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  • July 2020 (Revised January 2021)
  • Case

Pattern Brands

By: Sunil Gupta, Elie Ofek and Julia Kelley
In March 2020, direct-to-consumer (DTC) company Pattern Brands needed to decide how to allocate resources across its different brands. Pattern Co-Founders Nick Ling and Emmett Shine hoped to avoid the pitfalls faced by some DTC companies—such as inability to scale and... View Details
Keywords: Direct-to-consumer; Brands and Branding; Marketing Channels; Marketing Strategy; Product Marketing; Product Launch; Product Positioning; Business Model; Business Startups; Growth and Development Strategy; Demand and Consumers; Business Strategy; Diversification; Competitive Advantage; Consumer Products Industry; Retail Industry; North and Central America; United States; New York (city, NY); New York (state, US)
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  • April 2002
  • Article

Internal Capital Markets and Firm-Level Compensation Incentives for Division Managers

By: Julie Wulf
Do multidivisional firms structure compensation contracts for division managers to mitigate incentive problems in their internal capital markets? I find evidence that compensation and investment incentives are substitutes: firms providing a stronger link to firm... View Details
Keywords: Capital Markets; Executive Compensation; Capital Budgeting; Motivation and Incentives; Profit; Decisions; Resource Allocation; Performance; Investment; Contracts
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  • December 1998 (Revised June 1999)
  • Case

STT Aerospace

By: Richard G. Hamermesh and Jeremy Dann
Experienced entrepreneur Charles Damon conducted a "roll-up" from 1987-1994 within the commercial airliner interior products industry. Damon's company, STT Aerospace, took advantage of an industry-wide recession in the early 1990s by buying when asset prices were low.... View Details
Keywords: Retention; Business Strategy; Selection and Staffing; Entrepreneurship; Financial Crisis; Growth and Development Strategy; Compensation and Benefits; Employee Stock Ownership Plan; Acquisition; Product Development; Aerospace Industry
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  • October 2013
  • Case

Oaktree and the Restructuring of CIT Group (A)

By: Victoria Ivashina and David Scharfstein
CIT's prepackaged bankruptcy marked the first time a major financial institution was able to successfully restructure and emerge from Chapter 11 bankruptcy, challenging conventional views that a financial firm could not survive bankruptcy proceedings as a going... View Details
Keywords: Debt Securities; Restructuring; Financial Services Industry
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  • August 2019 (Revised August 2024)
  • Case

The Walt Disney Company: Theme Parks

By: Rory McDonald, Allison Mnookin and Iuliana Mogosanu
As he seeks to place the division he leads on a firm footing for the future, Tom Staggs, chairman of Walt Disney Parks and Resorts, is considering a range of investments designed either to upgrade the guest experience in the company’s existing parks or to expand access... View Details
Keywords: Entertainment; Investment; Expansion; Decision Making; Customer Satisfaction; Entertainment and Recreation Industry
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  • 2006
  • Article

Capital Budgeting: The Role of Cost Allocations

By: Ian D. Gow and Stefan Reichelstein
A common issue for firms is how to allocate capital resources to various investment alternatives. An extensive and long-standing literature in finance has examined various aspects of capital budgeting, including capital constraints, the determination of discount rates,... View Details
Keywords: Capital Budgeting; Resource Allocation; Performance Evaluation; Cost Management; Research; Investment; Cash Flow; Risk Management; Performance Capacity
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  • Research Summary

Non-Financial Incentives

My research shows how firms combine many facets of internal governance to motivate managers. A perspective that underlies much of my research is that managers are not motivated by financial rewards alone: “it’s not just about the... View Details

  • 25 Sep 2023
  • Blog Post

HBS Latino Student Association Spotlight: Ana Barrera (MBA 2024)

difference in the world, Harvard provides the platform to develop the critical skills and connections to challenge the status quo. For me, that means championing investment in the educational and financial empowerment of underserved... View Details
  • 2000
  • Other Unpublished Work

Career Concerns and Staged Investment: Evidence from the Venture Capital Industry

By: Malcolm Baker
I develop a model in which career concerns lead to inefficient reinvestment decisions. Managers have incentives to inflate interim returns by continuing bad projects and delaying write-offs. In the venture capital industry, the syndication of follow-on investments can... View Details
Keywords: Performance Efficiency; Valuation; Venture Capital; Investment; Decisions; Motivation and Incentives; Quality
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    How Finance Works: The HBR Guide to Thinking Smart About the Numbers

    If you're not a numbers person, then balance sheets and financial jargon can be intimidating and easy to ignore. But if you want to advance in your career, it's crucial that you are able to make smart financial decisions and develop the confidence to... View Details
    • December 2003 (Revised October 2014)
    • Case

    Alusaf Hillside Project

    By: Kenneth S. Corts and John R. Wells
    The aluminum industry has suffered from long periods of depressed prices and profits interspersed with relatively short-lived price and profit peaks. The case investigates why this has occured, focusing on the decision Alusaf must make on whether to invest in a major... View Details
    Keywords: Decision Making; Business Cycles; Financial Crisis; Metals and Minerals; Financial Strategy; Investment; Price; Profit; Demand and Consumers; Industry Structures
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    • June 2023
    • Supplement

    Graphic Packaging: Project Cowboy (D)

    By: Benjamin C. Esty, Scott Mayfield and Philipp Chvanov
    Analyzes the company's decision on Project Cowboy following the events described in the C Case View Details
    Keywords: Capital Budgeting; Growth Management; Demand and Consumers; Duopoly and Oligopoly; Competitive Strategy; Competitive Advantage; Expansion; Value Creation; Supply and Industry; Pulp and Paper Industry; Manufacturing Industry; United States; North America
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    • June 2024 (Revised September 2024)
    • Case

    Sequoia Capital

    By: Jo Tango, Christina Wallace, Srimayi Mylavarapu and Johnson Elugbadebo
    Sequoia Capital, a venture capital firm founded in 1972, quickly grew to become one of the most storied venture capital firms in the world. Fueled by a strong culture, Sequoia's investment track record included the names of some of the largest global successes.... View Details
    Keywords: Venture Capital; Organizational Culture; Organizational Change and Adaptation; Restructuring; Corporate Strategy; Financial Services Industry
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    • 08 Jan 2018
    • News

    Associate Professor John Beshears Wins TIAA Paul A. Samuelson Award

    • 26 Jul 2011
    • First Look

    First Look: July 26

      PublicationsPolicy Bundling to Overcome Loss Aversion: A Method for Improving Legislative Outcomes Authors:Katherine L. Milkman, Mary Carol Mazza, Lisa L. Shu, Chia-Jung Tsay, and Max H. Bazerman Publication:Organizational Behavior and Human View Details
    Keywords: Sean Silverthorne
    • September 2009 (Revised December 2009)
    • Case

    The Future of Iraq Project (A)

    By: Noel Maurer and Sogomon Tarontsi
    In March 2009, the government of Iraq decided to hold its first oil field auctions. The auctions were for service contracts on the country's southern oil fields; the winner would obtain the right to produce oil above a certain target for a fixed fee. The bidders... View Details
    Keywords: Non-Renewable Energy; Foreign Direct Investment; Policy; Auctions; Production; Business and Government Relations; Energy Industry; Iraq
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    • September 2006 (Revised April 2008)
    • Case

    The Howland Long-Term Opportunity Fund

    By: Andre F. Perold and David S. Scharfstein
    Melissa Howland, founder of an investment firm, must choose between two competing investments, which differ in size, maturity, and rate of return. View Details
    Keywords: Decision Choices and Conditions; Financial Instruments; Investment Return; Investment Funds; Value
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    • 30 Jan 2017
    • Research & Ideas

    Vanguard, Trian And The Problem With 'Passive' Index Funds

    of individual investors are able to wield great influence on management teams of companies in their investment portfolios. By contrast, index funds almost run on autopilot—with no active investor analyzing companies, rewarding those that... View Details
    Keywords: by Michael Blanding; Financial Services
    • 2009
    • Working Paper

    Specific Knowledge and Divisional Performance Measurement

    By: Michael C. Jensen and William H. Meckling
    This paper discusses five common divisional performance measurement methods—cost centers, revenue centers, profit centers, investment centers, and expense centers—providing a theory that explains when each of these methods is likely to be the most efficient. The... View Details
    Keywords: Business Units; Business Headquarters; Decisions; Cost; Investment; Investment Return; Profit; Revenue; Knowledge Use and Leverage; Managerial Roles; Performance Efficiency; Strategy
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    • March 2012 (Revised December 2014)
    • Case

    Schön Klinik: Measuring Cost and Value

    By: Robert S. Kaplan, Mary L. Witkowski and Jessica A. Hohman
    The case illustrates how a leading German hospital group has invested deeply in the measurement of patient-level outcomes and costs, the foundations of a health care value framework. The company launches a pilot project to use time-driven activity-based costing (TDABC)... View Details
    Keywords: Health Care; Costing; Activity-Based Costing; Hospitals; Activity Based Costing and Management; Value; Health Care and Treatment; Outcome or Result; Health Industry; Germany
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