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- August 2021
- Case
Apax Digital
By: Jo Tango and Alys Ferragamo
The Apax Digital team faced important decisions as they contemplated raising a second fund. Apax Digital Fund I was a $1.1 billion vehicle focused on mid-market growth equity and growth buyouts in the technology sector. The fund had performed well, and the Managing...
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- 2021
- Working Paper
Consumer Choice and Corporate Bankruptcy
By: Samuel Antill and Megan Hunter
Using an incentivized randomized experiment, we estimate the causal effect of a Chapter 11 bankruptcy filing on consumer demand for the bankrupt firm's products. Knowledge of Hertz's Chapter 11 bankruptcy reduces consumers' willingness-to-pay for Hertz by 35%. We show...
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- July 2021
- Case
Pershing Square's Pandemic Trade (A)
By: Emil N. Siriwardane, Luis M. Viceira, Dean Xu and Lucas Baker
This case explores the decision that Bill Ackman, CEO and founder of the hedge fund Pershing Square Capital, was considering in late February 2020 about hedging the exposure of the fund’s portfolio from the potential financial fallout ensuing from an extreme event like...
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- July–August 2021
- Article
Lowering the Bar? External Conditions, Opportunity Costs, and High-Tech Startup Outcomes
By: Annamaria Conti and Maria P. Roche
We assess the heterogeneous impact of economic downturns on individuals’ decisions to bring high-technology ideas to the market in the form of new ventures. We thereby examine how worsening labor market conditions influence individuals’ opportunity costs of starting...
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- 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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- June 2021
- Case
uBiome
By: Thomas R. Eisenmann and Olivia Graham
uBiome provided clinical tests that sequenced the DNA of human microbiome samples, providing data on health conditions directly to consumers or to prescribing physicians. Founded in 2012, the San Francisco-based startup raised $105 million from top-tier venture capital...
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- May 2021 (Revised August 2021)
- Case
CPE and SUS Environmental: You've Got to Know When to Hold 'Em (A)
By: Josh Lerner and Franko Jira
In July 2016, Di Yang and Grace Guo of the leading Chinese private equity group CPE faced a dilemma—a happy dilemma, but a challenge nonetheless. CPE’s investment in the waste-to-energy firm SUS Environment had proved to be exceedingly successful. This success had...
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- May 2021 (Revised June 2021)
- Supplement
'GEnron'? Markopolos versus General Electric (B)
By: Jonas Heese and David Lane
Supplement to the (A) case that offers an assessment of the August 2019 Markopolos report on General Electric.
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- April 2021
- Supplement
Exercise for Revlon: Surviving Covid-19
By: Kristin Mugford and Sarah Gulick
Exercise for Revlon: Surviving Covid-19
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- March 2021
- Supplement
CashDrop (B1)
By: Rembrand Koning, Paul A. Gompers and Sarah Gulick
After the events in CashDrop A, Flores-Martinez received two concrete offers from VC funds for his startup business, CashDrop. This case describes the tensions between the two funds: a traditional VC fund who would offer Flores-Martinez a prestigious platform, and a...
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- March 2021
- Case
Revlon: Surviving Covid-19
By: Kristin Mugford and Sarah Gulick
In October 2020, Revlon faced a crossroads. While it had been struggling with high levels of debt before COVID-19, the pandemic had caused it to go further into debt. Unlike other financial crises, many consumers had stopped buying skincare or cosmetics, and sales of...
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- March 2021
- Article
Active Choice, Implicit Defaults, and the Incentive to Choose
By: John Beshears, James J. Choi, David Laibson and Brigitte C. Madrian
Home-delivered prescriptions have no delivery charge and lower copayments than prescriptions picked up at a pharmacy. Nevertheless, when home delivery is offered on an opt-in basis, the take-up rate is only 6%. We study a program that makes active choice of either home...
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- February 2021 (Revised June 2021)
- Case
Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO
By: Tom Nicholas and John Masko
During the 1980s, leveraged buyouts (LBOs) and the private equity (PE) firms responsible for carrying them out revolutionized both investment and management in the U.S. Between 1980 and 1989, buyout activity in the U.S. surged from $1 billion per year to $60 billion....
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Keywords:
Leveraged Buyouts;
Mergers and Acquisitions;
Business Conglomerates;
Restructuring;
Borrowing and Debt;
Private Equity;
Bonds;
Investment Return;
Institutional Investing;
Profit Sharing;
Business History;
Management Style;
Private Ownership;
Performance Effectiveness;
Value Creation;
Financial Services Industry;
United States
- February 2021
- Supplement
HNA Group: Global Excellence with Chinese Characteristics (C)
By: William C. Kirby, Billy Chan and John P. McHugh
July 2017 was supposed to be a triumphant month for HNA Group. The latest Fortune Global 500 list showed the company had again skyrocketed in its ranking to no. 170, an improvement of over 200 positions from the year prior. Yet earlier that same July, the mysterious...
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Keywords:
Conglomerate;
Airline Industry;
Coronavirus;
Financial Risk;
Debt;
Bankruptcy;
Global Strategy;
Restructuring;
Health Pandemics;
Financial Markets;
Organizational Change and Adaptation;
Financial Condition;
Globalized Firms and Management;
Business and Government Relations;
Financial Services Industry;
Financial Services Industry;
China
- February 2021
- Case
A Cultural Transformation at Southeastern Grocers
By: Suraj Srinivasan, Jonah S. Goldberg and Joseph A. Paul
When Anthony Hucker, the CEO of Southeastern Grocers (SEG), took over in that role in July 2017, the company was in dire financial and operational condition and was headed towards bankruptcy. SEG, the fifth largest grocery chain in the U.S. in early 2021, operated...
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- 2021
- Working Paper
Crisis Interventions in Corporate Insolvency
By: Samuel Antill and Christopher Clayton
We model the optimal resolution of insolvent firms in general equilibrium. Absent externalities, the optimal corporate-insolvency system encourages lending by letting banks assign liquidations ex-post. We show that a social planner optimally intervenes in such a system...
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- February 2021
- Article
Do Household Wealth Shocks Affect Productivity? Evidence from Innovative Workers During the Great Recession
By: S. Bernstein, T. McQuade and R. Townsend
We investigate how the deterioration of household balance sheets affects worker productivity, and, in turn, economic downturns. Specifically, we compare the output of innovative workers who experienced differential declines in housing wealth during the financial crisis...
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- 2021
- Working Paper
FinTech Lending and Cashless Payments
By: Boris Vallée, Pulak Ghosh and Yao Zeng
This study provides a new perspective to understand the rise and future potential of FinTech lending by linking it to the informational role of cashless payments. We uncover both theoretically and empirically a synergy between FinTech lending and cashless payments....
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Keywords:
Fintech;
Lending;
Payments;
Data Sharing;
Financing and Loans;
Technology;
Banks and Banking;
Business Model
- January 2021
- Supplement
Aster DM Healthcare: Budget Exercise
By: V.G. Narayanan and Amy Klopfenstein
In April 2020, Alisha Moopen, Deputy Managing Director of Aster DM Healthcare, a network of clinics, hospitals, and pharmacies in the Middle East and India, must create her company’s budget for the 2021 fiscal year in light of the onset of Covid-19. The pandemic had...
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Keywords:
Decision Making;
Decisions;
Forecasting and Prediction;
Judgments;
Decision Choices and Conditions;
Cost vs Benefits;
Finance;
Borrowing and Debt;
Financial Institutions;
Banks and Banking;
Financial Condition;
Financial Liquidity;
Accounting;
Budgets and Budgeting;
Management;
Crisis Management;
Health Pandemics;
Health Industry;
Asia;
India;
United Arab Emirates;
Dubai
- January 2021 (Revised March 2021)
- Case
Juno (A): Leveraging Student Power
By: Joshua Schwartzstein, Kathleen L. McGinn and Amy Klopfenstein
In March 2020, Chris Abkarians and Nikhil Agarwal were in the midst of preparing the annual auction for their student loan assistance startup, Juno. Both current MBA students at Harvard Business School, the duo founded Juno in 2018 to leverage student bargaining power...
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Keywords:
Decision Making;
Decision Choices and Conditions;
Decisions;
Cost vs Benefits;
Education;
Higher Education;
Finance;
Borrowing and Debt;
Strategy;
Adaptation;
Alignment;
Negotiation;
Agreements and Arrangements;
Negotiation Participants;
Negotiation Process;
Negotiation Tactics;
Negotiation Deal;
Negotiation Offer;
Negotiation Types;
Financial Services Industry;
Financial Services Industry;
North and Central America;
United States;
Massachusetts;
Boston