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How Chapter 11 Saved the US Economy
It's no surprise that Harvard Business School professor Stuart C. Gilson gave an enthusiastic thumbs-up to the recently announced $11 billion US...
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  • May 2021
  • Teaching Note

PayPal: The Next Chapter
By: Mark Kramer
Teaching Note for HBS Case No. 721-378.  View Details
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  • April 2021
  • Case

Glass-Shattering Leaders: Ilene H. Lang
By: Boris Groysberg and Colleen Ammerman
Ilene Lang started her career in technology at a time when the tech sector was new and women had only recently entered the workplace in large numbers. Over the next thirty years, she built a career spanning large and small tech companies, leading global teams and...  View Details
Keywords: Glass Ceiling; Leadership; Gender; Power and Influence
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  • 2021
  • Working Paper

No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions
By: Robert C. Merton and Richard T. Thakor
This paper analyzes the costs and benefits of a no-fault-default debt structure as an alternative to the typical bankruptcy process. We show that the deadweight costs of bankruptcy can be avoided or substantially reduced through no-fault-default debt, which permits a...  View Details
Keywords: No-fault Default; Chapter 11; Insolvency and Bankruptcy; Borrowing and Debt; Governing Rules, Regulations, and Reforms; Financial Institutions; Contracts
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  • December 2020
  • Case

PG&E and the First Climate Change Bankruptcy
By: Stuart C. Gilson and Sarah L. Abbott
In early 2020, the California-based utility PG&E filed a second amended plan of reorganization. PG&E had filed for Chapter 11 bankruptcy in the face of more than $30 billion of legal claims brought against it for its alleged role in causing California wildfires. The...  View Details
Keywords: Chapter 11; Utilities; Liabilities; Restructuring; Insolvency and Bankruptcy; Debt Securities; Legal Liability; Climate Change; Utilities Industry; United States
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  • 2020
  • Working Paper

Bankruptcy and the COVID-19 Crisis
By: Jialan Wang, Jeyul Yang, Benjamin Iverson and Ray Kluender
We examine the impact of the COVID-19 economic crisis on business and consumer bankruptcies in the United States using real-time data on the universe of filings. Historically, bankruptcies have closely tracked the business cycle and contemporaneous unemployment rates....  View Details
Keywords: Bankruptcy; Financial Distress; COVID-19; Insolvency and Bankruptcy; Financial Crisis; Health Pandemics; United States
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  • 2020
  • Working Paper

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 6 The Value Structure of Technologies, Part 1: Mapping Functional Relationships
By: Carliss Y. Baldwin
Organizations are formed in a free economy because an individual or group perceives value in carrying out a technical recipe that is beyond the capacity of a single person. Technology specifies what must be done, what resources must be assembled, what actions taken in...  View Details
Keywords: Modularity; Technology; Organizations; Value Creation
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  • 2020
  • Working Paper

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 7 The Value Structure of Technologies, Part 2: Strategy without Numbers
By: Carliss Y. Baldwin
Functional analysis as set forth in the last chapter decomposes a technical system into functional components that do things to advance the system’s purpose and the goals of its designers. Functional analysis in turn can be used to construct value structure maps...  View Details
Keywords: Modularity; Value Structure Mapping; Value Capture; Technology; Organizations; Strategy; Value Creation
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  • 2020
  • Working Paper

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 2 Transactions in a Task Network
By: Carliss Y. Baldwin
From the 1930s through today, many economists have conceived of large technical systems for the production of goods and services as a series of transactions. This point of view has led eminent economists to assert that transactions are the fundamental unit of analysis...  View Details
Keywords: Modularity; Technology; Organizations
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  • 2020
  • Working Paper

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 3 Transaction Free Zones
By: Carliss Y. Baldwin
In Chapter 2 we saw that the most economical locations for transactions in a task network are the so-called thin crossing points—places where transfers are easy to define, count and pay for. However, in many places in the task network, transfers of material, energy,...  View Details
Keywords: Modularity; Technology; Organizations
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  • 2020
  • Working Paper

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 4 The Mirroring Hypothesis: Linkages Inside and Across Transaction Free Zones
By: Carliss Y. Baldwin
A technology is a specific way to achieve a material goal. It describes a feasible path—a recipe—by which a group of people can arrive at a goal that none could achieve individually. Technical recipes thus require linkages between and among the various contributors to...  View Details
Keywords: Modularity; Mirroring Hypothesis; Technology; Organizations
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  • 2020
  • Working Paper

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 5 Ecosystems and Complementarities
By: Carliss Y. Baldwin
The purpose of this chapter is to introduce two new building blocks to the theory of how technology shapes organizations. The first is a new layer of organization structure: a business “ecosystem.” The second is the economic concept of “complementarity.” Ecosystems are...  View Details
Keywords: Business Ecosystems; Complementarity; Modularity; Technology; Organizations
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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...  View Details
Keywords: Mission and Purpose; Finance; Business and Stakeholder Relations; Social Entrepreneurship; Competitive Advantage; Financial Services Industry
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  • March 2020
  • Case

Sizmek Chapter 11: Surviving Walled Gardens in Their Ad Tech Empire
By: Ayelet Israeli, Danilo Tauro and Sarah Gulick
This case provides a post-mortem of the advertising technology (adtech) company Sizmek. Sizmek grew via multiple acquisitions, with the vision of becoming an integrated adtech company that could leverage AI to buy digital media, while creating and serving display and...  View Details
Keywords: Online Advertising; Insolvency and Bankruptcy; Mergers and Acquisitions; Software; Internet; Competition; Marketing; Advertising Industry; Web Services Industry; United States; Europe
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  • 2019
  • Working Paper

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 16 Capturing Value by Controlling Bottlenecks in Open Platform Systems
By: Carliss Y. Baldwin
The purpose of this chapter is to investigate the means by which firms capture value in open platform systems. I begin by arguing that the surplus value created by complementarities within a technical system will be split among the owners of the unique and essential...  View Details
Keywords: Open Platforms; Bottlenecks; Flow Production; Value Capture; Disintermediation; Production; Management
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  • 2019
  • Working Paper

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 17 The Wintel Standards-based Platform
By: Carliss Y. Baldwin
The purpose of this chapter is to use the theory of bottlenecks laid out in previous chapters to better understand the dynamics of an open standards-based platform. I describe how the Wintel platform evolved from 1990 through 2000 under joint sponsorship of Intel and...  View Details
Keywords: Open Platforms; Bottlenecks; Wintel Platform; Disintermediation; Hardware; Software; Business History; Computer Industry
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  • 2019
  • Working Paper

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 8 Rationalizing Flow Processes
By: Carliss Y. Baldwin
The purpose of this chapter is to examine the value structure of flow production processes and to explain why it is necessary to rationalize flow processes using the tools of systematic management. I first explain the problems facing managers of multi-step flow...  View Details
Keywords: Flow Processes; Bottlenecks; Systematic Management; Production; Management; Problems and Challenges
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  • 2019
  • Working Paper

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 9 Organizing to Rationalize
By: Carliss Y. Baldwin
The purpose of this chapter is to explain what the technologies of flow production with stochastic bottlenecks require and reward in organizations. I argue that organizations successfully implementing these technologies are likely to have unified governance and...  View Details
Keywords: Technology; Organizational Design; Management Teams; Business History
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  • 2019
  • Working Paper

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 10 Variations on the Theme of Flow Production
By: Carliss Y. Baldwin
The purpose of this chapter is to explore how technologies and organizations engaged in flow production evolve over time. To allow for an apples-to-apples comparison, I examine organizations using essentially the same physical technologies, making similar products, and...  View Details
Keywords: Flow Production; Ford; General Motors; Competitiveness; Technology; Organizational Design; Production; Auto Industry
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  • 2019
  • Chapter

Why a Chapter on Race, Work, and Leadership?
By: Laura Morgan Roberts, Anthony J. Mayo and Serenity Lee
In this chapter, Laura Morgan Roberts, Anthony J. Mayo, and Serenity Lee outline the rationale for the publication of an edited volume on race, work, and leadership that is squarely focused on the black experience.  View Details
Keywords: Race And Ethnicity; Race; Ethnicity; Diversity; Leadership
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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...  View Details
Keywords: Default; Dynamic Bargaining; Capital Structure; Insolvency and Bankruptcy; Mathematical Methods
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Are you looking for?

How Chapter 11 Saved the US Economy
It's no surprise that Harvard Business School professor Stuart C. Gilson gave an enthusiastic thumbs-up to the recently announced $11 billion US...
→ Search All HBS Web