Publications

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1990
Chapter

Multinational Corporations, Exchange Rates, and Direct Investment

By: K. A. Froot

Keywords: Corporate Finance; Market Imperfections; Financial Instruments; Foreign Direct Investment; Markets; Asset Pricing

2001
Book

Winning Angels: The Seven Fundamentals of Early-stage Investing

By: David Amis and H. H. Stevenson

Keywords: Investment Portfolio

2022
Article

Climate Change Vulnerability and Currency Returns

By: Alex Cheema-Fox, George Serafeim and Hui (Stacie) Wang

Using measures of physical risk from climate change, we develop a methodology to allocate currency pairs according to a country’s vulnerability and construct portfolios with decreasing vulnerability to physical risk. We show that non-G10 currencies are more vulnerable... View Details

Keywords: Climate Finance; Vulnerabilities; Currencies; Foreign Exchange; Climate Change; Currency; Natural Disasters

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March 2006 (Revised November 2006)
Case

China: To Float or Not To Float? (D)- Bank of America's Strategic Investment in China Construction Bank

By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel

With its $3 billion investment in Chinese state bank China Construction Bank, Bank of America--the second U.S. bank behind Citigroup in terms of assets and market capitalization--was one of several foreign banks directly participating in China's banking sector reform.... View Details

Keywords: Currency Exchange Rate; Banks and Banking; Foreign Direct Investment; International Relations; Banking Industry; China; United States

September 2011
Article

What Drives Sell-Side Analyst Compensation at High-Status Investment Banks?

By: Boris Groysberg, Paul M. Healy and David A. Maber

We use proprietary data from a major investment bank to investigate factors associated with analysts' annual compensation. We find compensation to be positively related to "All-Star" recognition, investment-banking contributions, the size of analysts' portfolios, and... View Details

Keywords: Investment Banking; Research; Compensation and Benefits; Investment Portfolio; Forecasting and Prediction; Resource Allocation; Status and Position; Business Earnings; Quality; Revenue; Stocks; Voting

January 2013 (Revised January 2015)
Case

FX Risk Hedging at EADS

By: W. Carl Kester, Vincent Dessain and Karol Misztal

In 2008, EADS, the European aerospace group that owns Airbus, was faced with the decision of how best to hedge a large and growing mismatch between its dollar revenues and its euro manufacturing costs. Specifically, the company needed to decide if it would continue... View Details

Keywords: Derivatives; Foreign Exchange; Options; Forward Contract; Aerospace; Europe; Risk Management; Futures and Commodity Futures; Aerospace Industry; Europe

Web

Field Course: Investing for Impact - Course Catalog

will work to understand and make the investment case to an investment committee consisting of HBS alumni. Students may also provide advisory support for companies that have been supported with View Details

July 2004
Article

Protecting Foreign Investors in the Developing World: A Shift in U.S. Policy in the 1990s?

By: L. T. Wells Jr.

Keywords: Governance; Global Range; Investment; Developing Countries and Economies

1998
Chapter

God and Fair Competition: Does the Foreign Direct Investor Face Still Other Risks in Emerging Markets

By: L. T. Wells Jr. and T. Moran

Keywords: Foreign Direct Investment; Fairness; Competition; Emerging Markets

Web

Investment Management and Capital Markets - Course Catalog

tail risk hedging, futures and swaps, etc.). Students also explore investing from the asset owner perspective, learning modern practices in portfolio construction for personal and institutional investors... View Details

30 Dec 2014
Working Paper Summaries

Return on Political Investment in the American Jobs Creation Act of 2004

Keywords: by Hui Chen, Katherine Gunny & Karthik Ramanna

December 2018 (Revised October 2020)
Case

Shiseido: Reinvesting in Brand

By: Jill Avery and Nobuo Sato

Shiseido was in the midst of a six year corporate turnaround, trying to reverse the effects of decades of under-investment in R&D and marketing which had led to a cycle of declining customer support and brand value. Would the CEO’s VISION 2020 plan, centered on four... View Details

June 1995 (Revised June 1996)
Case

White Nights and Polar Lights: Investing in the Russian Oil Industry

By: Debora L. Spar

In the latter half of the 1980s, the collapse of the Soviet empire created an unprecedented opportunity for Western businesses. Among those most attracted were the oil firms, who rushed to investigate Russia's vast petroleum reserves. But, as they soon discovered,... View Details

Keywords: Risk and Uncertainty; Market Entry and Exit; Foreign Direct Investment; Energy Sources; Energy Industry; Russia

2014
Working Paper

Friends with Close Ties: Asset or Liability? Evidence from the Investment Decisions of Mutual Funds in China

By: Xinzi Gao, T.J. Wong, Lijun Xia and Gwen Yu

When fund managers have close ties to their investees, it can facilitate efficient information sharing but can also increase the possibility of favoritism. Using the investment choices of mutual funds in China, we test whether funds with close ties to their investees... View Details

Keywords: Social Ties; Conflict of Interests; Asset Management; Investment Portfolio; Networks; Financial Services Industry; China

June 2023 (Revised May 2024)
Case

Optimalen Capital

By: Malcolm Baker, Elisabeth Kempf and Jonathan Wallen

A new client portfolio manager at a quantitative investment management firm must explain why her firm, Optimalen Capital, has rebalanced a client portfolio with a set of trades that seem unintuitive. In particular, Optimalen has added to its position of Walmart (ticker... View Details

Keywords: Investments; CAPM; Capital Asset Pricing Model; Investment Portfolio; Asset Pricing

The MBA course on "Risks, Opportunities, and Investments in an Era of Climate Change" is ideal for students who aspire to become entrepreneurs by starting their own company or joining a start-up that is driving innovation and solving challenges posed by climate change.... View Details

Web

Field Course: Public Markets Investing Seminar - Course Catalog

portfolio and risk management. Students will develop and refine their investment process organization, creating a framework for investing. This should allow them to better utilize and develop pattern... View Details

November 2021
Article

Venture Capitalists and COVID-19

By: Paul A. Gompers, Will Gornall, Steven N. Kaplan and Ilya A. Strebulaev

We survey over 1,000 institutional and corporate venture capitalists (VCs) at more than 900 different firms to learn how their decisions and investments have been affected by the COVID-19 pandemic. We compare their survey answers to those provided by a large sample of... View Details

Keywords: Investment Decisions; COVID-19 Pandemic; Impact; Health Pandemics; Venture Capital; Investment; Decision Making; Surveys