Publications
Publications
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- All HBS Web
(4,406)
- Faculty Publications (1,024)
- 2018
- Working Paper
Global Portfolio Diversification for Long-Horizon Investors
By: Luis M. Viceira and Zixuan (Kevin) Wang
This paper conducts a theoretical and empirical investigation of global portfolio diversification for long-horizon investors in the presence of permanent cash flow shocks and transitory discount rate shocks to asset prices and returns. An increase in the cross-country... View Details
- 2017
- Working Paper
Why and How Investors Use ESG Information: Evidence from a Global Survey
Using survey data from a sample of senior investment professionals from mainstream (i.e., not SRI funds) investment organizations, we provide insights into why and how investors use reported environmental, social, and governance (ESG) information. The primary reason... View Details
Keywords: Investment Management; Sustainability; ESG; ESG (Environmental, Social, Governance) Performance; Investment Fund; Investment Strategy; Corporate Accountability; Activist Shareholder; Engagement; Environment; Climate Change; Customers; Customer Satisfaction; Employee Engagement; Global Warming; Investment; Decision Making; Environmental Sustainability; Performance Expectations
- January 2017 (Revised January 2019)
- Case
The Rise and Fall of Lehman Brothers
By: Stuart C. Gilson, Kristin Mugford and Sarah L. Abbott
With nearly $700 billion in assets, Lehman was the largest U.S. bankruptcy in history. In 2007, Lehman achieved record earnings of over $4 billion on revenues of $60 billion. By September 2008 the fourth largest investment bank in the world was bankrupt. How had a... View Details
Keywords: Bankruptcy; Financial Distress; Accounting Policies; Business Ethics; Financial Reporting; Volatility; Judgments; Financial Crisis; Insolvency and Bankruptcy; Financial Liquidity; Investment Banking; Financial Management; Financial Strategy; Corporate Accountability; Corporate Disclosure; Corporate Governance; Crisis Management; Risk Management; Failure; Business and Government Relations; Ethics; Banking Industry; New York (city, NY)
- 2017
- Chapter
Globalization in Historical Perspective
By: Pankaj Ghemawat and Geoffrey Jones
This chapter explores the role that firms have played over time in promoting international trade and investment. It takes a chronological perspective and is organized around a first wave of globalization from the mid-nineteenth century until the 1920s and a second wave... View Details
- 2017
- Book
Managing Risk in Reinsurance: From City Fires to Global Warming
By: Niels Viggo Hauter and Geoffrey Jones
This is the first book to provide a comprehensive history of the reinsurance industry from the nineteenth century to the present day. Reinsurance developed at the fringe of financial services and, for most of its existence, was largely unnoticed outside the expert... View Details
- December 2016
- Case
Public Mission, Private Funding: The University of California, Berkeley
By: William C. Kirby and Joycelyn W. Eby
UC Berkley, long known as one of the leading public universities in both the U.S. and the world, has seen turbulent times recently. While student enrollment and costs have increased steadily in recent years, the school, which has been fiercely proud of its public... View Details
Keywords: Public University; University Administration; Conflict Management; State Funding; Competition; Faculty Governance; University Of California Berkeley; Change Management; Volatility; Diversity; Residency; Higher Education; Philanthropy and Charitable Giving; Globalization; Policy; Leading Change; Crisis Management; Growth and Development Strategy; Organizational Design; Privatization; Problems and Challenges; Education Industry; United States
- December 2016 (Revised February 2019)
- Case
Kurt Summers: Investing in Our Chicago
By: Joshua Margolis and Michael Norris
In 2016, Kurt Summers, the Chicago City Treasurer, faced a decision with potential personal and political ramifications: whether or not to ask the city’s Mayor to join a class action antitrust suit against the city’s creditors for actions they took during the Global... View Details
- December 2016
- Article
Corporate Sponsorship in Culture—A Case of Collaborative Marketing by a Global Bank and a Major Art Museum
By: Ragnar Lund and Stephen A. Greyser
This paper examines cultural sponsorship from a partnership perspective. It studies the collaboration between two international institutions, a bank and a museum, and their value co-creation with customers and audiences. This in-depth case study of a sponsorship... View Details
- Article
Risk Management—The Revealing Hand
By: Robert S. Kaplan and Anette Mikes
Many believe that the recent emphasis on enterprise risk management function is misguided, especially after the failure of sophisticated quantitative risk models during the global financial crisis. The concern is that top-down risk management will inhibit innovation... View Details
Keywords: Risk Management
- September 2016 (Revised March 2018)
- Case
Qalaa Holdings and the Egyptian Refining Company
By: Victoria Ivashina and Marc Homsy
This case follows Qalaa Holdings, a successful Egypt-based private equity firm, and gives insight into the types of investments it pursued, its growth over time, and the limited partner base it had at hand. It also allows students to consider and debate whether the... View Details
- September 2016 (Revised August 2018)
- Case
State Street—The Development and Growth of SHE
By: Vikram Gandhi
State Street Global Advisors was the investment arm of State Street Corporation, one of the largest custodians and asset managers in the world with over $2.3 trillion in assets under management. Inspired by demand from a large pension fund client for better gender... View Details
- September 2016 (Revised December 2018)
- Case
Joan Bavaria and Multi-Dimensional Capitalism
By: Geoffrey Jones and Seema Amble
The case examines the career of Joan Bavaria, a pioneer of socially responsible investing and founder of Trillium Asset Management and Ceres, the nonprofit organization advocating for sustainability leadership. It describes her personal journey from art student and... View Details
- July 2016 (Revised January 2019)
- Case
Cyber Breach at Target
By: Suraj Srinivasan, Lynn S. Paine and Neeraj Goyal
In November and December of 2013, Target Corporation suffered one of the largest cyber breaches to date. The breach that occurred during the busy holiday shopping season resulted in personal and credit card information of approximately 110 million Target customers... View Details
- June 2016 (Revised May 2017)
- Case
FANUC Corporation: Reassessing the Firm's Governance and Financial Policies
By: Benjamin C. Esty, Nobuo Sato and Akiko Kanno
In February 2015, Daniel Loeb (a U.S.–based activist investor) announced his firm had a large investment in FANUC Corporation, a leading producer of industrial robots and software for machine tools. Loeb was demanding that the Japanese firm change its financial and... View Details
Keywords: Hedge Funds; Economic Policy; Investments; Government Policy; Deregulation; Financial Management; Valuation; Investment Funds; Policy; Corporate Governance; Macroeconomics; Investment Activism; Change Management; Financial Strategy; Cross-Cultural and Cross-Border Issues; Japan; United States
- June 2016
- Supplement
FANUC Corporation: Reassessing the Firm's Governance and Financial Policies Spreadsheet Supplement
By: Benjamin C. Esty and Akiko Kanno
In February 2015, Daniel Loeb (a US-based activist investor) announced his firm had a large investment in FANUC Corporation, a leading producer of industrial robots and software for machine tools. Loeb was demanding that the Japanese firm change its financial and... View Details
- June 2016
- Supplement
Supply Chain Finance at Procter & Gamble Spreadsheet Supplement
By: Benjamin C. Esty, Scott Mayfield and David Lane
In April 2013, Procter & Gamble (P&G), the world’s largest consumer packaged goods (CPG) company, announced that it would extend its payment terms to suppliers by 30 days. At the same time, P&G announced a new supply chain financing (SCF) program giving suppliers the... View Details
Keywords: Working Capital; Supply Chain Finance; Corporate Treasury; Consumer Packaged Goods; Value Creation; Supply Chain; Supplier Relationships; Banking; Liquidity; Accounts Payable; Accrual Accounting; Financial Reporting; Cash Flow; Cost Management; Banks and Banking; Financial Strategy; Multinational Firms and Management; Supply Chain Management; United States; Brazil
- June 2016
- Article
Local Currency Sovereign Risk
By: Wenxin Du and Jesse Schreger
We introduce a new measure of emerging market sovereign credit risk: the local currency credit spread, defined as the spread of local currency bonds over the synthetic local currency risk-free rate constructed using cross-currency swaps. We find that local currency... View Details
- May 2016 (Revised May 2017)
- Case
Supply Chain Finance at Procter & Gamble
By: Benjamin C. Esty, E. Scott Mayfield and David Lane
In April 2013, Procter & Gamble (P&G), the world’s largest consumer packaged goods (CPG) company, announced that it would extend its payment terms to suppliers by 30 days. At the same time, P&G announced a new supply chain financing (SCF) program giving suppliers the... View Details
Keywords: Working Capital; Supply Chain Finance; Corporate Treasury; Consumer Packaged Goods; Supply Chain; Supplier Relationships; Banking; Liquidity; Accounts Payable; Financial Reporting; Cash Flow; Cost Management; Banks and Banking; Financial Strategy; Multinational Firms and Management; Supply Chain Management; Accrual Accounting; Value Creation; Consumer Products Industry; Forest Products Industry; United States; Brazil
- May 2016 (Revised April 2019)
- Case
Olivia Lum: Wanting to Save the World
By: Geoffrey Jones and Essie Alamsyah
This case considers the entrepreneurial career of Olivia Lum, who founded the Singaporean water company Hyflux in 1989. An orphan born in Malaysia, Lum provides a rare case of an entrepreneurial success in a country whose economic success has primarily rested on... View Details
Keywords: Industrial Organization; Chinitz; Agglomeration; Clusters; Cities; Mine; Environmental Management; Operations Management; Sustainable Operations; Environmental Regulation; Entrepreneurship; Globalization; History; Operations; Management; Environmental Sustainability; Green Technology Industry; Utilities Industry; China; Singapore
- May 24, 2016
- Editorial
The EU Has Trust Issues, and It's Taking Down Greece's Economy
By: George Serafeim