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- 22 Apr 2024
- Research & Ideas
When Does Impact Investing Make the Biggest Impact?
More investors want to back businesses that contribute to social change, but are impact funds the only approach? Research by Shawn Cole, Leslie Jeng, Josh Lerner, Natalia Rigol, and Benjamin Roth challenges long-held assumptions about impact investing and reveals where such funds make the biggest difference.
- 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?
- 06 Jun 2023
- Cold Call Podcast
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.”
- 11 Apr 2023
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.
- 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?
- 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.
- 20 Sep 2022
Larry Fink at BlackRock: Linking Purpose to Profit
In 2014, Larry Fink started writing letters to the leaders of some of the largest publicly listed companies, urging them to consider the importance of environmental, social, and governance (ESG) issues. Fink is the chairman and CEO of BlackRock, one of the largest asset management houses in the world. The firm’s success was rooted in its cost-effective, passive investment products that rely more on tracking indices and funds. But Fink wanted his firm to engage with the companies in which they invest and hold them accountable for their social and environmental impacts. What role should investors play in urging business leaders to take environmental, social, and governance issues more seriously and enforcing compliance? Harvard Business School professor George Serafeim discusses the merits of Fink’s approach, the importance of corporate investments in ESG themes, and how to lead a company driven by purpose and profit in his case, “BlackRock: Linking Purpose to Profit,” and his new book Purpose and Profit: How Business Can Lift Up The World.
- 21 Jul 2022
Did Pandemic Stimulus Funds Spur the Rise of 'Meme Stocks'?
Remember the GameStop stock frenzy? Research by Robin Greenwood and colleagues shows how market speculation can flare up when you combine stimulus funds, trading platforms, and plain old boredom.
- 18 Jul 2022
After the 'Crypto Crash,' What's Next for Digital Currencies?
After soaring to dizzying levels, Bitcoin and other cryptocurrencies have lost more than half of their value in recent months. Scott Duke Kominers discusses crypto's volatility, potential for regulation, and why these digital assets are likely here to stay.
- 13 Oct 2020
- Working Paper Summaries
Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers
This study of foreign corporate investment transactions from 32 countries between 1976 and 2015 finds these investments pose a trade-off: While they support young firms in pursuing innovations they could not otherwise afford, they also generate knowledge for the foreign investors.
- 20 Aug 2020
The “best ideas” in investment managers’ portfolios generate statistically and economically significant risk-adjusted returns over time, and they systematically outperform other positions in the portfolios. Investors can gain substantially if managers choose less-diversified portfolios that tilt more towards their best ideas.
- 12 Aug 2020
Why Investors Often Lose When They Sue Their Financial Adviser
Forty percent of American investors rely on financial advisers, but the COVID-19 market rollercoaster may have highlighted a weakness when disputes arise. The system favors the financial industry, says Mark Egan. Open for comment; 0 Comments.
- 29 Jul 2020
Two Case Studies on the Financing of Forest Conservation
Case studies about The Conservation Fund and Sonen Capital highlight three broad lessons about fresh approaches to the ownership and management of forestland.
- 07 Jul 2020
Market Investors Pay More for Resilient Companies
During a market collapse, investors will pay up for companies considered resilient in their response, according to George Serafeim. Open for comment; 0 Comments.
- 12 Jun 2020
Corporate Resilience and Response During COVID-19
Investors look for evidence during a market crisis that a company is resilient. This study includes findings that challenge the notion that companies need to adopt practices that hurt their employees because investors want them to do so.
- 05 Jun 2020
How Anchor Investors Help Impact Funds Succeed
3Questions A startup fund's ability to attract a major first investor is a signal to others that the investment pool is just fine for entering. Shawn Cole and Rob Zochowski answer questions about anchor investors. Open for comment; 0 Comments.
- 09 Apr 2020
How Social Entrepreneurs Can Increase Their Investment Impact
Grants or investments? Philanthropic organizations have multiple funding tools available, but choosing the wrong one can dilute the benefits, according to research by Benjamin N. Roth. Open for comment; 0 Comments.
- 09 Mar 2020
Impact Investing: A Theory of Financing Social Entrepreneurship
The author provides a formal definition of organizational sustainability and characterizes the situations in which a social enterprise should be sustainable. The analysis then delineates when an investment in a social enterprise delivers superior impact to a grant.
- 18 Feb 2020
A Preliminary Framework for Product Impact-Weighted Accounts
Although there is growing interest in environmental, social, and governance measurement, the impact of company operations is emphasized over product use. A framework like this one that captures a product’s reach, accessibility, quality, optionality, environmental use emissions, and end of life recyclability allows for a systematic methodology that can be applied to companies across many industries.
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Vertex Pharmaceuticals transforms its investment processes with Morgan Money.
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Harnessing the Power of Technology. Nigeria LNG transforms Money Market Fund investments with MORGAN MONEY.
Micro Focus
Short-term AAA-rated money market funds provide short-term investment opportunities for divestment proceeds.
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Active Super (previously known as Local Government Super)
Prioritizing cash management at scale, Active Super (previously known as Local Government Super), an Australian superannuation fund, found “operational alpha”.
Guazi’s rapid expansion created a cash placement challenge for the treasury function. Its operating cash was unpredictable, whilst its liquidity needs were extremely high.
Meituan-Dianping
Meituan-Dianping, a growing unicorn, had a major challenge to accurately forecast its cash flow beyond three months.
Alkane Resources
Like many others in the sector, Australian mining company Alkane Resources has to set aside a portion of surplus cash to cover any unexpected costs or delays.
NTUC Income
Singapore-based insurance provider NTUC Income had always handled its investments entirely through its internal portfolio management team.
J.P. Morgan liquidity solutions help solve SEEK employment marketplace build up of surplus cash.
The challenge: a solution that delivers increased returns for onshore and offshore cash holdings.
AstraZeneca
J.P. Morgan Global Liquidity provided a successful short-term investment solution to AstraZeneca, a global science-led biopharmaceutical company.
Recruit Holdings
As the business has grown globally, liquidity and cash positions outside of Japan have expanded, creating foreign exchange (FX) exposure.
The challenge: to assess the optimal level of liquidity required to ensure John Lewis Partnership has continued financial sustainability.
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Amanote Research
Investment risk management and a case study, doi 10.2991/saeme-17.2017.64.
Available in full text
January 1, 2017
Atlantis Press
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Climate transition indices launched with willis towers watson.
The STOXX Willis Towers Watson Climate Transition indices were developed in close collaboration with Willis Towers Watson (WTW) incorporating their proprietary Climate Transition Value at Risk (CTVaR) data.
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We designed four indices that integrate FlexShares’ proprietary ESG and factor scores. The indices aim to capture the excess returns associated to factors such as quality, low volatility and dividend yield while adjusting for sector, region, country and security-level biases.
Developing an ESG enhanced version of DAX for BlackRock
The DAX ESG Target index was developed in collaboration with BlackRock, the world’s largest asset management firm. The index combines a tracking error target relative to the parent DAX index with ESG filters and carbon reduction targets. ESG data is provided by Sustainalytics.
“Layered” Approach to ESG Results in Innovative Responsible Indices for APG
We devised a series of co-branded indices that offer investors a spectrum of strategy tools and specific optionality, and gave our client flexibility, full support in index management, and the objectivity of a third-party index provider
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CASE STUDY: INVESTMENT MANAGEMENT FIRM TRANSFORMS PORTFOLIO MANAGEMENT TO MAKE TRADING DECISIONS IN REAL TIME 2. 3 SOLUTION Employing their Rapid Alignment, Design and Development (RADD) methodology, Janeiro Digital investigated how to re-platform the firm's vital RMS legacy system. The initial Rapid Alignment (RA) phase was completed in just ...
Many cases require rigorous financial and investment analysis, building on and extending skills acquired in first year finance courses. Cases are taught in a range of courses including Investing in the 21st Century: Risk, Return and Impact, Re-Imagining Capitalism: Big Business and Big Problems, Business at the Base of the Pyramid, Investing in ...
A Handbook of Case Studies in Finance 5. research development projects are worth the funding of cash through the firm's capitalization structure (debt, equity or retained earnings). It is the process of allocating resources for major capital, investment or expenditures. Capital Market Instruments.
Case Study #1 CASH FLOW AND THE INVESTMENT DECISION. $28,000,000 $84,000,000 CASH AND INVESTMENTS 5 CASH INVESTMENTS. 0.07% National Average Deposit rate Source: FDIC as of 5/16/2022 6- ... A WHOLLY OWNED subsidiary of Meeder Investment Management, A registered investment adviser with the Securities and Exchange Commission (SEC) under the ...
This study of foreign corporate investment transactions from 32 countries between 1976 and 2015 finds these investments pose a trade-off: While they support young firms in pursuing innovations they could not otherwise afford, they also generate knowledge for the foreign investors. 20 Aug 2020. Working Paper Summaries.
The company's revenue in 2015 is 70% of its synthetic competitor and the net income is $2.4 millions negative. in contrast to $11.6 billion for the synthetic competitor. By 2025, the forecast for ...
An Investment Analysis Case Study: Nike. This case is a group project that is due on March 28 just before class begins at 10.30. Format: Each group will turn in one report (sounds obvious, but might as well make it explicit). Each report should have a cover page that contains the following - the names of the group members in alphabetical ...
Case Study A Large Wealth Management Firm Transforms Its Advisory Business State-of-the-Art Portfolio Management and Trading Technology for Advisors Revitalizes Investment Firm's Operations to Help Drive Growth One of the five largest investment advisory firms in the world sought to upgrade its rep as portfolio manager solution.
With real estate assets, there are two primary investment strategies: Core and Non-Core. A core strategy involves a conservative approach to real estate investment and the subject of this case study, MEPT, is a core fund. Core funds are generally characterized as focusing on: 1) major property types (office, apartments, industrial,
Individual Investor. John Mesa, CFA, is a portfolio manager in the Trust Department of BigBanc. Mesa has been asked to review the investment portfolios of Robert and Mary Smith, a retired couple and potential clients. Previously, the Smiths had been working with another financial advisor, WealthMax Financial Consultants (WFC).
The Solution. This paper focuses on recent events within CH2M, and what the Transportation business did as a result of new leadership being put in place, the transition for which started in 2011. CH2M took the following steps to strengthen its portfolio: Diversification strategy: The 2008 global economic recession led the company to a ...
•other costs of running a private equity investment program. In many cases, SWFs may also benefit from looking beyond the internal rate of return (IRR) to design strategies that ensure an enduring and welcoming reception from recipient countries. This case study explores best practices for SWFs who invest in private equity.
In this case study, we worked closely with the firm to understand both their business and client requirements. ... Brooks Macdonald Group plc, through its various subsidiaries, provides leading investment management services in the UK and internationally. The Group, which was founded in 1991 and began trading on AIM in 2005, had Funds ...
An Investment Analysis Case Study This case is a group project that is due on April 1, before class at 10.30. Stating the obvious: Each group will turn in one report (sounds obvious, but might as well make it explicit) electronically (as a pdf file). While you should include your cash flows tables in your report, you don't have to attach your ...
Investment Analysis and Portfolio Management (As per the Revised Syllabus 2016 - 17 of Mumbai University for T.Y.BMS, Semester - V) ... Case Study 15 Marks. Contents 1. Introduction to Investment 1 - 6 2. Investment Avenues 7 - 30 3. Capital Market in India 31 - 40 4. Risk and Return Relationship 41 - 62
Distribution: J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA.
national investment case, including a step-by-step guide on: z How to prepare for the investment case z How to estimate the cost of the investment using standardized tools z How to develop investment scenarios to determine the scale of the impact that can be attributed to the investment z How to frame the investment angle
Investment Risk Management and a Case Study doi 10.2991/saeme-17.2017.64
In case of financial assets it means, that investor, for example, can buy or sell a small fraction of the whole company as investment object buying or ... Investment management process can be disclosed by five-step procedure, which includes following stages: 1. Setting of investment policy. 2. Analysis and evaluation of investment vehicles. 3 ...
Flexiblity for Asset Owner Portfolios: iSTOXX MUTB Index Series. We devised a series of co-branded indices that offer investors a spectrum of strategy tools and specific optionality, and gave our client flexibility, full support in index management, and the objectivity of a third-party index provider. Case Studies.
3. Development of Investment Risk Management Tools. Risk management tool measurement analysis is to establish a variety of analysis models, analyzing the uncertain factors that affect the fluctuation of asset price. So that it can improve the risk in the controllable range, and control the possible risk of loss.
Abstract and Figures. Uber Technologies, Inc. is an American multinational transportation network company (TNC) offering services that include peer-to-peer ridesharing, ride service hailing, food ...