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- September 2023
- Teaching Note
Patagonia: 'Earth Is Now Our Only Shareholder'
By: Brian Trelstad, Nien-hê Hsieh, Michael Norris and Susan Pinckney
Teaching Note for HBS Case No. 323-057. Patagonia’s change of ownership from a privately held company to a perpetual purpose trust and 501(c)(4) nonprofit in order to use the company’s profit to fight the environmental crisis and be a model for future businesses.
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Keywords:
Trusts;
Business Ventures;
Business Organization;
Family Business;
Restructuring;
Change;
Disruption;
Transition;
Decision Making;
Ethics;
Values and Beliefs;
Finance;
Financial Management;
Governance;
Corporate Governance;
Investment Activism;
Innovation Leadership;
Labor;
Law;
Common Law;
Management;
Goals and Objectives;
Organizations;
Corporate Social Responsibility and Impact;
Organizational Change and Adaptation;
Organizational Culture;
Ownership;
Ownership Type;
Family Ownership;
Private Ownership;
Social Enterprise;
Nonprofit Organizations;
Society;
Social Issues;
Wealth and Poverty;
Value;
Value Creation;
Apparel and Accessories Industry;
United States
- Summer 2023
- Article
(Un)principled Agents: Monitoring Loyalty after the End of the Royal African Company Monopoly
By: Anne Ruderman and Marlous van Waijenburg
The revocation of the Royal African Company's monopoly in 1698 inaugurated a transformation of the transatlantic slave trade. While the RAC’s exit from the slave trade has received scholarly attention, little is known about the company’s response to the loss of its...
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- September–October 2023
- Article
Reskilling in the Age of AI
In the coming decades, as the pace of technological change continues to increase, millions of workers may need to be not just upskilled but reskilled—a profoundly complex societal challenge that will sometimes require workers to both acquire new skills and...
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- Article
Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement
By: George Serafeim and Aaron Yoon
We investigate whether ESG ratings predict future ESG news and the associated market reactions. We find that the consensus rating predicts future news, but its predictive ability diminishes for firms with large disagreement between raters. Relation between news and...
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Keywords:
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Disclosure;
ESG Ratings;
ESG Reporting;
ESG Disclosure Metrics;
Sustainability;
Investments;
Disagreement;
Rating Disagreement;
Ratings;
Environmental Sustainability;
Social Issues;
Corporate Social Responsibility and Impact;
Performance;
News;
Investment;
Financial Markets;
Stocks;
Price
- August 2023
- Case
Stay or Go? Sarah Reynolds at Kensington Partners
By: David G. Fubini, Amr Seifeldin and Patrick Sanguineti
Sarah Reynolds, a Partner at the global Kensington Partners strategy consulting firm, has headed the firm's Telecommunications Group for a few years. Thanks to her stellar track record with clients, she has brought the group, and herself, a range of accolades and...
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- August 2023
- Article
Anti-Corruption, Government Subsidies, and Innovation: Evidence from China
By: Lily Fang, Josh Lerner, Chaopeng Wu and Qi Zhang
We leverage an exogenous shock—the crackdown on corrupt Chinese officials beginning in 2012—and examine how the allocation of research subsidies and innovative outcomes were affected. We argue that the staggered removal of provincial heads on corruption charges during...
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- July 2023 (Revised August 2023)
- Case
Revenue Recognition at Stride Funding: Making Sense of Revenues for a Fintech Startup
By: Paul M. Healy and Jung Koo Kang
The case explores the challenges of revenue recognition and financial reporting for Stride Funding (Stride), a fintech startup that has disrupted the student loan market. Stride leveraged proprietary machine learning and financial models to underwrite alternative...
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- July 2023 (Revised July 2023)
- Background Note
Generative AI Value Chain
By: Andy Wu and Matt Higgins
Generative AI refers to a type of artificial intelligence (AI) that can create new content (e.g., text, image, or audio) in response to a prompt from a user. ChatGPT, Bard, and Claude are examples of text generating AIs, and DALL-E, Midjourney, and Stable Diffusion are...
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- July 2023
- Article
Negative Expressions Are Shared More on Twitter for Public Figures Than for Ordinary Users
By: Jonas P. Schöne, David Garcia, Brian Parkinson and Amit Goldenberg
Social media users tend to produce content that contains more positive than negative emotional language. However, negative emotional language is more likely to be shared. To understand why, research has thus far focused on psychological processes associated with...
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- July 2023
- Article
Deep Responsibility and Irresponsibility in the Beauty Industry
By: Geoffrey Jones
This article employs the concept of deep responsibility to assess the social responsibility of the beauty industry over time. It shows that many of today’s problems with the industry have deep historical roots. Products have too many ingredients that are potential...
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- June 2023
- Supplement
Roche: ESG and Access to Healthcare
By: George Serafeim
In May 2022, Roche Group, one of the largest healthcare companies in the world, hosted its first ESG investor event focused exclusively on its efforts to impact access to healthcare. While Roche had recently set an ambitious goal to double the number of patients that...
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Keywords:
ESG (Environmental, Social, Governance) Performance;
Sustainable Finance;
Growth Strategy And Execution;
Sustainability Targets;
Impact Evaluation;
Healthcare Access;
Healthcare Innovation;
Healthcare Systems;
Healthcare Operations;
Finance;
Strategy;
Health Testing and Trials;
Health Care and Treatment;
Growth Management;
Measurement and Metrics;
Innovation Strategy;
Corporate Social Responsibility and Impact;
Health Industry;
Pharmaceutical Industry;
Switzerland;
North America;
Europe;
Asia;
Latin America;
Africa
- 2023
- Working Paper
Second- versus Third-party Audit Quality: Evidence from Global Supply Chain Monitoring
By: Maria R. Ibanez, Ashley Palmarozzo, Jodi L. Short and Michael W. Toffel
To capitalize on the superior credibility and flexibility and lower cost of external assessments, many global buyers are shifting from using their own employee (“second-party”) auditors to relying more heavily (or entirely) on third-party auditors to monitor and...
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- June 2023
- Supplement
Clash of Two Giants Simulation Exercise
By: Feng Zhu and Marco Iansiti
Many markets are organized around platforms that connect consumers with complementary applications and services. These platforms are two-sided because both sides - consumers and those providing applications or services - need access to the same platform to interact. A...
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- June 2023
- Exercise
Clash of Two Giants Simulation Exercise Instructions
By: Feng Zhu and Marco Iansiti
Many markets are organized around platforms that connect consumers with complimentary applications and services. These platforms are two-sided because both sides - consumers and those providing applications or services - need access to the same platform to interact. ...
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- June 2023 (Revised August 2023)
- Teaching Note
Clash of Two Giants Simulation Exercise Teaching Note
By: Feng Zhu
Teaching Note for HBS Case No. 623-092. Many markets are organized around platforms that connect consumers with complimentary applications and services. These platforms are two-sided because both sides - consumers and those providing applications or services - need...
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- June 2023
- Simulation
Artea Dashboard and Targeting Policy Evaluation
By: Ayelet Israeli and Eva Ascarza
Companies deploy A/B experiments to gain valuable insights about their customers in order to answer strategic business problems. In marketing, A/B tests are often used to evaluate marketing interventions intended to generate incremental outcomes for the firm. The Artea...
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Keywords:
Algorithm Bias;
Algorithmic Data;
Race And Ethnicity;
Experimentation;
Promotion;
Marketing And Society;
Big Data;
Privacy;
Data-driven Management;
Data Analysis;
Data Analytics;
E-Commerce Strategy;
Discrimination;
Targeted Advertising;
Targeted Policies;
Pricing Algorithms;
A/B Testing;
Ethical Decision Making;
Customer Base Analysis;
Customer Heterogeneity;
Coupons;
Marketing;
Race;
Gender;
Diversity;
Customer Relationship Management;
Marketing Communications;
Advertising;
Decision Making;
Ethics;
E-commerce;
Analytics and Data Science;
Retail Industry;
Apparel and Accessories Industry;
United States
- June 2023
- Article
Do Job Seekers Value Diversity Information? Evidence from a Field Experiment and Human Capital Disclosures
By: Jung Ho Choi, Joseph Pacelli, Kristina M. Rennekamp and Sorabh Tomar
We examine how information about the diversity of a potential employer's workforce affects individuals’ job-seeking behavior. We embed a field experiment in job recommendation emails from a leading career advice agency in the U.S. The experimental treatment involves...
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- June 2023
- Article
The Effect of Firms' Information Exposure on Safeguarding Employee Health: Evidence from COVID-19
By: Lisa Yao Liu and Shirley Lu
We show that information exposure through international business networks enables firms to take proactive measures that benefit employees and potentially the local community. Specifically, in the early days of COVID-19, firms that have business networks with China and...
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- June 2023
- Article
When Does Uncertainty Matter? Understanding the Impact of Predictive Uncertainty in ML Assisted Decision Making
By: Sean McGrath, Parth Mehta, Alexandra Zytek, Isaac Lage and Himabindu Lakkaraju
As machine learning (ML) models are increasingly being employed to assist human decision
makers, it becomes critical to provide these decision makers with relevant inputs which can
help them decide if and how to incorporate model predictions into their decision...
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- 2023
- Working Paper
ESG: From Process to Product
By: George Serafeim
ESG measurement, analysis, management, and communication is a process that the financial industry has turned into a product, resulting in many investment funds using the ESG label. This has caused confusion, generating demand for a framework that defines...
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