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    • HBS Book

    The Portfolio Life: How to Future-Proof Your Career, Avoid Burnout, and Build a Life Bigger than Your Business Card

    By: Christina Wallace

    Pouring yourself into a single full-time job is the riskiest move you can make. Your parents’ advice to focus on one career path? It doesn’t work anymore, for reasons ranging from recessions to student loan debt, the gig economy, climate disasters, and a global pandemic (to name a few). We need a dramatically different relationship with work, one that allows us to define ourselves beyond our paid labor. The answer? A Portfolio Life. An anti-hustle, pro-rest approach to work-life balance, a Portfolio Life is built on three tenets: 1. You are more than any one role or opportunity. 2. Diversification will help you navigate change and mitigate uncertainty. 3. When (not if) your needs change, you can and should rebalance.

    • HBS Book

    The Portfolio Life: How to Future-Proof Your Career, Avoid Burnout, and Build a Life Bigger than Your Business Card

    By: Christina Wallace

    Pouring yourself into a single full-time job is the riskiest move you can make. Your parents’ advice to focus on one career path? It doesn’t work anymore, for reasons ranging from recessions to student loan debt, the gig economy, climate disasters, and a global pandemic (to name a few). We need a dramatically different relationship with work, one...

    • Journal of Financial Economics 148, no. 3 (June 2023): 245-272.

    Why Is Dollar Debt Cheaper? Evidence from Peru

    By: Bryan Gutiérrez, Victoria Ivashina and Juliana Salomao

    In emerging markets, a significant share of corporate loans are denominated in dollars. Using novel data that enables us to see currency and the cost of credit, in addition to several other transaction-level characteristics, we re-examine the reasons behind dollar credit popularity. We find that a dollar-denominated loan has an interest rate that is 2% lower per year than a loan in Peruvian Soles. Expectations of exchange rate movements do not explain this difference. We show that this interest rate differential for lending rates is closely matched by the differential in the deposit market. Our results suggest that the preference for dollar loans is rooted on the local household preference for dollar savings and a banking sector that is closely matching its foreign assets and liabilities. We find that borrower competitive pressure increases the pass-through of this differential.

    • Journal of Financial Economics 148, no. 3 (June 2023): 245-272.

    Why Is Dollar Debt Cheaper? Evidence from Peru

    By: Bryan Gutiérrez, Victoria Ivashina and Juliana Salomao

    In emerging markets, a significant share of corporate loans are denominated in dollars. Using novel data that enables us to see currency and the cost of credit, in addition to several other transaction-level characteristics, we re-examine the reasons behind dollar credit popularity. We find that a dollar-denominated loan has an interest rate that...

    • Business History Initiative

    The Politics of Philanthropy in China

    By: Geoffrey Jones and Yuhai Wu

    This working paper looks historically at business philanthropy in China. In the West, the literature has distinguished between entrepreneurial and customary philanthropy, while the phenomenon of spiritual philanthropy has been identified in many emerging markets. This working paper argues that these models do not fit the case of China, where philanthropy has always been primarily political, designed to access and protect from the political power of the government. This political philanthropy has taken an enhanced form since 2016 as the Chinese government, using the political discourse of "corporate social responsibility," has sought to guide state-owned capital and private capital into the field of philanthropy, and align the agenda of philanthropy with the policy of the central government.

    • Business History Initiative

    The Politics of Philanthropy in China

    By: Geoffrey Jones and Yuhai Wu

    This working paper looks historically at business philanthropy in China. In the West, the literature has distinguished between entrepreneurial and customary philanthropy, while the phenomenon of spiritual philanthropy has been identified in many emerging markets. This working paper argues that these models do not fit the case of China, where...

    • Featured Case

    Roche: ESG and Access to Healthcare

    By: George Serafeim, Susanna Gallani and Benjamin Maletta

    In May 2022, Roche Group, one of the largest healthcare companies in the world, hosted its first ESG investor event focused exclusively on its efforts to impact access to healthcare. While Roche had recently set an ambitious goal to double the number of patients that had access to its innovative medicines and diagnostic solutions within ten years, it was not at all clear how the firm should structure its resource allocation criteria, performance evaluations, reporting and incentive systems to align efforts internally toward these goals. Group CFO and CIO Alan Hippe was presented with two options, none of which he was particularly enthusiastic about. One was to lower the hurdle rate for projects related to ESG issues, thus relaxing profit expectations. The alternative was to incorporate a set of minimum ESG requirements in all of Roche’s new project proposals.

    • Featured Case

    Roche: ESG and Access to Healthcare

    By: George Serafeim, Susanna Gallani and Benjamin Maletta

    In May 2022, Roche Group, one of the largest healthcare companies in the world, hosted its first ESG investor event focused exclusively on its efforts to impact access to healthcare. While Roche had recently set an ambitious goal to double the number of patients that had access to its innovative medicines and diagnostic solutions within ten years,...

    • Featured Case

    Metaverse Wars

    By: Andy Wu, David B. Yoffie and Matt Higgins

    In 2023, the term metaverse — a combination of the words “meta” and “universe” — had become a catch-all for a diverse set of expectations about online virtual worlds, “Web3” integration, and the future of the internet. To some, the metaverse conjured images of a massive participatory videogame inspired by science fiction. To others, the metaverse meant the evolution of the internet into something more three-dimensional and social. What did seem certain was that a piece of the future was up for grabs. In October 2021, Facebook CEO Mark Zuckerberg announced that his company was “all in on the metaverse,” and changed its name to Meta to position itself for the coming shift. Meta’s big bet was based on one vision of a still-evolving future.

    • Featured Case

    Metaverse Wars

    By: Andy Wu, David B. Yoffie and Matt Higgins

    In 2023, the term metaverse — a combination of the words “meta” and “universe” — had become a catch-all for a diverse set of expectations about online virtual worlds, “Web3” integration, and the future of the internet. To some, the metaverse conjured images of a massive participatory videogame inspired by science fiction. To others, the metaverse...

    • HBS Working Paper

    The Hidden Cost of Coordination: Evidence from Last-Mile Delivery Services

    By: Natalie Epstein, Santiago Gallino and Antonio Moreno

    We show that communication can be used as a lever to improve operational outcomes -- when no communication is possible, failed deliveries increase. We find that using more salient communication channels increases the reach of the information. However, against expectations, it increases the likelihood of failed deliveries. The reason is that customers try, unsuccessfully, to coordinate the delivery times and locations. We explore the value of self-service information gathering. While we find no effect on the process outcomes, we show that these channels can be used to identify customers that are harder to serve.

    • HBS Working Paper

    The Hidden Cost of Coordination: Evidence from Last-Mile Delivery Services

    By: Natalie Epstein, Santiago Gallino and Antonio Moreno

    We show that communication can be used as a lever to improve operational outcomes -- when no communication is possible, failed deliveries increase. We find that using more salient communication channels increases the reach of the information. However, against expectations, it increases the likelihood of failed deliveries. The reason is that...

    • HBS Working Paper

    Complexity and Time

    By: Thomaz Teodorovicz, Prithwiraj Choudhury and Evan Starr

    The precipitous growth of remote work has given rise to a new phenomenon: geographic competition between localities for the physical presence of remote workers. Remote workers with high general human capital may create value for their new destinations and reverse net talent outflow from smaller cities in middle America and globally. However, localities seeking to attract, retain, and create value from so-called “digital nomads” face significant challenges because such workers may have a low attachment to their new destination. Analogizing these challenges to the problem of creating and capturing value from workers with general human capital, we argue that localities can compete for remote workers by leveraging location-specific attributes which create value for the individual and the locality.

    • HBS Working Paper

    Complexity and Time

    By: Thomaz Teodorovicz, Prithwiraj Choudhury and Evan Starr

    The precipitous growth of remote work has given rise to a new phenomenon: geographic competition between localities for the physical presence of remote workers. Remote workers with high general human capital may create value for their new destinations and reverse net talent outflow from smaller cities in middle America and globally. However,...

Initiatives & Projects

Private Capital Project

The Private Capital Project facilitates deeper interaction between academia and practitioners in the Venture Capital and Private Equity industries, to understand the big challenges facing constituents and to work on potential solutions.
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Seminars & Conferences

Jul 18
  • 18 Jul 2023

Early-Career Behavioral Economics Conference

Jul 31
  • 31 Jul 2023

Future of AI and Economics

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Recent Publications

Civil Wars and Strategic Subsidies

By: Jaya Y. Wen and Yulu Tang
  • 2023 |
  • Working Paper |
  • Faculty Research
Citation
Related
Wen, Jaya Y., and Yulu Tang. "Civil Wars and Strategic Subsidies." Working Paper, 2023.

The Party and Firm

By: Jaya Y. Wen, Joris Mueller and Cheryl Wu
  • 2023 |
  • Working Paper |
  • Faculty Research
Citation
Related
Wen, Jaya Y., Joris Mueller, and Cheryl Wu. "The Party and Firm." Working Paper, 2023.

Adobe Data-Driven Operating Model (DDOM) Simulation

By: Sunil Gupta, Rajiv Lal and Celine Chammas
  • June 2023 |
  • Simulation |
  • Faculty Research
Adobe started monitoring Annual Recurring Revenue (ARR), one of its primary metrics, when it shifted from selling its software in a box to selling the software as a subscription-based cloud service. They wanted to know when, where, and how much to invest in marketing. The goal of the Adobe Data-Driven Operating Model (DDOM) simulation is to allow students to visualize and to understand the impact of marketing budget allocation across the customer journey, and the effectiveness of this allocation on business growth. This simulation asks students to allocate a quarterly budget across the five stages of the customer journey (Discover, Try, Buy, Use, and Renew) for two years, 2021 and 2022. The goal is to maximize net new ARR, including any cancellations. Students can make two types of investments each quarter, variable and fixed investments, which have different effects on the quarterly results. They also can describe their budget allocation rationale for each quarter. After completing the simulation, students can view, download, and print a final report that summarizes their overall performance.
Citation
Purchase
Related
Gupta, Sunil, Rajiv Lal, and Celine Chammas. "Adobe Data-Driven Operating Model (DDOM) Simulation." Harvard Business School Simulation 523-714, June 2023.

Grittiness at Convene

By: Boris Groysberg and Sarah L. Abbott
  • June 2023 |
  • Case |
  • Faculty Research
Based in New York, Convene was founded in 2009 by Ryan Simonetti and Chris Kelly. Convene was founded on the question: “What if you ran an office building like a hotel?” The company offered a premium corporate events and workspace product. Convene initially took a measured approach to growth, but in 2018, company leadership accelerated that growth. 2019 was a record year from a revenue perspective. However, the pandemic forced Convene to close all of its locations and reduce staff and operating expenses. In April 2022, Hudson’s Bay Company (HBC) announced that it was taking a majority stake in Convene, marking the beginning of yet another chapter for the company.
Citation
Educators
Related
Groysberg, Boris, and Sarah L. Abbott. "Grittiness at Convene." Harvard Business School Case 423-090, June 2023.

Royal Golden Eagle: Pursuing Cross-border Expansion with Bold Ambition

By: Kristin E. Fabbe, Dante Roscini, Adina Wong and Dawn H. Lau
  • June 2023 |
  • Case |
  • Faculty Research
About how Singapore-based natural resources firm Royal Golden Eagle, starting with a palm oil business in Indonesia, eventually expanded into a global conglomerate that also included the kraft pulp and paper, viscose, and natural gas industries.
Citation
Educators
Related
Fabbe, Kristin E., Dante Roscini, Adina Wong, and Dawn H. Lau. "Royal Golden Eagle: Pursuing Cross-border Expansion with Bold Ambition." Harvard Business School Case 723-022, June 2023.

Research: Your Love for Work May Alienate Your Colleagues

By: Mijeong Kwon, Julia Lee Cunningham and Jon M. Jachimowicz
  • June 14, 2023 |
  • Article |
  • Harvard Business Review (website)
Research shows that employees who are passionate about their work are more productive, innovative, and collaborative. New research suggests that these employees also see passion for work as a moral imperative, and they’re more likely to judge colleagues who are motivated by other reasons, such as financial stability, social status, or familial obligations. The research also found that these employees were more likely to offer help to their more passionate colleagues. Leaders must recognize the diverse motivations that drive their workforce and create an inclusive environment that supports and values all forms of motivation, rather than penalizing those who do not fit the passion-centric mold.
Citation
Related
Kwon, Mijeong, Julia Lee Cunningham, and Jon M. Jachimowicz. "Research: Your Love for Work May Alienate Your Colleagues." Harvard Business Review (website) (June 14, 2023).

Black Empowerment and White Mobilization: The Effects of the Voting Rights Act

By: Andrea Bernini, Giovanni Facchini, Marco Tabellini and Cecilia Testa
  • 2023 |
  • Working Paper |
  • Faculty Research
The 1965 Voting Rights Act (VRA) paved the road to Black empowerment. How did southern whites respond? Leveraging newly digitized data on county-level voter registration rates by race between 1956 and 1980, and exploiting pre-determined variation in exposure to the federal intervention, we document that the VRA increases both Black and white political participation. Consistent with the VRA triggering countermobilization, the surge in white registrations is concentrated where Black political empowerment is more tangible and salient due to the election of African Americans in county commissions. Additional analysis suggests that the VRA has long-lasting negative effects on whites’ racial attitudes.
Citation
Related
Bernini, Andrea, Giovanni Facchini, Marco Tabellini, and Cecilia Testa. "Black Empowerment and White Mobilization: The Effects of the Voting Rights Act." Harvard Business School Working Paper, No. 23-075, June 2023.

Tractor Supply Co

By: David L. Ager and Michael A. Roberto
  • June 2023 |
  • Case |
  • Faculty Research
Citation
Educators
Related
Ager, David L., and Michael A. Roberto. "Tractor Supply Co." Harvard Business School Case 923-302, June 2023.
More Publications

In The News

    • 16 Jun 2023
    • Globe and Mail

    Company-Wide Layoffs Lead To Many More Workers Quitting, Study Finds

    Re: Sandra Sucher
    • 16 Jun 2023
    • Bloomberg Radio

    John Quelch on U.S-China Tensions

    Re: John Quelch
    • 15 Jun 2023
    • Ideas for India

    Economic Integration and the Transmission of Democracy

    By: Marco Tabellini
    • 15 Jun 2023
    • Bloomberg

    Is AT&T’s RTO Mandate a Mass Layoff in Disguise?

    Re: Sandra Sucher
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The Case Method

Introduced by HBS faculty to business education in 1925, the case method is a powerful interactive learning process that puts students in the shoes of a leader faced with a real-world management issue and challenges them to propose and justify a resolution.
Today, HBS remains an authority on teaching by the case method. The School is also the world’s leading case-writing institution, with HBS faculty members contributing hundreds of new cases to the management curriculum a year via the School’s unique case development and writing process.
→Browse HBS Case Collection
→Purchase Cases

Faculty Positions

Harvard Business School seeks candidates in all fields for full time positions. Candidates with outstanding records in PhD or DBA programs are encouraged to apply.
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