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- November 2024
- Teaching Note
Mercado Bitcoin: M&A, IPO, or Series B?
By: Raymond Kluender, Emanuele Colonnelli and Sabrina Howell
Teaching Note for HBS Case No. 825-047. In April 2021, Brazilian cryptocurrency platform Mercado Bitcoin, had to decide how to scale: go public, M&A with a bank, or take a VC big check. In a highly volatile market, Roberto Dagnoni, chairman of the board, viewed the... View Details
Keywords: Cryptocurrency; Mergers and Acquisitions; Business Growth and Maturation; Business Startups; Decision Making; Going Public; Ownership Stake; Strategic Planning; Venture Capital; Problems and Challenges; Business Cycles; Digital Platforms; Emerging Markets; Market Timing; Expansion; Diversification; Valuation; Value Creation; Investment Funds; Initial Public Offering; Price; Price Bubble; Negotiation Offer; Information Technology Industry; Financial Services Industry; Brazil; Latin America
- 2024
- Working Paper
Hidden Risk
By: Daniel Barth, Phillip Monin, Emil Siriwardane and Adi Sunderam
Since 2013, large U.S. hedge fund advisers have been required to report risk exposures in their regulatory filings. Using these data, we first establish that managers’ perceptions of risk contain useful information that is not embedded in fund returns. Investor flows... View Details
- November 2024
- Supplement
Clara Wu Tsai and Brooklyn Loan Innovation (B)
By: Archie Jones, Mathieu Davis, Mourya Mamidala and Max Hancock
This (B) case provides an update on “Clara Wu Tsai and Brooklyn Loan Innovation (A)” View Details
- 2024
- Working Paper
Catalysts for Climate Solutions: Corporate Responses to Venture Capital Financing of Climate-tech Startups
By: Shirley Lu, George Serafeim and Simon Xu
We study whether incumbent firms increase their product focus on climate solutions in response to venture capital (VC) financing of climate-tech startups. Using large language models to measure a firm's focus on climate solutions, we find that incumbents in similar... View Details
- October 2024
- Supplement
Hakluyt: from Corporate Intelligence to Trusted Advisors (B)
By: Joseph B. Fuller and Lena Duchene
This case is a continuation of an earlier study chronicling Hakluyt & Company (Hakluyt)’s transformation from an obscure boutique to a global corporate advisory firm with an outsized reputation. In August 2024, the firm faced a pivotal moment as managing partner Varun... View Details
Keywords: Business Growth and Maturation; Business Model; Talent and Talent Management; Capital Structure; Cash Flow; Corporate Finance; Equity; Stock Shares; Corporate Governance; Business History; Compensation and Benefits; Recruitment; Leadership Style; Growth Management; Management Succession; Management Teams; Organizational Culture; Performance Evaluation; Networks; Partners and Partnerships; Business Strategy; Competitive Advantage; Consulting Industry; Europe; United Kingdom; England; London
- October 2024
- Module Note
Purpose of the Firm
By: Debora L. Spar and Julia M. Comeau
Purpose of the Firm (PoF) is a short module designed to explore how, and under what circumstances, business leaders can harness the power of capitalism and markets to “make a difference in the world”—that is, to address a significant societal problem as a commercial... View Details
- October 2024
- Case
GLIN Impact Capital
By: Ethan Rouen and Akiko Saito
In 2024, the co-founders of the venture capital fund GLIN Impact Capital face a critical inflection point as they consider launching a second, significantly larger impact investment fund in Japan. Founded in 2021 by the three Harvard Business School alumni, GLIN is one... View Details
- October 2024
- Case
Estímulo: Blended Finance in Brazil
By: Vikram S. Gandhi, James Barnett, Maxim Pike Harrell and Marina Osborn
In December 2022, Estímulo—a Brazilian impact investment fund supporting small businesses—found itself at a crossroads. The fund was established in 2020 to provide emergency relief through accessible credit and financial education. When low default rates from borrowers... View Details
- October 2024 (Revised November 2024)
- Case
SWEN Blue Ocean: Impact Investing Goes to Sea
By: Vikram S Gandhi and David Allen
In August 2023, SWEN Blue Ocean, a €170 million impact fund that invested in startups contributing to ocean sustainability, faced a critical investment decision. Part of SWEN Capital Partners, an €8 billion, Paris-based private equity fund, Blue Ocean was co-founded in... View Details
- 2025
- Working Paper
Bank Capital and the Growth of Private Credit
By: Sergey Chernenko, Robert Ialenti and David Scharfstein
We show that business development companies (BDCs), a significant source of private credit, are very well capitalized according to bank capital frameworks. These types of private credit funds have median risk-based capital ratios of about 36%, which is 26 percentage... View Details
- September–October 2024
- Article
Boards Need a New Approach to Technology
By: Tarun Khanna, Mary C. Beckerle and Nabil Y. Sakkab
The boards of too many publicly traded companies are downright timid when considering matters involving science and technology. More often than not, they focus on security and digitization—a defensive posture that fails to consider the bigger opportunities emerging... View Details
- October 2024
- Article
Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship
By: Michael Ewens, Ramana Nanda and Christopher Stanton
We show theoretically that a critical determinant of the attractiveness of VC-backed entrepreneurship for high-earning potential founders is the expected time to develop a startup’s initial product. This is because founder-CEOs’ cash compensation increases... View Details
- 2024
- Working Paper
Ponzi Funds
By: Philippe van der Beck, Jean-Philippe Bouchaud and Dario Villamaina
Many active funds hold concentrated portfolios. Flow-driven trading causes price pressure, which
pushes up the funds’ existing positions resulting in realized returns. We decompose fund returns
into a price pressure (self-inflated) and a fundamental component and... View Details
- October 2024
- Background Note
Space Capitalism and the Final Frontier
By: Sophus A. Reinert, Ryan Spatz and Bobby Faith
- September 2024
- Teaching Note
Brown Capital Management
By: Luis M. Viceira and Sarah Mehta
Teaching Note for HBS Case No. 222-002. View Details
- September 2024
- Case
TechEnergy Ventures: Innovating Through Corporate Venture Capital
By: Rebecca Karp and Lena Duchene
This case examines TechEnergy Ventures, the corporate venture capital (CVC) arm of the Techint Group, and its role in scaling innovation within the energy sector. Founded in 2021, TechEnergy Ventures operates with a mandate to invest in disruptive technologies to... View Details
Keywords: Transition; Alternative Energy; Renewable Energy; Metals and Minerals; Mining; Corporate Entrepreneurship; Climate Change; Environmental Sustainability; Corporate Finance; Venture Capital; Financial Strategy; Investment Portfolio; Growth and Development Strategy; Adaptation; Diversification; Innovation Strategy; Energy Industry; Financial Services Industry; Italy; Europe; Latin America; Argentina
- September 2024
- Case
Copenhagen Infrastructure Partners: Leading the Energy Transition
By: John Macomber and Maxwell Nii Laryea
A leading global infrastructure fund debates whether and when to become engaged in the electrolysis and distribution of hydrogen, as part of the hydrogen economy and the global transtion to a net zero energy world. The proposed billion dollar project consists of wind... View Details
- September 2024
- Case
Comun: Partners in Peril
By: Jeffrey J. Bussgang and Alexis Lefort
In spring 2023, Abiel Gutierrez and Andres Santos, co-founders of Comun, faced a critical decision at their fintech startup serving Latino immigrants. Having launched their product the previous year, they experienced rapid growth but encountered rising fraud and... View Details
- 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
Keywords: Infrastructure; Financial Institutions; Financial Instruments; Cost; Cash Flow; Capital; Assets; Financial Markets; Financial Strategy; Insurance; Energy; Product Development; Risk and Uncertainty; Business Strategy; Credit; Financial Services Industry; Energy Industry; Banking Industry; Africa; Nigeria
- September 2024
- Case
Google Quantum AI
By: David B. Yoffie, Michael A. Cusumano and Matt Higgins
Quantum computing may be the most important nascent computing technology of the 21st century. It has the potential to impact industries ranging from drug discovery to cybersecurity. Google's Quantum AI is one of the leaders in quantum research. This case explores the... View Details