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  • October 2020
  • Article

Corporate Legal Structure and Bank Loan Spread
By: Anywhere (Siko) Sikochi
This study examines how a corporate legal structure may affect borrowing costs. Corporate legal structure refers to the legal fragmentation of a firm into multiple, separately incorporated entities. This fragmentation is bound to be a factor when lenders determine the...  View Details
Keywords: Corporate Legal Structure; Subsidiaries; Bank Loans; Minority Interest; Credit Risk; Organizational Structure; Business Subsidiaries; Financing And Loans
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  • July 2020
  • Article

Recovering the Logic of Double Effect for Business: Intentions, Proportionality, and Impermissible Harms
By: Rosemarie Monge and Nien-hê Hsieh
Business actors often act in ways that may harm other parties. While the law aims to restrict harmful behavior and to provide remedies, legal systems do not anticipate all contingencies and legal regulations are not always well enforced. This article argues that the...  View Details
Keywords: Double Effect; Intention; Exploitation; Risk; Practical Ethics; Competition; Risk And Uncertainty; Ethics
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  • 2021
  • Working Paper

The Project on Impact Investments' Impact Investment Database
By: M. Diane Burton, Shawn Cole, Abhishek Dev, Christina Jarymowycz, Leslie Jeng, Josh Lerner, Fanele Mashwama, Yue (Cynthia) Xu and T. Robert Zochowski
Impact investing has grown significantly over the past 15 years. From a niche investing segment with only $25 billion AUM in 2013 (WEF 2013), it experienced double-digit growth and developed into a market with an estimated $502 billion AUM (Mudaliapar and Dithrich...  View Details
Keywords: Impact Investing; Investment; Data And Data Sets; Analysis
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  • 2019
  • Chapter

A Claim to Own Productive Property
By: Nien-hê Hsieh
BOOK ABSTRACT: The status of economic liberties remains a serious lacuna in the theory and practice of human rights. Should a minimally just society protect the freedoms to sell, save, profit, and invest? Is being prohibited to run a business a human rights violation?...  View Details
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  • February 2018
  • Background Note

Patent Trolling
By: Lauren H. Cohen, Umit G. Gurun, Scott Duke Kominers and George Hou
The U.S. Intellectual Property (IP) Ecosystem is one of the most robust and dynamic in the world—and has been for centuries. The bedrock of this system is the "patent," a legal document that allows its holder exclusive commercialization rights of a part of the "idea...  View Details
Keywords: Intellectual Property; Patents; Lawsuits And Litigation; United States
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  • 2016
  • Working Paper

The Effect of Shareholder Litigation Risk on the Information Environment: The Case of Cross-Listed Firms
By: Anywhere Sikochi
I document the causal link between shareholder litigation risk and cross-listed firms’ information environment by exploiting a quasi-natural experiment in the form of a reduction in litigation risk resulting from the 2010 Supreme Court ruling in Morrison v. National...  View Details
Keywords: Cross-listing; Information Environment; Shareholder Litigation Risk; D＆o Insurance; Risk And Uncertainty; Lawsuits And Litigation; Business And Shareholder Relations
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  • December 2014 (Revised March 2018)
  • Case

John D. Rockefeller: The Richest Man in the World
By: Tom Nicholas and Vasiliki Fouka
By the late nineteenth century scale and managerial hierarchies had extended to several major industrial sectors of the U.S. economy. Although the precise mechanisms often varied, this process mainly involved horizontal integration, some form of legal or administrative...  View Details
Keywords: Horizontal Integration; Wealth; Business History; Vertical Integration; Consolidation; Personal Development And Career; Energy Industry; United States
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  • 2014
  • Article

The Governance of Social Enterprises: Mission Drift and Accountability Challenges in Hybrid Organizations
By: Alnoor Ebrahim, Julie Battilana and Johanna Mair
We examine the challenges of governance facing organizations that pursue a social mission through the use of market mechanisms. These hybrid organizations, often referred to as social enterprises, combine aspects of both charity and business at their core. In this...  View Details
Keywords: Social Enterprise; Governance; Hybrid Organizations; Nonprofit; Performance Measurement; Legal Form; Agency Theory; Stakeholder Management; Mission And Purpose; Social Enterprise; Corporate Accountability
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  • March 2013 (Revised March 2013)
  • Case

Rough Justice: Stuart Eizenstat and Holocaust-era Asset Restitution (A)
By: James K. Sebenius and Laurence A. Green
Beginning in 1994, a series of articles and public disclosures indicated that Swiss banks may have retained assets belonging to victims of the Holocaust, and also may have engaged in long term attempts to block survivors' ability to recover those assets after World War...  View Details
Keywords: Negotiation; Banking; Banking And Insurance; U.s. History; Germany; Europe; Governance; History; Negotiation; Business And Government Relations; Banking Industry; Insurance Industry; Germany; United States; Switzerland
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  • June 2012
  • Article

Meta-organization Design: Rethinking Design in Interorganizational and Community Contexts
By: Ranjay Gulati, P. Puranam and Michael Tushman
This article provides conceptual foundations for analyzing organizations comprising multiple legally autonomous entities, which we call meta-organizations. We assess the antecedents of the emergence of such collectives and the design choices they entail. The article...  View Details
Keywords: Organizational Design
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  • June 2012
  • Article

Meta-Organizational Design: Rethinking Design in Inter-Organizational and Community Contexts
By: Ranjay Gulati, Phanish Puranam and Michael Tushman
This paper provides conceptual foundations for analyzing organizations comprising multiple legally autonomous entities, which we call meta-organizations. We assess the antecedents of the emergence of such collectives and the design choices they entail. The paper...  View Details
Keywords: Design; Organizations; Civil Society Or Community; Relationships
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  • 2010
  • Working Paper

Lawful but Corrupt: Gaming and the Problem of Institutional Corruption in the Private Sector
By: Malcolm S. Salter
This paper describes how the gaming of society's rules by corporations contributes to the problem of institutional corruption in the world of business. "Gaming" in its various forms involves the use of technically legal means to subvert the intent of society's rules in...  View Details
Keywords: Crime And Corruption; Civil Society Or Community; Competitive Advantage; Earnings Management; Trust; Law; Performance; Investment Funds; Private Sector; Behavior; Relationships; Goals And Objectives
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  • November 2010
  • Technical Note

Technical Note: An Abridged History of the American Corporation
By: Rakesh Khurana, Andrew David Klaber and Eric Baldwin
This note examines the development of the corporate form in the United States from the eighteenth century to the present, focusing primarily on legal issues. It identifies several major trends in the history of the American corporation: the transition of corporations...  View Details
Keywords: Accounting; Corporate Accountability; Governing Rules, Regulations, And Reforms; History; Code Law; Managerial Roles; Corporate Social Responsibility And Impact; Private Ownership; United States
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  • October 2010 (Revised March 2012)
  • Case

Bessemer Trust: Guardians of Capital
By: Tom Nicholas and David Chen
Henry Phipps, Jr. made his fortune in the steel industry alongside one of America's most celebrated entrepreneurs—Andrew Carnegie. His wealth was administered in the form of trusts, which he hoped would provide a stream of income for his family and their descendants...  View Details
Keywords: Wealth; Asset Management; Family Business; Business History; Income; Entrepreneurship; Capital; United States
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  • 2010
  • Chapter

Business Groups in Historical Perspectives
By: Geoffrey Jones and Asli M. Colpan
Business groups-collections of legally independent firms interconnected by multiple economic and social linkages that exhibit widely diversified product portfolios-are viewed as the prototypical large-enterprise form in contemporary emerging economies. By exploring the...  View Details
Keywords: Business History; Management Skills; Emerging Markets; Alliances; Groups And Teams; Competitive Advantage; Great Britain
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  • Article

Kidneys for Sale: Who Disapproves, and Why?
By: Stephen Leider and Alvin E. Roth
The shortage of transplant kidneys has spurred debate about legalizing monetary payments to donors to increase the number of available kidneys. However, buying and selling organs faces widespread disapproval. We survey a representative sample of Americans to assess...  View Details
Keywords: Moral Sensibility; Policy; Health; Market Transactions; Attitudes; Trust
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  • June 2009 (Revised August 2010)
  • Background Note

How Institutional Investors Think About Real Estate
By: Arthur I Segel
Real estate is an increasingly important component in the portfolios of institutional investors. This note discusses the issues these investors must consider when investing in real estate from the legal forms of ownership, to separate or commingled funds, to property...  View Details
Keywords: Investment; Investment Funds; Investment Portfolio; Property; Financial Services Industry
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  • February 2008
  • Supplement

Shinhan Financial Group (B)
By: Rosabeth Moss Kanter and Matthew J. Morgan
By 2007, there were many signs that the merger of Chohung and Shinhan banks to form the Shinhan Financial Group in 2003 had met its goals. Shinhan Financial Group's stock price had increased from $31 a share at its opening on the New York Stock Exchange in September...  View Details
Keywords: Mergers And Acquisitions; Global Strategy; Expansion; Markets; Strategic Planning; South Korea
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  • December 2005
  • Article

Up to Code: Does Your Company's Conduct Meet World-Class Standards?
By: Lynn Paine, Rohit Deshpandé, Joshua D. Margolis and Kim Eric Bettcher
Codes of conduct have long been a feature of corporate life. Today, they are arguably a legal necessity—at least for public companies with a presence in the United States. But the issue goes beyond U.S. legal and regulatory requirements. Sparked by corruption and...  View Details
Keywords: Business Ethics; Standards Of Conduct; Globalized Firms And Management; Cross-cultural And Cross-border Issues; Values And Beliefs; Corporate Accountability; Corporate Governance
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  • Article

Trust and Incentives in Agency
By: Ramon Casadesus-Masanell and Daniel F Spulber
Contracts between a principal and an agent are not formed in a vacuum. Although formal contracts between a principal and an agent contain explicit incentives for performance, the relationship between a principal and an agent also involves implicit incentives. Three...  View Details
Keywords: Trust; Motivation And Incentives; Agency Theory; Contracts; Market Transactions; Performance; Relationships; Societal Protocols; legal Liability; Cost
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