Publications

December 2012 (Revised January 2014)
Case

Residencial Los Andes

By: Nicolas P. Retsinas and Lisa Strope

Peninsula Investment Group is deciding whether or not to recapitalize an equity investment in a Residencial Los Andes, a residential project in Santiago, Chile, or take a substantial loss. The project did not meet its sales goals and the bank pressured the investors to... View Details

Keywords: Real Estate; Emerging Market; Latin America; Investment Management; Management; Negotiation; Finance; Entrepreneurship; Real Estate Industry; Latin America

03 Apr 2017
What Do You Think?

How About Investing in Human Infrastructure?

SUMMING UP: Investment in Human Infrastructure: Not Whether But How? Few dispute the notion that a significant US investment in human infrastructure is warranted and timely, although there were significant... View Details

Keywords: by James Heskett; Construction

July 1996 (Revised August 2017)
Case

Continuous Casting Investments at USX Corporation

By: Clayton Christensen

Focuses on the difficulty established companies face when confronted with disruptive technological innovations. The power that their prior asset investments, their cost structures, and their customers have in constraining their investment and innovation decisions are... View Details

Keywords: Disruption; Assets; Cost; Investment; Technological Innovation; Problems and Challenges; Real Estate Industry; Real Estate Industry

2011
Article

Incentive Compensation and the Likelihood of Termination: Theory and Evidence from Real Estate Organizations

By: Christopher Parsons, G. Hallman and J. Hartzell

We analyze two managerial compensation incentive devices: the threat of termination and pay for performance. We first develop a simple model predicting that these devices are substitutes: when termination incentives are low, optimal contracts provide stronger... View Details

Keywords: Motivation and Incentives; Resignation and Termination; Compensation and Benefits; Real Estate Industry

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November 2010 (Revised February 2013)
Case

Cresud S.A., Farmer or Real Estate Developer?

By: Ray Goldberg, Arthur I Segel, Gustavo Herrero and Andrew Terris

Alejandro Elsztain, CEO of Cresud S.A., is faced with the difficult choice of whether to sell, develop, or continue to hold the 151,000 hectares of remaining undeveloped farmland at the company's Los Pozos farm in Argentina. Developing the land will further expose... View Details

Keywords: Agribusiness; Investment; Investment Portfolio; Risk Management; Ownership Stake; Property; Real Estate Industry; Real Estate Industry; Argentina

25 May 2011
HBS Case

QuikTrip’s Investment in Retail Employees Pays Off

It's a much believed assumption in the retail world: If you're going to compete on the basis of low cost, then you can't afford to invest in your employees. Extensive training—who has the time to give? Regularly scheduled hours?—way too... View Details

Keywords: by Julia Hanna; Retail

22 Apr 2024
Research & Ideas

When Does Impact Investing Make the Biggest Impact?

regions and emerging industries, allow for longer time horizons, and take more risk than traditional investors. Impact funds tend to prioritize consumer staples, energy, financials, industrials, materials, real estate, and utilities.... View Details

Keywords: by Rachel Layne

June 2024
Article

Real Growth in Space Manufacturing Output Substantially Exceeds Growth in the Overall Space Economy

By: Tina Highfill and Matthew Weinzierl

Accurately measuring real economic output in the space economy is made difficult by the rapid increase in capabilities and decrease in prices of launch and satellite technologies achieved over the past two decades. Nominal measures of output in space will tend to... View Details

Keywords: Technological Innovation; Economic Growth; Price; Production; Aerospace Industry

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23 Jan 2008
Op-Ed

A House Divided: Investment or Shelter?

live and take root, the home in recent times has been elevated to Investment Opportunity, a place where you stayed for awhile, made a lot of money, then moved on to the next home-investment. Is the definition of home about to change once... View Details

Keywords: by Nicolas P. Retsinas; Real Estate; Real Estate; Real Estate

July 2021
Teaching Plan

Scale and Scope at Drake Real Estate Partners

By: Christina R. Wing and David Lane

Teaching Plan for HBS Case No. 621-065. View Details

Keywords: Business Growth and Maturation; Family Business; Investment; Ownership; Value Creation; Real Estate Industry; Real Estate Industry; United States; Latin America; Chile

April 2019 (Revised December 2019)
Case

Exporting Livability: Investing in New Urban Centers

By: John D. Macomber and Essie Alamsyah

Can Singapore urban design, policy continuity, and system of laws be exported outside of Singapore to accelerate the effective development of new urban agglomerations? Nina Yang, CEO of Sustainable Urban Development at Ascendas-Singbridge, a large real estate company... View Details

Keywords: Urban Development; Projects; Design; City; Business and Government Relations; Expansion; Real Estate Industry; China; Singapore

September 2009
Supplement

One South: Investing in Emerging Markets (B)

By: Nicolas P. Retsinas and Justin Seth Ginsburgh

A United States private equity fund, The Saboput Group, must decide whether to invest in a new technology park development in Chennai, India. The B case provides the reader with due diligence observations, which reveal numerous potential problems with the investment.... View Details

Keywords: Decisions; Private Equity; Investment; Foreign Direct Investment; Markets; Emerging Markets; Problems and Challenges; Partners and Partnerships; Valuation; Real Estate Industry; Chennai; United States

May 2013 (Revised July 2017)
Case

Pinckney Street

By: William J. Poorvu, Arthur I Segel, John H. Vogel, Jr., Lisa Strope and Erich Dylus

Although inexperienced in real estate, Edward Alexander hopes in June 2013 that youthful enthusiasm and $240,000 in savings and inheritance will help him enter the real estate business. His experience chronicles the process of finding, evaluating, and acquiring a... View Details

Keywords: Real Estate; Acquisition; Investment; Housing; Real Estate Industry; Boston

2020
Working Paper

Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time

By: Laura Alfaro, Anusha Chari, Andrew Greenland and Peter K. Schott

We show that unexpected changes in the trajectory of COVID-19 infections predict U.S. stock returns, in real time. Parameter estimates indicate that an unanticipated doubling (halving) of projected infections forecasts next-day decreases (increases) in aggregate U.S.... View Details

Keywords: COVID-19; Stock Returns; Health Pandemics; Stocks; Investment Return; Forecasting and Prediction

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January 2024
Article

Investing with the Government: A Field Experiment in China

By: Emanuele Colonnelli, Bo Li and Ernest Liu

We study the demand for government participation in China’s venture capital and private equity market. We conduct a large-scale, non-deceptive field experiment in collaboration with the leading industry service provider, through which we survey both capital investors... View Details

Keywords: Venture Capital; Private Equity; Business and Government Relations; Entrepreneurship; China

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March 2021
Article

On the Direct and Indirect Real Effects of Credit Supply Shocks

By: Laura Alfaro, Manuel García-Santana and Enrique Moral-Benito

We explore the real effects of bank-lending shocks and how they permeate the economy through buyer-supplier linkages. We combine administrative data on all Spanish firms with a matched bank-firm-loan dataset of all corporate loans from 2003 to 2013 to estimate... View Details

Keywords: Credit Supply Shocks; Bank Lending Channel; Input-output Linkages; Output; Mechanisms; Trade Credits; Price Effects; Economics; Credit; System Shocks; Employment; Investment; Spain