Publications

Web

HBS - Financials | 5 Year Summary

Activity & Cash Flows Consolidated Balance Sheet Supplemental Financial Information 5 Year Summary Financials (in millions) 2021 2020 2019 2018 2017 Revenues $805 $861 $925 $856 $800 Expenses 779 831 821 766... View Details

Web

HBS - Financials | From the CFO

2021 Annual Report From The Dean Financials PDF Downloads Archive Financials 5 Year Summary From the CFO Financial Highlights Statement of Activity & Cash Flows Consolidated... View Details

Web

Supplemental Financial Information | Annual Report 2024

Supplemental Financial Information Financial Overview Harvard Business School’s economic model is designed to support the School’s mission of educating leaders who make a difference in the world. Prudent... View Details

29 Mar 2018
Working Paper Summaries

Government Incentives and Financial Intermediaries: The Case of Chinese Sell-Side Analysts

Keywords: by Sheng Cao, Xianjie He, Charles C.Y. Wang, and Huifang Yin; Financial Services

October 2009
Teaching Note

Blaine Kitchenware, Inc.: Capital Structure (Brief Case)

By: Timothy A. Luehrman and Joel L. Heilprin

Teaching Note for 4040 View Details

Keywords: Finance; Capital Structure; Financial Strategy

24 Sep 2020
Research & Ideas

Financial Meltdowns Are More Predictable Than We Thought

boosting equity capital requirements at banks. Those tactics might help countries avoid the devastating toll that the 2008 financial crisis exacted and the massive bailouts required to stabilize the system.... View Details

Keywords: by Danielle Kost; Financial Services

26 Nov 2019
News

Predicting Financial Market Bubbles and Crises in Real-time

creation of the Behavioral and Financial Stability Project. Researchers have conducted groundbreaking research on bank capital and liquidity management, the nature of bank runs in the modern View Details

Keywords: Securities, Commodities, and Other Financial Investments; Securities, Commodities, and Other Financial Investments

01 Jun 2006
News

HBS Annual Report Details Strong Financial Growth

fellowships. On the operating expense side, employee compensation represented more than half of all expenditures, increasing 10 percent to $153 million. This growth reflected a 29.5 percent University-wide increase in employee health-care and pension benefits. View Details

Keywords: Colleges, Universities, and Professional Schools; Educational Services

Article

The Cost of Capital for Alternative Investments

By: Jakub W. Jurek and Erik Stafford

Traditional risk factor models indicate that hedge funds capture pre-fee alphas of 6% to 10% per annum over the period from 1996 to 2012. At the same time, the hedge fund return series is not reliably distinguishable from the returns of mechanical S&P 500 put-writing... View Details

Keywords: Hedge Funds; Required Returns; Downside Risk; Index Options; Investment Funds; Cost of Capital; Investment Return; Risk and Uncertainty; Financial Services Industry

2010
Article

The Effect of Financial Development on the Investment Cash Flow Relationship: Cross-Country Evidence from Europe

We investigate financing constraints in a large cross-country data set covering most of the European economy. Firm-level investment sensitivity to cash flow is used to identify financing constraints. We find that the sensitivities are significantly positive, on... View Details

Keywords: Growth and Development; Development Economics; Investment; Cash Flow; Cross-Cultural and Cross-Border Issues; Relationships; Economy; Financial Markets; Business Subsidiaries; Capital Markets; Assets; Financing and Loans; Europe

fall 2008
Article

The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market

By: Kenneth A. Froot

In this paper, I provide evidence concerning the imperfections in the reinsurance market. I try to get at some of the root causes of these imperfections, e.g., the behavior of ratings firms and the agency problems associated with the corporate form of ownership. I also... View Details

Keywords: Catastrophe Risk; Corporate Finance; Banking And Insurance; Hedging; Banking; Financial Markets; Insurance; Policy; Risk Management; Natural Disasters; Cost of Capital; Asset Pricing; Insurance Industry

March 2013
Article

Bridging the Gap? Government Subsidized Lending and Access to Capital

By: Josh Lerner and Kristle Romero-Cortes

The consequences of providing public funds to financial institutions remain controversial. We examine the Community Development Financial Institution (CDFI) Fund's impact on credit union activity, using hitherto little studied U.S. Treasury data. The CDFI Fund grants... View Details

Keywords: Financing and Loans; Credit; Government and Politics; Financial Institutions; United States

2009
Chapter

The Principles of Embedded Liberalism: Social Legitimacy and Global Capitalism

By: Rawi Abdelal and John G. Ruggie

In this essay we revisit the principles of “embedded liberalism” and argue for their relevance to the contemporary global economy. The most essential principle is the need for markets to enjoy social legitimacy, because their political sustainability ultimately depends... View Details

Keywords: Economic Systems; Ethics; International Finance; Globalization; Multinational Firms and Management; Corporate Governance; Governing Rules, Regulations, and Reforms; Labor

Web

S&P Capital IQ Pro | Baker Library

S&P Capital IQ Pro An industry-focused platform covering news, data, transactions, filings and analysis covering financial, real estate, insurance, energy, media, consumer and industrial industries. Read More News data and analysis... View Details

Web

Financial Management of Smaller Firms - Course Catalog

Recession and COVID. We discuss four recent acquisitions that faced significant financial hurdles. We study capital investment decisions made by smaller businesses, decisions that emphasize View Details

Web

Strategic Financial Analysis Online Course | HBS Online

how accounting captures an organization's strategic decisions. Highlights The Role of Capital Markets Strategy’s Impact on Financials Show Hide Details Concepts Introduction to Strategic View Details

September 2010 (Revised March 2013)
Case

Capital for Enterprise Limited (CfEL): Bridging the SME Early-Stage Finance Gap

By: Josh Lerner, Eli Talmor, Ananth Vyas Bhimavarapu and Thibaud Simphal

The CEO of the company set up to manage a British government effort to promote the venture capital industry considers the progress made to date, as well as how the program can be adjusted. View Details

Keywords: Entrepreneurship; Venture Capital; Financing and Loans; Business and Government Relations; Financial Services Industry; Financial Services Industry; United Kingdom

Educators

July 2019
Article

Optimal Capital Structure and Bankruptcy Choice: Dynamic Bargaining vs Liquidation

By: Samuel Antill and Steven R. Grenadier

We model a firm’s optimal capital structure decision in a framework in which it may later choose to enter either Chapter 11 reorganization or Chapter 7 liquidation. Creditors anticipate equityholders’ ex-post reorganization incentives and price them into the ex-ante... View Details

Keywords: Default; Dynamic Bargaining; Capital Structure; Insolvency and Bankruptcy; Mathematical Methods

2016
Article

Organizational Decision-Making and Information: Angel Investments by Venture Capital Partners

By: Andy Wu

We study information aggregation in organizational decision-making for the financing of entrepreneurial ventures. We introduce a formal model of voting where agents face costly tacit information to improve their decision quality. Equilibrium outcomes suggest a... View Details

Keywords: Entrepreneurial Finance; Angel Investors; Organization Design; Voting; Group Decision-making; Information; Strategy; Organizations; Entrepreneurship; Decision Making; Financing and Loans