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- 2024
- Working Paper
The Evolution of Financial Services in the United States
By: Robin Greenwood, David S. Scharfstein and Robert Ialenti
This article surveys the literature on the historical growth and transformation of the U.S. financial sector. The sector expanded rapidly between 1980 until 2006, when its contribution to GDP rose from 4.8% to 7.6%. After the Global Financial Crisis, the size of the... View Details
Keywords: Financial Crisis; Financial Institutions; Financial Markets; Growth and Development; Economic Sectors; Financial Services Industry
Greenwood, Robin, David S. Scharfstein, and Robert Ialenti. "The Evolution of Financial Services in the United States." Working Paper, November 2024.
- September 2024
- Case
TechEnergy Ventures: Innovating Through Corporate Venture Capital
By: Rebecca Karp and Lena Duchene
This case examines TechEnergy Ventures, the corporate venture capital (CVC) arm of the Techint Group, and its role in scaling innovation within the energy sector. Founded in 2021, TechEnergy Ventures operates with a mandate to invest in disruptive technologies to... View Details
Keywords: Transition; Alternative Energy; Renewable Energy; Metals and Minerals; Mining; Corporate Entrepreneurship; Climate Change; Environmental Sustainability; Corporate Finance; Venture Capital; Financial Strategy; Investment Portfolio; Growth and Development Strategy; Adaptation; Diversification; Innovation Strategy; Energy Industry; Financial Services Industry; Italy; Europe; Latin America; Argentina
- September 2024
- Supplement
Revenue Solutions, LLC (B)
By: Richard S. Ruback and Royce Yudkoff
Pre-abstract: Instructors should consider the timing of making videos available to students, as they may reveal key case details.
Abstract: This (B) case supplement is designed for use by faculty only to support classroom instruction in conjunction with "Revenue... View Details
Keywords: Financial Strategy; Financial Management; Marketing; Joint Ventures; Brands and Branding; Partners and Partnerships; Small Business; Ownership; Consumer Products Industry; United States; California
Ruback, Richard S., and Royce Yudkoff. "Revenue Solutions, LLC (B)." Harvard Business School Multimedia/Video Supplement 225-708, September 2024.
- Fall 2024
- Article
The Credit Rating Agency Market in Africa: Landscape and Future Research Directions
By: Saveshen Pillay and Anywhere Sikochi
We explore the role of credit ratings in global markets and highlight potential opportunities for research on the African credit rating agency market. We trace the evolution of credit ratings and conduct a comprehensive literature review of existing studies globally... View Details
Keywords: Credit Rating; Credit Rating Agencies; Credit; Conflict of Interests; Governing Rules, Regulations, and Reforms; Financial Markets; Africa
Pillay, Saveshen, and Anywhere Sikochi. "The Credit Rating Agency Market in Africa: Landscape and Future Research Directions." Journal of Financial Reporting 9, no. 2 (Fall 2024): 103–122.
- 2024
- Working Paper
Voting Rules, Turnout, and Economic Policies
By: Enrico Cantoni, Vincent Pons and Jérôme Schäfer
In recent years, voter ID laws and convenience voting have generated heated partisan debates. To shed light on these policy issues, we survey the recent evidence on the institutional determinants and effects of voter turnout and broaden the perspective beyond the most... View Details
Cantoni, Enrico, Vincent Pons, and Jérôme Schäfer. "Voting Rules, Turnout, and Economic Policies." NBER Working Paper Series, No. 32941, September 2024.
- 2024
- Working Paper
The Rise of Alternatives
By: Juliane Begenau, Pauline Liang and Emil Siriwardane
Since the 2000s, U.S. public pensions have shifted their risky investments towards alternative assets like private equity and hedge funds, some more aggressively than others. We explore several explanations for these cross-sectional trends, focusing on those implied by... View Details
Begenau, Juliane, Pauline Liang, and Emil Siriwardane. "The Rise of Alternatives." Harvard Business School Working Paper, No. 25-016, August 2024.
- 2024
- Working Paper
Does the Case for Private Equity Still Hold?
By: Nori Gerardo Lietz and Philipp Chvanov
Private Equity (“PE”) received a 10-fold increase in capital flows since the Great Financial Crisis (“GFC”) Investors sought higher nominal returns relative to those they could obtain in the public capital markets. This paper questions the fundamental assumptions... View Details
Lietz, Nori Gerardo, and Philipp Chvanov. "Does the Case for Private Equity Still Hold?" Harvard Business School Working Paper, No. 24-066, January 2024.
- 2024
- Working Paper
Valuing Stocks With Earnings
By: Sebastian Hillenbrand and Odhrain McCarthy
We show that commonly used aggregate earnings are several times as volatile as stock prices
over the last three decades. Movements in the price-earnings ratio are thus entirely explained by
earnings growth and unrelated to future returns. As an alternative to the... View Details
Hillenbrand, Sebastian, and Odhrain McCarthy. "Valuing Stocks With Earnings." Working Paper, April 2024.
- March 2024
- Case
East Rock Capital: 'Talent Is the Best Asset Class'
By: Boris Groysberg, Sarah L. Abbott and Izzy Yeoh
Adam Shapiro and Graham Duncan launched East Rock Capital, LLC in 2006 with a seed investment from Stuart Miller, executive chairman of Lennar Corporation. East Rock managed long-term assets for high-net-worth families, primarily working with external managers who had... View Details
Keywords: Alternative Assets; Hiring; HNW Products And Services; Recruiting; Hedge Funds; Wealth Management; Asset Management; Private Equity; Financial Institutions; Marketing Strategy; Growth and Development Strategy; Competitive Advantage; Financial Services Industry; United States
Groysberg, Boris, Sarah L. Abbott, and Izzy Yeoh. "East Rock Capital: 'Talent Is the Best Asset Class'." Harvard Business School Case 424-017, March 2024.
- 2024
- Report
The Economic Benefits of a Public Sector Nano, Micro, Small and Medium Enterprise (nMSME) Grading Agency: Evidence from Nigeria
By: Saveshen Pillay, Zaakirah Ismail, Anywhere Sikochi and Charles Odii
This is a summary of our working paper exploring the possibility of creating a public sector small and medium enterprise (SME) grading system in Emerging Markets. Using research and insights from ongoing work with the Nigerian government, the first country in Africa to... View Details
Pillay, Saveshen, Zaakirah Ismail, Anywhere Sikochi, and Charles Odii. "The Economic Benefits of a Public Sector Nano, Micro, Small and Medium Enterprise (nMSME) Grading Agency: Evidence from Nigeria." Report, March 2024.
- January 2024 (Revised February 2024)
- Case
TPG Rise Climate: Deploying 'Climate Capital'
By: Vikram S. Gandhi, David Allen, Sarah Mehta and Shannon Roche
This case is about TPG Rise Climate, a $7.3 billion climate impact fund launched in 2021 by alternative asset manager TPG. Climate investing is a complex, capital-intensive endeavor; entering it has forced TPG to think and act differently. Relative to other funds, Rise... View Details
Keywords: Energy; Environmental Management; Ownership; Science; Value; Asset Management; Investment Funds; Investment Portfolio; Financial Markets; Financial Services Industry; California; San Francisco; New York (city, NY)
Gandhi, Vikram S., David Allen, Sarah Mehta, and Shannon Roche. "TPG Rise Climate: Deploying 'Climate Capital'." Harvard Business School Case 824-077, January 2024. (Revised February 2024.)
- January 2024
- Article
A Cost Model for a Low Threshold Clinic Treating Opioid Use Disorder
By: Sarah E. Wakeman, Elizabeth Powell, Syed Shehab, Grace Herman, Laura Kehoe and Robert S. Kaplan
The US fee-for-service payment system under-reimburses clinics offering access to comprehensive treatments for opioid use disorder (OUD). The funding shortfall limits a clinic’s ability to expand and improve access, especially for socially marginalized patients with... View Details
Wakeman, Sarah E., Elizabeth Powell, Syed Shehab, Grace Herman, Laura Kehoe, and Robert S. Kaplan. "A Cost Model for a Low Threshold Clinic Treating Opioid Use Disorder." Journal of Behavioral Health Services & Research 51, no. 1 (January 2024): 22–30.
- 2022
- Working Paper
Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market
By: Zach Y. Brown, Mark Egan, Jihye Jeon, Chuqing Jin and Alex A. Wu
Index funds are one of the most common ways investors access financial markets and are perceived to be a transparent and low-cost alternative to active investment management. Despite these purported virtues of index fund investing and the introduction of new products... View Details
Keywords: Mutual Funds; Passive Investing; Asset Management; Financial Markets; Investment Funds; Financial Management; Financial Services Industry; United States
Brown, Zach Y., Mark Egan, Jihye Jeon, Chuqing Jin, and Alex A. Wu. "Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market." Harvard Business School Working Paper, No. 24-019, October 2023. (NBER Working Paper Series, No. 31778, October 2023.)
- June 2023
- Supplement
Roche: ESG and Access to Healthcare
By: George Serafeim
In May 2022, Roche Group, one of the largest healthcare companies in the world, hosted its first ESG investor event focused exclusively on its efforts to impact access to healthcare. While Roche had recently set an ambitious goal to double the number of patients that... View Details
Keywords: ESG (Environmental, Social, Governance) Performance; Sustainable Finance; Growth Strategy And Execution; Sustainability Targets; Impact Evaluation; Healthcare Access; Healthcare Innovation; Healthcare Systems; Healthcare Operations; Finance; Strategy; Health Testing and Trials; Health Care and Treatment; Growth Management; Measurement and Metrics; Innovation Strategy; Corporate Social Responsibility and Impact; Health Industry; Pharmaceutical Industry; Switzerland; North America; Europe; Asia; Latin America; Africa
Serafeim, George. "Roche: ESG and Access to Healthcare." Harvard Business School Multimedia/Video Supplement 123-713, June 2023.
- March 2023
- Case
Roche: ESG and Access to Healthcare
By: George Serafeim, Susanna Gallani and Benjamin Maletta
In May 2022, Roche Group, one of the largest healthcare companies in the world, hosted its first ESG investor event focused exclusively on its efforts to impact access to healthcare. While Roche had recently set an ambitious goal to double the number of patients that... View Details
Keywords: ESG (Environmental, Social, Governance) Performance; Sustainable Finance; Growth Strategy And Execution; Sustainability Targets; Impact Evaluation; Healthcare Access; Healthcare Innovation; Healthcare Systems; Healthcare Operations; Finance; Strategy; Health Testing and Trials; Health Care and Treatment; Growth Management; Measurement and Metrics; Innovation Strategy; Corporate Social Responsibility and Impact; Health Industry; Pharmaceutical Industry; Switzerland; North America; Europe; Asia; Latin America; Africa
Serafeim, George, Susanna Gallani, and Benjamin Maletta. "Roche: ESG and Access to Healthcare." Harvard Business School Case 123-075, March 2023.
- February 2023
- Article
A Different Framework to Achieve Universal Coverage in the U.S.
By: Katherine Baicker, Amitabh Chandra and Mark Shepard
This JAMA Forum discusses alternative ways to achieve universal coverage in the US such as administrative simplification in the Affordable Care Act plans to increase enrollment, having a basic policy that would be available to everyone, and options for supplemental... View Details
Baicker, Katherine, Amitabh Chandra, and Mark Shepard. "A Different Framework to Achieve Universal Coverage in the U.S." e230187. JAMA Health Forum 4, no. 2 (February 2023).
- January 2023 (Revised December 2023)
- Case
OhmConnect: Energizing the Future
By: Jeffrey F. Rayport, Jennifer Fonstad and Nicole Tempest Keller
Founded in 2013, OhmConnect was a free consumer web app that alerted customers about peak hours of electricity demand, and paid them to lower their energy use at home during these periods. The company sold the aggregated reductions generated by thousands of households... View Details
Keywords: App Development; Renewable Energy; Electricity Usage; Regulations; VC; Technology; Customer Acquisition Cost (CAC); Scalability; Applications and Software; Growth and Development Strategy; Governing Rules, Regulations, and Reforms; Business Model; Venture Capital; Energy Industry; United States; California; Texas; Europe
Rayport, Jeffrey F., Jennifer Fonstad, and Nicole Tempest Keller. "OhmConnect: Energizing the Future." Harvard Business School Case 823-065, January 2023. (Revised December 2023.)
- January 2023 (Revised June 2024)
- Case
Zaoui & Co. (A): Consigliere for High Stakes M&A Transactions
By: Ashish Nanda, Alex Kitsberg and Zack Kurtovich
In September 2019, Zaoui & Co.’s close-knit team of professionals convened for their annual off-site. In its nine years of operation, the boutique investment bank founded by the brothers Michael (HBS ’83) and Yoel Zaoui (Stanford GSB ’88), had garnered a track record... View Details
Keywords: Professional Service Firm; Entrepreneurship; Finance; Strategy; Investment Banking; Organizational Change and Adaptation; Growth and Development Strategy; Europe; United Kingdom
Nanda, Ashish, Alex Kitsberg, and Zack Kurtovich. "Zaoui & Co. (A): Consigliere for High Stakes M&A Transactions." Harvard Business School Case 723-399, January 2023. (Revised June 2024.)
- December 2022
- Technical Note
Risks and Opportunities from the Transition to a Low Carbon Economy: A Business Analysis Framework
By: George Serafeim
The transition to a low carbon economy introduces many risks and opportunities for businesses. Risks emerge from regulatory actions, such as carbon taxes and cap and trade systems, technological innovation that develop alternatives for customers making existing... View Details
Keywords: Risk Assessment; Opportunities; Environmental Sustainability; Carbon Footprint; Risk Management; Competitive Dynamics; Business Analysis; Climate Change; Accounting; Finance; Valuation; Business and Shareholder Relations; Technological Innovation; Transition; Product Positioning; Renewable Energy; Analysis
Serafeim, George. "Risks and Opportunities from the Transition to a Low Carbon Economy: A Business Analysis Framework." Harvard Business School Technical Note 123-014, December 2022.
- December 2022 (Revised August 2023)
- Case
Ribbit Capital and the Gauntlet Investment Opportunity
By: Shai Bernstein and Allison M. Ciechanover
Ten-year-old, Palo Alto-based Ribbit Capital is best-known for its global investments in fintech. The firm was also an early advocate of crypto and blockchain, having invested in more than two dozen startups in the space in the past decade. In the Spring of 2022,... View Details
Keywords: Alternative Assets; Cryptocurrency; Business Startups; Investment Portfolio; Decision Choices and Conditions; Negotiation Deal; Governing Rules, Regulations, and Reforms; Venture Capital; Financial Services Industry; California
Bernstein, Shai, and Allison M. Ciechanover. "Ribbit Capital and the Gauntlet Investment Opportunity." Harvard Business School Case 823-038, December 2022. (Revised August 2023.)