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      • November 2009 (Revised March 2013)
      • Case

      PureCircle

      By: David E. Bell and Aldo Sesia
      In December 2008, the U.S. Food and Drug Administration (FDA) determined that high-purity Rebaudioside A (Reb A), a natural and calorie-free product that a young company named PureCircle manufactured from the Stevia plant, could be used in beverages, foods, and as a... View Details
      Keywords: Customer Relationship Management; Investment; Globalization; Leadership; Risk Management; Product Launch; Production; Performance Productivity; Business and Shareholder Relations; Food and Beverage Industry; United States
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      Bell, David E., and Aldo Sesia. "PureCircle." Harvard Business School Case 510-032, November 2009. (Revised March 2013.)
      • November 2009 (Revised October 2010)
      • Case

      AME Learning Inc.

      By: Thomas R. Eisenmann and Ann Leamon
      Justin Joffe is about to graduate from HBS in Spring 2009. He must decide whether to join his father's company, Toronto-based AME Learning, as president working alongside his father who will be CEO. AME has been in business for 12 years, mostly as a small consulting... View Details
      Keywords: Business Model; Family Business; Age; Private Equity; Financing and Loans; Growth and Development Strategy; Family and Family Relationships
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      Eisenmann, Thomas R., and Ann Leamon. "AME Learning Inc." Harvard Business School Case 810-065, November 2009. (Revised October 2010.)
      • Article

      Management Accounting and Control: Lessons for and from the World's Tiniest Businesses

      By: Srikant M. Datar, Marc J. Epstein and Kristi Yuthas
      The article discusses skills microentrepreneurs need to manage and expand their businesses. After interviewing hundreds of microfinance clients around the globe, the authors were able to identify five tools drawn from management accounting where improved knowledge... View Details
      Keywords: Governance Controls; Expansion; Business or Company Management; Microfinance; Cost Management; Risk Management; Budgets and Budgeting; Accounting; Opportunities
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      Datar, Srikant M., Marc J. Epstein, and Kristi Yuthas. "Management Accounting and Control: Lessons for and from the World's Tiniest Businesses." Strategic Finance 91, no. 5 (November 2009).
      • October 2009 (Revised February 2010)
      • Case

      Merger of Equals: The Integration of Mellon Financial and The Bank of New York (A)

      By: Ryan D. Taliaferro, Clayton S. Rose and David Lane
      Less than a month after the close of the merger between The Bank of New York and Mellon Financial, managers at the two firms realized that plans for combining their asset servicing businesses—and realizing the $180 million of annual cost savings that they had promised... View Details
      Keywords: Mergers and Acquisitions; Asset Management; Financial Institutions; Risk Management; Integration; Information Technology; Financial Services Industry
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      Taliaferro, Ryan D., Clayton S. Rose, and David Lane. "Merger of Equals: The Integration of Mellon Financial and The Bank of New York (A)." Harvard Business School Case 210-016, October 2009. (Revised February 2010.)
      • October 2009 (Revised February 2010)
      • Supplement

      Merger of Equals: The Integration of Mellon Financial and The Bank of New York (B)

      By: Ryan D. Taliaferro, Clayton S. Rose and David Lane
      [Continuation of "A" case.] Less than a month after the close of the merger between The Bank of New York and Mellon Financial, managers at the two firms realized that plans for combining their asset servicing businesses – and realizing the $180 million of annual cost... View Details
      Keywords: Mergers and Acquisitions; Integration; Banks and Banking; Banking Industry
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      Taliaferro, Ryan D., Clayton S. Rose, and David Lane. "Merger of Equals: The Integration of Mellon Financial and The Bank of New York (B)." Harvard Business School Supplement 210-025, October 2009. (Revised February 2010.)
      • October 2009
      • Supplement

      Merger of Equals: The Integration of Mellon Financial and The Bank of New York (C)

      By: Ryan D. Taliaferro, Clayton S. Rose and David Lane
      [Continuation of "A" and "B" cases.] Less than a month after the close of the merger between The Bank of New York and Mellon Financial, managers at the two firms realized that plans for combining their asset servicing businesses – and realizing the $180 million of... View Details
      Keywords: Mergers and Acquisitions; Horizontal Integration; Financial Institutions; Business Processes; Risk Management; Strategy; Market Transactions; Assets; System; Saving; Banking Industry; New York (state, US)
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      Taliaferro, Ryan D., Clayton S. Rose, and David Lane. "Merger of Equals: The Integration of Mellon Financial and The Bank of New York (C)." Harvard Business School Supplement 210-028, October 2009.
      • 2009
      • Working Paper

      Stock Price Fragility

      By: Robin Greenwood and David Thesmar
      We investigate the relationship between ownership structure of financial assets and non-fundamental risk. An asset is fragile if its owners collectively have to buy or sell. Such assets are susceptible to non-fundamental price movements. An asset can be fragile because... View Details
      Keywords: Financial Liquidity; Stocks; Price; Market Transactions; Ownership; Risk and Uncertainty; United States
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      Greenwood, Robin, and David Thesmar. "Stock Price Fragility." Harvard Business School Working Paper, No. 10-031, October 2009.
      • October 2009 (Revised January 2010)
      • Case

      The University of Notre Dame Endowment

      By: Andre F. Perold and Paul Michael Buser
      The Endowment Model of Investing, which was based on creating high risk-adjusted performance through diversification, a long time horizon, top-notch outside managers, and illiquid investments, had served Notre Dame and other large universities well over the past... View Details
      Keywords: Financial Crisis; Higher Education; Asset Management; Private Equity; Financial Liquidity; Investment; Risk Management; Performance Evaluation; Education Industry; Financial Services Industry
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      Perold, Andre F., and Paul Michael Buser. "The University of Notre Dame Endowment." Harvard Business School Case 210-007, October 2009. (Revised January 2010.)
      • October 2009
      • Case

      Noble Group

      By: C. Fritz Foley, Michael Shih-ta Chen, Matthew Johnson and Linnea Meyer
      What role does trade finance play in facilitating global supply chain management? Richard S. Elman, founder and CEO of Noble Group Ltd., a global commodities trading company based in Hong Kong, must raise capital to support the firm's working capital and investment... View Details
      Keywords: Trade; Capital; Financing and Loans; International Finance; Globalized Firms and Management; Risk Management; Supply Chain Management; Hong Kong
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      Foley, C. Fritz, Michael Shih-ta Chen, Matthew Johnson, and Linnea Meyer. "Noble Group." Harvard Business School Case 210-021, October 2009.
      • October 2009
      • Article

      Managing Risk in the New World

      By: Robert S. Kaplan, Anette Mikes, Robert Simons, Peter Tufano and Michael Hofmann Jr.
      Five experts gathered recently to discuss the future of enterprise risk management: Kaplan, the Baker Foundation Professor at Harvard Business School, who with his colleague David Norton developed the balanced scorecard; Mikes, an assistant professor at HBS who studies... View Details
      Keywords: Forecasting and Prediction; Financial Crisis; Capital Structure; Job Cuts and Outsourcing; Risk Management
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      Kaplan, Robert S., Anette Mikes, Robert Simons, Peter Tufano, and Michael Hofmann Jr. "Managing Risk in the New World." Harvard Business Review 87, no. 10 (October 2009): 68–75.
      • October 2009
      • Supplement

      Noble Group (CW)

      By: C. Fritz Foley and Matthew Johnson
      What role does trade finance play in facilitating global supply chain management? Richard S. Elman, founder and CEO of Noble Group Ltd., a global commodities trading company based in Hong Kong, must raise capital to support the firm's working capital and investment... View Details
      Keywords: Risk Management; Supply Chain Management; Trade; Global Strategy; Investment; Capital; Hong Kong
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      Foley, C. Fritz, and Matthew Johnson. "Noble Group (CW)." Harvard Business School Spreadsheet Supplement 210-702, October 2009.
      • September 2009
      • Case

      The Risk Management Foundation of the Harvard Medical Institutions, Inc.

      By: Richard M.J. Bohmer, Stephen P. Bradley and Natalie Kindred
      Through its uniquely proactive approach to medical malpractice risk management, the Risk Management Foundation (RMF) has decreased claims—and premiums—for the Harvard hospitals it insures. The RMF is the captive medico-legal insurer of the Harvard medical institutions... View Details
      Keywords: Cost Management; Insurance; Health Care and Treatment; Risk Management; Performance Improvement; Safety; Health Industry; Insurance Industry; Boston
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      Bohmer, Richard M.J., Stephen P. Bradley, and Natalie Kindred. "The Risk Management Foundation of the Harvard Medical Institutions, Inc." Harvard Business School Case 610-014, September 2009.
      • September 2009 (Revised May 2011)
      • Case

      Acumen Fund: Measurement in Impact Investing (A)

      By: Alnoor Ebrahim and V. Kasturi Rangan
      Acumen Fund is a global venture capital firm with a dual purpose: it looks for a return on its investments, and it also seeks entrepreneurial solutions to global poverty. This case examines Acumen's new projects in Kenya. The organization's investment committee and its... View Details
      Keywords: Decision Choices and Conditions; Venture Capital; Investment Return; Philanthropy and Charitable Giving; Risk Management; Corporate Social Responsibility and Impact; Business and Government Relations; Social Enterprise; Financial Services Industry; Kenya
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      Ebrahim, Alnoor, and V. Kasturi Rangan. "Acumen Fund: Measurement in Impact Investing (A)." Harvard Business School Case 310-011, September 2009. (Revised May 2011.)
      • September 2009
      • Supplement

      Consumer Lending in Japan: Citi CFJ (B)

      By: J. Gunnar Trumbull and Akiko Kanno
      As the regulatory environment for consumer lending evolves, CFJ has to decide how to respond. View Details
      Keywords: Personal Finance; Governing Rules, Regulations, and Reforms; Risk Management; Business and Government Relations; Banking Industry; Japan
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      Trumbull, J. Gunnar, and Akiko Kanno. "Consumer Lending in Japan: Citi CFJ (B)." Harvard Business School Supplement 710-018, September 2009.
      • 2009
      • Working Paper

      Systemic Risk and the Refinancing Ratchet Effect

      By: Amir E. Khandani, Andrew W. Lo and Robert C. Merton
      The confluence of three trends in the U.S. residential housing market—rising home prices, declining interest rates, and near-frictionless refinancing opportunities—led to vastly increased systemic risk in the financial system. Individually, each of these trends is... View Details
      Keywords: Housing; Mortgages; Risk and Uncertainty; Value; Mathematical Methods; Real Estate Industry; United States
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      Khandani, Amir E., Andrew W. Lo, and Robert C. Merton. "Systemic Risk and the Refinancing Ratchet Effect." NBER Working Paper Series, No. 15362, September 2009.
      • 2009
      • Working Paper

      Systemic Risk and the Refinancing Ratchet Effect

      By: Amir E. Khandani, Andrew W. Lo and Robert C. Merton
      The confluence of three trends in the U.S. residential housing market-rising home prices, declining interest rates, and near-frictionless refinancing opportunities-led to vastly increased systemic risk in the financial system. Individually, each of these trends is... View Details
      Keywords: Equity; Mortgages; Interest Rates; Price; Housing; Risk and Uncertainty; United States
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      Khandani, Amir E., Andrew W. Lo, and Robert C. Merton. "Systemic Risk and the Refinancing Ratchet Effect." Harvard Business School Working Paper, No. 10-023, September 2009. (Revised July 2010.)
      • July 2009 (Revised July 2009)
      • Case

      Delphi Corp. and the Credit Derivatives Market (A)

      By: Stuart C. Gilson, Victoria Ivashina and Sarah Abbott
      In 2005, Jane Bauer-Martin, a hedge fund manager, is considering what she should do with the fund's large investment in the publicly traded bonds of Delphi Corp., a financially troubled auto parts supplier. Delphi is General Motor's key auto parts supplier, and, like... View Details
      Keywords: Borrowing and Debt; Insolvency and Bankruptcy; Credit Derivatives and Swaps; Bonds; Financial Management; Risk Management
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      Gilson, Stuart C., Victoria Ivashina, and Sarah Abbott. "Delphi Corp. and the Credit Derivatives Market (A)." Harvard Business School Case 210-002, July 2009. (Revised July 2009.)
      • May 2009 (Revised January 2011)
      • Case

      Enel: Power, Russia, and Global Markets

      By: Rawi E. Abdelal, Richard H.K. Vietor and Sogomon Tarontsi
      Although the global trend toward liberalization of electric utilities forced Enel, the largest power company in Italy, to give up some of its assets in its home base, it also opened up many opportunities abroad, including in Russia, one of the largest electricity... View Details
      Keywords: Mergers and Acquisitions; Energy Generation; Foreign Direct Investment; Global Strategy; Globalized Firms and Management; Globalized Markets and Industries; Business and Government Relations; Utilities Industry; Russia; Italy
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      Abdelal, Rawi E., Richard H.K. Vietor, and Sogomon Tarontsi. "Enel: Power, Russia, and Global Markets." Harvard Business School Case 709-046, May 2009. (Revised January 2011.)
      • April 2009
      • Teaching Note

      First National Bank's Golden Opportunity (TN)

      By: Shawn A. Cole
      Teaching Note for [208072]. View Details
      Keywords: Saving; Product; Interest Rates; Personal Finance; Cost vs Benefits; Risk and Uncertainty; Investment; Problems and Challenges; Demand and Consumers; Product Launch; Banks and Banking; Banking Industry; South Africa
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      Cole, Shawn A. "First National Bank's Golden Opportunity (TN)." Harvard Business School Teaching Note 209-123, April 2009.
      • March 2009 (Revised September 2011)
      • Case

      UBS and Auction Rate Securities (A)

      By: Daniel Baird Bergstresser, Shawn A. Cole and Siddharth Bhaskar Shenai
      UBS, a global financial services company, must decide whether to continue to support the market for Auction Rate Securities in the face of a growing financial crisis. These instruments, underwritten by UBS, were marketed to clients as highly liquid and safe... View Details
      Keywords: Cost vs Benefits; Financial Crisis; Asset Pricing; Financial Liquidity; Financial Instruments; Government Legislation; Risk and Uncertainty; Financial Services Industry
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      Bergstresser, Daniel Baird, Shawn A. Cole, and Siddharth Bhaskar Shenai. "UBS and Auction Rate Securities (A)." Harvard Business School Case 209-119, March 2009. (Revised September 2011.)
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