Publications

April 2011 (Revised December 2017)
Case

Latvia: Navigating the Strait of Messina

By: Rafael Di Tella, Rawi Abdelal and Natalie Kindred

This case describes Latvia's transition from a Soviet republic into an EU member, its economic boom and subsequent bust in 2008, and its policy response. After implementing significant economic and political reforms in order to qualify for EU membership in 2004, Latvia... View Details

Keywords: Currency Exchange Rate; Competitive Strategy; Economic Growth; Policy; Financial Crisis; Economic Slowdown and Stagnation; Latvia

Web

Accounting & Management - Faculty & Research

urgent cesarean section response times and cutting diabetes-related inequities in half—demonstrating the framework’s promise as a guide to targeted, measurable, and sustainable equity improvement. July 2025 Article Digital Lending and View Details

July 2010 (Revised December 2010)
Case

Post-Crisis Compensation at Credit Suisse (A)

By: Clayton S. Rose and Aldo Sesia

On October 20, 2009, Brady Dougan, the CEO of Credit Suisse Group, announced a new compensation plan for the bank. The announcement had followed quickly on the heels of the G-20 meeting the prior month where, in the wake of the financial crisis, the major governments... View Details

Keywords: Financial Crisis; Globalized Firms and Management; Governing Rules, Regulations, and Reforms; Taxation; Compensation and Benefits; Organizational Culture; Business and Shareholder Relations; Financial Services Industry; Financial Services Industry; Switzerland; United Kingdom

January 2010 (Revised April 2010)
Case

Greenbriar Growth Partners and Microsurgery Devices

Greenbriar Growth Partners (GGP), a venture capital (VC) firm, has been an investor in Microsurgery Devices (MSD) for four-plus years and has come into conflict with the company's founder. Should the Board's nominating committee re-nominate the VC investor, and should... View Details

Keywords: Financial Crisis; Venture Capital; Private Equity; Initial Public Offering; Governing and Advisory Boards; Conflict of Interests; Medical Devices and Supplies Industry; United States

16 May 2023
In Practice

After Silicon Valley Bank's Flameout, What's Next for Entrepreneurs?

The collapse of Silicon Valley Bank (SVB) in March left the startup world reeling. The biggest lender to fail since the 2008 financial crisis, SVB had become the preferred funder of the startup, tech, and venture capital worlds. Its quick... View Details

Keywords: by Avery Forman; Financial Services; Financial Services

06 Jun 2013
Working Paper Summaries

Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly

Keywords: by Malcolm Baker & Jeffrey Wurgler; Financial Services; Financial Services

2009
Book

Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed and What to Do About It

By: Josh Lerner

In response to the financial crisis, governments are being far more aggressive in intervening to promote economic activity, a trend that shows little tendency of alleviating. This book looks at the experiences of governments in encouraging entrepreneurs and venture... View Details

Keywords: Economic Growth; Financial Crisis; Entrepreneurship; Venture Capital; Policy; Business and Government Relations

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16 Jul 2020
Research & Ideas

Restaurant Revolution: How the Industry Is Fighting to Stay Alive

It’s never been easy to make money in the restaurant industry. A highly fragmented sector dominated by 70 percent independent owners and operators, the average restaurant’s annual revenue hovers around $1 million and generates an operating profit of just 4-5 percent. A... View Details

Keywords: by Michael S. Kaufman, Lena G. Goldberg, and Jill Avery; Food & Beverage

16 Jun 2021
HBS Case

Cruising in Crisis: How Carnival Is Riding Out the COVID-19 Storm

companies are often considered financially distressed. “Indeed, early in the pandemic, with the financial markets in turmoil, Carnival reportedly entered into discussions with a group of private equity and... View Details

Keywords: by Michael Blanding; Travel

Summer 2013
Article

Real Estate Prices During the Roaring Twenties and the Great Depression

By: Tom Nicholas and Anna Scherbina

Using new data on market-based transactions we construct real estate price indexes for Manhattan between 1920 and 1939. During the 1920s prices reached their highest level in the third quarter of 1929 before falling by 67% at the end of 1932 and hovering around that... View Details

Keywords: Property; Market Transactions; Price; Value; Financial Crisis; Investment; Real Estate Industry; New York (state, US)

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2014
Working Paper

The Rise and Fall of Demand for Securitizations

By: Sergey Chernenko, Samuel G. Hanson and Adi Sunderam

Collateralized debt obligations (CDOs) and private-label mortgage-backed securities (MBS) backed by nonprime loans played a central role in the recent financial crisis. Little is known, however, about the underlying forces that drove investor demand for these... View Details

Keywords: Debt Securities; Financial Markets; Financial Crisis

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March 2010 (Revised January 2012)
Case

Bank of America-Merrill Lynch

By: Guhan Subramanian and Nithyasri Sharma

In September 2008, as Lehman Brothers struggled to survive, John Thain, CEO of Merrill Lynch, realized that his bank was also on the brink of failure. Throughout the weekend of September 13–14, 2008, Thain successfully negotiated a deal with Ken Lewis, CEO of Bank of... View Details

Keywords: Mergers and Acquisitions; Financial Crisis; Financing and Loans; Negotiation Deal; Business and Government Relations; Banking Industry; United States

January 2009 (Revised April 2009)
Case

Disaster in April: The Obligations of Kelly Construction

By: John D. Macomber, Christopher M. Gordon and Ben Creo

A construction company experiences a crane accident with multiple fatalities. The CEO, a client, and an employee must make choices to meet the company's obligations. Set in 2006, the case looks at the choices faced by board members of a museum that is an important... View Details

Keywords: Business Exit or Shutdown; Family Business; Insolvency and Bankruptcy; Governing and Advisory Boards; Compensation and Benefits; Contracts; Crisis Management; Construction Industry

07 Nov 2017
First Look

New Research and Ideas: November 7, 2017

were essential, and radical corporate social responsibility concepts were pursued by some firms. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=53419 forthcoming Capitalism Beyond Mutuality New Prospects for Organizational Democracy? How the Joint... View Details

Keywords: Carmen Nobel

January 2009 (Revised March 2012)
Case

Spain: Can the House Resist the Storm?

By: Diego A. Comin

On September 16, 2008, President Rodriguez Zapatero recognized the severity of Spain's macroeconomic situation and clearly pointed to the culprit in front of the Spanish Congress: "Let nobody doubt it; there is already a wide consensus about the origin of the crisis:... View Details

Keywords: Business Cycles; Economy; Financial Crisis; Macroeconomics; System Shocks; Spain

May 1998 (Revised January 1999)
Case

Japan: "Free, Fair, and Global?"

By: Richard H.K. Vietor and Stephen E. Lynagh

In April 1998, Prime Minister Hashimoto faced serious problems, both with his program of six systemic reforms and with his fiscal policy. Japan had been in effective recession for six years, unable to retain the miracle-growth achieved in earlier decades. Hashimoto has... View Details

Keywords: Sovereign Finance; Development Economics; Social Issues; Policy; Economy; Government Administration; Financial Crisis; Japan

August 1988 (Revised February 1992)
Case

Norton Group PLC: To Be or Not to Be in the Motorcycle Business (A)

By: V. Kasturi Rangan and Jon Skofic

Norton, a once famous motorcycle manufacturer, soundly beaten by Japanese competition, turns its attention to developing rotary engines. The company is acquired by Norton Group PLC, which is headed by a dashing entrepreneur. The new management must decide what... View Details

Keywords: Acquisition; Decision Choices and Conditions; Corporate Entrepreneurship; Human Resources; Crisis Management; Resource Allocation; Production; Competition; Auto Industry; Motorcycle Industry; Japan; United Kingdom