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- March 2021
- Case
Aligning Mission and Margin at Southern Bancorp
By: Rebecca M. Henderson, Brian Trelstad and Eren Kuzucu
In October 2020, after spending almost a decade to turnaround Southern Bancorp, an Arkansan bank founded with the mission to provide financial services to rural, underserved communities, CEO Darrin Williams is wondering how Southern Bancorp should continue to grow....
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- 2021
- Working Paper
Crisis Interventions in Corporate Insolvency
By: Samuel Antill and Christopher Clayton
We model the optimal resolution of insolvent firms in general equilibrium. Absent externalities, the optimal corporate-insolvency system encourages lending by letting banks assign liquidations ex-post. We show that a social planner optimally intervenes in such a system...
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- October 2020
- Case
HOPE and Transformational Lending: Netflix Invests in Black Led Banks
By: John D. Macomber and Janice Broome Brooks
Following the killing of George Floyd on Memorial Day in 2020, the large US corporation Netflix elected to make a "transformational deposit" of $10 million into Hope Credit Union (HCU), a small Black led community development finance institution (CDFI) based in...
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- 2020
- Working Paper
Long-Run Returns to Impact Investing in Emerging Markets and Developing Economies
By: Shawn Cole, Martin Melecky, Florian Mölders and Tristan Reed
There is growing interest in impact investing, the idea of deploying capital to obtain both financial and social or environmental returns. Examination of every equity investment made by the International Finance Corporation, one of the largest and longest-operating...
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- August 2020 (Revised May 2021)
- Case
PayPal: The Next Chapter
By: Michael Porter, Mark Kramer and Annelena Lobb
Can a social purpose and stakeholder capitalism confer a powerful competitive advantage in the age of COVID-19? For PayPal, the answer is yes. After spinning off from eBay in a 2015 IPO, the company declared its purpose as "democratizing financial services" by ensuring...
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- August 2020 (Revised November 2020)
- Case
George Soros: The Stateless Statesman
By: Geoffrey Jones and Wendy Ying
This case traces the business career and philanthropic activities of George Soros. The Hungarian-born Soros made a fortune as a hedge fund investor after establishing Quantum Fund on the tax haven island of Curaçao in the Netherlands Antilles in 1973 where he was...
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- June 2020
- Article
U.S. Monetary Policy and Emerging Market Credit Cycles
By: Falk Bräuning and Victoria Ivashina
Foreign banks’ lending to firms in emerging market economies (EMEs) is large and denominated predominantly in U.S. dollars. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical U.S. monetary easing cycle,...
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Keywords:
Global Business Cycle;
Monetary Policy;
Reaching For Yield;
Money;
Policy;
Credit;
Emerging Markets
- May 2020
- Case
Trust Merchant Bank
By: Ramon Casadesus-Masanell, Pippa Tubman Armerding, Dilyana Karadzhova Botha and Salim Dewji
Trust Merchant Bank (TMB), a leading bank in the Democratic Republic of Congo (DRC), needs to decide whether to enter the soon-to-be-liberalized insurance industry. Since its founding in 2004, TMB has played a pivotal role in reshaping the DRC banking landscape by...
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Keywords:
Retail Banking;
Financial Services;
Financial Inclusion;
Turnaround;
Fintech;
Banks and Banking;
Financial Condition;
Insurance;
Corporate Strategy;
Expansion;
Business Model;
Family Business;
Entrepreneurship;
Technology;
Monopoly;
Banking Industry;
Insurance Industry;
Africa;
Congo, Democratic Republic of the
- 2020
- Working Paper
Costly External Financing and Monetary Policy Transmission: Evidence from a Natural Experiment
By: Emily Williams
I provide new evidence that large and small banks have different external financing costs, which generates cross sectional variation in a deposits market pricing power channel of monetary policy transmission. I do so by exploiting a natural experiment using anti-trust...
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- April 2020 (Revised August 2020)
- Case
WeWork—November 2018
By: Paul A. Gompers, Patrick Sweeney and Alex Gachanja
In May 2017, SoftBank announced the official launch of the Vision Fund — which promptly became the largest technology-focused investment fund in the world, with nearly $100 billion in capital under its management. Reports from a few months prior hinted that SoftBank...
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- 2020
- Working Paper
Capital Regulation and Product Market Outcomes
By: Ishita Sen and David Humphry
We present evidence of product market adjustments and asset reorganizations from the largest ever shift in risk regulation in a developed insurance market. Using proprietary data on insurance risk exposures from the Bank of England, we develop a measure of regulatory...
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- November 2019
- Case
Floating the Exchange Rate: In Pursuit of the Chinese Dream
By: Laura Alfaro and Sarah Jeong
In the decades following 2005, China faced significant financial challenges. Inflation spiraled upwards and China’s economy stagnated in the wake of the Global Financial Crisis. The country’s leaders took an interventionist approach to weather the storm, controlling...
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- November 2019
- Case
Apple, Einhorn, and iPrefs (Abridged)
By: Carliss Y. Baldwin and W. Carl Kester
In March 2013, Apple Computer has a very large cash balance, and is under pressure to return cash to shareholders. Hedge fund manager David Einhorn thinks Apple can "unlock value" by issuing perpetual preferred stock, dubbed iPrefs. Henry Blodget, CEO of Business...
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- September 2019
- Article
Contingent Capital Trigger Effects: Evidence from Liability Management Exercises
By: Boris Vallée
This paper investigates the so called liability management exercises by European banks, which bear comparable effects to triggering contingent capital. I first explore the determinants of these exercises. I then study market reactions to these operations as well as...
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- August 2019 (Revised November 2019)
- Case
Sustainable Investing at J.P. Morgan Private Bank
By: Sara Fleiss and Luis Viceira
This case features Monica Issar, then Global Head of J.P. Morgan Endowments & Foundations Group in the Private Bank. In just five years, she and J.P. Morgan have grown the Outsourced Chief Investment Officer (OCIO) business from $5 billion in AUM from primarily family...
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- July 2019
- Article
Optimal Capital Structure and Bankruptcy Choice: Dynamic Bargaining vs Liquidation
By: Samuel Antill and Steven R. Grenadier
We model a firm’s optimal capital structure decision in a framework in which it may later choose to enter either Chapter 11 reorganization or Chapter 7 liquidation. Creditors anticipate equityholders’ ex-post reorganization incentives and price them into the ex-ante...
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- 2019
- Book
Fintech, Small Business & the American Dream: How Technology Is Transforming Lending and Shaping a New Era of Small Business Opportunity
By: Karen G. Mills
Fintech, Small Business & the American Dream describes the needs of small businesses for capital and demonstrates how technology—novel data sources, artificial intelligence, machine learning—will transform the small business lending market. This market has been...
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Keywords:
Fintech;
Big Data;
Data;
Technology;
Artificial Intelligence;
Great Recession;
Regulation;
Innovation;
Banks;
Lending;
Loans;
Access To Capital;
American Dream;
Community Banking;
Small Business Administration;
Entrepreneur;
Government;
Public Policy;
API;
Policy Making;
Small Business;
Financing and Loans;
Technological Innovation;
Financial Crisis;
Banks and Banking;
Governing Rules, Regulations, and Reforms;
Policy;
United States
- March 2019
- Case
Mahindra Finance
By: V.G. Narayanan and Tanvi Deshpande
Mahindra Finance is a non-banking lender operating mainly in the rural and semi-urban areas of India. Set up in 1991, the company had grown to become a market leader with assets of $8.5 billion and a presence in 3,30,000 villages across India. Since most of Mahindra's...
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- January 2019
- Case
First Aid Beauty
By: Karen Mills and Annie Dang
In 2008, Lilli Gordon, an experienced financial and skincare entrepreneur, founded First Aid Beauty (FAB). She had discovered a white space in the prestige beauty market: high-end skin solutions that were suitable for sensitive skin. After initial success through...
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- Article
The Hidden Costs of Initial Coin Offerings
By: Jeffrey J. Bussgang and Ramana Nanda
In recent years, much has been written about how the Blockchain is poised to transform traditional industries such as banking, real estate, and healthcare. More recently, it has gained attention as a way to finance new ventures, through what is known as an Initial Coin...
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