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      • March 2024
      • Case

      East Rock Capital: 'Talent Is the Best Asset Class'

      By: Boris Groysberg, Sarah L. Abbott and Izzy Yeoh
      Adam Shapiro and Graham Duncan launched East Rock Capital, LLC in 2006 with a seed investment from Stuart Miller, executive chairman of Lennar Corporation. East Rock managed long-term assets for high-net-worth families, primarily working with external managers who had... View Details
      Keywords: Alternative Assets; Hiring; HNW Products And Services; Recruiting; Hedge Funds; Wealth Management; Asset Management; Private Equity; Financial Institutions; Marketing Strategy; Growth and Development Strategy; Competitive Advantage; Financial Services Industry; United States
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      Groysberg, Boris, Sarah L. Abbott, and Izzy Yeoh. "East Rock Capital: 'Talent Is the Best Asset Class'." Harvard Business School Case 424-017, March 2024.
      • February 2024
      • Case

      Vespucci Partners: The New World of Venture Capital in Hungary

      By: Paul A. Gompers, Tonia Labruyere and Emilie Billaud
      Julia Sohajda was the young, female founding partner of the Hungarian VC firm Vespucci Partners, which focused on investing at seed stage into Hungarian deep tech startups and prepare them for a launch in the U.S market. Vespucci's first fund had largely been comprised... View Details
      Keywords: Venture Capital; Business Startups; Investment Funds; Financing and Loans; Entrepreneurship; Financial Services Industry; Hungary; United States
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      Gompers, Paul A., Tonia Labruyere, and Emilie Billaud. "Vespucci Partners: The New World of Venture Capital in Hungary." Harvard Business School Case 824-138, February 2024.
      • February 2024 (Revised July 2024)
      • Case

      Korea Venture Investment Corporation

      By: Paul A. Gompers and Billy Chan
      Financial service sector Korea Venture Investment Corporation (KVIC) is the venture capital arm of the Korean government with a founding mission to build a domestic startup ecosystem that would be as competitive as Silicon Valley. KVIC manages a basket of... View Details
      Keywords: Entrepreneurship; Society; Investment; Venture Capital; Mission and Purpose; State Ownership; Financial Services Industry; Asia; South Korea
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      Gompers, Paul A., and Billy Chan. "Korea Venture Investment Corporation." Harvard Business School Case 224-022, February 2024. (Revised July 2024.)
      • February 2024
      • Teaching Note

      Data-Driven Denim: Financial Forecasting at Levi Strauss

      By: Mark Egan
      Teaching Note for HBS Case No. 224-029. Levi Strauss & Co. (“Levi Strauss”) partnered with the IT services company Wipro to incorporate more sophisticated methods, such as machine learning, into their financial forecasting process starting in 2018. The decision to... View Details
      Keywords: Forecasting; Regression; Machine Learning; Artificial Intelligence; Apparel; Corporate Finance; Forecasting and Prediction; AI and Machine Learning; Apparel and Accessories Industry; United States
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      Egan, Mark. "Data-Driven Denim: Financial Forecasting at Levi Strauss." Harvard Business School Teaching Note 224-073, February 2024.
      • February 2024 (Revised February 2024)
      • Case

      CLSA: Integrating ESG in Stock Valuation

      By: Shirley Lu, Aaron Yoon and Billy Chan
      In 2023, a senior financial analyst at the Hong Kong-based stock brokerage firm CLSA was surprised to see that, based on his calculations, the financial impact from climate risks on a major Indian cement manufacturing company’s projected earnings could be massive.... View Details
      Keywords: Accounting; Corporate Governance; Analysis; Stocks; Valuation; Environmental Sustainability; Financial Services Industry; Financial Services Industry; Hong Kong; China; India; Asia
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      Lu, Shirley, Aaron Yoon, and Billy Chan. "CLSA: Integrating ESG in Stock Valuation." Harvard Business School Case 124-069, February 2024. (Revised February 2024.)
      • February 2024 (Revised June 2024)
      • Case

      Can Families Conquer Private Equity? Pritzker Private Capital

      By: Lauren Cohen and Sophia Pan
      Anthony (Tony) Pritkzer, Paul Carbone, and the Pritzker Private Capital (PPC) team wondered how to approach the firm’s next phase of growth. PPC was a private equity firm that offered a differentiated approach to the family capital market. Back in 2016, the partners... View Details
      Keywords: Family Office; External Financing; Succession; Leadership Transition; Family Business; Private Equity; Investment; Business Growth and Maturation; Financial Strategy; Investment Portfolio; Business Model; Private Sector; Financial Liquidity; Risk Management; Organizational Structure; Competitive Advantage; Venture Capital; Management Succession; Financial Services Industry; Chicago; Illinois; United States
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      Cohen, Lauren, and Sophia Pan. "Can Families Conquer Private Equity? Pritzker Private Capital." Harvard Business School Case 224-078, February 2024. (Revised June 2024.)
      • February 2024 (Revised April 2024)
      • Case

      CPP Investments—The Road to Zero

      By: Vikram Gandhi and Radhika Kak
      In February 2022, Canadian Pension Plan (CPP) Investments, the investment management organization that managed funds for the CPP, one of the biggest pension plans in the world, announced a net-zero commitment for its portfolio by 2050. Under its CEO, John Graham, it... View Details
      Keywords: Environmental Sustainability; Asset Management; Investment Portfolio; Leading Change; Business and Stakeholder Relations; Corporate Social Responsibility and Impact; Financial Services Industry; Canada; California
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      Gandhi, Vikram, and Radhika Kak. "CPP Investments—The Road to Zero." Harvard Business School Case 324-054, February 2024. (Revised April 2024.)
      • February 2024
      • Case

      Tabby: Winning Consumers' Digital Wallets

      By: Eva Ascarza and Fares Khrais
      Hosam Arab (MBA 2009), cofounder and CEO of Tabby, a Saudi-based fintech startup, raised its Series D funding round in October 2023, four years after its inception, valuing it as a regional unicorn. Tabby's core product, a buy-now-pay-later (BNPL) service, allowed... View Details
      Keywords: Business Model; Business Startups; Risk Management; Competitive Strategy; Expansion; Financial Services Industry; Financial Services Industry; Saudi Arabia
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      Ascarza, Eva, and Fares Khrais. "Tabby: Winning Consumers' Digital Wallets." Harvard Business School Case 524-056, February 2024.
      • February 2024 (Revised December 2024)
      • Case

      Best Buy Health: Enabling Care at Home

      By: Robert S. Huckman, Rosabeth Moss Kanter, Antonio Moreno, Bradley Staats and Sarah Mehta
      This case explores retailer Best Buy’s decision to enter health care. Best Buy Health aims to enable care at home across three prongs: consumer health, active aging, and virtual care. A key pillar of Best Buy Health's strategy is leveraging the Geek Squad—the company's... View Details
      Keywords: Business Ventures; Health Care and Treatment; Innovation and Invention; Business Strategy; Market Entry and Exit; Service Delivery; Service Operations; Retail Industry; Retail Industry; Retail Industry; United States; Minnesota
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      Huckman, Robert S., Rosabeth Moss Kanter, Antonio Moreno, Bradley Staats, and Sarah Mehta. "Best Buy Health: Enabling Care at Home." Harvard Business School Case 624-009, February 2024. (Revised December 2024.)
      • February 2024
      • Case

      Chime Solutions

      By: Shai Bernstein, William R. Kerr, Christopher Stanton, Raymond Kluender and Mel Martin
      Just two years after launching its 10k by 2020 initiative to hire 10,000 employees by 2020, the COVID-19 pandemic forced Chief Executive Officer Mark Wilson to send nearly all of his staff at Chime Solutions (Chime) to work from home. Chime was a customer contact firm... View Details
      Keywords: Working Capital; Service Operations; Recruitment; Performance; Change Management; Retention; Financial Institutions; Employee Relationship Management; Talent and Talent Management; Growth Management; Mission and Purpose; Service Industry; Service Industry; United States
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      Bernstein, Shai, William R. Kerr, Christopher Stanton, Raymond Kluender, and Mel Martin. "Chime Solutions." Harvard Business School Case 824-133, February 2024.
      • February 2024
      • Supplement

      JTC: Stronger Together with Shared Ownership: What JTC Did and Its Impact

      By: Ethan Bernstein
      Nigel Le Quesne, CEO of Jersey-based financial services firm JTC, firmly believed that "shared ownership" was at the heart of his company’s successful track record. The firm had seen its revenues, profits, and number of clients and staff grow steadily throughout its... View Details
      Keywords: Employee Stock Ownership Plan; Leadership Style; Organizational Culture; Going Public; Employee Ownership; Financial Services Industry
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      Bernstein, Ethan. "JTC: Stronger Together with Shared Ownership: What JTC Did and Its Impact." Harvard Business School Multimedia/Video Supplement 424-707, February 2024.
      • February 2024 (Revised April 2024)
      • Case

      Uniswap: Fighting a Vampire Attack (A)

      By: Shikhar Ghosh, Shweta Bagai and Liang Wu
      This is the first of a three-case series that explores the challenges faced by Uniswap, a key player in the decentralized finance (DeFi) sector. Founded by Hayden Adams, the case traces Uniswap's rapid growth from a simple idea inspired by a Reddit post to becoming one... View Details
      Keywords: Blockchain; Cryptocurrency; Crypto Economy; Community; Decentralization; Decentralized Exchange; Decentralized Finance; Open Platforms; Open-source Innovation; Market Distruption; Stablecoin; Vampire Attack; Web3; Token; Digital Platforms; Entrepreneurship; Governance; Technological Innovation; Competitive Strategy; Financial Liquidity; Financial Services Industry; Financial Services Industry; United States
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      Ghosh, Shikhar, Shweta Bagai, and Liang Wu. "Uniswap: Fighting a Vampire Attack (A)." Harvard Business School Case 824-162, February 2024. (Revised April 2024.)
      • February 2024 (Revised May 2025)
      • Case

      Shore Capital Partners: The Next Ten Years

      By: Boris Groysberg and Kerry Herman
      Private equity firm Shore Capital Partners is at an inflection point, after 12 years of phenomenal growth and success. Now, as the partners consider options, should Shore remain micro-cap focused, or move into more mid-cap investments? Should Shore hold investments... View Details
      Keywords: Organizational Change and Adaptation; Strategy; Financial Services Industry
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      Groysberg, Boris, and Kerry Herman. "Shore Capital Partners: The Next Ten Years." Harvard Business School Case 424-036, February 2024. (Revised May 2025.)
      • 2024
      • Working Paper

      When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets

      By: Ishita Sen, Pari Sastry and Ana-Maria Tenekedjieva
      This paper studies how homeowners insurance markets respond to growing climate losses and how this impacts mortgage market dynamics. Using Florida as a case study, we show that traditional insurers are exiting high risk areas, and new lower quality insurers are... View Details
      Keywords: Insurance; Natural Disasters; Governing Rules, Regulations, and Reforms; Insurance Industry; Florida
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      Sen, Ishita, Pari Sastry, and Ana-Maria Tenekedjieva. "When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets." Harvard Business School Working Paper, No. 24-051, February 2024. (Revise & Resubmit, Quarterly Journal of Economics.)
      • January 2024
      • Case

      Post-Wirecard: BaFin under Mark Branson

      By: Jonas Heese, Carlota Moniz and Daniela Beyersdorfer
      In November 2023, Mark Branson, the head of Germany's Federal Financial Supervisory Authority (BaFin), reflected on the efficacy of the reforms initiated since the Wirecard scandal. BaFin had been discredited after Wirecard’s downfall in 2020. The press had derided it... View Details
      Keywords: Accounting; Crime and Corruption; Governing Rules, Regulations, and Reforms; Government Administration; Failure; Trust; Financial Services Industry; Financial Services Industry; Germany
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      Heese, Jonas, Carlota Moniz, and Daniela Beyersdorfer. "Post-Wirecard: BaFin under Mark Branson." Harvard Business School Case 124-078, January 2024.
      • January 2024 (Revised May 2024)
      • Case

      Generation Investment Management: Sustainable Investing in a Warming World

      By: Vikram S. Gandhi, Michael Norris and David Allen
      In September 2021, the sustainable investment firm Generation Investment Management (Generation) considered whether to add Schneider Electric to the focus list of companies in which it was prepared to invest. Dedicated to promoting a sustainable world through its... View Details
      Keywords: Sustainable Investing; Climate Change; Environmental Sustainability; Governance; Private Equity; Public Equity; Financial Markets; Investment Return; Investment Activism; Investment Funds; Investment Portfolio; Institutional Investing; Corporate Social Responsibility and Impact; Financial Services Industry; United Kingdom; England; London
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      Gandhi, Vikram S., Michael Norris, and David Allen. "Generation Investment Management: Sustainable Investing in a Warming World." Harvard Business School Case 324-043, January 2024. (Revised May 2024.)
      • January 2024 (Revised February 2024)
      • Case

      TPG Rise Climate: Deploying 'Climate Capital'

      By: Vikram S. Gandhi, David Allen, Sarah Mehta and Shannon Roche
      This case is about TPG Rise Climate, a $7.3 billion climate impact fund launched in 2021 by alternative asset manager TPG. Climate investing is a complex, capital-intensive endeavor; entering it has forced TPG to think and act differently. Relative to other funds, Rise... View Details
      Keywords: Energy; Environmental Management; Ownership; Science; Value; Asset Management; Investment Funds; Investment Portfolio; Financial Markets; Financial Services Industry; California; San Francisco; New York (city, NY)
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      Gandhi, Vikram S., David Allen, Sarah Mehta, and Shannon Roche. "TPG Rise Climate: Deploying 'Climate Capital'." Harvard Business School Case 824-077, January 2024. (Revised February 2024.)
      • January 2024 (Revised February 2024)
      • Course Overview Note

      Managing Customers for Growth: Course Overview for Students

      By: Eva Ascarza
      Managing Customers for Growth (MCG) is a 14-session elective course for second-year MBA students at Harvard Business School. It is designed for business professionals engaged in roles centered on customer-driven growth activities. The course explores the dynamics of... View Details
      Keywords: Customer Relationship Management; Decision Making; Analytics and Data Science; Growth Management; Financial Services Industry; Financial Services Industry; Financial Services Industry; Financial Services Industry; Financial Services Industry
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      Ascarza, Eva. "Managing Customers for Growth: Course Overview for Students." Harvard Business School Course Overview Note 524-032, January 2024. (Revised February 2024.)
      • January 2024
      • Background Note

      Evaluating Innovations in the Organization of Primary Care: What Type of Innovation Is It and How Well Does It Align with the Six Factors?

      By: Regina E. Herzlinger and James Wallace
      How can we evaluate if innovative health care ventures can do good—benefit society—and do well—become financially viable? This question is the topic of the first module in the Innovating in Health Care course book.

      This note and "Health Stop (A): What Type... View Details
      Keywords: Business Model; Health Care and Treatment; Collaborative Innovation and Invention; Mission and Purpose; Alignment; Health Industry
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      Herzlinger, Regina E., and James Wallace. "Evaluating Innovations in the Organization of Primary Care: What Type of Innovation Is It and How Well Does It Align with the Six Factors?" Harvard Business School Background Note 324-037, January 2024.
      • December 18, 2023
      • Article

      Lessons from Building a Payment Business in Africa

      By: Ranjay Gulati
      Keywords: Emerging Markets; Leadership; Partners and Partnerships; Information Infrastructure; Credit Cards; Financial Services Industry
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      Gulati, Ranjay. "Lessons from Building a Payment Business in Africa." Inc.com (December 18, 2023).
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