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- 2022
- Working Paper
Distributional Consequences of Monetary Policy Across Races: Evidence from the U.S. Credit Register
By: Laura Alfaro, Ester Faia and Camelia Minoiu
We examine the consequences of monetary policy on racial disparities, focusing on the role of bank lending to firms through collateral and selection channels. Leveraging comprehensive loan-level data from the U.S. credit register (Y-14Q) of the Federal Reserve, we show...
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- April 2022
- Case
Antler
By: Dennis Campbell and Iuliana Mogosanu
The case describes the founding, development, and scaling of Antler, an early-stage investment platform that invests in entrepreneurs pre-team and, in many cases, even pre-idea. The case explores the economics of venture capital investing at such an early stage and the...
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- April 2022
- Teaching Note
Banorte Móvil: Data-Driven Mobile Growth
By: Ayelet Israeli and Carla Larangeira
In mid-2019, Carlos Hank was deliberating over the results for Banorte Móvil—the mobile application for Banorte, Mexico’s most profitable and second-largest financial institution. Hank, who had been appointed as Banorte´s Chairman of the Board in January 2015, had...
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- April 2022
- Supplement
Mastercard Labs (B)
By: Linda A. Hill, Sunil Gupta, Emily Tedards and Julia Kelley
When Ajaypal (Ajay) Banga became the CEO of Mastercard in 2010, digital technologies were on the rise, and innovation needed to become a strategic imperative at the company. Banga tasked Garry Lyons, who had joined Mastercard through the 2009 acquisition of Orbiscom,...
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Keywords:
Organizational Behavior;
Culture;
Transformation;
Organizational Culture;
Culture Change;
Organizational Adaptation;
Organizational Effectiveness;
Alignment;
Leadership;
Leadership Development;
Innovation;
Innovation Ecosystems;
Diversity;
Collaboration;
Co-creation;
Learning Organizations;
Empowerment;
Ecosystem;
Agility;
Prototype;
Experiment;
Partnerships;
Operating Model;
Risk Management;
Digital Transformation;
Metrics;
Payments;
Financial Industry;
Financial Inclusion;
Ambidexterity;
Corporate Innovation;
Innovation Lab;
Accelerator;
Start-up;
Fintech
- April 2022
- Case
Mastercard: Creating a World Beyond Cash
By: Sunil Gupta, Linda A. Hill, Julia Kelley and Emily Tedards
In late 2021, Mastercard CEO Michael Miebach and Chairman and former CEO Ajaypal “Ajay” Banga considered how Mastercard could best position itself for continued success in the years to come. Since Mastercard’s initial public offering in 2006, the company had grown and...
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Keywords:
Technological Innovation;
Leadership;
Leading Change;
Organizational Culture;
Business Strategy;
Change;
Change Management;
Money;
Cash;
Credit;
Financial Institutions;
Banks and Banking;
Central Banking;
Financial Instruments;
Credit Cards;
Financial Markets;
Globalization;
Innovation and Invention;
Innovation and Management;
Innovation Strategy;
Leadership Style;
Competitive Advantage;
Corporate Strategy;
Diversification;
Information Technology;
Banking Industry;
Banking Industry;
North and Central America;
United States;
New York (state, US)
- April 2022
- Case
Conflicts of Interest at Bell Bank
By: Jonas Heese
In 2013, two employees debated whether to blow the whistle on their employer, Bell Bank, after completing an internal review that revealed undisclosed conflicts of interest. Bell Bank’s Asset Management business disproportionately invested clients’ money in Bell Bank’s...
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Keywords:
Whistleblower;
Whistleblowing;
Mutual Funds;
Conflicts Of Interest;
Decision Making;
Decisions;
Judgments;
Ethics;
Moral Sensibility;
Values and Beliefs;
Finance;
Financial Institutions;
Banks and Banking;
Financial Management;
Investment;
Investment Funds;
Governance;
Corporate Accountability;
Corporate Disclosure;
Corporate Governance;
Governance Compliance;
Governance Controls;
Policy;
Law;
Legal Liability;
Social Psychology;
Motivation and Incentives;
Perception;
Perspective;
Trust;
Financial Services Industry;
North and Central America;
United States
- April 2022
- Supplement
PG&E and the First Climate Change Bankruptcy
By: Stuart C. Gilson
- April 2022 (Revised May 2022)
- Case
Mastercard Labs (A)
By: Linda A. Hill, Sunil Gupta, Emily Tedards and Julia Kelley
When Ajaypal (Ajay) Banga became the CEO of Mastercard in 2010, he shifted the company’s competitive focus from card networks to cash itself. Mastercard’s new vision of a “World Beyond Cash” distilled into a three-pronged framework: Grow the core business, Diversify...
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Keywords:
Organizational Behavior;
Culture;
Organizational Culture;
Culture Change;
Organizational Adaptation;
Organizational Effectiveness;
Alignment;
Leadership;
Leadership Development;
Innovation;
Innovation Ecosystems;
Ecosystem;
Diversity;
Collaboration;
Co-creation;
Learning Organizations;
Empowerment;
Globalization;
Agility;
Prototype;
Experiment;
Partnerships;
Operating Model;
Risk Management;
Digital Transformation;
Metrics;
Payments;
Financial Inclusion;
Financial Industry;
Ambidexterity;
Corporate Innovation;
Innovation Lab
- April 2022 (Revised May 2022)
- Case
Mastercard Labs (A) (Abridged)
By: Linda A. Hill, Sunil Gupta, Emily Tedards and Julia Kelley
When Ajaypal (Ajay) Banga became the CEO of Mastercard in 2010, he shifted the company’s competitive focus from card networks to cash itself. Mastercard’s new vision of a “World Beyond Cash” distilled into a three-pronged framework: Grow the core business, Diversify...
View Details
Keywords:
Organizational Behavior;
Culture;
Organizational Culture;
Culture Change;
Organizational Adaptation;
Organizational Effectiveness;
Alignment;
Leadership;
Leadership Development;
Innovation;
Innovation Ecosystems;
Diversity;
Collaboration;
Co-creation;
Learning Organizations;
Empowerment;
Ecosystem;
Agility;
Prototype;
Experiment;
Partnerships;
Operating Model;
Risk Management;
Digital Transformation;
Metrics;
Payments;
Financial Inclusion;
Financial Industry;
Ambidexterity;
Corporate Innovation;
Innovation Lab;
Accelerator;
Start-up;
Intrapreneurship;
Competitive Strategy;
Business Model;
Technological Innovation;
Growth and Development Strategy
- April 2022
- Case
Restaurant Brands International: Version 2.0
By: Boris Groysberg and Sarah Abbott
In 2010, 3G Capital acquired Burger King, the second largest burger chain globally. 3G expanded Burger King’s operations via acquisitions into a multi-brand business, renamed Restaurant Brands International. The acquisition had been a financial success story for 3G....
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- March 2022
- Case
Swvl: Smart Mobility for the Masses
By: Krishna Palepu, Esel Çekin and Menna Hassan
The case focuses on strategy and governance issues at SWVL, a tech-enabled mass mobility marketplace. It describes the journey of CEO and Chairman Mostafa Kendil on his journey from founding to the company’s listing on Nasdaq. Since its founding in Egypt in 2017, Swvl...
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- March 2022 (Revised March 2022)
- Case
Reclaiming the Land of Purple: Purpl’s Mission to Unlock Finance in Lebanon
By: Lauren Cohen and Grace Headinger
Karl Naim, Co-Founder and CEO of Purpl, embarked on a venture to lower remittance costs for his native Lebanon. Since October 2019, the Lebanese economy had entered a free fall as its banking sector collapsed and large swathes of its population were plunged into...
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Keywords:
Business Startup;
Fintech;
Inflation;
Deflation;
Cross-border Frictions;
Remittances;
Business Startups;
Diasporas;
Financial Crisis;
Money;
Entrepreneurship;
Cross-Cultural and Cross-Border Issues;
Poverty;
Financial Institutions;
Banking Industry;
Banking Industry;
Banking Industry;
Lebanon
- March 2022
- Case
The Goldman Sachs 10,000 Small Businesses Program: 2009-2021
By: Leonard A. Schlesinger and Julia Kelley
In December 2021, more than a decade after its founding, Goldman Sachs’s 10,000 Small Businesses program was still going strong — and the firm now needed to evaluate potential program modifications to reach a wider group of small business owners. Launched in the...
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Keywords:
COVID-19 Pandemic;
Small Business;
Business Education;
Curriculum and Courses;
Government and Politics;
Knowledge;
Knowledge Dissemination;
Labor;
Employment;
Human Capital;
Management;
Goals and Objectives;
Organizations;
Mission and Purpose;
Corporate Social Responsibility and Impact;
Programs;
Networks;
Social Enterprise;
Society;
Strategy;
Demographics;
Diversity;
Financial Services Industry;
North and Central America;
United States;
New York (city, NY);
New York (state, US)
- March 2022
- Case
MTN: Unlocking Value While Driving Socioeconomic Progress
By: Benjamin C. Esty, Pippa Tubman Armerding and Dilyana Karadzhova Botha
On March 10, 2021, Ralph Mupita the new CEO of MTN Group, Africa largest telecommunications company, presented the group’s 2020 annual results and unveiled a new strategy to “drive growth and unlock value.” Despite MTN’s leadership in most of its markets, the company’s...
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- March 2022
- Case
In Data We Trust: Be Mobile Africa and Furthering Financial Inclusion Across the African Continent
By: Lauren Cohen, Grace Headinger and Pierre Marchesseault
To Cédric Jeannot, leveraging technology to promote financial inclusion was personal. After no established financial institution would accept his technology platform to lower transaction costs for free, Jeannot launched FinTech company Be Mobile Africa in May 2020....
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Keywords:
Finance;
Fintech;
Emerging Market;
Fundraising;
Financial Inclusion;
Strategy;
Expansion;
Management;
Entrepreneurship;
Personal Finance;
Corporate Social Responsibility and Impact;
Growth and Development Strategy;
Financial Services Industry;
Financial Services Industry;
Africa;
Togo;
Nigeria;
Ghana
- March 2022
- Teaching Note
Supreme: Remaining Cool While Pursuing Growth
By: Jill Avery and Sandrine Crener
Teaching Note for HBS Case No. 522-006. Following VF Corporation’s acquisition of cult streetwear brand Supreme, consumers and industry pundits were nervous that becoming part of a large, public corporation would put an end to Supreme’s slow and careful growth...
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- 2022
- Working Paper
Markups to Financial Intermediation in Foreign Exchange Markets
By: Jonathan Wallen
On average from 2013 to 2020, foreign asset managers in net sold forward 1.1 trillion U.S. dollars. This forward sale of dollars hedges the currency mismatch of foreign investment in U.S. dollar assets. By accommodating this demand, U.S. and European banks earn an...
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- 2022
- Article
Which Corporate ESG News Does the Market React To?
By: George Serafeim and Aaron Yoon
Using a dataset that classifies firm-level ESG news as positive and negative, we examine how stock prices react to different types of ESG news. We analyze 111,020 firm-day observations for 3,126 companies and find that prices react only to issues identified as...
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- February 2022 (Revised March 2022)
- Case
Hertz in Bankruptcy: A Wild Ride in Pandemic Times
Hertz filed for Chapter 11 bankruptcy in response to asset-backed securities (ABS) obligations and the COVID-19 pandemic. Enthusiastic Robinhood investors and shrewd negotiating tactics helped Hertz stabilize. Roughly nine months into the bankruptcy, Hertz received...
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- February 18, 2022
- Article
Transparency as a Solution for COVID-19 Related Hospital Capacity Issues
By: Regina E. Herzlinger and Richard Boxer
In the initial phases of the COVID-19 pandemic, many U.S. hospitals could not provide an adequate supply of beds to meet demand. Solving the problem of hospital bed capacity is of great importance in the “new normal,” which requires recognizing that SARS-CoV-2 is but...
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Keywords:
COVID;
COVID-19 Pandemic;
Health Care;
Health Care Demand;
Health Care Delivery;
Health Care Industry;
Health Care Operations;
Health Care Policy;
Transparency;
Hospital;
Hospital Management;
Hospitals;
Health Pandemics;
Health Care and Treatment;
Service Delivery;
Operations;
Performance Capacity;
Policy;
Health Industry