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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

January 2025
Case

Index and Active Investing: Vanguard and the New Frontier of Active ETFs

By: Marco Sammon, Luis M. Viceira and Jonathan Kanagasabai

This case explores Vanguard’s strategic decision-making process as it considers entering the growing market for actively managed exchange-traded funds (ETFs). Set in 2024, the case places students in the position of Rodney Comegys, Vanguard’s global head of the Equity... View Details

Keywords: Asset Management; Financial Strategy; Investment Funds; Investment Portfolio; Financial Services Industry

January 2025
Technical Note

Technical Note on Mutual Funds and Exchange Traded Funds (ETFs)

By: Marco Sammon, Luis M. Viceira and Jonathan Kanagasabai

2024
Working Paper

Priceless: How to Create, Trade, and Protect What Matters Most

By: Debora L. Spar

This article explores the concept of the "sacred economy," a realm of human interactions and exchanges that transcends traditional market dynamics. It illustrates the emotional and relational aspects of human connections that cannot be quantified or traded like... View Details

Keywords: Valuation; Relationships; Human Needs; Goods and Commodities

November 2024
Teaching Note

Mercado Bitcoin: M&A, IPO, or Series B?

By: Raymond Kluender, Emanuele Colonnelli and Sabrina Howell

Teaching Note for HBS Case No. 825-047. In April 2021, Brazilian cryptocurrency platform Mercado Bitcoin, had to decide how to scale: go public, M&A with a bank, or take a VC big check. In a highly volatile market, Roberto Dagnoni, chairman of the board, viewed the... View Details

2024
Working Paper

How Do Global Portfolio Investors Hedge Currency Risk?

By: Robin Greenwood and Alex Cheema-Fox

We use monthly portfolio data from one of the world’s largest custodian banks, with over $40 trillion assets under custody, to study how global portfolio investors hedge foreign exchange risk in their equity and fixed income portfolios over the past 25 years. The data... View Details

Keywords: Investment Portfolio; Investment Funds; Currency; Risk and Uncertainty

October 2024
Teaching Note

El Salvador: Launching Bitcoin as Legal Tender

By: Laura Alfaro

Teaching Note for HBS Case No. 322-055. In June 2021, Nayib Bukele, El Salvador’s president, surprised the world with the announcement that the country would adopt bitcoin as legal tender, becoming the first nation to do so. Bitcoin was mostly used for trading and had... View Details

Keywords: Bitcoin; Cryptocurrency; Currency; Financial Strategy; Economic Growth; Governance; Macroeconomics; Assets; Government Administration; Latin America; El Salvador

2024
Working Paper

Ponzi Funds

By: Philippe van der Beck, Jean-Philippe Bouchaud and Dario Villamaina

Many active funds hold concentrated portfolios. Flow-driven trading causes price pressure, which pushes up the funds’ existing positions resulting in realized returns. We decompose fund returns into a price pressure (self-inflated) and a fundamental component and... View Details

Keywords: Investment Funds; Investment Portfolio; Investment Return; Price Bubble; Financial Reporting; Financial Liquidity

August 2024 (Revised November 2024)
Case

Mercado Bitcoin: M&A, IPO, or Series B?

By: Raymond Kluender, Emanuele Colonnelli, Sabrina T. Howell and Karina Souza

In April 2021, Brazilian cryptocurrency platform Mercado Bitcoin had to decide how to scale: go public, M&A with a bank, or take a VC big check. In a highly volatile market, Roberto Dagnoni, chairman of the board, viewed the unprecedent crypto momentum as a window of... View Details

2024
Working Paper

Who Clears the Market When Passive Investors Trade?

By: Marco Sammon and John J. Shim

We find that firms are the primary sellers of shares when index funds are net buyers, providing shares at a nearly one-for-one rate. Rather than provide liquidity, most demand-side institutions trade in the same direction as index funds, especially over long horizons.... View Details

Keywords: Investment Funds; Institutional Investing; Price; Investment Portfolio; Financial Institutions; Financial Instruments

July 2024
Article

The Passive-Ownership Share Is Double What You Think It Is

By: Alex Chinco and Marco Sammon

Each time a stock gets added to or dropped from a benchmark index, we ask: “How much money would have to be tracking that index to explain the huge spike in rebalancing volume we observe on reconstitution day?” While index funds held 16% of the US stock market in 2021,... View Details

Keywords: Indexing; Passive Investing; Exchange-traded Funds (ETFs); Russell Reconstitution Day; Trading Volume; Information-based Asset Pricing; Investment Funds; Asset Pricing

June 2024 (Revised March 2025)
Case

Wemade: (Re)Establishing Trust in Blockchain Games (A)

By: Jung Koo Kang, Charles C.Y. Wang, David Allen and Kwangmoon So

This case explores the fundamental challenges and accounting issues arising from the integration of blockchain technology into traditional business models. It features Wemade, a South Korean online gaming company that has staked its future on blockchain-based games.... View Details

Keywords: Blockchain; Cryptocurrency; Video Games; Accounting; Financial Reporting; Revenue Recognition; Games, Gaming, and Gambling; Corporate Disclosure; Information Technology; Technology Adoption; Accounting Industry; Information Technology Industry; Video Game Industry; South Korea

March 2024
Case

Funderbeam: Teaming Up or Going Alone?

By: Paul A. Gompers, Elena Corsi and Orna Dan

Funderbeam, a global platform founded in Estonia to enable start-ups to run private syndications and secondaries while offering liquidity for private equity investors, was at a crossroads. Over its ten-year run, the company had expanded its services and areas of... View Details

Keywords: Decision Making; Business Exit or Shutdown; Transition; Leading Change; Business or Company Management; Organizational Change and Adaptation; Law; Mergers and Acquisitions; Financing and Loans; Cross-Cultural and Cross-Border Issues; Ownership Stake; Expansion; Business Startups; Venture Capital; Financial Services Industry; Estonia; Republic of Ireland; United Kingdom; Singapore

March 2024 (Revised May 2024)
Case

Masterpiece for the Masses: The First Art Exchange ARTEX

By: Lauren Cohen, Anastasiya Siroochenko (Siro) and Sophia Pan

Yassir Benjelloun-Touimi, CEO of ARTEX, aspired to marry the world of art and finance. Hoping to promote transparent, fractionalized ownership of renowned artwork, the founder had spent years contemplating the birth of an art stock market. This exchange would allow... View Details

2024
Article

Half the Firms, Double the Profits: Public Firms' Transformation, 1996–2022

By: Mark J. Roe and Charles C.Y. Wang

The number of public firms in the United States has halved since the beginning of the twenty-first century, causing consternation among corporate and securities law regulators. The dominant explanations, often advanced by Securities and Exchange commissioners when... View Details

Keywords: Corporate Law; Securities Regulation; Sarbanes-Oxley Act; Concentration Levels; Antitrust; Initial Public Offering; Public Ownership; Private Equity; Venture Capital; Mergers and Acquisitions; Monopoly; United States

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February 2024 (Revised April 2024)
Case

Uniswap: Fighting a Vampire Attack (A)

By: Shikhar Ghosh, Shweta Bagai and Liang Wu

This is the first of a three-case series that explores the challenges faced by Uniswap, a key player in the decentralized finance (DeFi) sector. Founded by Hayden Adams, the case traces Uniswap's rapid growth from a simple idea inspired by a Reddit post to becoming one... View Details

2023
Working Paper

Money, Time, and Grant Design

By: Kyle Myers and Wei Yang Tham

The design of research grants has been hypothesized to be a useful tool for influencing researchers and their science. We test this by conducting two thought experiments in a nationally representative survey of academic researchers. First, we offer participants a... View Details

Keywords: Research; Power and Influence; Money

November–December 2023
Article

Tax-Loss Harvesting with Cryptocurrencies

By: Lin William Cong, Wayne Landsman, Edward Maydew and Daniel Rabetti

We describe the taxation landscape in the cryptocurrency markets, especially concerning U.S. taxpayers, and examine how recent increases in tax scrutiny have led to changes in crypto investors' trading behavior. We argue conceptually and then empirically document that... View Details

Keywords: Cryptocurrency; Taxation; Governing Rules, Regulations, and Reforms; Financial Markets

2023
Working Paper

Do Active Funds Do Better in What They Trade?

By: Marco Sammon and John J. Shim

We develop two new, simple measures to quantify active fund decisions at the individual position level. The intuition is to separate passive rebalancing induced by flows and position changes from active rebalancing decisions. We find that additive active rebalancing --... View Details

Keywords: Investment Funds; Financial Management

October 2023
Case

Kevin O'Leary: Building a Brand in Shark-infested Waters

By: Reza Satchu and Patrick Sanguineti

For more than fifteen years, successful Canadian entrepreneur and investor Kevin O’Leary had developed his brand into a global powerhouse. Since his first appearance on the Canadian television program Dragons’ Den in 2006 and his meteoric rise to stardom through the... View Details

Keywords: Personal Brand; Crisis; Brands and Branding; Entrepreneurship; Crisis Management; Social Media; Public Opinion; Power and Influence; Financial Services Industry

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