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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 WallacePouring 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 WallacePouring 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...
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- 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 SalomaoIn 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 SalomaoIn 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...
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- Business History Initiative
The Politics of Philanthropy in China
By: Geoffrey Jones and Yuhai WuThis 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 WuThis 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...
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- Featured Case
Roche: ESG and Access to Healthcare
By: George Serafeim, Susanna Gallani and Benjamin MalettaIn 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 MalettaIn 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,...
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- Featured Case
Metaverse Wars
By: Andy Wu, David B. Yoffie and Matt HigginsIn 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 HigginsIn 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...
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- HBS Working Paper
The Hidden Cost of Coordination: Evidence from Last-Mile Delivery Services
By: Natalie Epstein, Santiago Gallino and Antonio MorenoWe 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 MorenoWe 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...
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- HBS Working Paper
Complexity and Time
By: Thomaz Teodorovicz, Prithwiraj Choudhury and Evan StarrThe 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 StarrThe 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
Seminars & Conferences
- 18 Jul 2023
Early-Career Behavioral Economics Conference
- 31 Jul 2023
Future of AI and Economics
Recent Publications
Civil Wars and Strategic Subsidies
- 2023 |
- Working Paper |
- Faculty Research
The Party and Firm
- 2023 |
- Working Paper |
- Faculty Research
Adobe Data-Driven Operating Model (DDOM) Simulation
- June 2023 |
- Simulation |
- Faculty Research
Grittiness at Convene
- June 2023 |
- Case |
- Faculty Research
Royal Golden Eagle: Pursuing Cross-border Expansion with Bold Ambition
- June 2023 |
- Case |
- Faculty Research
Research: Your Love for Work May Alienate Your Colleagues
- June 14, 2023 |
- Article |
- Harvard Business Review (website)
Black Empowerment and White Mobilization: The Effects of the Voting Rights Act
- 2023 |
- Working Paper |
- Faculty Research