Publications
Publications
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- All HBS Web
(1,065)
- Faculty Publications (226)
- June 2021
- Case
Modern Endowment Management: Paula Volent and the Bowdoin Endowment
By: Luis M. Viceira, Emily R. McComb and Dean Xu
This case examines modern endowment investment management through the lens of a leadership transition between Chief Investment Officers (CIOs). In March 2021, Paula Volent is about to step down as the CIO of the endowment of Bowdoin College after twenty-one years, and... View Details
- May–June 2021
- Article
Getting Up to Speed in Your Sales Efforts
By: Frank V. Cespedes and Zoran Latinovic
In a study before the pandemic, Pricewaterhouse Coopers found that companies had made little progress in the previous decade in speeding up their cash-conversion cycle, as the cash crunch generated by the pandemic painfully demonstrated. In most firms, sales velocity... View Details
- 2021
- Working Paper
Granular Corporate Hedging Under Dominant Currency
By: Laura Alfaro, Mauricio Calani and Liliana Varela
Foreign currency use can be a source of risk associated with currency mismatches, which firms can hedge using FX derivatives. This paper uncovers five novel facts about firms’ use of foreign currency (FX) derivatives employing a unique dataset covering the universe of... View Details
- May 2021
- Case
André Hoffmann: Beyond Philanthropy
By: Lauren Cohen, Hao Gao, Jiawei Ye and Spencer C.N. Hagist
André Hoffmann is a leader of one of the world's largest pharmaceutical companies. His exceptional tenure in philanthropy over the past several decades, including being president of the WWF and the vice-president of the MAVA Foundation, has allowed him access to a far... View Details
- 2020
- Working Paper
Currency Hedging in Emerging Markets: Managing Cash Flow Exposure
By: Laura Alfaro, Mauricio Calani and Liliana Varela
Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets in particular, is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of... View Details
- Article
How Real Sales Learning Happens: In the Flow of Work
By: Yuchun Lee, Mark Magnacca and Frank V. Cespedes
Most learning in sales is through peer learning in task-specific contexts, and the effects are cumulative because modeling behavior is a big driver of how salespeople develop. This is very different from the experience in most training seminars, especially if the... View Details
- January 2021
- Supplement
Bespoken Spirits: Disrupting Distilling
By: Benjamin C. Esty and Daniel Fisher
On October 7, 2020, Bespoken Spirits publicly announced it had received $2.6 million of seed funding for its “sustainable maturation process,” a process that could produce award-winning whiskeys in just days rather than years using a novel technology and data science. ... View Details
Keywords: Business Ventures; Business Strategy; Competitive Advantage; Disruption; Entrepreneurship; Environmental Sustainability; Cash Flow; Disruptive Innovation; Innovation Strategy; Brands and Branding; Business Model; Consumer Products Industry; Food and Beverage Industry; Service Industry; United States; California
- January 2021
- Case
Bespoken Spirits: Disrupting Distilling
By: Benjamin C. Esty and Daniel Fisher
On October 7, 2020, Bespoken Spirits publicly announced it had received $2.6 million of seed funding for its “sustainable maturation process,” a process that could produce award-winning whiskeys in just days rather than years using a novel technology and data science. ... View Details
Keywords: Business Ventures; Business Strategy; Competitive Advantage; Disruption; Entrepreneurship; Environmental Sustainability; Cash Flow; Disruptive Innovation; Innovation Strategy; Brands and Branding; Business Model; Consumer Products Industry; Food and Beverage Industry; Service Industry; United States; California
- January 2021 (Revised February 2021)
- Case
Carnival Corporation: Cruising Through COVID-19
By: Stuart C. Gilson and Sarah Abbott
In March 2020, in response to the global pandemic, the cruise industry ceased operations. Carnival was the largest cruise line operator in the world, and CEO Arnold Donald and his management team worked to position the company to survive. They slashed operating... View Details
- November 2020
- Teaching Note
Valuing Celgene's CVR
By: Benjamin C. Esty and Daniel Fisher
Teaching Note for HBS Case No. 221-031. When Bristol-Myers Squibb (BMS) acquired Celgene Corporation in November 2019, Celgene shareholders received cash, BMS stock, and a contingent value right (CVRs) that would pay $9 if the U.S. Food and Drug Administration (FDA)... View Details
- November 2020
- Supplement
Valuing Celgene's CVR
By: Benjamin C. Esty and Daniel Fisher
When Bristol-Myers Squibb (BMS) acquired Celgene Corporation in November 2019, Celgene shareholders received cash, BMS stock, and a contingent value right (CVRs) that would pay $9 if the U.S. Food and Drug Administration (FDA) approved three of Celgene’s late stage... View Details
- November 2020
- Case
Valuing Celgene's CVR
By: Benjamin C. Esty and Daniel Fisher
When Bristol-Myers Squibb (BMS) acquired Celgene Corporation in November 2019, Celgene shareholders received cash, BMS stock, and a contingent value right (CVRs) that would pay $9 if the U.S. Food and Drug Administration (FDA) approved three of Celgene’s late stage... View Details
- 2020
- Working Paper
Short-Termism, Shareholder Payouts, and Investment in the EU
By: Jesse M. Fried and Charles C.Y. Wang
Investor-driven “short-termism” is said to harm EU public firms' ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered—in the form of rising levels of repurchases and dividends—is... View Details
- 2021
- Working Paper
Time and the Value of Data
By: Ehsan Valavi, Joel Hestness, Newsha Ardalani and Marco Iansiti
Managers often believe that collecting more data will continually improve the accuracy of their machine learning models. However, we argue in this paper that when data lose relevance over time, it may be optimal to collect a limited amount of recent data instead of... View Details
- August 2020
- Article
Workplace Knowledge Flows
By: Jason Sandvik, Richard Saouma, Nathan Seegert and Christopher Stanton
We conducted a field experiment in a sales firm to test whether improving knowledge flows between coworkers affects productivity. Our design allows us to compare different management practices and to isolate whether frictions to knowledge transmission primarily reside... View Details
- June 2020
- Supplement
TransDigm: The Acquisition of Aerosonic Corp.
By: Benjamin C. Esty and Daniel W. Fisher
This courseware accompanies the case "TransDigm: The Acquisition of Aerosonic Corp." View Details
- June 2020
- Case
TransDigm: The Acquisition of Aerosonic Corp.
By: Benjamin C. Esty and Daniel W. Fisher
In April 2013, TransDigm, a company that manufactured a wide range of highly engineered aerospace parts for both military and commercial aircraft, announced an agreement to acquire Aerosonic Corporation for $39 million in cash (1.2 times Aerosonic’s sales of $31... View Details
- May 2020 (Revised June 2020)
- Case
TransDigm's Acquisition and Integration of Arkwin Industries
By: Benjamin C. Esty and Daniel W. Fisher
In May 2013, TransDigm, a company that manufactured a wide range of highly engineered aerospace parts for both military and civilian aircraft, announced it was buying Arkwin Industries for $286 million in cash (3 times Arkwin’s sales of $91 million). Having acquired... View Details
- April 2020
- Case
Cockpit Dynamics in Air France 447 and United 232
By: Amy C. Edmondson and Joshua Raymond
This case compares leadership and team dynamics between the cockpit crews in two renowned passenger airline crashes, twenty years apart: Air France 447 in 2009 and United 232 in 1989. The key dimensions of difference across the cases include organization and task... View Details
- 2020
- Working Paper
Global Talent and U.S. Immigration Policy
By: William R. Kerr
Talent is a critical resource for today’s knowledge economy. The United States has benefited substantially from high-skilled migration since the 1970s, especially with respect to innovation and entrepreneurship. This chapter reviews data on these immigrant... View Details