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- July 2025
- Case
Mitsui & Co., Ltd.
By: Ramon Casadesus-Masanell and Akiko Saito
In 2025, Kenichi Hori, President and CEO of Mitsui & Co., Ltd.—one of Japan’s most prominent Sogo Shosha (investment and trading companies with sprawling global footprints)—reflected on the company’s record-breaking profits. Its operations spanned multiple... View Details
- June 2025
- Teaching Plan
SWEN Blue Ocean: Impact Investing Goes to Sea
By: Vikram S Gandhi and David Allen
Teaching Plan for HBS Case No. 325-013 View Details
- June 2025
- Case
Accounting for OpenAI at Microsoft
By: Jonas Heese, Joseph Pacelli, Nicole Zelazko and Michael Norris
In early 2025, Microsoft was evaluating the impact of its $14 billion investment in OpenAI. As OpenAI’s computing needs expanded, Microsoft positioned Azure as the exclusive provider for training and inference of their large language models. Despite the scale of the... View Details
- 2025
- Working Paper
Small Business Innovation Applied to National Needs
By: Kyle Myers, Lauren Lanahan and Evan E. Johnson
Small businesses have long supplied a disproportionate share of major innovations in the United States. We review a centerpiece policy on this topic: the U.S. Small Business Innovation Research (SBIR) program. We trace its legislative history and summarize program... View Details
- June 2025
- Case
TfL Pension Fund and the 2022 Gilt Market Crisis
By: Emil N. Siriwardane, Vincent Dessain, Emer Moloney and Carlota Moniz
On September 27, 2022, Padmesh Shukla, CIO of the Transport for London (TfL) Pension Fund, was keeping a careful eye on the turmoil in the U.K. sovereign bond (or gilt) market. When the new government announced the largest tax cuts the U.K. had seen in half a century,... View Details
Keywords: Financial Crisis; Macroeconomics; Assets; Asset Management; Borrowing and Debt; Corporate Finance; Capital Markets; Equity; Financial Liquidity; Financial Instruments; Financial Strategy; Interest Rates; Governing and Advisory Boards; Crisis Management; Resource Allocation; Investment; Financial Services Industry; United Kingdom; England; London; Europe
- June 2025
- Case
Vail Resorts: Responding to Activist Pressure (A)
By: Benjamin C. Esty and Edward A. Meyer
On January 27, 2025, the head of a relatively small hedge fund named Late Apex Partners sent a highly critical letter to the board of directors of Vail Resorts, the world’s largest ski resort operator. In his letter, and the 88-slide presentation that accompanied his... View Details
Keywords: Corporate Finance; Capital Budgeting; Corporate Governance; Competitive Advantage; Competitive Strategy; Leading Change; Valuation; Investment Activism; Climate Change; Management Succession; Financial Management; Risk Management; Business and Shareholder Relations; Sports Industry; Entertainment and Recreation Industry; Travel Industry; United States; Australia; Canada
- May–June 2025
- Article
Sustainability as a Business-Model Transformation
By: Ivanka Visnjic, Felipe Monteiro and Michael L. Tushman
Many global companies have made public commitments to sustainability targets. Fulfilling these commitments will require firms to transform their business models and organizational architectures. A few pioneers are leading the way, demonstrating that companies can make... View Details
- May 2025
- Case
The Micro-Family Office: Aamir Rehman
By: Lauren Cohen and Sophia Pan
With a successful career and strong academic credentials, Aamir Rehman sought to design a life grounded in autonomy. For him, this meant serving on boards, continuing his professorship, and ensuring a secure and comfortable life for his family. While he didn’t possess... View Details
Keywords: Family Office; Organization Design; Family And Friends; Family; Balance; Stability; Trends And Opportunities; Wealth Management; Family Business; Investment; Financial Strategy; Personal Finance; Investment Portfolio; Private Equity; Organizational Design; Family and Family Relationships; Happiness; Satisfaction; Balance and Stability; Human Capital; Compensation and Benefits; Economy; Trends; Business Model; New Jersey; United States
- April 2025
- Case
Thrivent: From Insurance Agents to Financial Advisors
By: Hubert Joly, Leonard A. Schlesinger and Tom Quinn
Thrivent, a midwestern financial services company with a centuries-long history rooted in Lutheranism, had reached $10 billion in revenue mostly by selling life insurance. In the 2020s, however, CEO Terry Rasmussen began a transformation process centered around the... View Details
Keywords: Change Management; Transformation; Talent and Talent Management; Customer Focus and Relationships; Customer Value and Value Chain; Forecasting and Prediction; Employee Relationship Management; Retention; Selection and Staffing; Job Design and Levels; Human Capital; Leading Change; Mission and Purpose; Organizational Change and Adaptation; Organizational Culture; Financial Services Industry; Financial Services Industry; United States; Minneapolis
- April 2025
- Case
Kleiner Perkins (2019)
By: Jo Tango and Srimayi Mylavarapu
Kleiner Perkins, founded in 1972, quickly rose to prominence as one of Silicon Valley’s leading venture capital firms, earning a reputation for early investments in industry giants like Google, Amazon, and Citrix. However, a bold, strategic pivot to cleantech investing... View Details
- 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 (Revised May 2025)
- Background Note
Customer Acquisition and the Cash Flow Trap
By: E. Ofek, Barak Libai and Eitan Muller
Startups as well as existing firms recognize the need to invest in order to acquire customers for their new ventures. And as each customer is expected at some point to have generated sufficient gross margins to cover their CAC, management expects that, soon enough, the... View Details
- April 2025
- Case
#FutureFresenius: Implementing a New Strategy to Transform the Company and Advance Patient Care
By: David J. Collis, Benjamin C. Esty and Haisley Wert
In February 2024, Fresenius CEO Michael Sen reflected on the company’s transformation journey from his office in Bad Homburg, Germany. With revenues of €22 billion and a mission to advance patient care, Fresenius had built a strong reputation through decades of... View Details
- 2025
- Working Paper
Performance Capital Flows in DC Pensions
By: Bryan Gutierrez Cortez, Victoria Ivashina and Juliana Salomao
Are defined contribution (DC) pension funds' capital flows sensitive to performance? We examine pressures from individual account holders who can switch their pension managers. Using novel data on retirement accounts for nearly 10 million individuals, we analyze... View Details
- April 2025
- Article
The Allocation of Socially Responsible Capital
By: Daniel Green and Benjamin N. Roth
Portfolio allocation decisions increasingly incorporate social values. We develop a tractable framework to study how competition between investors to own socially valuable assets affects social welfare. Relative to the most common social-investing strategies, we... View Details
- March 2025
- Case
Silicon Valley Bank: Gone in 36 Hours
This case examines factors contributing to the collapse of Silicon Valley Bank (SVB) in March 2023, an event as unpredicted as it was quick. SVB funded nearly half of all U.S. venture-backed startups and at the end of 2022 held $173 billion in deposits, largely... View Details
Keywords: Accounting Standards; Bank Runs; Financial Accounting; Financial Reporting; Social Media; Banks and Banking; Financing and Loans; Investment Portfolio; Interest Rates; Debt Securities; Risk and Uncertainty; Financial Statements; Risk Management; Failure; Fair Value Accounting; Credit; Corporate Governance; Financial Services Industry; Financial Services Industry; United States
- 2025
- Working Paper
How to Choose Among Technologies with Learning Curves: Making Better Investment Decisions
By: Christian Kaps and Arielle Anderer
Learning curves, the fact that technologies improve as a function of cumulative experience or investment, are desirable-think inexpensive solar panels or higher performing semiconductors. But, for firms that need to pick one technology among several candidates, such as... View Details
- March 2025 (Revised May 2025)
- Case
Primetime Partners: Investing in Healthspan, Wealthspan, and Workspan
By: Rembrand Koning, Nicole Tempest Keller and Susan Wilner Golden
In the fall of 2024, Abby Miller Levy (HBS ’01), co-founder and managing partner of Primetime Partners, was preparing to raise a second fund. Founded in 2020 with veteran investor Alan Patricof, Primetime was a horizontal fund focused on early-stage companies serving... View Details
- March 2025
- Article
Do Public Financial Statements Influence Private Equity and Venture Capital Financing?
By: Brian K. Baik, Natalie Berfeld and Rodrigo S. Verdi
We study whether private firm public financial statements influence the probability of raising venture capital (VC) and private equity (PE) financing. In particular, we propose that private firms’ public financial statements can help the VC/PE search process by... View Details
- February 2025
- Case
Hyperscaling Dreams: Ualá's Path from Startup to Fintech Champion
By: Juan Alcácer and Manuel Franck
Ualá, a fintech startup founded in Argentina in 2017 by Pierpaolo Barbieri, aimed to increase financial inclusion in Latin America through a digital platform linked to a prepaid card. After rapid success in Argentina, it expanded into Mexico and Colombia, acquiring... View Details