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All HBS Web
(1,496)
- Faculty Publications (268)
- June 2019
- Article
Brokers vs. Retail Investors: Conflicting Interests and Dominated Products
By: Mark Egan
I study how brokers distort household investment decisions. Using a novel convertible bond dataset, I find that consumers often purchase dominated bonds—cheap and expensive versions of otherwise identical bonds coexist in the market. The empirical evidence suggests...
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Keywords:
Brokers;
Fiduciary Standard;
Consumer Finance;
Structured Products;
Household;
Investment;
Decisions;
Motivation and Incentives;
Conflict of Interests
Egan, Mark. "Brokers vs. Retail Investors: Conflicting Interests and Dominated Products." Journal of Finance 74, no. 3 (June 2019): 1217–1260.
- March 2019 (Revised March 2023)
- Case
Accion's Fintech Strategy
By: V. Kasturi Rangan, Michael Chu and Tricia Gregg
Accion, an NGO, had been a pioneer in microfinance since its entry into that sector in the early 1970s. Its investments in Banco Compartamos paid off, when the microfinance bank went IPO in 2007, leaving an influx of $138 million for Accion. Under a new CEO, Michael...
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Keywords:
Fintech;
Impact Investing;
Financial Inclusion;
Technological Innovation;
Strategy;
Strategic Planning;
Performance Effectiveness;
Non-Governmental Organizations;
Microfinance;
Financial Institutions;
Business Growth and Maturation;
Customer Focus and Relationships;
Industry Growth
Rangan, V. Kasturi, Michael Chu, and Tricia Gregg. "Accion's Fintech Strategy." Harvard Business School Case 319-091, March 2019. (Revised March 2023.)
- Article
Short-Termism and Capital Flows
By: Jesse M. Fried and Charles C.Y. Wang
During 2007–2016, S&P 500 firms distributed to shareholders $7 trillion via buybacks and dividends, over 96% of their aggregate net income, prompting claims that "short-termism" is impairing firms' ability to invest and innovate. We show that, when taking into account...
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Keywords:
Short-termism;
Quarterly Capitalism;
Share Buybacks;
Open Market Repurchases;
Dividends;
Equity Issuances;
Seasoned Equity Offerings;
Equity Compensastion;
Acquisitions;
Payout Policy;
Capital Flows;
Capital Distribution;
Working Capital;
Business and Shareholder Relations;
Acquisition
Fried, Jesse M., and Charles C.Y. Wang. "Short-Termism and Capital Flows." Review of Corporate Finance Studies 8, no. 1 (March 2019): 207–233.
- January 2019 (Revised March 2020)
- Case
Blackstone Alternative Asset Management in 2018
By: Emil Siriwardane, Luis M. Viceira and Shawn O'Brien
In early 2018, Blackstone announced that John McCormick would succeed Tom Hill as President and Chief Executive Officer of Blackstone Alternative Asset Management (BAAM), the largest fund-of-hedge funds in the world by a sizeable margin. As new CEO, McCormick must...
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Keywords:
Asset Management;
Expansion;
Strategy;
Decision Choices and Conditions;
Financial Services Industry
Siriwardane, Emil, Luis M. Viceira, and Shawn O'Brien. "Blackstone Alternative Asset Management in 2018." Harvard Business School Case 219-063, January 2019. (Revised March 2020.)
- September 2018 (Revised June 2019)
- Case
THE VELUX FOUNDATIONS: Selecting Impact Funds
By: Vikram Gandhi, Caitlin Reimers Brumme and Nathaniel Schwalb
After much internal debate, THE VELUX FOUNDATIONS of Denmark have decided to allocate a small percentage of their investment portfolio to impact investments. Cambridge Associates, one of the leading investment advisory firms in the world, has been engaged to assist...
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Keywords:
Impact Investing;
Mission-Related Investing;
Foundations;
Investment;
Venture Capital;
Corporate Social Responsibility and Impact;
Strategy;
Investment Funds;
Decision Making;
Consulting Industry;
Financial Services Industry;
Denmark;
Europe
Gandhi, Vikram, Caitlin Reimers Brumme, and Nathaniel Schwalb. "THE VELUX FOUNDATIONS: Selecting Impact Funds." Harvard Business School Case 819-021, September 2018. (Revised June 2019.)
- July 2018 (Revised July 2018)
- Teaching Note
Argentina Power—Don’t Cry for Me Argentina
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
Teaching Note for HBS No. 218-041. This case concerns a complex potential energy infrastructure investment in Argentina by a global conglomerate shortly after Mauricio Macri (“Macri”) became President of Argentina in 2015. The central issues are (i) why was a country...
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- July 2018
- Article
Global Collaborative Patents
By: Sari Pekkala Kerr and William R. Kerr
We study the prevalence and traits of global collaborative patents for U.S. public companies, where the inventor team is located both within and outside of the United States. Collaborative patents are frequently observed when a corporation is entering into a new...
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Keywords:
Innovation;
Ethnic Networks;
Migration;
Technology Transfer;
Mobility;
Information Technology;
Globalized Firms and Management;
Diasporas;
Patents;
Ethnicity;
Entrepreneurship;
Research and Development;
Foreign Direct Investment;
Innovation and Invention;
Globalization;
United States
Kerr, Sari Pekkala, and William R. Kerr. "Global Collaborative Patents." Economic Journal 128, no. 612 (July 2018): F235–F272.
- May 2018 (Revised June 2018)
- Case
Ashar Group: Brokers and Co-opetition in the Life Settlement Industry
By: Alexander Braun, Lauren H. Cohen, Christopher J. Malloy and Jiahua Xu
Connecting life insurance policyholders with potential investors (called Life Settlement Providers), Ashar Group plays a pivotal role in the industry. Its current position is, however, increasingly being challenged by consumer-direct models, led by major providers...
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Keywords:
Insurance;
Investment;
Markets;
Competitive Strategy;
Cooperation;
Financial Services Industry
Braun, Alexander, Lauren H. Cohen, Christopher J. Malloy, and Jiahua Xu. "Ashar Group: Brokers and Co-opetition in the Life Settlement Industry." Harvard Business School Case 218-109, May 2018. (Revised June 2018.)
- February 2018 (Revised August 2018)
- Case
Blue Haven Initiative: The PEGAfrica Investment
By: Vikram S. Gandhi, Caitlin Reimers Brumme and Amram Migdal
This case examines Blue Haven Initiative (BHI), an impact investing fund and family office, and one of its investments, PEGAfrica (PEG). BHI founder Liesel Pritzker Simmons’ motivations for using her family wealth to start a family office focused on impact investing,...
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Keywords:
Impact Investing;
Family Office;
Development;
International Development;
International Development Investing;
Development Fund;
Sustainability;
Solar Energy;
Solar;
Pay As You Go;
PAYG;
MFI;
Social Venture;
Business Ventures;
Acquisition;
Business Growth and Maturation;
Business Startups;
Economics;
Development Economics;
Energy;
Energy Conservation;
Energy Sources;
Renewable Energy;
Social Entrepreneurship;
Finance;
Assets;
Asset Pricing;
Capital;
Capital Budgeting;
Capital Structure;
Venture Capital;
Cash;
Cash Flow;
Currency;
Currency Exchange Rate;
Equity;
Private Equity;
Financial Instruments;
Debt Securities;
Stock Shares;
Financing and Loans;
Microfinance;
International Finance;
Investment;
Investment Return;
Investment Activism;
Investment Funds;
Investment Portfolio;
Price;
Geography;
Geographic Location;
Emerging Markets;
Ownership;
Ownership Stake;
Private Ownership;
Social Enterprise;
Value;
Valuation;
Value Creation;
Energy Industry;
Financial Services Industry;
Green Technology Industry;
Africa;
United States
Gandhi, Vikram S., Caitlin Reimers Brumme, and Amram Migdal. "Blue Haven Initiative: The PEGAfrica Investment." Harvard Business School Case 318-003, February 2018. (Revised August 2018.)
- 2018
- Chapter
Transportation Cost and the Geography of Foreign Investment
By: Laura Alfaro and Maggie Chen
Falling transportation costs and rapid technological progress in recent decades have precipitated an explosion of cross-border flows in goods, services, investments, and ideas led by multinational firms. Extensive research has sought to understand the geographic...
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Alfaro, Laura, and Maggie Chen. "Transportation Cost and the Geography of Foreign Investment." In Handbook of International Trade and Transportation, edited by Bruce Blonigen and Wesley W. Wilson. Edward Elgar Publishing, 2018.
- August 2017 (Revised January 2020)
- Case
PFA Pension: Expansion of Alternatives Portfolio
By: Victoria Ivashina, Federica Gabrieli and Jérôme Lenhardt
PFA Pension was the biggest commercial pension provider in Denmark. At the end of 2015, the company had decided to boost its investments into the alternative asset class, an area where it was lagging behind its competitors. The aim was to privilege direct investments...
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Ivashina, Victoria, Federica Gabrieli, and Jérôme Lenhardt. "PFA Pension: Expansion of Alternatives Portfolio." Harvard Business School Case 218-025, August 2017. (Revised January 2020.)
- May 2017
- Teaching Note
Partners Group: Ain't No Mountain High Enough
Partners Group (PG), a Swiss-based PE manager, initiated a series of strategic shifts and evolved from a predominately fund-of-funds manager into a large, multi-asset class PE firm focused on direct investments. PG was the first PE firm to go public in 2006. A number...
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- March 2017 (Revised May 2019)
- Case
Marketing Transformation at Mastercard
By: Sunil Gupta, Srinivas K. Reddy and David Lane
Since 2013, Mastercard CMO M.V. Rajamannar (Raja) had transformed the firm's marketing by using unique experiences, digital technology, and social media to intensify linkages not only with cardholders, but also with Mastercard's direct bank and merchant stakeholders....
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Keywords:
Mastercard;
Financial Services;
Ingredient Brand;
B2B2C;
Experiential Marketing;
Digital Marketing;
ROI;
Marketing;
Customer Focus and Relationships;
Business and Stakeholder Relations;
Brands and Branding;
Internet and the Web;
Investment Return;
Financial Services Industry
Gupta, Sunil, Srinivas K. Reddy, and David Lane. "Marketing Transformation at Mastercard." Harvard Business School Case 517-040, March 2017. (Revised May 2019.)
- Article
Gains from Foreign Direct Investment: Macro and Micro Approaches
By: Laura Alfaro
This paper discussed the importance of an “integrated approach” to the study of the effects of FDI on host countries. Macro-level work that examines countries at different stages of development and institutional capacity is needed to surface the role of local...
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Alfaro, Laura. "Gains from Foreign Direct Investment: Macro and Micro Approaches." World Bank Economic Review 30, Suppl. 1 (March 2017): S2–S15. (World Bank’s ABCDE Conference Keynote Presentation. Published early online March 23, 2016.)
- January 2017 (Revised March 2017)
- Case
IBM Transforming, 2012–2016: Ginni Rometty Steers Watson
By: Rosabeth Moss Kanter and Jonathan Cohen
To transform IBM for the next technology wave, Ginni Rometty, who became CEO in 2012, led divestment of declining businesses, made acquisitions in digital innovation and cloud computing, formed partnerships with former competitors such as Apple and tech startups, and...
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Keywords:
Digital;
Technological Change;
Artificial Intelligence;
Data;
IBM;
Watson;
Internet Of Things;
Innovation and Invention;
Management;
Sales;
Information Technology;
Technological Innovation;
Transformation;
AI and Machine Learning
Kanter, Rosabeth Moss, and Jonathan Cohen. "IBM Transforming, 2012–2016: Ginni Rometty Steers Watson." Harvard Business School Case 317-046, January 2017. (Revised March 2017.)
- 2017
- Chapter
Multinational Activity in Emerging Markets: How and When Does Foreign Direct Investment Promote Growth?
By: Laura Alfaro
Among the prominent economic trends in recent decades is the exponential increase in flows of goods and capital driven by technological progress and a falling number of restrictions. A key driver of this phenomenon has been the cross-border production, foreign...
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Keywords:
Multinational Activity;
Growth;
Spillovers;
Complementarities;
Foreign Direct Investment;
Emerging Markets;
Growth and Development;
Multinational Firms and Management
Alfaro, Laura. "Multinational Activity in Emerging Markets: How and When Does Foreign Direct Investment Promote Growth?" In Geography, Location, and Strategy. Vol. 36, edited by Juan Alcácer, Bruce Kogut, Catherine Thomas, and Bernard Yin Yeung, 429–462. Advances in Strategic Management. Emerald Publishing Limited, 2017.
- September 2016
- Case
Partners Group: Ain't No Mountain High Enough
By: Nori Gerardo Lietz and Ricardo Andrade
Partners Group (PG), a Swiss-based PE manager, initiated a series of strategic shifts and evolved from a predominately fund-of-funds manager into a large, multi-asset class PE firm focused on direct investments. PG was the first PE firm to go public in 2006. A number...
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Lietz, Nori Gerardo, and Ricardo Andrade. "Partners Group: Ain't No Mountain High Enough." Harvard Business School Case 217-035, September 2016.
- September 2016 (Revised September 2016)
- Case
The Tavistock Group and the Australian Agricultural Company
By: Dante Roscini and Matthew Preble
In late 2015, Dr. Shehan Dissanayake, a managing director and board member of Bahamian investment firm The Tavistock Group (Tavistock), the largest shareholder in the Australian Agricultural Company (AACo), one of the country's largest agribusinesses, faces a...
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Keywords:
Agribusiness;
Foreign Direct Investment;
Cross-Cultural and Cross-Border Issues;
Business and Government Relations;
Agriculture and Agribusiness Industry;
Australia;
Bahamas
Roscini, Dante, and Matthew Preble. "The Tavistock Group and the Australian Agricultural Company." Harvard Business School Case 717-009, September 2016. (Revised September 2016.)
- August 2016
- Teaching Note
The Role of Real Estate in Endowment Portfolios: The Case of Christ Church College
By: Arthur I. Segel and Alexander W. Schultz
The case centers on Christ Church’s Treasurer, James Lawrie, who is contemplating his options for investing a portion of the College’s endowment in real estate. Approximately 1/3 of the total $690 million endowment was allocated towards real estate, much higher than...
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- August 2016 (Revised July 2017)
- Case
Diageo and Mey Icki: Turkish Delight or Turkish Hangover?
By: Dante Roscini and Gamze Yucaoglu
In September 2013, two years after its $2.1 billion acquisition of Mey Icki Sanayi ve Ticaret AS (Mey Icki), the principal spirits company in Turkey specializing in the local beverage, raki, Diageo, the world’s leading premium drinks company, was concerned about new...
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Keywords:
Foreign Direct Investment;
Emerging Markets;
Government Legislation;
Taxation;
Valuation;
Business and Government Relations;
Government and Politics;
Risk Management;
Retail Industry;
Food and Beverage Industry;
Middle East;
Turkey
Roscini, Dante, and Gamze Yucaoglu. "Diageo and Mey Icki: Turkish Delight or Turkish Hangover?" Harvard Business School Case 717-005, August 2016. (Revised July 2017.)