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- All HBS Web (493)
- Faculty Publications (117)
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- All HBS Web (493)
- Faculty Publications (117)
- 11 May 2021
- Blog Post
IPO or M&A? How Venture Capital Shapes a Startup's Future
database of startups and investors, to analyze collaboration patterns. The authors also sorted through press releases, news articles, and regulatory filings to augment and verify the data. Of the Crunchbase startups examined, 16...
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Keywords:
Venture Capital / Private Equity
- December 2020
- Article
Why Connect? Moral Consequences of Networking with a Promotion or Prevention Focus
By: F. Gino, T. Casciaro and M. Kouchaki
Networks are a key source of social capital for achieving goals in professional and personal settings. Yet, despite the clear benefits of having an extensive network, individuals often shy away from the opportunity to create new connections because engaging in...
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Keywords:
Networking;
Impurity;
Morality;
Motivation;
Regulatory Focus;
Networks;
Attitudes;
Moral Sensibility
Gino, F., T. Casciaro, and M. Kouchaki. "Why Connect? Moral Consequences of Networking with a Promotion or Prevention Focus." Journal of Personality and Social Psychology 119, no. 6 (December 2020).
- 2021
- Working Paper
Capitalism, Slavery, and the Legacy of Cesare Beccaria
The Milanese Marquis Cesare Beccaria (1738-1794) dedicated his life first to theorizing a more just and equal society grounded in individual rights, anchored in secular political economy rather than in religious dogma, then to realizing this bold vision...
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Reinert, Sophus A. "Capitalism, Slavery, and the Legacy of Cesare Beccaria." Harvard Business School Working Paper, No. 22-034, December 2021. (Revised January 2022.)
- March 2016 (Revised August 2018)
- Case
JPMorgan Chase after the Financial Crisis: What Is the Optimal Scope of the Largest Bank in the U.S.?
By: David Collis and Ashley Hartman
When Jamie Dimon took over as CEO of JPMorgan Chase & Co. (JPMorgan Chase) in 2005, he reaffirmed the commitment to pursue a "universal bank" strategy—providing a full range of products and services to both retail and wholesale clients. Yet the merits of the universal...
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Keywords:
Scope;
Regulatory Reforms;
Universal Banking;
Synergy;
Optimization;
Simplification;
Finance;
Strategy;
Business Strategy;
Financial Crisis;
Consolidation;
Corporate Strategy;
Diversification;
Governing Rules, Regulations, and Reforms;
Banking Industry;
Financial Services Industry
Collis, David, and Ashley Hartman. "JPMorgan Chase after the Financial Crisis: What Is the Optimal Scope of the Largest Bank in the U.S.?" Harvard Business School Case 716-448, March 2016. (Revised August 2018.)
- 2024
- Working Paper
The Fading Light of Democratic Capitalism: How Pervasive Cronyism and Restricted Suffrage Are Destroying Democratic Capitalism as a National Ideal…and What to Do about It
What are we to do about declining public trust and confidence in democratic capitalism, which many citizens consider a cornerstone of our national ideology and identity? While the answer is not entirely clear, I argue in this essay that any effort aimed at restoring...
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Salter, Malcolm S. "The Fading Light of Democratic Capitalism: How Pervasive Cronyism and Restricted Suffrage Are Destroying Democratic Capitalism as a National Ideal…and What to Do about It." Harvard Business School Working Paper, No. 24-062, March 2024.
- 2023
- Working Paper
Segmented Going-Public Markets and the Demand for SPACs
By: Angela Ma, Miles Zheng and Jessica Bai
We provide a regulatory-arbitrage-based explanation for the origin and proliferation of the Special Purpose Acquisition Company (SPAC). SPAC sponsors act as non-bank intermediaries, and the SPAC market structure appeals to yield-seeking investors and riskier,...
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Keywords:
Special Purpose Acquisition Companies;
Non-bank Intermediaries;
Regulatory Arbitrage;
Adverse Selection;
Initial Public Offering
Ma, Angela, Miles Zheng, and Jessica Bai. "Segmented Going-Public Markets and the Demand for SPACs." Working Paper, 2023.
- September 2013 (Revised November 2013)
- Case
AngelList
By: Ramana Nanda and Liz Kind
In early 2010, Naval Ravikant and Babak Nivi posted a list of angel investors on the Venture Hacks blog as a resource for founders looking for funding prior to seeking venture capital. The list quickly evolved into AngelList, a separate matchmaking platform for... View Details
Keywords:
Angel Investors;
Venture Capital;
Entrepreneurial Finance;
Finance;
Entrepreneurship;
Investment;
Financial Services Industry;
United States
Nanda, Ramana, and Liz Kind. "AngelList." Harvard Business School Case 814-036, September 2013. (Revised November 2013.)
- March 2011 (Revised February 2018)
- Supplement
Wealth Management Crisis at UBS (B)
By: George Serafeim
The case describes the resolution of the U.S. Department of Justice (DOJ) investigation for tax fraud and the increasing pressure on the wealth management business.
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Keywords:
Fraud;
Regulatory Enforcement;
Reputation Incentives;
Crony Capitalism;
Tax Havens;
Legitimacy;
Multinational;
Strategic Change;
Corporate Governance;
Incentives;
Transparency;
Financial Services;
Wealth;
Taxation;
Crime and Corruption;
Global Range;
Governance;
Business and Government Relations;
Asset Management;
United States
Healy, Paul M., George Serafeim, and David Lane. "Wealth Management Crisis at UBS (B)." Harvard Business School Supplement 111-090, March 2011. (Revised February 2018.)
- 2016
- Working Paper
Who Pays for White-Collar Crime?
By: Paul Healy and George Serafeim
Using a proprietary dataset of 667 companies around the world that experienced white-collar crime, we investigate what drives punishment of perpetrators of crime. We find a significantly lower propensity to punish crime in our sample, where most crimes are not reported...
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Keywords:
Crime;
Gender Bias;
Women;
Women Executives;
Corruption;
Legal Aspects Of Business;
Firing;
Human Capital;
Human Resource Management;
Prejudice and Bias;
Crime and Corruption;
Judgments;
Law Enforcement;
Human Resources;
Corporate Governance;
Gender
Healy, Paul, and George Serafeim. "Who Pays for White-Collar Crime?" Harvard Business School Working Paper, No. 16-148, June 2016.
- August 2011 (Revised July 2012)
- Case
Mike Mayo Takes on Citigroup (A)
By: Suraj Srinivasan and Amy Kaser
The case details the conflict between Mike Mayo, an influential banking analyst and Citigroup about what Mayo considers aggressive accounting policies. Mike Mayo questions Citigroup's lack of a valuation allowance against their Deferred Tax Assets despite Citi's recent...
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Keywords:
Accounting;
Taxation;
Capital;
Financial Reporting;
Corporate Disclosure;
Valuation;
Banks and Banking;
Financial Strategy;
Money;
Conflict Management;
Capital Budgeting;
Asset Management;
Banking Industry
Srinivasan, Suraj, and Amy Kaser. "Mike Mayo Takes on Citigroup (A)." Harvard Business School Case 112-025, August 2011. (Revised July 2012.)
- January 1983 (Revised February 1988)
- Case
Hospital Corp. of America (A)
By: W. Carl Kester
HCAs ratio of debt to total capital is approaching 70%, jeopardizing its single-A bond rating. Students must determine an appropriate target debt ratio for HCA in light of its growth objectives, its acquisition strategy and its changing regulatory environment.
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Keywords:
Situation or Environment;
Capital Structure;
Health Care and Treatment;
Borrowing and Debt;
Health Industry;
Tennessee
Kester, W. Carl. "Hospital Corp. of America (A)." Harvard Business School Case 283-053, January 1983. (Revised February 1988.)
- January 1986 (Revised August 1994)
- Case
Citicorp--1985
Citicorp seeks to raise medium- or long-term funding and is considering floating rate versus fixed rate and domestic versus Eurodollar bonds. Case focuses on advantages/disadvantages of these different markets and discusses many of the innovative Floating Rate Notes...
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Mason, Scott P. "Citicorp--1985." Harvard Business School Case 286-053, January 1986. (Revised August 1994.)
- June 2006 (Revised April 2007)
- Case
Nephila: Innovation in Catastrophe Risk Insurance
By: Kenneth A. Froot and Michael Heinrich
At the cross-section of capital markets and the catastrophe insurance space stands the hedge fund Nephila. Nephila must decide how best to take advantage of the newly presented market opportunities post hurricanes Katrina, Wilma, and Rita. Nephila has a plethora of...
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Keywords:
Hedge Fund;
Investment Management;
Uncertainty;
Risk and Uncertainty;
Natural Disasters;
Insurance;
Capital Markets;
Investment Funds;
Financial Services Industry;
Insurance Industry;
Bermuda
Froot, Kenneth A., and Michael Heinrich. "Nephila: Innovation in Catastrophe Risk Insurance." Harvard Business School Case 206-130, June 2006. (Revised April 2007.)
- 09 Apr 2008
- Research & Ideas
The Matchmaker of the Modern Economy
A legendary professor at Harvard Business School for 40 years, Georges Doriot was a pivotal player in the founding of the modern venture capital industry. As Spencer E. Ante's new book notes, venture capital...
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Keywords:
by Spencer E. Ante
- Teaching Interest
Reimagining Capitalism: Business and Big Problems
By: George Serafeim
Professor Serafeim teaches with Professor Rebecca Henderson the course "Reimagining Capitalism: Business and Big Problems" in the second year of the MBA. Cases taught in this course include among others:
Fighting corruption and turning around an organization... View Details
Keywords:
Capitalism;
Corporate Accountability;
Leadership;
Sustainability;
Climate Change;
Inequality;
ESG;
"ESG (Environmental, Social, Governance) Performance;
Corporate Social Responsibility;
Culture;
Corporate Purpose;
Change;
Performance;
Strategy;
Measurement And Metrics;
Competitive Advantage
- 11 Apr 2023
- Research & Ideas
Is Amazon a Retailer, a Tech Firm, or a Media Company? How AI Can Help Investors Decide
industry lines as companies increasingly bring seemingly unrelated business lines together in unconventional ways. New research by Awada, Harvard Business School Professor Suraj Srinivasan, and doctoral student Paul J. Hamilton harnesses machine learning and View Details
- July 2015
- Article
A Behavioral Model of the Popularity and Regulation of Demandable Liabilities
By: Julio J. Rotemberg
Overoptimism regarding one's ability to arrive early in a queue is shown to rationalize deposit contracts in which people can withdraw their funds on demand even if consumption takes place later. Capitalized institutions serving overoptimistic depositors emerge in...
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Rotemberg, Julio J. "A Behavioral Model of the Popularity and Regulation of Demandable Liabilities." American Economic Journal: Macroeconomics 7, no. 3 (July 2015): 123–152.
- 2018
- Book
American Fair Trade: Proprietary Capitalism, Corporatism, and the 'New Competition,' 1890–1940
By: Laura Phillips Sawyer
American Fair Trade explores the contested political and legal meanings of the term fair trade from the late nineteenth century through the New Deal era. This history of American capitalism argues that business associations partnered with regulators to...
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Keywords:
Economic Systems;
Competition;
Policy;
Fairness;
History;
Governing Rules, Regulations, and Reforms;
United States
Phillips Sawyer, Laura. American Fair Trade: Proprietary Capitalism, Corporatism, and the 'New Competition,' 1890–1940. New York: Cambridge University Press, 2018.
- 18 May 2012
- News
Surf's up
- Article
Reaching for Yield in the Bond Market
By: Bo Becker and Victoria Ivashina
Reaching for yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyzes this phenomenon in the corporate bond market. Specifically, we show evidence for...
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Keywords:
Fixed Income;
Reaching For Yield;
Financial Intermediation;
Insurance Companies;
Insurance;
Assets;
Bonds;
Investment Return;
Investment Portfolio;
Risk Management;
Insurance Industry
Becker, Bo, and Victoria Ivashina. "Reaching for Yield in the Bond Market." Journal of Finance 70, no. 5 (October 2015): 1863–1902.