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Eclipse of the Public Corporation

• Michael C. Jensen
• From the September–October 1989 Issue

Bringing the Environment Down to Earth

• Forest L. Reinhardt
• From the July–August 1999 Issue

VC Larry Cheng on What Makes a Great Entrepreneur

• Anthony K. Tjan
• December 07, 2009

New Framework for Corporate Debt Policy

• Gordon Donaldson
• From the September 1978 Issue

Understanding NPV

• Harvard Business Publishing
• Heide Abelli
• January 22, 2014

A New Model to Spark Innovation Inside Big Companies

• Nitin Nohria
• Hemant Taneja
• May 12, 2021

Why Tech Entrepreneurs in Developing Countries Struggle to Raise Funds

• Ndubuisi Ekekwe
• February 29, 2012

Strategic Analysis for More Profitable Acquisitions

• Alfred Rappaport
• From the July 1979 Issue

Use Bad News to Your Advantage

• V.G. Narayanan
• February 14, 2014

Why We Need to Update Financial Reporting for the Digital Era

• Vijay Govindarajan
• Shivaram Rajgopal
• Anup Srivastava
• June 08, 2018

Is the U.S. on Its Way to Becoming a Cashless Society?

• Shelle Santana
• July 23, 2019

The Foreign Corrupt Practices Act

• Hurd Baruch
• From the January 1979 Issue

How to Prioritize Your Innovation Budget

• Steve Stanton
• September 24, 2014

How to Prevent Your New Business From Failing

• Scott Anthony
• March 17, 2020

The CEO of Rio Tinto on Managing in a Hypercyclical Industry

• From the March 2016 Issue

How to Talk to Your CFO About Sustainability

• Tensie Whelan
• Elyse Douglas
• From the January–February 2021 Issue

Your Agile Project Needs a Budget, Not an Estimate

• Debbie Madden
• December 29, 2014

The HBR List: Breakthrough Ideas for 2010

• Teresa M. Amabile
• Steven J. Kramer
• Eric Bonabeau
• Alph Bingham
• Robert E. Litan
• From the January–February 2010 Issue

The Case of the Expensive Expansion

• Geraldine E. Willigan
• From the January–February 1989 Issue

Is It Fair to Blame Fair Value Accounting for the Financial Crisis?

• Robert C. Pozen
• From the November 2009 Issue

Starbucks Corporation: Financial Analysis of a Business Strategy

• Kathleen Hevert
• July 01, 2013

India Faces a Power Failure: U.S. Financial Service Company Expansion Plans

• F. John Mathis
• Frank Tuzzolino
• November 29, 2012

The Relevance of Reliance Industries' Dividend Policy to Shareholder's Value

• Sandeep Goel
• March 22, 2018

Disruptive IPOs? WR Hambrecht & Co.

• Clayton M. Christensen
• Tara Donovan
• March 08, 2010

The Ad Hoc Conference and Sammy Sockeye

• Dan H. Fenn Jr.
• October 31, 2003

Sonsonala (B)

• David W. Young
• November 06, 2014

Private Equity Case: Merger Consolidation

• Tom J. Cook
• January 15, 2008

Mahindra Finance

• Tanvi Deshpande
• March 25, 2019

Financial Statement Analysis-Identify the Industry

• Graeme Rankine
• August 09, 2007

Net.Genesis, Inc.

• Robert J. Dolan
• Perry L. Fagan
• November 15, 1999

Thingtesting: Launching a Brand Discovery and Testing Digital Community

• Ayelet Israeli
• March 16, 2020

An Industry in Crisis: Assuring Stakeholders and Justifying Firm Valuation

• Jianming Zheng
• Ekaterina Tchebotereva
• August 17, 2018

TransDigm in 2017: The Beginning of the End or the End of the Beginning?

• Benjamin C. Esty
• Daniel Fisher
• April 12, 2020

Mary Chia Holdings Limited: Sell or Hold?

• Ruth S.K. Tan
• Zsuzsa R. Huszar
• Weina Zhang
• August 28, 2019

StormFisher (A): Power with Purpose

• Oana Branzei
• Stewart Thornhill
• November 19, 2008

Restructuring at Nova Chemical Corporation

• Scott P. Mason
• January 11, 2008

CIR Group: Passing Wealth through the Generations

• Lauren H. Cohen
• Christopher J. Malloy
• Elena Corsi
• December 11, 2018

Natureview Farm

• Karen Martinsen Fleming
• June 07, 2007

Summa Equity: Building Purpose-Driven Organizations

• George Serafeim
• David Freiberg
• November 15, 2017

BBVA Compass: Marketing Resource Allocation

• Sunil Gupta
• Joseph Davies-Gavin
• January 27, 2011

Off-Balance Sheet Financing at Big 5 Sporting Goods Corporation, Teaching Note

• October 09, 2012

India Faces a Power Failure: U.S. Financial Service Company Expansion Plans, Teaching Note

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• 23 Jan 2024

More Than Memes: NFTs Could Be the Next Gen Deed for a Digital World

Non-fungible tokens might seem like a fad approach to selling memes, but the concept could help companies open new markets and build communities. Scott Duke Kominers and Steve Kaczynski go beyond the NFT hype in their book, The Everything Token.

• 12 Sep 2023
• Research & Ideas

How Can Financial Advisors Thrive in Shifting Markets? Diversify, Diversify, Diversify

Financial planners must find new ways to market to tech-savvy millennials and gen Z investors or risk irrelevancy. Research by Marco Di Maggio probes the generational challenges that advisory firms face as baby boomers retire. What will it take to compete in a fintech and crypto world?

• 17 Aug 2023

‘Not a Bunch of Weirdos’: Why Mainstream Investors Buy Crypto

Bitcoin might seem like the preferred tender of conspiracy theorists and criminals, but everyday investors are increasingly embracing crypto. A study of 59 million consumers by Marco Di Maggio and colleagues paints a shockingly ordinary picture of today's cryptocurrency buyer. What do they stand to gain?

• 17 Jul 2023

Money Isn’t Everything: The Dos and Don’ts of Motivating Employees

Dangling bonuses to checked-out employees might only be a Band-Aid solution. Brian Hall shares four research-based incentive strategies—and three perils to avoid—for leaders trying to engage the post-pandemic workforce.

• 20 Jun 2023
• Cold Call Podcast

Elon Musk’s Twitter Takeover: Lessons in Strategic Change

In late October 2022, Elon Musk officially took Twitter private and became the company’s majority shareholder, finally ending a months-long acquisition saga. He appointed himself CEO and brought in his own team to clean house. Musk needed to take decisive steps to succeed against the major opposition to his leadership from both inside and outside the company. Twitter employees circulated an open letter protesting expected layoffs, advertising agencies advised their clients to pause spending on Twitter, and EU officials considered a broader Twitter ban. What short-term actions should Musk take to stabilize the situation, and how should he approach long-term strategy to turn around Twitter? Harvard Business School assistant professor Andy Wu and co-author Goran Calic, associate professor at McMaster University’s DeGroote School of Business, discuss Twitter as a microcosm for the future of media and information in their case, “Twitter Turnaround and Elon Musk.”

• 06 Jun 2023

The Opioid Crisis, CEO Pay, and Shareholder Activism

In 2020, AmerisourceBergen Corporation, a Fortune 50 company in the drug distribution industry, agreed to settle thousands of lawsuits filed nationwide against the company for its opioid distribution practices, which critics alleged had contributed to the opioid crisis in the US. The $6.6 billion global settlement caused a net loss larger than the cumulative net income earned during the tenure of the company’s CEO, which began in 2011. In addition, AmerisourceBergen’s legal and financial troubles were accompanied by shareholder demands aimed at driving corporate governance changes in companies in the opioid supply chain. Determined to hold the company’s leadership accountable, the shareholders launched a campaign in early 2021 to reject the pay packages of executives. Should the board reduce the executives’ pay, as of means of improving accountability? Or does punishing the AmerisourceBergen executives for paying the settlement ignore the larger issue of a business’s responsibility to society? Harvard Business School professor Suraj Srinivasan discusses executive compensation and shareholder activism in the context of the US opioid crisis in his case, “The Opioid Settlement and Controversy Over CEO Pay at AmerisourceBergen.”

• 16 May 2023
• In Practice

After Silicon Valley Bank's Flameout, What's Next for Entrepreneurs?

Silicon Valley Bank's failure in the face of rising interest rates shook founders and funders across the country. Julia Austin, Jeffrey Bussgang, and Rembrand Koning share key insights for rattled entrepreneurs trying to make sense of the financing landscape.

• 27 Apr 2023

Equity Bank CEO James Mwangi: Transforming Lives with Access to Credit

James Mwangi, CEO of Equity Bank, has transformed lives and livelihoods throughout East and Central Africa by giving impoverished people access to banking accounts and micro loans. He’s been so successful that in 2020 Forbes coined the term “the Mwangi Model.” But can we really have both purpose and profit in a firm? Harvard Business School professor Caroline Elkins, who has spent decades studying Africa, explores how this model has become one that business leaders are seeking to replicate throughout the world in her case, “A Marshall Plan for Africa': James Mwangi and Equity Group Holdings.” As part of a new first-year MBA course at Harvard Business School, this case examines the central question: what is the social purpose of the firm?

• 25 Apr 2023

Using Design Thinking to Invent a Low-Cost Prosthesis for Land Mine Victims

Bhagwan Mahaveer Viklang Sahayata Samiti (BMVSS) is an Indian nonprofit famous for creating low-cost prosthetics, like the Jaipur Foot and the Stanford-Jaipur Knee. Known for its patient-centric culture and its focus on innovation, BMVSS has assisted more than one million people, including many land mine survivors. How can founder D.R. Mehta devise a strategy that will ensure the financial sustainability of BMVSS while sustaining its human impact well into the future? Harvard Business School Dean Srikant Datar discusses the importance of design thinking in ensuring a culture of innovation in his case, “BMVSS: Changing Lives, One Jaipur Limb at a Time.”

• 18 Apr 2023

What Happens When Banks Ditch Coal: The Impact Is 'More Than Anyone Thought'

Bank divestment policies that target coal reduced carbon dioxide emissions, says research by Boris Vallée and Daniel Green. Could the finance industry do even more to confront climate change?

The Best Person to Lead Your Company Doesn't Work There—Yet

Recruiting new executive talent to revive portfolio companies has helped private equity funds outperform major stock indexes, says research by Paul Gompers. Why don't more public companies go beyond their senior executives when looking for top leaders?

• 11 Apr 2023

A Rose by Any Other Name: Supply Chains and Carbon Emissions in the Flower Industry

Headquartered in Kitengela, Kenya, Sian Flowers exports roses to Europe. Because cut flowers have a limited shelf life and consumers want them to retain their appearance for as long as possible, Sian and its distributors used international air cargo to transport them to Amsterdam, where they were sold at auction and trucked to markets across Europe. But when the Covid-19 pandemic caused huge increases in shipping costs, Sian launched experiments to ship roses by ocean using refrigerated containers. The company reduced its costs and cut its carbon emissions, but is a flower that travels halfway around the world truly a “low-carbon rose”? Harvard Business School professors Willy Shih and Mike Toffel debate these questions and more in their case, “Sian Flowers: Fresher by Sea?”

Is Amazon a Retailer, a Tech Firm, or a Media Company? How AI Can Help Investors Decide

More companies are bringing seemingly unrelated businesses together in new ways, challenging traditional stock categories. MarcAntonio Awada and Suraj Srinivasan discuss how applying machine learning to regulatory data could reveal new opportunities for investors.

• 07 Apr 2023

When Celebrity ‘Crypto-Influencers’ Rake in Cash, Investors Lose Big

Kim Kardashian, Lindsay Lohan, and other entertainers have been accused of promoting crypto products on social media without disclosing conflicts. Research by Joseph Pacelli shows what can happen to eager investors who follow them.

• 31 Mar 2023

Can a ‘Basic Bundle’ of Health Insurance Cure Coverage Gaps and Spur Innovation?

One in 10 people in America lack health insurance, resulting in $40 billion of care that goes unpaid each year. Amitabh Chandra and colleagues say ensuring basic coverage for all residents, as other wealthy nations do, could address the most acute needs and unlock efficiency.

• 23 Mar 2023

As Climate Fears Mount, More Investors Turn to 'ESG' Funds Despite Few Rules

Regulations and ratings remain murky, but that's not deterring climate-conscious investors from paying more for funds with an ESG label. Research by Mark Egan and Malcolm Baker sizes up the premium these funds command. Is it time for more standards in impact investing?

• 14 Mar 2023

What Does the Failure of Silicon Valley Bank Say About the State of Finance?

Silicon Valley Bank wasn't ready for the Fed's interest rate hikes, but that's only part of the story. Victoria Ivashina and Erik Stafford probe the complex factors that led to the second-biggest bank failure ever.

• 13 Mar 2023

What Would It Take to Unlock Microfinance's Full Potential?

Microfinance has been seen as a vehicle for economic mobility in developing countries, but the results have been mixed. Research by Natalia Rigol and Ben Roth probes how different lending approaches might serve entrepreneurs better.

• 16 Feb 2023

ESG Activists Met the Moment at ExxonMobil, But Did They Succeed?

Engine No. 1, a small hedge fund on a mission to confront climate change, managed to do the impossible: Get dissident members on ExxonMobil's board. But lasting social impact has proved more elusive. Case studies by Mark Kramer, Shawn Cole, and Vikram Gandhi look at the complexities of shareholder activism.

• 07 Feb 2023

Supervisor of Sandwiches? More Companies Inflate Titles to Avoid Extra Pay

What does an assistant manager of bingo actually manage? Increasingly, companies are falsely classifying hourly workers as managers to avoid paying an estimated $4 billion a year in overtime, says research by Lauren Cohen.

I'm a financial planner — with layoffs on the rise, I suggest taking another look at your insurance

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• It can be good for your peace of mind to get an individual long-term disability policy.
• Life insurance policies are affordable, especially if you lock in a premium when you're younger.
• If you lose your job, it may be tempting to let your health insurance lapse — but it's worth having.

Layoffs have hit several sectors in 2024, and many workers are more worried about losing their jobs as the previously hot job market continues to slow.

As a financial planner, I always recommend getting your financial ducks in a row so you're not caught in the lurch during layoffs. And one thing I've noticed is that insurance considerations often get lost in the shuffle, especially during unexpected layoffs.

It's understandable. Losing your job is incredibly stressful, and your first focus is typically trying to make ends meet. But many people don't realize just how much of their insurance coverage is tied to their employment. Disability, life, health, dental, vision — all can evaporate quickly after a pink slip.

That's why it's worth taking some time to reevaluate your coverage now and explore individual policies before you actually need them. Here are some types of insurance you should review.

1. Disability insurance

If I had to pick one of the most important coverages to consider in the event of job loss, disability insurance would be at the top of the list. Yet it's also among the least understood (and purchased!) policies, especially by younger workers.

Disability insurance replaces your income if you're unable to work due to illness or injury. In other words, it's a financial safety net if something prevents you from earning a paycheck. Considering that more than one in four of today's 20-year-olds become disabled before reaching retirement age, it's not a minor risk.

Many employers offer group short-term disability and long-term disability options. Short-term disability usually kicks in first and covers a percentage of your salary for a shorter period, typically under 26 weeks. Long-term disability policies take over after that, typically replacing 50% to 60% of salary for a set period of time or until retirement age.

However, these policies disappear if you leave the company. They're also taxable. If you rely solely on employer-sponsored disability and get laid off, you could find yourself without coverage right when you may need it most.

I recommend at least looking into buying an individual long-term disability policy. It costs, on average, 1% to 2% of your annual salary — and as long as you pay the premium, it will stick with you no matter what job you have. Yes, premiums are higher than workplace plans. But the peace of mind is often worth it, especially if you have a high-income career or someone financially relying on you.

2. Life insurance

Another common employer-provided insurance is group life insurance , which pays out a death benefit if you die while employed. This is often worth one to two times your annual salary.

Similar to disability insurance, though, this group life insurance is contingent on your working at that company. If you leave the company, that extra safety net for your family goes "poof."

That's why I highly recommend considering an individual life insurance policy . Some policies can be relatively affordable — the average cost of a policy ranges from $40 to $55 a month.

Most people only need to get term life insurance, which provides a fixed death benefit for a set number of years, say a 20- or 30-year term. It's quite affordable, especially if you lock in your premiums while you're younger.

Buying an individual policy gives you control over your financial future. You won't have to worry about being uninsured if you suddenly lose workplace coverage. And if you leave on your own terms down the road, this policy comes with you.

3. Health insurance

Healthcare is the type of insurance most people associate with employment — and for good reason. Employer-sponsored health plans are often more affordable and comprehensive than individual market options. However, they also come with strict rules around enrollment — if you lose your job, you often lose your coverage.

If you're laid off, you'll likely be offered COBRA continuation coverage. This allows you to stay on your former employer's health plan for up to 18 months by paying the full monthly premium yourself (plus a small admin fee). It's pricy, but it lets you keep your existing doctors and benefits.

Losing job-based coverage qualifies you for a special enrollment period on the federal marketplace. You have 60 days before or after your final day of work to sign up for a new plan. These can be pricy, too, but you may qualify for subsidies based on your income.

Short-term health insurance is also available. It is generally much cheaper than COBRA or ACA plans but provides leaner benefits. These plans also don't cover pre-existing conditions and may have limits on prescriptions, maternity, and mental healthcare. But if you're healthy and need a temporary budget option, they're worth considering.

My biggest piece of advice? Don't delay your decision and let coverage lapse. It's tempting to put off insurance while prioritizing more immediate needs. But going uncovered is a massive financial risk, even for a brief period between jobs. Medical debt remains a leading cause of bankruptcy . That's why it's important to make a plan now.

Review all your insurance options

Disability, life, and health are three of the most common types of insurance to review if you've been laid off, but they aren't the only ones. Dental, vision, critical illness, accident — these supplemental policies also are commonly tied to employment.

If you have any wellness concerns on the horizon — major dental work or vision correction — address those while your workplace benefits are still active. Then, decide if you need to purchase individual coverage as well.

It can be stressful to think about the possibility of losing your job (and your income) but it's important to be prepared and think ahead.

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Markets Chevron

Take Five: Dancing to the dollar's beat

Just when it looked like rate cuts were coming any minute now, inflation has reared its head and the strength of the dollar is forcing other central bankers to protect their currencies and reconsider their policy choices.

Bank of Canada Governor Tiff Macklem, who in February said the federal government should avoid a major spending increase, on Friday said this week's federal budget had not significantly altered Canada's fiscal path.

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Iran warns of shift in nuclear stance if Israel threatens atomic sites

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Iran has warned Israel it is likely to review its nuclear stance if its atomic facilities are threatened, as tensions rise following the Islamic republic’s weekend drone and missile attack on Israel.

Iran’s Revolutionary Guards said on Thursday that Tehran may “reconsider” its nuclear policy, which it has long insisted is purely peaceful but which western powers say has put it on the threshold of becoming a weapons state.

The warning was issued as the US and UK announced new sanctions on Iran’s drone programme in response to Saturday’s strike on Israel.

“Reconsidering the nuclear doctrine and policies of the Islamic republic of Iran . . . is probable and imaginable, if the fake Zionist regime threatens to attack our country’s nuclear centres,” said Major General Ahmad Haq Talab, who oversees the security of Iran’s nuclear installations.

His comments were published in the semi-official Tasnim news agency, which is affiliated with the Revolutionary Guards, Iran ’s most powerful military force.

Regime hardliners have previously threatened that, during periods of heightened tensions with the west, Iran could withdraw from the non-proliferation treaty, which governs countries’ nuclear facilities.

Haq Talab warned Israel that any aggression against Iran’s facilities would be reciprocated at Israel’s nuclear weapon sites — which the Jewish state has never acknowledged possessing.

Israel has pledged to respond to last weekend’s Iranian attack, in which Tehran fired more than 300 missiles and drones.

That assault prompted Washington on Thursday to announce sanctions on 16 individuals and two companies that aid the production of unmanned aerial vehicles, such as drones, in co-ordination with measures announced by the UK. 

“We are committed to acting collectively to increase economic pressure on Iran,” US President Joe Biden said, adding that his administration “will not hesitate to take all necessary action” to hold Tehran accountable. 

“Our allies and partners have or will issue additional sanctions and measures to restrict Iran’s destabilising military programmes,” Biden said.

Other curbs announced by the UK on Thursday included measures against Brigadier General Mohammad Reza Gharaei Ashtiani, Iran’s defence minister, and institutions and personnel responsible for operational command of Iran’s armed forces.

Tehran said it launched last weekend’s attack — its first-ever direct assault on Israel from Iranian soil — in retaliation for a suspected Israeli air strike on its consulate building in Damascus, which killed seven Revolutionary Guards members, including two senior commanders.

The US and other western allies have been pressing Israel to show restraint amid fears that the hostilities between Iran and Israel risk triggering an all-out Middle East conflict.

Israeli Prime Minister Benjamin Netanyahu said on Wednesday: “I want to make it clear — we will make our own decisions, and the State of Israel will do everything necessary to defend itself.”

Israel has given no indication of the timing or scale of its response, while Iran has vowed to retaliate against any Israeli strike on the republic.

“We are on the edge of a regional war in the Middle East,” EU foreign policy chief Josep Borrell warned at a G7 foreign ministers’ meeting on Thursday, as he called on Israel for “a restrained answer to the Iranians’ attack”.

Netanyahu has repeatedly threatened over the years to take action to prevent Iran acquiring a nuclear weapon.

The US-based Arms Control Association said in a paper this week that targeting Iranian nuclear sites “would be a reckless and irresponsible escalation that increases the risk of a wider regional war . . . and is more likely to push Tehran to decide that developing nuclear weapons is necessary to deter future attacks”.

Tehran and Washington have been locked in a nuclear crisis since then president Donald Trump in 2018 unilaterally abandoned the deal that Tehran signed with world powers, imposing waves of sanctions on the republic.

Under the 2015 accord, Iran agreed limits on its nuclear activity and a strict International Atomic Energy Agency monitoring regime in return for sanctions relief.

But after Trump withdrew the US from the agreement, Tehran responded by aggressively ramping up its programme, installing advanced centrifuges and enriching uranium to a purity of 60 per cent — the highest-ever level in Iran.

Experts typically cite 90 per cent purity as weapons grade, but Iran has already taken the most difficult technical steps to reach that point.

Efforts by the Biden administration to revive the 2015 accord floundered and Iran has developed the capacity to produce enough fissile material required for a nuclear weapon in about two weeks. 

In September, the US and Iran agreed to a prisoner exchange and Washington unfroze $6bn in Iranian oil money. It was hoped that the foes would build on those deals to agree to de-escalatory steps, including Iran capping its uranium enrichment.

But any hopes of progress were dashed by Hamas’s October 7 attack and Israel’s retaliatory offensive in Gaza. In the months since, Iran-backed militants have attacked Israel and US forces in the region as hostilities have intensified across the Middle East.

Israel has traded daily fire with Hizbollah, the Lebanese militant group and Iran’s most important proxy, and targeted Revolutionary Guards members in Syria.

The IAEA still has inspectors in Iran, but the UN watchdog and western governments have repeatedly accused Tehran of not co-operating with the agency.

Iran’s nuclear chief Mohammad Eslami told reporters on Wednesday that the republic could be still committed to the 2015 nuclear agreement if other signatories met their promises to ease sanctions on Iran. He said the head of the IAEA would “soon” visit Iran to “update” mutual agreements.

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Volume 37, Issue 5, May 2024

Place your bets the value of investment research on reddit’s wallstreetbets.

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Short Campaigns by Hedge Funds

Noise in expectations: evidence from analyst forecasts, are analyst “top picks” informative, learning in financial markets: implications for debt-equity conflicts, banking on carbon: corporate lending and cap-and-trade policy, gender bias in promotions: evidence from financial institutions, email alerts.

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