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- February 2023
- Article
Disruption and Credit Markets
By: Bo Becker and Victoria Ivashina
We show that over the past half century innovative disruptions were central to understanding corporate defaults. In a given year, industries experiencing abnormally high VC or IPO activity subsequently see higher default rates, higher segment exits by conglomerates,...
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Becker, Bo, and Victoria Ivashina. "Disruption and Credit Markets." Journal of Finance 78, no. 1 (February 2023): 105–139.
- February 2023
- Article
OTC Intermediaries
By: Andrea L. Eisfeldt, Bernard Herskovic, Sriram Rajan and Emil Siriwardane
We study the effect of dealer exit on prices and quantities in a model of an over-the-counter (OTC) market featuring a core-periphery network with bilateral trading costs. The model is calibrated using regulatory data on the entire U.S. credit default swap (CDS) market...
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Keywords:
OTC Markets;
Intermediaries;
Dealers;
Credit Default Swaps;
Risk Sharing;
Financial Markets;
Networks;
Price;
Risk and Uncertainty
Eisfeldt, Andrea L., Bernard Herskovic, Sriram Rajan, and Emil Siriwardane. "OTC Intermediaries." Review of Financial Studies 36, no. 2 (February 2023): 615–677.
- 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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- January 2023
- Supplement
Zaoui & Co. (B): Executing the Odyssey SPAC Transaction
By: Ashish Nanda, Alex Kitsberg and Zack Kurtovich
In September 2019, founding partners Michael and Yoel Zaoui decided to add principal investing to Zaoui & Co.’s offerings. The case outlines how, over the next two years, Zaoui & Co. pursued the formation of a SPAC, Odyssey Acquisitions, followed by the identification...
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- January 2023
- Teaching Note
Identify the Health Care Venture
By: Regina E. Herzlinger and James Wallace
- January 2023
- Exercise
Identify the Health Care Venture
By: Regina E. Herzlinger and James Wallace
This case enables rapid learning of the key financial characteristics of many types of health care organizations and to diagnose their financial status. It is a surprisingly fun exercise (see the Teaching Note) accomplished by organizing groups of students that compete...
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Keywords:
Health Care;
Health Care Spending;
Health Care Financing;
Health Care Industry;
Health Care Operations;
Health Care Delivery
Herzlinger, Regina E., and James Wallace. "Identify the Health Care Venture." Harvard Business School Exercise 323-061, January 2023.
- January 2023
- Supplement
The END Fund (B)
By: V. Kasturi Rangan and Courtney Han
Founded in 2012, the END fund focused on eliminating five Neglected Tropical Diseases that accounted for 80% of the tropical diseases affecting nearly 1.5 billion people worldwide. Its roughly $25 million/year annual budget was fully committed when it got news that the...
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- January 2023
- Case
The END Fund: To Eliminate Neglected Tropical Diseases
By: V. Kasturi Rangan and Courtney Han
Founded in 2012, the END fund focused on eliminating five Neglected Tropical Diseases that accounted for 80% of the tropical diseases affecting nearly 1.5 billion people worldwide. Its roughly $25 million/year annual budget was fully committed when it got news that the...
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- January 9, 2023
- Editorial
The Pursuit of Profit with Purpose Requires Patience
By: George Serafeim
Keywords:
Corporate Purpose;
Purpose;
Purpose Of Business Schools;
Entrepreneur;
Mission and Purpose;
Corporate Social Responsibility and Impact;
Profit;
Entrepreneurship
Serafeim, George. "The Pursuit of Profit with Purpose Requires Patience." Financial Times (January 9, 2023).
- January 2023
- Case
Cleave Therapeutics: Taking a Risk on Oncology Drug Discovery
By: Regina Herzlinger and Brian Walker
How can a successful executive assess her next move as the CEO of a firm with a promising and yet uncertain new drug? Amy Burroughs’ mandate to find a therapeutic window for Cleave Therapeutics oncology drug was on track but faced an uncertain future. Overseeing the...
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- 2023
- Working Paper
Public Perception and Autonomous Vehicle Liability
By: Julian De Freitas, Xilin Zhou, Margherita Atzei, Shoshana Boardman and Luigi Di Lillo
The deployment of autonomous vehicles (AVs) and the accompanying societal and economic benefits will greatly depend on how much liability AV firms will have to carry for accidents involving these vehicles, which in turn impacts their insurability and associated...
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Keywords:
Autonomous Vehicles;
Moral Judgment;
Liabilities;
Harm;
Insurance;
Moral Sensibility;
Legal Liability;
Risk and Uncertainty;
Technological Innovation;
Public Opinion
De Freitas, Julian, Xilin Zhou, Margherita Atzei, Shoshana Boardman, and Luigi Di Lillo. "Public Perception and Autonomous Vehicle Liability." Harvard Business School Working Paper, No. 23-036, January 2023. (Revised January 2023.)
- 2023
- Working Paper
Achieving Universal Health Insurance Coverage in the United States: Addressing Market Failures or Providing a Social Floor?
By: Katherine Baicker, Amitabh Chandra and Mark Shepard
The United States spends substantially more on health care than most developed countries, yet leaves a greater share of the population uninsured. We suggest that incremental insurance expansions focused on addressing market failures will propagate inefficiencies and...
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Baicker, Katherine, Amitabh Chandra, and Mark Shepard. "Achieving Universal Health Insurance Coverage in the United States: Addressing Market Failures or Providing a Social Floor?" NBER Working Paper Series, No. 30854, January 2023.
- December 2022 (Revised January 2023)
- Case
Marfrig's Quest for Greener Beef
By: Jose B. Alvarez, Pedro Levindo and Ruth Costas
Marfrig, one of the world’s leading meatpackers, strived to comply with its commitment to have a deforestation-free value chain in Brazil by 2030. The company also pledged to reduce its emissions of greenhouse gases in accordance with the guidelines set by the...
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Keywords:
Agribusiness;
Animal-Based Agribusiness;
Plant-Based Agribusiness;
Acquisition;
Family Business;
Communication Strategy;
Environmental Management;
Climate Change;
Environmental Regulation;
Environmental Sustainability;
Bonds;
Food;
Global Strategy;
Goods and Commodities;
Government and Politics;
Political Elections;
Leading Change;
Marketing;
Product Marketing;
Product Positioning;
Supply Chain;
Supply Chain Management;
Corporate Social Responsibility and Impact;
Business and Government Relations;
Business and Stakeholder Relations;
Partners and Partnerships;
Strategy;
Adaptation;
Business Strategy;
Commercialization;
Competitive Strategy;
Corporate Strategy;
Diversification;
Expansion;
Agriculture and Agribusiness Industry;
Food and Beverage Industry;
Brazil;
Latin America;
Argentina;
Uruguay;
North America;
United States;
Europe;
Asia;
China
- December 2022
- Technical Note
Risks and Opportunities from the Transition to a Low Carbon Economy: A Business Analysis Framework
By: George Serafeim
The transition to a low carbon economy introduces many risks and opportunities for businesses. Risks emerge from regulatory actions, such as carbon taxes and cap and trade systems, technological innovation that develop alternatives for customers making existing...
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Keywords:
Risk Assessment;
Opportunities;
Environmental Sustainability;
Carbon Footprint;
Risk Management;
Competitive Dynamics;
Business Analysis;
Climate Change;
Accounting;
Finance;
Valuation;
Business and Shareholder Relations;
Technological Innovation;
Transition;
Product Positioning;
Renewable Energy;
Analysis
Serafeim, George. "Risks and Opportunities from the Transition to a Low Carbon Economy: A Business Analysis Framework." Harvard Business School Technical Note 123-014, December 2022.
- 2022
- Working Paper
Getting on the Map: The Impact of Online Listings on Business Performance
By: Michael Luca, Abhishek Nagaraj and Gauri Subramani
We evaluate the extent to which small businesses maintain an online presence, looking at restaurant listings on a major online review platform. While the majority of restaurants have an online presence, we find that roughly 18 percent in our sample have no presence as...
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Keywords:
Small Business;
Internet and the Web;
Revenue;
Digital Marketing;
Food and Beverage Industry
Luca, Michael, Abhishek Nagaraj, and Gauri Subramani. "Getting on the Map: The Impact of Online Listings on Business Performance." Harvard Business School Working Paper, No. 23-031, December 2022.
- 2022
- Working Paper
Pay-As-You-Go Insurance: Experimental Evidence on Consumer Demand and Behavior
By: Ray Kluender
Pay-as-you-go contracts reduce minimum purchase requirements which may increase market participation. We randomize the introduction and price(s) of a novel pay-as-you-go contract to the California auto insurance market where 17 percent of drivers are uninsured. The...
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Kluender, Ray. "Pay-As-You-Go Insurance: Experimental Evidence on Consumer Demand and Behavior." Harvard Business School Working Paper, No. 23-030, December 2022.
- December 7, 2022
- Article
Why Decentralized Crypto Platforms Are Weathering the Crash
By: Shai Bernstein and Scott Duke Kominers
In the past year, crypto markets dropped from $2.9 trillion in value to around $800 billion. In the wake of the collapse, crypto lenders and exchanges have been accused of fraud and other wrongdoing. What went wrong? One factor is competition. In theory, competition...
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Keywords:
Crypto Economy;
Cryptocurrency;
Financial Complexity;
Financial Crisis;
Decentralization;
Decentralized Markets;
Decentralized Autonomous Organizations;
Finance;
Market Design;
Financial Services Industry
Bernstein, Shai, and Scott Duke Kominers. "Why Decentralized Crypto Platforms Are Weathering the Crash." Harvard Business Review Digital Articles (December 7, 2022).
- December 2022
- Article
Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities
By: Mark Egan, Shan Ge and Johnny Tang
We examine the variable annuity market to study conflicts of interest and the effect of fiduciary duty in brokerage markets. Insurers typically pay brokers higher commissions for selling more expensive annuities. Our results indicate that sales are four times as...
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Keywords:
Variable Annuity;
Brokers;
Fiduciary Duty;
Finance;
Investment;
Insurance;
Conflict of Interests;
Financial Services Industry;
Insurance Industry;
United States
Egan, Mark, Shan Ge, and Johnny Tang. "Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities." Review of Financial Studies 35, no. 12 (December 2022): 5334–5386.
- December 2022
- Article
Cost Standard Set Program: Moving Forward to Standardization of Cost Assessment Based on Clinical Condition
By: Anna Paula Beck da Silva Etges, Richard D. Urman, Anne Geubelle, Robert Kaplan and Carisi Anne Polanczyk
This communication announces the International Cost Standard Set Program. Its goal is to establish global standardized frameworks for measuring the costs of treating specific clinical conditions. A scientific committee, including 16 international healthcare cost...
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Keywords:
Time-Driven Activity-Based Costing;
Value-based Health Care;
Cost;
Health Care and Treatment;
Activity Based Costing and Management;
Health Industry
da Silva Etges, Anna Paula Beck, Richard D. Urman, Anne Geubelle, Robert Kaplan, and Carisi Anne Polanczyk. "Cost Standard Set Program: Moving Forward to Standardization of Cost Assessment Based on Clinical Condition." Journal of Comparative Effectiveness Research 11, no. 17 (December 2022): 1219–1223.
- 2022
- Working Paper
Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads
By: Samuel G. Hanson, Aytek Malkhozov and Gyuri Venter
We develop and test a model in which swap spreads are determined by end users' demand for and constrained intermediaries' supply of long-term interest rate swaps. Swap spreads reflect compensation both for using scarce intermediary capital and for bearing convergence...
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Hanson, Samuel G., Aytek Malkhozov, and Gyuri Venter. "Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads." Working Paper, December 2022.