Publications

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June 2002 (Revised October 2002)
Case

Renewing Germany: Kohl's Legacy and Schroder's Dilemma

By: Huw Pill, Michael Linse, Marie-Anne Popp and Ingrid Vogel

The German economy has long been seen as the locomotive of European (and, on occasion, global) growth. Germany appeared to weather the stagflation of the 1970s more successfully than many other economies, and reunification in 1990 appeared to present opportunities for... View Details

Keywords: Macroeconomics; Economy; Policy; Germany

21 Jul 2022
Research & Ideas

Did Pandemic Stimulus Funds Spur the Rise of 'Meme Stocks'?

The US government set out to support consumers and jolt the economy when it issued federal stimulus checks during the early months of the COVID-19 pandemic. But actually, that money helped propel questionable investments in “meme stocks,” one of the most visible... View Details

Keywords: by Rachel Layne; Financial Services

January 2016
Case

COFCO

By: David E. Bell and Natalie Kindred

In 2015, COFCO, China's state-owned agribusiness giant, was working to protect China's food security (a key national security priority) by extending its control of the global food system through overseas acquisitions. At the same time, COFCO sought to grow its market... View Details

November 2018 (Revised October 2019)
Case

Rebuilding Puerto Rico

By: Laura Alfaro, Laura Phillips Sawyer and Haviland Sheldahl-Thomason

On September 20, 2017, Hurricane Maria swept over Puerto Rico, devastating the island’s infrastructure and agriculture. The natural disaster was layered atop years of mounting financial distress. Before the hurricane, Puerto Rico had accumulated $74 billion in debt and... View Details

Keywords: Natural Disasters; Financial Crisis; Infrastructure; Borrowing and Debt; Economy; Strategic Planning; Governing Rules, Regulations, and Reforms; Puerto Rico

November 2002 (Revised June 2003)
Case

China's Rural Leap Forward

By: Bruce R. Scott and Jamie Matthews

Collectively owned township and village enterprises (TVEs) played a pivotal role in China's rapid growth during the 1980s and 1990s. Although they originated in the policies and institutions of the Maoist era, TVEs thrived only after Deng Xiaoping's economic reforms... View Details

Keywords: Business and Government Relations; Public Sector; Public Ownership; Development Economics; Governing Rules, Regulations, and Reforms; Macroeconomics; Emerging Markets; China

12 Aug 2020
Research & Ideas

Why Investors Often Lose When They Sue Their Financial Adviser

Years of bull market bliss gave brokerage clients few reasons to open their account statements—until March. Within one month, stocks in the United States notched their biggest one-day losses—and gains—as mounting fears about COVID-19’s... View Details

Keywords: by Danielle Kost; Financial Services

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

October 2002 (Revised November 2002)
Case

The EU's 13th Directive on Takeover Bids: Unlucky for Some?

By: Huw Pill and Ingrid Vogel

In the late 1990s, the United States boomed in the context of the so-called New Economy. The countries of the European Union--despite their progress with integration in the form of the Single Market 1992 program and the adoption of a single currency in January... View Details

Keywords: Horizontal Integration; Corporate Governance; Germany; European Union

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September 2012 (Revised November 2012)
Case

Integrated Reporting in South Africa

This case presents a 20-year history of the evolution of corporate governance and corporate reporting in South Africa starting in 1992 with a focus on the three King codes of corporate governance (King I in 1994, King II in 2000, and King III in 2009). From a reporting... View Details

Keywords: Integrated Reporting; Sustainability Reporting; Stock Exchanges; South Africa; Corporate Reporting; Regulation; Nonfinancial Performance; History; Corporate Disclosure; Markets; Integrated Corporate Reporting; Performance; Corporate Governance; South Africa

January 2008 (Revised May 2008)
Case

Subprime Meltdown: American Housing and Global Financial Turmoil

By: Julio Rotemberg

This case focuses on the financial difficulties faced in the U.S. from August to December 2006 as well as their roots in subprime lending. After briefly discussing how mortgages were structured and traded in the pre-1990 period, it describes subprime mortgage lending,... View Details

Keywords: Financial Crisis; Insolvency and Bankruptcy; Central Banking; Financial Markets; Mortgages; Governing Rules, Regulations, and Reforms; Policy; United States

19 Jul 2006
Research & Ideas

Political Turmoil and Mexico’s Economy

considers how the United States attempted to reform the domestic institutions of other countries during the period from 1893 to 1941—and how that tendency continues to play itself out more broadly in the world today. You're crazy to think... View Details

Keywords: by Julia Hanna

June 2016 (Revised May 2017)
Case

FANUC Corporation: Reassessing the Firm's Governance and Financial Policies

By: Benjamin C. Esty, Nobuo Sato and Akiko Kanno

In February 2015, Daniel Loeb (a U.S.–based activist investor) announced his firm had a large investment in FANUC Corporation, a leading producer of industrial robots and software for machine tools. Loeb was demanding that the Japanese firm change its financial and... View Details

Keywords: Hedge Funds; Economic Policy; Investments; Government Policy; Deregulation; Financial Management; Valuation; Investment Funds; Policy; Corporate Governance; Macroeconomics; Investment Activism; Change Management; Financial Strategy; Cross-Cultural and Cross-Border Issues; Japan; United States

23 Feb 2016
First Look

February 23, 2016

cases many-to-many matching markets and buyer/seller markets with heterogeneous and indivisible goods. In our setting, substitutable preferences are sufficient to guarantee the existence of stable outcomes;... View Details

Keywords: Sean Silverthorne

June 2016
Supplement

FANUC Corporation: Reassessing the Firm's Governance and Financial Policies Spreadsheet Supplement

By: Benjamin C. Esty and Akiko Kanno

In February 2015, Daniel Loeb (a US-based activist investor) announced his firm had a large investment in FANUC Corporation, a leading producer of industrial robots and software for machine tools. Loeb was demanding that the Japanese firm change its financial and... View Details

Keywords: Financial Management; Valuation; Investment Funds; Policy; Corporate Governance; Macroeconomics; Investment Activism; Change Management; Financial Strategy; Cross-Cultural and Cross-Border Issues; Japan; United States

April 2020 (Revised January 2022)
Case

Uber: Competing Globally

By: Alexander J. MacKay, Amram Migdal and John Masko

This case describes Uber’s global market entry strategy and responses by regulators and local competitors. It details Uber’s entry into New York City (New York), Bogotá (Colombia), Delhi (India), Shanghai (China), Accra (Ghana), and London (United Kingdom). In each... View Details

Keywords: Business Ventures; Business Growth and Maturation; Business Model; Geography; Geographic Location; Geographic Scope; Globalization; Global Strategy; Multinational Firms and Management; Globalized Markets and Industries; Governance; Governance Controls; Governing Rules, Regulations, and Reforms; Innovation and Invention; Disruptive Innovation; Innovation Strategy; Law; Management; Growth and Development Strategy; Growth Management; Markets; Demand and Consumers; Consumer Behavior; Network Effects; Emerging Markets; Market Design; Market Entry and Exit; Market Participation; Supply and Industry; Industry Structures; Planning; Strategic Planning; Relationships; Business and Community Relations; Business and Government Relations; Business and Stakeholder Relations; Labor and Management Relations; Networks; Strategy; Adaptation; Business Strategy; Competition; Competitive Advantage; Competitive Strategy; Expansion; Information Technology; Mobile and Wireless Technology; Digital Platforms; Transportation; Transportation Networks; Transportation Industry; Technology Industry; Africa; Ghana; Asia; China; Shanghai Shi; Shanghai; India; New Delhi; Europe; United Kingdom; England; London; Latin America; North and Central America; United States; New York (city, NY); New York (state, US); South America; Colombia

October 2009
Article

Democratizing Entry: Banking Deregulations, Financing Constraints, and Entrepreneurship

By: William R. Kerr and Ramana Nanda

We examine entrepreneurship and creative destruction following US banking deregulations using Census Bureau data. US banking reforms brought about exceptional growth in both entrepreneurship and business closures. Most of the closures, however, were the new ventures... View Details

Keywords: Entrepreneurship; Governing Rules, Regulations, and Reforms; Market Entry and Exit; Capital Markets; Banks and Banking; Growth and Development; Disruptive Innovation

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March 2012
Article

How to Make Finance Work

By: Robin Greenwood and David S. Scharfstein

Once a sleepy old boys' club, the U.S. financial sector is now a dynamic and growing business that attracts the best and the brightest. It is tempting to declare the industry a roaring success. But its purpose is to serve the needs of U.S. households and firms, and by... View Details

Keywords: Business Ventures; Value; Competitive Advantage; Investment; Performance Evaluation; Household; Financial Crisis; Finance; Financial Services Industry; United States

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