Publications

June 2011 (Revised September 2011)
Case

Tough Choices for the Illinois Pension System

By: Robert C. Pozen and Brij S. Khurana

This case describes the precarious fiscal situation of the Illinois public pension system in the spring of 2009 and the accounting of pension plans by non-federal municipalities more generally. In February 2009, in the midst of a recession, recently-appointed Governor... View Details

Keywords: Budgets and Budgeting; Financial Crisis; Financial Liquidity; Annuities; Financial Management; Financing and Loans; Taxation; Strategic Planning; Problems and Challenges; Illinois

10 May 2011
First Look

First Look: May 10

prices (values?) fell, ship owners began to default on loans and new purchase contracts while banks holding loans secured by ships faced the possibility of increasing defaults (violations of loan-to-value... View Details

Keywords: Sean Silverthorne

01 Mar 2007
News

The Winning Season

float DeWitt a loan for $3.5 million, which he used to buy the team in 1961. It’s hard to imagine better circumstances for absorbing the many financial, legal, and political details that go into the successful management of a professional... View Details

Keywords: Julia Hanna; Performing Arts, Spectator Sports, and Related Industries; Arts, Entertainment

01 Dec 2008
News

No Easy Fix for the Financial Crisis

percent. “In 2004 and 2005, as these subprime loans started to emerge, it really wasn’t a particular problem because of the lag effect. People who couldn’t pay off these mortgages with toxic terms and exploding payment schedules figured,... View Details

Keywords: Roger Thompson;Martha Lagace; deregulation; moral hazard; the middle class; Finance

October 2005 (Revised September 2006)
Case

Museum of Fine Arts Boston

By: V. Kasturi Rangan and Marie Bell

One of Boston's main cultural attractions, the Museum of Fine Arts (MFA), has experienced a steady decline of its core audience over the last decade. The museum's executive director attempted to bridge the shortfall by staging new, innovative, special exhibitions,... View Details

Keywords: Product Marketing; Growth Management; Innovation Leadership; Capital; Financing and Loans; Service Operations; Consumer Behavior

21 Nov 2005
Research & Ideas

Making Credibility Your Strongest Asset

careful not to squeeze people. When the network asked if he could find a radar gun, he didn't ask, "What's in it for me?" Likewise, when the officer asked for baseballs, Lucci didn't say, "You can have them if you'll loan... View Details

Keywords: by Michael Wheeler

May 2008
Supplement

Finansbank 2006 (CW)

By: C. Fritz Foley and Linnea Meyer

How do financial policy requirements and benefits of ownership concentration affect the need for and process of corporate restructuring? This case provides students with an opportunity to analyze the restructuring of a Turkish multinational business group by way of a... View Details

Keywords: Mergers and Acquisitions; Restructuring; Financing and Loans; Policy; Compensation and Benefits; Growth and Development Strategy; Ownership; Business and Shareholder Relations; Banking Industry; Russia; Turkey; Romania; Switzerland; Ukraine

2007
Chapter

Microfinance: Business, Profitability, and the Creation of Social Value

By: Michael Chu

The chapter examines the development of microfinance from its NGO origins to the present stage in which it is characterized by regulated commercial institutions capable of superior financial returns. It then looks at the creation of social value under these... View Details

Keywords: Microfinance; Investment Return; Profit; Governing Rules, Regulations, and Reforms; Social Enterprise; Non-Governmental Organizations; Perspective; Value Creation

2010
Chapter

The Euro as a Reserve Currency for Global Investors

By: Luis M. Viceira and Ricardo Gimeno

This article explores the demand for the euro for risk management purposes and the evidence of stock market integration in the euro area. We define a reserve currency as one that investors demand either because it helps them hedge real interest risk and inflation risk,... View Details

Keywords: Volatility; Inflation and Deflation; Capital Markets; Currency; Stocks; Financial Markets; Financing and Loans; Investment Return; Investment Portfolio; Risk Management

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April 2010
Case

The Credit Crisis of 2008: An Overview

By: V.G. Narayanan, Fabrizio Ferri and Lisa Brem

This case examines the causes and consequences of the credit crisis of 2008 from a national and global perspective and explores the actions taken and proposed by the U.S. and European governments. View Details

Keywords: Credit; Financial Crisis; Crisis Management; Risk Management; Globalized Economies and Regions; Global Strategy; Mortgages; Performance Effectiveness; Financial Services Industry; United States

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

March 2008 (Revised July 2009)
Case

U.S. Subprime Mortgage Crisis: Policy Reactions (A)

By: Laura Alfaro and Renee Kim

By March 2008, the U.S. Government and the U.S. Federal Reserve Board had taken various policy measures over the last few months to tackle the subprime mortgage crisis that threatened to drag the economy into a recession. The Bush administration approved a fiscal... View Details

Keywords: Financial Crisis; Inflation and Deflation; Central Banking; Mortgages; Policy; Business and Government Relations; United States

20 Dec 2016
First Look

December 20, 2016

Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=51989 forthcoming Review of Financial Studies The Political Economy of Financial Innovation: Evidence from Local Governments By: Vallée, Boris, and Christophe Perignon Abstract—We examine the toxic View Details

Keywords: Carmen Nobel

03 Apr 2018
First Look

New Research and Ideas, April 3, 2018

combine administrative data on all firms in Spain with a matched bank-firm-loan dataset on the universe of corporate loans for 2003–2013 to identify bank-specific shocks for each year using methods from the matched employer-employee... View Details

Keywords: Sean Silverthorne

Web

Finalists | New Venture Competition

waste wood and a proprietary chemical technology process to build affordable and highly effective drinking water filters for household/individual use. Pando Claire Wu (MBA 2023) Andrew Setiawan Democratizing credit for 150M underbanked Indonesians by providing... View Details

01 Jan 2004
News

Minoru Makihara, 75th AMP, 1977

depended on bank loans instead of equity, creating the illusion that money was in infinite supply. That led Mitsubishi and other Japanese companies to make bad investments. I decided we should do something about them immediately." As a... View Details

November 1994 (Revised November 1994)
Case

MW Petroleum Corporation (A)

By: Timothy A. Luehrman, Peter Tufano and Barbara Wall

Amoco Corp. is negotiating to sell a wholly-owned subsidiary, MW Petroleum, to Apache Corp. MW owns large reserves of oil and gas comprising many properties at different stages of engineering, development, and production. The proposed acquisition is a large one for... View Details

Keywords: Acquisition; Business Subsidiaries; Mining; Cash Flow; Stock Options; Financing and Loans; Price; Negotiation; Production; Valuation; Mining Industry

January 1985
Case

Business Research Corp. (A)

By: William A. Sahlman

Contains a description of a decision confronting an entrepreneur: which of two investment proposals should he accept to fund the creation and marketing of a database that comprises the full text of research reports produced by Wall Street investment banking firms? The... View Details

Keywords: Strategy; Cost vs Benefits; Valuation; Investment Banking; Negotiation Participants; Negotiation Deal; Financing and Loans; Financial Strategy; Corporate Finance; Service Industry