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- 2025
- Working Paper
Turning Away from the State: Trade Shocks and Informal Insurance in Brazil
By: Paula Rettl
How does economic globalization affect vote choices? Conventional wisdom holds that voters who lose from economic integration support parties that propose expanding the welfare state. However, in the Global South, where the state is frequently weak or under-resourced,... View Details
- February 2025
- Case
Unleashing Opportunities in Brazil’s Favelas
By: Brian Trelstad, Pedro Levindo and Lucas Cardoso
Keywords: Brazil
- January 2025 (Revised April 2025)
- Case
Mercado Libre: The Best Is Yet to Come
By: Krishna G. Palepu, Fernando Fragueiro, Carla Larangeira and Mariana Cal
In 2024, Marcos Galperín, CEO and co-founder of Mercado Libre, reflected on its 25-year rise as Latin America’s largest marketplace, fintech leader, and most valuable public company. With operations spanning 18 countries and a robust ecosystem combining e-commerce,... View Details
Keywords: Entrepreneurship; Multinational Firms and Management; Recruitment; Compensation and Benefits; Innovation Leadership; Innovation Strategy; Leadership Style; Business or Company Management; Management Practices and Processes; Management Succession; E-commerce; Emerging Markets; Distribution; Logistics; Organizational Culture; Organizational Design; Business Strategy; Competition; Technology Industry; Financial Services Industry; Retail Industry; Latin America; Mexico; Brazil; Argentina
- November 2024
- Teaching Note
Mercado Bitcoin: M&A, IPO, or Series B?
By: Raymond Kluender, Emanuele Colonnelli and Sabrina Howell
Teaching Note for HBS Case No. 825-047. In April 2021, Brazilian cryptocurrency platform Mercado Bitcoin, had to decide how to scale: go public, M&A with a bank, or take a VC big check. In a highly volatile market, Roberto Dagnoni, chairman of the board, viewed the... View Details
Keywords: Cryptocurrency; Mergers and Acquisitions; Business Growth and Maturation; Business Startups; Decision Making; Going Public; Ownership Stake; Strategic Planning; Venture Capital; Problems and Challenges; Business Cycles; Digital Platforms; Emerging Markets; Market Timing; Expansion; Diversification; Valuation; Value Creation; Investment Funds; Initial Public Offering; Price; Price Bubble; Negotiation Offer; Information Technology Industry; Financial Services Industry; Brazil; Latin America
- October 2024
- Case
Estímulo: Blended Finance in Brazil
By: Vikram S. Gandhi, James Barnett, Maxim Pike Harrell and Marina Osborn
In December 2022, Estímulo—a Brazilian impact investment fund supporting small businesses—found itself at a crossroads. The fund was established in 2020 to provide emergency relief through accessible credit and financial education. When low default rates from borrowers... View Details
- October 2024
- Case
Allurion: Competing in the Age of GLP-1
By: Satish Tadikonda, Rajiv Lal, David Lane and Sarah Sasso
Shantanu Gaur had built Allurion into a formidable business internationally, providing obesity patients with a less invasive option long before GLP-1 drugs became the latest craze. Selling Allurion's medical device across 60+ countries, he awaited FDA approval to bring... View Details
- August 2024 (Revised November 2024)
- Case
Mercado Bitcoin: M&A, IPO, or Series B?
By: Raymond Kluender, Emanuele Colonnelli, Sabrina T. Howell and Karina Souza
In April 2021, Brazilian cryptocurrency platform Mercado Bitcoin had to decide how to scale: go public, M&A with a bank, or take a VC big check. In a highly volatile market, Roberto Dagnoni, chairman of the board, viewed the unprecedent crypto momentum as a window of... View Details
Keywords: Cryptocurrency; Mergers and Acquisitions; Business Growth and Maturation; Business Startups; Decision Making; Going Public; Ownership Stake; Strategic Planning; Venture Capital; Problems and Challenges; Business Cycles; Digital Platforms; Emerging Markets; Market Timing; Expansion; Diversification; Valuation; Value Creation; Investment Funds; Initial Public Offering; Price; Price Bubble; Negotiation Offer; Financial Liquidity; Information Technology Industry; Financial Services Industry; Latin America; South America; Brazil; Sao Paulo; United States
- June 2024
- Case
Growing Foodology into Latin America's Largest Platform for Virtual Restaurants
By: Jorge Tamayo, Rembrand Koning and Jenyfeer Martinez Buitrago
This case delves into the expansion strategy of Foodology, a cloud kitchen startup based in Bogotá that operated across four Latin American countries (Colombia, Brazil, Mexico, and Peru). Co-founders Daniela Izquierdo and Juan Guillermo Azuero (both HBS, 2019) grappled... View Details
Keywords: Entrepreneurship; Food; Digital Platforms; Product Launch; Growth and Development Strategy; Business Strategy; Business Model; Business Startups; Profit; Marketing Strategy; Expansion; Diversification; Food and Beverage Industry; Latin America; South America; Colombia; Brazil; Mexico; Peru
- March–April 2024
- Article
Case Study: Navigating Labor Unrest
By: Jorge Tamayo
Paulo Ferreira, the president of Luna Brazil, has an ambitious plan to turn around the dismal performance of the plant he oversees in Campinas. The wrinkle is, he needs the buy-in of the powerful local union, which is still smarting from a 10-year-old labor conflict... View Details
- March 2024
- Case
Nomad: A License to Bank
By: Paul A. Gompers and Pedro Levindo
In late 2023, Lucas Vargas, CEO and co-founder of Nomad, a fintech that offered financial services in the United States for Brazilian residents, had to decide what to do to ensure the company’s continued expansion. Nomad launched its first product, a U.S. digital bank... View Details
Keywords: Mergers and Acquisitions; Business Startups; Customer Satisfaction; Decision Making; Entrepreneurship; Banks and Banking; Initial Public Offering; Global Strategy; Growth and Development Strategy; Brands and Branding; Marketing Strategy; Product Launch; Organizational Culture; Going Public; Ownership Stake; Innovation and Invention; Strategic Planning; Business and Government Relations; Business and Stakeholder Relations; Risk and Uncertainty; Business Strategy; Competitive Advantage; Corporate Strategy; Diversification; Expansion; Vertical Integration; Leadership; Law; Banking Industry; Technology Industry; Service Industry; Brazil; United States; North America; Latin America
- March 2024 (Revised February 2025)
- Case
Doing Business in São Paulo, Brazil
The case gives readers an overview of key factors of doing business in Brazil, including Brazil’s economic transformation since its colonial years until 2023, when leftist President Luiz Inácio Lula da Silva was sworn in for his third term, after the most polarized... View Details
- February 2024
- Supplement
Seeds of Innovation: GALY's Quest to Cultivate the Future of Agriculture in the Lab
By: George Serafeim
In 2023, Luciano Bueno, CEO and founder of plant cell culture agriculture company GALY, was considering the best path forward for his company as he planned to pitch Series B investors. GALY, founded in 2019, aimed to produce cotton and other crops from cells grown in... View Details
Keywords: Business Model; Green Technology; Goods and Commodities; Growth and Development Strategy; Science-Based Business; Entrepreneurship; Plant-Based Agribusiness; Business Startups; Decisions; Technological Innovation; Production; Entrepreneurial Finance; Agriculture and Agribusiness Industry; Technology Industry; Boston; Sao Paulo
- February 2024
- Case
Adventures Inc: 21st Century Brand Building
By: Boris Groysberg and Sarah L. Abbott
Founded in 2020, Adventures worked with celebrities in Brazil to create and launch digitally native brands. The idea was to match the celebrity’s skill in creating content and entertaining fans with Adventures’ skill in consumer packaged goods marketing and operations.... View Details
Keywords: Digital Brand; Influencer Marketing; Growth And Scaling; Capital Constraints; Brand Portfolio Strategy; CPG; Start-up; Celebrity Endorsement; Digital Marketing; Growth and Development Strategy; Entrepreneurship; Advertising; Social Media; Business Startups; Joint Ventures; Brands and Branding; Brazil
- December 2023
- Case
Raízen: Helping to Decarbonize the World?
By: Gunnar Trumbull, Pedro Levindo, Daniel Tong and Rafaella Mazza
Raízen, the world’s largest sugar and ethanol producer, strived to find ways to expand the second-generation ethanol (E2G) market, which it pioneered. The company planned to invest R$24 billion (around $4.6 billion) in 20 production plants, with a total capacity to... View Details
- October 2023 (Revised April 2024)
- Case
FARM Rio: Bringing a Brazilian Fashion Brand to the World
By: Isamar Troncoso and Jill Avery
FARM Rio, a twenty-six year old Brazilian fashion brand, had recently put down roots in the U.S. The brand, known for its bold, colorful, nature-inspired tropical prints, was testing the waters in Europe to assess if and how the brand should further expand globally.... View Details
- 2023
- Working Paper
Words Can Hurt: How Political Communication Can Change the Pace of an Epidemic
By: Jessica Gagete-Miranda, Lucas Argentieri Mariani and Paula Rettl
While elite-cue effects on public opinion are well-documented, questions remain as
to when and why voters use elite cues to inform their opinions and behaviors. Using
experimental and observational data from Brazil during the COVID-19 pandemic, we
study how leader... View Details
Keywords: Elites; Public Engagement; Politics; Political Affiliation; Political Campaigns; Political Influence; Political Leadership; Political Economy; Survey Research; COVID-19; COVID-19 Pandemic; COVID; Cognitive Psychology; Cognitive Biases; Political Elections; Voting; Power and Influence; Identity; Behavior; Latin America; Brazil
- September 2023 (Revised November 2023)
- Case
Seeds of Innovation: GALY's Quest to Cultivate the Future of Agriculture in the Lab
By: George Serafeim and Michael Norris
In 2023, Luciano Bueno, CEO and founder of plant cell culture agriculture company GALY, was considering the best path forward for his company as he planned to pitch Series B investors. GALY, founded in 2019, aimed to produce cotton and other crops from cells grown in... View Details
Keywords: Business Model; Green Technology; Goods and Commodities; Growth and Development Strategy; Science-Based Business; Entrepreneurship; Plant-Based Agribusiness; Business Startups; Decisions; Technological Innovation; Production; Agriculture and Agribusiness Industry; Technology Industry; Boston; Sao Paulo
- 2025
- Working Paper
Global Harms, Local Profits: How the Uneven Costs of Natural Disasters Affect Support for Green Political Platforms
By: Silvia Pianta and Paula Rettl
Large-scale fires are becoming increasingly common due to climate change. While conventional
wisdom suggests that firsthand experiences with natural disasters foster green coalitions
by raising awareness of environmental degradation, we propose an alternative... View Details
Keywords: Climate Impact; Politics; Environmental Issues; Environmental Protection; Economic Analysis; Economic Behavior; Economic Geography; Economy; Economics; Climate Change; Environmental Management; Political Elections; Natural Disasters; Green Technology; Environmental Sustainability; Latin America; Brazil
- April 2023 (Revised April 2023)
- Case
Eike Batista: Making or Breaking Brazil
By: Geoffrey Jones, Pedro Magalhães and Daniel Tong
- 2023
- Article
Comparison of COVID-19 Hospitalization Costs across Care Pathways: A Patient-level Time-driven Activity-based Costing Analysis in a Brazilian Hospital
By: Ricardo Bertoglio Cardoso, Miriam Allein Zago Marcolino, Milena Soriano Marcolino, Camila Felix Fortis, Leila Beltrami Moreira, Ana Paula Coutinho, Nadine Oliveira Clausell, Junaid Nabi, Robert S. Kaplan, Ana Paula Beck da Silva Etges and Carisi Anne Polanczyk
The COVID-19 pandemic raised awareness of the need to better understand where and how patient-level costs are incurred in health care organizations. This study used time-driven activity-based costing to estimate COVID-19 patient-level hospital costs in a Brazilian... View Details