Publications

November 2011 (Revised June 2013)
Case

Natura Cosméticos, S.A.

Rodolfo Guttilla, Director of Corporate Affairs for Natura Cosméticos S.A. (Natura), prepared for a meeting with key stakeholders to discuss the future of integrated reporting at Natura. A cosmetics company with a strong brand, robust growth in international and... View Details

Keywords: Corporate Social Responsibility and Impact; Integrated Corporate Reporting; Decision Making; Beauty and Cosmetics Industry; Brazil

25 Mar 2013
Research & Ideas

How Chapter 11 Saved the US Economy

truth is anything but— "it's about reviving companies," says Gilson, author of the 2010 book Creating Value through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups . Reviving The Economy Taking a look at the 2008 View Details

Keywords: by Kim Girard; Financial Services

28 Mar 2018
HBS Seminar

Tim O’Reilly, O’Reilly Media

22 Jul 2014
Working Paper Summaries

Banks as Patient Fixed-Income Investors

Keywords: by Samuel G. Hanson, Andrei Shleifer, Jeremy C. Stein & Robert W. Vishny; Banking

12 Apr 2010
Research & Ideas

One Report: Better Strategy through Integrated Reporting

trust. Why is One Report important now? "The capital markets and our planet have simultaneously reached a fork in the road. One path continues the status quo. The other and new path is a commitment to a better society, stronger View Details

Keywords: by Martha Lagace

November 2023 (Revised April 2024)
Case

Celsius Network Inc.: Fear, Uncertainty, and Doubt in the Brave New World of Crypto Bankruptcy

By: Stuart C. Gilson and Sarah L. Abbott

In July 2022, Celsius Network filed for Chapter 11 bankruptcy. CEO Alex Mashinsky acknowledged that Celsius had grown its assets “faster than the Company was prepared to deploy [them]” and as a result had made “certain poor asset deployment decisions.” Two months after... View Details

Keywords: Cryptocurrency; Chapter 11; Restructuring; Insolvency and Bankruptcy; Asset Management; Acquisition; Borrowing and Debt; Financial Services Industry; United States

2023
Working Paper

LALIGA—From a Soccer Competition Organizer to a Global Player in the Sports and Entertainment Industry

By: Stephen A. Greyser, Kenneth Cortsen and Juan Fuentes Fernández

LALIGA, the first- and second-tier professional soccer league (known as “football” outside of the U.S. and Canada) in Spain, enters its 100th soccer season later this decade. The most popular game in the world (Giulianotti, 2012) has gone through many changes since... View Details

Keywords: Soccer; ＂Sports Organizations,; Business History; Strategy; Brands and Branding; Technology Adoption; Sports Industry

Read Now

02 Oct 2008
What Do You Think?

Workout vs. Bailout: Should Government Take Advantage of the Buffett Effect?

Summing Up The depth of the global financial crisis is becoming clearer day by day. In the United States, it is being used as a reason to set aside ideology regarding government ownership of important View Details

Keywords: by Jim Heskett

October 2016 (Revised October 2017)
Case

Misaki Capital and Sangetsu Corporation

By: Ian Gow, Charles C.Y. Wang, Naoko Jinjo and Nobuo Sato

Japan’s corporate culture has traditionally prioritized the interests of stakeholders such as customers, employees, and suppliers over those of shareholders. After a decades-long economic slump, Japan’s government has revitalized efforts to improve corporate governance... View Details

Keywords: Activist Investing; Constructivist Investing; Japan; Valuation; Stock Screens; Return On Equity; Investment; Business and Stakeholder Relations; Corporate Governance; Financial Strategy; Business and Shareholder Relations; Japan

2017
Working Paper

Economic Uncertainty and Earnings Management

By: Luke C.D. Stein and Charles C.Y. Wang

In the presence of managerial short-termism and asymmetric information about skill and effort provision, firms may opportunistically shift earnings from uncertain to more certain times. We document empirically that when financial markets are less certain about a firm's... View Details

Keywords: Discretionary Accruals; Uncertainty; Implied Volatility; Earnings Response Coefficient; Risk and Uncertainty; Earnings Management; Financial Markets

SSRN

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January 1999
Case

State Street Corporation: Leading with Information Technology (B)

By: Stephen P. Bradley and Kelley Porter

With Multi-currency HORIZON, a real-time multi-currency accounting system that replaced the traditional batch-oriented single-currency accounting system, successfully launched, State Street Corp. (State Street) began to focus on growing the scope of its business... View Details

Keywords: Accounting; Trends; Global Strategy; Growth and Development Strategy; Competitive Strategy; Information Technology; Value Creation; Financial Services Industry

15 Oct 2013
First Look

First Look: October 15

inventory turns and can be uniformly utilized by all stakeholders to assess whether a retailer is carrying too much or too little inventory. We explain applications of the metric with examples and lay out prescriptions for retailers. August 2013 Review of View Details

Keywords: Sean Silverthorne

October 2021 (Revised December 2021)
Case

PhonePe: Democratizing Payments in India

By: Michael Chu and Rachna Tahilyani

The co-founders of PhonePe, India’s leading digital payment platform are considering pursuing various growth opportunities in a huge country just entering the digital age. In a highly competitive industry, the founders are keenly aware that making the right choices is... View Details

Keywords: Digital Platform; Digital Banking; Business Strategy; Growth and Development Strategy; Decision Choices and Conditions; Corporate Entrepreneurship; Digital Platforms; Financial Services Industry; Asia; India

September 2017
Supplement

Taj Hotels: Leading Change, Driving Profitability (B)

By: Krishna Palepu, Anjali Raina and Rachna Chawla

The Taj Group financial in March 2017 reflects a turnaround in performance. The new branding strategy is described. View Details

Keywords: Turnaround; Hospitality Industry; Leading Change; Leadership; Brands and Branding; Marketing; Strategy; Globalization; Performance Improvement; Accommodations Industry; India

October 1996 (Revised December 2022)
Case

Chiquita Brands International (A)

By: Debora L. Spar and Terence Mulligan

When a new banana import policy is implemented in 1993 by the European Union, Chiquita Brands International, the world's largest banana distributor, watches its sales and net income plummet. The policy, Council Regulation (EEC 404/93), uses a new tariff and quota... View Details

Keywords: Plant-Based Agribusiness; Trade; Government and Politics; Policy; Market Design; Fairness; Agriculture and Agribusiness Industry; Latin America; European Union

26 Mar 2025
Blog Post

How to Approach Your Equity Compensation

equity grants—both in relation to other offers and as part of my overall financial picture? What factors determine whether my shares/options will become valuable (or not)? When should I exercise (buy), sell, or hold? What tax implications... View Details

2003
Casebook

Professional Services: Text and Cases

By: Thomas J. DeLong and Ashish Nanda

DeLong and Nanda's Professional Services: Text and Cases is the first casebook to be published on the management of professional service firms (law firms, architecture, financial services, consulting). It includes a comprehensive selection of case studies that... View Details

Keywords: Professional Service Firms; Management; Cases

Find at Harvard

July 2013 (Revised January 2014)
Case

Experience! The Finger Lakes: The Groupon Partnership Decision

By: Lynda M. Applegate, Chekitan S. Dev, Gabriele Piccoli and Arnold B. Peinado

In 2010, Experience! The Finger Lakes (ExperienceFLX), a tour operator offering guided tours and concierge services in the Finger Lakes region of New York State, was at a crossroads. The business was poised for growth, and its owners, Laura and Alan Falk, were... View Details

Keywords: Marketing Strategy; Social Marketing; United States

2015
Working Paper

Staggered Boards and Shareholder Value: A Reply to Amihud and Stoyanov

By: Alma Cohen and Charles C.Y. Wang

In a paper published in the Journal of Financial Economics in 2013, we provided evidence that market participants perceive staggered boards to be on average value-reducing. In a recent response paper, Amihud and Stoyanov (2015) “contest” our results. They... View Details

Keywords: Staggered Boards; Takeover Defense; Antitakeover Provision; Firm Value; Agency Costs; Delaware; Chancery Court; Airgas; Governing and Advisory Boards; Acquisition; Corporate Governance; Business and Shareholder Relations; Delaware