Publications

15 Apr 2020
News

How Sarah Kauss Built S’well

her health and really having those deep conversations, those thoughts about life—you know, you get one and what do you want to do with it?” Kauss tells host Guy Raz. In the midst of a hot day in Tuscon, AZ, Kauss reflected not only on the inability of her water bottle... View Details

22 Sep 2009
News

The Case for Regulatory Reform

overview by Treasury Secretary Timothy Geithner and Lawrence Summers, director of the National Economic Council, in the June 15 Washington Post. Among other things, the proposed reforms will raise capital and liquidity requirements for... View Details

Keywords: Roger Thompson; Colleges, Universities, and Professional Schools; Educational Services; Government

03 Jul 2012
First Look

First Look: July 3

also discusses the German health care system, its regulatory constraints, and Schön's attempts to change the paradigm of competition in the sector. Purchase this case:http://hbr.org/search/712475-PDF-ENG SecondMarket - Providing Liquidity... View Details

Keywords: Sean Silverthorne

25 Aug 2022
News

The Exchange: The Road Ahead for Crypto

But they are riskier than the stock market, so cryptocurrency markets are dominated by speculators or traders. Another constituent is the long-term investors, who take a long-horizon macro view on these assets being a less-dumb form of View Details

Keywords: Jen McFarland Flint; Securities, Commodities, and Other Financial Investments; Finance

21 Jul 2010
Research & Ideas

HBS Faculty Debate Financial Reform Legislation

(Title II), allowing regulators to liquidate systemically dangerous firms in an orderly way if one or more of these firms get into serious trouble. Had such a mechanism existed in 2008, we likely could have avoided not only the $29... View Details

Keywords: by Staff

25 Mar 2013
Research & Ideas

How Chapter 11 Saved the US Economy

relatively short time, much of the corporate debt that defaulted during the financial crisis has been managed down, mass liquidations have been averted, and corporate profits, balance sheets, and values have rebounded with remarkable... View Details

Keywords: by Kim Girard; Financial Services

10 Nov 2003
Research & Ideas

The Hard Numbers on Social Investments

110 of the 128 IC investments, collecting both the valuation at the time of the initial investment and the current valuation at the time of the study for privately held companies, or the exit value for those that had experienced a View Details

Keywords: by Manda Salls

March 2021 (Revised January 2022)
Case

Revlon: Surviving Covid-19

By: Kristin Mugford and Sarah Gulick

In October 2020, Revlon faced a crossroads. While it had been struggling with high levels of debt before COVID-19, the pandemic had caused it to go further into debt. Unlike other financial crises, many consumers had stopped buying skincare or cosmetics, and sales of... View Details

Keywords: COVID-19 Pandemic; Leveraged Buyouts; Insolvency and Bankruptcy; Financial Liquidity; Bonds; Corporate Finance; Borrowing and Debt; Beauty and Cosmetics Industry; Financial Services Industry; United States

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

SSRN

Read Now

February 2010 (Revised July 2010)
Case

Barclays Wealth: Reignite WAR or Launch AlphaStream?

By: Lena G. Goldberg and Elisa Farri

In late January 2009, Thomas Fekete, managing director at Barclays Wealth in London, redeemed the most illiquid positions in the so-called Wealth Absolute Return Fund (WAR), one of Barclays Wealth's most promising offshore funds of hedge funds, and halted the Fund's... View Details

Keywords: Financial Crisis; Financial Liquidity; International Finance; Investment Funds; Governing Rules, Regulations, and Reforms; Strategy; Financial Services Industry; London

December 1997 (Revised September 1998)
Case

Yale University Investments Office: November 1997

By: Josh Lerner

David Swensen, chief investment officer at Yale University, reviews the $6 billion endowment strategy, which places an unusually heavy emphasis on private equity and other illiquid securities. Changing market conditions in November 1997 cause him to rethink... View Details

Keywords: Change; Private Equity; Financial Liquidity; Investment; Marketing Strategy; Strategy; Education Industry

February 2008
Teaching Note

Anne Mulcahy: Leading Xerox through the Perfect Storm (TN) (A) and (B)

By: Bill George

Teaching Note for 405050 and 405065. View Details

Keywords: Financial Liquidity; Crisis Management; Profit; Leadership Development; Personal Development and Career; Motivation and Incentives; Knowledge Acquisition; Service Industry; Computer Industry

March 2005
Supplement

Anne Mulcahy: Leading Xerox through the Perfect Storm (B)

By: William W. George and Andrew N. McLean

Supplements the (A) case. View Details

Keywords: Financial Liquidity; Insolvency and Bankruptcy; Profit; Leadership Development; Personal Development and Career; Motivation and Incentives; Service Industry; Computer Industry

01 Jun 1999
News

Short Takes

familiar business imperative of creating value. "A firm that delivers cash to shareholders only by selling off assets is not sustainable," he says, "and neither is a firm that creates accounting profits only by liquidating natural capital... View Details

Keywords: Judith A. Ross

01 Jun 2014
News

Chili recipes

barely ajar and cook, stirring occasionally until meat is completely tender, 2 1/2 to 3 hours. Alternatively, stew can be cooked in a 200° to 250°F oven with the lid of the Dutch oven slightly ajar. Season liquid to taste with salt and... View Details

01 Dec 2010
News

Money and Markets Dominate New Course Offerings

future general managers in science- and technology-intensive businesses who seek firsthand exposure to companies constructing global R&D strategies. Financial Management of Smaller Firms focuses on the financial management of firms that do not have ready access to... View Details

Keywords: curriculum

June 2010 (Revised August 2021)
Case

Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships

By: Benjamin C. Esty and Albert Sheen

After booming for more than five years, the global shipping (maritime) industry experienced a dramatic crash in late 2008 as the global financial system froze and the global economy slid into recession. Ship charter rates (revenue) fell by as much as 90% causing prices... View Details

Keywords: Fair Value Accounting; Financial Crisis; Capital Markets; Financial Liquidity; International Finance; Globalized Markets and Industries; Valuation; Banking Industry; Shipping Industry; Germany