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    • All HBS Web  (1,159)
      • Faculty Publications  (131)

      Financial ComplexityRemove Financial Complexity →

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      • January 2025
      • Case

      Arsenal Capital Partners' Refinancing of Pinnacle

      By: Victoria Ivashina and Srimayi Mylavarapu
      Arsenal Capital Partners’ portfolio company, Pinnacle, a leading producer of high-performance adhesive technologies, has experienced rapid growth under Arsenal’s ownership. Over just two years, Pinnacle's EBITDA increased from $13.5 million to $60 million. By mid-2021,... View Details
      Keywords: Business Exit or Shutdown; Decision Choices and Conditions; Private Equity; Financing and Loans; Growth Management
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      Ivashina, Victoria, and Srimayi Mylavarapu. "Arsenal Capital Partners' Refinancing of Pinnacle." Harvard Business School Case 225-075, January 2025.
      • January 2025 (Revised April 2025)
      • Case

      Blue Frontier: Disrupting Air Conditioning

      By: Rosabeth Moss Kanter and Jacob A. Small
      Serial entrepreneur Daniel Betts founded Blue Frontier in South Florida to offer a climate-friendly solution to increase air conditioning efficiency and dehumidify using new technology he developed. Backed by significant venture capital, Blue Frontier had to choose... View Details
      Keywords: Entrepreneurship; Climate Change; Environmental Sustainability; Technological Innovation; Market Entry and Exit; Performance Efficiency; Business Strategy; Florida
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      Kanter, Rosabeth Moss, and Jacob A. Small. "Blue Frontier: Disrupting Air Conditioning." Harvard Business School Case 325-088, January 2025. (Revised April 2025.)
      • January 2025 (Revised April 2025)
      • Case

      Mercado Libre: The Best Is Yet to Come

      By: Krishna G. Palepu, Fernando Fragueiro, Carla Larangeira and Mariana Cal
      In 2024, Marcos Galperín, CEO and co-founder of Mercado Libre, reflected on its 25-year rise as Latin America’s largest marketplace, fintech leader, and most valuable public company. With operations spanning 18 countries and a robust ecosystem combining e-commerce,... View Details
      Keywords: Entrepreneurship; Multinational Firms and Management; Recruitment; Compensation and Benefits; Innovation Leadership; Innovation Strategy; Leadership Style; Business or Company Management; Management Practices and Processes; Management Succession; E-commerce; Emerging Markets; Distribution; Logistics; Organizational Culture; Organizational Design; Business Strategy; Competition; Growth and Development Strategy; Corporate Strategy; Financial Services Industry; Financial Services Industry; Financial Services Industry; Latin America; Mexico; Brazil; Argentina
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      Palepu, Krishna G., Fernando Fragueiro, Carla Larangeira, and Mariana Cal. "Mercado Libre: The Best Is Yet to Come." Harvard Business School Case 325-065, January 2025. (Revised April 2025.)
      • December 2024
      • Case

      Core Innovation Capital: Investing in Fintech for Good

      By: Ray Kluender, Natalia Rigol, Benjamin Roth and Nicole Tempest Keller
      In 2017, Arjan Schütte, founder of Core Innovation Capital, faced a decision on whether to invest in Hugo Insurance, an auto insurance startup. Core, an early-stage social impact VC firm, focused on “fintech for good,” by investing in financial services for low- to... View Details
      Keywords: Fintech; Venture Capital; Social Entrepreneurship; Insurance; Measurement and Metrics; Investment; Corporate Social Responsibility and Impact; Product Positioning; Financial Services Industry; Financial Services Industry; Financial Services Industry; United States
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      Kluender, Ray, Natalia Rigol, Benjamin Roth, and Nicole Tempest Keller. "Core Innovation Capital: Investing in Fintech for Good." Harvard Business School Case 825-064, December 2024.
      • December 2024
      • Case

      Enerjisa Üretim: The Digital Era of Electricity Generation

      By: Prithwiraj Choudhury and Sadika El Hariri
      Launched in 2017, Enerjisa Üretim was one of Türkiye’s largest private sector electricity companies. In its early days, the company faced some financial and operational troubles. When İhsan Erbil Bayçöl, the current CEO of Enerjisa Üretim, joined the business in 2018,... View Details
      Keywords: Private Sector; Performance Improvement; Renewable Energy; Growth and Development Strategy; Business Units; Partners and Partnerships; Leadership; Energy Industry; Utilities Industry; Turkey
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      Choudhury, Prithwiraj, and Sadika El Hariri. "Enerjisa Üretim: The Digital Era of Electricity Generation." Harvard Business School Case 625-022, December 2024.
      • 2024
      • Working Paper

      Scaling Core Earnings Measurement with Large Language Models

      By: Matthew Shaffer and Charles CY Wang
      We study the application of large language models (LLMs) to the estimation of core earnings, i.e., a firm's persistent profitability from its core business activities. This construct is central to investors' assessments of economic performance and valuations. However,... View Details
      Keywords: Large Language Models; AI and Machine Learning; Accounting; Profit; Corporate Disclosure; Analytics and Data Science; Measurement and Metrics
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      Shaffer, Matthew, and Charles CY Wang. "Scaling Core Earnings Measurement with Large Language Models." Working Paper, November 2024.
      • October 2024
      • Case

      Tonik

      By: Andy Wu, Maliha Malek Quadir and Aticus Peterson
      This case study examines Tonik, the first digital bank in the Philippines, as it navigates the challenges of scaling its lending operations and achieving profitability in an evolving fintech landscape. It explores Tonik's journey from its launch in 2018 to early 2024,... View Details
      Keywords: Business Startups; Financing and Loans; Profit; Governing Rules, Regulations, and Reforms; Growth and Development Strategy; Emerging Markets; Entrepreneurship; Product; Financial Services Industry; Financial Services Industry; Financial Services Industry; Philippines
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      Wu, Andy, Maliha Malek Quadir, and Aticus Peterson. "Tonik." Harvard Business School Case 725-404, October 2024.
      • September 2024
      • Case

      Comun: Partners in Peril

      By: Jeffrey J. Bussgang and Alexis Lefort
      In spring 2023, Abiel Gutierrez and Andres Santos, co-founders of Comun, faced a critical decision at their fintech startup serving Latino immigrants. Having launched their product the previous year, they experienced rapid growth but encountered rising fraud and... View Details
      Keywords: Fintech; Business Development; Venture Capital; Business Startups; Partners and Partnerships; Governing Rules, Regulations, and Reforms; Financial Services Industry; Financial Services Industry; Latin America; United States
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      Bussgang, Jeffrey J., and Alexis Lefort. "Comun: Partners in Peril." Harvard Business School Case 825-036, September 2024.
      • September 2024
      • Case

      InfraCredit and the Project Inception Facility

      By: John Macomber, Namrata Arora and Maagatha Kalavadakken
      Around the world, large infrastructure projects are frequently stymied by the high cost and high uncertainty of the project inception phase: the research and engineering and planning prior to financial close and start of construction. Could there be a new kind of... View Details
      Keywords: Infrastructure; Financial Institutions; Financial Instruments; Cost; Cash Flow; Capital; Assets; Financial Markets; Financial Strategy; Insurance; Energy; Product Development; Risk and Uncertainty; Business Strategy; Credit; Financial Services Industry; Financial Services Industry; Financial Services Industry; Africa; Nigeria
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      Macomber, John, Namrata Arora, and Maagatha Kalavadakken. "InfraCredit and the Project Inception Facility." Harvard Business School Case 225-027, September 2024.
      • September 2024
      • Supplement

      National Public Broadcasting (B)

      By: Richard S. Ruback and Royce Yudkoff
      Pre-abstract: Instructors should consider the timing of making videos available to students, as they may reveal key case details.
      Abstract: This (B) case supplement is designed for use by faculty only to support classroom instruction in conjunction with... View Details
      Keywords: Financial Strategy; Financial Management; Media; Ownership; Strategy; Advertising; Decision Choices and Conditions; Entrepreneurship; Financing and Loans; Mergers and Acquisitions; Private Equity; Journalism and News Industry; Media and Broadcasting Industry; United States
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      Ruback, Richard S., and Royce Yudkoff. "National Public Broadcasting (B)." Harvard Business School Multimedia/Video Supplement 225-706, September 2024.
      • February 2024
      • Case

      Innovation Strategy at Stanley Black & Decker: Setting the Direction for Growth

      By: David L. Ager and Antonio Manuel Oftelie
      On July 1, 2022, Don Allan was appointed Chief Executive Officer of Stanley Black & Decker (SBD). Although Allan had been with the firm for 23 years, most recently serving as President and Chief Financial Officer, he recognized that he was stepping into his new role as... View Details
      Keywords: Health Pandemics; Collaborative Innovation and Invention; Innovation Leadership; Growth Management; Business and Stakeholder Relations
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      Ager, David L., and Antonio Manuel Oftelie. "Innovation Strategy at Stanley Black & Decker: Setting the Direction for Growth." Harvard Business School Case 924-301, February 2024.
      • February 2024 (Revised April 2024)
      • Case

      CPP Investments—The Road to Zero

      By: Vikram Gandhi and Radhika Kak
      In February 2022, Canadian Pension Plan (CPP) Investments, the investment management organization that managed funds for the CPP, one of the biggest pension plans in the world, announced a net-zero commitment for its portfolio by 2050. Under its CEO, John Graham, it... View Details
      Keywords: Environmental Sustainability; Asset Management; Investment Portfolio; Leading Change; Business and Stakeholder Relations; Corporate Social Responsibility and Impact; Financial Services Industry; Canada; California
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      Gandhi, Vikram, and Radhika Kak. "CPP Investments—The Road to Zero." Harvard Business School Case 324-054, February 2024. (Revised April 2024.)
      • January 2024 (Revised February 2024)
      • Course Overview Note

      Managing Customers for Growth: Course Overview for Students

      By: Eva Ascarza
      Managing Customers for Growth (MCG) is a 14-session elective course for second-year MBA students at Harvard Business School. It is designed for business professionals engaged in roles centered on customer-driven growth activities. The course explores the dynamics of... View Details
      Keywords: Customer Relationship Management; Decision Making; Analytics and Data Science; Growth Management; Financial Services Industry; Financial Services Industry; Financial Services Industry; Financial Services Industry; Financial Services Industry
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      Ascarza, Eva. "Managing Customers for Growth: Course Overview for Students." Harvard Business School Course Overview Note 524-032, January 2024. (Revised February 2024.)
      • 2023
      • Working Paper

      Complexity and Hyperbolic Discounting

      By: Benjamin Enke, Thomas Graeber and Ryan Oprea
      A large literature shows that people discount financial rewards hyperbolically instead of exponentially. While discounting of money has been questioned as a measure of time preferences, it continues to be highly relevant in empirical practice and predicts a wide range... View Details
      Keywords: Hyperbolic Discounting; Present Bias; Bounded Rationality; Cognitive Uncertainty; Behavioral Finance
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      Enke, Benjamin, Thomas Graeber, and Ryan Oprea. "Complexity and Hyperbolic Discounting." Harvard Business School Working Paper, No. 24-048, February 2024.
      • September 2023 (Revised October 2024)
      • Case

      Forecasting Climate Risks: Aviva’s Climate Calculus

      By: Mark Egan and Peter Tufano
      In late 2021, Ben Carr, Director of Analytics and Capital Modeling at Aviva Plc (Aviva)—a leading insurer with core operations in the UK, Ireland and Canada,—was preparing for an upcoming presentation before the company's board which included its CEO, Amanda Blanc,... View Details
      Keywords: Climate Risk; Climate Finance; Forecasting; Insurance; Risk Measurement; Climate Change; Risk Management; Forecasting and Prediction; Insurance Industry; United States
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      Egan, Mark, and Peter Tufano. "Forecasting Climate Risks: Aviva’s Climate Calculus." Harvard Business School Case 224-025, September 2023. (Revised October 2024.)
      • July 2023 (Revised February 2024)
      • Case

      Equity Restructuring at Dell Technologies: Buy Out, Buy Up, Buy In (A)

      By: Stuart C. Gilson and Sarah L. Abbott
      In November 2018, Dell Technologies was poised to re-enter the public markets by means of a complex recapitalization that would replace an entire class of publicly-traded “tracking stock,” with new shares that would trade publicly without the need of a formal IPO. The... View Details
      Keywords: Technology; M&A; Recapitalization; MBO; Equity Issues; Private Equity Buyouts; Public Ownership; Stock Shares; Mergers and Acquisitions; Equity; Technology Industry; United States
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      Gilson, Stuart C., and Sarah L. Abbott. "Equity Restructuring at Dell Technologies: Buy Out, Buy Up, Buy In (A)." Harvard Business School Case 224-005, July 2023. (Revised February 2024.)
      • June 2023
      • Case

      Dan McCrum - Unmasking Wirecard

      By: Jonas Heese, Charles C.Y. Wang, Tonia Labruyere and Carlota Moniz
      Dan McCrum, an investigative journalist for the Financial Times, had spent the past six years fighting to expose German payment processing firm Wirecard. The company had enjoyed years of exponential growth and was viewed by several investors as the poster child of... View Details
      Keywords: Crime and Corruption; Accounting; Financial Services Industry; Financial Services Industry; Europe; United Kingdom; Germany
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      Heese, Jonas, Charles C.Y. Wang, Tonia Labruyere, and Carlota Moniz. "Dan McCrum - Unmasking Wirecard." Harvard Business School Case 123-098, June 2023.
      • April 27, 2020
      • Article

      A Crisis Playbook for Family Businesses

      By: Josh Baron and Ben Francois
      In a business crisis, the power of family business owners is magnified. Unlike public companies, which typically focus on maximizing shareholder value, family owners value objectives that usually go well beyond financial returns (e.g., family legacy, reputation). This... View Details
      Keywords: COVID-19 Pandemic; Crisis Management; Family Ownership; Family and Family Relationships
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      Baron, Josh, and Ben Francois. "A Crisis Playbook for Family Businesses." Harvard Business Review (website) (April 27, 2020).
      • April 2023
      • Case

      Burning the Sails to Save the Ship: The Pilati Family Dilemma

      By: Lauren Cohen, Hao Gao, Jiawei Ye and Grace Headinger
      Octavian Graf Pilati, rising generation member of an Austrian princely family, prepared to sell the palace his family had held for over three hundred years. In recent years, the Pilati family lands had been leveraged as loan collateral for an international venture that... View Details
      Keywords: Family Office; Family; Plant-Based Agribusiness; Agribusiness; Family Business; Property; Identity; Culture; Ethics; Insolvency and Bankruptcy; Governance; Crisis Management; Family and Family Relationships; Agriculture and Agribusiness Industry; Real Estate Industry; Austria
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      Cohen, Lauren, Hao Gao, Jiawei Ye, and Grace Headinger. "Burning the Sails to Save the Ship: The Pilati Family Dilemma." Harvard Business School Case 223-081, April 2023.
      • February 2023 (Revised March 2025)
      • Case

      Doing Business in Accra, Ghana

      By: Hakeem Belo-Osagie, Leonard Schlesinger and Namrata Arora
      This case examines the challenges and opportunities of doing business in Ghana. It highlights Ghana economic transformation in the decades leading up to 2024 in the context of its history, culture, and politics. The case gives an overview of some of the main obstacles... View Details
      Keywords: Business History; Business and Government Relations; Technological Innovation; Foreign Direct Investment; Economic Growth; Financial Crisis; Agribusiness; Food and Beverage Industry; Agriculture and Agribusiness Industry; Ghana
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      Belo-Osagie, Hakeem, Leonard Schlesinger, and Namrata Arora. "Doing Business in Accra, Ghana." Harvard Business School Case 323-090, February 2023. (Revised March 2025.)
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