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  • 2018
  • Book

American Fair Trade: Proprietary Capitalism, Corporatism, and the 'New Competition,' 1890–1940

By: Laura Phillips Sawyer
American Fair Trade explores the contested political and legal meanings of the term fair trade from the late nineteenth century through the New Deal era. This history of American capitalism argues that business associations partnered with regulators to... View Details
Keywords: Economic Systems; Competition; Policy; Fairness; History; Governing Rules, Regulations, and Reforms; United States
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  • Article

Best Practices in Estimating the Cost of Capital: Survey and Synthesis

By: Robert Bruner, Kenneth M. Eades, Robert S. Harris and Robert F. Higgins
This paper presents the results of a cost-of-capital survey of 27 highly regarded corporations, ten leading financial advisers, and seven best selling textbooks and trade books. The results show close alignment among all these groups on the use of common theoretical... View Details
Keywords: Cost of Capital
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  • Editorial

Why CEOs Should Share Their Long-Term Plans with Investors

By: Christina Rehnberg, George Serafeim and Brian Tomlinson
Rather than requiring less short-term information, the key to combating short-termism is to encourage companies to share more information about their long-term plans. Analysis of companies that have done so suggests that long-term plans are not mere marketing... View Details
Keywords: CEO; Investor Relations; Disclosure; Long-term Growth; Investing; Business and Shareholder Relations; Strategy; Corporate Disclosure
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  • January 2009 (Revised November 2011)
  • Case

The Tip of the Iceberg: JP Morgan Chase and Bear Stearns (A)

By: Clayton S. Rose, Daniel Baird Bergstresser and David Lane
"Bear Stearns & Co. burned through nearly all of its $18 billion in cash reserves during the week of March 10, 2008, and an unprecedented provision of liquidity support from the Federal Reserve on Friday, March 13 was insufficient to reverse the decline in Bear's... View Details
Keywords: Mergers and Acquisitions; Financial Crisis; Capital; Financial Liquidity; Financial Strategy; Corporate Governance; Crisis Management; Business and Stakeholder Relations; Competition; Valuation; Financial Services Industry
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  • April 2004 (Revised December 2004)
  • Case

Jazztel

By: Marc L. Bertoneche, Laurent Jacque, Kenneth Hynes and Jennifer Woolman
Jazztel--an upstart Spanish telecom--is considering an IPO on the NASDAQ (rather than the Madrid Bolsa) for funding its ambitious capital expenditure program estimated at $750 million over the next 10 years. The alternative would be another round of high-yield debt.... View Details
Keywords: History; Initial Public Offering; Valuation; Privatization; Financing and Loans; Financial Strategy; Telecommunications Industry; Spain
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  • October 2008 (Revised September 2009)
  • Case

Consumer Lending in Japan: Citi CFJ (A)

By: J. Gunnar Trumbull and Akiko Kanno
Despite a tradition of high household savings, Japan has supported a dynamic and technically sophisticated consumer-lending sector. The high profitability of the sector has periodically attracted interest from domestic banks as well as international investors. Most... View Details
Keywords: Mergers and Acquisitions; Financing and Loans; Foreign Direct Investment; Personal Finance; Courts and Trials; Business and Government Relations; Banking Industry; Japan
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    Gunnar Trumbull

    Gunnar Trumbull is the Phillip Caldwell Professor of Business Administration at Harvard Business School.

    Professor Trumbull’s primary area of expertise in political economy, with a focus on consumer and regulatory politics. His book Strength in... View Details

    Keywords: agribusiness; consumer products; credit card; financial services; food; food processing; grocery; microfinance; retail financial services; retailing
    • November 2017 (Revised December 2019)
    • Case

    Redfin: Redefine Real Estate

    By: Hong Luo and Huafeng Yu
    Founded in 2004, Redfin envisioned a light-touch model in which clients self-served using the digital platform in exchange for a significantly lower fee than traditional agents. Realizing the narrow appeal of its initial model, Redfin had made significant changes to... View Details
    Keywords: Adaptation; Growth and Development Strategy; Decision Choices and Conditions; Real Estate Industry; North America
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    • November 2006 (Revised November 2007)
    • Case

    Strategy in the Twenty First Century Pharmaceutical Industry: Merck & Co. and Pfizer Inc.

    By: David J. Collis and Troy Smith
    The global pharmaceutical industry has gone through substantial changes in the last few decades and pharmaceutical firms face major challenges including headline-grabbing litigation, imminent patent expirations, new technologies, rising drug development costs, generic... View Details
    Keywords: Mergers and Acquisitions; Growth and Development Strategy; Product Development; Research and Development; Corporate Strategy; Pharmaceutical Industry; United States
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    • January – February 2011
    • Article

    Creating Shared Value

    By: Michael E. Porter and Mark R. Kramer
    The capitalist system is under siege. In recent years business has been criticized as a major cause of social, environmental, and economic problems. Companies are widely thought to be prospering at the expense of their communities. Trust in business has fallen to new... View Details
    Keywords: Customer Value and Value Chain; Economic Growth; Economic Systems; Corporate Social Responsibility and Impact; Environmental Sustainability; Trust; Human Needs; Welfare; Competitive Advantage; Value Creation
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    • 2020
    • Working Paper

    Currency Hedging in Emerging Markets: Managing Cash Flow Exposure

    By: Laura Alfaro, Mauricio Calani and Liliana Varela
    Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets in particular, is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of... View Details
    Keywords: Foreign Currency Hedging; FX Derivatives; Foreign Currency Debt; Currency Mismatch; Trade Credit; Currency; Cash Flow; Emerging Markets
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    • Person Page

    Course Development

    By: Debora L. Spar

    Managing International Trade and Investment

    Despite the ease with which it is often conducted, doing business across borders is not the same as doing it at home. Rather, it entails a whole new set of managerial challenges: re-assessing competitive... View Details

    • March 2023 (Revised November 2023)
    • Module Note

    The Social Purpose of the Firm

    By: Debora L. Spar and Julia M. Comeau
    The Social Purpose of the Firm (SPF) is a short module designed to explore how, and under what circumstances, business leaders can harness the power of capitalism and markets to “make a difference in the world” – that is, to address a significant societal problem as a... View Details
    Keywords: Social Accounting; Purpose; Corporate Social Responsibility and Impact; Social Enterprise; Mission and Purpose; United States; Sweden; Kenya; Netherlands
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    • January 1980 (Revised August 1986)
    • Case

    General Electric vs. Westinghouse in Large Turbine Generators (A)

    By: Michael E. Porter
    Describes the U.S. large turbine generator industry in early 1963, a period of severe price cutting and depressed industry conditions. Presents data to allow a structural analysis of the industry and an analysis of the strategies of the major players since 1946. The... View Details
    Keywords: Transformation; Customer Focus and Relationships; Machinery and Machining; Cost Management; Price; Management Analysis, Tools, and Techniques; Marketing Strategy; Industry Structures; Competition; Manufacturing Industry; United States
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    • 08 Nov 2016
    • Working Paper Summaries

    Managers' Cultural Background and Disclosure Attributes

    Keywords: by Francois Brochet, Gregory S. Miller, Patricia Naranjo, and Gwen Yu
    • October 2001 (Revised January 2002)
    • Case

    OAO YUKOS Oil Company

    By: Malcolm S. Salter and Joshua N. Rosenbaum
    This case presents the history and current position of Russia's second-largest oil company, YUKOS, as it seeks listing on the NYSE as an ADR and attempts to rid itself from a punishing "governance discount" by the capital markets. This is a company with a history of... View Details
    Keywords: Stocks; Capital Markets; Corporate Governance; Developing Countries and Economies; Energy Sources; Energy Industry; Russia
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    • 2015
    • Working Paper

    A Theory of Intergenerational Mobility

    By: Gary Becker, Scott Duke Kominers, Kevin Murphy and Jorg L. Spenkuch
    We develop a model of intergenerational resource transmission that emphasizes the link between cross-sectional inequality and intergenerational mobility. By drawing on first principles of human capital theory, we derive several novel results. In particular, we show... View Details
    Keywords: Intergenerational Mobility; Inequality; Complementarities; Human Capital; Equality and Inequality; Income; Family and Family Relationships
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    • 17 Jul 2006
    • Lessons from the Classroom

    Developing a Strategy for Digital Convergence

    and Doris Starr Professor of International Business Administration at Harvard Business School and an expert in technology strategy. So when Yoffie began a three-year effort to update an HBS elective course on strategy development in... View Details
    Keywords: by Sean Silverthorne; Computer; Education
    • 2020
    • Working Paper

    Costly External Financing and Monetary Policy Transmission: Evidence from a Natural Experiment

    By: Emily Williams
    I provide new evidence that large and small banks have different external financing costs, which generates cross sectional variation in a deposits market pricing power channel of monetary policy transmission. I do so by exploiting a natural experiment using anti-trust... View Details
    Keywords: External Financing; Monetary Policy Transmission; Experiment; Banks and Banking; Financing and Loans; Interest Rates
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    • May 2020 (Revised November 2021)
    • Supplement

    Valuing Peloton

    By: E. Scott Mayfield
    Peloton Interactive, a well-known unicorn in the connected fitness space, had gone public with a market capitalization of over $8.0 billion. In the weeks following its public debut, Peloton’s stock price fell by over 25%. Taylor Knox, a stock analyst and enthusiastic... View Details
    Keywords: Business Model; Disruptive Innovation; Risk and Uncertainty; Stocks; Price; Valuation; Entertainment and Recreation Industry
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