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  • March–April 2013
  • Article

Vaporware, Suddenware and Trueware: New Product Preannouncements under Market Uncertainty

By: Elie Ofek and Ozge Turut
A firm may want to preannounce its plans to develop a new product in order to stimulate future demand. But given that such communications can affect rivals' incentives to develop the same new product, a firm may decide to preannounce untruthfully in order to deter... View Details
Keywords: Risk and Uncertainty; Announcements; Competition; Product Launch; Product Development
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    Bank Capital and the Growth of Private Credit

    We show that business development companies (BDCs) — closed-end funds that provide a significant share of nonbank loans to middle market firms — are very well capitalized according to bank capital frameworks. They have median risk-based capital ratios of about 36% and,... 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)—closed-end funds that provide a significant share of nonbank loans to middle market firms—are very well capitalized according to bank capital frameworks. They have median risk-based capital ratios of about 36%... View Details
    Keywords: Financing and Loans; Capital; Credit; Financial Institutions
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    • December 2021
    • Case

    The Instant Payment Mandate: The Central Bank of Brazil and Pix

    By: Lauren Cohen and Spencer C. N. Hagist
    João M. P. De Mello and his team at the Central Bank of Brazil are preparing a move that would seek to tilt the scales in favor of financial inclusion for the entire country. The innovation at hand is the unprecedented nation-wide instant payment scheme: Pix. The fruit... View Details
    Keywords: Fintech; Finance; Entrepreneurship; Innovation Strategy; Banking Industry; Brazil
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    • 2006
    • Article

    Capital Budgeting: The Role of Cost Allocations

    By: Ian D. Gow and Stefan Reichelstein
    A common issue for firms is how to allocate capital resources to various investment alternatives. An extensive and long-standing literature in finance has examined various aspects of capital budgeting, including capital constraints, the determination of discount rates,... View Details
    Keywords: Capital Budgeting; Resource Allocation; Performance Evaluation; Cost Management; Research; Investment; Cash Flow; Risk Management; Performance Capacity
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    • August 2006 (Revised February 2009)
    • Case

    Medco Energi Internasional

    In late 2004, Hilmi Panigoro, CEO of the publicly traded Indonesian oil company Medco Energi Internasional, is striving to regain majority control of the company his brother Arifin founded in 1980. The Asian financial crisis of 1999 led to a major restructuring that... View Details
    Keywords: Leveraged Buyouts; Family Business; Restructuring; Financing and Loans; Ownership Stake; Business and Shareholder Relations; Indonesia; Singapore
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    • September 2006
    • Supplement

    Medco Energi Internasional (CW)

    In late 2004, Hilmi Panigoro, CEO of the publicly traded Indonesian oil company Medco Energi Internasional, is striving to regain majority control of the company his brother Arifin founded in 1980. The Asian financial crisis of 1999 led to a major restructuring that... View Details
    Keywords: Leveraged Buyouts; Restructuring; Family Business; Financing and Loans; Ownership Stake; Business and Shareholder Relations; Energy Industry; Indonesia; Singapore
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    • July 2024
    • Article

    Acceptance of Automated Vehicles Is Lower for Self than Others

    By: Stuti Agarwal, Julian De Freitas, Anya Ragnhildstveit and Carey K. Morewedge
    Road traffic accidents are the leading cause of death worldwide for people aged 2–59. Nearly all deaths are due to human error. Automated vehicles could reduce mortality risks, traffic congestion, and air pollution of human-driven vehicles. However, their adoption... View Details
    Keywords: Transportation; Risk and Uncertainty; Technology Adoption; Prejudice and Bias
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    • 23 Apr 2012
    • Research & Ideas

    How to Brand a Next-Generation Product

    preferred name. But when the list included several new features, 65.7 percent chose the name StreetPilot. While these experiments focused on high-tech equipment, the professors note that the findings hold true across many industries.... View Details
    Keywords: by Carmen Nobel
    • 30 Jun 2015
    • First Look

    First Look: June 30, 2015

    2000s, a period during which Treasury bonds enabled investors to hedge macroeconomic risks. This paper develops a New Keynesian macroeconomic model with habit formation preferences that prices both bonds and stocks. The model attributes... View Details
    Keywords: Carmen Nobel
    • June 2021
    • Case

    Acelero Learning

    By: Mario Small, Kathleen L. McGinn, Amy Klopfenstein and Katherine Chen
    In November 2020, Henry Wilde, co-founder and CEO of Acelero, Inc., must decide whether to change his company’s program model for delivering early childhood education to low-income children. One of the only for-profit Head Start providers in the United States, Acelero... View Details
    Keywords: Early Childhood Education; Organizational Change and Adaptation; Growth and Development Strategy; Adoption; Customer Focus and Relationships; Operations; Education Industry; North and Central America; United States
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    • 16 Apr 2013
    • Working Paper Summaries

    The Auditing Oligopoly and Lobbying on Accounting Standards

    Keywords: by Abigail M. Allen, Karthik Ramanna & Sugata Roychowdhury; Accounting; Banking
    • July 2008
    • Article

    Fairness in Extended Dictator-Game Experiments

    By: Felix Oberholzer-Gee and Reiner Eichenberger
    We test the robustness of behavior in dictator games by offering allocators the choice to play an unattractive lottery. With this lottery option, mean transfers from allocators to recipients substantially decline, partly because many allocators now keep the entire... View Details
    Keywords: Decision Choices and Conditions; Fairness; Game Theory; Risk and Uncertainty; Behavior
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    • 22 Mar 2016
    • First Look

    March 22, 2016

    in 2012. However, doing business in emerging markets remains subject to a high degree of "policy risk," namely the risk that a government will discriminatorily change the laws, regulations, or contracts governing an... View Details
    Keywords: Sean Silverthorne
    • 14 May 2014
    • Working Paper Summaries

    Morality Rebooted: Exploring Simple Fixes to Our Moral Bugs

    Keywords: by Ting Zhang, Francesca Gino & Max H. Bazerman
    • 2008
    • Working Paper

    Variance-Seeking for Positive (and Variance-Aversion for Negative) Experiences: Risk-Seeking in the Domain of Gains?

    By: Jolie Mae Martin, Gregory M. Barron and Michael I. Norton
    In contrast to research which has conflated losses with negative experiences and gains with positive experiences, we argue that because reference points are set by memories of extremely good and bad experiences, most outcomes are seen as losses in positive domains and... View Details
    Keywords: Change; Experience and Expertise; Marketing; Research; Risk and Uncertainty; Loss; Perspective
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    • May 2000
    • Article

    Maxmin Expected Utility over Savage Acts with a Set of Priors

    By: Ramon Casadesus-Masanell, Peter Klibanoff and Emre Ozdenoren
    This paper provides an axiomatic foundation for a maxmin expected utility over a set of priors (MMEU) decision rule in an environment where the elements of choice are Savage acts. This characterization complements the original axiomatizations of MMEU developed in a... View Details
    Keywords: Uncertainty Aversion; Ambiguity; Expected Utility; Set Of Priors; Knightian Uncertainty; Decision Making; Game Theory; Risk and Uncertainty; Mathematical Methods
    Related
    • 22 Jan 2013
    • HBS Seminar

    Robert Meyer, Wharton, University of Pennsylvania

    • June 2024
    • Article

    Valuing the Societal Impact of Medicines and Other Health Technologies: A User Guide to Current Best Practices

    By: Jason Shafrin, Jaehong Kim, Joshua T. Cohen, Louis P. Garrison, Dana A. Goldman, Jalpa A. Doshi, Joshua Krieger, Darius N. Lakdawalla, Peter J. Neumann, Charles E. Phelps, Melanie D. Whittington and Richard Willke
    This study argues that value assessment conducted from a societal perspective should rely on the Generalized Cost-Effectiveness Analysis (GCEA) framework proposed herein. Recently developed value assessment inventories—such as the Second Panel on Cost-Effectiveness’s... View Details
    Keywords: Health Care and Treatment; Valuation; Cost vs Benefits; Society
    Related
    • 29 Sep 2009
    • First Look

    First Look: September 29

    older investors prefer dividend-paying stocks. Together, these tendencies generate geographically varying demand for dividends. Firms headquartered in areas in which seniors constitute a large fraction of the population are more likely to... View Details
    Keywords: Martha Lagace