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December 2019
Case

CME Group in 2019

By: José B. Alvarez, Forest Reinhardt and Natalie Kindred

Chicago-based CME Group is the world’s largest futures and options marketplace, with annual trading volume of over 4.8 billion contracts in 2018. This case is set in late 2019, as heightened perceptions of risk stemming from the U.S.-China trade war are driving record... View Details

Keywords: Financial Markets; Risk Management; Futures and Commodity Futures; Trade; Price; Competition; Risk and Uncertainty; Competitive Strategy; United States; China; Brazil

11 Aug 2009
First Look

First Look: August 11, 2009

component of bid-ask spreads. We empirically examine these predictions for a sample of large U.S. banks, exploiting recent mandatory disclosures of financial instruments designated as fair value levels 1, 2,... View Details

Keywords: Martha Lagace

02 Oct 2017
What Do You Think?

Do Bitcoin and Digital Currency Have a Future?

specific use of the asset class when he observed that a possible use of Bitcoin could be “hedge funds betting on sovereign debt defaults.” Charles Sabatier III added that Bitcoin is the most secure financial network in the world. “The... View Details

Keywords: by James L. Heskett; Financial Services

20 Jun 2017
First Look

First Look at New Research and Ideas, June 20

background stories of organizations, Win-Win Corporations is an inspiring read into what makes companies great. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=52757 forthcoming Journal of Financial Economics... View Details

Keywords: Sean Silverthorne

July 2010
Case

Monmouth, Inc.

By: Thomas R. Piper and Heide Abelli

The management of Monmouth Inc. is considering whether to acquire the Robertson Tool Company and the value and form that the acquisition should take. Value can be assessed using a variety of approaches including a DCF with WACC analysis, impact on EPS and market... View Details

Keywords: Competitive Bidding; Forecasting; Stock Offerings; Mergers ＆ Acquisitions; Margins; Stocks; Valuation; Mergers and Acquisitions; Forecasting and Prediction; Bids and Bidding; Manufacturing Industry; Consumer Products Industry

January 2009 (Revised November 2010)
Case

The Dojima Rice Market and the Origins of Futures Trading

By: David A. Moss and Eugene Kintgen

In 1730, Japanese merchants petitioned shogun Tokugawa Yoshimune to officially authorize trade in rice futures at the Dojima Exchange, the world's first organized (but unsanctioned) futures market. For many years, the Japanese government had prohibited the trade of... View Details

Keywords: Futures and Commodity Futures; Price; Food; Business History; Market Transactions; Business and Government Relations; Japan

December 2003 (Revised October 2006)
Case

Maverick Capital

By: Andre F. Perold, Chris McIsaac and Marc Ricks

Maverick Capital, a $7 billion hedge fund, faced a number of long-term strategic questions, particularly the issue of growth. With all of its assets invested with one strategy, Maverick was already managing more capital in a dedicated approach than any hedge fund in... View Details

Keywords: Assets; Capital; Stocks; Financial Strategy; Investment Funds; Investment Portfolio; Growth and Development Strategy

July 2017
Case

Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor

By: Josh Lerner, John D. Dionne and Amram Migdal

The case examines the March 2015 Centerbridge Partners investment decision regarding whether to acquire Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. The case... View Details

Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Financial Services Industry; Financial Services Industry; Financial Services Industry; North and Central America; United States

25 Jan 2010
Research & Ideas

A Macroeconomic View of the Current Economy

going to depreciate tomorrow or next week or even next month. But over time, you expect it to depreciate. So if you're a business manager, you probably want to be fairly well hedged against this possibility, either by making use of certain View Details

Keywords: by Sean Silverthorne

July 2011 (Revised June 2013)
Case

Foxconn Technology Group (A)

By: Robert G. Eccles, George Serafeim and Beiting Cheng

In 2010, Foxconn Technology Group, the largest and fastest growing multinational company in the Electronic Manufacturing Services (EMS) industry, came under public scrutiny after a string of employee suicides reached the international press. Although the company was... View Details

September 2017
Case

Blackstone's Julia Kahr at the Summit

By: Paul A. Gompers, John D. Dionne and Amram Migdal

In 2009, Blackstone, the New York-based alternative asset and financial services firm, committed to invest up to $750 million into Summit Materials, a new company in the aggregates sector (i.e., construction materials, such as crushed stone, sand, gravel, cement,... View Details

Article

The Economics of Structured Finance

By: Joshua D. Coval, Jakub W. Jurek and Erik Stafford

This paper investigates the spectacular rise and fall of structured finance. The essence of structured finance activities is the pooling of economic assets like loans, bonds, and mortgages, and the subsequent issuance of a prioritized capital structure of claims, known... View Details

Keywords: Financial Crisis; Asset Management; Debt Securities; Investment; Risk Management; Behavior

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August 2015 (Revised December 2016)
Case

Apple Pay

By: Sunil Gupta, Shelle Santana and Margaret L. Rodriguez

On September 9, 2014, in front of a packed audience in Cupertino, CA, Tim Cook, the chief executive officer of Apple, announced the much anticipated launch of Apple Pay. "Our vision is to replace this [wallet] and we are going to start with payments." Cook then invited... View Details

19 May 2009
First Look

First Look: May 19, 2009

Working PapersDon't Just Survive—Thrive: Leading Innovation in Good Times and Bad (revised) Authors:Lynda M. Applegate and Bruce Harreld Abstract Battered by contracting markets and frozen credit, many businesses today are fighting for survival. Indeed, the current... View Details

Keywords: Martha Lagace

September 2004 (Revised February 2007)
Case

Hedging Currency Risks at AIFS

By: Mihir A. Desai, Vincent Dessain and Anders Sjoman

The American Institute for Foreign Studies (AIFS) organizes study abroad programs and cultural exchanges for American students. The firm's revenues are mainly in U.S. dollars, but most of its costs are in eurodollars and British pounds. The company's controllers review... View Details

Keywords: Foreign Direct Investment; Investment Funds; Financial Strategy; Forecasting and Prediction; Revenue; Credit Derivatives and Swaps; Currency; Currency Exchange Rate; Education Industry; North and Central America

September 2022 (Revised January 2023)
Case

Bear to Bull: An Analyst’s Journey with Netflix

By: Aiyesha Dey, Joseph Pacelli, Jennifer G. Lawson and Tom Quinn

Wedbush Securities analyst Michael Pachter said “hell freezing over” was more likely than him upgrading the “sell” rating he had maintained on movie and television streaming giant Netflix since 2011, despite meteoric subscriber and share price growth. In 2022, however,... View Details

Keywords: Accounting; Asset Pricing; Cash Flow; Investment; Stocks; Equity; Analysis; Attitudes; Financial Services Industry; Financial Services Industry; United States

2018
Working Paper

The Impact of Pensions and Insurance on Global Yield Curves

By: Robin Greenwood and Annette Vissing-Jorgensen

We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the ratio of pension assets (in... View Details

Keywords: Pension Funds; Investment Funds; Insurance; Assets; Interest Rates; Bonds

June 2004
Article

A Catering Theory of Dividends

By: Malcolm Baker and Jeffrey Wurgler

We propose that the decision to pay dividends is driven by prevailing investor demand for dividend payers. Managers cater to investors by paying dividends when investors put a stock price premium on payers, and by not paying when investors prefer nonpayers. To test... View Details

Keywords: Dividends; Catering; Financial Instruments; Investment Return; Business and Shareholder Relations

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March 2024 (Revised May 2024)
Case

Masterpiece for the Masses: The First Art Exchange ARTEX

By: Lauren Cohen, Anastasiya Siroochenko (Siro) and Sophia Pan

Yassir Benjelloun-Touimi, CEO of ARTEX, aspired to marry the world of art and finance. Hoping to promote transparent, fractionalized ownership of renowned artwork, the founder had spent years contemplating the birth of an art stock market. This exchange would allow... 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

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