Publications

Fourth Quarter 2007
Article

Contingent Claims Approach to Measuring and Managing Sovereign Credit Risk

By: Dale . F. Gray, Robert C. Merton and Zvi Bodie

This paper proposes a new approach to measure, analyze, and manage sovereign risk based on the theory and practice of modern contingent claims analysis (CCA). The paper provides a new framework for adapting the CCA model to the sovereign balance sheet in a way that can... View Details

Keywords: Credit; Investment; Sovereign Finance; Risk Management; Emerging Markets; Market Transactions; Mathematical Methods; Valuation

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April 2013 (Revised February 2018)
Case

Norway: The Embarrassment of Riches

By: Sophus A. Reinert, Forest Reinhardt and Senny Munthe-Kaas

In early 2013, Norway was by many accounts the world’s most developed country; it topped various indices for everything from democracy to happiness, had a comprehensive welfare state, and massive oil revenues endowed it with a substantial, and growing, Sovereign Wealth... View Details

Keywords: Sovereign Wealth Funds; Welfare State; Natural Resources; Internationalization; Dutch Disease; Happiness; Macroeconomics; Energy Sources; Values and Beliefs; Sovereign Finance; Immigration; Welfare; Energy Industry; Norway

2024
Working Paper

Ponzi Funds

By: Philippe van der Beck, Jean-Philippe Bouchaud and Dario Villamaina

Many active funds hold concentrated portfolios. Flow-driven trading causes price pressure, which pushes up the funds’ existing positions resulting in realized returns. We decompose fund returns into a price pressure (self-inflated) and a fundamental component and... View Details

Keywords: Investment Funds; Investment Portfolio; Investment Return; Price Bubble; Financial Reporting; Financial Liquidity

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January 2018
Supplement

Norway: The Embarrassment of Riches (B)

By: Sophus A. Reinert

Supplements the (A) case. View Details

Keywords: Sovereign Wealth Funds; Welfare State; Natural Resources; Internationalization; Norway

August 2015
Article

Dollar Funding and the Lending Behavior of Global Banks

By: Victoria Ivashina, David S. Scharfstein and Jeremy C. Stein

A large share of dollar-denominated lending is done by non-U.S. banks, particularly European banks. We present a model in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because these banks rely on wholesale... View Details

Keywords: Banks; Global Banks; Credit Supply; Dollar Funding; International Finance; Banks and Banking; Banking Industry

September 2013 (Revised November 2013)
Case

Qatar: Energy for Development

By: Aldo Musacchio, Colin Donovan, Samir Mikati, Rami Sarafa and Abdulla AlMisnad

Despite being the richest country in the world on a per capita basis, for analysts Qatar belongs in the group of emerging markets considered "frontier markets." This case analyzes the strengths and weaknesses of the development strategy of this small country as set... View Details

Keywords: Frontier Markets; State-owned Enterprises; State Capitalism; Sovereign Wealth Funds; Economic Development; Sovereign Finance; State Ownership; Development Economics; Energy Industry; Middle East; Qatar

01 Mar 2023
News

Elevator Pitch: Spread the Wealth

Australian brand Maggie Beer. Building on a $5 million early fundraise, Upstreet has opened a funding round to build its share rewards program and begin expansion into the United States and Europe. View Details

Keywords: entrepreneurship; stock ownership; customer rewards; employee retention; financial literacy; Securities, Commodities, and Other Financial Investments; Finance

September 2018
Case

Granite Equity Partners

By: Victoria Ivashina and Jeffrey Boyar

This case follows Rick Bauerly, CEO of Minnesota-based Granite Equity Partners, a private equity firm that specialized in buying out retiring business owners in the Minnesota community. In 2007, Granite Equity was considering an investment in Tyrell Corp. (name... View Details

Keywords: Private Equity Exit; Investing; Fund Exit; Fund Management; Wealth Management; Liquidity; Buyout; Exit Strategy; Preferred Shares; Convertible Notes; Finance; Private Equity; Investment; Asset Management; Wealth; Management; Financial Liquidity

February 2017
Case

Eve Hall: The African American Investment Fund in Milwaukee

By: Steven Rogers and Alterrell Mills

The case highlights the role of minority chambers of commerce and the background of Eve Hall, a well-regarded multi-sector leader asked to revive Wisconsin's African-American chamber. This case study examines the lending options that a minority chamber of commerce... View Details

03 Jun 2021
Blog Post

HBS Pilots First Impact Investing Fund

fund follows a traditional investment process, with deal teams completing diligence and presenting to an Investment Committee (IC). The IC is composed of faculty members and HBS alumni that bring a wealth of... View Details

21 Sep 2015
News

Funding Progress Back Home

global and sovereign institutional investors Homestrings, launched in 2011, draws on lessons learned in those roles, plus Guichard’s own awareness that “those of us who have found success far from family and friends are looking for... View Details

01 Dec 2000
News

In War-Torn Liberia, Student Gains a Wealth of Experience

Ballou worked on the front lines with local parent-teacher associations in Liberian villages to raise funds for textbooks and teacher salaries. The experience provided ample insight into "the huge problems that nonprofits have in getting... View Details

Keywords: Margie Kelley; Mining (except Oil and Gas); Mining

Dollar Funding and the Lending Behavior of Global Banks

A large share of dollar-denominated lending is done by non-U.S. banks, particularly European banks. We present a model in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because these banks rely on wholesale... View Details

08 Jun 2021
News

New Funding for Female Founders

Jessica Assaf (MBA 2016), Andy Coravos (MBA 2017), and Amrita Saigal (MBA 2014) There’s been a wealth of good news for alumnae entrepreneurs in recent weeks, with founders Jessica Assaf (MBA 2016), Andy Coravos (MBA 2017), and Amrita... View Details

Keywords: Funds, Trusts, and Other Financial Vehicles; Finance

17 Feb 2003
Research & Ideas

Rating Fund Managers by the Company They Keep

from the Working Paper.Ann Cullen: How is your system different than traditional mutual fund rating systems? Cohen: Our method takes advantage of a wealth of previously unexploited information about View Details

Keywords: by Ann Cullen

15 Feb 2022
Blog Post

Health is Wealth | The Path to Creating a Venture

excel at, and how does that fit into what you need to make this business successful.” Understand the funding landscape and all that entails. “Investors are like a marriage, you talk to them all the time, they’re with you on this journey.... View Details

October 2019
Teaching Note

Granite Equity Partners

By: Victoria Ivashina and Terrence Shu

This teaching note accompanies HBS case 219-040, “Granite Equity Partners,” which follows the private equity firm as it evaluates the potential acquisition of Tyrell Corp., a Minnesota-based quality control biomaterials company. Granite Equity’s fund was different from... View Details

Keywords: Private Equity Exit; Investing; Fund Exit; Fund Management; Wealth Management; Liquidity; Buyout; Exit Strategy; Preferred Shares; Convertible Notes; Finance; Private Equity; Investment; Asset Management; Wealth; Management; Financial Liquidity; Minnesota; United States