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- All HBS Web (425)
- Faculty Publications (110)
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- 08 May 2017
- Working Paper Summaries
Monetary Policy and Global Banking
- October 2018
- Case
Accomplice: Scaling Early Stage Finance
By: Ramana Nanda, Raffaella Sadun and Olivia Hull
Accomplice, an early-stage venture capital firm based in Boston, is raising its second fund in November 2017. Since 2009, the firm has followed a seed-led investment model, investing in tech companies at the earliest stages, often when products and business models are... View Details
Keywords: Early Stage Finance; Seed Finance; Scouts; Venture Capital; Business Startups; Private Equity; Investment Portfolio; Organizational Structure; Organizational Change and Adaptation; Partners and Partnerships; Networks; Adaptation; Corporate Strategy; Technology; Financial Services Industry; Massachusetts; Boston; Cambridge; United States
Nanda, Ramana, Raffaella Sadun, and Olivia Hull. "Accomplice: Scaling Early Stage Finance." Harvard Business School Case 719-403, October 2018.
- February 2002 (Revised December 2003)
- Exercise
Incentives Game, The
By: Jason R. Barro, Brian J. Hall and Jonathan Lim
This exercise provides an opportunity to gain insight about designing, negotiating, and responding to incentives. The setting is investment management. A class is divided into a certain number of investment firms. Each company has one CEO and begins with four portfolio... View Details
Barro, Jason R., Brian J. Hall, and Jonathan Lim. "Incentives Game, The." Harvard Business School Exercise 902-197, February 2002. (Revised December 2003.)
- January 2018 (Revised April 2021)
- Case
Capital Allocation at HCA
By: W. Carl Kester and Emily R. McComb
In early 2017, HCA Holdings, an investor-owned hospital management company, faced a strategically important capital allocation decision. After the exit of its private equity sponsors in 2016, HCA had to determine how best to allocate its substantial annual free cash... View Details
Keywords: Capital Allocation; Cash Distribution Policy; Dividends; Share Repurchases; Growth Strategy And Execution; Growth Investing; Capital Expenditures; Debt Management; Debt Reduction; Debt Policy; Hospital Management; Investor-owned Hospital Chains; Capital Budgeting; Capital Structure; Cash Flow; Corporate Finance; Decision Choices and Conditions; Health Industry; United States
Kester, W. Carl, and Emily R. McComb. "Capital Allocation at HCA." Harvard Business School Case 218-039, January 2018. (Revised April 2021.)
- February 2012 (Revised September 2013)
- Case
Edward Lundberg and the Rockville Building: Energy Efficiency Finance in Commercial Real Estate
By: John D. Macomber and Frederik Nellemann
A commercial landlord analyzes options for funding and accomplishing energy efficiency retrofit. The situation is complicated by lease terms and uncertain effectiveness of the intervention. Students must grapple with obstacles including changing energy prices,... View Details
Macomber, John D., and Frederik Nellemann. "Edward Lundberg and the Rockville Building: Energy Efficiency Finance in Commercial Real Estate." Harvard Business School Case 212-067, February 2012. (Revised September 2013.)
- 2024
- Working Paper
Does the Case for Private Equity Still Hold?
By: Nori Gerardo Lietz and Philipp Chvanov
Private Equity (“PE”) received a 10-fold increase in capital flows since the Great Financial Crisis (“GFC”) Investors sought higher nominal returns relative to those they could obtain in the public capital markets. This paper questions the fundamental assumptions... View Details
Lietz, Nori Gerardo, and Philipp Chvanov. "Does the Case for Private Equity Still Hold?" Harvard Business School Working Paper, No. 24-066, January 2024.
- May 2023
- Technical Note
Venture Capital at a Crossroads
By: Jo Tango and Alys Ferragamo
Venture capital is a cyclical, ever-changing industry, as seen in recent years. The late 2010s and early 2020s witnessed record amounts of capital flowing into the sector, high valuations, and new types of investors entering the market. Innovations in the seed stage,... View Details
Keywords: Venture Capital
Tango, Jo, and Alys Ferragamo. "Venture Capital at a Crossroads." Harvard Business School Technical Note 823-122, May 2023.
- February 2005
- Case
Bayside Motion Group (A)
By: H. Kent Bowen and Bradley R. Staats
After purchasing a business and successfully growing it for 18 years, the sole owner is presented with an attractive acquisition offer from a Fortune 500 company. The company's future is bright, but is now the right time to sell? Can he create more value by waiting?... View Details
Keywords: Acquisition; Decisions; Entrepreneurship; Cash Flow; Private Equity; Financing and Loans; Growth Management; Success; Private Ownership
Bowen, H. Kent, and Bradley R. Staats. "Bayside Motion Group (A)." Harvard Business School Case 605-040, February 2005.
- May 2022
- Article
Coins for Bombs: The Predictive Ability of On-Chain Transfers for Terrorist Attacks
By: Dan Amiram, Evgeny Lyandres and Daniel Rabetti
This study examines whether we can learn from the behavior of blockchain-based transfers to predict the financing of terrorist attacks. We exploit blockchain transaction transparency to map millions of transfers for hundreds of large on-chain service providers. The... View Details
Keywords: Blockchain; Bitcoin; Accounting; AI and Machine Learning; National Security; Governing Rules, Regulations, and Reforms
Amiram, Dan, Evgeny Lyandres, and Daniel Rabetti. "Coins for Bombs: The Predictive Ability of On-Chain Transfers for Terrorist Attacks." Journal of Accounting Research 60, no. 2 (May 2022): 427–466.
- 2010
- Chapter
The Financing of R&D and Innovation
By: Bronwyn H. Hall and Josh Lerner
Evidence on the “funding gap” for investment innovation is surveyed. The focus is on financial market reasons for underinvestment that exist even when externality-induced underinvestment is absent. We conclude that while small and new innovative firms experience high... View Details
Hall, Bronwyn H., and Josh Lerner. "The Financing of R&D and Innovation." Chap. 14 in Handbook of the Economics of Innovation: Volume 1, by Bronwyn H. Hall and Nathan Rosenberg, 609–639. Amsterdam: Elsevier, 2010.
- January 2009 (Revised December 2017)
- Case
Who Broke the Bank of England?
By: Niall Ferguson and Jonathan Schlefer
In the summer of 1992, hedge fund manager George Soros was contemplating the possibility that the European Exchange Rate Mechanism (ERM) would break down. Designed to pave the way for a full-scale European Monetary Union, the ERM was a system of fixed exchange rates... View Details
Keywords: Decision Choices and Conditions; Currency Exchange Rate; Investment; Governing Rules, Regulations, and Reforms; Financial Services Industry; European Union
Ferguson, Niall, and Jonathan Schlefer. "Who Broke the Bank of England?" Harvard Business School Case 709-026, January 2009. (Revised December 2017.)
- January 2019
- Case
First Aid Beauty
By: Karen Mills and Annie Dang
In 2008, Lilli Gordon, an experienced financial and skincare entrepreneur, founded First Aid Beauty (FAB). She had discovered a white space in the prestige beauty market: high-end skin solutions that were suitable for sensitive skin. After initial success through... View Details
Keywords: Prestige Beauty; Skincare; Preferred Shares; Common Stock; Entrepreneurship; Venture Capital; Private Equity; Decision Choices and Conditions; Beauty and Cosmetics Industry
Mills, Karen, and Annie Dang. "First Aid Beauty." Harvard Business School Case 319-082, January 2019.
- July 2012
- Article
The Real Consequences of Market Segmentation
By: Sergey Chernenko and Adi Sunderam
We study the real effects of market segmentation due to credit ratings using a matched sample of firms just above and just below the investment-grade cutoff. These firms have similar observables, including average investment rates. However, flows into high-yield mutual... View Details
Keywords: Segmentation; Credit; Investment; Investment Funds; Quality; Markets; Measurement and Metrics; Business Ventures
Chernenko, Sergey, and Adi Sunderam. "The Real Consequences of Market Segmentation." Review of Financial Studies 25, no. 7 (July 2012): 2041–2069. (Winner of the RFS Young Researcher Prize 2012.)
- August 2019 (Revised March 2023)
- Case
Rand Fishkin at Moz (A)
In 2016, senior management at Moz, a venture capital–backed startup providing software tools for digital marketing professionals, must decide how to address a looming cash flow crisis precipitated by failed efforts to broaden its product line. Seattle-based Moz had... View Details
Keywords: Startups; Scaling; Entrepreneurship; Failure; Business Startups; Diversification; Growth Management; Technology Industry
Eisenmann, Thomas R. "Rand Fishkin at Moz (A)." Harvard Business School Case 820-002, August 2019. (Revised March 2023.)
- May 2005 (Revised January 2006)
- Case
Mortgage Backs at Ticonderoga
Ticonderoga is a small hedge fund that trades in mortgage-backed securities--securities created from pooled mortgage loans. They often appear as straightforward so-called "pass-throughs," but can also be pooled again to create collateral for a mortgage security known... View Details
Chacko, George C., Peter A. Hecht, Vincent Dessain, and Anders Sjoman. "Mortgage Backs at Ticonderoga." Harvard Business School Case 205-122, May 2005. (Revised January 2006.)
- 2016
- Working Paper
Financing Payouts
By: Joan Farre-Mensa, Roni Michaely and Martin Schmalz
We study the extent to which firms rely on the capital markets to fund their payouts. We find that 42% of firms that pay out capital also initiate debt or equity issues in the same year, resulting in 32% of aggregate payouts being externally financed. Most firms with... View Details
Keywords: Payout Policy; Financing Decisions; Debt Issues; Equity Issues; Capital Structure; Decision Making; Financing and Loans; Corporate Finance
Farre-Mensa, Joan, Roni Michaely, and Martin Schmalz. "Financing Payouts." Harvard Business School Working Paper, No. 15-049, December 2014. (Revised December 2016.)
- 2008
- Working Paper
The Future of Social Enterprise
By: V. Kasturi Rangan, Herman B. Leonard and Susan McDonald
The Future of Social Enterprise considers the confluence of forces that is shaping the field of social enterprise, changing the way that funders, practitioners, scholars, and organizations measure performance. We trace a growing pool of potential funding sources to... View Details
Keywords: Social Entrepreneurship; Investment; Philanthropy and Charitable Giving; Performance Effectiveness; Social Enterprise; Consolidation; Value
Rangan, V. Kasturi, Herman B. Leonard, and Susan McDonald. "The Future of Social Enterprise." Harvard Business School Working Paper, No. 08-103, June 2008.
- January 2018 (Revised January 2021)
- Case
Colombia's 4G Road Program: The Pacífico 3 Bond Offer
By: John Macomber, Maria Fernanda Miguel and Mariana Cal
Colombia conceived its 4G (Fourth Generation) Road Program to try to attract $17 billion from the private sector for investment in toll roads. The nation had also created the National Infrastructure Agency of Colombia (ANI) to oversee multiple investments, and the... View Details
Keywords: Private Public Partnerships; Infrastructure; Projects; Finance; Emerging Markets; Colombia
Macomber, John, Maria Fernanda Miguel, and Mariana Cal. "Colombia's 4G Road Program: The Pacífico 3 Bond Offer." Harvard Business School Case 218-062, January 2018. (Revised January 2021.)
- March 2011
- Article
Institutional Demand Pressure and the Cost of Corporate Loans
By: Victoria Ivashina and Zheng Sun
Between 2001 and 2007, annual institutional funding in highly leveraged loans went up from $32 billion to $426 billion, accounting for nearly 70% of the jump in total syndicated loan issuance over the same period. Did the inflow of institutional funding in the... View Details
Keywords: Leveraged Buyouts; Financial Crisis; Credit; Debt Securities; Financing and Loans; Interest Rates; Investment
Ivashina, Victoria, and Zheng Sun. "Institutional Demand Pressure and the Cost of Corporate Loans." Journal of Financial Economics 99, no. 3 (March 2011): 500–522.
- August 2023
- Case
WayCool: Reimagining the Food Supply Chain
By: Paul Gompers and Kairavi Dey
Founded in 2015, WayCool, is an Indian agri-tech start-up that built a B2B operation acquiring fruits and vegetables from product-specific agriculture companies and small-holding farmers. It sold them to business customers, such as local retail stores, restaurants, and... View Details
Keywords: Agribusiness; Digital Transformation; Operations; Business Strategy; Supply Chain; Performance; Business Startups; Growth and Development Strategy; Agriculture and Agribusiness Industry; Food and Beverage Industry; Technology Industry; Web Services Industry; Asia; South Asia
Gompers, Paul, and Kairavi Dey. "WayCool: Reimagining the Food Supply Chain." Harvard Business School Case 224-011, August 2023.