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- October 2022
- Case
Sustainable Finance at Itau BBA
By: Georgios Serafeim, Maria Loumioti and Benjamin Maletta
As of August 2022, the Itau BBA had structured dozens of sustainability linked bonds, which made future interest payments a function of the borrower meeting a target for a sustainability metric, and had solidified its reputation as a pioneer of sustainable finance in...
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Keywords:
Sustainable Finance;
Corporate Social Responsibility;
Environmental Sustainability;
Growth Strategy;
Debt Contracting;
Performance Metrics;
Risk Assessment;
ESG (Environmental, Social, Governance) Performance;
Financial Instruments;
Risk Management;
Debt Securities;
Banking Industry;
Pulp and Paper Industry;
Latin America
- October 2022
- Case
Founders First Capital Partners
By: Brian Trelstad, Mel Martin and Amy Klopfenstein
In June 2021, Kim T. Folsom, the founder and CEO of revenue-based financing firm Founders First Capital Partners (FFCP), must decide whether to issue another loan to OnShore Technology Group, an up-and-coming software validation company. FFCP provided revenue-based...
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- October 2022
- Case
Star Magnolia Capital: Becoming Experts at Finding Experts
By: Lauren Cohen, Hao Gao, River Ewing and Grace Headinger
Shinya Deguchi, Founder and Managing Partner of Star Magnolia Capital, a Shanghai-based multi-family office (MFO), considered how to convince a new prospective family that the MFO’s endowment model approach would best suit their needs. In recent decades, there has been...
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- September 2022 (Revised October 2022)
- Case
Bear to Bull: An Analyst’s Journey with Netflix
By: Aiyesha Dey, Joseph Pacelli, Jennifer G. Lawson and Tom Quinn
Wedbush Securities analyst Michael Pachter said “hell freezing over” was more likely than him upgrading the “sell” rating he had maintained on movie and television streaming giant Netflix since 2011, despite meteoric subscriber and share price growth. In 2022, however,...
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- 2022
- Working Paper
Human Capital and the Managerial Revolution in the United States
By: Tom Nicholas
This paper estimates the returns to human capital accumulation during the first era of megafirms in the United States by linking employees at General Electric—a canonical enterprise associated with the “visible hand” of managerial hierarchies—to data from the 1940...
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- August 2022
- Case
Bajaj Finance: Building an Omnipresent Financial Services Firm
By: Das Narayandas and Rachna Tahilyani
Bajaj Finance, India’s largest consumer finance firm with $20.9 billion of assets across 50.5 million customers, is on a journey to transform itself from a traditional firm that sells loans and other financial products through brick-and-mortar outlets to an omnipresent...
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- 2022
- Working Paper
The Effect of Employee Lateness and Absenteeism on Store Performance
By: Caleb Kwon and Ananth Raman
We empirically analyze the effects of employee lateness and absenteeism on store performance by examining 25.5 million employee shift timecards covering more than 100,000 employees across more than 500 U.S. retail grocery store locations over a four year time period....
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- 2022
- Working Paper
Can Finance Save the World? Measurement and Effects of Coal Divestment Policies by Banks
By: Daniel Green and Boris Vallée
We study whether divestment policies are an effective tool to address climate change, using coal lending bans by banks around the world as a laboratory. In contrast to theories arguing divestment is ineffective because capital is highly subsitutable, we find large...
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- August, 2022
- Article
Changing Ingroup Boundaries: The Effect of Immigration on Race Relations in the U.S.
By: Vasiliki Fouka and Marco Tabellini
How do social group boundaries evolve? Does the appearance of a new outgroup change the ingroup's perceptions of other outgroups? We introduce a conceptual framework of context-dependent categorization, in which exposure to one minority leads to recategorization of...
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- 2022
- Article
Regulatory Treatment of Changes in Fair Value and the Composition of Banks' Investment Portfolios
By: Michael Iselin, Jung Koo Kang and Joshua Madsen
In their implementation of Basel III, U.S. bank regulators are again including changes in the fair value of available-for-sale (AFS) debt securities in Tier 1 capital, but only for the largest U.S. banks. This paper investigates a potential impact of expanding this...
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- April 2022
- Case
Mastercard: Creating a World Beyond Cash
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;
Financial Services Industry;
North and Central America;
United States;
New York (state, US)
- April 2022
- Supplement
PG&E and the First Climate Change Bankruptcy
By: Stuart C. Gilson
- April 2022 (Revised May 2022)
- Case
Mastercard Labs (A)
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;
Metrics;
Payments;
Financial Inclusion;
Financial Industry;
Ambidexterity;
Corporate Innovation;
Innovation Lab;
Digital Transformation;
Digital Strategy;
Credit Cards;
Innovation Leadership
- 2022
- Working Paper
Transferable Skills? Founders as Venture Capitalists
By: Paul A. Gompers and Vladimir Mukharlyamov
In this paper we explore whether or not the experience as a founder of a venture capital-backed startup influences the performance of founders who become venture capitalists (VCs). We find that nearly 7% of VCs were previously founders of a venture-backed startup....
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- 2022
- Working Paper
Stock Market Stimulus
By: Robin Greenwood, Toomas Laarits and Jeffrey Wurgler
We study the stock market effects of the arrival of the three rounds of “stimulus checks” to U.S. taxpayers and the single round of direct payments to Hong Kong citizens. The first two rounds of U.S. checks appear to have increased retail buying and share prices of...
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Keywords:
Stock Market;
COVID-19 Pandemic;
Fiscal Stimulus;
Stimulus Payments;
Impact;
Stocks;
System Shocks;
Price;
Spending;
United States;
Hong Kong;
China
- 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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- 2022
- Working Paper
Heterogeneous Investors and Stock Market Fluctuations
By: Odhrain McCarthy and Sebastian Hillenbrand
We introduce a heterogeneous agent model which features extrapolative beliefs and time-varying risk aversion. The model leads to an empirical framework which we estimate with stock prices, survey data and risk aversion measures. We find that extrapolative beliefs and...
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- 2021
- Working Paper
Stock Investors' Returns Are Exaggerated
By: Jesse M. Fried, Paul Ma and Charles C.Y. Wang
The stock market generates less wealth than it appears. We show that total shareholder return (TSR), the standard measure of stock investor performance, substantially exaggerates returns earned by these investors in aggregate, and thus by most investors. The main...
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- December 2021
- Article
Auctioneers Sometimes Prefer Entry Fees to Extra Bidders
By: Jiafeng Chen and Scott Duke Kominers
We investigate a market thickness–market power tradeoff in an auction setting with endogenous entry. We find that charging admission fees can sometimes dominate the benefit of recruiting additional bidders, even though the fees themselves implicitly reduce competition...
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- December 2021
- Article
Trade Policy Uncertainty and Stock Returns
By: Marcelo Bianconi, Federico Esposito and Marco Sammon
A recent literature has documented large real effects of trade policy uncertainty (TPU) on trade, employment, and investment, but there is little evidence that investors are compensated for bearing such risk. To quantify the risk premium associated with TPU, we exploit...
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