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All HBS Web
(837)
- News (147)
- Research (518)
- Events (11)
- Multimedia (3)
- Faculty Publications (255)
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- 18 Apr 2022
- HBS Case
Dick’s Sporting Goods Followed Its Conscience on Guns—and It Paid Off
reaction on Wall Street was muted—and by the end of the day, Walmart, L.L. Bean, and Kroger all announced similar gun-sale restrictions of their own. Dick’s Sporting Goods did lose millions in sales in the months immediately following...
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Keywords:
by Jay Fitzgerald
- 2018
- Working Paper
Corporate Refinancing, Covenants, and the Agency Cost of Debt
By: Daniel Green
How valuable are restrictive debt covenants in reducing the agency costs of debt? I exploit the revealed preference decision to refinance fixed-coupon bonds, which weighs observable interest rate savings against the unobservable costs of a change in restrictive...
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Keywords:
Covenants;
Refinancing;
Corporate Bonds;
Agency Costs;
Debt Policy;
Borrowing and Debt;
Bonds;
Interest Rates
Green, Daniel. "Corporate Refinancing, Covenants, and the Agency Cost of Debt." Working Paper, 2018. (Revise and Resubmit, Journal of Finance.)
- 09 Dec 2002
- Research & Ideas
UnileverA Case Study
This article considers key issues relating to the organization and performance of large multinational firms in the post-Second World War period. Although foreign direct investment is defined by ownership and control, in practice the nature of that "control"...
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- 2020
- Working Paper
The Cost of Anonymous Lemons
By: Amar Bhidé
Rules that restrict information required in negotiated private transactions have spurred a vast increase in the scope of anonymous financial markets, particularly in the US. The subtle costs of the information restricting rules raise questions about the social value of...
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Keywords:
Information Asymmetry;
Securities;
Securitization;
Regulation;
Liquidity;
Information;
Financial Markets;
Governing Rules, Regulations, and Reforms;
Financial Liquidity
Bhidé, Amar. "The Cost of Anonymous Lemons." Harvard Business School Working Paper, No. 21-046, September 2020.
- October 2011 (Revised March 2015)
- Case
SKS and the AP Microfinance Crisis
By: Shawn Cole and Yannick Saleman
SKS, India's leading microfinance firm, is challenged when politicians declaim microfinance as exploitation of the poor and severely restrict business practices.
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Keywords:
Microfinance;
Government Administration;
Policy;
Capital Markets;
Crisis Management;
Poverty;
Financial Services Industry;
India
Cole, Shawn, and Yannick Saleman. "SKS and the AP Microfinance Crisis." Harvard Business School Case 212-018, October 2011. (Revised March 2015.)
- March 2017
- Supplement
Microfinance in India 2010-2016: Crisis and Recovery
By: Shawn Cole, Vikram Gandhi, Caitlin Reimers and Yannick Saleman
SKS, India's leading microfinance firm, is challenged when politicians declaim microfinance as exploitation of the poor and severely restrict business practices.
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Keywords:
Microfinance;
Government Administration;
Policy;
Capital Markets;
Crisis Management;
Poverty;
Financial Services Industry;
India
Cole, Shawn, Vikram Gandhi, Caitlin Reimers, and Yannick Saleman. "Microfinance in India 2010-2016: Crisis and Recovery." Harvard Business School Supplement 217-070, March 2017.
- 03 Nov 2020
- Working Paper Summaries
An Executive Order Worth $100 Billion: The Impact of an Immigration Ban’s Announcement on Fortune 500 Firms’ Valuation
- December 2019 (Revised November 2023)
- Background Note
Legal Analysis: Insider Trading Liability
By: Trevor Fetter, Eugene F. Soltes and Grant Wahlquist
There are numerous restrictions against trading on material, nonpublic information (MNPI)—typically called “insider trading.” This note describes the limitations facing managers and investors as enforced civilly and criminally within the United States.
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Fetter, Trevor, Eugene F. Soltes, and Grant Wahlquist. "Legal Analysis: Insider Trading Liability." Harvard Business School Background Note 320-080, December 2019. (Revised November 2023.)
- October 2013 (Revised November 2016)
- Case
Carbon Engineering
By: Joseph B. Lassiter III and Sid Misra
Dr. David Keith, President of Carbon Engineering, a company based in Calgary, Alberta, is commercializing a technology to capture carbon dioxide (CO2) from the atmosphere. The company plans to market the captured CO2 to produce low carbon transportation fuels in...
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Keywords:
Entrepreneurship;
Government Legislation;
Technological Innovation;
Climate Change;
Environmental Sustainability;
Risk and Uncertainty;
Research and Development;
Transportation;
Information Infrastructure;
Energy;
Forecasting and Prediction;
Energy Industry;
Green Technology Industry;
Industrial Products Industry;
Transportation Industry;
Utilities Industry;
Technology Industry;
Canada;
United States;
China;
India
Lassiter, Joseph B., III, and Sid Misra. "Carbon Engineering." Harvard Business School Case 814-040, October 2013. (Revised November 2016.)
- July 2005 (Revised August 2006)
- Background Note
Bribery in Business: A Legal Perspective
By: Lynn S. Paine and Christopher Bruner
Provides a brief overview of the concept of bribery and the principal rationales prompting restrictions on such conduct. Also, reviews some of the most important U.S. and international laws prohibiting various forms of bribery.
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Paine, Lynn S., and Christopher Bruner. "Bribery in Business: A Legal Perspective." Harvard Business School Background Note 306-012, July 2005. (Revised August 2006.)
- April 1991 (Revised July 1994)
- Case
Southland Corp. (B)
Examines Southland's financial difficulties following the LBO in 1987 up to the first restructuring plan in July 1990. The teaching objectives are: to explore the complexities of a failed leverage buyout and the operating restrictions that result from financial...
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Keywords:
Leveraged Buyouts;
Restructuring;
Equity;
Insolvency and Bankruptcy;
Financing and Loans;
Crisis Management
Ruback, Richard S. "Southland Corp. (B)." Harvard Business School Case 291-039, April 1991. (Revised July 1994.)
- November 2009 (Revised July 2011)
- Case
International Lobbying and The Dow Chemical Company (A)
By: Arthur A. Daemmrich
This case explores company strategy, business-government relations, and collective action challenges associated with international and domestic lobbying regarding regulation of the chemical industry. In the fall of 2006, a five-year legislative process for a major new...
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Keywords:
Governing Rules, Regulations, and Reforms;
Government Legislation;
Business and Government Relations;
Power and Influence;
Competitive Advantage;
Corporate Strategy;
Chemical Industry;
Manufacturing Industry;
Europe
Daemmrich, Arthur A. "International Lobbying and The Dow Chemical Company (A)." Harvard Business School Case 710-027, November 2009. (Revised July 2011.)
- 2022
- Working Paper
High-Yield Debt Covenants and Their Real Effects
By: Falk Bräuning, Victoria Ivashina and Ali Ozdagli
High-yield debt including leveraged loans is characterized by incurrence financial covenants, or “cov-lite” provisions. A traditional loan agreement includes maintenance covenants, which require continuous compliance with the covenant threshold, and their violation...
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Bräuning, Falk, Victoria Ivashina, and Ali Ozdagli. "High-Yield Debt Covenants and Their Real Effects." NBER Working Paper Series, No. 29888, March 2022.
- December 1989
- Article
On the Consistency of Short-Run and Long-Run Exchange Rate Expectations
By: K. A. Froot and T. Ito
This paper examines whether short-term exchange rate expectations 'overreact' by comparing them with long-term expectations. We develop a set of nonlinear restrictions linking expectations at different forecast horizons. The restrictions impose consistency, a property...
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Keywords:
Currencies;
Exchange Rates;
International Macroeconomics;
Monetary Policy;
Currency Controls;
Fixed Exchange Rates;
Floating Exchange Rates;
Currency Bands;
Currency Zones;
Currency Areas;
Rational Expectations;
Asset Pricing
Froot, K. A., and T. Ito. "On the Consistency of Short-Run and Long-Run Exchange Rate Expectations." Journal of International Money and Finance 8, no. 4 (December 1989): 487–510. (Revised from NBER Working Paper No. 2577, May 1988.)
- May 1992 (Revised August 1999)
- Case
Pinkerton (B)
The CEO of Pinkerton, a security guard service firm, is considering options to alter the company's current restrictive and expensive capital structure. A leveraged recap and initial public offering are considered.
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Mason, Scott P., Elizabeth Lawrence, and Adam Berger. "Pinkerton (B)." Harvard Business School Case 292-136, May 1992. (Revised August 1999.)
- April 1990 (Revised December 1992)
- Case
Cut Flower Industry in Colombia (Abridged)
By: James E. Austin
The Colombian Cut Flower Exporting Association faces several problems concerning local government regulations and import restrictions from the U.S. government. The Colombian Export Promotion Agency also faces decisions as to its policy stance toward the industry.
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Keywords:
Trade;
Governing Rules, Regulations, and Reforms;
Policy;
Business or Company Management;
Agriculture and Agribusiness Industry;
Colombia
Austin, James E. "Cut Flower Industry in Colombia (Abridged)." Harvard Business School Case 390-109, April 1990. (Revised December 1992.)
- March 2020 (Revised August 2020)
- Case
Culture at Google
By: Nien-hê Hsieh, Amy Klopfenstein and Sarah Mehta
Beginning in 2017, technology (tech) company Google faced a series of employee-relations issues that threatened its unique culture of innovation and open communication. Issues included protests surrounding Google’s contracts with the U.S. government, restrictions of...
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Keywords:
Human Resources;
Employee Relationship Management;
Recruitment;
Retention;
Resignation and Termination;
Labor;
Working Conditions;
Employment;
Labor Unions;
Wages;
Law;
Lawsuits and Litigation;
Rights;
Ethics;
Values and Beliefs;
Fairness;
Organizations;
Organizational Culture;
Mission and Purpose;
Social Psychology;
Attitudes;
Behavior;
Conflict Management;
Trust;
Motivation and Incentives;
Prejudice and Bias;
Power and Influence;
Information Technology;
Internet and the Web;
Information Infrastructure;
Society;
Social Issues;
Culture;
Civil Society or Community;
Demographics;
Diversity;
Ethnicity;
Gender;
Race;
Technology Industry;
North and Central America;
United States;
California
Hsieh, Nien-hê, Amy Klopfenstein, and Sarah Mehta. "Culture at Google." Harvard Business School Case 320-050, March 2020. (Revised August 2020.)
- April 2011
- Case
Kay Sunderland: Making the Grade at Attain Learning
By: Linda A. Hill and Heather Beckham
Kay Sunderland is an account director at Attain Learning Inc., a business training solutions company. In January 2011, one of Attain's most important clients, Juan Nunez of Gramen Equipment Company, contacts Sunderland with a request: Nunez would like Attain content...
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Keywords:
Communication;
Interpersonal Relations;
Personal Strategy & Style;
Creativity;
Conflict;
Interdepartmental Relations;
Talent Management;
Management Style;
Interpersonal Communication;
Talent and Talent Management;
Relationships;
Conflict and Resolution;
Communication Strategy;
Power and Influence;
Service Industry
Hill, Linda A., and Heather Beckham. "Kay Sunderland: Making the Grade at Attain Learning." Harvard Business School Brief Case 114-289, April 2011.
- October 2000 (Revised December 2004)
- Case
Richard Spellman (A)
Describes Richard Spellman's decision to leave his existing employer and join an Internet start-up as CEO. Focuses on the terms of a restricted stock agreement and employment agreement that must be negotiated. Includes first drafts of these two agreements.
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Keywords:
Contracts;
Agreements and Arrangements;
Internet and the Web;
Executive Compensation;
Personal Development and Career;
Business Startups;
Management Teams
Bagley, Constance E., and Michael J. Roberts. "Richard Spellman (A)." Harvard Business School Case 801-202, October 2000. (Revised December 2004.)