External Financing - Publications - Faculty & Research - Harvard Business School

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August 2000 (Revised August 2003)
Case

Cox Communications, Inc., 1999

This case focuses on how much external financing a firm needs and what securities the firm should issue to raise this financing. Cox Communications is a major player in the cable industry, which is consolidating due to technological changes/capabilities brought about... View Details

Keywords: Change Management; Decision Choices and Conditions; Financing and Loans; Telecommunications Industry

March 1984 (Revised June 1998)
Case

MCI Communications Corp.--1983

MCI Communications Corp. is faced with a large need for external financing to support rapid growth and substantial uncertainty due to the AT&T antitrust settlement. The case illustrates the value of convertible debt as a financing instrument in these circumstances. View Details

Keywords: Growth Management; Emerging Markets; Financing and Loans; Telecommunications Industry; United States

February 2024
Article

An Economic Framework for Vaccine Prioritization

By: Mohammad Akbarpour, Eric Budish, Piotr Dworczak and Scott Duke Kominers

We propose an economic framework for determining the optimal allocation of a scarce supply of vaccines that become gradually available during a public health crisis, such as the Covid-19 pandemic. Agents differ in observable and unobservable characteristics, and the... View Details

Keywords: Vaccine; Fairness; Public Finance; Public Goods; Allocation Problems; Allocative Efficiency; Allocation Rules; Social Welfare; Pandemics; Inequality; COVID-19; COVID-19 Pandemic; Public Sector; Resource Allocation; Market Design; Marketplace Matching; Public Administration Industry

April 1975 (Revised December 1991)
Case

Consolidated Edison Co. (Abridged)

By: Thomas R. Piper

Faced with large external financing needs and a low stock price, Con Ed management must decide whether to pay a cash dividend in April 1974. Based on Consolidated Edison by G.C. Lodge. View Details

Keywords: Valuation; Decision Choices and Conditions; Financing and Loans; Energy Industry

November 2011
Article

Ownership Structure and Financial Constraints: Evidence from a Structural Estimation

By: Chen Lin, Yue Ma and Yuhai Xuan

This article examines the impact of the divergence between corporate insiders' control rights and cash-flow rights on firms' external finance constraints via generalized method of moments estimation of an investment Euler equation. Using a large sample of U.S.... View Details

Keywords: Ownership; Social Enterprise; Reputation; Cash Flow; Annuities; Investment; Investment Funds; Financial Reporting; Accounting Audits; Financial Services Industry; United States

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September 2003
Case

Allscripts, Inc.

By: William A. Sahlman and Laurence E. Katz

Describes a set of decisions confronting an entrepreneurial team that is considering taking managerial control of Allscripts, a health care venture. The company has gone through nine rounds of external financing and has changed its business model several times. View Details

Keywords: Business Model; Business or Company Management; Venture Capital; Corporate Entrepreneurship; Health Care and Treatment; Corporate Finance; Health Industry

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August 1992 (Revised June 1993)
Case

Compania de Telefonos de Chile

By: W. Carl Kester, Enrique Ostale and Charles McHugh La Follette

The newly privatized Chilean telephone company, Compania de Telefonos de Chile (CTC) must raise substantial new funds externally in order to finance its expansion program. This task is complicated by Chile's small, illiquid capital markets and the skeptical view of... View Details

Keywords: Capital Markets; Financing and Loans; Managerial Roles; Privatization; Expansion; Telecommunications Industry; South America; Chile

January 2015 (Revised September 2017)
Case

Omar Selim: Building a Values-Based Asset Management Firm (A)

By: George Serafeim, Rebecca Henderson and Shannon Gombos

The sustainable investing market was a recent phenomenon in the first decade of the 21st century. However, an increasing number of investors began to integrated Environmental, Social and Governance (ESG) issues in investment decisions. At Barclays Capital, Omar Selim... View Details

01 Jan 2005
News

C. Fritz Foley

C. Fritz Foley is the Andre R. Jakurski Professor of Business Administration and Senior Associate Dean (SAD) for External Relations. As SAD, Foley works with ER to enhance alumni engagement, expand opportunities for lifelong learning, and develop fundraising... View Details

September 2010 (Revised May 2012)
Case

Windward Investment Management

By: Luis M. Viceira and Ricardo Alberto De Armas

Windward Investment Management has experienced rapid growth in assets under management in just ten years, from under $30 million at year-end 1999 to $3.6 billion in 2010. Windward is one of the leading firms in the Registered Investment Advisor (RIA) industry that... View Details

Keywords: Asset Management; Valuation; Investment; Growth and Development Strategy; Financial Services Industry

April 2020 (Revised August 2020)
Case

CredEx Fintech: Business Model Transformation During the Digital Era

By: Laura Huang, Raphael Amit and Xu Han

Founded in 2010, CredEx has been a fast and constant innovator in the microfinance industry in China. Tang Xia, CEO and co-founder of CredEx, has led the company through a number of profound business model innovations in response to external environment changes, which... View Details

Keywords: Digitization; Fintech; Business Model; Innovation and Invention; Transformation; Microfinance; Organizational Change and Adaptation

February 2021
Article

A Dynamic Theory of Multiple Borrowing

By: Daniel Green and Ernest Liu

Multiple borrowing—a borrower obtains overlapping loans from multiple lenders—is a common phenomenon in many credit markets. We build a highly tractable, dynamic model of multiple borrowing and show that, because overlapping creditors may impose default externalities... View Details

Keywords: Commitment; Multiple Borrowing; Common Agency; Misallocation; Microfinance; Investment; Mathematical Methods

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June 2015
Article

The Organization of Enterprise in Japan

By: Tom Nicholas

Recent research reveals that the joint stock corporation was not a superior form of business organization in many countries historically. In Japan, however, it played a more fundamental role. Between 1896 and 1939 joint stock enterprises accounted for 44 percent of... View Details

Keywords: Japan; Legal Form; Enterprise; Modernization; Business Organization; Entrepreneurship; Japan

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2005
Working Paper

Aggregate Corporate Liquidity and Stock Returns

By: Robin Greenwood

Aggregate investment in cash and liquid assets as a share of total corporate investment is negatively related to subsequent U.S. stock market returns between 1947 and 2003. The share of cash in total investment is a more stable predictor of returns than scaled price... View Details

Keywords: Stocks; Financial Liquidity; Cash; Investment Return; Corporate Finance

January 2013
Article

Payout Taxes and the Allocation of Investment

When corporate payout is taxed, internal equity (retained earnings) is cheaper than external equity (share issues). If there are no perfect substitutes for equity finance, payout taxes may therefore have an effect on the investment of firms. High taxes will favor... View Details

Keywords: Taxation; Investment; Equity; Growth and Development Strategy; Resource Allocation

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September 2009
Article

Is There a Better Commitment Mechanism than Cross-Listings for Emerging Economy Firms? Evidence from Mexico

By: Jordan I. Siegel

The last decade of work in corporate governance has shown that weak legal institutions at the country level hinder firms in emerging economies from accessing finance and technology affordably. To attract outside resources, these firms must often use external... View Details

Keywords: Commitment; Inter-organizational Relationships; Emerging Markets; Economics; International Political Economy; Economy; Business Ventures; Information; Mexico

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April 2025
Article

Crisis Interventions in Corporate Insolvency

By: Samuel Antill and Christopher Clayton

We model the optimal resolution of insolvent firms in general equilibrium. Collateral-constrained banks lend to (i) solvent firms to finance investments and (ii) distressed firms to avoid liquidation. Liquidations create negative fire-sale externalities. Liquidations... View Details

Keywords: Insolvent Firms; Government Intervention; Liquidation; Econometric Models; Insolvency and Bankruptcy; Policy

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Payout Taxes and the Allocation of Investment

When corporate payout is taxed, internal equity (retained earnings) is cheaper than external equity (share issues). If there are no perfect substitutes for equity finance, payout taxes may therefore have an effect on the investment of firms. High taxes... View Details

August 2007 (Revised May 2009)
Case

PlaNet Finance: Broad Scope in Microfinance

By: Andrei Hagiu and Elena Corsi

PlaNet Finance was a French NGO providing technical support and training services to microfinance institutions (i.e., institutions providing financial services to the poor) and other microfinance actors, rating of microfinance institutions and management, and advisory... View Details

Keywords: Financial Institutions; Microfinance; Growth Management; Networks; Non-Governmental Organizations; Service Industry; France

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