Publications

October 1993 (Revised September 1996)
Case

BANC ONE - 1993

By: Hugo Uyterhoeven and Myra M. Hart

From a small local bank, Banc One has grown to one of the largest and most profitable banks in the United States under the leadership of its CEO, John B. McCoy. It has an impressive track record of improving the performance of its acquisitions while retaining the... View Details

Keywords: Leadership; Acquisition; Organizational Culture; Policy; Adaptation; Business Growth and Maturation; Strategy; Performance Improvement; Industry Structures; Banking Industry; United States

24 Mar 2015
News

Integrated Reporting: Corporate Disclosure for China’s “New Normal”

March 2025
Article

Do Public Financial Statements Influence Private Equity and Venture Capital Financing?

By: Brian K. Baik, Natalie Berfeld and Rodrigo S. Verdi

We study whether private firm public financial statements influence the probability of raising venture capital (VC) and private equity (PE) financing. In particular, we propose that private firms’ public financial statements can help the VC/PE search process by... View Details

Keywords: Business Economics; Search Costs; Accounting; Venture Capital; Governance; Private Equity; Financial Statements

July 2021
Case

Amazon HQ2

By: James K. Sebenius and Ben Cook

Amazon’s failed bid for a second headquarters location (“HQ2”) in Long Island City, New York offers many lessons for negotiators looking to avoid similar high-profile defeats in strategically important deals. The company’s project – which promised to bring billions of... View Details

Keywords: Buildings and Facilities; Negotiation; Public Opinion; Governing Rules, Regulations, and Reforms; Problems and Challenges

17 Apr 2009
Working Paper Summaries

The Investment Strategies of Sovereign Wealth Funds

Keywords: by Shai Bernstein, Josh Lerner & Antoinette Schoar; Financial Services

29 Apr 2020
News

Why Latin America Needs the Private Sector More Than Ever

Web

The Three Levels of CSV - Institute For Strategy And Competitiveness

HBS ISC Creating Shared Value CSV Creating Shared Value CSV Explained Emerging Topics CSV in Practice Published CSV Cases CSV Explained CSV Explained The Three Levels of CSV Adding a Social Dimension to Strategy Redefining Capitalism The New Role for View Details

09 Nov 2023
News

From the Brink

Antonio Weiss (MBA 1994), Adam Chepenik (MBA 2010), Sebastián Negrón-Reichard (JD/MBA 2024) As the senior top official in the US Treasury Department on domestic finance issues, Antonio Weiss (MBA 1994) could see Puerto Rico’s financial meltdown coming, like watching a... View Details

Keywords: Ralph Ranalli

June 2021
Article

Short-Termism, Shareholder Payouts, and Investment in the EU

By: Jesse M. Fried and Charles C.Y. Wang

Investor-driven "short-termism" is said to harm EU public firms' ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered—rising levels of repurchases and dividends—is incomplete and... View Details

Keywords: Short-termism; EU; Payout Policy; Innovation; Investment; Corporate Governance; Investment Return; Acquisition; European Union

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August 2005 (Revised August 2007)
Background Note

Why Study Emerging Markets

By: Tarun Khanna, Krishna G. Palepu and Kjell Ke-Li Carlsson

Emerging markets have attracted considerable attention and are likely to become an increasingly important political and economic force. They represent an enormous opportunity for entrepreneurs, multinationals, and investors but also pose a threat for products, jobs,... View Details

Keywords: Profit; Multinational Firms and Management; Corporate Governance; Emerging Markets; Problems and Challenges; Opportunities

November 2017 (Revised February 2019)
Case

Kurt Summers: Investing in Our Chicago (Abridged)

By: Joshua Margolis and Michael Norris

In 2016, Kurt Summers, the Chicago City Treasurer, considered his future in Chicago politics. With an unpopular governor and mayor soon up for reelection, should Summers consider running for higher office? Summers reflects on his time growing up in gang-controlled... View Details

Keywords: Personal Development; Career Journey; Career; Career Management; Leadership; Leadership Development; Government and Politics; Personal Development and Career; Public Administration Industry; United States; Chicago

2024
Working Paper

What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences

By: Mark Egan, Alexander MacKay and Hanbin Yang

We present an empirical model of portfolio choice that allows for the nonparametric estimation of investors' (subjective) expectations and risk preferences. Utilizing a comprehensive dataset of 401(k) plans from 2009 through 2019, we explore heterogeneity in asset... View Details

Keywords: Stock Market Expectations; Demand Estimation; Retirement Planning; Defined Contribution Retirement Plan; 401 (K); Finance; Investment Portfolio; Investment; Retirement; Behavioral Finance; Financial Services Industry; United States

01 Dec 2023
News

Turning Point: Where Credit Is Due

Nagi Otgonshar (MBA 2015) (Illustration by Gisela Goppel) Nagi Otgonshar (MBA 2015) (Illustration by Gisela Goppel) Earning a full scholarship has always been the only realistic ticket to a superior education for me. It was this golden opportunity that allowed me to... View Details

Keywords: Executive, Legislative, and Other General Government Support; Government

Article

Do Strong Fences Make Strong Neighbors?

By: Mihir Desai and Dhammika Dharmapala

Many features of U.S. tax policy towards multinational firms-including the governing principle of capital export neutrality, the byzantine system of expense allocation, and anti-inversion legislation-reflect the intuition that building "strong fences" around the United... View Details

Keywords: International Taxation; Initial Public Offerings; Foreign Portfolio Investment; Policy; Taxation; Multinational Firms and Management; Globalized Markets and Industries; Initial Public Offering; Mergers and Acquisitions; Foreign Direct Investment; United States

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13 Jan 2016
Working Paper Summaries

Forward Guidance in the Yield Curve: Short Rates versus Bond Supply

Keywords: by Robin Greenwood, Samuel G. Hanson, and Dimitri Vayanos; Financial Services

2022
Working Paper

Racial Diversity in Private Capital Fundraising

By: Johan Cassel, Josh Lerner and Emmanuel Yimfor

Black- and Hispanic-owned funds control a very modest share of assets in the private capital industry. We find that the sensitivity of follow-on fundraising to fund performance is greater for minority-owned groups, particularly for underperforming groups. We... View Details

Keywords: Buyouts; Capital Formation; Minorities; Venture Capital; Minority-owned Businesses; Race; Diversity; Investment Funds; Financial Services Industry

2009
Working Paper

Corporate Misgovernance at the World Bank

By: Ashwin Kaja and Eric D. Werker

We test for evidence of corporate misgovernance at the World Bank. Most major decisions at the World Bank are made by its Board of Executive Directors. However, in any given year the majority of the Bank's member countries do not get a chance to serve on this powerful... View Details

Keywords: Developing Countries and Economies; Banks and Banking; Financing and Loans; International Finance; Corporate Governance; Governing and Advisory Boards

2022
Chapter

Immigration Policy Levers for U.S. Innovation and Startups

By: William R. Kerr and Sari Pekkala Kerr

Immigrants account for about a quarter of US invention and entrepreneurship despite a policy environment that is not well suited for these purposes. This chapter reviews the U.S. immigration policy environment that governs how skilled migrants move to America for... View Details

Keywords: High-tech; H1-B; Immigration; Entrepreneurship; Innovation and Invention; Business Startups; Venture Capital

July 2009 (Revised December 2009)
Case

Diageo and East African Breweries Ltd.: Tapping New Markets for Social Good

By: Rosabeth M. Kanter and Matthew Bird

James Musyoki, Lemmy Mutahi, and Ken Kariuki, all from East African Breweries Limited (EABL), a subsidiary of London-based Diageo, heard the disheartening news in the first week of December 2008. For the second time in six months, the Kenyan Finance Ministry had raised... View Details

Keywords: Change Management; Innovation and Management; Emerging Markets; Taxation; Price; Food and Beverage Industry; Kenya; United Kingdom