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- 2024
- Working Paper
Climate Solutions, Transition Risk, and Stock Returns
By: Shirley Lu, Edward J. Riedl, Simon Xu and George Serafeim
Using large language models to measure firms' climate solution products and services, we find that high-climate solution firms exhibit lower stock returns and higher market valuation multiples. Their stock prices respond positively to events signaling increased demand... View Details
Keywords: Technology; Generative Ai; Large Language Models; Climate Finance; Climate Change; Innovation and Invention; Environmental Sustainability; AI and Machine Learning; Investment; Financial Markets
Lu, Shirley, Edward J. Riedl, Simon Xu, and George Serafeim. "Climate Solutions, Transition Risk, and Stock Returns." Harvard Business School Working Paper, No. 25-024, November 2024.
- 2024
- Working Paper
The Evolution of Financial Services in the United States
By: Robin Greenwood, David S. Scharfstein and Robert Ialenti
This article surveys the literature on the historical growth and transformation of the U.S. financial sector. The sector expanded rapidly between 1980 until 2006, when its contribution to GDP rose from 4.8% to 7.6%. After the Global Financial Crisis, the size of the... View Details
Keywords: Financial Crisis; Financial Institutions; Financial Markets; Growth and Development; Economic Sectors; Financial Services Industry
Greenwood, Robin, David S. Scharfstein, and Robert Ialenti. "The Evolution of Financial Services in the United States." Working Paper, November 2024.
- 2024
- Working Paper
Catalysts for Climate Solutions: Corporate Responses to Venture Capital Financing of Climate-tech Startups
By: Shirley Lu, George Serafeim and Simon Xu
We study whether incumbent firms increase their product focus on climate solutions in response to venture capital (VC) financing of climate-tech startups. Using large language models to measure a firm's focus on climate solutions, we find that incumbents in similar... View Details
Keywords: Climate Finance; Climate Change; Technological Innovation; Entrepreneurship; Venture Capital; Private Equity; Environmental Sustainability; Business Startups
Lu, Shirley, George Serafeim, and Simon Xu. "Catalysts for Climate Solutions: Corporate Responses to Venture Capital Financing of Climate-tech Startups." Harvard Business School Working Paper, No. 25-025, November 2024.
- 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
Greenwood, Robin, and Alex Cheema-Fox. "How Do Global Portfolio Investors Hedge Currency Risk?" Working Paper, October 2024.
- October 2024
- Supplement
Hakluyt: from Corporate Intelligence to Trusted Advisors (B)
By: Joseph B. Fuller and Lena Duchene
This case is a continuation of an earlier study chronicling Hakluyt & Company (Hakluyt)’s transformation from an obscure boutique to a global corporate advisory firm with an outsized reputation. In August 2024, the firm faced a pivotal moment as managing partner Varun... View Details
Keywords: Business Growth and Maturation; Business Model; Talent and Talent Management; Capital Structure; Cash Flow; Corporate Finance; Equity; Stock Shares; Corporate Governance; Business History; Compensation and Benefits; Recruitment; Leadership Style; Growth Management; Management Succession; Management Teams; Organizational Culture; Performance Evaluation; Networks; Partners and Partnerships; Business Strategy; Competitive Advantage; Consulting Industry; Europe; United Kingdom; England; London
Fuller, Joseph B., and Lena Duchene. "Hakluyt: from Corporate Intelligence to Trusted Advisors (B)." Harvard Business School Supplement 825-087, October 2024.
- October 2024
- Case
Grain Management
By: Archie Jones, Michael Norris, Alliyah Gary and Chelsea Grain-Jefferson
- October 2024 (Revised November 2024)
- Case
SWEN Blue Ocean: Impact Investing Goes to Sea
By: Vikram S Gandhi and David Allen
In August 2023, SWEN Blue Ocean, a €170 million impact fund that invested in startups contributing to ocean sustainability, faced a critical investment decision. Part of SWEN Capital Partners, an €8 billion, Paris-based private equity fund, Blue Ocean was co-founded in... View Details
Keywords: Communication Technology; Environmental Sustainability; Green Technology; Finance; Capital; Venture Capital; Private Equity; Investment; Investment Funds; Science-Based Business; Financial Services Industry; France; Paris; Italy
Gandhi, Vikram S., and David Allen. "SWEN Blue Ocean: Impact Investing Goes to Sea." Harvard Business School Case 325-013, October 2024. (Revised November 2024.)
- 2024
- Working Paper
Bank Capital and the Growth of Private Credit
By: Sergey Chernenko, Robert Ialenti and David Scharfstein
We show that business development companies (BDCs)—closed-end funds that provide a
significant share of nonbank loans to middle market firms—are very well capitalized according
to bank capital frameworks. They have median risk-based capital ratios of about 36%... View Details
Chernenko, Sergey, Robert Ialenti, and David Scharfstein. "Bank Capital and the Growth of Private Credit." Working Paper, October 2024.
- September 26, 2024
- Article
A Better Way to Measure Social Impact
By: Robert S. Kaplan and Constance Spitzer
All impact investors report the financial returns from their funds and investments, and many provide metrics on intended social outcomes, such as numbers of individuals served, or quality jobs created. But investors do not supply metrics about their impacts on... View Details
Keywords: Impact Investing; Social Impact Investment; Inclusive Growth; Sustainability; Corporate Social Responsibility and Impact; Environmental Sustainability
Kaplan, Robert S., and Constance Spitzer. "A Better Way to Measure Social Impact." Harvard Business Review Digital Articles (September 26, 2024).
- September 2024
- Case
TechEnergy Ventures: Innovating Through Corporate Venture Capital
By: Rebecca Karp and Lena Duchene
This case examines TechEnergy Ventures, the corporate venture capital (CVC) arm of the Techint Group, and its role in scaling innovation within the energy sector. Founded in 2021, TechEnergy Ventures operates with a mandate to invest in disruptive technologies to... View Details
Keywords: Transition; Alternative Energy; Renewable Energy; Metals and Minerals; Mining; Corporate Entrepreneurship; Climate Change; Environmental Sustainability; Corporate Finance; Venture Capital; Financial Strategy; Investment Portfolio; Growth and Development Strategy; Adaptation; Diversification; Innovation Strategy; Financial Services Industry; Financial Services Industry; Italy; Europe; Latin America; Argentina
- September 20, 2024
- Article
It’s Time to Unbundle ESG
By: Aaron K. Chatterji and Michael W. Toffel
ESG is at an inflection point. It has come to represent a broad and inchoate aspiration for what business should be doing beyond maximizing shareholder value. With ESG advocates on the defensive, business leaders need a new roadmap to determine which factors to... View Details
Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; ESG Reporting; ESG Disclosure; Sustainability; Climate; Climate Finance; Climate Risk; Social Accounting; Investment; Governance; Safety; Climate Change; Environmental Sustainability; Corporate Social Responsibility and Impact; Financial Services Industry
Chatterji, Aaron K., and Michael W. Toffel. "It’s Time to Unbundle ESG." Harvard Business Review (website) (September 20, 2024).
- September 2024
- Case
Ming Min Hui at Boston Ballet
By: Edward H. Chang, David Allen and Annelena Lobb
This case asks how Ming Min Hui, the newly appointed executive director of Boston Ballet, should ensure that the company stays true to its art form yet relevant to its times. Hui stood out among ballet leaders as a young, Asian American woman with a Harvard Business... View Details
- September 2024
- Teaching Note
Leading Culture Change at SEB
By: Amy C. Edmondson and Cat Huang
Teaching Note for HBS Case No. 621-074. The Risk organization at SEB, a leading Nordic financial services group founded in 1856, undertook a culture change program focused on psychological safety, empathic listening, and strategic framing. The program enabled risk... View Details
- September 2024 (Revised November 2024)
- Case
Carrie Wang: Choosing Between the Family Firm and the Family Spirit
By: Lauren Cohen, Fei Wu and Sophia Pan
Carrie Wang, Investment Head of the Wang’s single-family office, contemplated her next career steps. As one of the first businessmen who had risen from China’s industrial rise, her father had grown his wealth to a considerable level, eventually requesting that his... View Details
Keywords: Family Office; Investment; Interests Of Consumers; Family Business; Business Growth and Maturation; Financial Management; Financial Strategy; Financial Markets; Investment Portfolio; Investment Return; Private Equity; Customer Relationship Management; Interests; Reputation; Real Estate Industry; China
- September 2024
- Supplement
National Public Broadcasting (B)
By: Richard S. Ruback and Royce Yudkoff
Pre-abstract: Instructors should consider the timing of making videos available to students, as they may reveal key case details.
Abstract: This (B) case supplement is designed for use by faculty only to support classroom instruction in conjunction with "National... View Details
Keywords: Financial Strategy; Financial Management; Media; Ownership; Strategy; Advertising; Decision Making; Entrepreneurship; Financing and Loans; Mergers and Acquisitions; Private Equity; Journalism and News Industry; Media and Broadcasting Industry; United States
Ruback, Richard S., and Royce Yudkoff. "National Public Broadcasting (B)." Harvard Business School Multimedia/Video Supplement 225-706, September 2024.
- September 2024
- Supplement
Red Hen Baking Company (B)
By: Richard S. Ruback and Royce Yudkoff
Pre-abstract: Instructors should consider the timing of making videos available to students, as they may reveal key case details.
Abstract: This (B) case supplement is designed for use by faculty only to support classroom instruction in conjunction with "Red... View Details
Abstract: This (B) case supplement is designed for use by faculty only to support classroom instruction in conjunction with "Red... View Details
Keywords: Entrepreneurship; Financial Strategy; Financial Management; Buildings and Facilities; Finance; Food; Risk Management; Risk and Uncertainty; Growth and Development Strategy; Food and Beverage Industry; United States; Vermont
Ruback, Richard S., and Royce Yudkoff. "Red Hen Baking Company (B)." Harvard Business School Multimedia/Video Supplement 225-710, September 2024.
- September 2024
- Supplement
Revenue Solutions, LLC (B)
By: Richard S. Ruback and Royce Yudkoff
Pre-abstract: Instructors should consider the timing of making videos available to students, as they may reveal key case details.
Abstract: This (B) case supplement is designed for use by faculty only to support classroom instruction in conjunction with "Revenue... View Details
Keywords: Financial Strategy; Financial Management; Marketing; Joint Ventures; Brands and Branding; Partners and Partnerships; Small Business; Ownership; Consumer Products Industry; United States; California
Ruback, Richard S., and Royce Yudkoff. "Revenue Solutions, LLC (B)." Harvard Business School Multimedia/Video Supplement 225-708, September 2024.
- September 2024
- Case
Topaz: Navigating Governance, Legacy, and Change
By: Christina R. Wing and Carla Larangeira
Since its founding in 2011, the Garza Sada brothers and their father positioned Topaz among leading family offices in Monterrey, Mexico, with several assets under management. Topaz aspired to have a transformative impact across multiple Mexican industries. An industry... View Details
- September 2024
- Case
Eat App: Building and Monetizing an End-to-End Dining Experience Solution
By: Elie Ofek and Ahmed Dahawy
Founded in 2015 in Bahrain, Eat App was an up-and-coming player in the global restaurant management software business. In early 2024, having shifted to a product-led growth strategy, the company’s co-founders faced a host of decisions that could greatly impact their... View Details
Keywords: Price; Growth and Development Strategy; Product Marketing; Negotiation Deal; Internet and the Web; Value Creation; Food and Beverage Industry; Technology Industry; Bahrain; United Arab Emirates; Abu Dhabi; Dubai
Ofek, Elie, and Ahmed Dahawy. "Eat App: Building and Monetizing an End-to-End Dining Experience Solution." Harvard Business School Case 525-019, September 2024.
- September 2024
- Case
Navigating Digital Transformation at Carrefour
By: Sunil Gupta and Emilie Billaud
In 2023, Elodie Perthuisot, Carrefour’s Executive Director for e-commerce and digital transformation, met with CEO Alexandre Bompard to discuss strategies for the company’s digital initiatives. Carrefour, a global retail giant with over 14,300 stores across 40... View Details
Keywords: Change Management; Transformation; Talent and Talent Management; Decisions; Digital Strategy; Technology Adoption; Leading Change; Goals and Objectives; Resource Allocation; Digital Marketing; E-commerce; Operations; Logistics; Business Processes; Organizational Culture; Strategic Planning; Alliances; Partners and Partnerships; Competitive Advantage; Retail Industry; Food and Beverage Industry; Europe
Gupta, Sunil, and Emilie Billaud. "Navigating Digital Transformation at Carrefour." Harvard Business School Case 525-024, September 2024.