Publications

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24 Jul 2012
First Look

First Look: July 24

PublicationsThe Need for Sector-Specific Materiality and Sustainability Reporting Standards Authors:Robert G. Eccles, Jr., Michael P. Krzus, Jean Rogers, and George Serafeim Publication:Journal of Applied Corporate Finance (forthcoming)... View Details

Keywords: Sean Silverthorne

September–October 2022
Article

The Essential Link Between ESG Targets and Financial Performance

By: Mark R. Kramer and Marc W. Pfitzer

Despite heightened attention to environmental, social, and governance (ESG) issues, surprisingly few companies are making meaningful progress in delivering on their commitments. Most firms are not integrating ESG factors into internal strategy and operational decisions... View Details

Keywords: ESG; Environmental Sustainability; Social Issues; Governance; Financial Strategy; Decision Making; Business and Stakeholder Relations; Organizational Structure

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Entrepreneurial Management Awards & Honors - Faculty & Research

as one of the Best Business and Economics Books of the Year. 2003 Josh Lerner : Winner of the 2003 Western Finance Association’s NASDAQ Award for Best Paper on Capital Formation for "Transaction Structures... View Details

05 Feb 2019
News

The First Five Years: Karan Shah (MBA 2016)

of the business. I help her with MAYU’s financials, commercials, fund raising, etc. A lot of what I do for MAYU stems from my learnings from classes like TEM, FMSF, and the more generic finance classes from the RC year. It is indeed very... View Details

February 2022 (Revised March 2022)
Case

Hertz in Bankruptcy: A Wild Ride in Pandemic Times

By: Samuel Antill, Stuart Gilson and Kristin Mugford

Hertz filed for Chapter 11 bankruptcy in response to asset-backed securities (ABS) obligations and the COVID-19 pandemic. Enthusiastic Robinhood investors and shrewd negotiating tactics helped Hertz stabilize. Roughly nine months into the bankruptcy, Hertz received... View Details

Keywords: Bankruptcy Reorganization; COVID-19 Pandemic; Insolvency and Bankruptcy; Health Pandemics; Valuation; Capital Structure; Negotiation; Private Equity; Travel Industry; United States

Article

The Business Case for Investing in Physician Well-Being

By: Tait D. Shanafelt, Joel Goh and Christine A. Sinsky

Importance: Widespread burnout among physicians has been recognized for more than two decades. Extensive evidence indicates that physician burnout has important personal and professional consequences.
Observations: A lack of awareness regarding... View Details

Keywords: Physicians; Well-being; ROI; Health; Welfare or Wellbeing; Ethics; Investment Return; Health Industry

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28 May 2020
Research & Ideas

Coronavirus Could Create a 'Bankruptcy Pandemic'

to be processed more slowly, leading to longer stays in the bankruptcy “hospital.” Not only would professional fees go up (especially burdensome for smaller businesses), but process delays would force companies to wait longer to obtain new View Details

Keywords: by Dina Gerdeman; Financial Services; Banking

08 Mar 2022
Blog Post

Recalling My First Cold Call: A Conversation with Second-Year Students

to discuss the support he would need. When class started, the professor announced that the ed rep would be starting the class discussion. I was stunned! It took me a moment to realize that I was being cold called. I was asked a question regarding a country’s... View Details

May 2016 (Revised September 2017)
Case

Canadian Pacific's Bid for Norfolk Southern

By: Benjamin C. Esty and E. Scott Mayfield

In December 2015, Canadian Pacific Railroad (CPR) has just made its third bid to acquire Norfolk Southern Corporation (NSC), one of the largest railroads in the United States. Having rejected the prior offers, NSC’s CEO James Squires and the NSC board must now value... View Details

Keywords: Capital Structure; Cash Flow; Cost of Capital; Financial Strategy; Investment Activism; Bids and Bidding; Negotiation Offer; Corporate Strategy; Rail Transportation; Mergers and Acquisitions; Transformation; United States; Canada

Web

Online Business Courses for Organizations | HBS Online

areas: Business Essentials Leadership & Management Entrepreneurship & Innovation Strategy Finance & Accounting Business in Society Marketing Digital Transformation There are multiple ways for employees to learn. They can complete one... View Details

January 2018 (Revised April 2021)
Case

Capital Allocation at HCA

By: W. Carl Kester and Emily R. McComb

In early 2017, HCA Holdings, an investor-owned hospital management company, faced a strategically important capital allocation decision. After the exit of its private equity sponsors in 2016, HCA had to determine how best to allocate its substantial annual free cash... View Details

Keywords: Capital Allocation; Cash Distribution Policy; Dividends; Share Repurchases; Growth Strategy And Execution; Growth Investing; Capital Expenditures; Debt Management; Debt Reduction; Debt Policy; Hospital Management; Investor-owned Hospital Chains; Capital Budgeting; Capital Structure; Cash Flow; Corporate Finance; Decision Choices and Conditions; Health Industry; United States

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Considering Retirement - Alumni

current position for years to come, "retirement" has changed for many. Rethinking “Retirement” In many ways, the key to a successful retirement is the same as it is for a successful career: planning. But in the run-up to retirement, too few of us plan beyond the... View Details

2017
Working Paper

Intermediation in the Supply of Agricultural Products in Developing Economies

By: Kris J. Ferreira, Joel Goh and Ehsan Valavi

Problem Definition: Farmers face several challenges in agricultural supply chains in emerging economies that contribute to extreme levels of poverty. One common challenge is that farmers only have access to one channel, often an auction, for which to sell their crops.... View Details

Keywords: Developing Countries; Agricultural Supply Chain; Intermediation; Multiple Cahnels; Walrasian Auction; Developing Countries and Economies; Supply Chain; Distribution Channels; Profit; Agriculture and Agribusiness Industry

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March 2024 (Revised May 2024)
Case

Amperity: First-Party Data at a Crossroads

By: Elie Ofek, Hema Yoganarasimhan and Alexis Lefort

In the summer of 2023, Amperity management was facing a critical decision on its future direction. Given the dramatic changes occurring within the digital advertising ecosystem, as concerns over consumer privacy placed limits on the ability to engage in third-party... View Details

Keywords: AI and Machine Learning; Technology Adoption; Business Strategy; Digital Marketing; Price; Product; Business or Company Management; Advertising Industry

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Launching Tech Ventures | HBS Online

calculate the key metrics for determining if you’ve achieved product-market fit 5-6 hrs Module 3 Venture Capital and Startup Financing Learn how venture capital firms and the fundraising process operate and how to approach a VC and... View Details

07 Aug 2012
Working Paper Summaries

Financial vs. Strategic Buyers

Keywords: by Marc Martos-Vila, Matthew Rhodes-Kropf & Jarrad Harford

2024
Working Paper

Scaling Core Earnings Measurement with Large Language Models

By: Matthew Shaffer and Charles CY Wang

We study the application of large language models (LLMs) to the estimation of core earnings, i.e., a firm's persistent profitability from its core business activities. This construct is central to investors' assessments of economic performance and valuations. However,... View Details

Keywords: Large Language Models; AI and Machine Learning; Accounting; Profit; Corporate Disclosure; Analytics and Data Science; Measurement and Metrics