Publications

May 2018
Article

U.S. Treasury Premium

By: Wenxin Du, Joanne Im and Jesse Schreger

We quantify the difference in the convenience yield of U.S. Treasuries and government bonds of other developed countries by measuring the deviation from covered interest parity between government bond yields. We call this wedge the “U.S. Treasury Premium.” We document... View Details

Keywords: Bonds; Investment Return; Interest Rates; Financial Crisis

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January 2011 (Revised April 2011)
Case

CME Group

By: Forest L. Reinhardt and James Weber

The case describes CME Group, the world's largest commodities exchange, futures and options on futures contracts, history, regulation, and the strategic choices the company faced. CME Group was formed from the oldest and most well-known exchanges in the world. Traders... View Details

Keywords: Financial Crisis; Stocks; Goods and Commodities; Governing Rules, Regulations, and Reforms; Risk Management; Market Participation; Market Transactions; Financial Services Industry; United States

July 2021
Teaching Plan

Aligning Mission and Margin at Southern Bancorp

By: Rebecca Henderson, Brian Trelstad and Eren Kuzucu

Teaching Plan for HBS Case No. 321-099. In October 2020, after spending almost a decade to turnaround Southern Bancorp, an Arkansan bank founded with the mission to provide financial services to rural, underserved communities, CEO Darrin Williams is wondering how... View Details

Keywords: Racial Wealth Gap; Banks and Banking; Growth and Development; Corporate Social Responsibility and Impact; Mission and Purpose; Going Public; Investment Return; Social Issues; Wealth and Poverty; Financial Services Industry; Financial Services Industry; United States; Arkansas

November 1992 (Revised November 1993)
Case

Anheuser-Busch and Campbell Taggart (Abridged)

In 1984, the SEC accused Paul Thayer and eight others of insider trading. Some of Thayer's inside information came from his position on the board of Anheuser-Busch, where he had learned about Busch's 1982 merger with Campbell Taggart before the merger was publicly... View Details

Keywords: Crime and Corruption; Ethics; Capital Markets; United States

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December 1990 (Revised November 1992)
Case

Anheuser-Busch and Campbell Taggart

In 1984, the SEC accused Paul Thayer and eight others of insider trading. Some of Thayer's inside information came from his position on the board of Anheuser-Busch, where he had learned about Busch's 1982 merger with Campbell Taggart before the merger was publicly... View Details

Keywords: Crime and Corruption; Ethics; Capital Markets; Manufacturing Industry; Food and Beverage Industry; United States

2011
Other Unpublished Work

Pioneers in Finance: An Interview with Michael C. Jensen - Part 1

By: Michael C. Jensen and Ralph A. Walkling

This interview is first of a two-part series in which Professor Ralph Walkling, the Stratakis Chair in Corporate Governance and Executive Director of the Center for Corporate Governance at Drexel University, interviews Professor Michael C. Jensen, Jesse Isidor Straus... View Details

Keywords: Corporate Governance; Governing and Advisory Boards; Research; Financial Crisis; Compensation and Benefits; Agency Theory

André Perold is a Founder, Partner, and Chief Investment Officer of HighVista Strategies, a Boston-based investment firm. HighVista focuses on investing in structurally inefficient public and private markets, including in life sciences, lower middle market private... View Details

Keywords: financial services; financial services; financial services; financial services; financial services

Web

Doctoral

the changing world of business, society, and education. PhD Programs Accounting & Management Business Economics (Includes Finance) Health Policy (Management) Marketing Organizational Behavior Strategy Technology & Operations Management... View Details

21 May 2007
Research & Ideas

Fixing the Marketing-CEO Disconnect

is organizational behavior/leadership. Part of the problem is the current corporate climate, in which questions of governance and financial purity dominate CEOs' and boards' attention. Additionally, boards, and even CEOs, have been lulled... View Details

Keywords: by Sean Silverthorne

November 1999
Case

Long-Term Capital Management, L.P. (C)

By: Andre F. Perold

Long-Term Capital Management, L.P. (LTCM) was in the business of engaging in trading strategies to exploit market pricing discrepancies. Because the firm employed strategies designed to make money over long horizons--from six months to two years or more--it adopted a... View Details

Keywords: Fluctuation; Capital; Financial Liquidity; Financing and Loans; Investment Funds; Investment Portfolio; Corporate Governance; Governing Rules, Regulations, and Reforms; Management; Risk Management; Markets; Motivation and Incentives; Financial Services Industry

March 2024
Case

Lyft 2023: Roads to Growth and Differentiation

By: Ranjay Gulati and Jeffrey Huizinga

Set in San Francisco in winter 2023, this case explores the strategic challenges and initiatives at Lyft under the leadership of its new CEO, David Risher. Confronted with declining market share and financial pressures, Risher spent his first six months at the helm... View Details

Keywords: Technology; Turnarounds; Ridesharing; Transition; Strategy; Culture; Change Management; Transportation Industry; Technology Industry

The report commends the broad-based governmental actions initially taken to support the economy, citizens, and the corporate sector during the Covid pandemic. However, structural changes in our economies due to the pandemic, and growing corporate... View Details

March 2024 (Revised July 2024)
Case

AMC: The Zero Revenue Case

By: C. Fritz Foley and Donal O'Cofaigh

The onset of the Covid-19 pandemic put theatre company AMC’s already perilous financial situation under even further strain. The company’s high levels of debt resulted in a monthly cash-burn which left it facing an imminent Chapter-11 filing in the absence of... View Details

Keywords: Ethics; Insolvency and Bankruptcy; Public Equity; Stock Shares; Health Pandemics; Entertainment and Recreation Industry

January 2020 (Revised July 2020)
Case

Chemours (A)

By: David G. Fubini and David Lane

The July 2015 spin-off of DuPont’s performance chemicals division as the independent company Chemours burdened new CEO Mark Vergnano and his team with perilous challenges. Despite market-leading offerings in several areas, the company faced a glutted market for its... View Details

Keywords: Transformation; Chemicals; Leading Change; Crisis Management; Organizational Change and Adaptation; Chemical Industry; United States

08 Feb 2022
News

The ‘Do-Gooder’s Dilemma’: Why Purpose-Driven Companies Can’t Lose Focus On Profits

January 2013
Case

Omidyar Network: Pioneering Impact Investment

By: Michael Chu and Lauren Barley

Omidyar Network, having deployed to date over $500 million in ways ranging from donations to commercial equity capital, must decide whether to back Anudip, an Indian organization dedicated to providing the rural unemployed and marginalized with livelihoods linked to... View Details

Keywords: Social Enterprise; Social Entrepreneurship; Investment; Philanthropy and Charitable Giving; India

July 2005 (Revised September 2020)
Case

The U.S. Current Account Deficit

By: Laura Alfaro, Rafael Di Tella, Ingrid Vogel, Renee Kim, Sarah Jeong, Matthew Johnson and Jonathan Schlefer

Investors and policymakers throughout the world were confronted with the risk of painful economic consequences arising from the large U.S. current account deficit. In 2007, the U.S. current account deficit was $731 billion, equivalent to 5.3% of GDP. The implications... View Details

Keywords: World Economy; Macroeconomics; Borrowing and Debt; Currency; Foreign Direct Investment; Business and Government Relations; United States