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All HBS Web
(1,278)
- Faculty Publications (285)
- October 2022
- Case
Single.Earth
By: Rembrand Koning and Emer Moloney
Estonian greentech company Single.Earth is launching a nature-backed token that is linked to and funds the protection of a specific plot fo land. The first landowners had been onboarded to the company's Digital Twin, a virtual representation of the planet's natural...
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Keywords:
Alternative Assets;
Business Startups;
Entrepreneurship;
Climate Change;
Environmental Sustainability;
Green Technology;
Natural Resources;
Pollution;
Analytics and Data Science;
Marketing;
Product Marketing;
Product Launch;
Product Positioning;
Markets;
Market Timing;
Strategy;
Green Technology Industry;
Estonia
- September 2022
- Article
Drivers of Philanthropic Foundations in Emerging Markets: Family, Values and Spirituality
By: Valeria Giacomin and Geoffrey Jones
This article discusses the ethics and drivers of philanthropic foundations in emerging markets. A foundation organizes assets to invest in philanthropic initiatives. Previous scholarship has largely focused on developed countries, especially the United States, and has...
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Keywords:
Philanthropy;
Foundations;
Spirituality;
Philanthropy and Charitable Giving;
Social Enterprise;
Emerging Markets;
Values and Beliefs;
Africa;
Asia;
Latin America;
Middle East
Giacomin, Valeria, and Geoffrey Jones. "Drivers of Philanthropic Foundations in Emerging Markets: Family, Values and Spirituality." Journal of Business Ethics 180, no. 1 (September 2022): 263–282. (https://doi.org/10.1007/s10551-021-04875-4.)
- August 2022
- Background Note
Retail Media Networks
By: Eva Ascarza, Ayelet Israeli and Celine Chammas
In 2022, retail media was one of the fastest growing segments in digital advertising. A retail media network (RMN) allows a retailer to use its assets for advertising. Retailers set up an advertising business by allowing marketers to buy advertising space across their...
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Keywords:
Advertisers;
Advertising Media;
Media And Broadcasting Industry;
Retail;
Retail Analytics;
Retail Promotion;
Retailing;
Ecommerce;
E-Commerce Strategy;
E-commerce;
Marketing Communication;
Targeting;
Targeted Advertising;
Targeted Marketing;
Advertising;
Marketing;
Marketing Communications;
Marketing Strategy;
Brands and Branding;
Media;
Marketing Channels;
Retail Industry;
Consumer Products Industry;
Advertising Industry;
United States
Ascarza, Eva, Ayelet Israeli, and Celine Chammas. "Retail Media Networks." Harvard Business School Background Note 523-029, August 2022.
- August 2022
- Case
SuperRare: Turning an NFT Marketplace into a DAO
By: Jeffrey J. Bussgang, Scott Duke Kominers and Amy Klopfenstein
In June 2021, John Crain and Jonathan Perkins, the founders of SuperRare, a marketplace for non-fungible tokens (NFTs), contemplate whether to transform their company into a decentralized autonomous organization (DAO). Crain and Perkins founded SuperRare in 2018 to...
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Keywords:
NFTs;
Crypto Economy;
Alternative Assets;
DAOs;
Arts;
Governance;
Governance Controls;
Governing Rules, Regulations, and Reforms;
Information Technology;
Technology Adoption;
Internet and the Web;
Digital Platforms;
Innovation and Invention;
Technological Innovation;
Disruptive Innovation;
Finance;
Currency;
Investment;
Markets;
Auctions;
Bids and Bidding;
Demand and Consumers;
Network Effects;
Market Design;
Market Transactions;
Market Timing;
Web Services Industry;
North and Central America;
United States
Bussgang, Jeffrey J., Scott Duke Kominers, and Amy Klopfenstein. "SuperRare: Turning an NFT Marketplace into a DAO." Harvard Business School Case 823-027, August 2022.
- Article
Why Build in Web3
By: Jad Esber and Scott Duke Kominers
A major change is coming to the internet. While today’s dominant platforms have guarded their troves of user data and maintained an advantage through network effects, new companies—working in what they're calling a “Web3” model—are proposing a new value proposition to...
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Keywords:
Blockchain;
User Experience;
Digital Platforms;
Network Effects;
Internet and the Web;
Competition;
Web Services Industry
Esber, Jad, and Scott Duke Kominers. "Why Build in Web3." Harvard Business Review Digital Articles (May 16, 2022).
- April 2022
- Article
Predictable Financial Crises
Using historical data on post-war financial crises around the world, we show that crises are substantially predictable. The combination of rapid credit and asset price growth over the prior three years, whether in the nonfinancial business or the household sector, is...
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Greenwood, Robin, Samuel G. Hanson, Andrei Shleifer, and Jakob Ahm Sørensen. "Predictable Financial Crises." Journal of Finance 77, no. 2 (April 2022): 863–921.
- March 2022 (Revised August 2022)
- Case
LooksRare: The Decentralized, Tokenized, NFT Marketplace
By: Scott Duke Kominers, Shai Bernstein and George Gonzalez
LooksRare launched a decentralized and anonymous organization to compete against NFT marketplace leader OpenSea. By launching its own cryptocurrency, LooksRare attempted to lure users with a digital rewards program. The nature of the organization and its business...
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Keywords:
NFTs;
Alternative Assets;
Blockchain;
Cryptocurrency;
Customer Relationship Management;
Market Entry and Exit;
Business Model;
Marketing
Kominers, Scott Duke, Shai Bernstein, and George Gonzalez. "LooksRare: The Decentralized, Tokenized, NFT Marketplace." Harvard Business School Case 822-119, March 2022. (Revised August 2022.)
- 2022
- Working Paper
Markups to Financial Intermediation in Foreign Exchange Markets
By: Jonathan Wallen
On average from 2013 to 2020, foreign asset managers in net sold forward 1.1 trillion U.S. dollars. This forward sale of dollars hedges the currency mismatch of foreign investment in U.S. dollar assets. By accommodating this demand, U.S. and European banks earn an...
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Keywords:
Foreign Exchange;
Financial Intermediation;
Arbitrage;
Market Power;
Regulations;
Currency;
Assets;
Interest Rates;
Banking Industry
Wallen, Jonathan. "Markups to Financial Intermediation in Foreign Exchange Markets." Working Paper, March 2022.
- February 2022 (Revised May 2022)
- Case
Jaypee Infratech and the Indian Bankruptcy Code
By: Kristin Mugford, William Vrattos and Radhika Kak
In 2016, India passed a new bankruptcy law (IBC) to counter a brewing bank crisis and increased corporate distress. Homebuilder Jaypee Infratech, one of India largest distressed companies (the “dirty dozen”) began restructuring under the IBC in 2017. Two years later,...
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Keywords:
Restructuring;
Decisions;
Judgments;
Voting;
Developing Countries and Economies;
Financial Crisis;
Public Sector;
Asset Pricing;
Borrowing and Debt;
Corporate Finance;
Credit;
Insolvency and Bankruptcy;
Debt Securities;
Bonds;
Investment Return;
Price;
Government Legislation;
Laws and Statutes;
Bids and Bidding;
Business and Stakeholder Relations;
Risk and Uncertainty;
Valuation;
Real Estate Industry;
India;
Delhi
Mugford, Kristin, William Vrattos, and Radhika Kak. "Jaypee Infratech and the Indian Bankruptcy Code." Harvard Business School Case 222-071, February 2022. (Revised May 2022.)
- January 2022
- Case
Fueling a Cleaner Future: ACWA Power and Green Hydrogen
By: Dennis Yao and Alpana Thapar
In January 2020, Paddy Padmanathan, president and CEO of ACWA Power, was reflecting on the company’s sixteen-year record of success and thinking about its future growth plans. Founded in 2004, ACWA Power was a Saudi Arabian developer, owner, and operator of power and...
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Keywords:
Green Hydrogen;
Energy;
Climate Change;
Supply Chain;
Business Model;
Growth and Development Strategy;
Green Technology;
Projects;
Alliances;
Environmental Sustainability;
Corporate Social Responsibility and Impact;
Energy Industry;
Saudi Arabia;
Middle East;
North Africa
Yao, Dennis, and Alpana Thapar. "Fueling a Cleaner Future: ACWA Power and Green Hydrogen." Harvard Business School Case 722-381, January 2022.
- 2022
- Working Paper
Heterogeneous Investors and Stock Market Fluctuations
By: Odhrain McCarthy and Sebastian Hillenbrand
We introduce a heterogeneous agent model which features extrapolative beliefs and time-varying risk aversion. The model leads to an empirical framework which we estimate with stock prices, survey data and risk aversion measures. We find that extrapolative beliefs and...
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McCarthy, Odhrain, and Sebastian Hillenbrand. "Heterogeneous Investors and Stock Market Fluctuations." Working Paper, January 2022.
- 2022
- Working Paper
The Fed and the Secular Decline in Interest Rates
In this paper I document a striking fact: a narrow window around Fed meetings fully captures the secular decline in U.S. Treasury yields since 1980. By contrast, yield movements outside this window are transitory and wash out over time. This is surprising because the...
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Keywords:
United States Treasury;
Monetary Policy;
Yield Curve;
Central Banking;
Interest Rates;
Valuation
Hillenbrand, Sebastian. "The Fed and the Secular Decline in Interest Rates." Working Paper, January 2022.
- 2021
- Working Paper
Limits to Bank Deposit Market Power
By: Juliane Begenau and Erik Stafford
Claims about the market power of bank deposits in the banking literature are numerous and far reaching. Recently, a causal narrative has emerged in the banking literature: market power in bank deposits, measured as imperfect pass-through of short-term market rates on...
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Keywords:
Bank Deposits;
Market Power;
Net Interest Margin (NIM);
Banks and Banking;
Interest Rates;
Risk and Uncertainty
Begenau, Juliane, and Erik Stafford. "Limits to Bank Deposit Market Power." Harvard Business School Working Paper, No. 22-039, November 2021.
- 2021
- Article
Venture Capital Booms and Startup Financing
By: William Janeway, Ramana Nanda and Matthew Rhodes-Kropf
We review the growing literature on the relationship between venture capital booms and startup financing, focusing on three broad areas: First, we discuss the drivers of large inflows into the venture capital asset class, particularly in recent years—which are related...
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Janeway, William, Ramana Nanda, and Matthew Rhodes-Kropf. "Venture Capital Booms and Startup Financing." Annual Review of Financial Economics 13 (2021): 111–127.
- October 2021
- Case
Yildiz Holding's Corporate Strategy: Managing Diversification for Growth
By: Juan Alcácer and Esel Çekin
The case opens in May 2018 with Nurtaç Ziyal Afridi, chief strategy and growth officer of Yıldız Holding, a Turkish conglomerate, reflecting on the group’s diversification journey. In ten years, the group had achieved a remarkable growth through diversification: seven...
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Keywords:
Strategy;
Diversification;
Growth Management;
Mergers and Acquisitions;
Global Strategy;
Restructuring;
Food and Beverage Industry;
North America;
United Kingdom;
Turkey;
Asia
Alcácer, Juan, and Esel Çekin. "Yildiz Holding's Corporate Strategy: Managing Diversification for Growth." Harvard Business School Case 722-366, October 2021.
- September 2021
- Case
TAV Airports: Acquiring Almaty International
By: Juan Alcácer and Esel Çekin
The case opens in April 2020 with Sani Şener, CEO of TAV Airports, a vertically integrated regional airport operator headquartered in Istanbul, Turkey, and his team discussing the pending acquisition of the Almaty International Airport in Kazakhstan. The company had...
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Keywords:
Airports;
COVID-19 Pandemic;
Strategy;
Mergers and Acquisitions;
Bids and Bidding;
Air Transportation Industry;
Central Asia;
Turkey
Alcácer, Juan, and Esel Çekin. "TAV Airports: Acquiring Almaty International." Harvard Business School Case 722-367, September 2021.
- August 2021 (Revised November 2021)
- Case
The NCB Capital Turnaround: Waking the Sleeping Giant
By: Sandra J. Sucher, Gamze Yucaoglu, Shalene Gupta and Fares Khrais
The case opens in 2019, five years after, Sarah Al Suhaimi, CEO of NCB Capital (NCBC), the investment arm of Saudi’s largest bank, NCB, took the helm. Having successfully turned the business to make it the market leader, she was contemplating her next steps as...
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Keywords:
Turnaround;
Investment Banking;
Financial Institutions;
Change Management;
Leadership;
Business Model;
Strategy;
Business and Stakeholder Relations;
Management Teams;
Asset Management;
Growth and Development Strategy;
Saudi Arabia
Sucher, Sandra J., Gamze Yucaoglu, Shalene Gupta, and Fares Khrais. "The NCB Capital Turnaround: Waking the Sleeping Giant." Harvard Business School Case 322-043, August 2021. (Revised November 2021.)
- July 2021 (Revised October 2021)
- Case
Allianz Customer Centricity: Is Simplicity the Way Forward?
By: Eva Ascarza and Emilie Billaud
This case explores the tradeoffs between product personalization and simplicity as companies grow. The case presents an opportunity to understand whether and how each of these approaches enables and/or limits companies’ abilities to provide customer satisfaction while...
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Keywords:
Simplicity;
Customer Focus and Relationships;
Customization and Personalization;
Customer Satisfaction;
Performance Efficiency;
Strategy;
Insurance Industry;
Europe;
Germany
Ascarza, Eva, and Emilie Billaud. "Allianz Customer Centricity: Is Simplicity the Way Forward?" Harvard Business School Case 522-008, July 2021. (Revised October 2021.)
- July 2021
- Article
Augmenting Markets with Mechanisms
By: Samuel Antill and Darrell Duffie
We explain how the common practice of size-discovery trade detracts from overall financial market efficiency. At each of a series of size-discovery sessions, traders report their desired trades, generating allocations of the asset and cash that rely on the most recent...
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Keywords:
Mechanism Design;
Price Impact;
Size Discovery;
Allocative Efficiency;
Workup;
Dark Pool;
Financial Markets;
Market Design;
Performance Efficiency
Antill, Samuel, and Darrell Duffie. "Augmenting Markets with Mechanisms." Review of Economic Studies 88, no. 4 (July 2021): 1665–1719.
- June 2021
- Case
Modern Endowment Management: Paula Volent and the Bowdoin Endowment
By: Luis M. Viceira, Emily R. McComb and Dean Xu
This case examines modern endowment investment management through the lens of a leadership transition between Chief Investment Officers (CIOs). In March 2021, Paula Volent is about to step down as the CIO of the endowment of Bowdoin College after twenty-one years, and...
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Keywords:
Investment Portfolio;
Investment Banking;
Growth Management;
Investment Return;
Capital Markets;
Interest Rates;
Competition;
Cost Management;
Risk Management;
Financial Liquidity;
Performance Evaluation
Viceira, Luis M., Emily R. McComb, and Dean Xu. "Modern Endowment Management: Paula Volent and the Bowdoin Endowment." Harvard Business School Case 221-101, June 2021.