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All HBS Web
(1,234)
- Faculty Publications (346)
- Article
ESG Integration in Investment Management: Myths and Realities
By: Sakis Kotsantonis, Christopher Pinney and George Serafeim
The authors’ aim in this article is to set the record straight on the financial performance of sustainable investing while also correcting a number of other widespread misconceptions about this rapidly growing set of principles and methods.
Myth Number 1:...
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Keywords:
ESG;
Sustainability;
Investment Management;
Finance;
Corporate Social Responsibility;
Integrated Corporate Reporting;
Corporate Social Responsibility and Impact;
Investment;
Environmental Sustainability;
Corporate Governance
Kotsantonis, Sakis, Christopher Pinney, and George Serafeim. "ESG Integration in Investment Management: Myths and Realities." Journal of Applied Corporate Finance 28, no. 2 (Spring 2016): 10–16.
- August 2016 (Revised July 2017)
- Background Note
Brand Portfolio Strategy and Brand Architecture
By: Jill Avery
While companies choose to brand their products and services in many different ways, there are some central tenets that help define an optimal brand portfolio and associated brand architecture. Brand portfolio strategy involves the design, deployment, and management of...
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Keywords:
Brand Management;
Brand Portfolio;
Brand Extension;
Brand Portfolio Strategy;
Brand Architecture;
Consumer Behavior;
Marketing;
Brands and Branding;
Marketing Strategy
Avery, Jill. "Brand Portfolio Strategy and Brand Architecture." Harvard Business School Background Note 517-021, August 2016. (Revised July 2017.)
- August 2016
- Teaching Note
The Role of Real Estate in Endowment Portfolios: The Case of Christ Church College
By: Arthur I. Segel and Alexander W. Schultz
The case centers on Christ Church’s Treasurer, James Lawrie, who is contemplating his options for investing a portion of the College’s endowment in real estate. Approximately 1/3 of the total $690 million endowment was allocated towards real estate, much higher than...
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- 2016
- Working Paper
Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds
By: Sergey Chernenko and Adi Sunderam
We study liquidity transformation in mutual funds using a novel dataset on their cash holdings. To provide investors with claims that are more liquid than the underlying assets, funds engage in substantial liquidity management. Specifically, they hold substantial...
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Chernenko, Sergey, and Adi Sunderam. "Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds." Harvard Business School Project on Behavioral Finance and Financial Stability Working Paper, No. 2016-01, July 2016. (NBER Working Paper Series, No. 22391, July 2016.)
- June 2016 (Revised February 2017)
- Case
The Role of Real Estate in Endowment Portfolios: The Case of Christ Church, Oxford
By: David Chambers, Elroy Dimson, Arthur I Segel and Eva Steiner
The case centers on Christ Church's Treasurer, James Lawrie, who is contemplating his options for investing a portion of the College's endowment in real estate. Approximately 1/3 of the total $690 million endowment was allocated towards real estate, much higher than...
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Keywords:
Real Estate;
Endowment Management;
Endowments;
United Kingdom;
Oxford;
Portfolio Allocation;
Higher Education;
Investment Portfolio;
Property;
Corporate Finance;
Financial Services Industry;
United Kingdom
Chambers, David, Elroy Dimson, Arthur I Segel, and Eva Steiner. "The Role of Real Estate in Endowment Portfolios: The Case of Christ Church, Oxford." Harvard Business School Case 216-086, June 2016. (Revised February 2017.)
- May 2016 (Revised August 2019)
- Teaching Note
Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio
By: Nori Gerardo Lietz and Ricardo Andrade
James Tallest analyzed the opportunity to invest in a distressed portfolio of high quality properties in Germany by acquiring one or more non-performing loans from Deutschland Bank. While he considers the many aspects of the deal that is about to unfold, he must decide...
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- April 2016 (Revised January 2018)
- Supplement
Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio
By: Nori Gerardo Lietz and Ricardo Andrade
- March 2016 (Revised October 2018)
- Case
Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio
By: Nori Gerardo Lietz and Ricardo Andrade
James Tallest analyzed the opportunity to invest in a distressed portfolio of high quality properties in Germany by acquiring one or more non-performing loans from Deutschland Bank. While he considers the many aspects of the deal that is about to unfold, he must decide...
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Keywords:
Real Estate;
Distress Investing;
Non-performing Loan;
Borrowing and Debt;
Capital Structure;
Private Equity;
Negotiation Deal;
Valuation;
Real Estate Industry;
Financial Services Industry;
Germany;
Europe
Lietz, Nori Gerardo, and Ricardo Andrade. "Project Deutschland: Unpeeling the Onion of a Distressed Real Estate Portfolio." Harvard Business School Case 216-055, March 2016. (Revised October 2018.)
- 2017
- Working Paper
Optimal Tilts: Combining Persistent Characteristic Portfolios
By: Malcolm Baker, Ryan Taliaferro and Terry Burnham
We examine the optimal weighting of four tilts in US equity markets from 1968 through 2014. We define a “tilt” as a characteristic-based portfolio strategy that requires relatively low annual turnover. This is a continuum, with small size, a very persistent...
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Baker, Malcolm, Ryan Taliaferro, and Terry Burnham. "Optimal Tilts: Combining Persistent Characteristic Portfolios." Working Paper, March 2017.
- 2015
- Working Paper
Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting
By: Erik Stafford
Private equity funds tend to select relatively small firms with low EBITDA multiples. Publicly traded equities with these characteristics have high risk-adjusted returns after controlling for common factors typically associated with value stocks. Hold-to-maturity...
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Keywords:
Value Investing;
Endowments;
Investment Management;
Asset Pricing;
Private Equity;
Investment;
Management;
United States
Stafford, Erik. "Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting." Harvard Business School Working Paper, No. 16-081, January 2016.
- January 2016 (Revised October 2016)
- Case
Saudi Aramco and Corporate Venture Capital
By: Joseph B. Fuller, Matthew Rhodes-Kropf and Nathaniel Burbank
Saudi Aramco launched an internal venture capital arm in 2011, which promptly became the world's largest investor in energy related startups. In choosing to proceed, the company's New Business Development unit (NPD) wrestled with a number of challenges. How should the...
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Fuller, Joseph B., Matthew Rhodes-Kropf, and Nathaniel Burbank. "Saudi Aramco and Corporate Venture Capital." Harvard Business School Case 816-068, January 2016. (Revised October 2016.)
- October 2015 (Revised February 2016)
- Technical Note
The Portfolio Improvement Rule and the CAPM
By: Robin Greenwood, Mark S. Seasholes and David Biery
Greenwood, Robin, Mark S. Seasholes, and David Biery. "The Portfolio Improvement Rule and the CAPM." Harvard Business School Technical Note 216-027, October 2015. (Revised February 2016.)
- 2015
- Working Paper
The Impact of Funds: An Evaluation of CDC 2004-12
By: Josh Lerner, Ann Leamon, Steve Dew and Dong Ik Lee
CDC was founded in 1948 as part of the U.K. government's efforts to develop the economic resources of Britain's remaining colonies. Since then, CDC has pursued a series of strategies to "do good without losing money," as its original mission was phrased. Its approach...
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Lerner, Josh, Ann Leamon, Steve Dew, and Dong Ik Lee. "The Impact of Funds: An Evaluation of CDC 2004-12." Working Paper, October 2015.
- Article
Reaching for Yield in the Bond Market
By: Bo Becker and Victoria Ivashina
Reaching for yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyzes this phenomenon in the corporate bond market. Specifically, we show evidence for...
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Keywords:
Fixed Income;
Reaching For Yield;
Financial Intermediation;
Insurance Companies;
Insurance;
Assets;
Bonds;
Investment Return;
Investment Portfolio;
Risk Management;
Insurance Industry
Becker, Bo, and Victoria Ivashina. "Reaching for Yield in the Bond Market." Journal of Finance 70, no. 5 (October 2015): 1863–1902.
- September 2015 (Revised September 2017)
- Case
Pershing Square 2.0
By: Robin Greenwood, Samuel Hanson and David Biery
In June 2015 William A. Ackman, the CEO and founder of New York hedge fund Pershing Square Capital, reflects on the success of the fund he has spent over a decade building. Since its inception in 2004, Pershing Square's assets under management had grown from $500...
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Keywords:
Activism;
Value Investing;
Portfolio Management;
Management;
Investment Portfolio;
Investment Activism
Greenwood, Robin, Samuel Hanson, and David Biery. "Pershing Square 2.0." Harvard Business School Case 216-003, September 2015. (Revised September 2017.)
- May 2015 (Revised September 2015)
- Case
Philips Healthcare: Marketing the HealthSuite Digital Platform
By: John A. Quelch and Margaret L. Rodriguez
In June 2014, leading healthcare and consumer technology company, Royal Philips ("Philips"), announced its HealthSuite Digital Platform to house healthcare data and enable applications used by physicians and patients. Philips had strong equity in the healthcare...
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Keywords:
Health;
Healthcare;
Digital;
Platform;
Ecosystem;
Health Care and Treatment;
Technological Innovation;
Information Technology;
Product Development;
Applications and Software;
Digital Platforms;
Health Industry;
Medical Devices and Supplies Industry;
Netherlands;
United States
Quelch, John A., and Margaret L. Rodriguez. "Philips Healthcare: Marketing the HealthSuite Digital Platform." Harvard Business School Case 515-052, May 2015. (Revised September 2015.)
- March 2015
- Case
BOLT: Seed Venture Capital Firm
By: William A. Sahlman and Robert F. White
BOLT is a different kind of seed venture capital firm built to serve the needs of early-stage startups at the intersection of hardware and software.
In the past decade, the cost of entrepreneurial experimentation has dropped dramatically, particularly in web... View Details
In the past decade, the cost of entrepreneurial experimentation has dropped dramatically, particularly in web... View Details
Keywords:
Entrepreneurial Finance;
Accelerator;
Entrepreneurship;
Finance;
Venture Capital;
Applications and Software;
Information Infrastructure;
Strategy
Sahlman, William A., and Robert F. White. "BOLT: Seed Venture Capital Firm." Harvard Business School Multimedia/Video Case 815-702, March 2015.
- February 2015
- Case
Longbow Capital Partners
By: Malcolm Baker, Samuel G. Hanson and James Weber
Longbow Capital Partners is a value-oriented long/short hedge fund focused on stocks in the energy sector. In January 2011, Longbow had invested in NiSource, a Fortune 500 company that owns a diverse portfolio of regulated energy businesses. In late 2014, Longbow was...
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Keywords:
Value Investing;
Investment Strategy;
Dividend Yield;
Intrinsic Value;
Dividend Discount Model;
Master Limited Partnership;
Hedge Fund;
Energy Industry;
Regulation;
Utilities;
Finance;
Financial Services Industry;
United States
Baker, Malcolm, Samuel G. Hanson, and James Weber. "Longbow Capital Partners." Harvard Business School Case 215-026, February 2015.
- 2014
- Working Paper
Adding Value Through Venture Capital in Latin America and the Caribbean
By: Josh Lerner, Ann Leamon, James Tighe and Susana Garcia-Robles
Venture capital (VC) investment has long been recognized as an engine for economic growth and development. Unlike bank loans, where the entrepreneur receives money and is left alone as long as the payments arrive on the pre-arranged schedule, venture capital...
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Lerner, Josh, Ann Leamon, James Tighe, and Susana Garcia-Robles. "Adding Value Through Venture Capital in Latin America and the Caribbean." Harvard Business School Working Paper, No. 15-024, October 2014.
- October 2014 (Revised March 2015)
- Case
Integrated Reporting at Aegon
By: Robert G. Eccles, George Serafeim, Sydney Ribot and Michael Krzus
In 2011, Aegon adopted integrated reporting—a corporate reporting approach that sought to present company performance in a holistic light by considering medium- to long-term issues, stakeholder opinions, and the relationship between material financial and nonfinancial...
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Eccles, Robert G., George Serafeim, Sydney Ribot, and Michael Krzus. "Integrated Reporting at Aegon." Harvard Business School Case 315-011, October 2014. (Revised March 2015.)