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- 2022
- Working Paper
The Credit Rating Agency Market in Africa
By: Saveshen Pillay and Anywhere Sikochi
In this paper, we present the credit rating agency market on the continent of Africa as a potential research setting for accounting-related research. Largely unexplored in prior literature, Africa-based rating agencies provide access to information about a broad range...
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Keywords:
Credit Rating;
Credit Rating Agencies;
Regulation;
Conflict Of Interest;
Credit;
Capital;
Africa
Pillay, Saveshen, and Anywhere Sikochi. "The Credit Rating Agency Market in Africa." Harvard Business School Working Paper, No. 22-074, June 2022. (Journal of Financial Reporting, proposal accepted-in-principle.)
- March 2022 (Revised April 2022)
- Case
In Search of Global Regulation
By: Geoffrey Jones and Mona Rahmani
The history of the international regulation of global capitalism is surveyed, addressing the challenges facing firms confronting international, national, and regional regulation. Follows the history of global regulation after 1914, from the League of Nations;...
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Keywords:
History;
Multinational Firms and Management;
International Relations;
Laws and Statutes;
Corporate Governance;
Business and Government Relations
Jones, Geoffrey, and Mona Rahmani. "In Search of Global Regulation." Harvard Business School Case 822-122, March 2022. (Revised April 2022.)
- February 2022 (Revised April 2022)
- Case
BUA Group
By: John D. Macomber, Pippa Tubman Armerding and Wale Lawal
BUA Group must decide between investments in cement, road building, power generation, or sugar. Private businesses are important to economic development in Africa. Students must assess the competitive nature of each of these industries, the magnitude of capital...
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Keywords:
Investing;
Transportation;
Strategy;
Project Finance;
Agribusiness;
Construction;
Infrastructure;
Governing Rules, Regulations, and Reforms;
Agriculture and Agribusiness Industry;
Nigeria;
Africa
Macomber, John D., Pippa Tubman Armerding, and Wale Lawal. "BUA Group." Harvard Business School Case 222-062, February 2022. (Revised April 2022.)
- February 2022 (Revised February 2022)
- Case
Fondeadora
Norman Müller and René Serrano, cofounders of Fondeadora, a Mexican “neobank,” had lined up a $12.5 million in Series A funding round in 2020 only to run into a major obstacle: The lead investor was Gradient Ventures, a venture firm launched by Alphabet, Inc., and...
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Keywords:
Fundraising;
Entrepreneurship;
Venture Capital;
Financial Institutions;
Business Startups;
Government Legislation;
Governing Rules, Regulations, and Reforms;
Financial Strategy;
Financial Services Industry;
Mexico City;
Latin America
Rodríguez Arregui, Álvaro, and Mitchell Weiss. "Fondeadora." Harvard Business School Case 822-077, February 2022. (Revised February 2022.)
- Article
Ten Year Sunset Rule for Healthcare Regulation Is a Nonstarter and Discouragement to Post-COVID-19 Investment
By: Regina E. Herzlinger and Eugene Schneller
U.S. healthcare delivery has not benefitted from the same productivity growth as many other service industries, such as bricks and mortar retailing, a loss that has gravely diminished cost control and access. Regulatory capture, which creates barriers to venture...
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Keywords:
Health Care;
COVID-19;
Regulation;
Health Care and Treatment;
Health Pandemics;
Governing Rules, Regulations, and Reforms;
Investment
Herzlinger, Regina E., and Eugene Schneller. "Ten Year Sunset Rule for Healthcare Regulation Is a Nonstarter and Discouragement to Post-COVID-19 Investment." Journal of Health Care Finance 47, no. 4 (Spring 2021). (Special Commentary.)
- August 2020 (Revised May 2021)
- Case
PayPal: The Next Chapter
By: Michael Porter, Mark Kramer and Annelena Lobb
Can a social purpose and stakeholder capitalism confer a powerful competitive advantage in the age of COVID-19? For PayPal, the answer is yes. After spinning off from eBay in a 2015 IPO, the company declared its purpose as "democratizing financial services" by ensuring...
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Keywords:
Mission and Purpose;
Finance;
Business and Stakeholder Relations;
Social Entrepreneurship;
Competitive Advantage;
Financial Services Industry
Porter, Michael, Mark Kramer, and Annelena Lobb. "PayPal: The Next Chapter." Harvard Business School Case 721-378, August 2020. (Revised May 2021.)
- 2021
- Working Paper
Elusive Safety: The New Geography of Capital Flows and Risk
By: Laura Alfaro, Ester Faia, Ruth Judson and Tim Schmidt-Eisenlohr
A confidential dataset with industry-level disaggregation of U.S. cross-border claims and liabilities, shows U.S. securities to be increasingly intermediated by tax-haven-financial-centers (THFC) and less regulated funds. These securities are risky, in...
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Keywords:
Tax Havens;
Financial Centers;
Geography Of Flows;
Profit Shifting;
Tax Avoidance;
Risk;
Safe Assets;
Hetergeneous Firms;
Endogenous Entry;
Endogenous Monitoring;
Regulatory Arbitrage;
Assets;
Safety;
Risk and Uncertainty;
Capital;
Global Range
Alfaro, Laura, Ester Faia, Ruth Judson, and Tim Schmidt-Eisenlohr. "Elusive Safety: The New Geography of Capital Flows and Risk." Harvard Business School Working Paper, No. 20-099, March 2020. (Revised February 2021.)
- March 2020
- Case
Voi Technology
By: Jeffrey F. Rayport and Olivia Hull
Voi Technology, a fast-growing start-up out of Sweden, is competing in the highly contested European e-scooter sharing market. With a presence in nearly 40 cities in Europe by February 2020, the firm is working hard to improve its unit economics to reach profitability....
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Keywords:
Entrepreneurship;
Business Strategy;
Technology Adoption;
Innovation Strategy;
Technological Innovation;
Marketing Strategy;
Business Plan;
Product Marketing;
Product Launch;
Product Positioning;
Energy Conservation;
Cross-Cultural and Cross-Border Issues;
Global Strategy;
Globalized Economies and Regions;
Innovation Leadership;
Human Capital;
Laws and Statutes;
Growth Management;
Operations;
Logistics;
Service Operations;
Supply Chain Management;
Organizational Culture;
Information Infrastructure;
Transportation;
Transportation Industry;
Technology Industry;
Europe
Rayport, Jeffrey F., and Olivia Hull. "Voi Technology." Harvard Business School Case 820-099, March 2020.
- 2021
- Working Paper
International Evidence on the Effects of a Local Presence by U.S. Credit Rating Agencies
By: Liran Eliner, Michael Machokoto and Anywhere Sikochi
Major U.S. credit rating agencies are criticized for failing to understand developments in other economies and thereby impeding capital access by assigning lower ratings. Consistent with this, we find that Moody's and S&P credit ratings are more favorable after the...
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Keywords:
Credit Rating Agencies;
Credit Ratings;
Rating Adjustments;
Rating Disagreement;
Geographic Proximity;
Soft Information;
Credit;
Geographic Location;
Local Range
Eliner, Liran, Michael Machokoto, and Anywhere Sikochi. "International Evidence on the Effects of a Local Presence by U.S. Credit Rating Agencies." Harvard Business School Working Paper, No. 20-083, February 2020. (Revised August 2021.)
- February 2020 (Revised June 2020)
- Case
Shaping the Governance Debate at ISS
By: Suraj Srinivasan, Jonah S. Goldberg and Calvin O. Liou
ISS is the world’s largest provider of corporate governance research, data, analytics, and voting services. The case uses the effort of the Securities and Exchange Commission (SEC) to impose an array of new regulations that would severely restrict the functioning of...
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Keywords:
Proxy Advisory Services;
Corporate Governance;
Research;
Investment;
Governing Rules, Regulations, and Reforms;
Business and Shareholder Relations;
Institutional Investing
Srinivasan, Suraj, Jonah S. Goldberg, and Calvin O. Liou. "Shaping the Governance Debate at ISS." Harvard Business School Case 120-085, February 2020. (Revised June 2020.)
- January 2020
- Case
Governing PG&E
By: Lynn S. Paine and Will Hurwitz
The five commissioners of the California Public Utilities Commission (CPUC) listened intently at a public forum in April 2019 as PG&E Corporation’s out-going chairman Richard Kelly described the company’s proposed new board. PG&E, which provided electricity and natural...
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Keywords:
Bankruptcy;
Board Of Directors;
Board Dynamics;
Business Ethics;
Business Model Innovation;
Corporate Boards;
Energy Efficiency;
Environmental And Social Sustainability;
Government And Business;
Hedge Funds;
Institutional Investors;
Legal Aspects Of Business;
Regulated Monopolies;
Regulation;
Shareholders;
Stakeholder Management;
Strategy And Execution;
Utilities;
Insolvency and Bankruptcy;
Governing and Advisory Boards;
Ethics;
Capital Structure;
Climate Change;
Corporate Accountability;
Corporate Governance;
Environmental Sustainability;
Executive Compensation;
Leadership;
Management;
Safety;
Business and Government Relations;
Energy Industry;
Utilities Industry;
California;
United States
Paine, Lynn S., and Will Hurwitz. "Governing PG&E." Harvard Business School Case 320-024, January 2020.
- 2020
- Working Paper
Capital Regulation and Product Market Outcomes
By: Ishita Sen and David Humphry
We present evidence of product market adjustments and asset reorganizations from the largest ever shift in risk regulation in a developed insurance market. Using proprietary data on insurance risk exposures from the Bank of England, we develop a measure of regulatory...
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Keywords:
Non-traditional-non-insurance;
Risk Regulation;
Product Market Concentration;
Small Vs. Large Insurers;
Insurance Risk Exposure;
Insurance;
Risk and Uncertainty;
Governing Rules, Regulations, and Reforms
Sen, Ishita, and David Humphry. "Capital Regulation and Product Market Outcomes." Working Paper, January 2020.
- 2020
- Working Paper
Internal Models, Make Believe Prices, and Bond Market Cornering
By: Ishita Sen and Varun Sharma
Exploiting position-level heterogeneity in regulatory incentives to misreport and novel data on regulators, we document that U.S. life insurers inflate the values of corporate bonds using internal models. We estimate an additional $9-$18 billion decline in regulatory...
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Keywords:
Life Insurers;
Capital Regulation;
Internal Models;
Corporate Bonds;
Regulatory Supervision;
Concentrated Ownership;
Bonds;
Capital;
Governing Rules, Regulations, and Reforms;
Insurance;
Investment Portfolio
Sen, Ishita, and Varun Sharma. "Internal Models, Make Believe Prices, and Bond Market Cornering." Working Paper, June 2020.
- November 2019
- Supplement
Hapag-Lloyd AG: Complying with IMO 2020
By: Benjamin C. Esty, Mette Fuglsang Hjortshoej and Emer Moloney
A new environmental regulation known as IMO 2020 was creating what one industry analyst called “the biggest shakeup for the oil and shipping industries in decades.” According to the new regulation, all ocean-going ships would have to limit their sulfur emissions by...
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- November 2019
- Case
Hapag-Lloyd AG: Complying with IMO 2020
By: Benjamin C. Esty, Mette Fuglsang Hjortshoej and Emer Moloney
A new environmental regulation known as IMO 2020 was creating what one industry analyst called “the biggest shakeup for the oil and shipping industries in decades.” According to the new regulation, all ocean-going ships would have to limit their sulfur emissions by...
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Keywords:
Valuation;
Ship Transportation;
Strategic Planning;
Game Theory;
Pollutants;
Supply Chain;
Corporate Accountability;
Capital Budgeting;
Environmental Sustainability;
Governing Rules, Regulations, and Reforms;
Governance Compliance;
Shipping Industry;
Transportation Industry;
Germany
Esty, Benjamin C., Mette Fuglsang Hjortshoej, and Emer Moloney. "Hapag-Lloyd AG: Complying with IMO 2020." Harvard Business School Case 220-003, November 2019.
- October 2019
- Teaching Note
Securities Exchange Board of India: Developing and Regulating India's Capital Markets
By: Suraj Srinivasan and Jonah S. Goldberg
- May 2019
- Article
The Role of Gatekeepers in Capital Markets
By: Suraj Srinivasan and Sugata Roychowdhury
Gatekeepers in financial markets have the power to provide the institutional stability, fortitude and direction necessary for the development and the smooth functioning of capital markets. At the same time, they are often motivated by their own private incentives....
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Keywords:
Gatekeepers;
Capital Markets;
Governing Rules, Regulations, and Reforms;
Performance Effectiveness
Srinivasan, Suraj, and Sugata Roychowdhury. "The Role of Gatekeepers in Capital Markets." Journal of Accounting Research 57, no. 2 (May 2019): 295–322.
- 2019
- Book
Fintech, Small Business & the American Dream: How Technology Is Transforming Lending and Shaping a New Era of Small Business Opportunity
By: Karen G. Mills
Fintech, Small Business & the American Dream describes the needs of small businesses for capital and demonstrates how technology—novel data sources, artificial intelligence, machine learning—will transform the small business lending market. This market has been...
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Keywords:
Fintech;
Big Data;
Data;
Technology;
Artificial Intelligence;
Great Recession;
Regulation;
Innovation;
Banks;
Lending;
Loans;
Access To Capital;
American Dream;
Community Banking;
Small Business Administration;
Entrepreneur;
Government;
Public Policy;
API;
Policy Making;
Small Business;
Financing and Loans;
Technological Innovation;
Financial Crisis;
Banks and Banking;
Governing Rules, Regulations, and Reforms;
Policy;
AI and Machine Learning;
United States
Mills, Karen G. Fintech, Small Business & the American Dream: How Technology Is Transforming Lending and Shaping a New Era of Small Business Opportunity. Palgrave Macmillan, 2019.
- October 2018 (Revised April 2019)
- Case
Stock-Based Compensation at Twitter
By: Jonas Heese, Zeya Yang and Mike Young
Olivia Nash, an analyst at leading hedge fund BlueShark Capital Management, had just finished listening to the hour-long earnings call for Twitter’s Q4 2017 results. Was Twitter doing well? That depended on which numbers she chose to believe. According to Generally...
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Keywords:
Twitter;
Non-GAAP Disclosure;
Stock-based Compensation;
Earnings Management;
Corporate Disclosure;
Compensation and Benefits;
Stocks
Heese, Jonas, Zeya Yang, and Mike Young. "Stock-Based Compensation at Twitter." Harvard Business School Case 119-032, October 2018. (Revised April 2019.)
- January 2018 (Revised April 2021)
- Case
Capital Allocation at HCA
By: W. Carl Kester and Emily R. McComb
In early 2017, HCA Holdings, an investor-owned hospital management company, faced a strategically important capital allocation decision. After the exit of its private equity sponsors in 2016, HCA had to determine how best to allocate its substantial annual free cash...
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Keywords:
Capital Allocation;
Cash Distribution Policy;
Dividends;
Share Repurchases;
Growth Strategy And Execution;
Growth Investing;
Capital Expenditures;
Debt Management;
Debt Reduction;
Debt Policy;
Hospital Management;
Investor-owned Hospital Chains;
Capital Budgeting;
Capital Structure;
Cash Flow;
Corporate Finance;
Decision Choices and Conditions;
Health Industry;
United States
Kester, W. Carl, and Emily R. McComb. "Capital Allocation at HCA." Harvard Business School Case 218-039, January 2018. (Revised April 2021.)