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All HBS Web
(1,140)
- People (3)
- News (244)
- Research (703)
- Multimedia (3)
- Faculty Publications (253)
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- March 2024
- Case
East Rock Capital: 'Talent Is the Best Asset Class'
By: Boris Groysberg, Sarah L. Abbott and Izzy Yeoh
Adam Shapiro and Graham Duncan launched East Rock Capital, LLC in 2006 with a seed investment from Stuart Miller, executive chairman of Lennar Corporation. East Rock managed long-term assets for high-net-worth families, primarily working with external managers who had...
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Keywords:
Alternative Assets;
Hiring;
HNW Products And Services;
Recruiting;
Hedge Funds;
Wealth Management;
Asset Management;
Private Equity;
Financial Institutions;
Marketing Strategy;
Growth and Development Strategy;
Competitive Advantage;
Financial Services Industry;
United States
Groysberg, Boris, Sarah L. Abbott, and Izzy Yeoh. "East Rock Capital: 'Talent Is the Best Asset Class'." Harvard Business School Case 424-017, March 2024.
- September 2021 (Revised March 2024)
- Case
Tesla in 2023: 'Electrified' Competition
By: Eric Van den Steen, Ramon Casadesus-Masanell and Karen Elterman
Over its 17 years in existence, Tesla had redefined people’s view of electric cars, and in 2020, the company saw its stock rise by more than 700% to became the most valuable carmaker in the world. In December 2020, Tesla celebrated its fifth consecutive quarter of...
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Keywords:
Barrier To Entry;
Competitive Advantage;
Innovation;
Tesla;
Automotive Industry;
Sustainable Competitive Advantage;
Values;
Vision;
Learning By Doing;
Economies Of Scale;
Electric Vehicle;
Scenario Planning;
Batteries;
Competitive Strategy;
Product Positioning;
Profit;
Competition;
Industry Growth;
Auto Industry
Van den Steen, Eric, Ramon Casadesus-Masanell, and Karen Elterman. "Tesla in 2023: 'Electrified' Competition." Harvard Business School Case 722-375, September 2021. (Revised March 2024.)
- August 2022
- Case
SuperRare: Turning an NFT Marketplace into a DAO
By: Jeffrey J. Bussgang, Scott Duke Kominers and Amy Klopfenstein
In June 2021, John Crain and Jonathan Perkins, the founders of SuperRare, a marketplace for non-fungible tokens (NFTs), contemplate whether to transform their company into a decentralized autonomous organization (DAO). Crain and Perkins founded SuperRare in 2018 to...
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Keywords:
NFTs;
Crypto Economy;
Alternative Assets;
DAOs;
Arts;
Governance;
Governance Controls;
Governing Rules, Regulations, and Reforms;
Information Technology;
Technology Adoption;
Internet and the Web;
Digital Platforms;
Innovation and Invention;
Technological Innovation;
Disruptive Innovation;
Finance;
Currency;
Investment;
Markets;
Auctions;
Bids and Bidding;
Demand and Consumers;
Network Effects;
Market Design;
Market Transactions;
Market Timing;
Web Services Industry;
North and Central America;
United States
Bussgang, Jeffrey J., Scott Duke Kominers, and Amy Klopfenstein. "SuperRare: Turning an NFT Marketplace into a DAO." Harvard Business School Case 823-027, August 2022.
- Article
Real Estate Opportunity Funds
By: Nori Gerardo Lietz, Thea C. Hahn and David Geltner
Real estate opportunity funds are one of the fastest-growing segments of the real estate investment industry, similar in some basic respects to other private equity and alternative investment asset classes that seek high returns by taking on more risk in highly...
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Keywords:
Real Estate;
Opportunity Funds;
Investment Management;
Property;
Investment Funds;
Management;
Performance Consistency
Lietz, Nori Gerardo, Thea C. Hahn, and David Geltner. "Real Estate Opportunity Funds." Journal of Portfolio Management 31, no. 5 (2005): 143–153. (Special Real Estate Issue 2005.)
- Article
Political Skill: Explaining the Effects of Nonnative Accent on Managerial Hiring and Entrepreneurial Investment Decisions
By: Laura Huang, Marcia Frideger and Jone L. Pearce
We propose and test a new theory explaining glass-ceiling bias against nonnative speakers as driven by perceptions that nonnative speakers have weak political skill. Although nonnative accent is a complex signal, its effects on assessments of the speakers' political...
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Keywords:
Spoken Communication;
Prejudice and Bias;
Competency and Skills;
Selection and Staffing;
Entrepreneurship;
Investment;
Decisions
Huang, Laura, Marcia Frideger, and Jone L. Pearce. "Political Skill: Explaining the Effects of Nonnative Accent on Managerial Hiring and Entrepreneurial Investment Decisions." Journal of Applied Psychology 98, no. 6 (November 2013): 1005–1017.
- 2022
- Working Paper
Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market
By: Zach Y. Brown, Mark Egan, Jihye Jeon, Chuqing Jin and Alex A. Wu
Index funds are one of the most common ways investors access financial markets and are perceived to be a transparent and low-cost alternative to active investment management. Despite these purported virtues of index fund investing and the introduction of new products...
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Keywords:
Mutual Funds;
Passive Investing;
Asset Management;
Financial Markets;
Investment Funds;
Financial Management;
Financial Services Industry;
United States
Brown, Zach Y., Mark Egan, Jihye Jeon, Chuqing Jin, and Alex A. Wu. "Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market." Harvard Business School Working Paper, No. 24-019, October 2023. (NBER Working Paper Series, No. 31778, October 2023.)
- Forthcoming
- 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...
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Keywords:
Socially Responsible Investing;
Investment Portfolio;
Welfare;
Social Issues;
Investment Return
Green, Daniel, and Benjamin N. Roth. "The Allocation of Socially Responsible Capital." Journal of Finance (forthcoming).
- 1987
- Working Paper
Tests of Excess Forecast Volatility in the Foreign Exchange and Stock Markets
By: K. A. Froot
Simple regression tests that have power against the alternatives that asset prices and expected future asset returns are excessively volatile are developed and performed for the foreign exchange and stock markets. These tests have a number of advantages over...
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- August 2018 (Revised September 2018)
- Case
LendingClub (A): Data Analytic Thinking (Abridged)
By: Srikant M. Datar and Caitlin N. Bowler
LendingClub was founded in 2006 as an alternative, peer-to-peer lending model to connect individual borrowers to individual investor-lenders through an online platform. Since 2014 the company has worked with institutional investors at scale. While the company assigns...
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Keywords:
Data Science;
Data Analytics;
Investing;
Loans;
Investment;
Financing and Loans;
Analytics and Data Science;
Analysis;
Forecasting and Prediction;
Business Model
Datar, Srikant M., and Caitlin N. Bowler. "LendingClub (A): Data Analytic Thinking (Abridged)." Harvard Business School Case 119-020, August 2018. (Revised September 2018.)
- February 2011
- Article
Dividend Taxes and International Portfolio Choice
By: Mihir Desai and Dhammika Dharmapala
This paper investigates how dividend taxes influence portfolio choices, using the response to the distinctive treatment of a subset of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003. An open-economy after-tax capital asset...
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Keywords:
Dividends;
Portfolio Choice;
Taxes;
Tax Treaties;
Foreign Portfolio Investment;
Taxation;
Lawfulness;
Economy;
Price;
Equity;
Stocks;
Investment Portfolio;
Opportunities;
Behavior;
United States
Desai, Mihir, and Dhammika Dharmapala. "Dividend Taxes and International Portfolio Choice." Review of Economics and Statistics 93, no. 1 (February 2011): 266–284.
- October 2016 (Revised February 2019)
- Module Note
Strategy Execution Module 5: Building a Profit Plan
By: Robert Simons
This module reading describes how to build a profit plan to reflect the strategy of a business in economic terms. After introducing the profit wheel, cash wheel, and ROE wheel, the module illustrates how to use a profit plan to assess the viability of different...
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Keywords:
Management Control Systems;
Implementing Strategy;
Execution;
Profit Planning;
Cash Flow Analysis;
Asset Utilization;
Return On Equity;
Business Planning;
Testing Strategy;
Analyzing Strategic Alternative;
Strategy;
Asset Management;
Cash Flow;
Investment Return;
Management Systems;
Profit
Simons, Robert. "Strategy Execution Module 5: Building a Profit Plan." Harvard Business School Module Note 117-105, October 2016. (Revised February 2019.)
- Article
Integrated Reporting and Investor Clientele
By: George Serafeim
In this paper, I examine the relation between Integrated Reporting (IR) and the composition of a firm's investor base. I hypothesize and find that firms that practice IR have a more long-term oriented investor base with more dedicated and fewer transient investors....
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Keywords:
Integrated Reporting;
Sustainability Reporting;
Long-term Investing;
Short-termism;
Accounting;
Integrated Corporate Reporting;
Environmental Sustainability;
Investment;
Corporate Governance
Serafeim, George. "Integrated Reporting and Investor Clientele." Journal of Applied Corporate Finance 27, no. 2 (Spring 2015): 34–51.
- January 2010 (Revised February 2010)
- Case
IFP, Indonesia
By: Roy D. Shapiro
IFP, Ltd. is a Europe-based multinational mining and minerals company contemplating an investment to produce forest products in Indonesia. The primary case decisions are 1) how to assess political and operating risk, 2) how to integrate economic and political risk...
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Keywords:
Developing Countries and Economies;
Investment;
Geographic Location;
Risk Management;
Supply Chain Management;
Business and Government Relations;
Forest Products Industry;
Indonesia
Shapiro, Roy D. "IFP, Indonesia." Harvard Business School Case 610-052, January 2010. (Revised February 2010.)
- May 2019
- Case
Elon Musk's Big Bets Update, 2019
By: David B. Yoffie and Daniel Fisher
This short case provides an update to Elon Musk's strategy and tactical moves with Tesla, Solar City, and SpaceX from 2016-2019.
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Keywords:
Electric Vehicles;
Batteries;
Solar Power;
Execution;
Space Flight;
Tesla;
SolarCity;
SpaceX;
Elon Musk;
Information Technology;
Risk and Uncertainty;
Expansion;
Renewable Energy;
Strategy;
Investment;
Manufacturing Industry;
Green Technology Industry;
Auto Industry;
Aerospace Industry;
Battery Industry
Yoffie, David B., and Daniel Fisher. "Elon Musk's Big Bets Update, 2019." Harvard Business School Case 719-512, May 2019.
- December 2018 (Revised May 2021)
- Background Note
Making UK Energy Smarter
By: John R. Wells and Benjamin Weinstock
This case describes the history of the United Kingdom's domestic energy industry and the country's efforts to create a more competitive, greener, and distributed power sector. On July 24, 2017, the United Kingdom government and the industry regulator, the Office of Gas...
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Keywords:
Energy Policy;
Regulation;
Energy Markets;
Subsidies;
Oligopolistic Competition;
Barriers To Entry;
Wholesale;
Electric Vehicle;
Batteries;
Energy Storage;
Competition Policy;
Energy;
Policy;
Renewable Energy;
Governing Rules, Regulations, and Reforms;
Vertical Integration;
Competition;
Market Entry and Exit;
Disruption;
Energy Industry;
United Kingdom
Wells, John R., and Benjamin Weinstock. "Making UK Energy Smarter." Harvard Business School Background Note 719-438, December 2018. (Revised May 2021.)
- May 2021
- Article
The Firm Next Door: Using Satellite Images to Study Local Information Advantage
By: Jung Koo Kang, Lorien Stice-Lawrence and Forester Wong
We use novel satellite data that track the number of cars in the parking lots of 92,668 stores for 71 publicly listed U.S. retailers to study the local information advantage of institutional investors. We establish car counts as a timely measure of store-level...
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Keywords:
Satellite Images;
Store-level Performance;
Institutional Investors;
Local Advantage;
Overweighting;
Processing Costs;
Alternative Data;
Big Data;
Emerging Technologies;
Information;
Quality;
Institutional Investing;
Decision Making;
Behavioral Finance;
Analytics and Data Science
Kang, Jung Koo, Lorien Stice-Lawrence, and Forester Wong. "The Firm Next Door: Using Satellite Images to Study Local Information Advantage." Journal of Accounting Research 59, no. 2 (May 2021): 713–750.
- 28 Mar 2023
- Cold Call Podcast
BMW’s Decarbonization Strategy: Sustainable for the Environment and the Bottom Line
- Research Summary
Working on third edition of textbook on the fund industry
The book explains how mutual funds and other collective investment vehicles are organized, how they manage your money, and how they are marketed to investors. It also addresses the internationalization of funds in terms of global investing and global... View Details
- February 2006
- Case
Fraikin SA
By: W. Carl Kester, Vincent Marie Dessain and Monika Stachowiak
Provides an example of a so-called "whole business" securitization. In early 2004, Fraikin, France's leading industrial vehicle rental company, compares several alternatives for refinancing a large bridge loan within a year. Presents three primary options: a classic...
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Keywords:
Debt Securities;
Transportation;
Renting or Rental;
Transportation Industry;
Service Industry;
France
Kester, W. Carl, Vincent Marie Dessain, and Monika Stachowiak. "Fraikin SA." Harvard Business School Case 206-090, February 2006.
- January 2016 (Revised November 2019)
- Case
Blackstone at Age 30
By: Josh Lerner, John D. Dionne and Amram Migdal
Since its IPO in 2007 and following the global financial crisis, Blackstone largely outpaced its alternative investment firm peers in assets under management, new business launches, profitability, and market capitalization. Under the leadership of Stephen A....
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Keywords:
Business Growth and Maturation;
Asset Management;
Private Equity;
Financial Services Industry;
New York (city, NY)
Lerner, Josh, John D. Dionne, and Amram Migdal. "Blackstone at Age 30." Harvard Business School Case 816-013, January 2016. (Revised November 2019.)