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Crane, D. B., and J.C. Linder. "The Strategy of a Merger: Fleet and Bank of New England." In
Proceedings of the Twenty-ninth Annual Conference on Bank Structure and Competition. Chicago, IL: Federal Reserve Bank of Chicago, 1993.
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Crane, D. B. "Customer Relationships in the 1990s." In
Financial Services: Perspectives and Challenges, edited by Samuel L. Hayes III. Boston, MA: Harvard Business School Press, 1993.
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Crane, D. B., and S. P. Bradley. "Managing a Bank Bond Portfolio over Time." In
Stochastic Programming, edited by M. A. H. Dempster. London: Academic Press, 1978.
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Villalonga, Belen, and Dwight B. Crane. "Spyder Active Sports - 2004 (TN)." Harvard Business School Teaching Note 207-036, October 2006. (Revised February 2009.)
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Crane, Dwight B., and John A. Davis. "Corbin Motors (TN)." Harvard Business School Teaching Note 803-007, July 2002. (Revised January 2007.)
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Crane, Dwight B., and Belen Villalonga. "Spyder Active Sports - 2004 Spreadsheet Supplement." Harvard Business School Spreadsheet Supplement 207-701, October 2006.
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Crane, Dwight B., and Ricardo Reisen de Pinho. "Ultra: The Quest for Leadership (TN) (A), (B) and (C)." Harvard Business School Teaching Note 206-150, June 2006.
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Crane, Dwight B. "Be Our Guest, Inc. TN." Harvard Business School Teaching Note 201-038, September 2000. (Revised March 2001.)
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Crane, Dwight B., and Indra Reinbergs. "Drivers of Industry Financial Structure." Harvard Business School Teaching Note 201-049, October 2000.
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Crane, Dwight B., and Indra Reinbergs. "Kendle International Inc. TN." Harvard Business School Teaching Note 201-014, October 2000.
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Crane, Dwight B., and Patrick Moreton. "Salomon and the Treasury Securities Auction TN." Harvard Business School Teaching Note 295-046, September 1994.
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Crane, D. B., J. O. Light, K. G. Palepu, and A. F. Perold. "Capital Market Intermediaries: Summary Observations on a Workshop Held at Harvard Business School." May 2003.
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All Publications
Mr. Crane was a member of the Finance Faculty at Harvard Business School for a number of years, working primarily in the field of financial institutions and corporate governance. He taught in the MBA and executive education programs at the School, most recently serving as Chair of the Owner/President Management Program and teaching Financial Management in this program for entrepreneurial executives. He continues to be a faculty member in "Making Corporate Boards More Effective" and other executive programs at the Harvard Business School.
Professor Crane was Senior Associate Dean at Harvard Business School for eight years, including service as Director of Faculty Development and Director of Research. Most recently he was the Chair of the School's European Research Initiative. He was also one of the faculty coordinators of the HBS Global Corporate Governance Initiative.
He has been a consultant to a number of financial institutions and companies in the United States and abroad. Professor Crane is a member of the Board of Legg Mason Partners Equity Funds and serves as Lead Director. He was formerly a Director of the Harvard Business School Publishing Corporation and has served on the boards of other private and public companies. He is also Chair of the Board of Trustees of Old South Church in Boston.
Professor Crane's research work has included a number of topics related to financial service firms, financial management and coporate governance. This work has led to several co-authored books, including The Global Financial System: A Functional Perspective and Doing Deals: Investment Banks at Work. He has also published numerous articles in Harvard Business Review, Financial Analysts Journal, Journal of Portfolio Management, Journal of Financial Services Research, California Management Review, and other journals.
Prior to joining the Harvard Business School faculty, Professor Crane was an economist and Director of Operations Research at Mellon Bank in Pittsburgh. He is a graduate of the Massachusetts Institute of Technology and attended the University of Michigan for his MBA. He received his Ph.D. in Economics from Carnegie Mellon University.
- Books
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- Crane, D. B., K. A. Froot, Scott P. Mason, André Perold, R. C. Merton, Z. Bodie, E. R. Sirri, and P. Tufano. The Global Financial System: A Functional Perspective. Boston: Harvard Business School Press, 1995. View Details
- Eccles, Robert G., and Dwight B. Crane. Doing Deals: Investment Banks at Work. Boston, MA: Harvard Business School Press, 1988. View Details
- Crane, D. B., Ralph C. Kimball, and William C. Gregor. The Effects of Banking Deregulation. Chicago: Association of Reserve City Bankers, 1983. View Details
- Crane, D. B., ed. Financial Management. New York: John Wiley & Sons, 1983. View Details
- Crane, D. B., and Michael J. Riley. NOW Accounts: Strategies for Financial Institutions. Lexington, MA: Lexington Books, 1977. View Details
- Bradley, S. P., and D. B. Crane. Management of Bank Portfolios. New York: John Wiley & Sons, 1975. View Details
- Journal Articles
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- Crane, Dwight B., and Ulrike Schaede. "Functional Change and Bank Strategy in German Corporate Governance." International Review of Law and Economics (December 2005). View Details
- Crane, Dwight B., and Z. Bodie. "The Design and Production of New Retirement Savings Products." Journal of Portfolio Management 25, no. 2 (winter 1999): 77–82. View Details
- Bodie, Z., and D. B. Crane. "Personal Investing: Advice, Theory, and Evidence." Financial Analysts Journal 53, no. 6 (November–December 1997). View Details
- Crane, D. B., and Z. Bodie. "Form Follows Function: The Transformation of Banking." Harvard Business Review 74, no. 2 (March–April 1996): 109–117. View Details
- Crane, Dwight B., and J. C. Linder. "Bank Mergers: Integration and Profitability." Journal of Financial Services Research 7, no. 1 (February 1993): 35–55. View Details
- Eccles, Robert G., Jr., and Dwight B. Crane. "Walking the Tightrope." Global Capital Markets Forum Institutional Investor (June 1988): 16–17. View Details
- Eccles, Robert G., Jr., and Dwight B. Crane. "Management Dilemmas in Securities Firms." Issue 726 International Financing Review (May 1988): 13–14. View Details
- Crane, D. B., and R. G. Eccles. "Commercial Banks: Taking Shape for Turbulent Times." Harvard Business Review 65, no. 6 (November–December 1987): 94–100. View Details
- Crane, D. B., and R. G. Eccles. "Managing through Networks in Investment Banking." California Management Review 30, no. 1 (fall 1987). View Details
- Crane, D. B., and Samuel L. Hayes III. "The Evolution of International Banking Competition and Its Implications for Regulation." Journal of Bank Research 14, no. 1 (spring 1983). View Details
- Crane, D. B., and S. L. Hayes III. "The New Competition in World Banking." Harvard Business Review 60, no. 4 (July–August 1982): 88–94. View Details
- Crane, D. B., Frederick Knoop, and William Pettigrew. "An Application of Management Science to Bank Borrowing Strategies." Interfaces 8, no. 1 (November 1977). View Details
- Crane, D. B. "A Study of Interest Rate Spreads in the 1974 CD Market." Journal of Bank Research 7, no. 3 (autumn 1976). View Details
- Crane, D. B. "Lessons from the 1974 CD Market." Harvard Business Review 53, no. 6 (November–December 1975). View Details
- Crane, D. B., and Stephen P. Bradley. "Simulation of Bond Portfolio Strategies: Laddered vs. Barbell Maturity Sturctures." Journal of Bank Research 6, no. 2 (summer 1975). View Details
- Crane, D. B., and Stephen P. Bradley. "Management of Commercial Bank Government Security Portfolios: An Optimization Approach Under Uncertainty." Journal of Bank Research 4, no. 1 (spring 1973). View Details
- Crane, D. B., and S. P. Bradley. "A Dynamic Model for Bond Portfolio Management." Management Science 19, no. 2 (October 1972). View Details
- Crane, D. B., and William L White. "Who Benefits from a Floating Prime Rate?" Harvard Business Review 50, no. 1 (January–February 1972). View Details
- Crane, D. B. "A Stochastic Programming Model for Commercial Bank Bond Portfolio Management." Journal of Financial and Quantitative Analysis 6, no. 3 (June 1971). View Details
- Crane, D. B. "Marketing Strategy and Bank Service Interaction: A Probability Model." Journal of Bank Research 1 (summer 1970). View Details
- Crane, D. B., and James R. Crotty. "A Two-Stage Forecasting Model: Exponential Smoothing and Multiple Regression." Management Science 13, no. 8 (April 1966). View Details
- Book Chapters
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- Crane, D. B., and J.C. Linder. "The Strategy of a Merger: Fleet and Bank of New England." In Proceedings of the Twenty-ninth Annual Conference on Bank Structure and Competition. Chicago, IL: Federal Reserve Bank of Chicago, 1993. View Details
- Crane, D. B. "Customer Relationships in the 1990s." In Financial Services: Perspectives and Challenges, edited by Samuel L. Hayes III. Boston, MA: Harvard Business School Press, 1993. View Details
- Crane, D. B., and S. P. Bradley. "Managing a Bank Bond Portfolio over Time." In Stochastic Programming, edited by M. A. H. Dempster. London: Academic Press, 1978. View Details
- Cases and Teaching Materials
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- Villalonga, Belen, and Dwight B. Crane. "Spyder Active Sports - 2004 (TN)." Harvard Business School Teaching Note 207-036, October 2006. (Revised February 2009.) View Details
- Villalonga, Belen, Dwight B. Crane, and James Quinn. "Spyder Active Sports - 2004." Harvard Business School Case 206-027, September 2005. (Revised April 2007.) View Details
- Crane, Dwight B., and John A. Davis. "Corbin Motors (TN)." Harvard Business School Teaching Note 803-007, July 2002. (Revised January 2007.) View Details
- Crane, Dwight B., and Belen Villalonga. "Spyder Active Sports - 2004 Spreadsheet Supplement." Harvard Business School Spreadsheet Supplement 207-701, October 2006. View Details
- Crane, Dwight B., and Ricardo Reisen de Pinho. "Ultra: The Quest for Leadership (TN) (A), (B) and (C)." Harvard Business School Teaching Note 206-150, June 2006. View Details
- Crane, Dwight B., and Ricardo Reisen de Pinho. "Ultra: The Quest for Leadership (A)." Harvard Business School Case 204-146, May 2004. (Revised April 2006.) View Details
- Crane, Dwight B., and Monika Stachowiak. "Deutsche Borse and the European Markets." Harvard Business School Case 206-082, January 2006. (Revised February 2006.) View Details
- Crane, Dwight B., and Julia Stevens. "Susan Griffin: Formulation of a Long-Term Investment Strategy." Harvard Business School Case 203-072, February 2003. (Revised December 2005.) View Details
- Lorsch, Jay W., Dwight B. Crane, and Ashley Robertson. "Kinetic Concepts, Inc." Harvard Business School Case 405-042, October 2004. (Revised July 2005.) View Details
- Davis, John A., Dwight B. Crane, and Kelly M. Mulderry. "Hancock Land Company and Hancock Lumber Company (A)." Harvard Business School Case 805-056, September 2004. (Revised June 2005.) View Details
- Davis, John A., and Dwight B. Crane. "Hancock Land Company and Hancock Lumber Company (B)." Harvard Business School Supplement 805-096, January 2005. (Revised June 2005.) View Details
- Davis, John A., Dwight B. Crane, and Kelly M. Mulderry. "Hancock Land Company and Hancock Lumber Company (C)." Harvard Business School Supplement 805-097, January 2005. (Revised June 2005.) View Details
- Davis, John A., Dwight B. Crane, and Jay W. Lorsch. "Hancock Land Company and Hancock Lumber Company (VHS Video)." Harvard Business School Video Supplement 805-703, June 2005. View Details
- Davis, John A., Dwight B. Crane, Kelly Mulderry, and Jay W. Lorsch. "Hancock Land Company and Hancock Lumber Company (DVD)." Harvard Business School Video Supplement 805-704, June 2005. View Details
- Crane, Dwight B., and Ricardo Reisen de Pinho. "Ultra: The Quest for Leadership (B)." Harvard Business School Case 204-147, May 2004. (Revised August 2004.) View Details
- Crane, Dwight B., and Ricardo Reisen de Pinho. "Ultra: The Quest for Leadership (C)." Harvard Business School Case 204-148, May 2004. (Revised August 2004.) View Details
- Crane, Dwight B., and David Foster. "VendQuest (A): The Business Idea." Harvard Business School Case 203-065, January 2003. (Revised May 2003.) View Details
- Crane, Dwight B., and David Foster. "VendQuest (B): Building the Management Team." Harvard Business School Case 203-066, January 2003. (Revised May 2003.) View Details
- Crane, Dwight B., and David Foster. "VendQuest (C): Financing the Company." Harvard Business School Case 203-067, January 2003. (Revised May 2003.) View Details
- Crane, Dwight B., and Richard L. Nolan. Working with Your "Shadow Partner": Building a High Tech Investment Portfolio. Harvard Business School Exercise 302-029, July 2001. View Details
- Crane, Dwight B., and Indra Reinbergs. "Note on Valuing Private Businesses." Harvard Business School Background Note 201-060, February 2001. (Revised April 2001.) View Details
- Crane, Dwight B., and Penny Joseph. "Be Our Guest, Inc." Harvard Business School Case 299-001, April 1999. (Revised March 2001.) View Details
- Crane, Dwight B. "Be Our Guest, Inc. TN." Harvard Business School Teaching Note 201-038, September 2000. (Revised March 2001.) View Details
- Crane, Dwight B., and Indra Reinbergs. "Note on Employee Stock Ownership Plans (ESOPs) and Phantom Stock Plans." Harvard Business School Background Note 201-034, November 2000. View Details
- Crane, Dwight B., and Indra Reinbergs. "Drivers of Industry Financial Structure." Harvard Business School Teaching Note 201-049, October 2000. View Details
- Crane, Dwight B., and Indra Reinbergs. "Drivers of Industry Financial Structure." Harvard Business School Exercise 201-039, September 2000. (Revised October 2000.) View Details
- Crane, Dwight B., and Indra Reinbergs. "Kendle International Inc. TN." Harvard Business School Teaching Note 201-014, October 2000. View Details
- Crane, Dwight B., Paul W. Marshall, and Indra Reinbergs. "Kendle International Inc." Harvard Business School Case 200-033, February 2000. (Revised October 2000.) View Details
- Crane, Dwight B., and Mathew M Millett. "Wiegandt GmbH Cologne." Harvard Business School Case 298-159, June 1998. (Revised April 1999.) View Details
- Crane, Dwight B., and Penny Joseph. "Investment Analysis Exercises." Harvard Business School Exercise 299-049, February 1999. (Revised March 1999.) View Details
- Crane, Dwight B., and Patrick Moreton. "Salomon and the Treasury Securities Auction TN." Harvard Business School Teaching Note 295-046, September 1994. View Details
- Crane, Dwight B., and W. James Whalen. "Dean Witter, Discover & Co." Harvard Business School Case 294-046, January 1994. (Revised June 1994.) View Details
- Crane, Dwight B. "Wesfarmers Limited.: The Dividend Decision." Harvard Business School Case 293-098, May 1993. (Revised October 1993.) View Details
- Crane, Dwight B. "Salomon and the Treasury Securities Auction: 1992 Update." Harvard Business School Supplement 293-057, October 1992. (Revised December 1992.) View Details
- Crane, Dwight B. "Salomon and the Treasury Securities Auction." Harvard Business School Case 292-114, March 1992. (Revised December 1992.) View Details
- Crane, Dwight B. "MNC Financial: The Credit Card Business." Harvard Business School Case 292-089, January 1992. (Revised July 1992.) View Details
- Crane, Dwight B. "Alex. Brown Incorporated." Harvard Business School Case 292-105, February 1992. (Revised July 1992.) View Details
- Crane, Dwight B., and Robert G. Eccles Jr. "Bankers Trust New York Corp." Harvard Business School Case 286-005, August 1985. (Revised July 1991.) View Details
- Crane, Dwight B. "Cumberland National Corp." Harvard Business School Case 288-064, June 1988. (Revised December 1989.) View Details
- Crane, Dwight B., and Robert G. Eccles Jr. "Union Carbide Deal, The ." Harvard Business School Case 288-065, June 1988. (Revised February 1989.) View Details
- Crane, Dwight B. "Merrill Lynch: Underwriting Beverly Enterprises (A)." Harvard Business School Case 286-027, October 1985. View Details
- Crane, Dwight B. "Merrill Lynch: Underwriting Beverly Enterprises (B)." Harvard Business School Supplement 286-028, October 1985. View Details
- Crane, Dwight B. "Metro Bank and Trust Co." Harvard Business School Case 282-022, January 1982. View Details
- Other Publications and Materials
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- Crane, D. B., J. O. Light, K. G. Palepu, and A. F. Perold. "Capital Market Intermediaries: Summary Observations on a Workshop Held at Harvard Business School." May 2003. View Details
- Research Summary
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Corporate scandals beginning in the late 1990s focused renewed attention on corporate governance, but significant cracks in the governance system also contributed to recent problems. Deregulation and growth of financial markets, as well as changes in the competitive environment, have had important consequences that weakened corporate governance. In essence, institutions that historically have played a significant role in governance now play a lesser role, as more reliance has been placed on the financial markets. Other aspects of the system have not picked up the slack. Banks, for example, have played a governance role in their credit approval process and monitoring of corporate performance after a loan has been granted. However, as companies increasingly by-pass financial institutions and go directly to the debt markets, the markets themselves must provide the monitoring and discipline.
The changing role of institutions places a greater burden on the quality of information available to the markets and the regulatory environment, but information intermediaries and regulation have not been up to the task. As a co-coordinator of the Schools Global Corporate Governance Initiative, Professor Crane is exploring with other faculty members the implications of this shift from institutions to a greater reliance on debt and equity markets in the US and elsewhere. This shift affects many aspects of governance and raises important questions about the design of effective corporate governance systems.
- Areas of Interest
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