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- Faculty Publications (342)
- October 2019 (Revised January 2020)
- Case
Dulcie Madden (A)—Growth or Exit?
By: Shikhar Ghosh, Christopher Payton and Shweta Bagai
This is part of a three-case series that follows Dulcie Madden's journey as a founder over five years. Case (A) is about managing growth and cash flow; Case (B) is about the exit decision and conditions on a sale; Case (C) shows Madden dealing with adversity and the... View Details
Keywords: Entrepreneurial Management; Family; Family Conflicts; Founders' Agreements; Growth And Development; Hardware; VC; Scaling; Start-up; Female Ceo; Risk Assessment; Entrepreneurship; Growth Management; Equity; Cash Flow; Success; Failure; Acquisition; Business Model; Information Technology; Valuation; Family and Family Relationships; Information Infrastructure; Apparel and Accessories Industry; Apparel and Accessories Industry; United States
- August 2019 (Revised November 2019)
- Case
Sustainable Investing at J.P. Morgan Private Bank
By: Sara Fleiss and Luis Viceira
This case features Monica Issar, then Global Head of J.P. Morgan Endowments & Foundations Group in the Private Bank. In just five years, she and J.P. Morgan have grown the Outsourced Chief Investment Officer (OCIO) business from $5 billion in AUM from primarily family... 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
- March 2019
- Case
Mahindra Finance
By: V.G. Narayanan and Tanvi Deshpande
Mahindra Finance is a non-banking lender operating mainly in the rural and semi-urban areas of India. Set up in 1991, the company had grown to become a market leader with assets of $8.5 billion and a presence in 3,30,000 villages across India. Since most of Mahindra's... View Details
- February 2019 (Revised January 2020)
- Case
Pierre Foods Acquisition of Advance Foods (A)
By: Guhan Subramanian and Mike Harmon
This case (A), and its related cases (B-E), establish a setting to discuss an M&A transaction and some of the key legal contracts that are associated with it. In 2010, private equity backed food manufacturer Pierre Foods is contemplating the acquisition of a key... View Details
- February 2019 (Revised March 2019)
- Case
Banorte and the Capital Call Facility: Infrastructure Finance in Mexico
By: John D. Macomber, Carla Larangeira and Fernanda Miguel
As a result of Mexico´s pension industry deregulation, pension funds were able to invest in energy and infrastructure projects through a variety of financial instruments, particularly through Capital Development Certificates (CKDs), an asset class that served as a... View Details
- February 2019 (Revised January 2021)
- Case
Quiksilver Inc. and Oaktree Capital Management
By: Kristin Mugford and Mike Harmon
Sports lifestyle company Quiksilver filed for bankruptcy in September 2015. Oaktree is considering an additional investment in the company to facilitate the restructuring.
Students must consider whether Oaktree should invest given the risks of the turnaround... View Details
Keywords: Bankruptcy; Bankruptcy Reorganization; Insolvency and Bankruptcy; Acquisition; Restructuring; Debt Securities; Transformation; Decision Making; Borrowing and Debt; Investment Return; Crisis Management; Negotiation; Apparel and Accessories Industry; Apparel and Accessories Industry; Apparel and Accessories Industry; France; United States
- January 2019 (Revised November 2019)
- Case
Ajeej Capital: Investing in Emerging Markets
By: Luis M. Viceira and Eren Kuzucu
In October 2007, Tarek Sakka and Fouad Dajani launched Ajeej Capital, the first independent investment advisory in the MENA region. Fittingly named ajeej, an Arabic word that translates to “growth and propagation in a chaotic setting,” the firm’s AUM grew from $20... View Details
- November 2018
- Case
Attijariwafa Bank: Egypt Expansion
By: Victoria Ivashina and Alpana Thapar
This case follows Attijariwafa Bank, a leading Morocco-based commercial bank, giving insight into its risk management practices and its international expansion over time. In particular, the case focuses on its planned acquisition of Barclays Bank Egypt in 2017. At this... View Details
- October 2018
- Case
Zenefits Board of Directors (A)
By: Lynn S. Paine and Will Hurwitz
In early 2018, the time seemed right for Zenefits investor and director Lars Dalgaard to reflect on whether Zenefits had the right board of directors to shepherd the company through its next stages of growth. For the company whose name combined the words “benefits,”... View Details
Keywords: Ethics; Business Model; Corporate Accountability; Governing and Advisory Boards; Corporate Governance; Crisis Management; Entrepreneurship; Human Resources; Leadership; Risk Management; Venture Capital; Technology Industry; Telecommunications Industry; Information Technology Industry; United States; California
- October 2018
- Supplement
Zenefits Board of Directors (B)
By: Lynn S. Paine and Will Hurwitz
Supplements the (A) case. View Details
Keywords: Ethics; Business Model; Corporate Accountability; Governing and Advisory Boards; Corporate Governance; Crisis Management; Entrepreneurship; Human Resources; Leadership; Risk Management; Venture Capital; Technology Industry; Telecommunications Industry; Information Technology Industry; United States; California
- October 2018
- Supplement
Zenefits Board of Directors (C)
By: Lynn S. Paine and Will Hurwitz
Supplements the (A) case. View Details
Keywords: Ethics; Business Model; Corporate Accountability; Governing and Advisory Boards; Corporate Governance; Crisis Management; Entrepreneurship; Human Resources; Leadership; Risk Management; Venture Capital; Technology Industry; Telecommunications Industry; Information Technology Industry; United States; California
- October 2018
- Case
African Bank Investments Limited (A)
By: Lynn S. Paine and Will Hurwitz
Less than a year after joining the board of African Bank Investments Limited (ABIL), the newest director finds himself in difficult discussions with other directors about removing the struggling company’s CEO. The case is set in South Africa in mid-2014 as shares in... View Details
- October 2018
- Supplement
African Bank Investments Limited (B)
By: Lynn S. Paine and Will Hurwitz
Less than a year after joining the board of African Bank Investments Limited (ABIL), the newest director finds himself in difficult discussions with other directors about removing the struggling company’s CEO. The case is set in South Africa in mid-2014 as shares in... View Details
- 2018
- Book
Varieties of Green Business: Industries, Nations and Time
By: Geoffrey Jones
Published at a time of ever-increasing warnings that the pace of climate change and other environmental changes risk making the Earth unsustainable within our own lifetimes, this book looks at the past of green business to identify lessons for the future. It provides... View Details
Keywords: Green Business; Sustainability; Business History; Eco-tourism; Organic Wine; Organic Food; Waste Management; Sustainable Finance; Ethics; Finance; History; Entrepreneurship; Agriculture and Agribusiness Industry; Agriculture and Agribusiness Industry; Agriculture and Agribusiness Industry; Agriculture and Agribusiness Industry; Agriculture and Agribusiness Industry; Agriculture and Agribusiness Industry; Agriculture and Agribusiness Industry; Europe; Asia; Latin America; North and Central America; New Zealand
- August 2018
- Case
BlackBuck (A)
By: Shikhar Ghosh and Shweta Bagai
The case presents the challenges of scaling an asset-heavy company (that relies on its operations). It highlights how decisions on the early team impact a company’s ability to scale, linkage between growth and cash flows, as well the organizational impact of high... View Details
- 2018
- Working Paper
Detecting Anomalies: The Relevance and Power of Standard Asset Pricing Tests
By: Malcolm Baker, Patrick Luo and Ryan Taliaferro
The two standard approaches for identifying capital market anomalies are cross-sectional coefficient tests, in the spirit of Fama and MacBeth (1973), and time-series intercept tests, in the spirit of Jensen (1968). A new signal can pass the first test, which we label a... View Details
- July 2018 (Revised July 2018)
- Teaching Note
Argentina Power—Don’t Cry for Me Argentina
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
Teaching Note for HBS No. 218-041. This case concerns a complex potential energy infrastructure investment in Argentina by a global conglomerate shortly after Mauricio Macri (“Macri”) became President of Argentina in 2015. The central issues are (i) why was a country... View Details
- 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; Entertainment and Recreation Industry; Entertainment and Recreation Industry; Entertainment and Recreation Industry; United States; California
- May 2018 (Revised October 2018)
- Case
Argentina Power—Don't Cry for Me Argentina
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
In 2016, Bruce Wayne, Managing Director of Energy Finance Corporation (“EFC”), was refining the Investment/Credit Committee materials for the development of up to 10 power generating plants in Argentina. As a subsidiary of the much larger International Conglomerate... View Details
Keywords: Cross Border; Energy Markets; Infrastructure Finance; Infrastructure Development; Business Subsidiaries; Business Cycles; Macroeconomics; Energy Generation; International Finance; Project Finance; Government and Politics; Demand and Consumers; Infrastructure; Utilities Industry; Energy Industry; Financial Services Industry; Argentina; Latin America