Faculty & Research

• HBS Book

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• Journal of Accounting Research 63, no. 5 (December 2025): 1953–1993.

The importance of culture as an informal management control system is increasingly acknowledged in academia. While prior research mainly focuses on the value of culture on internal stakeholders (e.g., employees), we examine whether culture serves as a credible signal in building trust with external stakeholders (i.e., customers). We focus on one important aspect of culture, teamwork, and leverage a company’s proprietary data of a natural field experiment that generates exogenous variation in team composition.

• Academy of Management Journal 68, no. 6 (December 2025): 1328–1354.

To boost diversity, organizations are increasingly using “diversity incentives,” or payouts for managers or executives dependent on progress toward a specific diversity goal. Diversity incentives can affect both actors—managers incentivized to meet the goal—and targets—marginalized group members who are the focus of the incentivized goal. Whereas the effects of incentives on actors are well documented, it is unclear how targets will be affected. We examine how gender diversity incentives affect women’s aspirations to lead. On one hand, diversity incentives may generate identity threat and concerns about backlash among women; on the other, they may be viewed as costly signals of organizational support for women’s leadership aspirations.

• Featured Case

In 2025, Montréal-based Bombardier was at a crossroads. After creating industry-transforming products, first in the recreational products industry and then in rail transportation, commercial aircraft, business jets, and more, Bombardier had faced industry downturns and capital-intensive product development that brought the company to the brink of bankruptcy. A series of turnarounds, culminating in Éric Martel’s leadership as CEO beginning in 2020, had vastly reduced the company’s debt and narrowed its focus to business jets. Five years later, Martel had to decide how to fuel Bombardier’s next phase of growth: should they focus on strengthening their advantage in business jets, or pursue new opportunities in aftermarket services and defense contracts?

• Featured Case

In 2025, business podcast Acquired evaluated its success to date while determining if, and how, it should change its well-established and revenue-generating processes to continue to scale. The podcast had doubled its audience year-over-year since its founding. The hosts controlled all portions of its operations, but they lacked indefinite capacity. They needed to determine a way forward.

• HBS Working Paper

Climate finance is a new and rapidly expanding academic field within the broader discipline of financial economics. This piece describes a systems change intervention intended to catalyze the development of this field using a research-led theory of change. We forged a collaboration among more than 150 universities and government institutions to offer researchers a doorway to the new field in the form of a global doctoral reading group, the Financial Economics of Climate and Sustainability (FECS). FECS covered the key research findings with 24-hours of hybrid programming, delivered to over 2000 researchers over its first three years.

• Working Paper

We address a core problem in causal inference: estimating heterogeneous treatment effects using panel data with general treatment patterns. Many existing methods either do not utilize the potential underlying structure in panel data or have limitations in the allowable treatment patterns. In this work, we propose and evaluate a new method that first partitions observations into disjoint clusters with similar treatment effects using a regression tree, and then leverages the (assumed) low-rank structure of the panel data to estimate the average treatment effect for each cluster.