Publications
Publications
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- All HBS Web
(1,849)
- Faculty Publications (219)
- October 2020
- Case
HOPE and Transformational Lending: Netflix Invests in Black Led Banks
By: John D. Macomber and Janice Broome Brooks
Following the killing of George Floyd on Memorial Day in 2020, the large US corporation Netflix elected to make a "transformational deposit" of $10 million into Hope Credit Union (HCU), a small Black led community development finance institution (CDFI) based in... View Details
- 2020
- Chapter
Climate Change Is Going to Transform Where and How We Build
By: John D. Macomber
As fires, floods, and droughts increasingly threaten homes, businesses, and other institutions, climate risk has become financial risk. This implies that homeowners and investors have been making location decisions without properly pricing the cost of potential peril,... View Details
- September 3, 2020
- Article
How to Measure a Company's Real Impact
By: Ronald Cohen and George Serafeim
Impact transparency will reshape capitalism. By shifting the pursuit of profit away from negligently creating problems to purposefully creating valuable solutions for the world, it will redefine success, so that its measure is not just money, but the positive impact we... View Details
Keywords: Impact; Impact Investing; Impact Measurement; Impact Investment; Impact Investment Funds; Accountability; Accounting Information; Corporate Performance; Sustainability; Social Impact; Capitalism; Accounting; Corporate Accountability; Performance; Measurement and Metrics; Social Enterprise; Society
- September–October 2020
- Article
Social-Impact Efforts That Create Real Value
By: George Serafeim
Until the mid-2010s few investors paid attention to environmental, social, and governance (ESG) data—information about companies’ carbon footprints, labor policies, board makeup, and so forth. Today the data is widely used by investors. How can organizations create... View Details
Keywords: Sustainability; Sustainability Management; ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Disclosure Metrics; ESG Ratings; ESG Reporting; Social Impact; Impact Measurement; Social Innovation; Purpose; Corporate Purpose; Corporate Social Responsibility; Strategy; Social Enterprise; Society; Accounting; Investment; Environmental Sustainability; Climate Change; Corporate Strategy; Mission and Purpose; Corporate Social Responsibility and Impact; Financial Services Industry; Chemical Industry; Technology Industry; Consumer Products Industry; Pharmaceutical Industry; North America; Europe; Japan; Australia
- August 2020
- Article
Financial Market Risk Perceptions and the Macroeconomy
By: Carolin E. Pflueger, Emil Siriwardane and Adi Sunderam
We propose a novel measure of risk perceptions: the price of volatile stocks (PVS), defined as the book-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVS is high when perceived risk directly measured from surveys and... View Details
- July 2020 (Revised November 2020)
- Case
Gera Developments: Leadership at a Crossroads
By: Christina R. Wing and John Masko
For decades, Gera Developments (Gera) was a boutique family-owned real estate development firm in Pune, India. But since 2000, managing director Rohit Gera had turned the company into a dynamic innovator in housing solutions for urban Indian families. Over the 2010s,... View Details
Keywords: Buildings and Facilities; Business Growth and Maturation; Construction; Geographic Location; Global Strategy; Globalized Firms and Management; Housing; Leadership Style; Management Succession; Organizational Change and Adaptation; Organizational Culture; Family Ownership; Family and Family Relationships; Urban Development; Customization and Personalization; Real Estate Industry; Maharashtra; India; United States
- July 2020 (Revised September 2020)
- Case
Property Finder's Strategy for Online Classifieds in the MENA Region
By: Krishna G. Palepu, Gamze Yucaoglu and Fares Khrais
The case opens in 2020 as Michael Lahyani, founder and CEO of Property Finder, Dubai’s leading online real estate classifieds portal, contemplates the company’s five-year growth strategy.
Since its founding in 2005 in the United Arab Emirates (UAE), Property... View Details
- 2020
- Working Paper
Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time
By: Laura Alfaro, Anusha Chari, Andrew Greenland and Peter K. Schott
We show that unexpected changes in the trajectory of COVID-19 infections predict U.S. stock returns, in real time. Parameter estimates indicate that an unanticipated doubling (halving) of projected infections forecasts next-day decreases (increases) in aggregate U.S.... View Details
- April 2020 (Revised August 2020)
- Case
WeWork—November 2018
By: Paul A. Gompers, Patrick Sweeney and Alex Gachanja
In May 2017, SoftBank announced the official launch of the Vision Fund — which promptly became the largest technology-focused investment fund in the world, with nearly $100 billion in capital under its management. Reports from a few months prior hinted that SoftBank... View Details
- March 2020
- Case
A Tower for the People: 425 Park Avenue
By: John Macomber, Joseph G. Allen and Emily Jones
Healthy buildings and superior air quality are increasingly important since people now spend so much time indoors. Indoor spaces drive performance and productivity. Commercial real estate landlords and investors are responding to the demands of sophisticated tenants... View Details
- January 2020
- Case
Terra Nova: A Social Business Trying to Unlock Land Rights for the Urban Poor in Brazil
By: Julie Battilana, Ruth Costas, Marissa Kimsey and Priscilla Zogbi
Brothers André and Daniel Albuquerque founded the company Terra Nova in 2001 to mediate land disputes between poor families illegally living in urban areas and the official landowners—with the aspiration to improve the lives of the poor. A business-led approach to the... View Details
- December 2019
- Teaching Note
Hony Capital and Jushi Group
By: Josh Lerner, Shai Bernstein and Ann Leamon
Teaching Note for HBS No. 820-040. View Details
- October 2019 (Revised June 2020)
- Case
Pantheon Ventures in 2019
By: Victoria Ivashina and Tonia Labruyere
The case discusses the strategy of Pantheon, a UK-based fund of funds investing in private equity. Client demands and preferences had changed in the aftermath of the 2008 global financial crisis and Pantheon had to adapt its business model to accommodate requests for... View Details
- October 2019
- Case
Hony Capital and Jushi Group
By: Josh Lerner, Shai Bernstein and Ann Leamon
Hony Capital, a multi-billion dollar private equity firm based in China, is investing in a subsidiary of Jushi Group, a Chinese company that is one of the world's largest fiberglass producers. The specific project will build a plant in the United States. In this case,... View Details
- August 2019 (Revised October 2019)
- Case
Amandla Capital: Real Estate in Côte d‘Ivoire
By: John D. Macomber, Pippa Tubman Armerding and Dilyana Botha
This case describes Amandla Capital, a fledgling company in Cote d’Ivoire, facing three opportunities in the real estate and hospitality industries in Africa. It introduces students to several concepts: decision-making and cost-benefit analysis in real estate,... View Details
- August 2019 (Revised April 2021)
- Case
Zillow Offers: Winning Online Real Estate 2.0
By: Luis Viceira, Marco Di Maggio and Allison Ciechanover
Founded in 2005, Zillow had become the leading online real estate and home-related marketplace. The brand was recognized as a trusted resource for players in the real estate market, providing information and transparency on home prices. Revenue, which was historically... View Details
- April 2019 (Revised December 2019)
- Case
Exporting Livability: Investing in New Urban Centers
By: John D. Macomber and Essie Alamsyah
Can Singapore urban design, policy continuity, and system of laws be exported outside of Singapore to accelerate the effective development of new urban agglomerations? Nina Yang, CEO of Sustainable Urban Development at Ascendas-Singbridge, a large real estate company... View Details
- January 2019 (Revised January 2022)
- Case
Chinese Infrastructure Investments in Sri Lanka: A Pearl or a Teardrop on the Belt and Road?
By: Meg Rithmire and Yihao Li
In 2015, a surprise presidential election result seemed to imperil Chinese investments in Sri Lanka, which were associated with China’s Belt and Road Initiative to build global infrastructure. In the previous decade, China had undertaken two major projects in the... View Details
- January 2019
- Case
King Abdullah Economic City: Population Drivers and Cash Flow
By: John D. Macomber
CEO of high profile new economic city in Saudi Arabia must decide how to allocate limited investment funds across projects under duress. Issues include understanding core economic drivers; planning infrastructure investment and return; attracting multinationals; and... View Details
- November 2018
- Teaching Note
The Tax Man: Taxes in Private Equity Real Estate
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
Teaching Note for HBS No. 218-077. This teaching note provides the back up analysis for the various alternatives to be considered in choosing the optimal investment structure for the real estate acquisition. It contrasts the interests of the tax exempt investors... View Details