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Our strategy is to assemble and nurture a faculty whose interests and skills complement
each other, and who work well together: to produce a...
A collective of featured works, most recent HBS publications, and the School's approach
to research on the topic of finance.
- May 2021
- Article
Mutual Funds as Venture Capitalists? Evidence from Unicorns
By: Josh Lerner, Sergey Chernenko and Yao Zeng
The past decade saw the rise of both “founder-friendly” venture financings and non-traditional investors, frequently with liquidity constraints. Using detailed contract data, we study open-end mutual funds investing in private venture-backed firms. We posit an...
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- April 2021
- Supplement
Exercise for Revlon: Surviving Covid-19
By: Kristin Mugford and Sarah Gulick
Exercise for Revlon: Surviving Covid-19
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- April 2021
- Case
The Incentive for Legacy: Tsinghua University Education Foundation
By: Lauren Cohen, Hao Gao and Spencer C.N. Hagist
Vivian Yuan seeks to bolster the Tsinghua University Education Foundation's fundraising efforts and investment goals in a new era of Chinese higher education. Competing with elite members of China's C9 League of top universities, she must develop a set of incentives...
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- April 2021
- Case
SA Taxi (A)
By: Nien-he Hsieh, Dilyana Karadzhova Botha and F. Christopher Eaglin
SA Taxi was a vertically integrated business that operated in South Africa’s distinctive taxi industry. Despite being plagued by violence, informal structures, unsafe road practices and lack of government support, the taxi industry had grown to become South Africa’s...
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- April 2021
- Supplement
SA Taxi (B)
By: Nien-he Hsieh, Dilyana Karadzhova Botha and F. Christopher Eaglin
SA Taxi was a vertically integrated business that operated in South Africa’s distinctive taxi industry. Despite being plagued by violence, informal structures, unsafe road practices and lack of government support, the taxi industry had grown to become South Africa’s...
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- Spring 2021
- Article
Ten Year Sunset Rule for Healthcare Regulation Is a Nonstarter and Discouragement to Post-COVID-19 Investment
By: Regina E. Herzlinger and Eugene Schneller
U.S. healthcare delivery has not benefitted from the same productivity growth as many other service industries, such as bricks and mortar retailing, a loss that has gravely diminished cost control and access. Regulatory capture, which creates barriers to venture...
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- March 2021
- Case
Chime Solutions
Just two years after launching their 10k by 2020 initiative to hire 10,000 employees by 2020, the Covid-19 pandemic forced Chief Executive Officer Mark Wilson to send nearly all of his staff at Chime Solutions (Chime) to work from home. Chime was a customer contact...
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- March 2021
- Case
Litigation Finance 2.0: LexShares
By: Lauren Cohen, Spencer C. N. Hagist and Yago Zavalia Gahan
Litigation finance - also referred to as third party litigation funding - was in its relative infancy as an asset class when Jay Greenberg and Max Volsky made a platform-play in the space. 7 years later, the market was far from "mainstream," but nonetheless had grown...
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- March 2021
- Case
Aligning Mission and Margin at Southern Bancorp
By: Rebecca M. Henderson, Brian Trelstad and Eren Kuzucu
In October 2020, after spending almost a decade to turnaround Southern Bancorp, an Arkansan bank founded with the mission to provide financial services to rural, underserved communities, CEO Darrin Williams is wondering how Southern Bancorp should continue to grow....
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- 2021
- Working Paper
Judging Foreign Startups
Can accelerators and investors pick the most promising startup ideas no matter their provenance? We investigate this question using unique data from a global accelerator in which judges across international regions are randomly assigned to evaluate startups...
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- March 2021
- Case
Revlon: Surviving Covid-19
By: Kristin Mugford and Sarah Gulick
In October 2020, Revlon faced a crossroads. While it had been struggling with high levels of debt before COVID-19, the pandemic had caused it to go further into debt. Unlike other financial crises, many consumers had stopped buying skincare or cosmetics, and sales of...
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- March 2021
- Case
Founders Factory
By: Jeffrey F. Rayport and James Barnett
In January 2020, Brent Hoberman and Henry Lane Fox, co-founders of Founders Factory, a venture capital fund with an accelerator and incubator program funded by investment from corporate partners, consider international expansion strategies.
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- March–April 2021
- Article
How Venture Capitalists Make Decisions
By: Paul A. Gompers, Will Gornall, Steven Kaplan and Ilya Strebulaev
For decades now, venture capitalists have played a crucial role in the economy by financing high-growth start-ups. While the companies they’ve backed—Amazon, Apple, Facebook, Google, and more—are constantly in the headlines, very little is known about what VCs actually...
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- March 2021
- Article
The Effectiveness of White-Collar Crime Enforcement: Evidence from the War on Terror
By: Trung Nguyen
This paper analyzes the impact of changes in regulatory priorities and resource allocation on criminal enforcement of white‐collar criminal activities. Using the 9/11 terrorist attacks as a shock to the FBI's priorities and allocation of investigative resources, as...
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- 2021
- Working Paper
How Much Should We Trust Staggered Difference-In-Differences Estimates?
By: Andrew C. Baker, David F. Larcker and Charles C.Y. Wang
Difference-in-differences analysis with staggered treatment timing is frequently used to assess the impact of policy changes on corporate outcomes in academic research. However, recent advances in econometric theory show that such designs are likely to be biased in the...
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- February 2021
- Teaching Plan
Soofa: Displaying the Right Path?
By: Jeffrey J. Bussgang and Amy Klopfenstein
This teaching plan serves as a supplement to the case “Soofa: Displaying the Right Path?” HBS 820-098. The case explores the tension between two different financing and expansion plans for a startup, and explores issues related to business model pivots and industry...
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Keywords:
Business Ventures;
Business Model;
Business Plan;
Business Startups;
Entrepreneurship;
Decision Making;
Decisions;
Judgments;
Ethics;
Geography;
Geopolitical Units;
Finance;
Investment;
Markets;
Market Entry and Exit;
Demand and Consumers;
Media;
Society;
Urban Development;
Sustainable Cities;
Technology;
Hardware;
Technology Platform;
Strategy;
Business Strategy;
Expansion;
Relationships;
Capital;
Venture Capital;
Advertising Industry;
Technology Industry;
Media and Broadcasting Industry;
North and Central America;
United States;
Massachusetts;
Cambridge
- February 2021
- Case
Lidya: Bringing Nigerian FinTech Innovation to Global Small and Medium Enterprises
By: Lauren Cohen and Spencer C.N. Hagist
Lidya CEO Tunde Kehinde must size up options for the expansion of his novel lending practices that drastically reduce the credit cycle in his developing Nigeria, and determine if expansion into Eastern Europe will prove successful or disastrous.
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- February 2021
- Case
China Rapid Finance: The Collapse of China’s P2P Lending Industry
By: William C. Kirby, Bonnie Yining Cao and John P. McHugh
China’s peer-to-peer (P2P) lending industry had over 3,000 platforms at its height in 2015. China Risk Finance (CRF) was one of the country’s P2P success stories. With over 1 million borrowers using CRF’s platform, it raised $60 million in its 2016 IPO on the New York...
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- February 6, 2021
- Editorial
The Chinese Debt Trap Is a Myth: The Narrative Wrongfully Portrays Both Beijing and the Developing Countries It Deals With.
By: Deborah Brautigam and Meg Rithmire
Our research shows that Chinese banks are willing to restructure the terms of existing loans and have never actually seized an asset from any country, much less the port of Hambantota. A Chinese company’s acquisition of a majority stake in the port was a cautionary...
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- February 2021 (Revised March 2021)
- Case
Equity Bank: Challenging a Giant
By: Lauren Cohen, Michael Chitavi and Spencer C. N. Hagist
Equity Bank and CEO Dr. James Mwangi must find a way to advance from their hard-fought ascension to second largest bank in Kenya by toppling financial giant Safaricom. Doing so means developing a new strategy and tackling technological frontiers no institution in the...
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