George Serafeim

George Serafeim is the Charles M. Williams Professor of Business Administration at Harvard Business School, where he co-leads the Climate and Sustainability Impact AI Lab in the Digital, Data and Design Institute. He is currently teaching the course "Risks, Opportunities and Investments in an Era of Climate Change" that he designed for the elective curriculum of the MBA program and the course "Financial Reporting and Control" in the required MBA curriculum. He often teaches in the school's executive education programs for the most senior management teams of global companies. Previously, he taught, with Professor Rebecca Henderson, the course “Reimagining Capitalism: Business and Big Problems”, which received the Ideas Worth Teaching Award from the Aspen Institute and the Grand Page Prize, and he created the Impact-Weighted Accounts Project that designed methodologies and large-scale data, and incubated dozens of pilot projects around the world on accounting for social and environmental impact from corporate activities. He has presented his research in over 60 countries around the world and ranks among the top 10 most popular authors out of over 12,000 business authors on the Social Science Research Network. His book "Purpose and Profit: How Business Can Lift Up the World" explores the challenges and opportunities in building and sustaining profitable purpose-driven organizations that have a measurable positive impact on society.

Professor Serafeim’s research increasingly focuses on the intersection between the sustainability transformation and the digital and AI transformation. Over the years his research has span four main areas: business strategies in the context of climate change transition risk and opportunities, measuring organizational purpose and analyzing its drivers and consequences, ESG data analytics and strategies, and the role of leadership and governance in corporate scandals and misconduct. His work is widely cited and has been published in prestigious academic and practitioner journals, such as Management Science, The Accounting Review, Strategic Management Journal, Journal of Accounting and Economics, Journal of Finance, Organization Science, Journal of Accounting Research, Journal of International Business Studies, Review of Accounting Studies, Financial Analysts Journal, and Harvard Business Review. His research is regularly cited in the media, including The New York Times, Bloomberg, Financial Times, The Wall Street Journal, Economist, BBC, Le Monde, Washington Post, and NPR. He has received multiple awards and recognitions, including the Greenhill Award for outstanding contributions to the HBS community, the Pericles Leadership Award in recognition of services to the Hellenic Republic, the Kim B. Clark Fellowship on Responsible Leadership from University of Oxford, the Dr. Richard A. Crowell Memorial Prize, the JIBS Decade Award, and twice the Graham and Dodd Scroll Award. 

Professor Serafeim has held several positions of leadership that allow him to bring, alongside research insights, a wealth of practical and relevant experience for business managers to the classroom. He serves on the board of directors of Liberty Mutual, a Fortune 100 company and global leader in property-casualty insurance, where he sits on the investment committee and the governance and sustainability committee, and on the advisory boards of Apax, a leading private equity firm, and Neuberger Berman, a leading investment firm. He is an academic partner at State Street Associates, where he directs research on climate change-related transition and physical risks and opportunities and human capital factors that are affecting return and risk for institutional investors globally. He has been an investor and advisor to several start-ups over the years.

Previously, he co-founded the advisory services firm KKS Advisors, which was acquired by dss+, a leading operations consulting firm and the global leader in employee health and safety services, where he was later appointed on the board of directors, served on the board of directors of AEA-Bridges Impact Corp. that combined with Harley-Davidson’s electric motorcycle division to create the first publicly traded electric motorcycle company in the US, and on the steering committee of the Athens Exchange Group, the governance body for both stock and bond market exchanges, with a focus on capital formation and efficient financing. Moreover, he served as the Chairperson of Greece’s Corporate Governance Council. During his tenure, a new corporate governance code was created and issued to improve governance practices, investor protection, and competitiveness. He has contributed in advancing corporate transparency globally, having served on the inaugural Standards Council of the Sustainability Accounting Standards Board, which created standards for investor relevant sustainability corporate disclosures adopted by thousands of leading companies around the world, and on the Taskforce Working Group on Impact Transparency, Integrity and Reporting established by the UK's Presidency of the G7 nations. He was a member of the first ever decarbonization advisory panel for the New York Common Retirement Fund, one of the largest US pension funds, which offered recommendations on how the Fund could identify, assess and manage the investment risks and opportunities of climate change.

Professor Serafeim earned his doctorate in business administration at Harvard Business School, where his doctoral dissertation was recognized with the Wyss Award for excellence in research. He received a master's degree in accounting and finance from the London School of Economics and Political Science, where he was awarded the Emeritus Professors’ Prize for best academic performance. He grew up in Athens, Greece.

Featured Work

Purpose + Profit

How Business Can Lift Up the World

Available for order now.

Are purpose and profit substitutes or complementary? What are the technological, societal, and market forces that are reshaping this relationship? What can we all do to reshape the relationship between purpose and profit as entrepreneurs, managers, consumers, employees, and investors? Backed by cutting-edge research, "Purpose and Profit" provides answers to these fundamental questions that are increasingly defining the competitiveness of businesses all around the world. Based on more than a decade of field and archival research Professor Serafeim takes readers through a journey to understand:

• How and why environmental and social issues are becoming increasingly relevant for businesses all around the world;
• The ways that companies can design and implement a strategy that has more positive impact;
• The six archetypes of value creation enabled by these new trends;
• The role of investors in supporting companies by recognizing the value of strategic management of material ESG issues and
• How we can all look at our choices and our careers through the lens of these societal trends to drive impact in our lives and for our organizations.

Making Sustainability Count

Social-Impact Efforts That Create Real Value

How can organizations create real value and impact from their ESG efforts? Too many companies have embraced a "box-ticking" culture and fail to see any value from their ESG efforts. In this article Professor Serafeim describes a five-pronged approach for companies to better manage and govern resources allocated to ESG issues:

1. Think ESG as strategy not as compliance
2. Create accountability for ESG throughout the organisation
3. Identify a corporate purpose and build a culture around it
4. Give ESG responsibilities to core business leaders
5. Use impact weighted accounting metrics for better decision making and to attract aligned investors

Reimagining Capitalism: Purpose and Profit

Performance, Purpose, and ESG Issues

Professor George Serafeim explores performance, purpose, and ESG (environmental, social, and governance) issues and how they can meet the challenges of growing income inequality and environmental damage in his Kim B Clark Fellowship Talk, while visiting Oxford University.

How to Measure a Company's Real Impact

The Impact Weighted Accounts Project

To reshape capitalism towards a more inclusive and sustainable system we need to reshape accounting. Professor Serafeim leads the Impact Weighted Accounts Project that revolutionizes measurement of corporate performance. For research on product, employment and environmental impact please see here. You can find an open access dataset of corporate environmental impact for ~13,000 firm-year observations.

Investors as Stewards of the Commons

Over the past few years, there has been a significant increase in the number of initiatives seeking to mobilize investor voice towards positive social impact. This paper, provides a framework outlining the role of investors as stewards of the commons.

Corporate Purpose

What is corporate purpose? Does it matter for financial performance? How do you develop one? New research documents that most organizations are struggling to diffuse a sense of purpose throughout the organization. Those that can, enjoy better financial performance.

White-Collar Crime

How to Scandal-Proof Your Company

For the past 10 years we’ve studied white-collar crime and explored how companies can create an environment that discourages it. We used data from individual companies and from surveys by PwC, Transparency International, the World Bank, executive recruiting firms, and other organizations. All told we looked at data on thousands of organizations and individuals. In addition, we interviewed more than 50 senior and middle managers at 10 organizations that had experienced scandals. And in our research we’ve found time and again that while compliance systems are important, leadership plays a critical role in shaping an organization’s attitudes toward preventing crime and its responses when wrongdoing is detected.

Toward a More Inclusive Society

How do we ensure that everyone in society benefits from economic growth? How do we narrow income disparities? If inclusive capitalism at its core means bringing society and business together, what are the strategies to get us there? At the Aspen Ideas Festival, Professor Serafeim provided answers to those questions.

In a Harvard Business Review article Professor Serafeim and co-authors outline a roadmap for companies and investors that seek to create inclusive growth.

Aligning Sustainability with Corporate Performance

How Companies Can Integrate Sustainability to their Core and Why Investors Should Care

By now most companies have sustainability programs. But a mishmash of sustainability tactics does not add up to a sustainable strategy. Professor's Serafeim reseach has shown the value implications of integrating sustainability in a company's strategy and operations, and what are the distinguishing organizational processes that sustainable organizations have. His work on the financial materiality of sustainability investments was the first one to demonstrate the path to financial value. Relatedly, in his work he has outlined a process that can be used to execute a sustainable strategy and extend the boundaries of The Performance Frontier, and how to implement a strategy to achieve organizational change.

In his line of work on sustainable investing he has documented a market interest in nonfinancial information, how sell-side analysts have shifted their perceptions about the value of sustainability, and how firms with better ESG performance have better access to finance.

Corporate Transparency and Disclosure

How Companies Communicate their Sustainability Efforts and What are the Consequences

An increasing number of companies issue sustainability or integrated reports. It is estimated that now more than 10,000 companies do so. In addition, an increasing number of countries now mandate reporting of ESG information. In his work, Professor Serafeim has articulated the functions of corporate reporting, why integrated reporting promises to serve those functions effectively, and an institutional strategy for adoption of integrated reporting globally. Relatedly, he has documented how a company can use integrated reporting to shape a more long-term oriented investor base. 

Moreover, he has demonstrated the consequences of mandatory sustainability reporting and how investors react to mandatory nonfinancial reporting.

Books

• Serafeim, George. Purpose + Profit: How Business Can Lift Up the World. New York: HarperCollins Leadership, 2022. View Details

Selective Readings in Climate Change & Decarbonization Strategies

• Serafeim, George, and Amram Migdal. "Elon Musk at Tesla." Harvard Business School Case 123-044, January 2023. View Details
• Cheema-Fox, Alex, George Serafeim, and Hui (Stacie) Wang. "Climate Solutions Investments." Journal of Portfolio Management (forthcoming). View Details
• Lu, Shirley, George Serafeim, and Michael W. Toffel. "Driving Decarbonization at BMW." Harvard Business School Case 123-008, October 2022. View Details
• Serafeim, George. "EKI Energy Services: One Billion Carbon Credits." Harvard Business School Case 123-060, January 2023. View Details
• Loumioti, Maria, and George Serafeim. "The Issuance and Design of Sustainability-linked Loans." Harvard Business School Working Paper, No. 23-027, November 2022. View Details
• Serafeim, George, and Benjamin Maletta. "Organizational Climate Transition Risk Model." Harvard Business School Spreadsheet Supplement 123-707, January 2023. View Details
• Serafeim, George. "Risks and Opportunities from the Transition to a Low Carbon Economy: A Business Analysis Framework." Harvard Business School Technical Note 123-014, December 2022. View Details
• Serafeim, George, Michael W. Toffel, and Tom Quinn. "David Crane’s Clean(er) Energy Strategy at NRG." Harvard Business School Case 623-005, July 2022. View Details
• Toffel, Michael W., George Serafeim, Francesca Gino, Stephanie Van Sice, and Tom Quinn. "FIJI Water: Carbon Negative? (Abridged)." Harvard Business School Case 623-004, July 2022. View Details
• Cheema-Fox, Alex, George Serafeim, and Hui (Stacie) Wang. "Climate Change Vulnerability and Currency Returns." Financial Analysts Journal 78, no. 4 (2022): 37–58. View Details
• Serafeim, George, and Benjamin Maletta. "Business Implications from Regulating Carbon Emissions in the EU." Harvard Business School Case 122-106, June 2022. View Details
• Serafeim, George, and Gladys Vélez Caicedo. "Machine Learning Models for Prediction of Scope 3 Carbon Emissions." Harvard Business School Working Paper, No. 22-080, June 2022. View Details
• Baker, Malcolm, Daniel Bergstresser, George Serafeim, and Jeffrey Wurgler. "The Pricing and Ownership of U.S. Green Bonds." Annual Review of Financial Economics 14 (2022): 415–437. View Details
• Freiberg, David, Jody Grewal, and George Serafeim. "Science-Based Carbon Emissions Targets." Harvard Business School Working Paper, No. 21-108, March 2021. View Details
• Cheema-Fox, Alex, Bridget LaPerla, George Serafeim, David Turkington, and Hui (Stacie) Wang. "Decarbonizing Everything." Financial Analysts Journal 77, no. 3 (2021): 93–108. View Details
• Cheema-Fox, Alex, Bridget LaPerla, George Serafeim, David Turkington, and Hui (Stacie) Wang. "Decarbonization Factors." Journal of Impact and ESG Investing 2, no. 1 (Fall 2021): 47–73. View Details
• Serafeim, George, Vincent Dessain, and Mette Fuglsang Hjortshoej. "Sustainable Product Management at Solvay." Harvard Business School Case 120-081, February 2020. (Revised February 2022.) View Details
• Henderson, Rebecca, and George Serafeim. "Tackling Climate Change Requires Organizational Purpose." AEA Papers and Proceedings 110 (May 2020): 177–180. View Details
• Serafeim, George, Shiva Rajgopal, and David Freiberg. "ExxonMobil: Business as Usual? (A)." Harvard Business School Case 117-046, February 2017. (Revised June 2017.) View Details
• Serafeim, George, Shiva Rajgopal, and David Freiberg. "ExxonMobil: Business as Usual? (B)." Harvard Business School Supplement 117-047, February 2017. (Revised June 2017.) View Details
• Serafeim, George, and Sakis Kotsantonis. "ExxonMobil's Shareholder Vote Is a Tipping Point for Climate Issues." Harvard Business Review (website) (June 7, 2017). View Details
• Ioannou, Ioannis, Shelley Xin Li, and George Serafeim. "The Effect of Target Difficulty on Target Completion: The Case of Reducing Carbon Emissions." Accounting Review 91, no. 5 (September 2016). View Details
• Serafeim, George, Rebecca Henderson, and Dawn Lau. "CLP: Powering Asia." Harvard Business School Case 115-038, February 2015. View Details
• Serafeim, George, and Mark Fulton. "Divestment Alone Won’t Beat Climate Change." Harvard Business Review (website) (November 4, 2014). View Details

Selective Readings in Corporate Purpose

• Serafeim, George. "The Pursuit of Profit with Purpose Requires Patience." Financial Times (January 9, 2023). View Details
• Gartenberg, Claudine, and George Serafeim. "Corporate Purpose in Public and Private Firms." Management Science (forthcoming). (Pre-published online December 1, 2022.) View Details
• Deshpandé, Rohit, Aiyesha Dey, and George Serafeim. "BlackRock: Linking Purpose to Profit." Harvard Business School Teaching Note 121-089, May 2021. View Details
• Henderson, Rebecca, and George Serafeim. "Tackling Climate Change Requires Organizational Purpose." AEA Papers and Proceedings 110 (May 2020): 177–180. View Details
• Deshpandé, Rohit, Aiyesha Dey, and George Serafeim. "BlackRock: Linking Purpose to Profit." Harvard Business School Case 120-042, January 2020. (Revised July 2020.) View Details
• Gartenberg, Claudine, Andrea Prat, and George Serafeim. "Corporate Purpose and Financial Performance." Organization Science 30, no. 1 (January–February 2019): 1–18. View Details
• Serafeim, George, and David Freiberg. "Summa Equity: Building Purpose-Driven Organizations." Harvard Business School Teaching Plan 119-034, September 2018. (Revised April 2019.) View Details
• Serafeim, George, and David Freiberg. "Summa Equity: Building Purpose-Driven Organizations." Harvard Business School Case 118-028, November 2017. (Revised April 2019.) View Details
• Serafeim, George. "The Role of the Corporation in Society: An Alternative View and Opportunities for Future Research." Harvard Business School Working Paper, No. 14-110, May 2014. View Details

Selective Readings in ESG Data & Strategies

• Serafeim, George, and Aaron Yoon. "Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement." Review of Accounting Studies (forthcoming). (Pre-published online March 10, 2022.) View Details
• Serafeim, George, and Aaron Yoon. "Which Corporate ESG News Does the Market React To?" Financial Analysts Journal 78, no. 1 (2022): 59–78. View Details
• Christensen, Dane, George Serafeim, and Anywhere Sikochi. "Why Is Corporate Virtue in the Eye of the Beholder? The Case of ESG Ratings." Accounting Review 97, no. 1 (January 2022): 147–175. View Details
• Karageorgiou, Gabriel, and George Serafeim. "Why ESG Funds Fail to Scale." Institutional Investor (January 11, 2021). View Details
• Grewal, Jody, Clarissa Hauptmann, and George Serafeim. "Material Sustainability Information and Stock Price Informativeness." Journal of Business Ethics 171, no. 3 (July 2021): 513–544. View Details
• Serafeim, George. "Public Sentiment and the Price of Corporate Sustainability." Financial Analysts Journal 76, no. 2 (2020): 26–46. View Details
• Serafeim, George. "Social-Impact Efforts That Create Real Value." Harvard Business Review 98, no. 5 (September–October 2020): 38–48. View Details
• Grewal, Jody, and George Serafeim. "Research on Corporate Sustainability: Review and Directions for Future Research." Foundations and Trends® in Accounting 14, no. 2 (2020): 73–127. View Details
• Henderson, Rebecca, George Serafeim, Josh Lerner, and Naoko Jinjo. "Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG." Harvard Business School Case 319-067, January 2019. (Revised February 2020.) View Details
• Porter, Michael E., George Serafeim, and Mark Kramer. "Where ESG Fails." Institutional Investor (October 16, 2019). View Details
• Grewal, Jody, Edward J. Riedl, and George Serafeim. "Market Reaction to Mandatory Nonfinancial Disclosure." Management Science 65, no. 7 (July 2019): 3061–3084. View Details
• Kotsantonis, Sakis, and George Serafeim. "Four Things No One Will Tell You About ESG Data." Journal of Applied Corporate Finance 31, no. 2 (Spring 2019): 50–58. View Details
• Amel-Zadeh, Amir, and George Serafeim. "Why and How Investors Use ESG Information: Evidence from a Global Survey." Financial Analysts Journal 74, no. 3 (Third Quarter 2018): 87–103. View Details
• Serafeim, George, and David Freiberg. "JetBlue: Relevant Sustainability Leadership (A)." Harvard Business School Case 118-030, October 2017. (Revised October 2022.) View Details
• Serafeim, George. "Can Index Funds Be a Force for Sustainable Capitalism?" Harvard Business Review (website) (December 7, 2017). View Details
• Khan, Mozaffar, George Serafeim, and Aaron Yoon. "Corporate Sustainability: First Evidence on Materiality." Accounting Review 91, no. 6 (November 2016). View Details
• Serafeim, George. "Integrated Reporting and Investor Clientele." Journal of Applied Corporate Finance 27, no. 2 (Spring 2015): 34–51. View Details
• Ioannou, Ioannis, and George Serafeim. "The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts' Perceptions and Shifting Institutional Logics." Strategic Management Journal 36, no. 7 (July 2015): 1053–1081. View Details
• Serafeim, George, and Robert G. Eccles. "Mandatory Environmental, Social, and Governance Disclosures in the European Union." Harvard Business School Teaching Note 114-054, January 2014. View Details
• Cheng, Beiting, Ioannis Ioannou, and George Serafeim. "Corporate Social Responsibility and Access to Finance." Strategic Management Journal 35, no. 1 (January 2014): 1–23. View Details
• Eccles, Robert G., and George Serafeim. "The Performance Frontier: Innovating for a Sustainable Strategy." Harvard Business Review 91, no. 5 (May 2013): 50–60. View Details
• Eccles, Robert G., Kathleen Miller Perkins, and George Serafeim. "How to Become a Sustainable Company." MIT Sloan Management Review 53, no. 4 (Summer 2012): 43–50. View Details
• Ioannou, Ioannis, and George Serafeim. "What Drives Corporate Social Performance? The Role of Nation-level Institutions." Journal of International Business Studies 43, no. 9 (December 2012): 834–864. View Details

Selective Readings in Leadership & Governance

• Healy, Paul M., and George Serafeim. "Voluntary, Self-Regulatory, and Mandatory Disclosure of Oil and Gas Company Payments to Foreign Governments." Accounting Horizons 34, no. 1 (March 2020): 111–129. View Details
• Groysberg, Boris, Eric Lin, and George Serafeim. "Does Corporate Misconduct Affect the Future Compensation of Alumni Managers?" Special Issue on Employee Inter- and Intra-Firm Mobility. Advances in Strategic Management 41 (July 2020). View Details
• Healy, Paul M., and George Serafeim. "How to Scandal-Proof Your Company." Harvard Business Review 97, no. 4 (July–August 2019): 42–50. View Details
• Serafeim, George. "Elon Musk's Unusual Compensation Plan Isn't Really About Compensation at All." Harvard Business Review (website) (May 1, 2018). View Details
• Rehnberg, Christina, George Serafeim, and Brian Tomlinson. "Why CEOs Should Share Their Long-Term Plans with Investors." Harvard Business Review (website) (September 19, 2018). View Details
• Serafeim, George. "Investors as Stewards of the Commons?" Journal of Applied Corporate Finance 30, no. 2 (Spring 2018): 8–17. View Details
• Serafeim, George, and David Freiberg. "Turnaround at Norsk Gjenvinning (B)." Harvard Business School Supplement 118-033, October 2017. View Details
• Groysberg, Boris, Eric Lin, George Serafeim, and Robin Abrahams. "How to Survive a Company Scandal You Had Nothing to Do With." Harvard Business Review (website) (August 31, 2016). View Details
• Healy, Paul M., and George Serafeim. "An Analysis of Firms' Self-reported Anticorruption Efforts." Accounting Review 91, no. 2 (March 2016): 489–511. View Details
• Groysberg, Boris, Eric Lin, George Serafeim, and Robin Abrahams. "The Scandal Effect." Harvard Business Review 94, no. 9 (September 2016): 90–98. View Details
• Serafeim, George, Paul M. Healy, and Jérôme Lenhardt. "Statoil: Transparency on Payments to Governments." Harvard Business School Case 115-049, March 2015. View Details
• Serafeim, George, and Shannon Gombos. "Turnaround at Norsk Gjenvinning (A)." Harvard Business School Case 116-012, August 2015. (Revised October 2017.) View Details
• Kotsantonis, Sakis, Shalini Rao, Daniela Saltzman, and George Serafeim. "If CEOs Care About the Long Term, Why Don't They Talk About It?" Harvard Business Review (website) (November 13, 2015). View Details
• Brochet, Francois, Maria Loumioti, and George Serafeim. "Speaking of the Short-Term: Disclosure Horizon and Managerial Myopia." Review of Accounting Studies 20, no. 3 (September 2015): 1122–1163. View Details
• Horton, Joanne, Yuval Millo, and George Serafeim. "Resources or Power? Implications of Social Networks on Compensation and Firm Performance." Journal of Business Finance & Accounting 39, nos. 3-4 (April–May 2012): 399–426. View Details

Impact-Weighted Accounts

• Serafeim, George, and Gladys Vélez Caicedo. "Machine Learning Models for Prediction of Scope 3 Carbon Emissions." Harvard Business School Working Paper, No. 22-080, June 2022. View Details
• Serafeim, George, Ethan Rouen, and Katie Panella. "Valuing Employment Exercise." Harvard Business School Exercise 121-086, April 2021. View Details
• Fadhel, Adel, Katie Panella, Ethan Rouen, and George Serafeim. "Accounting for Employment Impact at Scale." Harvard Business School Working Paper, No. 22-018, December 2021. View Details
• Serafeim, George, and Katie Trinh. "Impact Accounting for Product Use: A Framework and Industry-specific Models." Harvard Business School Working Paper, No. 21-141, June 2021. View Details
• Rouen, Ethan, and George Serafeim. "Impact-Weighted Financial Accounts: A Paradigm Shift." CESifo Forum 22, no. 3 (May 2021): 20–25. View Details
• Panella, Katie, and George Serafeim. "Measuring Employment Impact: Applications and Cases." Harvard Business School Working Paper, No. 21-082, January 2021. (Revised August 2021.) View Details
• Freiberg, David, DG Park, George Serafeim, and T. Robert Zochowski. "Corporate Environmental Impact: Measurement, Data and Information." Harvard Business School Working Paper, No. 20-098, March 2020. (Revised February 2021.) View Details
• Freiberg, David, Katie Panella, George Serafeim, and T. Robert Zochowski. "Accounting for Organizational Employment Impact." Harvard Business School Working Paper, No. 21-050, October 2020. (Revised August 2021.) View Details
• Rischbieth, Amanda, George Serafeim, and Katie Trinh. "Accounting for Product Impact in the Consumer-Packaged Foods Industry." Harvard Business School Working Paper, No. 21-051, October 2020. (Revised October 2021.) View Details
• Serafeim, George, and Katie Trinh. "Accounting for Product Impact in the Airlines Industry." Harvard Business School Working Paper, No. 21-066, November 2020. (Revised February 2021.) View Details
• Serafeim, George, and Katie Trinh. "Accounting for Product Impact in the Water Utilities Industry." Harvard Business School Working Paper, No. 21-104, March 2021. View Details
• Serafeim, George, and Katie Trinh. "Accounting for Product Impact in the Telecommunications Industry." Harvard Business School Working Paper, No. 21-105, March 2021. (Revised May 2021.) View Details
• Park, DG, George Serafeim, and Katie Trinh. "Accounting for Product Impact in the Interactive Media and Services Industry." Harvard Business School Working Paper, No. 21-134, June 2021. View Details
• Rischbieth, Amanda, George Serafeim, and Katie Trinh. "Accounting for Product Impact in the Pharmaceuticals Industry." Harvard Business School Working Paper, No. 21-139, June 2021. View Details
• Panella, Katie, George Serafeim, and Katie Trinh. "Accounting for Product Impact in the Oil and Gas Industry." Harvard Business School Working Paper, No. 21-140, June 2021. View Details
• Serafeim, George, Ethan Rouen, and David Freiberg. "SK Group: Social Progress Credits." Harvard Business School Case 120-071, January 2020. View Details
• Serafeim, George. "Companies Must Include Environmental and Social Performance Measures." Financial Times (February 24, 2020). View Details
• Cohen, Ronald, and George Serafeim. "How to Measure a Company's Real Impact." Harvard Business Review (website) (September 3, 2020). View Details
• Serafeim, George, and Katie Trinh. "A Framework for Product Impact-Weighted Accounts." Harvard Business School Working Paper, No. 20-076, January 2020. (Revised October 2020.) View Details
• Park, DG, George Serafeim, and T. Robert Zochowski. "Measuring the Cost of Corporate Water Usage." Harvard Business School Working Paper, No. 21-036, September 2020. View Details
• Serafeim, George, and Katie Trinh. "Accounting for Product Impact in the Consumer Finance Industry." Harvard Business School Working Paper, No. 21-061, November 2020. (Revised December 2020.) View Details
• Serafeim, George, T. Robert Zochowski, and Jennifer Downing. "Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy." White Paper, Harvard Business School, Boston, MA, September 2019. View Details

Journal Articles

• Cheema-Fox, Alex, George Serafeim, and Hui (Stacie) Wang. "Climate Solutions Investments." Journal of Portfolio Management (forthcoming). View Details
• Cheema-Fox, Alex, George Serafeim, and Hui (Stacie) Wang. "Climate Change Vulnerability and Currency Returns." Financial Analysts Journal 78, no. 4 (2022): 37–58. View Details
• Gartenberg, Claudine, and George Serafeim. "Corporate Purpose in Public and Private Firms." Management Science (forthcoming). (Pre-published online December 1, 2022.) View Details
• Christensen, Dane, George Serafeim, and Anywhere Sikochi. "Why Is Corporate Virtue in the Eye of the Beholder? The Case of ESG Ratings." Accounting Review 97, no. 1 (January 2022): 147–175. View Details
• Serafeim, George, and Aaron Yoon. "Which Corporate ESG News Does the Market React To?" Financial Analysts Journal 78, no. 1 (2022): 59–78. View Details
• Serafeim, George, and Aaron Yoon. "Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement." Review of Accounting Studies (forthcoming). (Pre-published online March 10, 2022.) View Details
• Baker, Malcolm, Daniel Bergstresser, George Serafeim, and Jeffrey Wurgler. "The Pricing and Ownership of U.S. Green Bonds." Annual Review of Financial Economics 14 (2022): 415–437. View Details
• Cheema-Fox, Alex, Bridget LaPerla, George Serafeim, and Hui (Stacie) Wang. "Corporate Resilience and Response During COVID-19." Journal of Applied Corporate Finance 33, no. 2 (Spring 2021): 24–40. View Details
• Grewal, Jody, Clarissa Hauptmann, and George Serafeim. "Material Sustainability Information and Stock Price Informativeness." Journal of Business Ethics 171, no. 3 (July 2021): 513–544. View Details
• Cheema-Fox, Alex, Bridget LaPerla, George Serafeim, David Turkington, and Hui (Stacie) Wang. "Decarbonization Factors." Journal of Impact and ESG Investing 2, no. 1 (Fall 2021): 47–73. View Details
• Rouen, Ethan, and George Serafeim. "Impact-Weighted Financial Accounts: A Paradigm Shift." CESifo Forum 22, no. 3 (May 2021): 20–25. View Details
• Kobilov, Botir, Ethan Rouen, and George Serafeim. "Predictable Country-level Bias in the Reporting of COVID-19 Deaths." Journal of Government and Economics 2 (Summer 2021). View Details
• Cheema-Fox, Alex, Bridget LaPerla, George Serafeim, David Turkington, and Hui (Stacie) Wang. "Decarbonizing Everything." Financial Analysts Journal 77, no. 3 (2021): 93–108. View Details
• Chen, Wen, Mozaffar Khan, Leonid Kogan, and George Serafeim. "Cross‐firm Return Predictability and Accounting Quality." Journal of Business Finance & Accounting 48, nos. 1-2 (January–February 2021): 70–101. View Details
• Groysberg, Boris, Eric Lin, and George Serafeim. "Does Corporate Misconduct Affect the Future Compensation of Alumni Managers?" Special Issue on Employee Inter- and Intra-Firm Mobility. Advances in Strategic Management 41 (July 2020). View Details
• Grewal, Jody, and George Serafeim. "Research on Corporate Sustainability: Review and Directions for Future Research." Foundations and Trends® in Accounting 14, no. 2 (2020): 73–127. View Details
• Serafeim, George. "Social-Impact Efforts That Create Real Value." Harvard Business Review 98, no. 5 (September–October 2020): 38–48. View Details
• Kotsantonis, Sakis, and George Serafeim. "Human Capital and the Future of Work: Implications for Investors and ESG Integration." Journal of Financial Transformation 51 (April 2020): 115–130. View Details
• Serafeim, George, Amanda M. Rischbieth, and Howard K. Koh. "Sustainability, Business, and Health." JAMA, the Journal of the American Medical Association 324, no. 2 (July 14, 2020): 147–148. View Details
• Serafeim, George. "Public Sentiment and the Price of Corporate Sustainability." Financial Analysts Journal 76, no. 2 (2020): 26–46. View Details
• Healy, Paul M., and George Serafeim. "Voluntary, Self-Regulatory, and Mandatory Disclosure of Oil and Gas Company Payments to Foreign Governments." Accounting Horizons 34, no. 1 (March 2020): 111–129. View Details
• Henderson, Rebecca, and George Serafeim. "Tackling Climate Change Requires Organizational Purpose." AEA Papers and Proceedings 110 (May 2020): 177–180. View Details
• Healy, Paul M., and George Serafeim. "How to Scandal-Proof Your Company." Harvard Business Review 97, no. 4 (July–August 2019): 42–50. View Details
• Kotsantonis, Sakis, and George Serafeim. "Four Things No One Will Tell You About ESG Data." Journal of Applied Corporate Finance 31, no. 2 (Spring 2019): 50–58. View Details
• Grewal, Jody, Edward J. Riedl, and George Serafeim. "Market Reaction to Mandatory Nonfinancial Disclosure." Management Science 65, no. 7 (July 2019): 3061–3084. View Details
• Gartenberg, Claudine, Andrea Prat, and George Serafeim. "Corporate Purpose and Financial Performance." Organization Science 30, no. 1 (January–February 2019): 1–18. View Details
• Kaplan, Robert S., George Serafeim, and Eduardo Tugendhat. "Inclusive Growth: Profitable Strategies for Tackling Poverty and Inequality." Harvard Business Review 96, no. 1 (January–February 2018): 127–133. View Details
• Amel-Zadeh, Amir, and George Serafeim. "Why and How Investors Use ESG Information: Evidence from a Global Survey." Financial Analysts Journal 74, no. 3 (Third Quarter 2018): 87–103. View Details
• Serafeim, George. "Investors as Stewards of the Commons?" Journal of Applied Corporate Finance 30, no. 2 (Spring 2018): 8–17. View Details
• Horton, Joanne, George Serafeim, and Shan Wu. "Career Concerns of Banking Analysts." Journal of Accounting & Economics 63, nos. 2-3 (April–May 2017): 231–252. View Details
• Kotsantonis, Sakis, Christopher Pinney, and George Serafeim. "ESG Integration in Investment Management: Myths and Realities." Journal of Applied Corporate Finance 28, no. 2 (Spring 2016): 10–16. View Details
• Groysberg, Boris, Eric Lin, George Serafeim, and Robin Abrahams. "The Scandal Effect." Harvard Business Review 94, no. 9 (September 2016): 90–98. View Details
• Khan, Mozaffar, George Serafeim, and Aaron Yoon. "Corporate Sustainability: First Evidence on Materiality." Accounting Review 91, no. 6 (November 2016). View Details
• Healy, Paul M., and George Serafeim. "An Analysis of Firms' Self-reported Anticorruption Efforts." Accounting Review 91, no. 2 (March 2016): 489–511. View Details
• Ioannou, Ioannis, Shelley Xin Li, and George Serafeim. "The Effect of Target Difficulty on Target Completion: The Case of Reducing Carbon Emissions." Accounting Review 91, no. 5 (September 2016). View Details
• Ioannou, Ioannis, and George Serafeim. "The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts' Perceptions and Shifting Institutional Logics." Strategic Management Journal 36, no. 7 (July 2015): 1053–1081. View Details
• Serafeim, George. "Integrated Reporting and Investor Clientele." Journal of Applied Corporate Finance 27, no. 2 (Spring 2015): 34–51. View Details
• Brochet, Francois, Maria Loumioti, and George Serafeim. "Speaking of the Short-Term: Disclosure Horizon and Managerial Myopia." Review of Accounting Studies 20, no. 3 (September 2015): 1122–1163. View Details
• Knauer, Andrew, and George Serafeim. "Attracting Long-Term Investors Through Integrated Thinking and Reporting: A Clinical Study of a Biopharmaceutical Company." Journal of Applied Corporate Finance 26, no. 2 (Spring 2014): 57–64. View Details
• Eccles, Robert G., Ioannis Ioannou, and George Serafeim. "The Impact of Corporate Sustainability on Organizational Processes and Performance." Management Science 60, no. 11 (November 2014): 2835–2857. View Details
• Cheng, Beiting, Ioannis Ioannou, and George Serafeim. "Corporate Social Responsibility and Access to Finance." Strategic Management Journal 35, no. 1 (January 2014): 1–23. View Details
• Kuppuswamy, Venkat, George Serafeim, and Belen Villalonga. "The Effect of Institutional Factors on the Value of Corporate Diversification." Advances in Strategic Management 31 (2014). View Details
• Serafeim, George. "Turning a Profit While Doing Good: Aligning Sustainability with Corporate Performance." Governance Studies, The Initiative on 21st Century Capitalism, No. 19, Brookings Institution, December 2014. View Details
• Healy, Paul M., George Serafeim, Suraj Srinivasan, and Gwen Yu. "Market Competition, Earnings Management, and Persistence in Accounting Profitability Around the World." Review of Accounting Studies 19, no. 4 (December 2014): 1281–1308. View Details
• Eccles, Robert G., and George Serafeim. "A Tale of Two Stories: Sustainability and the Quarterly Earnings Call." Journal of Applied Corporate Finance 25, no. 3 (Summer 2013): 66–77. View Details
• Eccles, Robert G., and George Serafeim. "The Performance Frontier: Innovating for a Sustainable Strategy." Harvard Business Review 91, no. 5 (May 2013): 50–60. View Details
• Groysberg, Boris, Paul Healy, George Serafeim, and Devin Shanthikumar. "The Stock Selection and Performance of Buy-Side Analysts." Management Science 59, no. 5 (May 2013): 1062–1075. View Details
• Horton, Joanne, George Serafeim, and Ioanna Serafeim. "Does Mandatory IFRS Adoption Improve the Information Environment?" Contemporary Accounting Research 30, no. 1 (Spring 2013): 388–423. View Details
• Horton, Joanne, Yuval Millo, and George Serafeim. "Resources or Power? Implications of Social Networks on Compensation and Firm Performance." Journal of Business Finance & Accounting 39, nos. 3-4 (April–May 2012): 399–426. View Details
• Ioannou, Ioannis, and George Serafeim. "What Drives Corporate Social Performance? The Role of Nation-level Institutions." Journal of International Business Studies 43, no. 9 (December 2012): 834–864. View Details
• Eccles, Robert G., Kathleen Miller Perkins, and George Serafeim. "How to Become a Sustainable Company." MIT Sloan Management Review 53, no. 4 (Summer 2012): 43–50. View Details
• Eccles, Robert G., Michael P. Krzus, Jean Rogers, and George Serafeim. "The Need for Sector-Specific Materiality and Sustainability Reporting Standards." Journal of Applied Corporate Finance 24, no. 2 (Spring 2012): 65–71. View Details
• Khan, Mozaffar N., Leonid Kogan, and George Serafeim. "Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs." Journal of Finance 67, no. 4 (August 2012): 1371–1395. View Details
• Eccles, R. G., Michael P. Krzus, and George Serafeim. "Market Interest in Nonfinancial Information." Journal of Applied Corporate Finance 23, no. 4 (Fall 2011): 113–127. View Details
• Riedl, Edward J., and George Serafeim. "Information Risk and Fair Value: An Examination of Equity Betas." Journal of Accounting Research 49, no. 4 (September 2011): 1083–1122. View Details
• Groysberg, Boris, Paul Healy, Nitin Nohria, and George Serafeim. "What Factors Drive Analyst Forecasts?" Financial Analysts Journal 67, no. 4 (July–August 2011). View Details
• Serafeim, George. "Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting." Journal of Accounting Research 49, no. 2 (May 2011). View Details
• Horton, Joanne, Richard H. Macve, and George Serafeim. "'Deprival Value' vs. 'Fair Value' Measurement for Contract Liabilities: How to Resolve the 'Revenue Recognition' Conundrum." Accounting and Business Research 41, no. 5 (2011): 491–514. View Details
• Ioannou, Ioannis, and George Serafeim. "The Impact of Corporate Social Responsibility on Investment Recommendations." Academy of Management Annual Meeting Proceedings (2010). View Details
• Horton, Joanne, and George Serafeim. "Market Reaction to and Valuation of IFRS Reconciliation Adjustments: First Evidence from the UK." Review of Accounting Studies 15, no. 4 (December 2010). View Details

Op-eds

• Serafeim, George. "The Pursuit of Profit with Purpose Requires Patience." Financial Times (January 9, 2023). View Details
• Karageorgiou, Gabriel, and George Serafeim. "Why ESG Funds Fail to Scale." Institutional Investor (January 11, 2021). View Details
• Cohen, Ronald, and George Serafeim. "How to Measure a Company's Real Impact." Harvard Business Review (website) (September 3, 2020). View Details
• Serafeim, George. "Companies Must Include Environmental and Social Performance Measures." Financial Times (February 24, 2020). View Details
• Porter, Michael E., George Serafeim, and Mark Kramer. "Where ESG Fails." Institutional Investor (October 16, 2019). View Details
• Lubber, Mindy, and George Serafeim. "3 Ways Investors Can Pressure Companies to Take Sustainability Seriously." Barron's (June 23, 2019). View Details
• Serafeim, George. "ESG Returns Eventually Will Win Over Critics." Barron's (March 1, 2019). View Details
• Ioannou, Ioannis, and George Serafeim. "Yes, Sustainability Can Be a Strategy." Harvard Business Review (website) (February 11, 2019). View Details
• Gartenberg, Claudine, and George Serafeim. "181 Top CEOs Have Realized Companies Need a Purpose Beyond Profit." Harvard Business Review (website) (August 20, 2019). View Details
• Serafeim, George. "How Index Funds Can Be a Positive Force for Change." Barron's (October 12, 2018). View Details
• Rehnberg, Christina, George Serafeim, and Brian Tomlinson. "Why CEOs Should Share Their Long-Term Plans with Investors." Harvard Business Review (website) (September 19, 2018). View Details
• Serafeim, George. "Elon Musk's Unusual Compensation Plan Isn't Really About Compensation at All." Harvard Business Review (website) (May 1, 2018). View Details
• Serafeim, George. "Facebook, BlackRock, and the Case for Purpose-Driven Companies." Harvard Business Review (website) (January 16, 2018). View Details
• Serafeim, George. "Can Index Funds Be a Force for Sustainable Capitalism?" Harvard Business Review (website) (December 7, 2017). View Details
• Karageorgiou, Gabriel, and George Serafeim. "Active Investing v.2.0." Pensions & Investments (online) (November 28, 2017). View Details
• Serafeim, George, and Sakis Kotsantonis. "ExxonMobil's Shareholder Vote Is a Tipping Point for Climate Issues." Harvard Business Review (website) (June 7, 2017). View Details
• Serafeim, George, Daniela Saltzman, and Bronagh Ward. "How Laws and Culture Hold Back Socially Minded Companies." Harvard Business Review (website) (May 18, 2017). View Details
• Serafeim, George. "What Mark Zuckerberg Understands About Corporate Purpose." Harvard Business Review (website) (February 22, 2017). View Details
• Streur, John, and George Serafeim. "Stop Waiting for Governments to Close the Skills Gap." Harvard Business Review (website) (January 11, 2017). View Details
• Groysberg, Boris, Eric Lin, George Serafeim, and Robin Abrahams. "How to Survive a Company Scandal You Had Nothing to Do With." Harvard Business Review (website) (August 31, 2016). View Details
• Serafeim, George, and Claudine Gartenberg. "The Type of Purpose That Makes Companies More Profitable." Harvard Business Review (website) (October 21, 2016). View Details
• Serafeim, George. "The Fastest-Growing Cause for Shareholders Is Sustainability." Harvard Business Review (website) (July 12, 2016). View Details
• Serafeim, George. "The EU Has Trust Issues, and It's Taking Down Greece's Economy." Fortune.com (May 24, 2016). View Details
• Serafeim, George. "Moving Forward." Business Partners 15, no. 82 (January–February 2016): 38–39. View Details
• Kazarian, Paul, and George Serafeim. "How to Turn Around a Country." Kathimerini (January 19, 2016). View Details
• Serafeim, George. "The Type of Socially Responsible Investments That Make Firms More Profitable." Harvard Business Review (website) (April 14, 2015). View Details
• Kotsantonis, Sakis, Shalini Rao, Daniela Saltzman, and George Serafeim. "If CEOs Care About the Long Term, Why Don't They Talk About It?" Harvard Business Review (website) (November 13, 2015). View Details
• Serafeim, George. "Tsipras' Second Chance: Greece to Hold Elections." The Conversation (August 24, 2015). (Editorial. Also published as "A 100-day Plan to Get Greece Back on Track" in Australian Outlook on August 24, 2015.) View Details
• Serafeim, George. "The Value of Accounting: The Case of Greece." IFAC Global Knowledge Gateway (August 25, 2015). View Details
• Serafeim, George. "Greece Bailout Includes a €50 Billion Asset Fund. Here's How to Avoid Wasting It." The Conversation (July 14, 2015). (Editorial.) View Details
• Serafeim, George, Joanne Horton, and Shan Wu. "How Banking Analysts' Biases Benefit Everyone Except Investors." Harvard Business Review (website) (June 5, 2015). View Details
• Serafeim, George. "Lessons From Greece as Controversial Finance Minister Exits." Time.com (July 6, 2015). (Editorial.) View Details
• Serafeim, George. "One Way To Help Greece Recover: Help Greek Companies Obtain Financing." Forbes.com (April 22, 2015). View Details
• Serafeim, George. "If Greece Embraces Uncertainty, Innovation Will Follow." Harvard Business Review (website) (March 13, 2015). View Details
• Serafeim, George. "What the Greek Elections Mean for the Economy." Forbes.com (January 29, 2015). View Details
• Serafeim, George, and Mark Fulton. "Divestment Alone Won’t Beat Climate Change." Harvard Business Review (website) (November 4, 2014). View Details
• Karageorgiou, Gabriel, Daniela Saltzman, and George Serafeim. "How to Kill Quarterly Earnings Guidance." HBR Blog Network (June 18, 2014). http://blogs.hbr.org/2014/06/how-to-kill-quarterly-earnings-guidance/. View Details
• Serafeim, George. "Reporting for Duty." The Point, no. 25 (June 2014): 22–25. (Editorial.) View Details
• Serafeim, George. "Corporate Reporting in the Big Data Era." IIRC Blog (April 29, 2014). View Details
• Eccles, Robert G., and George Serafeim. "Sustainability in Financial Services Is Not About Being Green." Harvard Business Review Blogs (May 15, 2013). View Details
• Eccles, Robert G., and George Serafeim. "Richest Universities Are Too Quiet on Sustainable Investing." Bloomberg.com (January 8, 2013). View Details
• Eccles, Robert G., Ioannis Ioannou, and George Serafeim. "Is There an Optimal Degree of Sustainability?" Ethical Corporation (February 2, 2012), 39–43. View Details
• Eccles, Robert G., Ioannis Ioannou, and George Serafeim. "Is Sustainability Now the Key to Corporate Success?" The Guardian (January 6, 2012). View Details
• Eccles, Robert G., and George Serafeim. "Companies and Investors Should See More of Each Other." Bloomberg.com (July 23, 2012). View Details
• Groysberg, Boris, Paul M. Healy, Nitin Nohria, and George Serafeim. "What Makes Analysts Say 'Buy'?" Harvard Business Review 90, no. 11 (November 2012). View Details
• Brochet, Francois, George Serafeim, and Maria Loumioti. "Short Termism: Don't Blame the Investors." Harvard Business Review 90, no. 6 (June 2012). View Details
• Eccles, Robert G., and George Serafeim. "Top 1,000 Companies Wield Power Reserved for Nations." Bloomberg.com (September 11, 2012). View Details
• Baldinger, Michael, Robert G. Eccles, and George Serafeim. "Vast Pools of Money Still Ignore Sustainable Investing." Bloomberg.com (November 30, 2012). View Details
• Eccles, Robert G., George Serafeim, and Jorge Amar. "Brasil: uma sociedade sustentável. [Brazil: A Sustainable Society]." Ideia sustentável (June 2012). View Details
• Eccles, Robert G., Ioannis Ioannou, and George Serafeim. "The Role of The Board in Creating a Sustainable Strategy." TrustLaw (November 29, 2011). View Details
• Eccles, Robert G., and George Serafeim. "Leading and Lagging Countries in Contributing to a Sustainable Society." Harvard Business School Working Knowledge (May 23, 2011). View Details
• Eccles, Robert G., and George Serafeim. "The Role of the Board in Accelerating the Adoption of Integrated Reporting." Director Notes (The Conference Board) (November 2011). View Details
• Ioannou, Ioannis, and George Serafeim. "The Rise and Consequences of Corporate Sustainability Reporting." European Business Review (September–October 2011). View Details
• Ioannou, Ioannis, and George Serafeim. "Sustainability and Capital Markets: How Firms Can Manage the Crucial Link." European Business Review (March–April 2011). View Details
• Ioannou, Ioannis, and George Serafeim. "The Growing Power of Non-financial Reports." Business Strategy Review (May 2011). View Details
• Eccles, Robert G., and George Serafeim. "Integrated Reporting: A Source of Competitive Advantage." CorporateRegister.com (March–April 2011). View Details

Book Chapters

• Ioannou, Ioannis, and George Serafeim. "The Consequences of Mandatory Corporate Sustainability Reporting." In The Oxford Handbook of Corporate Social Responsibility: Psychological and Organizational Perspectives, edited by Abagail McWilliams, Deborah E. Rupp, Donald S. Siegel, Günter K. Stahl, and David A. Waldman, 452–489. Oxford University Press, 2019. View Details
• Eccles, Robert G., and George Serafeim. "Corporate and Integrated Reporting: A Functional Perspective." In Corporate Stewardship: Achieving Sustainable Effectiveness, edited by Susan Albers Mohrman, James O'Toole, and Edward E. Lawler. Sheffield, UK: Greenleaf Publishing, 2015. View Details
• Miller, Kathy, and George Serafeim. "Chief Sustainability Officers: Who Are They and What Do They Do?" Chap. 8 in Leading Sustainable Change: An Organizational Perspective, edited by Rebecca Henderson, Ranjay Gulati, and Michael Tushman. Oxford University Press, 2015. View Details
• Eccles, Robert G., J. Herron, and George Serafeim. "Promoting Corporate Sustainability through Integrated Reporting: The Role of Investment Fiduciaries and the Responsibilities of the Corporate Board." Chap. 31 in Cambridge Handbook of Institutional Investment and Fiduciary Duty, edited by James P. Hawley, Andreas G.F. Hoepner, Keith L. Johnson, Joakim Sandberg, and Edward J. Waitzer, 403–415. Cambridge University Press, 2014. View Details
• Eccles, Robert G., and George Serafeim. "Luxembourg: A Sustainable Society Starts Here." Chap. 6 in CSR Report 2013, edited by Francesco de Leo and Francis Quinn, 73–92. InnoVatio Publishing Ltd., 2013. View Details
• Eccles, Robert G., Jess Schulschenk, and George Serafeim. "Capturing the Link between Non-financial and Financial Performance in One Space." In Making Investment Grade: The Future of Corporate Reporting: New trends in capturing and communicating strategic value, edited by Cornis van der Lugt and Daniel Malan, 43–48. United Nations Environment Programme, 2012. View Details
• Eccles, Robert G., and George Serafeim. "Accelerating the Adoption of Integrated Reporting." Chap. 2.2 in CSR Index, edited by Francesco de Leo and Matthias Vollbracht, 70–92. InnoVatio Publishing Ltd., 2011. View Details
• Serafeim, George. "The Analyst Recommendation and Earnings Forecast Anomaly." Chap. 3 in The Handbook of Equity Market Anomalies: Translating Market Inefficiencies into Effective Investment Strategies, edited by Len Zacks, 63–91. John Wiley & Sons, 2011. View Details
• Ioannou, Ioannis, and George Serafeim. "Drivers of Corporate Sustainability and Implications for Capital Markets: An International Perspective." In The Landscape of Integrated Reporting, edited by Robert G. Eccles, Beiting Cheng, and Daniela Saltzman, 13–17. Boston: Harvard Business School, 2010. (Ebook, © by the Presidents and Fellows of Harvard College.) View Details

Teaching Cases

• Serafeim, George, and Amram Migdal. "Elon Musk at Tesla." Harvard Business School Case 123-044, January 2023. View Details
• Serafeim, George. "EKI Energy Services: One Billion Carbon Credits." Harvard Business School Case 123-060, January 2023. View Details
• Lu, Shirley, George Serafeim, and Michael W. Toffel. "Driving Decarbonization at BMW - Spreadsheet Supplement." Harvard Business School Spreadsheet Supplement 123-708, December 2022. View Details
• Lu, Shirley, George Serafeim, and Michael W. Toffel. "Driving Decarbonization at BMW - Video Supplement." Harvard Business School Multimedia/Video Supplement 123-706, December 2022. View Details
• Lu, Shirley, George Serafeim, and Michael W. Toffel. "Driving Decarbonization at BMW." Harvard Business School Case 123-008, October 2022. View Details
• Serafeim, George, and Benjamin Maletta. "Organizational Climate Transition Risk Model." Harvard Business School Spreadsheet Supplement 123-707, January 2023. View Details
• Serafeim, George. "Risks and Opportunities from the Transition to a Low Carbon Economy: A Business Analysis Framework." Harvard Business School Technical Note 123-014, December 2022. View Details
• Serafeim, George, Michael W. Toffel, and Tom Quinn. "David Crane’s Clean(er) Energy Strategy at NRG." Harvard Business School Case 623-005, July 2022. View Details
• Toffel, Michael W., George Serafeim, Francesca Gino, Stephanie Van Sice, and Tom Quinn. "FIJI Water: Carbon Negative? (Abridged)." Harvard Business School Case 623-004, July 2022. View Details
• Serafeim, George, Maria Loumioti, and Benjamin Maletta. "Sustainable Finance at Itau BBA." Harvard Business School Case 123-036, October 2022. View Details
• Serafeim, George, and Benjamin Maletta. "Business Implications from Regulating Carbon Emissions in the EU." Harvard Business School Case 122-106, June 2022. View Details
• Serafeim, George, Ethan Rouen, and Katie Panella. "Valuing Employment Exercise." Harvard Business School Exercise 121-086, April 2021. View Details
• Serafeim, George, Vincent Dessain, and Mette Fuglsang Hjortshoej. "Sustainable Product Management at Solvay." Harvard Business School Case 120-081, February 2020. (Revised February 2022.) View Details
• Serafeim, George, Ethan Rouen, and Sarah Gazzaniga. "Redefining Mogul." Harvard Business School Case 120-043, March 2020. (Revised May 2020.) View Details
• Deshpandé, Rohit, Aiyesha Dey, and George Serafeim. "BlackRock: Linking Purpose to Profit." Harvard Business School Case 120-042, January 2020. (Revised July 2020.) View Details
• Serafeim, George, Ethan Rouen, and David Freiberg. "SK Group: Social Progress Credits." Harvard Business School Case 120-071, January 2020. View Details
• Henderson, Rebecca, George Serafeim, Josh Lerner, and Naoko Jinjo. "Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG." Harvard Business School Case 319-067, January 2019. (Revised February 2020.) View Details
• Di Maggio, Marco, Ethan Rouen, George Serafeim, and Aldo Sesia. "Facebook's Libra: The Privatization of Money?" Harvard Business School Case 120-021, October 2019. (Revised February 2021.) View Details
• Palepu, Krishna G., George Serafeim, and David Lane. "Aperture Investors." Harvard Business School Case 119-053, April 2019. (Revised July 2019.) View Details
• Serafeim, George, and David Freiberg. "Harlem Capital: Changing the Face of Entrepreneurship (B)." Harvard Business School Supplement 120-041, October 2019. View Details
• Serafeim, George, and David Freiberg. "Harlem Capital: Changing the Face of Entrepreneurship (A)." Harvard Business School Case 120-040, October 2019. View Details
• Serafeim, George, and David Freiberg. "JetBlue: Relevant Sustainability Leadership (B)." Harvard Business School Supplement 119-044, October 2018. View Details
• Serafeim, George, and David Freiberg. "Turnaround at Norsk Gjenvinning (B)." Harvard Business School Supplement 118-033, October 2017. View Details
• Serafeim, George, and David Freiberg. "JetBlue: Relevant Sustainability Leadership (A)." Harvard Business School Case 118-030, October 2017. (Revised October 2022.) View Details
• Serafeim, George, and David Freiberg. "Summa Equity: Building Purpose-Driven Organizations." Harvard Business School Case 118-028, November 2017. (Revised April 2019.) View Details
• Serafeim, George, and David Freiberg. "The Future of Mobility: Economic, Environmental, and Social Implications." Harvard Business School Technical Note 118-008, July 2017. (Revised March 2019.) View Details
• Serafeim, George, Shiva Rajgopal, and David Freiberg. "ExxonMobil: Business as Usual? (B)." Harvard Business School Supplement 117-047, February 2017. (Revised June 2017.) View Details
• Serafeim, George, Shiva Rajgopal, and David Freiberg. "ExxonMobil: Business as Usual? (A)." Harvard Business School Case 117-046, February 2017. (Revised June 2017.) View Details
• Groysberg, Boris, George Serafeim, Eric Lin, and Robin Abrahams. "Should I Stay or Should I Go? (B)." Harvard Business School Supplement 116-060, May 2016. View Details
• Groysberg, Boris, George Serafeim, Eric Lin, and Robin Abrahams. "Should I Stay or Should I Go? (A)." Harvard Business School Case 116-059, May 2016. View Details
• Serafeim, George, Rebecca Henderson, and Shannon Gombos. "Omar Selim: Building a Values-Based Asset Management Firm (A)." Harvard Business School Case 115-021, January 2015. (Revised September 2017.) View Details
• Serafeim, George, Rebecca Henderson, and Shannon Gombos. "Omar Selim: Building a Values-Based Asset Management Firm (B)." Harvard Business School Supplement 115-035, February 2015. (Revised September 2017.) View Details
• Serafeim, George, and Shannon Gombos. "Turnaround at Norsk Gjenvinning (A)." Harvard Business School Case 116-012, August 2015. (Revised October 2017.) View Details
• Serafeim, George, Paul M. Healy, and Jérôme Lenhardt. "Statoil: Transparency on Payments to Governments." Harvard Business School Case 115-049, March 2015. View Details
• Serafeim, George. "Greece's Debt: Sustainable?" Harvard Business School Case 115-063, June 2015. (Revised January 2017.) View Details
• Khan, Mozaffar, and George Serafeim. "Accor: Designing an Asset-Right Business and Disclosure Strategy." Harvard Business School Case 115-036, April 2015. View Details
• Serafeim, George, Rebecca Henderson, and Dawn Lau. "CLP: Powering Asia." Harvard Business School Case 115-038, February 2015. View Details
• Serafeim, George, Rebecca Henderson, and Christine Snively. "Chevron Under Fire." Harvard Business School Case 115-031, January 2015. View Details
• Serafeim, George, and Robert G. Eccles. "Mandatory Environmental, Social, and Governance Disclosures in the European Union." Harvard Business School Teaching Note 114-054, January 2014. View Details
• Eccles, Robert G., George Serafeim, and Sarah E. Farrell. "CalSTRS and Relational Challenge Occidental's Governance (A)." Harvard Business School Case 113-090, February 2013. (Revised March 2013.) View Details
• Eccles, Robert G., George Serafeim, and Sarah E. Farrell. "CalSTRS and Relational Challenge Occidental's Governance (B)." Harvard Business School Supplement 113-097, February 2013. (Revised March 2013.) View Details
• Eccles, Robert G., George Serafeim, and Sarah E. Farrell. "CalSTRS and Relational Challenge Occidental's Governance (C)." Harvard Business School Supplement 113-098, February 2013. (Revised March 2013.) View Details
• Eccles, Robert G., George Serafeim, and Shelley Xin Li. "Dow Chemical: Innovating for Sustainability." Harvard Business School Case 112-064, January 2012. (Revised June 2013.) View Details
• Eccles, Robert G., George Serafeim, and Kyle Armbrester. "Tough Decisions at Marks and Spencer." Harvard Business School Case 112-062, January 2012. (Revised September 2015.) View Details
• Eccles, Robert G., Amy C. Edmondson, George Serafeim, and Sarah E. Farrell. "Intel: Exploring Market Opportunities in Water." Harvard Business School Case 412-100, January 2012. (Revised April 2012.) View Details
• Eccles, Robert G., George Serafeim, and Pippa Armbrester. "Integrated Reporting in South Africa." Harvard Business School Case 413-038, September 2012. (Revised November 2012.) View Details
• Serafeim, George, and Andrew Knauer. "First Quantum Minerals vs. Eurasian Natural Resources." Harvard Business School Case 112-083, February 2012. View Details
• Serafeim, George, and Kyle Welch. "Ultimate Fighting Championship: License to Operate (B)." Harvard Business School Supplement 112-081, January 2012. (Revised November 2012.) View Details
• Eccles, Robert G., George Serafeim, and Asun Cano-Escoriaza. "Developing the Materiality Matrix at Telefónica." Harvard Business School Case 413-088, December 2012. (Revised October 2013.) View Details
• Serafeim, George, Robert G. Eccles, and Kyle Armbrester. "Aviva Investors." Harvard Business School Case 112-047, December 2011. (Revised May 2015.) View Details
• Eccles, Robert G., George Serafeim, and Phillip Andrews. "Mandatory Environmental, Social, and Governance Disclosure in the European Union." Harvard Business School Case 111-120, June 2011. (Revised February 2013.) View Details
• Healy, Paul M., George Serafeim, and David Lane. "Wealth Management Crisis at UBS (B)." Harvard Business School Supplement 111-090, March 2011. (Revised February 2018.) View Details
• Healy, Paul M., George Serafeim, and David Lane. "Wealth Management Crisis at UBS (A)." Harvard Business School Case 111-082, March 2011. (Revised December 2019.) View Details
• Eccles, Robert G., George Serafeim, and Tiffany A. Clay. "KKR: Leveraging Sustainability." Harvard Business School Case 112-032, September 2011. (Revised March 2012.) View Details
• Eccles, Robert G., George Serafeim, Shelley Xin Li, and Alan Knight. "Allied Electronics Corporation Ltd: Linking Compensation to Sustainability Metrics." Harvard Business School Case 412-075, November 2011. (Revised June 2013.) View Details
• Eccles, Robert G., George Serafeim, and James Heffernan. "Natura Cosméticos, S.A." Harvard Business School Case 412-052, November 2011. (Revised June 2013.) View Details
• Serafeim, George, Paul M. Healy, and Aldo Sesia. "Oddo Securities―ESG Integration." Harvard Business School Case 111-085, June 2011. (Revised January 2013.) View Details
• Serafeim, George, Robert G. Eccles, and Tiffany A. Clay. "GoodGuide." Harvard Business School Case 112-031, September 2011. (Revised May 2012.) View Details
• Eccles, Robert G., George Serafeim, and Pippa Eccles. "Hassina Sherjan." Harvard Business School Case 112-029, September 2011. (Revised September 2015.) View Details
• Serafeim, George, Robert G. Eccles, and Tiffany A. Clay. "Caesars Entertainment: CodeGreen." Harvard Business School Case 111-115, March 2011. (Revised August 2012.) View Details
• Eccles, Robert G., George Serafeim, and Beiting Cheng. "Foxconn Technology Group (A)." Harvard Business School Case 112-002, July 2011. (Revised June 2013.) View Details
• Serafeim, George, and Kyle Welch. "Ultimate Fighting Championship: License to Operate (A)." Harvard Business School Case 112-011, July 2011. (Revised November 2012.) View Details
• Eccles, Robert G., George Serafeim, and Beiting Cheng. "Foxconn Technology Group (B)." Harvard Business School Supplement 112-058, November 2011. (Revised February 2012.) View Details
• Palepu, Krishna G., and George Serafeim. "Leasing Decision at Magnet Beauty Products, Inc." Harvard Business School Case 111-039, September 2010. (Revised September 2011.) View Details
• Ramanna, Karthik, and George Serafeim. "Urban Water Partners (A) (CW)." Harvard Business School Spreadsheet Supplement 111-701, August 2010. (Revised December 2010.) View Details
• Ramanna, Karthik, and George Serafeim. "Urban Water Partners (B) (CW)." Harvard Business School Spreadsheet Supplement 111-704, December 2010. View Details
• Ramanna, Karthik, and George Serafeim. "Urban Water Partners (A) Spreadsheet Solutions (CW)." Harvard Business School Spreadsheet Supplement 111-705, December 2010. View Details
• Ramanna, Karthik, and George Serafeim. "Urban Water Partners (B) Spreadsheet Supplement (CW)." Harvard Business School Spreadsheet Supplement 111-706, December 2010. View Details
• Ramanna, Karthik, George Serafeim, and Aldo Sesia. "Urban Water Partners (A)." Harvard Business School Case 111-016, August 2010. (Revised January 2013.) View Details
• Ramanna, Karthik, George Serafeim, and Aldo Sesia. "Urban Water Partners (B)." Harvard Business School Supplement 111-029, August 2010. (Revised January 2013.) View Details
• Healy, Paul M., Krishna G. Palepu, and George Serafeim. "Subprime Crisis and Fair-Value Accounting." Harvard Business School Case 109-031, October 2008. (Revised August 2009.) View Details

Teaching Notes

• Lu, Shirley, George Serafeim, and Michael W. Toffel. "Driving Decarbonization at BMW - Teaching Note." Harvard Business School Teaching Note 123-049, November 2022. View Details
• Serafeim, George. "JetBlue: Relevant Sustainability Leadership (A) & (B)." Harvard Business School Teaching Plan 123-057, December 2022. View Details
• Serafeim, George, Ethan Rouen, and Katie Panella. "Valuing Employment Case Spreadsheet Supplement." Harvard Business School Spreadsheet Supplement 121-091, May 2021. View Details
• Serafeim, George, and Ethan Rouen. "Valuing Employment." Harvard Business School Teaching Plan 121-087, April 2021. View Details
• Deshpandé, Rohit, Aiyesha Dey, and George Serafeim. "BlackRock: Linking Purpose to Profit." Harvard Business School Teaching Note 121-089, May 2021. View Details
• Serafeim, George, and Ethan Rouen. "Redefining Mogul." Harvard Business School Teaching Note 121-030, October 2020. View Details
• Serafeim, George. "Harlem Capital: Changing the Face of Entrepreneurship." Harvard Business School Teaching Plan 121-027, September 2020. View Details
• Serafeim, George, Ethan Rouen, and David Freiberg. "SK Group: Social Progress Credits." Harvard Business School Teaching Plan 120-112, May 2020. View Details
• Di Maggio, Marco, Ethan Rouen, and George Serafeim. "Facebook's Libra: The Privatization of Money?" Harvard Business School Teaching Note 220-048, December 2019. (Revised February 2022.) View Details
• Serafeim, George, and David Freiberg. "Wealth Management Crisis at UBS (A) and (B)." Harvard Business School Teaching Plan 118-065, February 2018. View Details
• Serafeim, George, and David Freiberg. "Summa Equity: Building Purpose-Driven Organizations." Harvard Business School Teaching Plan 119-034, September 2018. (Revised April 2019.) View Details
• Serafeim, George, and David Freiberg. "Omar Selim: Building a Values-Based Asset Management Firm (A) and (B)." Harvard Business School Teaching Note 117-011, January 2017. (Revised February 2017.) View Details
• Serafeim, George, and David Freiberg. "21st Century Populism." Harvard Business School Technical Note 118-029, November 2017. View Details
• Serafeim, George, and David Freiberg. "ExxonMobil: Business as Usual? (A) and (B)." Harvard Business School Teaching Plan 117-057, April 2017. (Revised March 2019.) View Details
• Serafeim, George, Rebecca Henderson, and David Freiberg. "CLP: Powering Asia." Harvard Business School Teaching Plan 117-053, April 2017. View Details
• Serafeim, George, and David Freiberg. "Turnaround at Norsk Gjenvinning (A) and (B)." Harvard Business School Teaching Note 117-037, October 2016. (Revised February 2019.) View Details
• Serafeim, George, and Jody Grewal. "ESG Metrics: Reshaping Capitalism?" Harvard Business School Technical Note 116-037, March 2016. (Revised April 2019.) View Details
• Serafeim, George, Rebecca Henderson, and David Freiberg. "Shanghai: GDP Apostasy." Harvard Business School Case 115-042, March 2015. (Revised February 2017.) View Details
• Serafeim, George. "Aviva Investors." Harvard Business School Teaching Note 115-058, May 2015. View Details
• Serafeim, George. "Statoil: Transparency on Payments to Governments." Harvard Business School Teaching Note 115-054, May 2015. View Details
• Serafeim, George, Rebecca Henderson, and David Freiberg. "Shanghai: GDP Apostasy." Harvard Business School Teaching Note 115-065, June 2015. (Revised February 2017.) View Details
• Serafeim, George. "Greece's Debt: Sustainable?" Harvard Business School Teaching Note 115-064, June 2015. View Details
• Eccles, Robert G., George Serafeim, and Michael P. Krzus. "A Note on Materiality for Nonfinancial Information." Harvard Business School Background Note 314-033, August 2013. (Revised November 2013.) View Details
• Serafeim, George, Robert G. Eccles, and Sydney Ribot. "Natura Cosméticos, S.A. (TN)." Harvard Business School Teaching Note 113-103, February 2013. View Details
• Serafeim, George. "Ultimate Fighting Championship: License to Operate (A) & (B) (TN)." Harvard Business School Teaching Note 113-034, September 2012. (Revised March 2013.) View Details
• Eccles, Robert G., and George Serafeim. "Foxconn Technology Group (A) and (B) (TN)." Harvard Business School Teaching Note 413-055, August 2012. (Revised March 2013.) View Details
• Eccles, Robert G., George Serafeim, Pippa Armbrester, and Jess Schulschenk. "A Note on the International Integrated Reporting Council: Towards An International Framework ." Harvard Business School Technical Note 413-072, November 2012. View Details
• Palepu, Krishna G., and George Serafeim. "Leasing Decision at Magnet Beauty Products, Inc. (TN)." Harvard Business School Teaching Note 111-089, April 2011. View Details
• Healy, Paul, Krishna G. Palepu, and George Serafeim. "Subprime Crisis and Fair-Value Accounting (TN)." Harvard Business School Teaching Note 112-027, August 2011. View Details
• Eccles, Robert G., George Serafeim, Mayuka Yamazaki, and Akiko Kanno. "An Aging Society." Harvard Business School Background Note 112-074, December 2011. View Details
• Eccles, Robert G., Amy C. Edmondson, George Serafeim, and Sarah E. Farrell. "A Note on Water." Harvard Business School Background Note 412-050, August 2011. (Revised February 2012.) View Details
• Ramanna, Karthik, and George Serafeim. "Urban Water Partners (TN) (A) and (B)." Harvard Business School Teaching Note 111-067, December 2010. View Details
• Serafeim, George. "Sustainable Product Management at Solvay." Harvard Business School Teaching Note 122-081, March 2022. View Details

Working Papers

• Loumioti, Maria, and George Serafeim. "The Issuance and Design of Sustainability-linked Loans." Harvard Business School Working Paper, No. 23-027, November 2022. View Details
• Serafeim, George, and Gladys Vélez Caicedo. "Machine Learning Models for Prediction of Scope 3 Carbon Emissions." Harvard Business School Working Paper, No. 22-080, June 2022. View Details
• Keller, Drew, Katie Panella, and George Serafeim. "A Conceptualization of Sub-Living Wages: Liabilities, Leverage, and Risk." Harvard Business School Working Paper, No. 22-076, June 2022. View Details
• Serafeim, George. "ESG: Hyperboles and Reality." Harvard Business School Working Paper, No. 22-031, November 2021. View Details
• Fadhel, Adel, Katie Panella, Ethan Rouen, and George Serafeim. "Accounting for Employment Impact at Scale." Harvard Business School Working Paper, No. 22-018, December 2021. View Details
• Serafeim, George, and Katie Trinh. "Impact Accounting for Product Use: A Framework and Industry-specific Models." Harvard Business School Working Paper, No. 21-141, June 2021. View Details
• Freiberg, David, Jody Grewal, and George Serafeim. "Science-Based Carbon Emissions Targets." Harvard Business School Working Paper, No. 21-108, March 2021. View Details
• Freiberg, David, Jean Rogers, and George Serafeim. "How ESG Issues Become Financially Material to Corporations and Their Investors." Harvard Business School Working Paper, No. 20-056, November 2019. (Revised November 2020.) View Details
• Kaplan, Robert S., George Serafeim, and Eduardo Tugendhat. "Intelligent Design of Inclusive Growth Strategies." Harvard Business School Working Paper, No. 20-050, October 2019. View Details
• Cheema-Fox, Alex, Bridget LaPerla, George Serafeim, David Turkington, and Hui (Stacie) Wang. "Decarbonization Factors." Harvard Business School Working Paper, No. 20-037, September 2019. (Revised November 2019.) View Details
• Ioannou, Ioannis, and George Serafeim. "Corporate Sustainability: A Strategy?" Harvard Business School Working Paper, No. 19-065, January 2019. (Revised April 2021.) View Details
• Serafeim, Georgios. "Why and How Investors Use ESG Information: Evidence from a Global Survey." Harvard Business School Working Paper, No. 17-079, February 2017. View Details
• Healy, Paul, and George Serafeim. "Who Pays for White-Collar Crime?" Harvard Business School Working Paper, No. 16-148, June 2016. View Details
• Serafeim, George. "The Role of the Corporation in Society: An Alternative View and Opportunities for Future Research." Harvard Business School Working Paper, No. 14-110, May 2014. View Details

Other Publications and Materials

• Horton, Joanne G., Richard H. Macve, and George Serafeim. An Experiment in Fair Value Accounting? The State of the Art in Research and Thought Leadership on Accounting for Life Assurance in the UK and Continental Europe. London, UK: Institute of Chartered Accountants in England and Wales, Centre for Business Performance, 2007. View Details

Teaching

Reimagining Capitalism: Business and Big Problems

Professor Serafeim teaches with Professor Rebecca Henderson the course "Reimagining Capitalism: Business and Big Problems" in the second year of the MBA. Cases taught in this course include among others:

Fighting corruption and turning around an organization using strong values and management: Turnaround at Norsk Gjenvinning

Empowering more effective self-regulation mechanisms and exploring the effectiveness of voluntary, self-regulatory and regulatory approaches: Statoil: Transparency on Payments to Governments

Understanding the flaws of GDP as a measure of economic well-being and designing strategy maps and alternative metrics for strategy execution: Shanghai: GDP Apostasy

Exploring the role of purpose and values in individual decision making inside organizations: Omar Selim: Building a Values-Based Asset Management Firm

Understanding the challenge of change in large organization and scenario analysis in environments of transformational change: ExxonMobil: Business As Usual?

Illustrating the benefits and costs of firm actions to adapt to a low carbon world and fighting climate change: CLP: Powering Asia

Understanding active ownership and engagement in public markets in the context of environmental and social issues. Aviva Investors

Exploring the development of environmental, social and governance (ESG) metrics and their effect on organizational and market behavior. ESG Metrics: Reshaping Capitalism? 

Awards & Honors

Winner of the 2022 Graham and Dodd Scroll Award from the Financial Analysts Journal for “Which Corporate ESG News Does the Market React To?” (2022) with Aaron Yoon.

Winner of the 2022 Journal of International Business Studies (JIBS) Decade Award with Ioannis Ioannou for their article "What Drives Corporate Social Performance? The Role of Nation-level Institutions" (December 2012).

Winner of the 2021 Richard A. Crowell Memorial Award, First Prize, from PanAgora Asset Management’s Quantitative Research Institute for his paper with Aaron Yoon, “Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement."

Winner of the 2020 Graham and Dodd Scroll Award from the Financial Analysts Journal for “Public Sentiment and the Price of Corporate Sustainability” (2020).

Awarded the 2019 Kim B. Clark Fellowship in Responsible Leadership at Saїd Business School at Oxford University.

Winner of Aspen Institute’s 2017 Ideas Worth Teaching Award in the Corporate Purpose & Leadership category for the MBA course Reimagining Capitalism: Business and the Big Problems with Rebecca Henderson.

Winner of the 2017 Page Prize for Sustainability Issues in Business Curricula for the MBA course “Reimagining Capitalism: Business and the Big Problems” with Rebecca Henderson.

Recipient of the 2018 Outstanding Service-National Meeting Co-coordinator Award from the Financial Accounting and Reporting Section (FARS) of the American Accounting Association with Lian Fen Lee.

Received a 2017 Emerald Management Review Citation of Excellence Award for "Corporate Social Responsibility and Access to Finance" with Beiting Cheng and Ioannis Ioannou (Strategic Management Journal, 2014).

Winner of the inaugural Pericles Leadership Award from the American-Hellenic Chamber of Commerce and Japonica Partners in 2015.

Winner of the second place 2013 Hermes Fund Managers' Best Paper Prize for the paper "Causes and Consequences of Firm Disclosures of Anticorruption Efforts" (with Paul Healy, Harvard Business School Working Paper, No. 12–077, 2012).

Runner-up for the 2013 Whitebox Grant for Research in the Behavioral Sciences for the paper with Mozaffar Khan and Leonid Kogan, "Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs" (Journal of Finance, 2012).

Received the Scandinavian Private Bank (SEB) Award at the 2011 PRI-Mistra Conference for his paper with Beiting Cheng and Ioannis Ioannou, “Corporate Social Responsibility and Access to Finance" (Strategic Management Journal, forthcoming).

Selected for publication in the 2010 Academy of Management Best Paper Proceedings for "The Impact of Corporate Social Responsibility on Investment Recommendations," coauthored with Ioannis Ioannou.

Won the 2010 Wyss Award for Excellence in Doctoral Research.

Additional Information

• HBS Course Reimagining Capitalism Syllabus
• Disclosure of outside activities
• George Serafeim's Twitter Account
• George Serafeim's Linkedin Account
• George Serafeim's SSRN webpage

Interviews

• Podcast on Sustainability: a new way of doing business
• Exit from climate agreement seen as step backward for U.S. competitiveness
• Employment, inequality, and the relationship between corporate purpose and financial performance

Areas of Interest

• accounting
• capital markets
• investment management
• valuation
• value creation
Additional Topics
• corporate accountability
• corporate culture
• corporate finance
• corporate governance
• corporate social responsibility
• corruption
• fair value accounting
• financial reporting
• financial statement analysis
• insurance and reinsurance
• international accounting
• networks
Industries
• asset management
• banking
• brokerage
• insurance industry
• investment banking industry
• oil ＆ gas
Geographies
• Europe
• Latin America
• Southern Europe
• United Kingdom
• United States

In The News

In The News

• • 12 May 2020
  • Wall Street Journal

  ESG Investing Shines in Market Turmoil, With Help From Big Tech
• • 04 May 2020
  • Institutional Investor

  Investors Rewarded These Signs of Resilience in the Stock Market Crash
• • 26 Mar 2020
  • Wall Street Journal

  Coronavirus Pandemic Could Elevate ESG Factors
• • 20 Oct 2019
  • Financial Times

  U.S. Business Schools Realize ESG is no Fad but Part of Long-Term Trend
• • 13 Oct 2019
  • New York Times

  We Need a New Capitalism

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Practitioner Mentions