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- February 2021
- Article
A Dynamic Theory of Multiple Borrowing
By: Daniel Green and Ernest Liu
Multiple borrowing—a borrower obtains overlapping loans from multiple lenders—is a common phenomenon in many credit markets. We build a highly tractable, dynamic model of multiple borrowing and show that, because overlapping creditors may impose default externalities...
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- Article
The EU's Unsustainable Approach to Stakeholder Capitalism
By: Jesse M. Fried and Charles C.Y. Wang
A recent report by the EU claims that investor-driven short-termism is encouraging firms to return cash rather than invest it, which reduces capital available for investment in growth. The authors show that the data behind the report do not support its claims and...
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- 2020
- Working Paper
Venture Capitalists and COVID-19
By: Paul A. Gompers, Will Gornall, Steven N. Kaplan and Ilya A. Strebulaev
We survey over 1,000 institutional and corporate venture capitalists (VCs) at more than 900 different firms to learn how their decisions and investments have been affected by the COVID-19 pandemic. We compare their survey answers to those provided by a large sample of...
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- 2020
- Working Paper
The Allocation of Socially Responsible Capital
By: Daniel Green and Benjamin N. Roth
A rapidly increasing share of asset allocation decisions incorporate social values in addition to financial considerations. We argue that the most common strategies for socially motivated investing, which only consider the social value of the firms in an investors'...
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- April 2020
- Teaching Note
Glossier: Co-Creating a Cult Brand with a Digital Community
By: Jill Avery
Teaching Note for HBS No. 519-022. Flush with cash from its Series C fundraise, cult beauty brand Glossier considers its next phase of growth, facing critical decisions on how to allocate its capital to support various marketing communications and distribution...
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Keywords:
Digital Marketing;
Crowdsourcing;
Social Media;
Crm;
Startup;
Direct-to-consumer;
Dtc;
Marketing;
Marketing Strategy;
Brands And Branding;
Consumer Behavior;
Customer Relationship Management;
Venture capital;
Business Startups;
Entrepreneurship;
Beauty And Cosmetics Industry;
United States
- 2019
- Working Paper
Decarbonization Factors
By: Alex Cheema-Fox, Bridget LaPerla, George Serafeim, David Turkington and Hui (Stacie) Wang
In the face of accelerating climate change, investors are making capital allocations seeking to decarbonize portfolios by reducing the carbon emissions of their holdings. To understand the performance of portfolio decarbonization strategies and investor behavior...
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- September 2019
- Case
Shell: A Company of Opportunity?
By: Joseph B. Fuller and Emer Moloney
The Opportunity Hub was a cloud-based platform that enabled managers to market projects they were working on and associated resourcing needs as “Opportunity Owners” and employees, or “Opportunity Seekers,” to browse these statements of need and engage when they had...
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Keywords:
Business Divisions;
Change Management;
Competency And Skills;
Experience And Expertise;
Talent And Talent Management;
Energy;
Energy Sources;
Non-renewable Energy;
Renewable Energy;
Human Resources;
Employees;
Retention;
Collaborative Innovation And Invention;
Innovation And Management;
Innovation Strategy;
Technological Innovation;
Jobs And Positions;
Job Design And Levels;
Knowledge Sharing;
Knowledge;
Knowledge Use And Leverage;
Labor;
Human capital;
Labor Unions;
Leading Change;
Resource allocation;
Organizational Change And Adaptation;
Performance Evaluation;
Performance Productivity;
Strategic Planning;
Projects;
Motivation And Incentives;
Business Strategy;
Social And Collaborative Networks;
Technology Platform;
Chemical Industry;
Energy Industry;
Information Technology Industry;
Technology Industry;
United Kingdom;
Netherlands
- 2019
- White Paper
Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy
By: George Serafeim, T. Robert Zochowski and Jennifer Downing
Reimagining capitalism is an imperative. We need to create a more inclusive and sustainable form of capitalism that works for every person and the planet. Massive environmental damage, growing income and wealth disparity, stress, and depression within developed...
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- June 2019 (Revised October 2019)
- Technical Note
Note on the Future of Commerce
By: William R. Kerr, Daniel O'Connor and Nathaniel Schwalb
In 2019, the retail and consumer product industries were undergoing a significant transformation. Over the past 50 years, what was once a highly fragmented industry began to consolidate, digitize, and increase convenience while lowering costs. The winning enterprises...
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- February 2019 (Revised January 2020)
- Case
Pierre Foods Acquisition of Advance Foods (A)
By: Guhan Subramanian and Mike Harmon
This case (A), and its related cases (B-E), establish a setting to discuss an M&A transaction and some of the key legal contracts that are associated with it. In 2010, private equity backed food manufacturer Pierre Foods is contemplating the acquisition of a key...
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- January 2019
- Article
Pay Now or Pay Later? The Economics within the Private Equity Partnership
By: Victoria Ivashina and Josh Lerner
The economics of partnerships have been of enduring interest to economists, but many issues regarding intergenerational conflicts and their impact on the continuity of these organizations remain unclear. We examine 717 private equity partnerships and show that (a) the...
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- November 2018 (Revised October 2019)
- Case
Rebuilding Puerto Rico
By: Laura Alfaro, Laura Phillips Sawyer and Haviland Sheldahl-Thomason
On September 20, 2017, Hurricane Maria swept over Puerto Rico, devastating the island’s infrastructure and agriculture. The natural disaster was layered atop years of mounting financial distress. Before the hurricane, Puerto Rico had accumulated $74 billion in debt and...
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- September 2018
- Teaching Note
City Year at 30: Toward Long-Term Impact
By: Rosabeth Moss Kanter and Jonathan Cohen
This teaching note assists in the classroom instruction of the HBS No. 318-089, “City Year at 30: Toward Long-Term Impact.” It offers to instructors a case summary and analysis, along with student preparation questions and a guide for classroom discussion of the case....
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Keywords:
Scaling;
Education Entrepreneurship;
Education;
Service Operations;
Nonprofit Organizations;
Growth And Development Strategy;
Performance Efficiency;
Resource allocation;
Change Management;
Social Entrepreneurship;
Middle School Education;
Secondary Education;
Philanthropy And Charitable Giving;
Human capital;
Growth Management;
Service Delivery;
Organizational Design;
Social Enterprise;
Poverty;
United States
- June 2018
- Teaching Note
Zurich Insurance
By: Boris Groysberg, David Lane and Joni Coughlin
This teaching note addresses six cases in the Zurich Insurance series, the overview case (HBS No. 417-035) and five cases focused on particular change efforts (HBS Nos. 417-036 through 417-040).
Zurich Insurance was undergoing organizational change after... View Details
Zurich Insurance was undergoing organizational change after... View Details
Keywords:
Managing Change;
Human Capital;
Management;
Human Resources;
Leadership;
Insurance;
Organizational Change And Adaptation;
Organizational Culture;
Organizational Behavior;
Diversity Management;
Organizational Architecture;
Recruiting;
Succession Planning;
Management;
Organizational Culture;
Organizational Change And Adaptation;
Leading Change;
Human capital;
Human Resources;
Insurance;
Leadership;
Diversity;
Organizational Structure;
Recruitment;
Leadership Development;
Management Succession;
Insurance Industry
- April 2018 (Revised September 2018)
- Case
Impact Investing for Cancer
By: Richard G. Hamermesh and Matthew G. Preble
It is early 2018, and Emily Park, managing director of impact for the Abreu Family Office, is meeting the next day with Tomás and Maria Abreu to discuss the various ways in which the Abreus can allocate a planned $100 million to make a meaningful difference in cancer...
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- March 2018 (Revised June 2018)
- Case
City Year at 30: Toward Long-Term Impact
By: Rosabeth Moss Kanter and James Weber
In 2018, City Year was a 30-year-old nonprofit that recruited and organized teams of young-adult “volunteers” (corps teams) to provide a year of citizen service. It had 3,100 corps members serving in 327 schools located in 28 U.S. cities. In its early decades, City...
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Keywords:
Education;
Service Operations;
Nonprofit Organizations;
Growth And Development Strategy;
Performance Efficiency;
Resource allocation;
Change Management;
Social Entrepreneurship;
Middle School Education;
Secondary Education;
Philanthropy And Charitable Giving;
Human capital;
Growth Management;
Service Delivery;
Organizational Design;
Social Enterprise;
Poverty;
United States
- March 2018
- Case
Chaudhary Group: Rebuilding Nepal
By: Christopher J. Malloy, Lauren H. Cohen and Inakshi Sobti
After the 2015 Nepal earthquake, the Chaudhary Group, a billion-dollar conglomerate in Nepal, decides to play a pivotal role in rebuilding the country. The Group's philanthropic arm (Chaudhary Foundation) works with stakeholders and develops a blue print for short- and...
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Keywords:
Leadership;
Family Business;
Decision Choices And Conditions;
Developing Countries And Economies;
Social Entrepreneurship;
Values And Beliefs;
Venture capital;
Microfinance;
Geographic Location;
Collaborative Innovation And Invention;
Management;
Crisis Management;
Management Teams;
Resource allocation;
Business And Community Relations;
Business And Government Relations;
Natural Disasters;
Social And Collaborative Networks;
Social Issues;
Business Strategy;
Consumer Products Industry;
Banking Industry;
Auto Industry;
Real Estate Industry;
Travel Industry;
Nepal
- March 2018
- Supplement
Chaudhary Group: Rebuilding Nepal (B)
By: Christopher J. Malloy, Lauren H. Cohen and Inakshi Sobti
Supplements the (A) case. Having successfully spearheaded relief work in the aftermath of the Nepal earthquake, the Chaudhary Foundation envisions creating a more comprehensive and sustainable development model. They are keen to build a model village that integrates...
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Keywords:
Leadership;
Family Business;
Decision Choices And Conditions;
Developing Countries And Economies;
Social Entrepreneurship;
Values And Beliefs;
Venture capital;
Microfinance;
Geographic Location;
Collaborative Innovation And Invention;
Management;
Crisis Management;
Management Teams;
Resource allocation;
Business And Community Relations;
Business And Government Relations;
Natural Disasters;
Social And Collaborative Networks;
Social Issues;
Business Strategy;
Consumer Products Industry;
Banking Industry;
Auto Industry;
Real Estate Industry;
Travel Industry;
Nepal
- Article
Are Buybacks Really Shortchanging Investment?
By: Jesse M. Fried and Charles C.Y. Wang
It’s no secret that the American economy is suffering from the twin ills of slow growth and rising income inequality. Many lay the blame at the doors of America’s largest public corporations. The charge? These firms prefer to distribute cash generated from their...
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- January 2018 (Revised January 2019)
- Supplement
Capital Allocation at HCA
By: W. Carl Kester and Emily R. McComb