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  • 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
Keywords: Financing and Loans; Capital; Credit; Financial Institutions
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    Yuan Zou

    Yuan Zou is an assistant professor in the Accounting and Management unit. She teaches Financial Reporting and Control (FRC) in the MBA required curriculum.

    Professor Zou conducts theoretically-motivated empirical studies aimed at furthering the understanding... View Details

    • July 2020 (Revised September 2021)
    • Case

    Mr. Five Percent: Calouste Gulbenkian and the Origins of Global Oil

    By: Geoffrey Jones and Yazeed Al-Rashed
    This case describes the business career of Calouste Gulbenkian, a skilled intermediary who was able to secure 5 percent of a vast oil concession covering much of the Middle East that was signed in 1928. Gulbenkian was an ethnic Armenian born in the Ottoman Empire,... View Details
    Keywords: Oil; Globalization; Energy Sources; History; Biography; Energy Industry; Turkey; Central Asia; Middle East
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      Paul M. Healy

      Paul Healy is the James R. Williston Professor at the Harvard Business School. His research covers a broad range of topics, including white collar crime, governance, business ethics, financial analysis, and Wall Street research. He joined the HBS faculty in 1998,... View Details

      Keywords: accounting industry; brokerage; pharmaceuticals
      • TeachingInterests

      Investing for Impact

      By: Archie L. Jones

      The Field Course: Investing for Impact was born out of the efforts of HBS students and faculty in the spring of 2020 and offered for the first time in fall semester of 2021.

      This course seeks to help students understand why certain... View Details

      • Research Summary

      Islamic Financing Practices

      By: Samuel L. Hayes
      Samuel L. Hayes III is examining (with faculty of Harvard University's Law School and Center for Middle Eastern Studies) Islamic banking and investment practices. Because the Koran prohibits the payment of fixed interest and guarantees on funds invested either with... View Details
      • July 2015
      • Article

      A Behavioral Model of the Popularity and Regulation of Demandable Liabilities

      By: Julio J. Rotemberg
      Overoptimism regarding one's ability to arrive early in a queue is shown to rationalize deposit contracts in which people can withdraw their funds on demand even if consumption takes place later. Capitalized institutions serving overoptimistic depositors emerge in... View Details
      Keywords: Consumer Behavior; Banks and Banking
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      • July 2011
      • Case

      Edna McConnell Clark Foundation-Enabling a Performance Driven Philanthropic Capital Market

      By: Allen Grossman and Aldo Sesia
      The Edna McConnell Clark Foundation, focused on building the organizational capabilities of nonprofits that served the disadvantaged youth in the United States, has recently been named an intermediary in the federal government's new social innovation fund (SIF), which... View Details
      Keywords: Nonprofit Organizations; Organizational Change and Adaptation; Philanthropy and Charitable Giving; Financial Strategy; Performance Improvement; Capital Markets; United States
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        Dwight B. Crane

        Mr. Crane was a member of the Finance Faculty at Harvard Business School for a number of years, working primarily in the field of financial institutions and corporate governance.  He taught in the MBA and executive education programs at the School, most recently... View Details

        • 12 Oct 2010
        • Working Paper Summaries

        Crashes and Collateralized Lending

        Keywords: by Jakub W. Jurek & Erik Stafford; Financial Services; Financial Services
        • August 2018
        • Case

        BlackBuck (A)

        By: Shikhar Ghosh and Shweta Bagai
        The case presents the challenges of scaling an asset-heavy company (that relies on its operations). It highlights how decisions on the early team impact a company’s ability to scale, linkage between growth and cash flows, as well the organizational impact of high... View Details
        Keywords: Founders; Entrepreneurship; Growth and Development Strategy; Service Delivery; Cash Flow; Growth Management; Truck Transportation; Online Technology; India
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          Victoria Ivashina

          Victoria Ivashina is the Lovett-Learned Professor of Finance and Head of the Finance Unit at Harvard Business School. She also serves as a Research Associate at the National Bureau of Economic Research (NBER), a Research Fellow at the Center for Economic Policy... View Details

          Keywords: financial services; financial services; financial services; financial services; financial services; financial services
          • 2019
          • Working Paper

          Intelligent Design of Inclusive Growth Strategies

          By: Robert S. Kaplan, George Serafeim and Eduardo Tugendhat
          Improving corporate engagement with society, as advocated in the Business Roundtable’s 2019 statement, should not be viewed as a zero-sum proposition where attention to new stakeholders detracts from delivering shareholder value. Corporate programs for sustainable and... View Details
          Keywords: Inclusion; Sustainability; Performance Measures; Environmental Sustainability; Social Issues; Strategy; Governance; Corporate Social Responsibility and Impact; Business and Stakeholder Relations
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            Clayton S. Rose

            Clayton Rose is Baker Foundation Professor of Management Practice. He currently teaches the course Accountability in the Advanced Management Program. His research is focused on the how leaders can manage the challenges created by the intense, varied and often... View Details

            Keywords: financial services
            • October 1999 (Revised January 2000)
            • Case

            W. R. Hambrecht & Co: OpenIPO

            By: Andre F. Perold and Gunjan D. Bhow
            OpenIPO is a new mechanism for pricing and distributing initial public offerings. The system, which is based on a Dutch auction, represents an attempt by the investment bank W.R. Hambrecht + Co. to change the manner in which IPOs are underwritten. The case provides a... View Details
            Keywords: Investment Banking; Debt Securities; Stocks; Initial Public Offering; Price; Information; Auctions; Agreements and Arrangements; Distribution; Internet; Netherlands
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              Lauren H. Cohen

              Lauren Cohen is the L.E. Simmons Professor in the Finance & Entrepreneurial Management Units at Harvard Business School and a Research Associate at the National Bureau of Economic Research. He is an Editor of the Review of Financial... View Details

              Keywords: financial services; financial services; financial services; financial services; financial services; financial services

                Paul A. Gompers

                Paul Gompers, Professor of Business Administration at the Harvard Business School, specializes in research on financial issues related to start-up, high growth, and newly public companies. Professor Gompers has an appointment in both the View Details
                Keywords: electronics; health care; high technology; information technology industry; investment banking industry; pharmaceuticals; semiconductor; venture capital industry
                • Research Summary

                Overview

                Having grown up in a developing country, Professor Sikochi’s research focus is driven by a desire to understand how capital flows to firms and entrepreneurs with the ultimate goal to help build capital markets in the developing economies. To this end, he conducts... View Details

                • October 2012 (Revised August 2014)
                • Case

                The Canada Pension Plan Investment Board: October 2012

                By: Josh Lerner, Matthew Rhodes-Kropf and Nathaniel Burbank
                The Canada Pension Plan Investment Board (CPPIB) is one of the largest and fastest-growing pools of investment capital in the world and follows an unusually active program of investment management. In October of 2012, Mark Wiseman was just 12 weeks into his role as... View Details
                Keywords: Canada; CPPIB; Pensions; Private Equity; Financial Services Industry; Canada
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                • 10 Jul 2000
                • Research & Ideas

                The State of the Markets

                Worldwide financial markets are in a period of extraordinary change, as they gear up for more and more volume, work out an assortment of mergers and consolidations, contemplate the reality of 24-hour global trading, adopt new advances in... View Details
                Keywords: by James E. Aisner