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- January 2023
- 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...
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- October 2022 (Revised January 2023)
- Case
Century Bank: Closing Time?
By: Lauren Cohen, Grace Headinger and Bill Kwon
Barry Sloane, second-generation Chairman, President, and CEO of his family’s bank, Century Bank, weighed whether to sell to Eastern Bank. As a small regional bank, Century faced a number of challenging trends, such as digitization and market share decline in the coming...
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Keywords:
Family Office;
Business Exit;
Banking;
Family;
Massachusetts;
Boston;
United States;
Acquisition;
Business Exit or Shutdown;
Family Business;
Family and Family Relationships;
Interpersonal Communication;
Decision Making;
Finance;
Banks and Banking;
Risk and Uncertainty;
Emotions;
Banking Industry;
Boston;
Massachusetts;
United States
- October 2022
- Case
Founders First Capital Partners
By: Brian Trelstad, Mel Martin and Amy Klopfenstein
In June 2021, Kim T. Folsom, the founder and CEO of revenue-based financing firm Founders First Capital Partners (FFCP), must decide whether to issue another loan to OnShore Technology Group, an up-and-coming software validation company. FFCP provided revenue-based...
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- 2022
- Working Paper
Perceptions about Monetary Policy
By: Michael D. Bauer, Carolin Pflueger and Adi Sunderam
We estimate perceptions about the Fed's monetary policy rule from micro data on professional forecasters. The perceived rule varies significantly over time, with important consequences for monetary policy and bond markets. Over the monetary policy cycle, easings are...
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- August 2022
- Case
NOW PT (A): Should We Invest?
By: George A Riedel, Amy Klopfenstein and Mel Martin
In fall 2021, a team of students from the HBS Impact Investing Fund considered Neurologic Optimal Wellness Physical Therapy (NOW PT) for a potential investment. Dr. Banks, the founder of NOW PT, drove to visit patients. She sought an investment from the fund to open a...
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- 2022
- Article
Regulatory Treatment of Changes in Fair Value and the Composition of Banks' Investment Portfolios
By: Michael Iselin, Jung Koo Kang and Joshua Madsen
In their implementation of Basel III, U.S. bank regulators are again including changes in the fair value of available-for-sale (AFS) debt securities in Tier 1 capital, but only for the largest U.S. banks. This paper investigates a potential impact of expanding this...
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- May 2022
- Case
From GOP to NFT: Anthony Scaramucci and the Launch of Flatter NFT
By: Lauren Cohen, Richard Ryffel and Grace Headinger
Anthony Scaramucci, Managing Director of SkyBridge Capital, considered whether he should officially greenlight the launch of SkyBridge’s own NFT platform — Flatter NFT. He had led the investment firm to push first into Bitcoin and then Ethereum to make SkyBridge a...
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Keywords:
Business Startup;
Fintech;
Technology;
Cryptocurrency;
Web3;
Business Startups;
Volatility;
Decision Making;
Entertainment;
Entrepreneurship;
Investment;
Strategic Planning;
Adoption;
Competitive Advantage;
Technology Adoption;
Finance;
Currency;
Banking Industry;
Banking Industry;
Banking Industry;
New York (city, NY)
- May 2022 (Revised June 2022)
- Case
Proposing to Redesign a Global Investment Bank
By: David G. Fubini
A major, NYC-based, global investment bank is looking to rethink its Systems strategy amid a rapidly evolving digital landscape. Your firm has served the client across most of its major geographies on a range of substantial Systems and IT efforts, but is facing...
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- 2022
- Working Paper
Distributional Consequences of Monetary Policy Across Races: Evidence from the U.S. Credit Register
By: Laura Alfaro, Ester Faia and Camelia Minoiu
We examine the consequences of monetary policy on racial disparities, focusing on the role of bank lending to firms through collateral and selection channels. Leveraging comprehensive loan-level data from the U.S. credit register (Y-14Q) of the Federal Reserve, we show...
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- Article
The Cross Section of Bank Value
By: Mark Egan, Stefan Lewellen and Adi Sunderam
We study the determinants of value creation in U.S. commercial banks. We develop novel measures of individual banks' productivities at collecting deposits and making loans. We relate these measures to bank market values and find that deposit productivity is responsible...
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- 2022
- Working Paper
Uniform Rate Setting and the Deposit Channel
By: Juliane Begenau and Erik Stafford
Banks do not completely pass-through changes in short-term market rates to depositors. The deposit channel of monetary policy proposes that banks choose the rate of pass-through across their branches based on local deposit market concentration, which consequently...
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- April 2022
- Teaching Note
Banorte Móvil: Data-Driven Mobile Growth
By: Ayelet Israeli and Carla Larangeira
In mid-2019, Carlos Hank was deliberating over the results for Banorte Móvil—the mobile application for Banorte, Mexico’s most profitable and second-largest financial institution. Hank, who had been appointed as Banorte´s Chairman of the Board in January 2015, had...
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- April 2022
- Case
Mastercard: Creating a World Beyond Cash
In late 2021, Mastercard CEO Michael Miebach and Chairman and former CEO Ajaypal “Ajay” Banga considered how Mastercard could best position itself for continued success in the years to come. Since Mastercard’s initial public offering in 2006, the company had grown and...
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Keywords:
Technological Innovation;
Leadership;
Leading Change;
Organizational Culture;
Business Strategy;
Change;
Change Management;
Money;
Cash;
Credit;
Financial Institutions;
Banks and Banking;
Central Banking;
Financial Instruments;
Credit Cards;
Financial Markets;
Globalization;
Innovation and Invention;
Innovation and Management;
Innovation Strategy;
Leadership Style;
Competitive Advantage;
Corporate Strategy;
Diversification;
Information Technology;
Banking Industry;
Banking Industry;
North and Central America;
United States;
New York (state, US)
- April 2022 (Revised August 2022)
- Case
Conflicts of Interest at Uptown Bank
By: Jonas Heese
In 2013, two employees debated whether to blow the whistle on their employer, Bell Bank, after completing an internal review that revealed undisclosed conflicts of interest. Bell Bank’s Asset Management business disproportionately invested clients’ money in Bell Bank’s...
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Keywords:
Whistleblower;
Whistleblowing;
Mutual Funds;
Conflicts Of Interest;
Decision Making;
Decisions;
Judgments;
Ethics;
Moral Sensibility;
Values and Beliefs;
Finance;
Financial Institutions;
Banks and Banking;
Financial Management;
Investment;
Investment Funds;
Governance;
Corporate Accountability;
Corporate Disclosure;
Corporate Governance;
Governance Compliance;
Governance Controls;
Policy;
Law;
Legal Liability;
Social Psychology;
Motivation and Incentives;
Perception;
Perspective;
Trust;
Financial Services Industry;
North and Central America;
United States
- February 2022 (Revised November 2022)
- Case
Fondeadora
Norman Müller and René Serrano, cofounders of Fondeadora, a Mexican “neobank,” had lined up a $12.5 million in Series A funding round in 2020 only to run into a major obstacle: The lead investor was Gradient Ventures, a venture firm launched by Alphabet, Inc., and...
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- 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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- December 2021
- Case
The Instant Payment Mandate: The Central Bank of Brazil and Pix
By: Lauren Cohen and Spencer C. N. Hagist
João M. P. De Mello and his team at the Central Bank of Brazil are preparing a move that would seek to tilt the scales in favor of financial inclusion for the entire country. The innovation at hand is the unprecedented nation-wide instant payment scheme: Pix. The fruit...
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- 2021
- Chapter
Business Continuity Insurance in the Next Disaster
By: Samuel Gregory Hanson, Adi Sunderam and Eric Zwick
This article draws lessons from the business support policies pursued in the COVID-19
pandemic to guide policy design for the next disaster. We contrast the performance
of the Paycheck Protection Program to the Main Street Lending Program to illustrate
how design...
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- August 2021
- Case
Apax Digital
By: Jo Tango and Alys Ferragamo
The Apax Digital team faced important decisions as they contemplated raising a second fund. Apax Digital Fund I was a $1.1 billion vehicle focused on mid-market growth equity and growth buyouts in the technology sector. The fund had performed well, and the Managing...
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- Article
The Harmonization of Lending Standards within Banks through Mandated Loan-Level Transparency
By: Jung Koo Kang, Maria Loumioti and Regina Wittenberg-Moerman
We explore whether the introduction of transparent reporting rules increases credit standard harmonization within a bank. We exploit the new loan-level reporting rules imposed on banks that borrow from the European Central Bank using repurchase agreements...
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