Publications
Publications
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(6,717)
- Faculty Publications (1,386)
- March 2018
- Teaching Note
ISRO: Explore Space or Exploit CubeSats?
ISRO, India’s space agency, established to address domestic challenges with space technology, is one of the six largest space agencies in the world. Through its 59 missions, ISRO has launched numerous satellites for communication, disaster management, navigation,... View Details
- March 2018 (Revised March 2018)
- Teaching Note
OpenInvest
By: Boris Vallee and Caitlin Reimers Brumme
Founded by a team of hedge fund and NGO alumni, OpenInvest launched its platform in 2015 to enable retail investors to tailor their portfolio to their personal values in an automated way, for instance by screening out weapon manufacturers stocks or overweighting LGBTQ... View Details
- Article
Are Buybacks Really Shortchanging Investment?
By: Jesse M. Fried and Charles C.Y. Wang
It’s no secret that the American economy is suffering from the twin ills of slow growth and rising income inequality. Many lay the blame at the doors of America’s largest public corporations. The charge? These firms prefer to distribute cash generated from their... View Details
- February 2018
- Case
Root Capital and the Efficient Impact Frontier
By: Shawn Cole and Caitlin Reimers Brumme
In 2015 Root Capital, a pioneer in the impact investing space, began to explore how to more systematically integrate impact and financial management. After much deliberation, Root Capital landed on ex-ante rating system for any potential investment that produced a... View Details
- February 2018 (Revised March 2018)
- Case
Artificial Intelligence and the Machine Learning Revolution in Finance: Cogent Labs and the Google Cloud Platform (GCP)
By: Lauren Cohen, Christopher Malloy and William Powley
This case examines the intersection of two firms (Cogent Labs—a machine learning software firm in Tokyo; and Google, the technology infrastructure giant) attempting to exploit the benefits of artificial intelligence and machine learning in the financial services... View Details
- February 2018 (Revised August 2018)
- Case
OpenInvest
By: Shawn Cole, Boris Vallée and Nicole Tempest Keller
Founded by a team of hedge fund and NGO alumni, OpenInvest launched its platform in 2015 to enable retail investors to tailor their portfolios to their personal values in an automated way, for instance by screening out weapons manufacturers stocks or overweighting... View Details
- February 2018 (Revised June 2019)
- Case
Jaguar Capital S.A.S., Take the Money and Run?
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
In January 2014, Tomas Uribe and Rodrigo Sanchez-Rios of Jaguar Capital S.A.S. (Jaguar or Jaguar Capital), were considering an offer from White Stone, the world’s largest private equity real estate investor. Jaguar Capital needed capital to fund its investment thesis,... View Details
Keywords: Real Estate; Investing; Private Equity Financing; Deal Structuring; Emerging Market; Emerging Economies; Emerging Market Finance; International Entrepreneurship; Finance; Entrepreneurship; Agreements and Arrangements; Emerging Markets; Financial Services Industry; Financial Services Industry; Financial Services Industry; Colombia; Latin America; United States
- February 2018
- Case
Robert K. Steel at Wachovia (A)
By: Gautam Mukunda, Nien-hê Hsieh and David Lane
In September 2008, Robert Steel presided over the sale of Wachovia, a top U.S. bank, less than three months after becoming its CEO. Wachovia’s exposure to risky home loans led depositors and creditors to flee the bank on Friday, September 26, after the FDIC seized and... View Details
Keywords: Leadership; Financial Crisis; Robert Steel; Wachovia; Sheila Bair; Richard Kovacevich; Wells Fargo; Vikram Pandit; Citigroup; FDIC; Tim Geithner; Mortgage Lending; Contagion; Mergers And Acquisitions; Financial Services; Banking; Decision Making; Ethics; Fairness; Finance; Leadership Style; Crisis Management; Management Style; Risk Management; Negotiation; Business and Stakeholder Relations; Banking Industry; United States
- February 2018
- Supplement
Robert K. Steel at Wachovia (B)
By: Gautam Mukunda, Nien-hê Hsieh and David Lane
In September 2008, Robert Steel presided over the sale of Wachovia, a top U.S. bank, less than three months after becoming its CEO. Wachovia’s exposure to risky home loans led depositors and creditors to flee the bank on Friday, September 26, after the FDIC seized and... View Details
Keywords: Leadership; Financial Crisis; Robert Steel; Wachovia; Sheila Bair; Richard Kovacevich; Wells Fargo; Vikram Pandit; Citigroup; FDIC; Tim Geithner; Mortgage Lending; Contagion; Mergers And Acquisitions; Financial Services; Banking; Decision Making; Ethics; Fairness; Finance; Leadership Style; Crisis Management; Management Style; Risk Management; Negotiation; Business and Stakeholder Relations; Banking Industry; United States
- February 2018
- Case
Rosslyn Resource: Monetization and Sales Strategy
By: Robert J. Dolan and Sunru Yong
Rosslyn Resource identifies exploration targets (potential mineral deposits) in the mining industry and advances them until the project can be monetized, usually through sale to a larger mining company, in return for an upfront fee and a royalty on future revenues.... View Details
- February 2018 (Revised August 2018)
- Case
Blue Haven Initiative: The PEGAfrica Investment
By: Vikram S. Gandhi, Caitlin Reimers Brumme and Amram Migdal
This case examines Blue Haven Initiative (BHI), an impact investing fund and family office, and one of its investments, PEGAfrica (PEG). BHI founder Liesel Pritzker Simmons’ motivations for using her family wealth to start a family office focused on impact investing,... View Details
Keywords: Impact Investing; Family Office; Development; International Development; International Development Investing; Development Fund; Sustainability; Solar Energy; Solar; Pay As You Go; PAYG; MFI; Social Venture; Business Ventures; Acquisition; Business Growth and Maturation; Business Startups; Economics; Development Economics; Energy; Energy Conservation; Energy Sources; Renewable Energy; Social Entrepreneurship; Finance; Assets; Asset Pricing; Capital; Capital Budgeting; Capital Structure; Venture Capital; Cash; Cash Flow; Currency; Currency Exchange Rate; Equity; Private Equity; Financial Instruments; Debt Securities; Stock Shares; Financing and Loans; Microfinance; International Finance; Investment; Investment Return; Investment Activism; Investment Funds; Investment Portfolio; Price; Geography; Geographic Location; Emerging Markets; Ownership; Ownership Stake; Private Ownership; Social Enterprise; Value; Valuation; Value Creation; Financial Services Industry; Financial Services Industry; Financial Services Industry; Africa; United States
- February 2018
- Article
Structural GARCH: The Volatility-Leverage Connection
By: Robert F. Engle and Emil N. Siriwardane
During the financial crisis, financial firm leverage and volatility both rose dramatically. Consequently, institutions are being asked to reduce leverage in order to reduce risk, though the effectiveness depends upon the role of capital structure in volatility. To... View Details
Keywords: Leverage; Credit Risk; Crisis Management; Equity; Volatility; Credit; Risk Management; Financial Crisis
- January 2018 (Revised February 2020)
- Case
Financial Inclusion at Omidyar Network
By: Vikram S. Gandhi, Caitlin Lindsay Reimers Brumme and James Barnett
A team of investors at Omidyar Network explore two different investment possibilities in the budding financial inclusion space using their investment framework to consider capital alternatives available for both investments, each of which carries highly divergent... View Details
- January 2018
- Case
Environmental Technology Fund Partners and E-Leather
By: Vikram S. Gandhi and Aldo Sesia
It is 2014 and Environmental Technologies Fund (ETF) Partners, a UK-based venture capital firm, has an opportunity to invest in a privately held UK company that manufactured engineered composition leather extracted from waste leather using an environmentally friendly... View Details
- January 2018
- Technical Note
Business at the Base of the Pyramid: Understanding Impact and Impact Evaluations
By: V. Kasturi Rangan and Tricia Gregg
Unlike financial success, there is no clear consensus regarding how best to define and measure social impact. This HBS Technical Note written for students of the HBS MBA course Business at the Base of the Pyramid (BBOP), offers readers pragmatic perspectives on how the... View Details
- January 2018
- Technical Note
The Scope of Business at the Base of the Pyramid: Middle and Lower Income Countries
By: V. Kasturi Rangan and Tricia Gregg
Using World Bank data, the note defines the Base of the Pyramid population as the 4.76 billion people living on less than $10/day. It briefly reviews the perspectives of key business articles that address this market, notably C.K. Prahalad’s work on Bottom of the... View Details
- 2019
- Working Paper
Do Banks Have an Edge?
By: Juliane Begenau and Erik Stafford
Overall, no! We show that the level and time series variation in cash flows for most bank activities are well matched by capital market portfolios with similar interest rate and credit risk to what banks report to hold. Ignoring operating expenses, bank loans earn high... View Details
Keywords: Banks; Market Efficiency; Bank Capital; Bank Debt; CAPM; Banking; Bank Deposits; Bank Funding Advantage; Leverage; Maturity Transformation; Replicating Portfolio; Efficiency; Banks and Banking; Capital Markets; Performance Evaluation; Performance Efficiency; Banking Industry; United States
- January 2018
- Case
PrimeStone Capital and dormakaba
By: Suraj Srinivasan and Quinn Pitcher
London-based activist hedge fund PrimeStone Capital identifies a potential investment in Swiss security company Kaba. PrimeStone believes that the company is undervalued because it has been pushing back various financial targets and thinks it can help by proposing a... View Details
- Article
Why Sexual Harassment Persists and What Organizations Can Do to Stop It
By: Colleen Ammerman and Boris Groysberg
Long before the #MeToo movement, the insidious effects of harassment were well known to organizational researchers. Women who are harassed often leave their jobs, taking valuable relationships, and potential out the door with them and creating the costly need to hire... View Details
- Article
Does Financial Misconduct Affect the Future Compensation of Alumni Managers?
By: Boris Groysberg, Eric Lin and George Serafeim
We explore how an organization’s financial misconduct may affect pay for former employees not implicated in wrongdoing. Drawing on stigma theory we hypothesize that although such alumni did not participate in the financial misconduct, and they had left the organization... View Details