Publications

May 2018 (Revised October 2018)
Case

Argentina Power—Don't Cry for Me Argentina

By: Nori Gerardo Lietz and Sayiddah Fatima McCree

In 2016, Bruce Wayne, Managing Director of Energy Finance Corporation (“EFC”), was refining the Investment/Credit Committee materials for the development of up to 10 power generating plants in Argentina. As a subsidiary of the much larger International Conglomerate... View Details

Keywords: Cross Border; Energy Markets; Infrastructure Finance; Infrastructure Development; Business Subsidiaries; Business Cycles; Macroeconomics; Energy Generation; International Finance; Project Finance; Government and Politics; Demand and Consumers; Infrastructure; Utilities Industry; Energy Industry; Financial Services Industry; Argentina; Latin America

07 Jul 2022
HBS Case

How a Multimillion-Dollar Ice Cream Startup Melted Down (and Bounced Back)

so, the investor wouldn’t commit the capital to bail them out, according to the cases. In 2020, when no investor stepped in to save the company, Ample Hills filed for bankruptcy. [div class=infogram-embed... View Details

Keywords: by Pamela Reynolds

January 2006 (Revised February 2006)
Case

Deutsche Borse and the European Markets

By: Dwight B. Crane and Monika Stachowiak

In December 2004, Deutsche Borse proposed an offer for the London Stock Exchange. Some shareholders opposed the acquisition, leading to the offer's withdrawal and replacement of management, including the CEO and board members. Written from the viewpoint of Deutsche... View Details

Keywords: Mergers and Acquisitions; Strategy; Governing and Advisory Boards; Capital Structure; Stocks; Valuation; Corporate Governance; Price; Change Management; Commercialization; Financial Services Industry; Europe

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October 1995 (Revised June 1996)
Case

ABN-AMRO Holding N.V. and Smit Transformatoren N.V. (A)

By: Peter Tufano

ABN-AMRO, the largest bank in the Netherlands, must decide whether to take any action in regard to the poor performance of Smit Transformatoren, a Dutch transformer manufacturer. ABN-AMRO acted as lead underwriter for the IPO of Smit, and also released a favorable... View Details

Keywords: Initial Public Offering; Capital Markets; Investment Banking; Banking Industry; Financial Services Industry; Netherlands

March 2008 (Revised February 2009)
Case

Transparent Value LLC

By: Sharon P. Katz, Krishna G. Palepu and Aldo Sesia, Jr.

Leading index company Dow Jones recently signed a license and joint marketing agreement with Transparent Value LLC, the creator of a new fundamentals-based valuation methodology. The agreement allowed Dow Jones to offer a family of indexes based on the Transparent... View Details

Keywords: Asset Management; Stocks; Price; Performance Expectations; Mathematical Methods; Valuation

May 2016 (Revised August 2019)
Teaching Note

Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio

By: Nori Gerardo Lietz and Ricardo Andrade

James Tallest analyzed the opportunity to invest in a distressed portfolio of high quality properties in Germany by acquiring one or more non-performing loans from Deutschland Bank. While he considers the many aspects of the deal that is about to unfold, he must decide... View Details

Keywords: Real Estate; Distress Investing; Non-performing Loan; Borrowing and Debt; Capital Structure; Private Equity; Negotiation Deal; Valuation; Real Estate Industry; Financial Services Industry; Germany; Europe

13 Dec 2022
Research & Ideas

The Color of Private Equity: Quantifying the Bias Black Investors Face

Black venture capital and growth investors have a much harder time getting funding than white investors, because—despite efforts to bring more racial diversity to financial services—private equity’s gatekeepers remain mostly white,... View Details

Keywords: by Pamela Reynolds; Financial Services

December 2010 (Revised June 2011)
Case

Boston Properties (A)

By: Ryan D. Taliaferro and Aldo Sesia

Investment manager Eliza Baena confronts an apparent convertible bond arbitrage opportunity when she notices a narrowing spread between two Boston Properties (BXP) bonds, one a convertible bond and the other a straight bond, in the wake of the 2008 Lehman bankruptcy.... View Details

Keywords: Asset Management; Bonds; Investment

19 Aug 2009
Working Paper Summaries

Optimal Taxation in Theory and Practice

Keywords: by N. Gregory Mankiw, Matthew Weinzierl & Danny Yagan

07 Apr 2023
Research & Ideas

When Celebrity ‘Crypto-Influencers’ Rake in Cash, Investors Lose Big

The research findings are consistent with widespread suspicions about so-called “pump-and-dump” schemes, in which digital asset developers or brokers allegedly boost values through online promotion, then quickly sell, producing outsized... View Details

Keywords: by Kristen Senz

September 2024
Case

InfraCredit and the Project Inception Facility

By: John Macomber, Namrata Arora and Maagatha Kalavadakken

Around the world, large infrastructure projects are frequently stymied by the high cost and high uncertainty of the project inception phase: the research and engineering and planning prior to financial close and start of construction. Could there be a new kind of... View Details

22 Feb 2008
Working Paper Summaries

Consumer Demand for Prize-Linked Savings: A Preliminary Analysis

Keywords: by Peter Tufano, Nick Maynard & Jan-Emmanuel De Neve; Financial Services

18 Oct 2013
Working Paper Summaries

Monetary Policy Drivers of Bond and Equity Risks

Keywords: by John Y. Campbell, Carolin E. Pflueger & Luis M. Viceira

06 Oct 2015
First Look

October 6, 2015

with a discussion of task shifting’s potential to improve access to affordable tertiary care in resource-constrained settings. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=49780 Integrated Reporting for a Re-Imagined View Details

Keywords: Sean Silverthorne

17 Jan 2023
In Practice

8 Trends to Watch in 2023

As 2023 begins, businesses and employees face an uncertain economy and labor market, as the twin dilemmas of inflation and interest rates weigh on forecasts. Harvard Business School faculty share the top trends that they believe will shape the workplace and markets... View Details

Keywords: by Avery Forman

2012
Working Paper

Issuer Quality and Corporate Bond Returns

By: Robin Greenwood and Samuel G. Hanson

We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the... View Details

Keywords: Price; Credit; Risk and Uncertainty; Investment Return; Forecasting and Prediction; Bonds; Market Design; Cost of Capital; Mathematical Methods; System Shocks

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2016
Working Paper

The U.S. Chamber of Commerce and the Modern Administrative State, 1912–1925: Trade Associations, Codes of Fair Competition, and State Building

By: Laura Phillips Sawyer

From its founding in 1912 through the interwar years, the Chamber's history shows a persistent preoccupation with progressive economics and policy-making. Rather than flouting the new ideas of institutional economics, which favored federal regulators overseeing data... View Details

Keywords: Organizations; Trade; Business and Government Relations; Competition; United States