Publications

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01 Oct 1997
News

Antitrust in Historical Perspective

1890. Most people would like to see business provide good jobs at good wages. Yet, many successful businesses ship their jobs overseas, and some companies that have tried paternalistically to guarantee good jobs have, in the past decade,... View Details

Keywords: Thomas K. McCraw and Richard S. Tedlow

September 2017 (Revised July 2021)
Case

Asset Allocation at the Cook County Pension Fund

By: Emil Siriwardane, Juliane Begenau and Yuval Gonczarowski

Nickol Hackett, chief investment officer of the Cook County Pension Fund, is responsible for investing the fund’s $9 billion worth of assets on behalf of the employees of Cook County, Illinois. Like many other defined-benefit pensions at the time, the Cook County... View Details

Keywords: Asset Management; Investment Funds; Financial Strategy; Decision Choices and Conditions

September 2010 (Revised March 2012)
Case

AQR's Momentum Funds (A)

By: Daniel Baird Bergstresser, Lauren H. Cohen, Randolph B. Cohen and Christopher J. Malloy

AQR is a hedge fund based in Greenwich, Connecticut, that is considering offering a wholly new line of product to retail investors, namely the ability to invest in the price phenomenon known as momentum. There is a large body of empirical evidence supporting momentum... View Details

Keywords: Financial Strategy; Investment Funds; Investment Portfolio; Governing Rules, Regulations, and Reforms; Product Development; Financial Services Industry; Greenwich

16 Aug 2024
In Practice

Election 2024: What's at Stake for Business and the Workplace?

Sucher: Dust off that COVID playbook After the June 27 debate between President Joe Biden and former President Donald Trump, 64 percent of 1,024 US workers surveyed reported suffering—or seeing others... View Details

Keywords: by Rachel Layne

2023
Working Paper

Flow-Driven ESG Returns

By: Philippe van der Beck

I show that the recent returns to ESG investing are strongly driven by price impact from flows towards ESG funds. Using data on institutional trades, I estimate the market’s ability to accommodate the demand of ESG funds, which is given by the elasticity of... View Details

Keywords: Investment Funds; Corporate Social Responsibility and Impact; Financial Markets; Investment Return

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Web

New Levels of Capitalism: Finance - Railroads and the Transformation of Capitalism | Harvard Business School

underwriting securities for the railroads, which like other rising industries, would come to depend on a system of credit and financial markets. 21 As the railroads increased... View Details

Lyondell Chemical Company (HBS Case #210001)

Hit with an industry recession and the global financial crisis of 2008, in January 2009 LyondellBasell Industries AF S.C.A., one of the world's largest internationally diversified chemical companies and headquartered in The Netherlands, placed its U.S. operations... View Details

27 Jul 2010
First Look

First Look: July 27

damaged financial markets. As an alternative to the patchwork solutions and ideologically charged proposals that have dominated other discussions, the Squam Lake group sets... View Details

Keywords: Martha Lagace

16 Jul 2024
Blog Post

Driving Positive Impact on Community and Climate with Ben Schutzman (MBA 2016)

thinking about what I wanted from a career standpoint, I realized that I didn't want to be consulting for other businesses in the long run. I had a small business in college, and I knew that pursuing an MBA... View Details

Web

Field Course: Value Creation in Small and Medium Firms - Course Catalog

take VCSME together with the field course Entrepreneurship through Acquisition (EtA). Career Focus: This course is geared towards students interested in Entrepreneurship through Acquisition including Search Funds, Self Funded search,... View Details

20 Feb 2008
First Look

First Look: February 20, 2008

from other high-status firms. Among high-status firms, we distinguish between those that also receive ties from peripheral low-status firms and those that do not. Though the peripheral ties contribute little... View Details

Keywords: Martha Lagace

2014
Chapter

Payout Policy

By: Joan Farre-Mensa, Roni Michaely and Martin Schmalz

We survey the literature on payout policy, with a particular emphasis on developments in the last two decades. Of the traditional motives of why firms pay out (agency, signaling, and taxes), the cross-sectional empirical evidence is most persuasive in favor of agency... View Details

Keywords: Finance; Investment; Financial Services Industry

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February 1997 (Revised March 1998)
Case

Smith Breeden Associates: The Equity Plus Fund (A)

By: Robert C. Merton and Alberto Moel

In early 1997, Smith Breeden Associates, a money management and consulting firm, was pondering the future of the Equity Plus Fund. The Equity Plus Fund was an S&P enhanced-index fund that tried to outperform the S&P Index by replicating the index using low-cost... View Details

Keywords: Assets; Cash; Financial Markets; Financial Strategy; Mortgages; Investment Funds; Investment Portfolio; Marketing; Performance; Consulting Industry

June 2014
Article

Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds

By: Sergey Chernenko and Adi Sunderam

We document the consequences of money market fund risk taking during the European sovereign debt crisis. Using a novel data set of security-level holdings of prime money market funds, we show that funds with large exposures to risky Eurozone banks suffered significant... View Details

Keywords: Money Market Mutual Funds; European Sovereign Debt Crisis; Runs; Contagion; Risk Taking; Investment Funds; Financial Crisis; Europe

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Clayton Rose is Baker Foundation Professor of Management Practice. He currently teaches the course Accountability in the Advanced Management Program. His research is focused on the how leaders can manage the challenges created by the intense, varied and often... View Details

Keywords: financial services

June 2006 (Revised April 2024)
Case

Creditor Activism in Sovereign Debt: 'Vulture' Tactics or Market Backbone

By: Laura Alfaro and Ingrid Vogel

The role of distressed debt funds, also known as "vulture funds," in sovereign debt restructuring was a hotly debated topic, especially after the success of Elliot Associates in converting an $11 million investment in Peruvian bonds worth $21 million into a $58 million... View Details

Keywords: Vulture Funds; Borrowing and Debt; Bonds; Investment Activism; Investment Funds; Sovereign Finance; Government and Politics; Contracts; Business and Government Relations; Peru

June 2016 (Revised February 2017)
Case

The Role of Real Estate in Endowment Portfolios: The Case of Christ Church, Oxford

By: David Chambers, Elroy Dimson, Arthur I Segel and Eva Steiner

The case centers on Christ Church's Treasurer, James Lawrie, who is contemplating his options for investing a portion of the College's endowment in real estate. Approximately 1/3 of the total $690 million endowment was allocated towards real estate, much higher than... View Details

Keywords: Real Estate; Endowment Management; Endowments; United Kingdom; Oxford; Portfolio Allocation; Higher Education; Investment Portfolio; Property; Corporate Finance; Financial Services Industry; United Kingdom

01 Nov 2011
First Look

First Look: Nov. 1

repeal. This paper analyzes the extent to which tax deferral and other policies inefficiently subsidize U.S. direct investment abroad. Investments are dynamically inefficient if they consistently generate... View Details

Keywords: Sean Silverthorne

August 2016
Teaching Note

The Role of Real Estate in Endowment Portfolios: The Case of Christ Church College

By: Arthur I. Segel and Alexander W. Schultz

The case centers on Christ Church’s Treasurer, James Lawrie, who is contemplating his options for investing a portion of the College’s endowment in real estate. Approximately 1/3 of the total $690 million endowment was allocated towards real estate, much higher than... View Details

Keywords: Portfolio Allocation; Oxford; England; Real Estate; University Endowment; Higher Education; Investment Portfolio; Property; Corporate Finance; Financial Services Industry; England