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- All HBS Web
(2,141)
- Faculty Publications (434)
- November 2019
- Supplement
United Technologies Corp.: Are the Parts Worth More Than the Whole?
By: Benjamin C. Esty and Daniel Fisher
After spending more than 50 years creating a diversified industrial conglomerate that Fortune Magazine described as “arguably the most profitable conglomerate in America” in 2014, UTC’s CEO Greg Hayes was under pressure from activist investors (Dan Loeb and Bill... View Details
Keywords: Corporate Strategy; Business Conglomerates; Financial Management; Corporate Governance; Organizational Structure; Diversification; Valuation; Investment Activism; Financial Strategy; Investment Funds; Value Creation; Aerospace Industry; Electronics Industry; Industrial Products Industry; United States
- November 2019 (Revised April 2021)
- Case
United Technologies: Are the Parts Worth More Than the Whole?
By: Benjamin C. Esty and Daniel Fisher
After spending more than 50 years creating a diversified industrial conglomerate that Fortune magazine described as “arguably the most profitable conglomerate in America” in 2014, UTC’s CEO Greg Hayes was under pressure from activist investors (Dan Loeb and Bill... View Details
Keywords: Corporate Strategy; Business Conglomerates; Financial Management; Corporate Governance; Organizational Structure; Investment Funds; Value Creation; Aerospace Industry; Electronics Industry; Industrial Products Industry; United States
Esty, Benjamin C., and Daniel Fisher. "United Technologies: Are the Parts Worth More Than the Whole?" Harvard Business School Case 220-018, November 2019. (Revised April 2021.)
- October 2019 (Revised February 2025)
- Case
A Conversation with Ellen J. Kullman, Chair & CEO of DuPont, 2009-2015
By: Lynn S. Paine and Will Hurwitz
Ellen J. Kullman, the retired Chairman and CEO of DuPont, describes how she guided the storied science and technology company through a contentious proxy battle with activist investor Trian Partners, which acquired DuPont shares in 2013 and sought to break up the... View Details
Keywords: Agribusiness; Capital Structure; Corporate Accountability; Corporate Governance; Institutional Investing; Leadership; Leadership Style; Management; Transformation; Agriculture and Agribusiness Industry; Chemical Industry; United States
Paine, Lynn S., and Will Hurwitz. "A Conversation with Ellen J. Kullman, Chair & CEO of DuPont, 2009-2015." Harvard Business School Case 320-017, October 2019. (Revised February 2025.)
- 2021
- Working Paper
The Value of Intermediation in the Stock Market
By: Marco Di Maggio, Mark Egan and Francesco Franzoni
We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit... View Details
Keywords: Financial Intermediation; Institutional Investors; Research Analysts; Broker Networks; Equity Trading; Institutional Investing; Financial Services Industry
Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Harvard Business School Working Paper, No. 20-016, August 2019. (Revised June 2021. Accepted at the Journal of Financial Economics.)
- August 2019 (Revised March 2022)
- Case
Family Matters: Governance at the Zamil Group
By: Christina R. Wing, Suraj Srinivasan and Esel Çekin
This case focuses on a large Saudi Arabian industrial conglomerate and family business Zamil Group’s corporate and family governance journey. The 12 sons of the founder led and grew the group successfully after taking over from their father in 1961. The secret to their... View Details
Keywords: Middle East; Family Ownership; Family-owned Business; Saudi Arabia; Family Business; Governance; Organizational Structure; Values and Beliefs; Steel Industry; Industrial Products Industry; Middle East; Saudi Arabia; Bahrain
Wing, Christina R., Suraj Srinivasan, and Esel Çekin. "Family Matters: Governance at the Zamil Group." Harvard Business School Case 620-009, August 2019. (Revised March 2022.)
- July 2019
- Case
LaCroix Sparkling Water
By: Tomomichi Amano, Das Narayandas and Kerry Herman
Launched in 1981 as an “all occasion” sparkling water brand, LaCroix Sparkling Water has had a number of ups and downs as a brand. After being purchased by National Beverage in 1996, the brand was re-positioned as a new, colorful, fun alternative to the other sparkling... View Details
Keywords: Brands and Branding; Organizational Change and Adaptation; Industry Structures; Food and Beverage Industry
Amano, Tomomichi, Das Narayandas, and Kerry Herman. "LaCroix Sparkling Water." Harvard Business School Case 520-014, July 2019.
- July 2019
- Case
LaCroix Sparkling Water (Abridged)
By: Tomomichi Amano, Das Narayandas and Kerry Herman
Launched in 1981 as an “all occasion” sparkling water brand, LaCroix Sparkling Water has had a number of ups and downs as a brand. After being purchased by National Beverage in 1996, the brand was repositioned as a new, colorful, fun alternative to the other sparkling... View Details
Keywords: Brands and Branding; Organizational Change and Adaptation; Industry Structures; Food and Beverage Industry
Amano, Tomomichi, Das Narayandas, and Kerry Herman. "LaCroix Sparkling Water (Abridged)." Harvard Business School Case 520-015, July 2019.
- July 2019
- Supplement
Omidyar Network's Impact Investment Framework
By: Vikram S Gandhi
A team of investors at Omidyar Network explore two different investment possibilities in the budding financial inclusion space using their investment framework to consider capital alternatives available for both investments, each of which carries highly divergent... View Details
Keywords: Impact Investing; Micro Finance; Investment; Investment Return; Investment Activism; Investment Portfolio; Microfinance; Framework; India; Philippines
Gandhi, Vikram S. "Omidyar Network's Impact Investment Framework." Harvard Business School Multimedia/Video Supplement 320-701, July 2019.
- July 2019
- Supplement
Omidyar Network's Investment Decisions: MicroEnsure and Lenddo
By: Vikram S Gandhi
A team of investors at Omidyar Network explore two different investment possibilities in the budding financial inclusion space using their investment framework to consider capital alternatives available for both investments, each of which carries highly divergent... View Details
Keywords: Impact Investing; Micro Finance; Investment; Investment Return; Investment Activism; Investment Portfolio; Microfinance; Decision Choices and Conditions; India; Philippines
Gandhi, Vikram S. "Omidyar Network's Investment Decisions: MicroEnsure and Lenddo." Harvard Business School Multimedia/Video Supplement 320-702, July 2019.
- June–July 2019
- Article
A Methodology for Operationalizing Enterprise IT Architecture and Evaluating Its Modifiability
By: Robert Lagerström, Alan MacCormack, David Dreyfus and Carliss Y. Baldwin
Recent contributions to information systems theory suggest that the primary role of a firm’s information technology (IT) architecture is to facilitate, and therefore ensure the continued alignment of a firm’s IT investments with a constantly changing business... View Details
Keywords: Enterprise Architecture; Modularity; Information Systems; Modifiability; Design Structure Matrix
Lagerström, Robert, Alan MacCormack, David Dreyfus, and Carliss Y. Baldwin. "A Methodology for Operationalizing Enterprise IT Architecture and Evaluating Its Modifiability." Complex Systems Informatics and Modeling Quarterly 19 (June–July 2019): 75–98.
- Article
'Matter Battles': Cognitive Representations, Boundary Objects, and the Failure of Collaboration in Two Smart Cities
By: Tiona Zuzul
In this paper, I present a longitudinal study of two smart city projects that brought together experts from diverse knowledge domains. Both projects structured collaboration around the development of boundary objects that could integrate actors’ expertise. In both... View Details
Zuzul, Tiona. "'Matter Battles': Cognitive Representations, Boundary Objects, and the Failure of Collaboration in Two Smart Cities." Academy of Management Journal 62, no. 3 (June 2019): 739–764.
- June 2019
- Article
Brokers vs. Retail Investors: Conflicting Interests and Dominated Products
By: Mark Egan
I study how brokers distort household investment decisions. Using a novel convertible bond dataset, I find that consumers often purchase dominated bonds—cheap and expensive versions of otherwise identical bonds coexist in the market. The empirical evidence suggests... View Details
Keywords: Brokers; Fiduciary Standard; Consumer Finance; Structured Products; Household; Investment; Decisions; Motivation and Incentives; Conflict of Interests
Egan, Mark. "Brokers vs. Retail Investors: Conflicting Interests and Dominated Products." Journal of Finance 74, no. 3 (June 2019): 1217–1260.
- May 28, 2019
- Other Article
How Russia Found a Disinformation Haven in America
By: Rawi Abdelal and Galit Goldstein
The Mueller Report established that “the Russians” undertook information operations campaigns to meddle in the 2016 U.S. presidential election. Though this has been clear for a long time, Americans continue to discuss Russian information operations in the wrong way.... View Details
Keywords: Elections; Donald Trump; Political Elections; National Security; Information Technology; Governing Rules, Regulations, and Reforms; Social Media; Russia; United States
Abdelal, Rawi, and Galit Goldstein. "How Russia Found a Disinformation Haven in America." National Interest (May 28, 2019).
- April 2019 (Revised July 2019)
- Case
Aperture Investors
By: Krishna G. Palepu, George Serafeim and David Lane
Aperture Investors is a startup investment firm that seeks to disrupt the asset management industry through competitive differentiation by charging investors primarily when its portfolio managers outperform the marketplace. Headed by Wall Street veteran Peter Kraus and... View Details
Keywords: Business Model; Talent and Talent Management; Investment; Investment Funds; Asset Management; Recruitment; Selection and Staffing; Marketing Channels; Emerging Markets; Partners and Partnerships; Motivation and Incentives; Financial Services Industry
Palepu, Krishna G., George Serafeim, and David Lane. "Aperture Investors." Harvard Business School Case 119-053, April 2019. (Revised July 2019.)
- March 2019
- Case
Investing in the Future: Corning Inc. and the Alternative School for Math and Science
By: Derek van Bever and Miho Kubagawa
In early 2017, Kim Frock (MBA 1987), founder and administrative head of school for the Alternative School for Math and Science (ASMS) in Corning, New York, is beginning to think through the issue of leadership succession at the school. Founded in close partnership with... View Details
Keywords: Middle School Education; Leadership; Management Succession; Partners and Partnerships; Business and Community Relations
van Bever, Derek, and Miho Kubagawa. "Investing in the Future: Corning Inc. and the Alternative School for Math and Science." Harvard Business School Case 319-059, March 2019.
- January 2019 (Revised December 2019)
- Case
CrossBoundary Energy
By: John Macomber
Almost 500 million people are without electricity in sub-Saharan Africa. Governments and public utilities are challenged to bring generation and distribution to most of them. Considerable promise exists in “off-grid” or “mini-grid” technologies, notably using renewable... View Details
Keywords: Energy Investing; Economic Development; Renewable Energy; Business Growth and Maturation; Developing Countries and Economies; Project Finance; Emerging Markets; Industry Structures; Infrastructure; Segmentation; Private Equity; Decision Choices and Conditions; Energy Industry; Utilities Industry; Africa; Tanzania; Ghana
Macomber, John. "CrossBoundary Energy." Harvard Business School Case 219-089, January 2019. (Revised December 2019.)
- January 2019 (Revised December 2020)
- Case
Angola Starts Now
By: Jeremy Friedman and Sophus A. Reinert
After five centuries of colonialism, four decades of civil war, an extended experiment with Marxism-Leninism, and nearly four decades of rule by a single man, José Eduardo Dos Santos, Angola finally has a chance to realize its enormous economic potential. A country... View Details
Keywords: Development Economics; Government and Politics; History; Governing Rules, Regulations, and Reforms; Social Issues; Angola
Friedman, Jeremy, and Sophus A. Reinert. "Angola Starts Now." Harvard Business School Case 719-007, January 2019. (Revised December 2020.)
- 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
Keywords: Security Selection; Investments; Growth; Culture; UAE; Finance; Asset Management; Emerging Markets; Capital Markets; Investment; Growth Management; Risk Management; Middle East; Saudi Arabia; Dubai; United Arab Emirates; Egypt; North Africa
Viceira, Luis M., and Eren Kuzucu. "Ajeej Capital: Investing in Emerging Markets." Harvard Business School Case 219-029, January 2019. (Revised November 2019.)
- January 15, 2019
- Article
Is Your Company's Strategy Aligned with Your Ownership Model?
By: Josh Baron
The legacy of Vanguard founder John Bogle has brought attention to the transformative influence of ownership structures within the business world. Bogle's revolutionary insight into the limitations of active fund management led to the widespread adoption of index... View Details
Keywords: Ownership Type; Business Strategy; Organizational Structure; Strength and Weakness; Competitive Advantage
Baron, Josh. "Is Your Company's Strategy Aligned with Your Ownership Model?" Harvard Business Review (website) (January 15, 2019).
- January 2019 (Revised March 2020)
- Case
Blackstone Alternative Asset Management in 2018
By: Emil Siriwardane, Luis M. Viceira and Shawn O'Brien
In early 2018, Blackstone announced that John McCormick would succeed Tom Hill as President and Chief Executive Officer of Blackstone Alternative Asset Management (BAAM), the largest fund-of-hedge funds in the world by a sizeable margin. As new CEO, McCormick must... View Details
Keywords: Asset Management; Expansion; Strategy; Decision Choices and Conditions; Financial Services Industry
Siriwardane, Emil, Luis M. Viceira, and Shawn O'Brien. "Blackstone Alternative Asset Management in 2018." Harvard Business School Case 219-063, January 2019. (Revised March 2020.)