Faculty & Research
Faculty & Research
117
Results
- 2021
- Working Paper
Accounting for Workforce Impact at Scale
By: Katie Panella, Ethan Rouen and George Serafeim
| Using new data on workforce composition and wages, we systematically measure the employment impact at U.S. firms from 2008 to 2020, including 2,518 unique firms and 20,764 firm year observations. We document significant variation across industries and firms within each...
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- 21 Jul 2021
- Research & Ideas
What Does an ESG Score Really Say About a Company?
by Kristen Senz
| A key gauge in the $30 trillion sustainable investment market provides a murky picture of corporate social responsibility. Research by Anywhere Sikochi and George Serafeim probes the underlying factors.
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- July 2021
- Journal of Business Ethics
Material Sustainability Information and Stock Price Informativeness
By: Jody Grewal, Clarissa Hauptmann and George Serafeim
| As part of the SEC’s revision of Regulation S-K, many investors proposed the mandatory disclosure of sustainability information in the form of environmental, social, and governance (ESG) data. However, progress is contingent on collecting evidence regarding which...
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- 2021
- Working Paper
Accounting for Product Impact in the Pharmaceuticals Industry
By: Amanda Rischbieth, George Serafeim and Katie Trinh
| We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the pharmaceuticals industry. We design a monetization methodology that allows us to calculate monetary impact estimates of accessible...
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- 2021
- Working Paper
Accounting for Product Impact in the Oil and Gas Industry
By: Katie Panella, George Serafeim and Katie Trinh
| We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the oil and gas industry. We design a monetization methodology that allows us to calculate monetary product impact estimates of...
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- 2021
- Working Paper
Impact Accounting for Product Use: A Framework and Industry-specific Models
By: George Serafeim and Katie Trinh
| This handbook provides the first systematic attempt to generate a framework and industry-specific models for the measurement of impacts on customers and the environment from use of products and services, in monetary terms, that can then be reflected in financial...
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- 2021
- Working Paper
Accounting for Product Impact in the Interactive Media and Services Industry
By: DG Park, George Serafeim and Katie Trinh
| We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the interactive media and services industry. We design a monetization methodology that allows us to calculate monetary impact...
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- 12 May 2021
- Working Paper Summaries
Accounting for Product Impact in the Water Utilities Industry
by George Serafeim and Katie Trinh
| Using a framework for measuring and monitoring product impact in a systematic way, this paper compares two competitor companies in the water utilities industry. Results demonstrate the potential for product impact measurement to inform strategic decision-making.
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- 04 May 2021
- Working Paper Summaries
Accounting for Product Impact in the Telecommunications Industry
by George Serafeim and Katie Trinh
| A product impact framework is a systematic methodology applicable to different companies across a wide range of industries. This study examines the telecommunications industry, estimating the value of a product’s reach, accessibility, quality, optionality,...
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- May 2021
- Teaching Material
BlackRock: Linking Purpose to Profit
| Teaching Note for HBS Case No. 120-042
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- CESifo Forum
Impact-Weighted Financial Accounts: A Paradigm Shift
By: Ethan Rouen and George Serafeim
| The last decade has seen an exponential increase in corporate sustainability activities and efforts by investors to use these activities in their portfolio formation, valuation, and stewardship activities. This paper explains the need for a uniform strategy to measure...
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- 2021
- Working Paper
Which Corporate ESG News does the Market React to?
By: George Serafeim and Aaron Yoon
| Using a dataset that classifies firm-level ESG news as positive and negative, we examine how stock prices react to different types of ESG news. We analyze 111,020 firm-day observations for 3,126 companies and find that prices react only to issues identified as...
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