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- 2022
- Working Paper
The Evolution of ESG Reports and the Role of Voluntary Standards
By: Ethan Rouen, Kunal Sachdeva and Aaron Yoon
We examine the evolution of ESG reports of S&P 500 firms from 2010 to 2021. The
percentage of firms releasing these voluntary disclosures increased from 35% to 86%
during this period, although the length of these documents experienced more modest
growth. Using a...
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- October 2022
- Teaching Note
Creating and Measuring Purpose at Viega
By: Ethan Rouen and Suraj Srinivasan
- 2022
- Working Paper
Passing the Mic: Career and Firm Outcomes of Executive Interactions
By: Wei Cai, Ethan Rouen and Yuan Zou
We exploit a unique feature of conference calls to study one type of interaction among executives—directly inviting colleagues to respond to analysts’ questions. We find that the frequency of initiating interaction is positively associated with an executive’s ability,...
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- February 2022 (Revised January 2023)
- Case
Creating and Measuring Purpose at Viega
By: Ethan Rouen, Suraj Srinivasan and James Barnett
- Article
Core Earnings: New Data and Evidence
By: Ethan Rouen, Eric C. So and Charles C.Y. Wang
Using a novel dataset, we show that components of firms' GAAP earnings stemming from ancillary business activities or transitory shocks are significant in frequency and magnitude. These components have grown over time and are dispersed across various sections of the...
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- November 2021
- Supplement
Education Partners: Becoming Actively Anti-Racist (B)
By: Ethan Rouen and Carolyn Liu
- November 2021
- Case
Education Partners: Becoming Actively Anti-Racist (A)
By: Ethan Rouen and Carolyn Liu
- 2021
- Working Paper
Accounting for Employment Impact at Scale
By: Adel Fadhel, Katie Panella, Ethan Rouen and George Serafeim
Using new data on workforce composition and wages, we systematically measure the employment impact at U.S. firms from 2008 to 2020, including 2,682 unique firms and 22,322 firm-year observations. We document significant variation across industries and firms within each...
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- 2021
- Working Paper
Employee Ownership and Wealth Inequality: A Path to Reducing Wealth Concentration
By: Thomas Dudley and Ethan Rouen
This paper examines the impact of an economy-wide shift to broad-based employee ownership on wealth concentration in the United States. Relying on government data, we show that if all private firms became 30% employee-owned, the wealth distribution would be profoundly...
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- Summer 2021
- Article
Predictable Country-level Bias in the Reporting of COVID-19 Deaths
We examine whether a country’s management of the COVID-19 pandemic relate to the downward biasing of the number of reported deaths from COVID-19. Using deviations from historical averages of the total number of monthly deaths within a country, we find that the...
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- May 13, 2021
- Article
The Big Benefits of Employee Ownership
By: Thomas Dudley and Ethan Rouen
Wealth inequality in the U.S. has been increasing for decades: The richest 1% own a majority of all business wealth, and the top 10% own more than 90%. Companies, which have played a vital role in the growth in inequality can also play one in reducing it. One place to...
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- May 2021
- Supplement
Valuing Employment Case Spreadsheet Supplement
By: George Serafeim, Ethan Rouen and Katie Panella
- May 2021
- Supplement
Valuing Employment Teaching Plan Spreadsheet Supplement
By: George Serafeim, Ethan Rouen and Katie Panella
- Article
Impact-Weighted Financial Accounts: A Paradigm Shift
By: Ethan Rouen and George Serafeim
The last decade has seen an exponential increase in corporate sustainability activities and efforts by investors to use these activities in their portfolio formation, valuation, and stewardship activities. This paper explains the need for a uniform strategy to measure...
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- 2021
- Working Paper
Financial Flexibility and Corporate Employment
By: Rebecca Lester, Ethan Rouen and Braden Williams
We study the role of financial flexibility on COVID-19 employment actions. Using daily data from March through May 2020 for 354 of the largest U.S. employers, we find that firms facing a negative demand shock were 28.8 percentage points more likely to reduce their...
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Keywords:
Financial Flexibility;
COVID-19;
Pandemic;
Employment;
Health Pandemics;
System Shocks;
Finance
- April 2021
- Teaching Plan
Valuing Employment
By: George Serafeim and Ethan Rouen
Teaching Plan for HBS Case No. 121-086.
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- April 2021
- Exercise
Valuing Employment Exercise
By: George Serafeim, Ethan Rouen and Katie Panella
The Valuing Employment exercise can be used to show the importance of impact measurement in designing incentives and contracts. The exercise has two phases. In the first phase, participants play the role of managers at the State of Massachusetts Infrastructure...
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