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- 2023
- Working Paper
Deglobalization and Entrepreneurial Investment: The Natural Experiment of Brexit
By: Elisa Alvarez-Garrido and Juan Alcácer
We seek to gain insight into the consequences of deglobalization on entrepreneurial investment by
analyzing an instance of economic disintegration: the United Kingdom’s exit from the European Union.
Brexit is not only a unique empirical opportunity, a natural...
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Keywords:
Entrepreneurial Finance;
International Relations;
Trade;
Disruption;
Globalized Economies and Regions;
United Kingdom
Alvarez-Garrido, Elisa, and Juan Alcácer. "Deglobalization and Entrepreneurial Investment: The Natural Experiment of Brexit." Harvard Business School Working Paper, No. 24-017, August 2023.
- 2023
- Working Paper
The Stock Market and Bank Risk-Taking
By: David S. Scharfstein and Antonio Falato
Using confidential supervisory risk ratings, we document that banks increase risk after they go public compared to a control group of banks that filed to go public but withdrew their filings for plausibly exogenous reasons. The increase in risk increases short-term...
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Scharfstein, David S., and Antonio Falato. "The Stock Market and Bank Risk-Taking." Working Paper, September 2023.
- June 2023
- Case
Accounting for Loan Losses at JPMorgan Chase: Predicting Credit Costs
By: Jonas Heese, Jung Koo Kang and James Weber
The case examines the accounting for loan losses at a large bank, how a bank sets its Allowance for Loan and Lease Losses (ALLL) on its financial statements. ALLL, and the rules that set them, determine when banks would and would not extend loans, which significantly...
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Keywords:
Financial Statements;
Financial Reporting;
Banks and Banking;
Financing and Loans;
Banking Industry;
United States
Heese, Jonas, Jung Koo Kang, and James Weber. "Accounting for Loan Losses at JPMorgan Chase: Predicting Credit Costs." Harvard Business School Case 123-042, June 2023.
- March 2023 (Revised September 2023)
- Case
Wilshire Lane Capital
By: Jeffrey J. Bussgang, Lindsay N. Hyde and Stacy Straaberg
In September 2021, Adam Demuyakor (MBA 2017) was faced with decisions about how to launch his venture capital (VC) investment firm. His previous investment activities were a series of angel investments and special purpose vehicles alongside two part-time general...
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Keywords:
Ownership Stake;
Investment Funds;
Venture Capital;
Business and Shareholder Relations;
Real Estate Industry;
Technology Industry;
Los Angeles;
California;
United States
Bussgang, Jeffrey J., Lindsay N. Hyde, and Stacy Straaberg. "Wilshire Lane Capital." Harvard Business School Case 823-062, March 2023. (Revised September 2023.)
- 2023
- Working Paper
Avoiding Idiosyncratic Volatility: Flow Sensitivity to Individual Stock Returns
By: Marco Di Maggio, Francesco Franzoni, Shimon Kogan and Ran Xing
Despite positive and significant earnings announcement premia, we find that institutional investors reduce their exposure to stocks before earnings announcements. A novel result on the sensitivity of flows to individual stock returns provides a potential explanation....
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Keywords:
New Trading;
Mutual Funds;
Fund Flows;
Limits To Arbitrage;
Financial Constraints;
Earnings Announcements;
Institutional Investing;
Stocks
Di Maggio, Marco, Francesco Franzoni, Shimon Kogan, and Ran Xing. "Avoiding Idiosyncratic Volatility: Flow Sensitivity to Individual Stock Returns." Harvard Business School Working Paper, No. 23-072, March 2023. (Revise and Resubmit to The Journal of Finance.)
- 2022
- Working Paper
Private Equity Fund Valuation Management during Fundraising
By: Brian K. Baik
I investigate whether and how private equity fund managers (GPs) inflate their interim fund valuations (net asset values, or NAVs) during fundraising periods. Specifically, I study the extent to which the GPs inflate NAVs by managing valuation assumptions (e.g.,...
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Keywords:
Private Equity;
Institutional Investors;
Valuation Multiples;
Earnings Management;
Private Firms;
Valuation;
Investment Funds
Baik, Brian K. "Private Equity Fund Valuation Management during Fundraising." Harvard Business School Working Paper, No. 23-013, August 2022.
- August 2022 (Revised November 2022)
- Case
Altos Ventures (A)
By: Jo Tango and Alys Ferragamo
In December 2012, Altos Ventures General Partners Han Kim, Anthony Lee, and Ho Nam met to discuss the future of the firm. Altos had already adjusted its strategy multiple times. It began as a U.S.-focused venture capital investor whose first two funds were backed by a...
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Tango, Jo, and Alys Ferragamo. "Altos Ventures (A)." Harvard Business School Case 823-035, August 2022. (Revised November 2022.)
- Article
The Value of Intermediation in the Stock Market
By: Marco Di Maggio, Mark Egan and Francesco Franzoni
We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit...
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Keywords:
Financial Intermediation;
Institutional Investors;
Research Analysts;
Broker Networks;
Equity Trading;
Institutional Investing
Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Journal of Financial Economics 145, no. 2A (August 2022): 208–233.
- 2022
- Working Paper
Retail Investors’ Contrarian Behavior Around News, Attention, and the Momentum Effect
By: Cheng (Patrick) Luo, Enrichetta Ravina, Marco Sammon and Luis M. Viceira
Using a large panel of U.S. brokerage accounts trades and positions, we show that a large fraction of retail investors trade as contrarians after large earnings surprises, especially for loser stocks, and that such contrarian trading contributes to post earnings...
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Keywords:
Retail Investors;
Post Earnings Announcement Drift;
Price Momentum;
Behavioral Finance;
Investment;
Demographics
Luo, Cheng (Patrick), Enrichetta Ravina, Marco Sammon, and Luis M. Viceira. "Retail Investors’ Contrarian Behavior Around News, Attention, and the Momentum Effect." Working Paper, June 2022.
- February 2022 (Revised November 2022)
- Case
Fondeadora
Norman Müller and René Serrano, cofounders of Fondeadora, a Mexican “neobank,” had lined up a $12.5 million in Series A funding round in 2020 only to run into a major obstacle: The lead investor was Gradient Ventures, a venture firm launched by Alphabet, Inc., and...
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Keywords:
Fundraising;
Entrepreneurship;
Venture Capital;
Financial Institutions;
Business Startups;
Government Legislation;
Governing Rules, Regulations, and Reforms;
Financial Strategy;
Financial Services Industry;
Mexico City;
Latin America
Rodríguez Arregui, Álvaro, and Mitchell Weiss. "Fondeadora." Harvard Business School Case 822-077, February 2022. (Revised November 2022.)
- January 2022 (Revised February 2022)
- Case
Introducing EVA at ISS: A Better Way to Evaluate CEO Performance and Compensation?
By: Jonas Heese, Charles C.Y. Wang and James Weber
In early 2019, Anthony Campagna, the global director of fundamental research at ISS EVA, a unit of the proxy advisory firm Institutional Shareholder Services (ISS), was preparing to release ISS's analyses of public company performance and CEO compensation ahead of Say...
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Keywords:
Jobs and Positions;
Compensation and Benefits;
Performance;
Performance Productivity;
Measurement and Metrics;
Analytics and Data Science;
Value;
Business or Company Management;
Performance Evaluation;
Business and Shareholder Relations
Heese, Jonas, Charles C.Y. Wang, and James Weber. "Introducing EVA at ISS: A Better Way to Evaluate CEO Performance and Compensation?" Harvard Business School Case 122-061, January 2022. (Revised February 2022.)
- Winter 2021
- Article
Can Staggered Boards Improve Value? Causal Evidence from Massachusetts
By: Robert Daines, Shelley Xin Li and Charles C.Y. Wang
We study the effect of staggered boards (SBs) using a quasi-experiment: a 1990 law that imposed an SB on all Massachusetts-incorporated firms. The law led to an increase in Tobin's Q, investment in CAPEX and R&D, patents, higher-quality patented innovations, and...
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Keywords:
Staggered Board;
Entrenchment;
Life-cycle;
Tobin's Q;
Innovation;
Profitability;
Investor Composition;
Governing and Advisory Boards;
Investment;
Innovation and Invention;
Institutional Investing;
Value
Daines, Robert, Shelley Xin Li, and Charles C.Y. Wang. "Can Staggered Boards Improve Value? Causal Evidence from Massachusetts." Contemporary Accounting Research 38, no. 4 (Winter 2021): 3053–3084.
- Article
Decarbonization Factors
By: Alex Cheema-Fox, Bridget LaPerla, George Serafeim, David Turkington and Hui (Stacie) Wang
In the face of accelerating climate change, investors are making capital allocations seeking to decarbonize portfolios by reducing the carbon emissions of their holdings. To understand the performance of portfolio decarbonization strategies and investor behavior...
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Keywords:
ESG;
Investment Management;
Factor Investing;
Investor Behavior;
Climate Change;
Environmental Sustainability;
Investment;
Management
Cheema-Fox, Alex, Bridget LaPerla, George Serafeim, David Turkington, and Hui (Stacie) Wang. "Decarbonization Factors." Journal of Impact and ESG Investing 2, no. 1 (Fall 2021): 47–73.
- October 2021
- Article
Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks
By: Caroline Flammer, Michael W. Toffel and Kala Viswanathan
This paper examines whether—in the absence of mandated disclosure requirements—shareholder activism can elicit greater disclosure of firms’ exposure to climate change risks. We find that environmental shareholder activism increases the voluntary disclosure of climate...
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Keywords:
Transparency;
Reporting;
Shareholder Engagement;
Shareholder Activism;
Climate Change;
Risk and Uncertainty;
Environmental Management;
Investment Activism;
Corporate Disclosure;
Communication Strategy;
Information Publishing;
Measurement and Metrics;
Corporate Social Responsibility and Impact;
Problems and Challenges;
United States
Flammer, Caroline, Michael W. Toffel, and Kala Viswanathan. "Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks." Strategic Management Journal 42, no. 10 (October 2021): 1850–1879. (Featured in Harvard Business Review.)
- August 2021 (Revised November 2021)
- Case
The NCB Capital Turnaround: Waking the Sleeping Giant
By: Sandra J. Sucher, Gamze Yucaoglu, Shalene Gupta and Fares Khrais
The case opens in 2019, five years after, Sarah Al Suhaimi, CEO of NCB Capital (NCBC), the investment arm of Saudi’s largest bank, NCB, took the helm. Having successfully turned the business to make it the market leader, she was contemplating her next steps as...
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Keywords:
Turnaround;
Investment Banking;
Financial Institutions;
Change Management;
Leadership;
Business Model;
Strategy;
Business and Stakeholder Relations;
Management Teams;
Asset Management;
Growth and Development Strategy;
Saudi Arabia
Sucher, Sandra J., Gamze Yucaoglu, Shalene Gupta, and Fares Khrais. "The NCB Capital Turnaround: Waking the Sleeping Giant." Harvard Business School Case 322-043, August 2021. (Revised November 2021.)
- August 2021
- Case
Yummy: Delivering Value to Venezuela
By: Ayelet Israeli, Jenyfeer Martinez Buitrago and Carla Larangeira
By June 2021, Yummy had become Venezuela’s first and largest food delivery app and last-mile logistics company. In Caracas, the nation’s capital, Yummy held a 55% market share, while operations in other cities had already started to take place, including in three of...
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Keywords:
Internet and the Web;
Health Pandemics;
Business Startups;
Growth and Development Strategy;
Expansion
Israeli, Ayelet, Jenyfeer Martinez Buitrago, and Carla Larangeira. "Yummy: Delivering Value to Venezuela." Harvard Business School Case 522-034, August 2021.
- July 2021
- Case
Bessemer Venture Partners: Century Fund
By: Jo Tango and Alys Ferragamo
In July of 2021, Bessemer Venture Partners (BVP) contemplated the future of its growth investing practice, known as “Century.” While still relatively new as a focused initiative, BVP’s growth investing already had significant momentum. The fund’s investment pace had...
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Keywords:
Leveraged Buyouts;
Financial Institutions;
Growth and Development Strategy;
Investment Banking;
Competitive Strategy;
Public Sector;
Venture Capital;
Private Equity;
Acquisition
Tango, Jo, and Alys Ferragamo. "Bessemer Venture Partners: Century Fund." Harvard Business School Case 822-009, July 2021.
- July 2021
- Article
Material Sustainability Information and Stock Price Informativeness
By: Jody Grewal, Clarissa Hauptmann and George Serafeim
As part of the SEC’s revision of Regulation S-K, many investors proposed the mandatory disclosure of sustainability information in the form of environmental, social, and governance (ESG) data. However, progress is contingent on collecting evidence regarding which...
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Keywords:
Voluntary Disclosure;
Accounting Standards;
Sustainability;
Nonfinancial Information;
Corporate Social Responsibility;
Stock Price Informativeness;
Synchronicity;
Environmental Sustainability;
Corporate Disclosure;
Corporate Accountability;
Stocks;
Price;
Corporate Social Responsibility and Impact;
Accounting;
Standards
Grewal, Jody, Clarissa Hauptmann, and George Serafeim. "Material Sustainability Information and Stock Price Informativeness." Journal of Business Ethics 171, no. 3 (July 2021): 513–544.
- June 2021
- Case
Modern Endowment Management: Paula Volent and the Bowdoin Endowment
By: Luis M. Viceira, Emily R. McComb and Dean Xu
This case examines modern endowment investment management through the lens of a leadership transition between Chief Investment Officers (CIOs). In March 2021, Paula Volent is about to step down as the CIO of the endowment of Bowdoin College after twenty-one years, and...
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Keywords:
Investment Portfolio;
Investment Banking;
Growth Management;
Investment Return;
Capital Markets;
Interest Rates;
Competition;
Cost Management;
Risk Management;
Financial Liquidity;
Performance Evaluation
Viceira, Luis M., Emily R. McComb, and Dean Xu. "Modern Endowment Management: Paula Volent and the Bowdoin Endowment." Harvard Business School Case 221-101, June 2021.
- 2021
- Working Paper
Once Bitten, Twice Shy: Learning from Corporate Fraud and Corporate Governance Spillovers
By: Trung Nguyen
This paper finds that investors learn from their experience with corporate fraud and financial misconduct and modify their investment behavior to avoid suspicious firms and increase corporate governance efforts. More specially, mutual funds that experienced corporate...
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Keywords:
Institutional Investors;
Investor Experience;
Shareholder Voting;
Corporate Fraud;
Corporate Governance;
Institutional Investing;
Behavior;
Change;
Learning
Nguyen, Trung. "Once Bitten, Twice Shy: Learning from Corporate Fraud and Corporate Governance Spillovers." Harvard Business School Working Paper, No. 21-135, June 2021.