Publications
Publications
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- All HBS Web
(1,806)
- Faculty Publications (386)
- November 2020
- Case
Valuing Celgene's CVR
By: Benjamin C. Esty and Daniel Fisher
When Bristol-Myers Squibb (BMS) acquired Celgene Corporation in November 2019, Celgene shareholders received cash, BMS stock, and a contingent value right (CVRs) that would pay $9 if the U.S. Food and Drug Administration (FDA) approved three of Celgene’s late stage... View Details
- 2020
- Working Paper
Determinants of Early-Stage Startup Performance: Survey Results
To explore determinants of new venture performance, the CEOs of 470 early-stage startups were surveyed regarding a broad range of factors related to their venture’s customer value proposition, product management, marketing, technology and operations, financial... View Details
- Fall 2020
- Article
Sizing Up Corporate Restructuring in the COVID Crisis
By: Robin Greenwood, Benjamin Iverson and David Thesmar
In the wake of the COVID-19 pandemic, the financial and legal system will need to deal with a surge of financial distress in the business sector. Some firms will be able to survive, while others will face bankruptcy and thus need to be liquidated or reorganized. Many... View Details
- August 2020 (Revised February 2021)
- Case
Luckin Coffee (A): Caffeine-fueled Growth?
By: Ramon Casadesus-Masanell and Karen Elterman
This case describes the founding of Chinese coffee chain Luckin Coffee in 2017 and its path to surpassing Starbucks as the largest coffee chain in China (by number of stores) in 2019. Unlike Starbucks stores, which were designed to be welcoming “third places” for... View Details
Keywords: Business Model; Business Earnings; Cost; Cost Management; Financial Statements; Financial Condition; Financial Management; Stocks; Profit; Revenue; Price; Food; Business History; Employment; Brands and Branding; Product Positioning; Marketing Strategy; Business Strategy; Expansion; Competitive Strategy; Food and Beverage Industry; Technology Industry; Asia; China
- August 2020
- Supplement
Luckin Coffee (B): Revelations of Fraud
By: Ramon Casadesus-Masanell and Karen Elterman
This case describes revelations of fraud at Luckin Coffee, beginning with an anonymous report in January 2020 and continuing with the company’s admission in April 2020 that it had inflated its revenues by 2.2 billion RMB ($310 million), almost half its reported... View Details
- June 2020 (Revised February 2021)
- Case
Accounting for Leases at American Airlines (A)
By: Jonas Heese, Gerardo Pérez Cavazos and Julia Kelley
In March 2020, as coronavirus reduced demand for air travel, an analyst was forecasting American Airlines’ (American’s) first quarter financial results. To develop a forecast, she needed to familiarize herself with Accounting Standards Update (ASU) 2016-02, “Leases... View Details
Keywords: Accounting; Financial Reporting; Financial Statements; Finance; Governance; Corporate Accountability; Corporate Governance; Governing Rules, Regulations, and Reforms; Governing and Advisory Boards; Leasing; Accounting Industry; Air Transportation Industry; North and Central America; United States
- June 2020 (Revised February 2021)
- Supplement
Accounting for Leases at American Airlines (B)
By: Jonas Heese, Gerardo Pérez Cavazos and Julia Kelley
This is a supplement to the “Accounting for Leases at American Airlines (A)” case. The (B) case describes American Airlines’ financial results for the first quarter of 2020, as well as the continuing effects of coronavirus on the airline industry. View Details
Keywords: Accounting; Financial Reporting; Financial Statements; Finance; Governance; Corporate Accountability; Corporate Governance; Governing Rules, Regulations, and Reforms; Governing and Advisory Boards; Leasing; Health Pandemics; Accounting Industry; Air Transportation Industry; North and Central America; United States
- Working Paper
Rebates in the Pharmaceutical Industry: Evidence from Medicines Sold in Retail Pharmacies in the U.S.
By: Pragya Kakani, Michael Chernew and Amitabh Chandra
Rising list prices are often used to illustrate the burden of prescription drug spending, but payers routinely negotiate rebates from manufacturers that generate differences between list and net prices. List prices are easily available and affect patient cost-sharing,... View Details
- 2020
- Working Paper
A Framework for Product Impact-Weighted Accounts
By: George Serafeim and Katie Trinh
While there has been significant progress in the measurement of an organization’s environmental and social impacts from its operations, metrics to evaluate the impact of products once they come to market lag far behind. In this paper, we provide a framework for... View Details
- 2019
- Article
Time Series Experiments and Causal Estimands: Exact Randomization Tests and Trading
By: Iavor I Bojinov and Neil Shephard
We define causal estimands for experiments on single time series, extending the potential outcome framework to dealing with temporal data. Our approach allows the estimation of a broad class of these estimands and exact randomization based p-values for testing causal... View Details
- October 2019
- Case
Impax Laboratories: Executing Accretive Acquisitions (A)
By: Benjamin C. Esty and Daniel Fisher
Impax Laboratories was a technology-based pharmaceutical company that used a “dual platform” strategy to sell both generic and branded treatments. While Impax had grown organically for most of its history, it was beginning to use major acquisitions for growth. In the... View Details
- October 2019
- Supplement
Impax Laboratories: Executing Accretive Acquisitions (B)
By: Benjamin C. Esty and Daniel Fisher
Explores events after Impax announced the acquisition of a portfolio of generic pharmaceutical products from Teva in June 2016. View Details
- October 2019
- Supplement
Impax Laboratories: Executing Accretive Transactions (A)
By: Benjamin C. Esty and Daniel Fisher
Impax Laboratories was a technology-based pharmaceutical company that used a “dual platform” strategy to sell both generic and branded treatments. While Impax had grown organically for most of its history, it was beginning to use major acquisitions for growth. In the... View Details
- October 2019 (Revised August 2020)
- Case
Souqalmal: The Choice Is Yours (A)
By: V.G. Narayanan and Alpana Thapar
This case describes how Ambareen Musa, Founder and CEO of Souqalmal, a Dubai-based online comparison aggregator of banking and insurance products launched her business in 2011 and rapidly grew it over next couple of years. However, by 2017, the Mauritian entrepreneur... View Details
- 2019
- White Paper
Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy
By: George Serafeim, T. Robert Zochowski and Jennifer Downing
Reimagining capitalism is an imperative. We need to create a more inclusive and sustainable form of capitalism that works for every person and the planet. Massive environmental damage, growing income and wealth disparity, stress, and depression within developed... View Details
- 2019
- Working Paper
Bank Boards: What Has Changed Since the Financial Crisis?
By: Shiva Rajgopal, Suraj Srinivasan and Forester Wong
Several government-mandated committees investigating the financial crisis highlighted four key deficiencies in the composition of bank boards before the crisis: (i) group think among bank board members; (ii) absence of prior banking experience of board members; (iii)... View Details
- January 4, 2019
- Article
How Companies Can Balance Social Impact and Financial Goals
By: Marya L. Besharov, Wendy K. Smith and Michael Tushman
It’s notoriously difficult for a business to manage two separate-but-equal goals—making money and creating social value at the same time, for example, or managing an existing business at the same time that you invent a new one. Most attempts at managing these... View Details
- 2019
- Article
Structural Balance Emerges and Explains Performance in Risky Decision-Making
By: Omid Askarisichani, Jacqueline N. Lane, Francesco Bullo, Noah E. Friedkin, Ambuj K. Singh and Brian Uzzi
Polarization affects many forms of social organization. A key issue focuses on which affective relationships are prone to change and how their change relates to performance. In this study,
we analyze a financial institutional over a two-year period that employed 66... View Details
- January 2019
- Article
The ABCs of Financial Education: Experimental Evidence on Attitudes, Behavior, and Cognitive Biases
By: Fenella Carpena, Shawn A. Cole, Jeremy Shapiro and Bilal Zia
This paper uses a large-scale field experiment in India to study attitudinal, behavioral, and cognitive constraints that can stymie the link between financial education and financial outcomes. The study complements financial education with (1) financial incentives on a... View Details