consumer Products Industry; United Kingdom

March 2011
Supplement

Countrywide plc (CW)

By: Stuart C. Gilson and Sarah L. Abbott

One of the world's leading investors in distressed companies, Oaktree Capital Management is contemplating a "loan to own" investment in the debt f Countrywide plc, a financially troubled residential real estate agent based in the U.K. Only sixteen months earlier,... View Details

Keywords: Leveraged Buyouts; Restructuring; Economic Slowdown and Stagnation; Assets; Borrowing and Debt; Private Equity; Insolvency and Bankruptcy; Investment Portfolio; Crisis Management; Strategy; Valuation; Real Estate Industry; United Kingdom

March 2013
Article

Misvaluing Innovation

By: Lauren Cohen, Karl Diether and Christopher Malloy

We demonstrate that a firm's ability to innovate is predictable, persistent, and relatively simple to compute, and yet the stock market ignores the implications of past successes when valuing future innovation. We show that two firms that invest the exact same in... View Details

Keywords: Innovation; Return Predictability; R＆D; Information; Forecasting and Prediction; Research and Development; Innovation and Invention

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May 2003
Case

Liz Claiborne, Inc.

By: Rajiv Lal, Walter J. Salmon and Edie Prescott

Discusses the business portfolio emphasis of a large multibrand manufacturer and the future of department stores as well as how relationships between manufacturers and key customers can be improved. View Details

Keywords: Forecasting and Prediction; Investment Portfolio; Brands and Branding; Production; Business and Stakeholder Relations; Apparel and Accessories Industry

August 2016 (Revised February 2017)
Case

Songy 2011: Restructuring to Survive (or, Surviving to Restructure?)

By: Charles F. Wu

In 2011, Songy Partners, an Atlanta-based real estate developer, was facing three distressed investments within their portfolio each with distinct sets of challenges. Having weathered a myriad of issues during the global financial crisis that included operational... View Details

Keywords: Real Estate; Distressed Debt; Global Financial Crisis; Foreclosure; Partnership; Partners and Partnerships; Valuation; Global Range; Insolvency and Bankruptcy; Property; Financial Crisis; Real Estate Industry; Atlanta

August 2019 (Revised November 2022)
Case

Paradigm Capital Value Fund

By: Luis M. Viceira and Elena Corsi

Karl Jan Erick Hummel had founded Paradigm Capital Value Fund in 2007 together with Columbia Business School Professor Bruce Greenwald, an expert in value investing and now chairman of the fund. The fund followed the principles of value investing to their target... View Details

Keywords: Investment Activism; Investment Portfolio; Financial Management; Growth and Development Strategy; Investment Funds; Financial Services Industry

August 2018 (Revised September 2018)
Supplement

LendingClub (C): Gradient Boosting & Payoff Matrix

By: Srikant M. Datar and Caitlin N. Bowler

This case builds directly on the LendingClub (A) and (B) cases. In this case students follow Emily Figel as she builds an even more sophisticated model using the gradient boosted tree method to predict, with some probability, whether a borrower would repay or default... View Details

Keywords: Data Analytics; Data Science; Investment; Financing and Loans; Analytics and Data Science; Analysis; Forecasting and Prediction

January 2009
Case

Berkshire Hathaway

By: Bharat N. Anand and Samhita Patwardhan Jayanti

Berkshire Hathaway describes the history and strategy of one of the best known investment firms over the last forty years. The case describes the investment philosophy of Warren Buffett, its legendary chairman and CEO, the gradual diversification of its portfolio, its... View Details

Keywords: History; Private Equity; Diversification; Resource Allocation; Investment Portfolio; Corporate Strategy; Investment; Corporate Governance

2020
Working Paper

Best Ideas

By: Miguel Antón, Randolph B. Cohen and Christopher Polk

We ﬁnd that the stocks in which active mutual fund or hedge fund managers display the most conviction towards ex-ante, their “Best ideas,” outperform the market, as well as the other stocks in those managers’ portfolios, by approximately 2.8 to 4.5 percent per year,... View Details

Keywords: Mutual Funds; Managerial Skill; Market Efficiency; Investment Funds; Management; Investment Portfolio; Decision Making

February 1997 (Revised March 1998)
Case

Smith Breeden Associates: The Equity Plus Fund (A)

By: Robert C. Merton and Alberto Moel

In early 1997, Smith Breeden Associates, a money management and consulting firm, was pondering the future of the Equity Plus Fund. The Equity Plus Fund was an S&P enhanced-index fund that tried to outperform the S&P Index by replicating the index using low-cost... View Details

Keywords: Assets; Cash; Financial Markets; Financial Strategy; Mortgages; Investment Funds; Investment Portfolio; Marketing; Performance; Consulting Industry

Article

The Collapse of First Executive Corporation: Junk Bonds, Adverse Publicity, and the Run on the Bank Phenomenon

By: S. C. Gilson, H. DeAngelo and L. DeAngelo

In April 1991, regulators seized the major subsidiaries of First Executive Corporation (FE), an insurer that invested heavily in junk bonds. During the junk bond market turmoil of 1989–1990, adverse publicity fueled a bank run at FE, forcing a $4 billion portfolio... View Details

Keywords: Business Ventures; Bonds; Banks and Banking

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2007
Other Unpublished Work

Hedge Fund Investor Activism and Takeovers

By: Robin Greenwood and Michael Schor

We examine long-horizon stock returns around hedge fund activism in a comprehensive sample of 13D filings by portfolio investors between 1993 and 2006. Abnormal returns surrounding investor activism are high for the subset of targets that are acquired ex-post, but not... View Details

Keywords: Mergers and Acquisitions; Private Equity; Investment Return; Investment Activism; Investment Portfolio; Corporate Governance

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