Publications
Publications
Show Results For
- All HBS Web
(2,559)
- Faculty Publications (699)
- August 2024 (Revised November 2024)
- Case
Mercado Bitcoin: M&A, IPO, or Series B?
By: Raymond Kluender, Emanuele Colonnelli, Sabrina T. Howell and Karina Souza
In April 2021, Brazilian cryptocurrency platform Mercado Bitcoin had to decide how to scale: go public, M&A with a bank, or take a VC big check. In a highly volatile market, Roberto Dagnoni, chairman of the board, viewed the unprecedent crypto momentum as a window of... View Details
Keywords: Cryptocurrency; Mergers and Acquisitions; Business Growth and Maturation; Business Startups; Decision Making; Going Public; Ownership Stake; Strategic Planning; Venture Capital; Problems and Challenges; Business Cycles; Digital Platforms; Emerging Markets; Market Timing; Expansion; Diversification; Valuation; Value Creation; Investment Funds; Initial Public Offering; Price; Price Bubble; Negotiation Offer; Financial Liquidity; Information Technology Industry; Financial Services Industry; Latin America; South America; Brazil; Sao Paulo; United States
- August 2024
- Case
Quickmart: Sustaining Growth in a Challenging Economic Environment
By: Ramon Casadesus-Masanell and Kuria Kamau
In July 2023, Peter Kang’iri, the Chief Executive Officer (CEO) of Quickmart, Kenya’s second-largest retail chain, sat in his Nairobi office reviewing the company’s first half financial results before the weekly executive committee (EXCO) meeting. The company was in... View Details
- July 2024
- Case
Jacqueline Cook at Vendasta: Debating an IPO
By: Reza Satchu, Tom Quinn and Andrew Kosc
In May 2021, after a surge in demand for digital services that prompted high valuations for startups across the Canadian tech sector, Saskatchewan-based Vendasta entered the final stages of the initial public offering (IPO) process. COO Jacqueline Cook had invested her... View Details
Keywords: Business Growth and Maturation; Business Startups; Interpersonal Communication; Cost vs Benefits; Forecasting and Prediction; Business Cycles; Entrepreneurship; Fairness; Capital Markets; Private Equity; Investment Banking; Stock Options; Financial Markets; Initial Public Offering; Institutional Investing; Price Bubble; Digital Platforms; Digital Transformation; Internet and the Web; Leadership; Growth and Development Strategy; Managerial Roles; Agreements and Arrangements; Going Public; Ownership Stake; Performance Expectations; Work-Life Balance; Strategic Planning; Business and Stakeholder Relations; Rank and Position; Risk and Uncertainty; Opportunities; Happiness; Reputation; Status and Position; Well-being; Information Technology Industry; Retail Industry; Canada
- July 2024
- Case
Wizards of the Coast and Magic: The Rebounding
By: Boris Groysberg and Tom Quinn
This case traces the history and growth of the Magic: The Gathering trading card game. From its development in 1993 by tiny studio Wizards of the Coast, to Wizards’ acquisition by toy giant Hasbro in 1999, to its evolution into a billion-dollar brand in 2023,... View Details
Keywords: Business Growth and Maturation; Change Management; Transformation; Cost vs Benefits; Business Cycles; Games, Gaming, and Gambling; Global Strategy; Growth and Development; Selection and Staffing; Collaborative Innovation and Invention; Innovation Leadership; Intellectual Property; Job Design and Levels; Knowledge Use and Leverage; Leading Change; Growth and Development Strategy; Growth Management; Management Succession; Risk Management; Brands and Branding; Product Positioning; Organizational Change and Adaptation; Competitive Strategy; Competitive Advantage; Expansion; Mergers and Acquisitions; Product Development; Entertainment and Recreation Industry; United States; Washington (state, US); Seattle; Japan
- June 2024
- Article
Real Growth in Space Manufacturing Output Substantially Exceeds Growth in the Overall Space Economy
By: Tina Highfill and Matthew Weinzierl
Accurately measuring real economic output in the space economy is made difficult by the rapid increase in capabilities and decrease in prices of launch and satellite technologies achieved over the past two decades. Nominal measures of output in space will tend to... View Details
- May 2024
- Case
SofMedica Group: Managing Growth
By: Boris Groysberg and Sarah L. Abbott
SofMedica Group had expanded from its origins as a medical equipment distributor in Romania to a holding company with four business lines operating in six countries. This expansion had been driven by SofMedica’s mission: to make cutting edge medical technology... View Details
Keywords: Growth; Healthcare Access; Healthcare; Medical Devices; Medical Equipment ＆ Devices; Medical Care; Eastern Europe; Quality Management System; Health Care and Treatment; Growth Management; Education; Organizational Change and Adaptation; Quality; Leadership; Mission and Purpose; Expansion; Developing Countries and Economies; Technological Innovation; Health Industry; Medical Devices and Supplies Industry; Europe; Romania
- Spring 2024
- Article
The Evolution of Banking in the 21st Century: Evidence and Regulatory Implications
By: Samuel Gregory Hanson, Victoria Ivashina, Laura Nicolae, Jeremy C. Stein, Adi Sunderam and Daniel K. Tarullo
As revealed by the failures of three regional banks in the spring of 2023, bank runs are not a thing of the past. To inform the ongoing discussion of the appropriate regulatory response, we examine trends in the banking industry over the last twenty-five years. On the... View Details
- Second Quarter 2024
- Article
Venture Capital in a Time of Turmoil
By: Josh Lerner
One area of consensus among academic
economists and policymakers is the need
for greater innovation. This concern is
rooted in worries about the lagging rate
of productivity growth in many Western
nations. In the U.S., for instance, the productivity growth rate... View Details
- March 2024
- Case
Teamworks: Tackling a Forecasting Fumble (A)
By: N. Louis Shipley and Stacy Straaberg
In late March 2018, Teamworks CEO Zach Maurides learned Q1 2018 sales were at risk for a large forecasting miss. Founded in 2004, Teamworks’s software application assisted support staff in messaging, scheduling, and sharing documents with collegiate and professional... View Details
Keywords: Acquisition; Business Growth and Maturation; Communication Strategy; Decisions; Forecasting and Prediction; Business Cycles; Technological Innovation; Sports; Growth and Development Strategy; Resource Allocation; Marketing; Sales; Business Strategy; Expansion; Sports Industry; Technology Industry; United States; North Carolina
- March 2024
- Supplement
Teamworks: Tackling a Forecasting Fumble (B)
By: N. Louis Shipley, Stacy Straaberg and Tom Quinn
In late March 2018, Teamworks CEO Zach Maurides learned Q1 2018 sales were at risk for a large forecasting miss. Founded in 2004, Teamworks’s software application assisted support staff in messaging, scheduling, and sharing documents with collegiate and professional... View Details
Keywords: Acquisition; Business Growth and Maturation; Communication Strategy; Decisions; Forecasting and Prediction; Business Cycles; Technological Innovation; Sports; Growth and Development Strategy; Resource Allocation; Marketing; Sales; Business Strategy; Expansion; Valuation; Sports Industry; Technology Industry; United States; North Carolina
- March 2024 (Revised June 2024)
- Case
Kashat: Navigating the Uncertainties of the Egyptian Fintech Market
By: Paul A. Gompers and Ahmed Dahawy
Karim Nour, the founder of Kashat, an Egyptian nano-lending fintech company, is contemplating how to manage the growth of his startup. Over the summer of 2022, Kashat's loan disbursements had grown by nearly 40%, fueled by macroeconomic instability in Egypt. However,... View Details
- 2024
- Working Paper
Appropriate Entrepreneurship? The Rise of China and the Developing World
By: Josh Lerner, Junxi Liu, Jacob Moscona and David Yang
Global innovation and entrepreneurship has traditionally been dominated by a handful
of high-income countries, especially the US. This paper investigates the international
consequences of the rise of a new hub for innovation, focusing on the dramatic
growth of... View Details
- March 2024 (Revised February 2025)
- Case
Doing Business in São Paulo, Brazil
The case gives readers an overview of key factors of doing business in Brazil, including Brazil’s economic transformation since its colonial years until 2023, when leftist President Luiz Inácio Lula da Silva was sworn in for his third term, after the most polarized... View Details
- 2024
- Working Paper
Corporate Debt, Boom-Bust Cycles, and Financial Crises
By: Victoria Ivashina, Sebnem Kalemli-Özcan, Luc Laeven and Karsten Müller
Using a new dataset on sectoral credit exposures covering financial and non-financial sectors in 115 economies over the period 1940–2014, we document the following evidence that corporate debt plays a key role in explaining boom-bust cycles, financial crises, and slow... View Details
- March 2024
- Article
Human Capital Affects Religious Identity: Causal Evidence from Kenya
By: Livia Alfonsi, Michal Bauer, Julie Chytilová and Edward Miguel
We study how human capital and economic conditions causally affect the choice of religious denomination. We utilize a longitudinal dataset monitoring the religious history of more than 5,000 Kenyans over 20 years, in tandem with a randomized experiment (deworming) that... View Details
- February 2024 (Revised June 2024)
- Case
Can Families Conquer Private Equity? Pritzker Private Capital
By: Lauren Cohen and Sophia Pan
Anthony (Tony) Pritkzer, Paul Carbone, and the Pritzker Private Capital (PPC) team wondered how to approach the firm’s next phase of growth. PPC was a private equity firm that offered a differentiated approach to the family capital market. Back in 2016, the partners... View Details
Keywords: Family Office; External Financing; Succession; Leadership Transition; Family Business; Private Equity; Investment; Business Growth and Maturation; Financial Strategy; Investment Portfolio; Business Model; Private Sector; Financial Liquidity; Risk Management; Organizational Structure; Competitive Advantage; Venture Capital; Management Succession; Financial Services Industry; Chicago; Illinois; United States
- 2024
- Article
Technological Adoption and Taxation: The Case of China's Golden Tax Reform
By: Haichao Fan, Yu Liu, Nancy Qian and Jaya Y. Wen
This paper investigates the effect of Phase 2 of the Golden Tax Project on VAT in China. The reform introduced computer-generated invoices and electronic transaction linking. Using a difference-in-differences strategy, we show that the reform increased VAT by reducing... View Details
- 2024
- Chapter
The Private Economy Under Party-State Capitalism
By: Margaret M. Pearson, Meg Rithmire and Kellee S. Tsai
This chapter addresses the evolution of China’s approach to the private sector from the early reform era until the beginning of Xi Jinping’s third term. It argues that China has evolved from a familiar form of state capitalism, in which economic growth is the primary... View Details
- November 2023
- Case
Gabon Special Economic Zone
By: John Macomber and Wale Lawal
Tropical rain forest covers about 80% of the West African nation of Gabon, part of the Congo Basin and the "lungs of the world." Gabon is one of the first nations to earn revenue from carbon sequestration...as long as the rain forest remains intact. There are... View Details
- November 2023 (Revised July 2024)
- Case
'Care in Every Drop': Ayala Corporation and Manila Water (A)
By: Debora L. Spar, Paul Healy, Tricia Peralta and Julia M. Comeau
Since 1834, eight generations of the Ayala family have used their conglomerate to fund nation-building projects in the Philippines, including investments in tramcars, telecommunications, hospitals, and schools. In 1997, Ayala’s subsidiary, Manila Water, took control of... View Details