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  • All HBS Web  (5,751)
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    • Research  (2,799)
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  • 09 Mar 2020
  • Working Paper Summaries

Impact Investing: A Theory of Financing Social Entrepreneurship

Keywords: by Benjamin N. Roth; Financial Services
  • 2023
  • Working Paper

Do Active Funds Do Better in What They Trade?

By: Marco Sammon and John J. Shim
We develop two new, simple measures to quantify active fund decisions at the individual position level. The intuition is to separate passive rebalancing induced by flows and position changes from active rebalancing decisions. We find that additive active rebalancing --... View Details
Keywords: Investment Funds; Financial Management
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Sammon, Marco, and John J. Shim. "Do Active Funds Do Better in What They Trade?" Working Paper, November 2023.
  • 19 Sep 2012
  • Research & Ideas

Funding Innovation: Is Your Firm Doing it Wrong?

common struggle for firms to get innovation investments right, says Josh Lerner, the Jacob H. Schiff Professor of Investment Banking at Harvard Business School. On one hand, firms large enough to house their... View Details
Keywords: by Carmen Nobel
  • March 2019 (Revised March 2023)
  • Case

Accion's Fintech Strategy

By: V. Kasturi Rangan, Michael Chu and Tricia Gregg
Accion, an NGO, had been a pioneer in microfinance since its entry into that sector in the early 1970s. Its investments in Banco Compartamos paid off, when the microfinance bank went IPO in 2007, leaving an influx of $138 million for Accion. Under a new CEO, Michael... View Details
Keywords: Fintech; Impact Investing; Financial Inclusion; Technological Innovation; Strategy; Strategic Planning; Performance Effectiveness; Non-Governmental Organizations; Microfinance; Financial Institutions; Business Growth and Maturation; Customer Focus and Relationships; Industry Growth
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Rangan, V. Kasturi, Michael Chu, and Tricia Gregg. "Accion's Fintech Strategy." Harvard Business School Case 319-091, March 2019. (Revised March 2023.)
  • June 2007 (Revised December 2007)
  • Case

AFL-CIO: Office of Investment and Home Depot

By: Rakesh Khurana and James Weber
Describes the AFL-CIO: Office of Investments activities in their campaign to improve governance at Home Depot by calling attention to Home Depot CEO Robert Nardelli's compensation package and the company's poor performance. The AFL-CIO Office of Investments advocates... View Details
Keywords: Investment; Corporate Governance; Governing and Advisory Boards; Executive Compensation; Labor Unions; Organizational Change and Adaptation; Business and Shareholder Relations
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Khurana, Rakesh, and James Weber. "AFL-CIO: Office of Investment and Home Depot." Harvard Business School Case 407-097, June 2007. (Revised December 2007.)
  • 1976
  • Book

Nine Investments Abroad and Their Impact at Home: Case Studies on Multinational Enterprise and the U.S. Economy

By: Robert B. Stobaugh and Robert H. Hayes
Keywords: Multinational Firms and Management; International Finance; United States
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Stobaugh, Robert B., and Robert H. Hayes. Nine Investments Abroad and Their Impact at Home: Case Studies on Multinational Enterprise and the U.S. Economy. Boston: Harvard Business School, Division of Research, 1976.
  • March 2025 (Revised April 2025)
  • Case

WallStreetBets: Democratizing Retail Investing

By: Joseph Pacelli and Alexis Lefort
In summer 2024, Jaime Rogozinski anticipated the launch of a day-trading eSports event, a vision he had nurtured for years. Rogozinski, the founder of the influential subreddit WallStreetBets (WSB), created the forum in 2012 as a space for retail traders to explore... View Details
Keywords: Investment; Emerging Markets; Market Participation; Financial Strategy; Lawsuits and Litigation; Social and Collaborative Networks; Financial Markets; Financial Services Industry; United States
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Pacelli, Joseph, and Alexis Lefort. "WallStreetBets: Democratizing Retail Investing." Harvard Business School Case 125-002, March 2025. (Revised April 2025.)
  • March 2007
  • Teaching Note

Canyon Johnson Urban Fund (TN)

By: Felix Oberholzer-Gee
Teaching note to 706442. View Details
Keywords: Partners and Partnerships; Investment; Projects; Urban Development; Business and Community Relations; Price; Economics; Financial Services Industry; Los Angeles
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Oberholzer-Gee, Felix. "Canyon Johnson Urban Fund (TN)." Harvard Business School Teaching Note 707-546, March 2007.
  • January 2024
  • Technical Note

Venture Capital and Private Equity Funds: A Primer

By: Jo Tango and Christina Wallace
How do venture capital and private equity funds actually work? This Technical Note covers the "when, who, and how" details:
  • "When": fund length, extensions, and when investors can no longer initiate new investments.
  • "Who": who is in the General... View Details
Keywords: Fund Flows; Fund Management; Venture Capital; Private Equity; Investment Funds
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Tango, Jo, and Christina Wallace. "Venture Capital and Private Equity Funds: A Primer." Harvard Business School Technical Note 824-123, January 2024.
  • September 1985
  • Case

Citicorp Investment Management

By: Andre F. Perold
Keywords: Investment Funds; Management; Financial Services Industry
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Perold, Andre F. "Citicorp Investment Management." Harvard Business School Case 286-002, September 1985.
  • 2011
  • Chapter

How Does Simplified Disclosure Affect Individuals' Mutual Fund Choices?

By: John Beshears, James J. Choi, David Laibson and Brigitte C. Madrian
We use an experiment to estimate the effect of the SEC's Summary Prospectus, which simplifies mutual fund disclosure. Our subjects chose an equity portfolio and a bond portfolio. Subjects received either statutory prospectuses or Summary Prospectuses. We find no... View Details
Keywords: Information; Corporate Disclosure; Decision Choices and Conditions; Consumer Behavior; Retirement; Personal Finance; Investment Funds; Microeconomics
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Beshears, John, James J. Choi, David Laibson, and Brigitte C. Madrian. "How Does Simplified Disclosure Affect Individuals' Mutual Fund Choices?" In Explorations in the Economics of Aging, edited by David A. Wise, 75–96. Chicago: University of Chicago Press, 2011.
  • January 2013
  • Article

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: Taxation; Investment; Equity; Growth and Development Strategy; Resource Allocation
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Becker, Bo, Marcus Jacob, and Martin Jacob. "Payout Taxes and the Allocation of Investment." Journal of Financial Economics 107, no. 1 (January 2013): 1–24.
  • June 2007 (Revised January 2008)
  • Case

The Vanguard Group, Inc. in 2006 and Target Retirement Funds

By: Luis M. Viceira
The Vanguard Group is one of the largest asset managers in the U.S., with over $1 trillion in assets, ninety percent of which are mutual fund assets, and more than 12,000 employees at year-end 2006. Vanguard has built a strong reputation as the manager of reference for... View Details
Keywords: Asset Management; Investment Funds; Personal Finance; Brands and Branding; Retirement; Trust; Financial Services Industry; United States
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Viceira, Luis M. "The Vanguard Group, Inc. in 2006 and Target Retirement Funds." Harvard Business School Case 207-129, June 2007. (Revised January 2008.)
  • May 1994 (Revised December 1994)
  • Case

Fidelity Investments: Spartan Florida Municipal Fund

By: Andre F. Perold and Sanjay Bhatnagar
Keywords: Investment Funds; Financial Services Industry; Florida
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Perold, Andre F., and Sanjay Bhatnagar. "Fidelity Investments: Spartan Florida Municipal Fund." Harvard Business School Case 294-116, May 1994. (Revised December 1994.)
  • September 2022
  • Article

Energy Innovation Funding and Institutions in Major Economies

By: Jonas Meckling, Clara Galeazzi, Esther Shears, Tong Xu and Laura Diaz Anadon
Accelerating energy innovation for decarbonization hinges on public investment in research, development and demonstration (RD&D). Here we examine the evolution and variation of public energy RD&D funding and institutions and associated drivers across eight major... View Details
Keywords: Research and Development; Innovation and Invention; Energy Policy; Government Legislation; Energy Sources
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Meckling, Jonas, Clara Galeazzi, Esther Shears, Tong Xu, and Laura Diaz Anadon. "Energy Innovation Funding and Institutions in Major Economies." Nature Energy 7, no. 9 (September 2022): 876–885.
  • October 1993 (Revised September 1994)
  • Case

Northern Telecom (A): Greenwich Investment Proposal (Condensed)

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
Citation
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Dolan, Robert J. "Northern Telecom (A): Greenwich Investment Proposal (Condensed)." Harvard Business School Case 594-051, October 1993. (Revised September 1994.)
  • 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
Citation
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Becker, Bo, Marcus Jacob, and Martin Jacob. "Payout Taxes and the Allocation of Investment." Harvard Business School Working Paper, No. 11-040, October 2010. (Revised November 2010, March 2011, September 2011, April 2012.)
  • May 2011
  • Article

Higher Risk, Lower Returns: What Hedge Fund Investors Really Earn

By: Ilia Dichev and Gwen Yu
The returns of hedge fund investors depend not only on the returns of the hedge funds they hold but also on the timing and magnitude of their capital flows in and out of the funds. We use dollar-weighted returns (a form of IRR) to assess the properties of actual... View Details
Keywords: Investment Funds; Investment Return; Capital Markets; Market Timing; Currency
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Dichev, Ilia, and Gwen Yu. "Higher Risk, Lower Returns: What Hedge Fund Investors Really Earn." Journal of Financial Economics 100, no. 2 (May 2011): 248–263.
  • 2021
  • Working Paper

Investment as the Opportunity Cost of Dividend Signaling

By: Zach Kaplan and Gerardo Pérez Cavazos
We provide evidence that firms with weak investment opportunities (those whose current earnings justify a greater valuation than firms with strong investment opportunities) signal their permanent earnings level through their dividends. In the cross-section, we show... View Details
Keywords: Dividend Signaling; Investment; Opportunities
Citation
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Kaplan, Zach, and Gerardo Pérez Cavazos. "Investment as the Opportunity Cost of Dividend Signaling." Working Paper, May 2021. (Forthcoming in The Accounting Review.)
  • October 2007 (Revised November 2007)
  • Case

Barclays Global Investors and Exchange Traded Funds

By: Luis M. Viceira and Alison Berkley Wagonfeld
Provides an overview of the Exchange Traded Funds (EFT) industry and highlights the leadership role that Barclays Global Investors (BGI) has played in this developing asset class. BGI launched its first ETFs under the iShares brand name in 2000, and by mid-2007 BGI was... View Details
Keywords: History; Venture Capital; Asset Management; Stocks; Investment Funds; Leading Change; Expansion; Competitive Strategy; Capital Markets; Global Strategy; Financial Strategy; Banking Industry; Financial Services Industry; Asia; Europe
Citation
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Viceira, Luis M., and Alison Berkley Wagonfeld. "Barclays Global Investors and Exchange Traded Funds." Harvard Business School Case 208-033, October 2007. (Revised November 2007.)
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