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This paper examines how government funding programs geared towards early-stage companies interact with private capital markets. Using hand-collected...
- 2021
- Working Paper
The Changing Role of Business in Society
Business interaction with the U.S. government, historically based on securing industry or company special interests at the expense of the public god, has enabled and furthered government dysfunction. Gridlock within the American political system has precluded the...
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Keywords:
Politics;
Shared Value;
Social Progress Index;
Competitiveness;
United States;
Walmart;
BlackRock;
ESG (Environmental, Social, Governance) Performance;
ESG;
Transparency;
Campaign Contributions;
Campaign Finance;
Lobbying;
Revolving Door;
Political Ideology;
Political Parties;
Political Partisanship;
Government And Business;
Government Innovation;
Elections;
Democracy;
Capitalism;
Stakeholder Capitalism;
Shareholder Engagement;
Corporate Accountability;
Competition;
Strategy;
Government and Politics;
Society;
Social Issues;
Human Needs;
Wealth and Poverty;
Business and Community Relations;
Business and Government Relations;
Financial Services Industry;
Banking Industry;
United States
- July–August 2021
- Article
SPACs: What You Need to Know
By: Max Bazerman and Paresh Patel
Special purpose acquisition companies, or SPACs, have been around in various forms for decades, but during the past two years they’ve taken off in the United States. In 2019, 59 were created, with $13 billion invested; in 2020, 247 were created, with $80 billion...
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- June 15, 2021
- Article
Cutting the Gordian Knot of Employee Health Care Benefits and Costs: A Corporate Model Built on Employee Choice
By: Regina E. Herzlinger and Barak D. Richman
President Joe Biden’s promise to give every American access to affordable health insurance is well-intentioned, but his plan’s policy elements—a public option, a permanent expanded tax credit—require congressional approval and would expend significant political and...
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- June 2021
- Case
Asian Corporate Governance Association: Stemming a 'Race to the Bottom' by Stock Exchanges?
By: Charles C.Y. Wang and Billy Chan
This case describes the movement towards dual-class listings on Asian stock exchanges and the efforts of the Asian Corporate Governance Association (ACGA), a not-for-profit shareholder advocacy group, to discourage this trend. As a not-for-profit organization with no...
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- April 2021
- Case
Accounting for Bitcoin at Tesla
By: Charles C.Y. Wang and Siyu Zhang
In February of 2021, Tesla revealed that it had purchased $1.5 billion of Bitcoin, totaling 7.5% of the company's cash. This announcement came after a series of cryptocurrency-related tweets from Elon Musk, the company's CEO, and a surge in cryptocurrency values. The...
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- May 2021
- Article
Value-Based Healthcare in Urology: A Collaborative Review
By: Chanan Reitblat, Paul A. Bain, Michael E. Porter, David N. Bernstein, Thomas W. Feeley, Markus Graefen, Santosh Iyer, Matthew J. Resnick, C.J. Stimson, Quoc-Dien Trinh and Boris Gershman
Context:
In response to growing concerns over rising costs and major variation in quality, improving value for patients has been proposed as a fundamentally new strategy for how healthcare should be delivered, measured, and... View Details
In response to growing concerns over rising costs and major variation in quality, improving value for patients has been proposed as a fundamentally new strategy for how healthcare should be delivered, measured, and... View Details
- 2021
- Working Paper
Public Entrepreneurial Finance around the Globe
By: Jessica Bai, Shai Bernstein, Abhishek Dev and Josh Lerner
This paper examines how government funding programs geared towards early-stage companies interact with private capital markets. Using hand-collected data on 755 government programs worldwide, we find that governments’ allocations to such funding programs have been...
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- April 2021
- Case
SA Taxi (A)
By: Nien-he Hsieh, Dilyana Karadzhova Botha and F. Christopher Eaglin
SA Taxi was a vertically integrated business that operated in South Africa’s distinctive taxi industry. Despite being plagued by violence, informal structures, unsafe road practices and lack of government support, the taxi industry had grown to become South Africa’s...
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- April 2021
- Supplement
SA Taxi (B)
By: Nien-he Hsieh, Dilyana Karadzhova Botha and F. Christopher Eaglin
SA Taxi was a vertically integrated business that operated in South Africa’s distinctive taxi industry. Despite being plagued by violence, informal structures, unsafe road practices and lack of government support, the taxi industry had grown to become South Africa’s...
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- April 2021 (Revised July 2021)
- Case
Public Equities Impact Investing at BlackRock
By: Shawn A. Cole, Vikram S. Gandhi, Michael Norris and John Masko
In early 2021, BlackRock—the world’s largest asset manager with $9 trillion in assets under management (AUM)—sought to become a leader in promoting environmental and social sustainability. Over the previous ten years, CEO Larry Fink had written an annual open letter to...
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Keywords:
Impact Investing;
Renewable Energy;
Climate Change;
Environmental Sustainability;
Equity;
Corporate Social Responsibility and Impact;
Financial Management;
Investment Funds;
Investment Return;
Mission and Purpose;
Organizational Change and Adaptation;
Financial Services Industry;
United States
- March 2021 (Revised March 2021)
- Case
Aligning Mission and Margin at Southern Bancorp
By: Rebecca M. Henderson, Brian Trelstad and Eren Kuzucu
In October 2020, after spending almost a decade to turnaround Southern Bancorp, an Arkansan bank founded with the mission to provide financial services to rural, underserved communities, CEO Darrin Williams is wondering how Southern Bancorp should continue to grow....
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- March 2021 (Revised April 2021)
- Case
Wirecard: The Downfall of a German Fintech Star
By: Jonas Heese, Charles C.Y. Wang and Tonia Labruyere
Wirecard was a German fintech company, member of the DAX30, that provided payment processing and related services. Wirecard had enjoyed large growth rates over the years and most investors and analysts were enthusiastic about the company's prospects. Wirecard's...
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- March 2021
- Case
Yale Investments Office: November 2020
By: Josh Lerner, Jo Tango and Alys Ferragamo
David Swensen and the Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments—hedge funds, private equity, venture capital, real estate, natural resources—given the impact of the COVID-19...
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Keywords:
University Endowment;
Asset Allocation;
Real Estate;
Equities;
Fixed Income;
COVID-19;
Asset Management;
Private Equity;
Venture Capital;
Natural Resources;
Resource Allocation;
Investment;
Investment Portfolio;
Health Pandemics;
Financial Crisis;
Financial Services Industry;
Real Estate Industry;
Energy Industry;
Connecticut
- February 2021
- Case
Shareholder Activists and Corporate Strategy
By: David J. Collis and Caeden Brynie
This library case examines the rise of shareholder activism in recent years, particularly in the public eye, and analyzes its effects on corporate strategy, growth, and shareholder value. It looks at three contemporary targets of shareholder activism in particular—Bed...
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- 2021
- Working Paper
The Effects of Local Government Financial Distress: Evidence from Toxic Loans
By: Boris Vallée and Julien Sauvagnat
We examine the response from both local governments and their voters to a sudden increase in public debt burden. We exploit plausibly exogenous variation in the ex post cost of toxic loans, a notorious financial innovation adopted by a large number of local governments....
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- January 2021
- Supplement
A Half-Deal
By: Marco Di Maggio, Pedro Levindo and Carla Larangeira
In June 2020, XP and Itaú faced intensified competition and tension in their partnership, with the latter owning a minority stake at XP. Two years earlier, in May 2017, Itaú had announced it would acquire 49.9% of XP for $1.8 billion, followed by three additional...
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- 2020
- Working Paper
Aggregate Advertising Expenditure in the U.S. Economy: What's Up? Is It Real?
By: Alvin J. Silk and Ernst R. Berndt
The two components of the advertising industry—the creative sector that develops and produces messages, and the communications sector that transmits messages via various media—have each been greatly affected by advances in creative design and communications...
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- 2020
- Working Paper
Short-Termism, Shareholder Payouts, and Investment in the EU
By: Jesse M. Fried and Charles C.Y. Wang
Investor-driven “short-termism” is said to harm EU public firms' ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered—in the form of rising levels of repurchases and dividends—is...
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- October 2020 (Revised June 2021)
- Case
COVID-19 Testing at Everlywell
By: Jeffrey J. Bussgang and Olivia Hull
In March 2020, as COVID-19 spreads rapidly across the U.S., Everlywell founder Julia Cheek considers how to respond as a small start-up specializing in at-home lab testing. After making dramatic budget cuts, she decides to pivot the organization to address the...
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Keywords:
Entrepreneurship;
Business Strategy;
Venture Capital;
Health Care and Treatment;
Health Disorders;
Leading Change;
Technology Adoption;
Technology Platform;
Competitive Strategy;
Science;
Adaptation;
Corporate Social Responsibility and Impact;
Crisis Management;
Social Entrepreneurship;
Ethics;
Government Legislation;
Health;
Health Testing and Trials;
Health Pandemics;
Consumer Products Industry;
Health Industry;
Technology Industry;
Texas;
United States
- September 2020
- Case
Blackstone: Crocs Investment
By: Victoria Ivashina, John D. Dionne and Terrence Shu
This case follows Prakash Melwani (HBS MBA '86), CIO of Blackstone's Private Equity Group, and his teams’ investment in the footwear company Crocs. Instead of a traditional secondary offering, Crocs opted for a unique deal structure by taking Blackstone's cash in a...
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