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    • All HBS Web  (2,137)
      • Faculty Publications  (341)

      Financial PlanningRemove Financial Planning →

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      • August 2022 (Revised May 2025)
      • Case

      Fresh Food Generation

      By: Brian Trelstad, Amy Klopfenstein and Mel Martin
      This case highlights one of five BIPOC entrepreneurs in the Boston area as part of the HBS Impact Investment Fund. In fall 2021, a team of HBS students reviewed the financial statements of Fresh Food Generation (FFG), a Dorchester, Massachusetts-based food service... View Details
      Keywords: Impact Investing; Investment; Entrepreneurial Finance; Entrepreneurship; Race; Food and Beverage Industry; Boston
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      Trelstad, Brian, Amy Klopfenstein, and Mel Martin. "Fresh Food Generation." Harvard Business School Case 323-010, August 2022. (Revised May 2025.)
      • August 2022 (Revised November 2022)
      • Case

      Altos Ventures (A)

      By: Jo Tango and Alys Ferragamo
      In December 2012, Altos Ventures General Partners Han Kim, Anthony Lee, and Ho Nam met to discuss the future of the firm. Altos had already adjusted its strategy multiple times. It began as a U.S.-focused venture capital investor whose first two funds were backed by a... View Details
      Keywords: Strategic Planning; Venture Capital; Investment Portfolio; Partners and Partnerships
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      Tango, Jo, and Alys Ferragamo. "Altos Ventures (A)." Harvard Business School Case 823-035, August 2022. (Revised November 2022.)
      • July 2022 (Revised October 2022)
      • Case

      Sixty Years of Sylvia’s

      By: Christina R. Wing, Carlton Burrell Jr., Chika-Dike Nwokike and Abby Patrick
      Sylvia’s Restaurant, approaching its sixtieth anniversary this August, is a testament to the values instilled by the matriarch herself, Sylvia Woods. Despite living through an era of racial oppression and poverty, Sylvia accessed financing and established her financial... View Details
      Keywords: Community; Legacy; Small Business; Values and Beliefs; Success; Expansion; Growth and Development Strategy
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      Wing, Christina R., Carlton Burrell Jr., Chika-Dike Nwokike, and Abby Patrick. "Sixty Years of Sylvia’s." Harvard Business School Case 623-018, July 2022. (Revised October 2022.)
      • May 2022 (Revised June 2024)
      • Case

      LOOP: Driving Change in Auto Insurance Pricing

      By: Elie Ofek and Alicia Dadlani
      John Henry and Carey Anne Nadeau, co-founders and co-CEOs of LOOP, an insurtech startup based in Austin, Texas, were on a mission to modernize the archaic $250 billion automobile insurance market. They sought to create equitably priced insurance by eliminating pricing... View Details
      Keywords: AI and Machine Learning; Technological Innovation; Equality and Inequality; Prejudice and Bias; Growth and Development Strategy; Customer Relationship Management; Price; Financial Services Industry; Financial Services Industry
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      Ofek, Elie, and Alicia Dadlani. "LOOP: Driving Change in Auto Insurance Pricing." Harvard Business School Case 522-073, May 2022. (Revised June 2024.)
      • May 2022
      • Case

      From GOP to NFT: Anthony Scaramucci and the Launch of Flatter NFT

      By: Lauren Cohen, Richard Ryffel and Grace Headinger
      Anthony Scaramucci, Managing Director of SkyBridge Capital, considered whether he should officially greenlight the launch of SkyBridge’s own NFT platform — Flatter NFT. He had led the investment firm to push first into Bitcoin and then Ethereum to make SkyBridge a... View Details
      Keywords: Business Startup; Fintech; Technology; Cryptocurrency; Web3; Business Startups; Volatility; Decision Making; Entertainment; Entrepreneurship; Investment; Strategic Planning; Adoption; Competitive Advantage; Technology Adoption; Finance; Currency; Financial Services Industry; Financial Services Industry; Financial Services Industry; New York (city, NY)
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      Cohen, Lauren, Richard Ryffel, and Grace Headinger. "From GOP to NFT: Anthony Scaramucci and the Launch of Flatter NFT." Harvard Business School Case 222-085, May 2022.
      • March 2022 (Revised February 2024)
      • Case

      El Salvador: Launching Bitcoin as Legal Tender

      By: Laura Alfaro, Carla Larangeira and Ruth Costas
      In June 2021, Nayib Bukele, El Salvador’s president, surprised the world with the announcement that the country would adopt bitcoin as legal tender, becoming the first nation to do so. Bitcoin was mostly used for trading and had one of the most volatile track records... View Details
      Keywords: Bitcoin; Cryptocurrency; Currency; Financial Strategy; Economic Growth; Governance; Macroeconomics; Assets; Latin America; El Salvador
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      Alfaro, Laura, Carla Larangeira, and Ruth Costas. "El Salvador: Launching Bitcoin as Legal Tender." Harvard Business School Case 322-055, March 2022. (Revised February 2024.)
      • March 2022 (Revised April 2022)
      • Case

      MTN: Unlocking Value While Driving Socioeconomic Progress

      By: Benjamin C. Esty, Pippa Tubman Armerding and Dilyana Karadzhova Botha
      On March 10, 2021, Ralph Mupita the new CEO of MTN Group, Africa's largest telecommunications company, presented the group’s 2020 annual results and unveiled a new strategy to “drive growth and unlock value.” Despite MTN’s leadership in most of its markets, the... View Details
      Keywords: Decision Making; Goals and Objectives; Valuation; Emerging Markets; Business Strategy; Financial Management; Information Technology; Corporate Finance; Telecommunications Industry; Africa; South Africa; Ghana; Nigeria
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      Esty, Benjamin C., Pippa Tubman Armerding, and Dilyana Karadzhova Botha. "MTN: Unlocking Value While Driving Socioeconomic Progress." Harvard Business School Case 722-371, March 2022. (Revised April 2022.)
      • March 5, 2022
      • Article

      Hospital Capacity Shortages: An SEC-Backed Transparency “PULL” Will Open Beds Faster Than a “PUSH” by HHS

      By: Regina E. Herzlinger
      In the new normal of ongoing pandemics, hospital bed shortages will continue. Healthcare innovation expert and author of the upcoming book Innovating in Healthcare: Creating Breakthrough Services, Products, and Business Models (Wiley, 2023, 978-1119543008), HBS... View Details
      Keywords: Hospital Capacity; Access To Care; Health Pandemics; Health Care and Treatment; Performance Capacity; Planning
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      Herzlinger, Regina E. "Hospital Capacity Shortages: An SEC-Backed Transparency “PULL” Will Open Beds Faster Than a “PUSH” by HHS." Healthcare Business Today (March 5, 2022).
      • February 2022 (Revised January 2023)
      • Case

      Creating and Measuring Purpose at Viega

      By: Ethan Rouen, Suraj Srinivasan and James Barnett
      At its headquarters in Attendorn, Germany, Viega’s chairwoman Anna Viegener gathered the company’s leadership team to discuss their progress on formalizing purpose-driven leadership as a strategic driver within the organization. Viega manufactured and distributed... View Details
      Keywords: Growth and Development; Employee Relationship Management; Leadership; Mission and Purpose; Expansion; Measurement and Metrics; Germany
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      Rouen, Ethan, Suraj Srinivasan, and James Barnett. "Creating and Measuring Purpose at Viega." Harvard Business School Case 122-028, February 2022. (Revised January 2023.)
      • February 2022
      • Case

      Cleveland Clinic Abu Dhabi

      By: Linda A. Hill and Emily Tedards
      In 2006, the Cleveland Clinic and Mubadala Investment Company partnered with a bold ambition to deliver world class healthcare in the United Arab Emirates. In 2015, after nearly a decade of planning and construction, Cleveland Clinic Abu Dhabi opened its doors. By... View Details
      Keywords: Organizational Behavior; Culture; Alignment; Organizational Effectiveness; Purpose; Impact; Leadership Development; Diversity; Collaboration; Co-creation; Learning Organizations; Empowerment; Teams; Team Dynamics; Teamwork; Team Effectiveness; Trust; Talent; Talent Development And Retention; Psychological Safety; Organizational Evolution; Coaching; Board; Analytics; Innovation; Data; Data Visualization; Digital Technology; Digital; Customer Experience; Experimentation; Change Management; Data-driven Decision-making; Debates; Ecosystem; Partnership; Telemedicine; Sustainability; Global Organizations; Local; Hospital; Healthcare; United Arab Emirates; Health Care and Treatment; Partners and Partnerships; Globalization; Quality; Organizational Culture; Mission and Purpose; Innovation and Management; Information Technology; Joint Ventures; Leadership; Performance Effectiveness; Abu Dhabi; United Arab Emirates
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      Hill, Linda A., and Emily Tedards. "Cleveland Clinic Abu Dhabi." Harvard Business School Case 422-058, February 2022.
      • February 2022
      • Case

      Cleveland Clinic Abu Dhabi (Abridged)

      By: Linda A. Hill and Emily Tedards
      In 2006, the Cleveland Clinic and Mubadala Investment Company partnered with a bold ambition to deliver world class healthcare in the United Arab Emirates. In 2015, after nearly a decade of planning and construction, Cleveland Clinic Abu Dhabi opened its doors. By... View Details
      Keywords: Organization Behavior; Culture; Alignment; Organizational Effectiveness; Purpose; Impact; Leadership Development; Diversity; Collaboration; Co-creation; Learning Organizations; Empowerment; Teams; Team Dynamics; Teamwork; Team Effectiveness; Trust; Talent; Talent Development And Retention; Psychological Safety; Organizational Evolution; Coaching; Board; Analytics; Innovation; Data; Data Visualization; Digital Technology; Digital; Customer Experience; Experimentation; Change Management; Data-driven Decision-making; Debates; Ecosystem; Partnership; Telemedicine; Sustainability; Global Organizations; Local; Hospital; Healthcare; United Arab Emirates; Health Care and Treatment; Partners and Partnerships; Globalization; Quality; Organizational Culture; Mission and Purpose; Innovation and Management; Information Technology; Joint Ventures; Leadership; Performance Effectiveness; Abu Dhabi; United Arab Emirates
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      Hill, Linda A., and Emily Tedards. "Cleveland Clinic Abu Dhabi (Abridged)." Harvard Business School Case 422-056, February 2022.
      • February 18, 2022
      • Article

      Transparency as a Solution for COVID-19 Related Hospital Capacity Issues

      By: Regina E. Herzlinger and Richard Boxer
      In the initial phases of the COVID-19 pandemic, many U.S. hospitals could not provide an adequate supply of beds to meet demand. Solving the problem of hospital bed capacity is of great importance in the “new normal,” which requires recognizing that SARS-CoV-2 is but... View Details
      Keywords: COVID; COVID-19 Pandemic; Health Care; Health Care Demand; Health Care Delivery; Health Care Industry; Health Care Operations; Health Care Policy; Transparency; Hospital; Hospital Management; Hospitals; Health Pandemics; Health Care and Treatment; Service Delivery; Operations; Performance Capacity; Policy; Health Industry
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      Herzlinger, Regina E., and Richard Boxer. "Transparency as a Solution for COVID-19 Related Hospital Capacity Issues." Health Affairs Forefront (February 18, 2022).
      • February 2022
      • Article

      Borrowing to Save? The Impact of Automatic Enrollment on Debt

      By: John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian and William L. Skimmyhorn
      Does automatic enrollment into a retirement plan increase financial distress due to increased borrowing outside the plan? We study a natural experiment created when the U.S. Army began automatically enrolling newly hired civilian employees into the Thrift Savings Plan.... View Details
      Keywords: Retirement Savings; Automatic Enrollment; Choice Architecture; Nudge; Financial Distress; Retirement; Saving; Borrowing and Debt; Behavior
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      Beshears, John, James J. Choi, David Laibson, Brigitte C. Madrian, and William L. Skimmyhorn. "Borrowing to Save? The Impact of Automatic Enrollment on Debt." Journal of Finance 77, no. 1 (February 2022): 403–447.
      • January 2022
      • Technical Note

      Introduction to Capital Structure Analytics

      By: Samuel Antill and Ted Berk
      This technical note provides an overview of key analytical approaches that are useful in assessing the appropriateness of a firm’s capital structure and funding plan. This note introduces basic quantitative tools and metrics that are commonly used as inputs to this... View Details
      Keywords: Budgets and Budgeting; Business Plan; Forecasting and Prediction; Borrowing and Debt; Corporate Finance; Capital Structure; Cash Flow; Financial Liquidity; Financial Management; Financing and Loans
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      Antill, Samuel, and Ted Berk. "Introduction to Capital Structure Analytics." Harvard Business School Technical Note 222-061, January 2022.
      • January 10, 2022
      • Article

      The Secret Ingredient of Thriving Companies? Human Magic

      By: Hubert Joly
      The traditional corporate approach to motivating people has been a combination of carrots and sticks: a system of financial incentives designed to mobilize everyone around a plan designed by a few smart people at the top. Multiple studies have confirmed that, for any... View Details
      Keywords: Meaning; Purpose; Organizational Culture; Employees; Motivation and Incentives; Performance
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      Joly, Hubert. "The Secret Ingredient of Thriving Companies? Human Magic." Harvard Business Review (website) (January 10, 2022).
      • December 2021
      • Case

      The Instant Payment Mandate: The Central Bank of Brazil and Pix

      By: Lauren Cohen and Spencer C. N. Hagist
      João M. P. De Mello and his team at the Central Bank of Brazil are preparing a move that would seek to tilt the scales in favor of financial inclusion for the entire country. The innovation at hand is the unprecedented nation-wide instant payment scheme: Pix. The fruit... View Details
      Keywords: Fintech; Finance; Entrepreneurship; Innovation Strategy; Banking Industry; Brazil
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      Cohen, Lauren, and Spencer C. N. Hagist. "The Instant Payment Mandate: The Central Bank of Brazil and Pix." Harvard Business School Case 222-053, December 2021.
      • 2024
      • Working Paper

      What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences

      By: Mark Egan, Alexander MacKay and Hanbin Yang
      We present an empirical model of portfolio choice that allows for the nonparametric estimation of investors' (subjective) expectations and risk preferences. Utilizing a comprehensive dataset of 401(k) plans from 2009 through 2019, we explore heterogeneity in asset... View Details
      Keywords: Stock Market Expectations; Demand Estimation; Retirement Planning; Defined Contribution Retirement Plan; 401 (K); Finance; Investment Portfolio; Investment; Retirement; Behavioral Finance; Financial Services Industry; United States
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      Egan, Mark, Alexander MacKay, and Hanbin Yang. "What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences." Harvard Business School Working Paper, No. 22-044, December 2021. (Revisions Requested at the Review of Financial Studies. Revised April 2024. Direct download. NBER Working Paper Series, No. 29604, December 2021)
      • October 2021
      • Article

      Communicating Resource Scarcity and Interpersonal Connection

      By: Grant E. Donnelly, Anne V. Wilson, Ashley V. Whillans and Michael I. Norton
      Consumers often cite insufficient time or money as an excuse for rejecting social invitations. We explore the effectiveness of these excuses in preserving interpersonal relationships. Six studies—including perceptions of couples planning their wedding—demonstrate that... View Details
      Keywords: Time; Interpersonal Relationships; Communication; Money; Relationships; Interpersonal Communication
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      Donnelly, Grant E., Anne V. Wilson, Ashley V. Whillans, and Michael I. Norton. "Communicating Resource Scarcity and Interpersonal Connection." Journal of Consumer Psychology 31, no. 4 (October 2021): 726–745.
      • September 2021
      • Case

      Brown Capital Management

      By: Luis M. Viceira, Emily R. McComb and Sarah Mehta
      Set in July 2021, this case looks at several growth strategies under consideration at Brown Capital, the second-oldest Black-owned asset management firm in the U.S. Since its 1983 founding, Baltimore-based Brown Capital has specialized in small company growth... View Details
      Keywords: Business Growth and Maturation; Growth and Development Strategy; Diversity; Race; Finance; Equity; Public Equity; Stocks; Financial Management; Financial Strategy; Investment; Investment Portfolio; Employee Stock Ownership Plan; Recruitment; Retention; Selection and Staffing; Employee Ownership; Strategy; Financial Services Industry; United States; Maryland; Baltimore
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      Viceira, Luis M., Emily R. McComb, and Sarah Mehta. "Brown Capital Management." Harvard Business School Case 222-002, September 2021.
      • July 2021
      • Teaching Plan

      Aligning Mission and Margin at Southern Bancorp

      By: Rebecca Henderson, Brian Trelstad and Eren Kuzucu
      Teaching Plan for HBS Case No. 321-099. In October 2020, after spending almost a decade to turnaround Southern Bancorp, an Arkansan bank founded with the mission to provide financial services to rural, underserved communities, CEO Darrin Williams is wondering how... View Details
      Keywords: Racial Wealth Gap; Banks and Banking; Growth and Development; Corporate Social Responsibility and Impact; Mission and Purpose; Going Public; Investment Return; Social Issues; Wealth and Poverty; Financial Services Industry; Financial Services Industry; United States; Arkansas
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      Henderson, Rebecca, Brian Trelstad, and Eren Kuzucu. "Aligning Mission and Margin at Southern Bancorp." Harvard Business School Teaching Plan 322-018, July 2021.
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