Publications

2007
Chapter

Microfinance: Business, Profitability, and the Creation of Social Value

By: Michael Chu

The chapter examines the development of microfinance from its NGO origins to the present stage in which it is characterized by regulated commercial institutions capable of superior financial returns. It then looks at the creation of social value under these... View Details

Keywords: Microfinance; Investment Return; Profit; Governing Rules, Regulations, and Reforms; Social Enterprise; Non-Governmental Organizations; Perspective; Value Creation

Profile

Chris Hurst

Determined to “address problems at their root cause,” Chris is pursuing the joint MBA/MPA-ID (International Development) degree at HBS and the Harvard Kennedy School. “In the big picture, I want to address two large questions,” says Chris. “One, how can the... View Details

January 2006 (Revised February 2006)
Case

Deutsche Borse and the European Markets

By: Dwight B. Crane and Monika Stachowiak

In December 2004, Deutsche Borse proposed an offer for the London Stock Exchange. Some shareholders opposed the acquisition, leading to the offer's withdrawal and replacement of management, including the CEO and board members. Written from the viewpoint of Deutsche... View Details

Keywords: Mergers and Acquisitions; Strategy; Governing and Advisory Boards; Capital Structure; Stocks; Valuation; Corporate Governance; Price; Change Management; Commercialization; Financial Services Industry; Europe

April 2012
Article

Share Issuance and Factor Timing

By: Robin Greenwood and Samuel G. Hanson

We show that characteristics of stock issuers can be used to forecast important common factors in stocks' returns such as those associated with book-to-market, size, and industry. Specifically, we use differences between the attributes of stock issuers and repurchasers... View Details

Keywords: Investment Portfolio; Stock Shares; Forecasting and Prediction; Investment Return; Policy; Profit

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08 Jan 2001
Research & Ideas

Can Japan Compete? [Part Two]

inefficient local industries, including construction and food processing, they will not become competitive. The traditional Japanese government approach has been to believe that if, say, the chemical... View Details

Keywords: by Martha Lagace & Hilah Geer

August 2010 (Revised December 2010)
Case

Malcolm Life Enhances Its Variable Annuities

By: Robert C. Pozen and David J. Pearlman

The case involves an insurance CEO choosing between different designs for a variable annuity product in light of hedging, marketing, and pricing issues. The case provides students with background on the economics and regulation of life insurance and variable annuities.... View Details

Keywords: Annuities; Insurance; Investment Return; Governing Rules, Regulations, and Reforms; Product Design; Insurance Industry; United States

June 2025
Case

Vail Resorts: Responding to Activist Pressure (A)

By: Benjamin C. Esty and Edward A. Meyer

On January 27, 2025, the head of a relatively small hedge fund named Late Apex Partners sent a highly critical letter to the board of directors of Vail Resorts, the world’s largest ski resort operator. In his letter, and the 88-slide presentation that accompanied his... View Details

Keywords: Corporate Finance; Capital Budgeting; Corporate Governance; Competitive Advantage; Competitive Strategy; Leading Change; Valuation; Investment Activism; Climate Change; Management Succession; Financial Management; Risk Management; Business and Shareholder Relations; Sports Industry; Entertainment and Recreation Industry; Travel Industry; United States; Australia; Canada

01 Dec 2019
News

INK: Big News for Small Business

relationship banking and maintain that role as the trusted local advisor. What will it take to get us there? Regulation is one of the greatest concerns as we move into this next stage of innovation, but the question is not more or less... View Details

Keywords: Jen McFarland Flint

June 2006
Article

Capital Gain Tax Overhang and Price Pressure

Keywords: Capital; Taxation; Profit; Price

SSRN

13 Mar 2012
First Look

First Look: March 13

software and IT service firms will likely have an inward focus over the next five years and will, therefore, only slowly emerge onto the global market. Working PapersThe Role of Organizational Scope and Governance in Strengthening... View Details

Keywords: Sean Silverthorne

December 1996
Background Note

Financial Engineering and Tax Risk: The Case of Times Mirror PEPS

By: Peter Tufano

Provides general background on the taxation of corporate securities, and shows how the inconsistent taxation of functionally-similar securities can permit financial engineers to bear tax risk to earn positive returns. Designed to be used with Times Mirror Co. PEPS... View Details

Keywords: Risk Management; Taxation; Corporate Finance

1992
Chapter

U.S.-Japan Trade Today

By: Kenneth A. Froot

Keywords: International Trade; International Finance; Trade; International Relations; Japan; United States

2008
Working Paper

The Small World of Investing: Board Connections and Mutual Fund Returns

By: Lauren Cohen, Andrea Frazzini and Christopher J. Malloy

This paper uses social networks to identify information transfer in security markets. We focus on connections between mutual fund managers and corporate board members via shared education networks. We find that portfolio managers place larger bets on firms they are... View Details

Keywords: Asset Pricing; Investment Portfolio; Governing and Advisory Boards; Knowledge Sharing; Knowledge Use and Leverage; Social and Collaborative Networks; Financial Services Industry

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12 Jul 2021
News

Alumni Confront the COVID-19 Crisis

Rapid Pandemic Response Group, offers end-to-end COVID-19 testing solutions to governments and corporations. Headquartered in Berlin with a footprint across Europe and the Americas via local partners, RPR... View Details

January 1997 (Revised March 1997)
Background Note

Note on Money and Monetary Policy

By: David A. Moss and Wyatt C. Wells

Offers a brief overview of economic thinking about the nature of money and about how the central bank can affect the economy through monetary policy. View Details

Keywords: Sovereign Finance; Government Administration; Policy; Central Banking; Money; Inflation and Deflation; Financial Crisis

26 Feb 2021
News

Latinx on Boards; High-Tech Reforestation

representation on private and public boards. “Our goal is to get 21 Latino placements on boards in 2021,” says Lulu Curiel (MBA 2010) , president of Ivy Advisors, who organized and hosted the webinars with Melissa Hart (MBA 2017), senior View Details

Keywords: Margie Kelley

Article

Early Withdrawal of Pandemic Unemployment Insurance: Effects on Earnings, Employment and Consumption

By: Kyle Coombs, Arindrajit Dube, Calvin Jahnke, Raymond Kluender, Suresh Naidu and Michael Stepner

In June 2021, 22 states ended all supplemental pandemic unemployment insurance (UI) benefits, eliminating benefits entirely for over 2 million workers and reducing benefits by $300 per week for over 1 million workers. Using anonymous bank transaction data and a... View Details

Keywords: COVID-19 Pandemic; Unemployment Insurance; Health Pandemics; Insurance; Employment; Financial Condition; Spending; Government Administration