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Harvard Endowment Grows to $32 Billion
The Harvard endowment grew by 21.4 percent to $32 billion for the fiscal year ended June 30, up $4.4 billion from the year before, according to the...
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  • January 2021
  • Teaching Note

Maritz Automotive
By: Ashley V. Whillans and Lamar Pierce
This case focuses on Charlotte Blank, the Chief Behavioral Officer at Maritz, as she tries to assist a major automotive manufacturer (CarCo) with increasing their sales by prepaying monthly bonuses to independently franchised car dealers and clawing them back if the...  View Details
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  • Article

Airbnb Slips a Grand Experiment Into Its IPO
By: Scott Duke Kominers
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  • October 2020 (Revised January 2021)
  • Case

Divesting Harvard's Endowment
By: Daniel Green, Luis M. Viceira and Holly Fetter
By early 2020 Harvard University was facing growing pressure from students, faculty, and alumni to divest its $40 billion endowment of financial stakes in fossil fuel producers. Its previous policy of avoiding the issue was quickly becoming outdated—$21 trillion of...  View Details
Keywords: Divestment; Harvard University; Esg; Higher Education; Investment Portfolio; Environmental Sustainability; Strategy; Corporate Social Responsibility And Impact
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  • April 2020
  • Case

Middlebury College: Energy2028
By: Brian Trelstad, Michael Norris and John McKinley
In 2018, Middlebury College’s board of trustees is considering a proposal called Energy2028 that would push the small, liberal arts and sciences college in Vermont to become a net zero carbon emitter, decrease energy usage by 25%, divest fossil fuels from its...  View Details
Keywords: Divestment; Energy; Higher Education; Energy Conservation; Climate Change
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  • February 2020
  • Case

Mission Related Investments at the Ford Foundation (A)
By: Shawn Cole, Michael Norris and T. Robert Zochowski
In 2017, Darren Walker, president of the Ford Foundation, one of the largest philanthropic foundations in the world, was preparing to meet with his board of directors to discuss beginning a mission related investments (MRI) program. Walker hoped to devote $1 billion of...  View Details
Keywords: Mission-related Investing; Philanthropy; Foundation; endowments; Socially Responsible Investing; Investment; Institutional Investing; Investment Activism; Governance; Corporate Social Responsibility And Impact; Mission And Purpose; Social Enterprise; Philanthropy And Charitable Giving; United States; New York (city, Ny)
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  • January 2020 (Revised April 2020)
  • Case

Fossil Fuel Divestment
By: Michael W. Toffel and Sarah Gulick
The president of Harvard University is facing growing pressure from students, alumni, and other climate change activists that are urging the university to divest its multi-billion dollar endowment from fossil fuel companies. The case summarizes the arguments for and...  View Details
Keywords: Divestment; Harvard University; Higher Education; Corporate Social Responsibility And Impact; Environmental Sustainability; Climate Change; Public Opinion; Ethics; Education Industry
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  • 2020
  • Article

Remaking the Imperial Presidency: The Mayaguez Incident of 1975 and the Contradictions of Credibility
By: Mattias Fibiger
This article argues that the Mayaguez incident of 1975 was a missed opportunity to establish a more democratic American foreign policy. President Gerald Ford managed the crisis with an eye toward domestic and international credibility. But his conception of credibility...  View Details
Keywords: Foreign Policy; Presidency; Ford Administration; Government And Politics; History; Crisis Management; United States
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  • November 2019
  • Article

Full Substitutability
By: John William Hatfield, Scott Duke Kominers, Alexandru Nichifor, Michael Ostrovsky and Alexander Westkamp
Various forms of substitutability are essential for establishing the existence of equilibria and other useful properties in diverse settings such as matching, auctions, and exchange economies with indivisible goods. We extend earlier models’ definitions of...  View Details
Keywords: Substitutability; Mathematical Methods; Auctions; Market Design
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  • November 2019
  • Article

When and Why Defaults Influence Decisions: A Meta-analysis of Default Effects
By: Jon M. Jachimowicz, Shannon Duncan, Elke U. Weber and Eric J. Johnson
When people make decisions with a pre-selected choice option—a “default”—they are more likely to select that option. Because defaults are easy to implement, they constitute one of the most widely employed tools in the choice architecture toolbox. However, to decide...  View Details
Keywords: Choice Architecture; Defaults; Default Effects; Decision Making; Behavior; Analysis
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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...  View Details
Keywords: Sustainability; Investment; Management; Strategy; Social Issues; Environmental Sustainability; Banking Industry
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  • July 2019 (Revised August 2020)
  • Case

Peabody Essex Museum: What Next?
By: V. Kasturi Rangan and Jeffrey F. Rayport
The case describes the 25-year transformation of Peabody Essex Museum, which was created in 1993 by the merger of two sub-scale predecessor cultural institutions, operating since 1799, in Salem, Massachusetts. Dan Monroe, its founding CEO, began a process of building...  View Details
Keywords: Museums; Strategy; Leadership; Transformation; Innovation Leadership; Strategic Planning
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  • 2019
  • Book

Patient Capital: The Challenges and Promises of Long-Term Investing
By: Victoria Ivashina and Josh Lerner
There has never been a greater need for long-term investments. And it is increasingly unlikely that the public sector will be willing or able to fill the gap. Those best positioned to address the long-run needs are likely to be the pools of capital in the hands of...  View Details
Keywords: Long-term Investing; Large Investors; Capital; Investment; Strategic Planning; Problems And Challenges; Opportunities; Society
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  • April 2019
  • Case

American Ballet Theatre
By: Anita Elberse, Tsubasa Nakajima and Melissa Rodman
Kara Medoff Barnett, executive director of American Ballet Theatre (ABT), widely regarded as one of the world’s premier ballet companies, faces several challenges. It is June 2018. Despite its prestige, the company’s $45 million annual budget and $22 million endowment...  View Details
Keywords: Performing Arts; Superstars; Talent; Talent Development; Non-profit; Contracts; Labor Economics; General Management; Arts; Entertainment; Media; Talent And Talent Management; Nonprofit Organizations; Marketing; Strategy
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  • 2019
  • Working Paper

Who Creates New Firms When Local Opportunities Arise?
By: Shai Benjamin Bernstein, Emanuele Colonnelli and Timothy McQuade
We examine the characteristics of the individuals who become entrepreneurs when local opportunities arise. We identify local demand shocks by linking fluctuations in global commodity prices to municipality level agricultural endowments in Brazil. We find that the firm...  View Details
Keywords: Entrepreneur; Entrepreneurship; Finance; Opportunities
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  • 2018
  • Working Paper

Full Substitutability
By: John William Hatfield, Scott Duke Kominers, Alexandru Nichifor, Michael Ostrovsky and Alexander Westkamp
Various forms of substitutability are essential for establishing the existence of equilibria and other useful properties in diverse settings such as matching, auctions, and exchange economies with indivisible goods. We extend earlier models’ definitions of...  View Details
Keywords: Substitutability; Mathematical Methods; Auctions; Market Design
Related
  • August 28, 2018
  • Article

Maintaining Trust When Agents Can Engage in Self-deception
By: Andres Babino, Hernan A. Makse, Rafael Di Tella and Mariano Sigman
The coexistence of cooperation and selfish instincts is a remarkable characteristic of humans. Psychological research has unveiled the cognitive mechanisms behind self-deception. Two important findings are that a higher ambiguity about others’ social preferences leads...  View Details
Keywords: Behavioral Economics; Cognitive Neuroscience; Corruption; Cooperation; Self-deception; Trust; Behavior
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  • 2019
  • Working Paper

Investing Outside the Box: Evidence from Alternative Vehicles in Private Equity
By: Josh Lerner, Jason Mao, Antoinette Schoar and Nan R. Zhang
This paper uses previously unexplored custodial data to examine the use of alternative investment vehicles in private equity over four decades. We document a steep increase in the capital directed to alternative vehicles, with these vehicles approaching a 40% share of...  View Details
Keywords: Investment Funds; Private Equity; Performance
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  • July 2018 (Revised July 2018)
  • Teaching Note

Argentina Power—Don’t Cry for Me Argentina
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
Teaching Note for HBS No. 218-041. This case concerns a complex potential energy infrastructure investment in Argentina by a global conglomerate shortly after Mauricio Macri (“Macri”) became President of Argentina in 2015. The central issues are (i) why was a country...  View Details
Keywords: Argentina; Argentine Exceptionalism; Finance; Infrastructure Finance; Investing; Finance; Inflation And Deflation; Government And Politics; Energy Generation; Infrastructure; Utilities Industry; Energy Industry; Financial Services Industry; Argentina; South America
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  • 2018
  • Working Paper

Helping Children Catch Up: Early Life Shocks and the Progresa Experiment
By: Achyuta Adhvaryu, Anant Nyshadham, Theresa Molina and Jorge Tamayo
Can investing in children who faced adverse events in early childhood help them catch up? We answer this question using two orthogonal sources of variation – resource availability at birth (local rainfall) and cash incentives for school enrollment – to identify the...  View Details
Keywords: Children; Welfare; Education; Investment; Programs
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  • June 2018 (Revised January 2019)
  • Teaching Note

Investing in Commodities at Global Endowment Management
By: Adi Sunderam
Teaching Note for HBS No. 218-005.  View Details
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Are you looking for?

Harvard Endowment Grows to $32 Billion
The Harvard endowment grew by 21.4 percent to $32 billion for the fiscal year ended June 30, up $4.4 billion from the year before, according to the...
→ Search All HBS Web