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  • 2022
  • Article

Which Corporate ESG News Does the Market React To?

By: George Serafeim and Aaron Yoon
Using a dataset that classifies firm-level ESG news as positive and negative, we examine how stock prices react to different types of ESG news. We analyze 111,020 firm-day observations for 3,126 companies and find that prices react only to issues identified as... View Details
Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; Social Capital; Environment; Sustainability; CSR; Stock Price; Stock Market Expectations; Materiality; Market Reaction; Environmental Sustainability; Governance; Social Issues; Performance; News
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  • October 2018
  • Case

Corruption and Business in Emerging Markets

By: Geoffrey Jones, Tarun Khanna and Nataliya Langburd Wright
The case is built around video clips from top business leaders in emerging markets who were interviewed for Harvard Business School’s innovative Creating Emerging Markets oral history project. Corruption is a widespread problem in emerging markets, and this case is... View Details
Keywords: Crime and Corruption; Emerging Markets
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  • 03 Dec 2018
  • Research & Ideas

How Companies Can Increase Market Rewards for Sustainability Efforts

flavijus For the first time, a link has been drawn between public sentiment about a company’s sustainability practices and how that company is valued in the market. The results are important both for investors searching for under-valued, socially responsible companies,... View Details
Keywords: by Rachel Layne
  • 2020
  • Working Paper

How Do Private Equity Fees Vary Across Public Pensions?

By: Juliane Begenau and Emil Siriwardane
We study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds... View Details
Keywords: Pension Funds; Fee Dispersion; Search And Negotiation Frictions; Private Equity; Investment Funds
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  • 01 Dec 2005
  • News

A Renter’s Market

Lee For Jonas Lee (MBA ’93) and his investment firm, Redbrick Partners, the purchase, refurbishment, rental, and maintenance of hundreds of low-cost, single-family urban homes represent a terrific, overlooked View Details
Keywords: Garry Emmons; Real Estate
  • 08 May 2006
  • Lessons from the Classroom

Writing the Case for Public School Reform

The state of public education in the United States is a perennial hot-button topic, with rhetoric often outpacing any real sense of progress. The Public Education Leadership Project (PELP), a 2003 joint... View Details
Keywords: by Julia Hanna; Education

    Patient Capital: The Challenges and Promises of Long-Term Investing

    There has never been a greater need for long-term investments. And it is increasingly unlikely that the public sector will be willing or able to fill the gap. Those best positioned to address the long-run needs are likely to be the pools of capital in the hands of... View Details

    • 2023
    • Working Paper

    Can Digitalization Improve Public Services? Evidence from Innovation in Energy Management

    By: Robyn C. Meeks, Jacquelyn Pless and Zhenxuan Wang
    This paper examines how digitalization impacts public service provision through a study of the U.S. power sector. We exploit the staggered timing of electric utilities’ investments in “smart” meters and find that electricity losses per unit sold decrease by 3.6%. This... View Details
    Keywords: Electric Utility; Energy Management; Smart Meters; Energy; Climate Change; State Ownership; Private Ownership; Technology Adoption; Energy Industry; Utilities Industry; United States
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    • May 2011
    • Article

    Institutional Stock Trading on Loan Market Information

    By: Victoria Ivashina and Zheng Sun
    Over the past decade, one of the most important developments in the corporate loan market has been the increasing participation of institutional investors in lending syndicates. As lenders, institutional investors routinely receive private information about borrowers.... View Details
    Keywords: Stocks; Financing and Loans; Negotiation; Investment Portfolio; Investment Return
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    • October 2009
    • Article

    Influence and Inefficiency in the Internal Capital Market

    By: Julie Wulf
    I model inefficient resource allocations in M-form organizations due to influence activities by division managers that skew capital budgets in their favor. Corporate headquarters receives two types of signals about investment opportunities: private signals that can be... View Details
    Keywords: Capital Markets; Resource Allocation; Business Processes; Capital Budgeting; Business Headquarters; Investment; Opportunities; Cost; Value; Motivation and Incentives; Equity
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    • Web

    Alternative Investments Course | HBS Online

    Choosing Between RE Investment Types Featured Exercises Identify phases of the real estate market Prepare for a real estate negotiation Conduct valuation analysis Classify real estate products based on their... View Details
    • February 2017 (Revised April 2018)
    • Case

    Kameda Seika: Cracking the U.S. Market

    By: Elie Ofek, Nobuo Sato and Akiko Kanno
    In spring 2016, Kameda’s CEO, Michiyasu Tanaka, is facing difficult questions from board members over the lackluster performance of the company’s U.S. subsidiary. Kameda was the leading player in the Japanese rice cracker market and was looking to expand overseas to... View Details
    Keywords: Marketing Strategy; Growth and Development Strategy; Adaptation; Performance Improvement; Food and Beverage Industry; Manufacturing Industry; Japan; United States
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    • 02 Jan 2020
    • Op-Ed

    Medicare for All or Public Option: Can Either Heal Health Care?

    its share of the capital that American taxpayers have invested in Medicare’s infrastructure, including its buildings, equipment, and workers. "The public option would harness Medicare’s pricing... View Details
    Keywords: by Regina E. Herzlinger and James Wallace; Public Administration; Public Administration
    • 18 Sep 2000
    • Research & Ideas

    Big Deals: Financing Large-Scale Investments

    Disney, and Iridium, and Boston's Central Artery Project (the "Big Dig") in the public sector, are examples of some recent efforts that went bankrupt or had to be restructured. The managerial challenge is to figure out how to... View Details
    Keywords: by Julia Hanna
    • 2021
    • Working Paper

    Spiritual Philanthropy in Emerging Markets

    By: Valeria Giacomin and G. Jones
    This working paper discusses the ethics and drivers of philanthropic foundations in emerging markets. A foundation organizes assets to invest in philanthropic initiatives. Previous scholarship has largely focused on developed countries, especially the United States,... View Details
    Keywords: Foundations; Philanthropy; Business Leaders; Spirituality; Philanthropy and Charitable Giving; Emerging Markets; Ethics; Values and Beliefs
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    • June 2014
    • Article

    Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds

    By: Sergey Chernenko and Adi Sunderam
    We document the consequences of money market fund risk taking during the European sovereign debt crisis. Using a novel data set of security-level holdings of prime money market funds, we show that funds with large exposures to risky Eurozone banks suffered significant... View Details
    Keywords: Money Market Mutual Funds; European Sovereign Debt Crisis; Runs; Contagion; Risk Taking; Investment Funds; Financial Crisis; Europe
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    • 2007
    • Other Unpublished Work

    Influence and Inefficiency in the Internal Capital Market

    By: Julie Wulf
    I model inefficient resource allocations in M-form organizations due to influence activities by division managers that skew capital budgets in their favor. Corporate headquarters receives two types of signals about investment opportunities: private signals that can be... View Details
    Keywords: Capital Budgeting; Investment; Knowledge Acquisition; Managerial Roles; Resource Allocation; Power and Influence
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    • Fast Answer

    Field Course: Investing for Impact

    power, and demographics. See also, Where can I find U.S. demographic information broken out by ethnic group? Industry and Market Research Databases: BCC Research - Reports on major economic, scientific, and technological developments in... View Details
    • 25 Apr 2014
    • News

    An investment in meaningful results

    nearly $1.5 billion in grants to the city's neediest residents since 1988. Robin Hood is New York City's largest funder of emergency food programs and largest private funder of job training and housing programs. It serves nearly half a million struggling New Yorkers,... View Details
    • Fast Answer

    Bloomberg: Investment Management course tips

    Which Bloomberg tips are for the HBS Investment Management course? These Bloomberg tips below were created for students enrolled in the HBS Investment Management course.  For more... View Details