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- 2025
- Working Paper
Generative AI Use by Capital Market Information Intermediaries: Evidence from Seeking Alpha
By: Mark Bradshaw, Chenyang Ma, Benjamin Yost and Yuan Zou
We study the use of generative AI for firm-specific financial analysis on the Seeking Alpha platform. We find that, after the initial launch of ChatGPT in November 2022, the share of AI-generated articles rose sharply to 13.4% of all articles, then declined in late... View Details
- April 2025
- Case
Japan Industrial Partners Powers the Leveraged Buyout of Toshiba
By: Brian K. Baik, Joseph Pacelli and James Barnett
The case explores Japan Industrial Partners (JIP) $14 billion takeover of Toshiba Corporation (Toshiba). JIP was a private equity firm that took over the troubled electronics corporation in late 2023. The deal, which had been labeled one of the largest leveraged buyout... View Details
Keywords: Accounting; International Accounting; Finance; Borrowing and Debt; Management; Management Analysis, Tools, and Techniques; Ownership; Risk and Uncertainty; Strategy; Value; Accounting Industry; Electronics Industry; Energy Industry; Manufacturing Industry; Semiconductor Industry; Asia; Japan
- March 2025 (Revised April 2025)
- Case
Perplexity: Redefining Search
By: Suraj Srinivasan, Michelle Hu, Sriraghav Srinivasan and Radhika Kak
By early 2025, Perplexity had rapidly evolved from a modest startup into a popular "answer engine" valued at $9 billion. The company had boldly positioned itself as the disruptor to Google aiming to redefine search for the AI age. Through novel AI... View Details
- March 2025 (Revised March 2025)
- Case
Good for the Seller, Good for the Buyer and Good for Society: Sampo-yoshi, Sustainability and Trust at ITOCHU
By: Sandra J. Sucher and Bethelehem Y Araya
In 2024, ITOCHU CEO Masahiro Okafuji was at a crossroads. As the thirteenth CEO since ITOCHU’s founding in 1858, he had fueled the company’s growth since 2011 by bringing ITOCHU’s founding philosophy of Sampo-yoshi (good for the seller, good for the buyer and... View Details
- March 2025
- Article
Limited Accountability and Awareness of Corporate Emissions Target Outcomes
By: Xiaoyan Jiang, Shawn Kim and Shirley Lu
Firms are increasingly announcing targets to reduce their carbon emissions, but it is unclear whether firms are held accountable for these targets. Here we examine emissions targets that ended in 2020 to investigate the final target outcomes, the transparency of target... View Details
- February 2025
- Supplement
Intenseye: Powering Workplace Health and Safety with AI (B)
By: Michael W. Toffel, Shane Greenstein and Sadika El Hariri
Intenseye used its $25 million series A funds to refine and expand its digital safety platform while refining its target markets and ideal customer profile. As the company implemented new approaches to create value for its clients, such as developing an AI-powered... View Details
Keywords: Safety Performance; Occupational Safety; Innovation; Safety; Operations; Health; AI and Machine Learning; Analytics and Data Science; Digital Transformation; Supply Chain Management; Performance Improvement; Entrepreneurship; Product Development; Customer Relationship Management; Value Creation; Venture Capital; Growth and Development Strategy; Information Technology Industry; United States; Europe; Middle East; Turkey
- 2025
- Working Paper
Turning Away from the State: Trade Shocks and Informal Insurance in Brazil
By: Paula Rettl
How does economic globalization affect vote choices? Conventional wisdom holds that voters who lose from economic integration support parties that propose expanding the welfare state. However, in the Global South, where the state is frequently weak or under-resourced,... View Details
- February 2025
- Case
Managing EPS at Stanley Black & Decker?
The case explores Stanley Black and Decker’s (SBD) 2022 financial restatement announcement, which related to how SBD accounted for certain equity issuances in 2019. These transactions had a minimal effect on earnings but significantly reduced shares outstanding, and... View Details
- 2025
- Working Paper
Tax Planning, Illiquidity, and Credit Risks: Evidence from DeFi Lending
By: Lisa De Simone, Peiyi Jin and Daniel Rabetti
This study establishes a plausible causal link between tax-planning-induced illiquidity and credit risks in lending markets. Exploiting an exogenous tax shock imposed by the Internal Revenue Service (IRS) on cryptocurrency gains, along with millions of transactions in... View Details
- February 2025
- Case
RedBird Capital Partners
By: Anita Elberse and David Moreno Vicente
In July 2024, Gerry Cardinale, the founder and managing partner of RedBird Capital Partners (‘RedBird’) has helped orchestrate a high-profile deal in the world of entertainment: one in which Skydance Media (‘Skydance’), a content production studio led by David Ellison... View Details
- January 2025
- Case
Arsenal Capital Partners' Refinancing of Pinnacle
By: Victoria Ivashina and Srimayi Mylavarapu
Arsenal Capital Partners’ portfolio company, Pinnacle, a leading producer of high-performance adhesive technologies, has experienced rapid growth under Arsenal’s ownership. Over just two years, Pinnacle's EBITDA increased from $13.5 million to $60 million. By mid-2021,... View Details
- January 2025 (Revised April 2025)
- Case
Doing Business in Cairo: Navigating a Path to Economic Resilience
By: A. Zelleke and Ahmed Dahawy
Egypt has long been a pivotal force in the Middle East and North Africa. Located at a crossroads of global trade routes, the country was a strategic partner for numerous regional and global powers. However, a substantial currency devaluation in 2016 brought many... View Details
Keywords: Egypt; Economy; Business; Country; Developing Countries and Economies; Economic Slowdown and Stagnation; Inflation and Deflation; Macroeconomics; Cross-Cultural and Cross-Border Issues; Globalized Economies and Regions; International Relations; Emerging Markets; Risk and Uncertainty; Culture; Egypt
- January 2025
- Case
Untapped Global: Financing Africa's Missing Middle
By: Raymond Kluender and Emanuele Colonnelli
In November 2024, Jim Chu, founder and CEO of Untapped Global, faced mounting internal tensions over the company’s strategic direction. Untapped had developed a data-driven revenue-based financing (RBF) model to address the “missing middle” problem—the $5.2 trillion... View Details
Keywords: Social Entrepreneurship; Venture Capital; Working Capital; Private Equity; Financial Strategy; Microfinance; International Finance; Currency Exchange Rate; Profit Sharing; Revenue; Developing Countries and Economies; Economic Growth; Emerging Markets; Mission and Purpose; Small Business; Entrepreneurial Finance; Banking Industry; Financial Services Industry; Information Technology Industry; Technology Industry; Africa; Nigeria; South Africa; Kenya; Uganda; California; San Francisco
- January 2025 (Revised March 2025)
- Case
Creating Value by Splitting Aster: Can One Minus One Equal Two?
By: V.G. Narayanan and Kairavi Dey
Aster DM Healthcare (Aster), founded by Dr. Azad Moopen in 1987, is a prominent healthcare conglomerate with operations spanning hospitals, clinics, retail pharmacies, and diagnostic centers across India and the GCC. After its 2018 listing on India’s National Stock... View Details
- January 2025 (Revised March 2025)
- Case
Hunter Point Capital
By: Josh Lerner, John D. Dionne and Srimayi Mylavarapu
In the spring of 2023, Hunter Point Capital faced a pivotal decision that could define its trajectory as a new player in the growing GP stakes business. As the firm neared completion of three high-profile GP stakes investments, consuming nearly a third of its initial... View Details
- January 2025
- Technical Note
Get Cool: Air Conditioning Industry Background
By: Rosabeth Moss Kanter and Jacob A. Small
The “air conditioning paradox” is tied to climate change: the more the planet warms, the greater the need for cooling (due to the dangers of extreme heat as well as comfort within buildings), but the use of electricity-powered AC contributes to further warming. There... View Details
- December 2024
- Case
AC Milan
By: Anita Elberse
In April 2024, Giorgio Furlani is nearing the end of his first full season as chief executive officer of Italian soccer club AC Milan. A Harvard Business School Class of 2007 graduate with a finance background, Furlani was appointed by RedBird Capital Partners’ founder... View Details
- December 2024
- Case
Core Innovation Capital: Investing in Fintech for Good
In 2017, Arjan Schütte, founder of Core Innovation Capital, faced a decision on whether to invest in Hugo Insurance, an auto insurance startup. Core, an early-stage social impact VC firm, focused on “fintech for good,” by investing in financial services for low- to... View Details
- December 2024
- Article
Coordinating the Energy Transition: Electrifying Transportation in California and Germany
By: Nicholas Goedeking and Jonas Meckling
California and Germany share ambitious emission reduction targets. Yet California is ahead of Germany in electrifying transportation by several metrics, including the number of public charging stations. We show that variation in the politics of coordination in... View Details
- November–December 2024
- Article
How to Avoid the Agility Trap
By: Jianwen Liao and Feng Zhu
Agility is all the rage in strategy circles these days. According to conventional wisdom, organizations should rapidly react to technological advances, new market dynamics, and shifting consumer preferences. But in practice this is nearly impossible to pull off,... View Details