Publications

October 2021 (Revised May 2023)
Case

Engine No.1: An Impact Investing Firm Engages with ExxonMobil

By: Mark Kramer, Shawn Cole, Vikram S. Gandhi and T. Robert Zochowski

ExxonMobil, the world's fifth largest source of carbon emissions, remained committed to aggressively expanding its oil & gas business despite global warming. During the COVID pandemic this strategy resulted in massive losses as the price and demand for oil declined. ... View Details

Keywords: Carbon Emissions; Global Warming; Impact Investment Funds; Hedge Fund Activism; Leadership Development; Business Model; Renewable Energy; Resource Allocation; Decision Choices and Conditions; Governing and Advisory Boards

September 2023
Teaching Note

Patagonia: 'Earth Is Now Our Only Shareholder'

By: Brian Trelstad, Nien-hê Hsieh, Michael Norris and Susan Pinckney

Teaching Note for HBS Case No. 323-057. Patagonia’s change of ownership from a privately held company to a perpetual purpose trust and 501(c)(4) nonprofit in order to use the company’s profit to fight the environmental crisis and be a model for future businesses. View Details

January 2021
Supplement

mPharma (B)

By: Rembrand Koning, John D. Macomber, Pippa Tubman Armerding and Wale Lawal

mPharma pioneered electronic prescriptions in Ghana, and aimed to increase drug affordability and accessibility in Africa, but the company remained unprofitable. Following investor concerns about mPharma's business, CEO Gregory Rockson considered alternative business... View Details

Keywords: Strategy; Health; Entrepreneurship; Business Model; Health Industry; Technology Industry; Ghana

14 Jun 2020
News

Private equity barons grow rich on $230bn of performance fees

23 Nov 2018
News

The Founder of Panera Bread Explains the Economic Forces That Led to Trump

Article

Managing the Unknowable: The Effectiveness of Early-stage Investor Gut Feel in Entrepreneurial Investment Decisions

By: Laura Huang and Jone L. Pearce

Using an inductive theory-development study, a field experiment, and a longitudinal field test, we examine early-stage entrepreneurial investment decision making under conditions of extreme uncertainty. Building on existing literature on decision making and risk in... View Details

Keywords: Entrepreneurship; Venture Capital; Risk and Uncertainty; Decision Making; Emotions; Performance Effectiveness

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June 1997
Background Note

The Normative Foundations of Business

What is the appropriate role for business to play in a capitalist society? In analyzing responses to this question, this note distinguishes two separate dimensions. The first involves the distinctive objective of business as a social institution, considers the pros and... View Details

Keywords: Business or Company Management; Economic Systems

October 2001 (Revised June 2004)
Case

Harrah's Entertainment Inc.

By: Rajiv Lal and Patricia Carrolo

Describes a situation facing Philip Satre, chairman and CEO of Harrah's Entertainment, Inc. Satre was reading a May 2000 Wall Street Journal story that discussed the company's marketing success in targeting low rollers, the 100% growth in stock price and profits in the... View Details

Keywords: Budgets and Budgeting; Marketing; Marketing Reference Programs; Performance Evaluation; Motivation and Incentives; Competitive Strategy

August 2021 (Revised April 2022)
Case

KKR

By: Jo Tango and Alys Ferragamo

In June of 2021, KKR’s executive team convened to prepare for an upcoming board meeting. From a small, three-person partnership that started in 1976 and invested only in U.S. LBOs, the firm 45 years later was a public company that employed over 1,600 people and managed... View Details

Keywords: Governing and Advisory Boards; Public Equity; Globalized Markets and Industries; Growth and Development Strategy; Profit; Strategy; Finance; Private Equity; United States

March 2020 (Revised March 2022)
Case

Wachtell Lipton: Focused Excellence

By: Ashish Nanda and Margaret Cross

For years, Wachtell, Lipton, Rosen & Katz—a small, New York City law firm—has consistently boasted the highest profits per partner and one of the highest “prestige” ratings among U.S.-based law firms. The firm has remained loyal to a distinctive strategy ever since its... View Details

Keywords: Strategy; Law; Mergers and Acquisitions; Legal Services Industry; New York (city, NY)

04 Feb 2014
News

Facebook turns 10

02 Feb 2012
News

Facebook VC pay-out to set record - Financial Times

December 2014 (Revised October 2017)
Case

Social Business at Novartis: Arogya Parivar

By: Michael E. Porter, Mark R. Kramer and David Lane

Late in 2013, Novartis CEO Joseph Jimenez was considering whether or how to deepen the company's investment in Arogya Parivar, its profitable program that sold Novartis medicines in rural India while expanding access to medicine and health information to millions of... View Details

Keywords: Shared Value; India; Kenya; Vietnam; Novartis; Arogya Parivar; Social Business; Multinational Firms and Management; Competitive Advantage; Corporate Social Responsibility and Impact; Pharmaceutical Industry; Viet Nam; Kenya; India

19 Jun 2011
News

Lessons in Longevity, From I.B.M.

13 Jul 2011
News

Worth It to Work Long Hours?

17 Mar 2021
News

Beyond Pajamas: Sizing Up the Pandemic Shopper

July 2000
Case

Aerospace Technologies, Inc.

By: Paul M. Healy and Jacob Cohen

Ben Galil's privately held engineering consulting firm represents aerospace products manufacturers in Israeli government biddings. The company incurs expenses for years before getting paid. This case deals with the alternative methods for booking revenues and expenses... View Details

Keywords: Accrual Accounting; Accounting; Revenue; Cost; Business or Company Management; Profit; Engineering; Bids and Bidding; Government and Politics; Private Ownership; Consulting Industry; Israel

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September 2007 (Revised September 2008)
Case

Buildings and Energy

By: Forest L. Reinhardt and Nazli Uludere

Presents data on opportunities to conserve energy in buildings, which account for about a third of all energy use. Encourages readers to think about the impediments to energy efficiency in the buildings sector and the ways in which entrepreneurs can profitably surmount... View Details

Keywords: Buildings and Facilities; Energy Conservation; Construction; Entrepreneurship; Investment; Innovation and Invention; Performance Efficiency; Environmental Sustainability; Construction Industry