Publications

Read Now

October 2000 (Revised February 2007)
Case

Harvard Management Company and Inflation-Protected Bonds, The

By: Luis M. Viceira

In March 2000, the board of The Harvard Management Co. (HMC) approved significant changes in the policy portfolio determining the long-run allocation policy of the Harvard University endowment. These changes included a sharp reduction of the allocation to U.S. equities... View Details

Keywords: Bonds; Investment Portfolio; Investment Funds; Asset Management; Corporate Governance; Capital Markets; Financial Services Industry; United States

October 2011 (Revised December 2013)
Case

Lehman Brothers and Repo 105

By: Anette Mikes, Gwen Yu and Dominique Hamel

The collapse of Lehman Brothers in 2008 was the largest bankruptcy in US history. The case examines the economics of the off-balance sheet transactions Lehman undertook prior to the collapse, and highlights the corporate governance challenges in situations where firms... View Details

Keywords: Accounting; Policy; Accounting Audits; Corporate Governance; Financial Instruments; Risk Management; Financial Services Industry

2018
Book

High-Skilled Migration to the United States and Its Economic Consequences

By: Gordon H. Hanson, William R. Kerr and Sarah Turner

Immigration policy is one of the most contentious public policy issues in the United States today. High-skilled immigrants represent an increasing share of the U.S. workforce, particularly in science and engineering fields. These immigrants affect economic growth,... View Details

Keywords: Immigration; Policy; Economics; Outcome or Result; United States

Find at Harvard

After decades of centralized control of economic activity in space, NASA and US policymakers have begun to cede the direction of human activities in space to commercial companies. The shift from public to private priorities in space is especially significant because... View Details

March 2009 (Revised April 2009)
Case

AFSCME vs. Mozilo...and "Say on Pay" for All! (A) (Abridged)

By: Fabrizio Ferri and James Weber

Richard Ferlauto, director of pensions and benefits policy at the AFSCME, the largest public sector workers union in the U.S., was responsible for protecting the pensions of its members. Because pensions were invested for decades, Ferlauto wanted the companies in which... View Details

Keywords: Voting; Investment; Investment Activism; Corporate Governance; Governing Rules, Regulations, and Reforms; Governing and Advisory Boards; Executive Compensation; Ownership Stake; Business and Shareholder Relations; United States

January 1993 (Revised June 1993)
Background Note

Challenge of Commitment,The

By: Michael Beer and Michael J. Gibbs

Defines commitment, describes the psychological and organizational factors that underly it, and provides a comprehensive discussion of the policies and practices managers can employ to enhance commitment. Identifies control and commitment as two critical strategies... View Details

Keywords: Ethics; Governance Controls; Policy; Management Practices and Processes; Managerial Roles; Strategy

February 2008 (Revised January 2009)
Background Note

Offshoring Day in BGIE and Strategy

By: Jan W. Rivkin and Troy Smith

Describes a set of activities in which students will participate before and during a day of classes on offshoring. The day's classes will examine the implications of offshoring for policy makers, business leaders, and workers. View Details

Keywords: Policy; Employees; Job Cuts and Outsourcing; Labor; Management; Strategy

Find at Harvard

2012
Working Paper

Mexico's Financial Crisis of 1994-1995

By: Aldo Musacchio

This paper explains the causes leading to the Mexican crisis of 1994-1995 (known as "The Tequila Crisis"), and its short- and long-term consequences. It argues that excessive enthusiasm on the part of foreign investors, not based on Mexico's fundamentals, and weak... View Details

Keywords: Financial Crisis; Foreign Direct Investment; Banks and Banking; Government and Politics; Currency Exchange Rate; Banking Industry; Mexico

2008
Other Unpublished Work

The Paranoid Style in the Study of American Politics

By: David Moss and Mary Oey

The conventional view is that political actors, like economic actors, pursue their self interest, and that special interest groups dominate the policy making process by satisfying policy makers' need for money and other forms of political support. Indeed, many... View Details

Keywords: Policy; Government Legislation; Media; Interests; Power and Influence; Public Opinion; United States

14 Jul 2008
Research & Ideas

HBS Cases: Reforming New Orleans Schools After Katrina

schools are public schools of choice that operate outside the governance and policies of their local school districts. In nearly all states, charter schools must be open to all students, just like... View Details

Keywords: by Sarah Jane Gilbert; Education

February 2017 (Revised December 2018)
Case

From Start-Up to Grown-Up Nation: The Future of the Israeli Innovation Ecosystem (Abridged)

By: Elie Ofek and Margot Eiran

In June 2016, Benjamin (Bibi) Netanyahu, Prime Minister of Israel, wrestled with how to sustain Israel’s strong innovation track record and the country’s reputation as the “start-up nation.” Despite the economic miracle the country had wrought since its founding, he... View Details

Keywords: Innovation and Management; Entrepreneurship; Business Startups; Government and Politics; Economy; Equality and Inequality; Israel

July 2017 (Revised November 2017)
Case

Media Markets Down South: Goldman Sachs' Investment in Grupo Clarín

By: Rafael Di Tella, Jose Liberti and Sarah McAra

Founded in 1945, Grupo Clarín expanded over several decades to become Argentina’s largest media conglomerate. With leading positions in newspapers, broadcast television, broadcast radio, cable television, and Internet services, Grupo Clarín caught the attention of... View Details

Keywords: Media; Business and Government Relations; Risk and Uncertainty; Initial Public Offering; Investment; Journalism and News Industry; Media and Broadcasting Industry; Argentina

October 1976 (Revised May 1985)
Case

Raytheon Co.: Diversification

By: Michael E. Porter

Centers on the question of whether Raytheon should enter the electronic component distribution industry in the context of its broad diversification approach and acquisition criteria. This industry represents a vertical integration area for Raytheon, so the analytical... View Details

Keywords: Acquisition; Policy; Market Entry and Exit; Distribution; Diversification; Vertical Integration; Distribution Industry; Electronics Industry

October 2023 (Revised March 2024)
Case

KOKO Networks: Bridging Energy Transition and Affordability with Carbon Financing

By: George Serafeim, Siko Sikochi and Namrata Arora

The problem was massive: two million hectares of African forests were lost annually to charcoal production for cooking, an area equivalent to 13 times Greater London, resulting in one billion tons of carbon emissions yearly. At the same time, an estimated 700,000... View Details

Keywords: Clean Tech; Digital; Carbon Credits; Carbon Offsetting; Climate Change; Entrepreneurship; Energy Sources; Environmental Sustainability; Health; Market Design; Business Startups; Transition; Environmental Regulation; Policy; Energy Industry; Consumer Products Industry; Africa; Kenya; Rwanda