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  • January 2002 (Revised January 2003)
  • Case

Finova Group, Inc. (A), The

By: Stuart C. Gilson and Perry Fagan
Finova Group, a $14 billion commercial finance company, filed for Chapter 11 in early March 2001, in what was one of the largest U.S. bankruptcy filings of all time and the largest corporate bond default since the Great Depression. While in Chapter 11, Finova became... View Details
Keywords: Acquisition; Business Startups; Borrowing and Debt; Equity; Insolvency and Bankruptcy; Debt Securities; Price; Crisis Management; Bids and Bidding; Partners and Partnerships; Strategy; Valuation; Financial Services Industry; United States
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  • Forthcoming
  • Article

Calling All Issuers: The Market for Debt Monitoring

By: Huaizhi Chen, Lauren Cohen and Weiling Liu
95% of long-term municipal bonds have callable features, and yet we find new evidence of a substantial fraction of local governments exercising these valuable options sub-optimally, with significant delays – resulting in sizable losses. Using data from 2001 to 2019, we... View Details
Keywords: Bonds; Financial Institutions; Governing Rules, Regulations, and Reforms; Government Administration; Financing and Loans
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  • October 2012
  • Case

Hill Country Snack Foods Co.

By: W. Carl Kester and Craig Stephenson
Hill Country Snack Foods, located in Austin, Texas, manufactures, markets, and distributes snack foods and frozen treats. The CEO is passionate about maximizing shareholder value and believes in keeping tight control over costs and operating the business as efficiently... View Details
Keywords: United States; Financial Strategy; Debt Management; Retail Trade; Risk Management; Food; Capital Structure; Corporate Finance; Retail Industry; Food and Beverage Industry; Texas
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  • 14 Jun 2004
  • Research & Ideas

The Big Money for Big Projects

matters in the investment decisions made in financing a project. Could you explain this further? A: Modigliani and Miller's (M&M) "irrelevance" proposition is one of the foundations of modern finance. It states that View Details
Keywords: by Ann Cullen; Financial Services
  • September 2019 (Revised December 2023)
  • Case

Accounting Fraud at Tesco Stores (A)

By: Jonas Heese, Suraj Srinivasan and Julia Kelley
This case describes the accounting fraud at Tesco Stores Limited (TSL), which was discovered by a senior accountant in TSL’s finance department. The accountant was concerned about TSL’s handling of commercial income, which, according to the accountant, overstated... View Details
Keywords: Accounting; Crime and Corruption; Organizational Culture; Corporate Accountability
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  • December 1993 (Revised June 2000)
  • Case

Kochman, Reidt + Haigh, Inc.

By: Richard S. Ruback and Roy Burstin
A small company faces the dilemma of how to finance growth (i.e., internally generated cash flows vs. outside financing sources). An innovative concept positions the company in promoting a niche within the kitchen-cabinet industry and in looking for an optimal way of... View Details
Keywords: Cash Flow; Business Growth and Maturation; Entrepreneurship; Corporate Finance; Growth and Development Strategy; Consumer Products Industry; Utilities Industry
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  • August 2003
  • Article

When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms

By: Malcolm Baker, Jeremy Stein and Jeffrey Wurgler
We use a simple model of corporate investment to determine when investment will be sensitive to non-fundamental movements in stock prices. The key cross-sectional prediction of the model is that stock prices will have a stronger impact on the investment of firms that... View Details
Keywords: Stocks; Price; Investment; Equity; Forecasting and Prediction; Rank and Position; Markets
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  • April 1986 (Revised June 1986)
  • Case

J.C. Penney (B)

Penney's assistant treasurer was considering various capital markets issues to finance store modernizations. This case provides the financing terms available to Penney for domestic, current, and zero coupon debt. Eurodollar debt, and nondollar SFr and Yen issues hedged... View Details
Keywords: Corporate Finance; Retail Industry; United States
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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: asset management; brokerage; financial services; federal government; investment banking industry; state government
    • 2021
    • Working Paper

    The Changing Role of Business in Society

    By: Michael E. Porter
    Business interaction with the U.S. government, historically based on securing industry or company special interests at the expense of the public good, has enabled and furthered government dysfunction. Gridlock within the American political system has precluded the... View Details
    Keywords: Politics; Shared Value; Social Progress Index; Competitiveness; Walmart; BlackRock; ESG (Environmental, Social, Governance) Performance; ESG; Transparency; Campaign Contributions; Campaign Finance; Lobbying; Revolving Door; Political Ideology; Political Parties; Political Partisanship; Government And Business; Government Innovation; Elections; Democracy; Capitalism; Stakeholder Capitalism; Shareholder Engagement; Competition; Strategy; Government and Politics; Society; Social Issues; Human Needs; Wealth and Poverty; Business and Community Relations; Business and Government Relations; Corporate Accountability; Financial Services Industry; Banking Industry; United States
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    • June 2018 (Revised April 2021)
    • Case

    Valuing Snap After the IPO Quiet Period (A)

    By: Marco Di Maggio, Benjamin C. Esty and Gregory Saldutte
    Snap, the disappearing message app, went public at $17 per share on March 2, 2017, making its two 20-something founders the youngest self-made billionaires in the country. Over the next three weeks, 14 analysts made investment recommendations on Snap: two with buy... View Details
    Keywords: Sell-side Analysts; Underwriters; Investment Banking; Social Network; Discounted Cash Flow; Cost Of Capital; Conflicts Of Interest; Corporate Governance; Advertising; Quiet Period; ＂DCF Valuation,＂; Business Startups; Digital Marketing; Initial Public Offering; Information Infrastructure; Valuation; Venture Capital; Forecasting and Prediction; Social Media; Advertising Industry; Entertainment and Recreation Industry; Web Services Industry; United States; California
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    • April 2008
    • Tutorial

    Finance: An Introductory Online Course

    By: Timothy A. Luehrman, Brenda W. Chia and Michelle Rendall
    The Finance Online Course provides a fundamental understanding of the principles, analytical tools, and knowledge needed to make good investment and financing decisions. The course introduces students to finance ratios, forecasting methods, capital structure theory,... View Details
    Keywords: Financial Management; Forecasting and Prediction; Investment; Corporate Finance
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      Africa Research Center Webinar Series: COVID-19: Reflections, Challenges and Next Steps

      In the early days of the coronavirus pandemic, Harvard Business School (HBS) leadership urged faculty seeking to contribute to not overthink their engagement—to do what they could for whom they could. That hit home with HBS faculty member Euvin Naidoo.... View Details
      • 2023
      • Working Paper

      How Resilient Is Venture-Backed Innovation? Evidence from Four Decades of U.S. Patenting

      By: Sabrina T. Howell, Josh Lerner, Ramana Nanda and Richard Townsend
      Despite theoretical predictions to the contrary, corporate innovation is strongly pro-cyclical. In this paper, we compare innovation in the economy as a whole to that of firms backed by venture capital (VC), a source of capital associated with the most impactful young... View Details
      Keywords: Recessions; Venture Capital; Innovation and Invention; Patents; Business Cycles; Economic Slowdown and Stagnation
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      • January 2014
      • Case

      Newfield Energy

      By: William E. Fruhan and Wei Wang
      In September 2013, Miles Griffin, CEO and chairman of the board of Newfield Energy, prepares to present financial proposals to the board of directors for approval. Newfield (based in Houston, Texas) was a large independent energy company primarily engaged in the... View Details
      Related
      • April 1993 (Revised October 1995)
      • Case

      ALZA and Bio-Electro Systems (A): Technological and Financial Innovation

      By: Josh Lerner and Peter Tufano
      To develop the next generation of risky products, ALZA, a mature and profitable biotechnology firm specializing in drug delivery systems, must raise $40 million. Organizational constraints and competitive concerns demand that the work be done inside the firm. However,... View Details
      Keywords: Risk and Uncertainty; Technological Innovation; Business Subsidiaries; Decision Choices and Conditions; Corporate Finance; Biotechnology Industry; Medical Devices and Supplies Industry
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      • August 2012
      • Case

      Polar Sports, Inc.

      By: W. Carl Kester and Wei Wang
      Polar Sports, Inc. is a fashion skiwear manufacturing company in Littleton, Colorado. The company has a unique design for skiwear using a special synthetic material that improves insulation and durability. The ski apparel industry is highly competitive and the best way... View Details
      Keywords: Production; Decision Choices and Conditions; Competitive Strategy; Corporate Finance; Manufacturing Industry; Apparel and Accessories Industry; Sports Industry; Colorado
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      • 18 Nov 2010
      • Working Paper Summaries

      Payout Taxes and the Allocation of Investment

      Keywords: by Bo Becker, Marcus Jacob & Martin Jacob
      • 29 Jan 2019
      • Research & Ideas

      'Green Bonds' May Be Our Best Bet for Environmental Damage Control

      Municipalities have been selling bonds to pay for public works projects—fire stations, parking garages,sewage treatment systems—for 200 years. It’s only in the past decade or so, however, that they’ve been selling them with an extra perk: helping the environment. In... View Details
      Keywords: by Michael Blanding; Energy; Utilities; Construction; Green Technology; Public Administration

        Brian L. Trelstad

         

        Brian Trelstad is a Senior Lecturer at Harvard Business School in the General Management Unit and the Faculty Chair of the Advanced Leadership Initiative. He teaches elective courses on Social Entrepreneurship and Systems... View Details

        Keywords: education industry; health care; service industry; emerging market private equity; private equity (other); venture capital industry