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- 2025
- Article
How Central Banks Manage Climate and Energy Transition Risks
By: Esther Shears, Jonas Meckling and Jared Finnegan
Central banks have begun to examine and manage climate risks, including both transition risks of moving from fossil fuels to clean energy and physical climate risks. Here we provide a systematic assessment of how and why central banks address climate risks on the basis... View Details
- 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; Banking Industry; Banking Industry; Banking Industry; Banking Industry; Africa; Nigeria; South Africa; Kenya; Uganda; California; San Francisco
- January 2025
- Case
Negotiating a Legacy at Sustainable Harvest (A)
By: Jillian Jordan, Julian Zlatev, Alicia Dadlani and Martha Hostetter
The specialty coffee importer Sustainable Harvest was the first certified B Corp in the coffee industry due to its investments in building coffee farmers’ capacity and livelihood. But in 2022, after coffee prices plummeted and the company’s bank declined to extend its... View Details
- January 2025
- Supplement
Negotiating a Legacy at Sustainable Harvest (B)
By: Jillian Jordan, Julian Zlatev, Alicia Dadlani and Martha Hostetter
The specialty coffee importer Sustainable Harvest was the first certified B Corp in the coffee industry due to its investments in building coffee farmers’ capacity and livelihood. But in 2022, after coffee prices plummeted and the company’s bank declined to extend its... View Details
- January 2025
- Case
A Tiger in the Tank: Exxon Sues Investors
By: Clayton S. Rose, Sarah Sasso and James Weber
In June 2024, investors were trying to make sense of ExxonMobil’s (Exxon) lawsuit against two impact investors, Arjuna Capital (Arjuna) and Follow This, that had just been dismissed by the U.S. District Court of Northern Texas. Exxon’s suit challenged the rights of two... View Details
Keywords: Disruption; Talent and Talent Management; Customer Satisfaction; Decision Making; Demographics; Ethics; Corporate Accountability; Employees; Recruitment; Retention; Leadership; Crisis Management; Risk Management; Corporate Social Responsibility and Impact; Mission and Purpose; Organizational Change and Adaptation; Civil Society or Community; Social Issues; Adaptation; Investment Activism; Lawsuits and Litigation; Business and Shareholder Relations; Medical Devices and Supplies Industry; Health Industry; Energy Industry; United States; Netherlands; Norway
- October 2024
- Supplement
NOW PT (A)
By: George A Riedel, Allison J. Wigen and Dave Habeeb
Pre-Abstract: Instructors should consider the timing of making videos available to students, as they may reveal key case details.
Abstract: In fall 2021, a team of students from the HBS Impact Investing Fund considered Neurologic Optimal Wellness Physical... View Details
Abstract: In fall 2021, a team of students from the HBS Impact Investing Fund considered Neurologic Optimal Wellness Physical... View Details
- October 2024
- Supplement
NOW PT (B)
By: George A Riedel, Allison J. Wigen and Dave Habeeb
Pre-Abstract: Instructors should consider the timing of making videos available to students, as they may reveal key case details.
Abstract: In fall 2021, a team of students from the HBS Impact Investing Fund considered Neurologic Optimal Wellness Physical... View Details
Abstract: In fall 2021, a team of students from the HBS Impact Investing Fund considered Neurologic Optimal Wellness Physical... View Details
- September 2024 (Revised January 2025)
- Teaching Note
Leading Culture Change at SEB
By: Amy 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
- Case
InfraCredit and the Project Inception Facility
By: John Macomber, Namrata Arora and Maagatha Kalavadakken
Around the world, large infrastructure projects are frequently stymied by the high cost and high uncertainty of the project inception phase: the research and engineering and planning prior to financial close and start of construction. Could there be a new kind of... View Details
Keywords: Infrastructure; Financial Institutions; Financial Instruments; Cost; Cash Flow; Capital; Assets; Financial Markets; Financial Strategy; Insurance; Energy; Product Development; Risk and Uncertainty; Business Strategy; Credit; Banking Industry; Banking Industry; Banking Industry; Africa; Nigeria
- July 2024
- Case
Jacqueline Cook at Vendasta: Debating an IPO
By: Reza Satchu, Tom Quinn and Andrew Kosc
In May 2021, after a surge in demand for digital services that prompted high valuations for startups across the Canadian tech sector, Saskatchewan-based Vendasta entered the final stages of the initial public offering (IPO) process. COO Jacqueline Cook had invested her... View Details
Keywords: Business Growth and Maturation; Business Startups; Interpersonal Communication; Cost vs Benefits; Forecasting and Prediction; Business Cycles; Entrepreneurship; Fairness; Capital Markets; Private Equity; Investment Banking; Stock Options; Financial Markets; Initial Public Offering; Institutional Investing; Price Bubble; Digital Platforms; Digital Transformation; Internet and the Web; Leadership; Growth and Development Strategy; Managerial Roles; Agreements and Arrangements; Going Public; Ownership Stake; Performance Expectations; Work-Life Balance; Strategic Planning; Business and Stakeholder Relations; Rank and Position; Risk and Uncertainty; Opportunities; Happiness; Reputation; Status and Position; Well-being; Information Technology Industry; Retail Industry; Canada
- July 2024
- Article
JUE Insight: Infrastructure and Finance: Evidence from India's GQ Highway Network
By: Abhiman Das, Ejaz Ghani, Arti Grover, William Kerr and Ramana Nanda
We use data from Reserve Bank of India to study the impact of India's Golden Quadrilateral (GQ) highway project on finance-dependent activity. Loan volumes increase by 20-30% in districts along GQ and are stronger in industries more dependent upon external finance.... View Details
- May 2024 (Revised July 2024)
- Case
The Silicon Valley Bank Crisis: MAPFRE USA's Investment in SVB Financial Group Bonds
- May 2024
- Article
Financial Innovation in the 21st Century: Evidence from U.S. Patents
By: Josh Lerner, Amit Seru, Nick Short and Yuan Sun
We develop a unique dataset of 24 thousand U.S. finance patents granted over the last two decades to explore the evolution and production of financial innovation. We use machine learning to identify the financial patents and extensively audit the results to ensure... View Details
- May 2024
- Case
HarvEast
By: Jeremy Friedman and Natalie Kindred
In late 2023, Dmitry Skornyakov, CEO of Ukrainian agribusiness HarvEast, was navigating the turmoil caused by Russia’s invasion of Ukraine that began in 2014 and escalated into full-scale war in February 2022. Before the full-scale invasion, HarvEast managed 127,000... View Details
Keywords: Goods and Commodities; Natural Resources; Food; Problems and Challenges; Adaptation; Innovation and Management; Crisis Management; Logistics; Supply Chain; Risk and Uncertainty; Loss; Trust; Human Needs; War; Agriculture and Agribusiness Industry; Chile; South America; Latin America; Ukraine
- 2024
- Working Paper
Internal and External Capital Markets of Large Banks
By: Lina Lu, Marco Macchiavelli and Jonathan Wallen
Despite regulatory restrictions, large U.S. bank holding companies have sizable and dynamic internal capital markets. They raise long-term debt at the holding company and deposits at the commercial bank to internally make unsecured loans to affiliated broker-dealers.... View Details
- April 2024 (Revised August 2024)
- Teaching Note
Silicon Valley Bank: Gone in 36 Hours
Teaching Note for HBS Case No. 124-001. View Details
- April 2024
- Article
Model-based Financial Regulations Impair the Transition to Net-zero Carbon Emissions
By: Matteo Gasparini, Matthew C. Ives, Ben Carr, Sophie Fry and Eric Beinhocker
Investments via the financial system are essential for fostering the green transition. However, the role of existing financial regulations in influencing investment decisions is understudied. Here we analyse data from the European Banking Authority to show that... View Details
- March 2024 (Revised June 2024)
- Case
Kashat: Navigating the Uncertainties of the Egyptian Fintech Market
By: Paul A. Gompers and Ahmed Dahawy
Karim Nour, the founder of Kashat, an Egyptian nano-lending fintech company, is contemplating how to manage the growth of his startup. Over the summer of 2022, Kashat's loan disbursements had grown by nearly 40%, fueled by macroeconomic instability in Egypt. However,... View Details
- March 2024
- Case
Nomad: A License to Bank
By: Paul A. Gompers and Pedro Levindo
In late 2023, Lucas Vargas, CEO and co-founder of Nomad, a fintech that offered financial services in the United States for Brazilian residents, had to decide what to do to ensure the company’s continued expansion. Nomad launched its first product, a U.S. digital bank... View Details
Keywords: Mergers and Acquisitions; Business Startups; Customer Satisfaction; Decision Making; Entrepreneurship; Banks and Banking; Initial Public Offering; Global Strategy; Growth and Development Strategy; Brands and Branding; Marketing Strategy; Product Launch; Organizational Culture; Going Public; Ownership Stake; Innovation and Invention; Strategic Planning; Business and Government Relations; Business and Stakeholder Relations; Risk and Uncertainty; Business Strategy; Competitive Advantage; Corporate Strategy; Diversification; Expansion; Vertical Integration; Leadership; Law; Banking Industry; Banking Industry; Banking Industry; Brazil; United States; North America; Latin America
- February 2024 (Revised April 2024)
- Case
Finberg: Corporate Venture Capital in Türkiye
By: Paul A. Gompers and Namrata Arora
In December 2021, Murat Özyeğin, Chairman of Fiba Holding, along with Ömer Mert and İhsan Elgin, engaged in discussions about the future of United Payment, a fintech company in which Finberg, a subsidiary of Fibabanka, held a 20% stake. Finberg, established in 2018 as... View Details