Publications

April 2004 (Revised July 2005)
Case

Offshoring at Global Information Systems, Inc.

By: William E. Fruhan Jr.

This case explores the topic of offshoring high-tech jobs several perspectives. The issues presented include determining the stock price consequences of offshoring, examining the economic consequences of the offshore job to both the transferring and receiving... View Details

Keywords: Economy; Stocks; Job Cuts and Outsourcing; Personal Development and Career; Competition

18 Mar 2014
News

Massachusetts' Hard Look at Hospital Mergers

01 Jan 2004
News

09 Dec 2011
News

Seeking a Solution: Dante Roscini on the European Debt Crisis

02 May 2018
News

The Problem With a Federal Jobs Guarantee (Hint: It’s Not the Price Tag)

31 Oct 2019
Video

Jaime Augusto Zobel de Ayala

Jaime Augusto Zobel de Ayala, Chair of the Philippines-based Ayala Group, with interests in real estate, public infrastructure, insurance, and banking, discusses how the government’s privatization program in... View Details

September 2016
Case

Partners Group: Ain't No Mountain High Enough

By: Nori Gerardo Lietz and Ricardo Andrade

Partners Group (PG), a Swiss-based PE manager, initiated a series of strategic shifts and evolved from a predominately fund-of-funds manager into a large, multi-asset class PE firm focused on direct investments. PG was the first PE firm to go public in 2006. A number... View Details

Keywords: Business Model; Management Practices and Processes; Entrepreneurship

August 2006
Article

Predicting Returns with Managerial Decision Variables: Is There a Small-Sample Bias?

By: Malcolm Baker, Ryan Taliaferro and Jeffrey Wurgler

Many studies find that aggregate managerial decision variables, such as aggregate equity issuance, predict stock or bond market returns. Recent research argues that these findings may be driven by an aggregate time-series version of Schultz's (2003, Journal of Finance... View Details

Keywords: Prejudice and Bias; Fairness; Managerial Roles; Management Analysis, Tools, and Techniques; Equity; Bonds; Financial Markets; Investment; Capital Markets; Borrowing and Debt; Investment Return

Read Now

2025
Working Paper

Precautionary Debt Capacity

By: Deniz Aydin and Olivia S. Kim

The determinants of debt capacity are a central theme in finance and macroeconomics, yet it remains unclear why firms leave some of their debt capacity unused and whether this affects investment and growth. Textbook theory suggests that firms should not leave their... View Details

Keywords: Borrowing and Debt; Credit; Financing and Loans

SSRN

November 2017 (Revised August 2018)
Case

Fair Value Accounting at Noble Group (A)

By: Siko Sikochi, Suraj Srinivasan and Quinn Pitcher

Noble Group was a large commodities trader based in Hong Kong and listed on the Singapore Stock Exchange. In 2012, Noble shifted its business strategy towards an asset-light model. Under this model, Noble did not own mines or farms to produce commodities but built... View Details

Keywords: Fair Value Accounting; Policy; Goods and Commodities; Contracts; Valuation

2023
Working Paper

Deglobalization and Entrepreneurial Investment: The Natural Experiment of Brexit

By: Elisa Alvarez-Garrido and Juan Alcácer

We seek to gain insight into the consequences of deglobalization on entrepreneurial investment by analyzing an instance of economic disintegration: the United Kingdom’s exit from the European Union. Brexit is not only a unique empirical opportunity, a natural... View Details

Keywords: Entrepreneurial Finance; International Relations; Trade; Disruption; Globalized Economies and Regions; United Kingdom

Read Now

May 2022
Case

Executive Decision-Making at Zola

By: Amy C. Edmondson and Michael Roberto

In April 2020, Rachel Jarrett, President and COO of wedding technology company Zola, called a meeting with the organization’s key decision-makers. The company had previously launched three business expansions: a vendor marketplace, a wedding apparel division, and a... View Details

Keywords: Decision Making; Voting; Decision Choices and Conditions; Management Skills; Management; Management Style; Organizations; Organizational Culture; Technology Industry; Entertainment and Recreation Industry; United States

16 May 2023
HBS Case

How KKR Got More by Giving Ownership to the Factory Floor: ‘My Kids Are Going to College!’

the bottom of the pyramid.” When companies incentivize hostility From his humble beginnings, Stavros studied at Duke University and found his way into private equity after graduating. One day, while sending wire transfers to equity owners of an View Details

Keywords: by Avery Forman

February 2021
Article

A Dynamic Theory of Multiple Borrowing

By: Daniel Green and Ernest Liu

Multiple borrowing—a borrower obtains overlapping loans from multiple lenders—is a common phenomenon in many credit markets. We build a highly tractable, dynamic model of multiple borrowing and show that, because overlapping creditors may impose default externalities... View Details

Keywords: Commitment; Multiple Borrowing; Common Agency; Misallocation; Microfinance; Investment; Mathematical Methods

SSRN

February 2002 (Revised September 2002)
Case

Competition in Japanese Financial Markets, 2002

By: Tarun Khanna and Louis P. DiLorenzo, Jr

In early 2002, Japan, the world's largest economy, had been mired in a decade-long recession. A range of stimulus packages had failed to work their magic. The "Big Bang" financial deregulation reforms announced in 1998 had not quite produced the economic boom that the... View Details

Keywords: Risk and Uncertainty; Competition; Investment Banking; Financial Markets; Globalization; Financial Crisis; Commercial Banking; Banking Industry; Japan

03 Oct 2023
HBS Case

Layoffs Can Be Bad Business: 5 Strategies to Consider Before Cutting Staff

apology “builds a bridge” between the company and its stakeholders. 5. Invest in laid-off employees Companies can reinforce the bridge by committing to help downsized employees get back on their feet. Many organizations address this... View Details

Keywords: by Ben Rand; Telecommunications; Technology; Financial Services; Manufacturing

2020
Working Paper

How Do Private Equity Fees Vary Across Public Pensions?

By: Juliane Begenau and Emil Siriwardane

We study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds... View Details

Keywords: Pension Funds; Fee Dispersion; Search And Negotiation Frictions; Private Equity; Investment Funds

SSRN

Read Now

September 1992 (Revised September 1993)
Case

Cleveland-Cliffs, Inc.

By: Jay O. Light

A New York-based money manager owns a sizable percentage of the common shares of Cleveland-Cliffs, a U.S. iron ore producer. The money manager would prefer that Cliffs pay out or otherwise return $100 million of "excess cash" to the shareholders. The management resists... View Details

Keywords: Asset Management; Financial Strategy; Mining; Business and Shareholder Relations; Financial Services Industry

February 1999 (Revised March 2004)
Case

JAFCO America Ventures, Inc.: Building A Venture Capital Firm

By: Walter Kuemmerle, Kiichiro Kobayashi and Chad S Ellis

JAFCO, a large Japanese venture capital firm, is making a second attempt to enter the U.S. venture capital market. The U.S. subsidiary, JAFCO America Ventures, is in the midst of a challenging turnaround. Going forward, the U.S. subsidiary's leadership needs to make a... View Details

Keywords: Venture Capital; Market Entry and Exit; Multinational Firms and Management; Corporate Strategy; Financial Services Industry; Japan; United States