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Originally published in 1990, this volume is a comprehensive study of United States foreign aid allocation from 1961-1983 and the significance it has for US Foreign Policy as a whole. As well as developing a theoretically consistent measure of poverty for the research, the book also examines the relationship between bilateral foreign aid and multilateral foreign aid. A number of theoretical issues in comparative politics, international relations, US domestic institutional decision making and the development of political and economic institutions are explored.

In February and March 2009, the US economy was in the midst of a terrifying financial and economic crisis. Between the beginning of 2008 and early 2009, four of the 25 largest U.S. financial institutions had failed, and nine of these 25 institutions had taken extraordinary steps to avoid failure -either receiving one-off government support, merging with another firm, or submitting to heightened regulation to qualify for future government support. Led by Treasury Secretary Timothy Geithner, the government had to quickly devise policies to stabilize the financial system and the economy. The case explores the details of policies, and the decision making process that led to them, that Geithner and his team devised under immense time pressure to stabilize the system. The case features an extended discussion of Geithner's innovative'stress test', which would reveal the longer-term health of the country's largest banks.

On the afternoon of Monday October 13, 2008, Hank Paulson Jr., the Secretary of the Treasury of the United States, walked into the large conference room across the hall from his office in the Treasury Department. Joining him were Federal Reserve Chairman Ben Bernanke, President of the Federal Reserve Bank of New York Timothy Geithner, Chair of the Federal Deposit Insurance Corporate Sheila Bair, and the Chief Executive Officers of nine of the largest banks in the United States. This distinguished group had been brought together by the most serious financial crisis since the Great Depression of the 1930s. Financial panic was pushing the U.S. and European financial systems to the brink of failure. Paulson hoped his meeting with the bank CEOs would be a turning point. U.S. financial markets were closed for Columbus Day, and Paulson was planning to announce the latest government actions to stabilize the financial system before markets reopened on Tuesday.

Keith Sherin, CEO of GE Capital, faced a decision on which hinged billions of dollars and the fate of one of America's most storied companies. On his desk sat two secret analyses: Project Beacon, a proposal to spin off most of GE Capital to GE shareholders, and Project Hubble, a proposal to sell off GE Capital in parts. A third document sketched out the implications should GE'stay the course'on its present strategy: a continued, massive build-up of regulatory and compliance personnel to meet GE Capital's obligations as a'SIFI'-systemically important financial institution-in the wake of the 2010 Dodd-Frank Act. No path forward was clear. A divestiture, either through a spin-off or sell-off, would reduce GE's size and financial connectedness and address market unease about GE's position as the seventh-largest U.S. financial institution. It would also unlock substantial value not currently reflected in the stock. Each faced major obstacles and execution risks, however. In particular, no one knew the precise cut-off for a SIFI designation or the time required to shed the designation. If the process took too long, or generated unexpected costs, a divestiture might destroy more value than it would create. Retaining GE Capital was risky, too, of course. Which set of risks was the right one to propose that the GE board accept?

'What gets measured gets fixed'and this is as true of the pharmaceutical industry as any other. The problem is that pharmaceutical businesses are complex. Drug research and development involves extended and expensive processes; defining appropriate metrics for these processes is not easy, yet ineffective or misguided metrics can be more damaging than none at all. David Zuckerman's Pharmaceutical Metrics is an extremely practical guide to selecting a system, selling it to top management, choosing and defining the right metrics for your system, communicating and displaying the results. And because metrics are about how to shape and develop your business, he explores how to deploy them organization-wide and make sure that they are driving business improvement. In order to reflect the needs of different types of pharmaceutical company the author uses four sample companies, throughout the book, to illustrate the principles for'big pharma','micro pharma', a virtual development company and a CRO. This highly practical book provides a step-by-step guide to creating a state-of-the-art, strategy-driven metrics system for pharmaceutical R&D, supported by case studies of the techniques applied and tips for optimizing the system.

Because of the deepening Greek crisis, in October 2015, National Bank of Greece (NBG) was required to sell one of its most valuable assets, Finansbank, the eight largest Turkish bank. There were three potential buyers: Garanti Bank. Turkey's second largest private bank, which was owned by the Spanish bank BBVA; Qatar National Bank, with a strong footprint in in the Middle East; and a private equity consortium led by Finansbank's previous owner and founder, Husnu Ozyegin. Each of these potential buyers had different motivations for the purchase. NBG's motivations were to obtain the highest price and to close the deal as quickly as possible. The identity of the winning bidder would be critically important to the to the future of Finansbank and its employees. Who is likely to the bidding and will the winner be best for Finansbank's future?

The foremost authority on innovation and growth presents a path-breaking book every company needs to transform innovation from a game of chance to one in which they develop products and services customers not only want to buy, but are willing to pay premium prices for.How do companies know how to grow? How can they create products that they are sure customers want to buy? Can innovation be more than a game of hit and miss? Harvard Business School professor Clayton Christensen has the answer. A generation ago, Christensen revolutionized business with his groundbreaking theory of disruptive innovation. Now, he goes further, offering powerful new insights. After years of research, Christensen has come to one critical conclusion: our long held maxim—that understanding the customer is the crux of innovation—is wrong. Customers don't buy products or services; they'hire'them to do a job. Understanding customers does not drive innovation success, he argues. Understanding customer jobs does. The'Jobs to Be Done'approach can be seen in some of the world's most respected companies and fast-growing startups, including Amazon, Intuit, Uber, Airbnb, and Chobani yogurt, to name just a few. But this book is not about celebrating these successes—it's about predicting new ones. Christensen contends that by understanding what causes customers to'hire'a product or service, any business can improve its innovation track record, creating products that customers not only want to hire, but that they'll pay premium prices to bring into their lives. Jobs theory offers new hope for growth to companies frustrated by their hit and miss efforts.This book carefully lays down Christensen's provocative framework, providing a comprehensive explanation of the theory and why it is predictive, how to use it in the real world—and, most importantly, how not to squander the insights it provides.

Because of the deepening Greek crisis, in October 2015, National Bank of Greece (NBG) was required to sell one of its most valuable assets, Finansbank, the eight largest Turkish bank. There were three potential buyers: Garanti Bank. Turkey's second largest private bank, which was owned by the Spanish bank BBVA; Qatar National Bank, with a strong footprint in in the Middle East; and a private equity consortium led by Finansbank's previous owner and founder, Husnu Ozyegin. Each of these potential buyers had different motivations for the purchase. NBG's motivations were to obtain the highest price and to close the deal as quickly as possible. The identity of the winning bidder would be critically important to the to the future of Finansbank and its employees. Who is likely to the bidding and will the winner be best for Finansbank's future?

Change is a constant, and leaders must do more than keep up—they must innovate and accelerate to succeed. Yet people are often unnerved by change. As a leader during a time of transformation, you may stand up before teams that are indifferent, or even hostile, and need to convince them that change is necessary and urgent. More than money, time, or resources, the ability to lead these people determines your ultimate success or failure. What does it take to be an effective change leader and increase the odds of success? Stacking the Deck offers a proven, practical approach for inspiring meaningful, lasting change across an organization. Stacking the Deck presents a nine-step course of action leaders can follow from the first realization that change is needed through all the steps of implementation, including assembling the right team of close advisors and getting the word out to the wider group. Based on Dave Pottruck's experiences leading change as CEO of Charles Schwab and later as chairman of CorpU and HighTower Advisors, these steps provide a guide to ensure that your change initiative and your team have the best possible shot at success. In addition, established business leaders who have led extraordinary change initiatives demonstrate the steps in action. These executives include eBay CEO John Donahoe, Wells Fargo former CEO Dick Kovacevich, Starbucks chief executive officer Howard Schultz, San Francisco Giants CEO Larry Baer, JetBlue CEO Dave Barger, Asurion CEO Steve Ellis, Pinkberry CEO Ron Graves, and Intel's President Renee James, among others. Leading an organization through major change—whether it's the introduction of a new product, an expansion to a new territory, or a difficult downsizing—is not for the faint of heart. While success is never guaranteed, the right leadership, process, and team make all the difference. For all leaders facing major change in their organizations, Stacking the Deck is an indispensable resource for putting the odds in your favor.

CIT's prepackaged bankruptcy marked the first time a major financial institution was able to successfully restructure and emerge from Chapter 11 bankruptcy, challenging conventional views that a financial firm could not survive bankruptcy proceedings as a going concern. A diverse group of private investors that had accumulated a large position in CIT in the period leading up to the restructuring played a central role in the success of this restructuring. The case protagonist is Rajath Shourie, Managing Director at Oaktree Capital Management. Shourie evaluates the opportunity to extend a $3 billion rescue credit facility to CIT, together with five other large creditors of the struggling bank. The decision takes place just one day after CIT was denied access to the Temporary Liquidity Guarantee Program (TLGP). This case provides a platform for discussing what constitutes a good attractive distressed target. (In parallel, students can gain in-depth insight into alternative financing models of corporate lenders, including banks and finance companies.) The second major component of the case concerns distressed debt investment strategies, and provides an illustration of turning an investment in public debt into a position of control over CIT's management and the restructuring process.

The credit boom that preceded the 2007-2009 financial crisis led to several lending practices that exposed banks to large risks. In particular, when the financial crisis unraveled, there were several billion dollars'worth of leveraged buyout (LBO) loans that were meant to be syndicated but-due to full underwriting-had to be funded by the originating banks. The case protagonist is Bennett J. Goodman, a Senior Managing Director at Blackstone. Goodman evaluates the opportunity to buy a fraction of the leveraged loan portfolio being offered for sale by Citigroup. This case can be used as a vehicle for discussing details of leveraged financing. In particular, it illustrates the close connection between syndicated-lending-backed leveraged transactions and loan securitization, and provides a context for discussion of factors that led to the leveraged credit boom that ended in 2007. The case also provides in-depth details of the structure of the transaction and its underlying assets, and serves as a means for understanding and valuing alternative investment strategies pursued by private equity firms during the credit-market crisis. As a byproduct, students learn how to use credit default swaps (CDS), a market-based indicator, for valuation.

This supplement presents the actual terms of the rescue financing provided by a group of private investors to CIT. It is intended to be distributed at the end of the discussion of'Oaktree and the Restructuring of CIT Group (A)'(HBS No. 214-035) and can be used as background to reflect on the students'proposal of financing terms for the $3 billion rescue financing of CIT.

CIT's prepackaged bankruptcy marked the first time a major financial institution was able to successfully restructure and emerge from Chapter 11 bankruptcy, challenging conventional views that a financial firm could not survive bankruptcy proceedings as a going concern. A diverse group of private investors that had accumulated a large position in CIT in the period leading up to the restructuring played a central role in the success of this restructuring. The case protagonist is Rajath Shourie, Managing Director at Oaktree Capital Management. Shourie evaluates the opportunity to extend a $3 billion rescue credit facility to CIT, together with five other large creditors of the struggling bank. The decision takes place just one day after CIT was denied access to the Temporary Liquidity Guarantee Program (TLGP). This case provides a platform for discussing what constitutes a good attractive distressed target. (In parallel, students can gain in-depth insight into alternative financing models of corporate lenders, including banks and finance companies.) The second major component of the case concerns distressed debt investment strategies, and provides an illustration of turning an investment in public debt into a position of control over CIT's management and the restructuring process.

This case considers the valuation of Lin TV, a publicly-traded company with 30 TV stations. The case highlights how a change in operating strategy can enhance the firm's value, and considers the effect of consolidation within the industry on firm value.

Today’s capacious medical information systems have increased the amount and availability of general medical knowledge and patient-specific data. And yet, information gaps at the point-of-care are widening; clinicians are under increased pressure to synthesize best-evidence, review more patient data and complete more clinical tasks in less time. To meet the information-intensive needs of the 21st century clinician, the electronic health record (EHR) must evolve beyond a digital representation of the paper chart. This new book reviews some of the ubiquitous technical barriers impeding information management at the point-of-care and discusses strategies for better data visualization including multimedia displays, clinical dashboards, concept-oriented views, metaphor graphics and probability analytics.

After nearly violating its loan covenants in 2009, Momentive Performance Materials, backed by its financial sponsor Apollo Global Management, took a variety of actions to restructure its debt. The restructuring steps included an open market repurchase of publicly held notes; a notes exchange; a loan-covenant waiver; and, finally, an attempted loan amendment that sought to extend the maturity of the loan used to finance the Momentive buyout. This case allows students to see different debt-restructuring options in one setting. The case protagonist is a fund investment manager at a large hedge fund that holds 3 percent of Momentive's syndicated loan. The decision point in the case is whether the investor should vote to amend the loan. The perspective of the investor allows students to understand tensions underlying the restructuring process. The case serves as a vehicle for discussing contractual and institutional differences between public debt and syndicated loans, and challenges in the restructuring of such debt.

This case describes the sale of Citigroup's leveraged loan portfolio in 2008 to a group of large private equity funds. The portfolio was sold at a discount given difficulties at the portfolio companies and disruptions in credit markets. The case takes the perspective of a private equity firm evaluating the deal to determine whether buying leveraged loans is a good investment opportunity.

This case examines the proposed purchase by Paul Capital Partners of a limited partnership (LP) interest in a private equity fund. Paul Capital has a fund dedicated to buying these'secondary'LP interests. The case is intended as a vehicle for discussing the secondary LP market as well as the valuation of LP interests.

Melissa Howland, founder of an investment firm, must choose between two competing investments, which differ in size, maturity, and rate of return.

A couple has to decide whether to continue renting a townhouse or buy the one next door. Allows for a discussion of net present value, internal rate of return, and the costs and benefits of homeownership.

Ben Walter is thinking of purchasing Butler Lumber and needs to decide how he would run the business and how much to pay for it.

A local real estate developer has to decide how much to bid for a Boston office building in 2005.

Massachusetts General Hospital is considering selling its royalty interest in Enbrel, Amgen's blockbuster drug for the treatment of rheumatoid arthritis. In assessing whether to sell, and at what price, the hospital must determine its value to a potential buyer as well as its own value of the royalty income.

Outlines the mechanics of calculating free cash flows from historical and proforma financial statements. Focuses on the mechanical process of transforming numbers from financial forecasts into cash flows.

The definitive account of the trillion-dollar payment card industry.The payment card business has evolved from its inception in the 1950s as a way to handle payment for expense-account lunches (the Diners Club card) into today's complex, sprawling industry that drives trillions of dollars in transaction volume each year. Paying with Plastic is the definitive source on an industry that has revolutionized the way we borrow and spend. More than a history book, Paying with Plastic delivers an entertaining discussion of the impact of an industry that epitomizes the notion of two-sided markets: those in which two or more customer groups receive value only if all sides are actively engaged. New to this second edition, the two-sided market discussion provides useful insight into the implications of these market dynamics for cardholder rewards, merchant interchange fees, and card acceptance. The authors, both of whom have researched the industry for more than 25 years, also examine the implications of the recent antitrust cases on the industry as well as other business and technological changes—including the massive consolidation brought about by bank mergers, the rise of the debit card, and the emergence of e-commerce—that could alter the payment card industry dramatically in the years to come.