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All HBS Web
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- Faculty Publications (57)
- Article
Why Am I Seeing This Ad? The Effect of Ad Transparency on Ad Effectiveness
By: Tami Kim, Kate Barasz and Leslie K. John
Given the increasingly specific ways marketers can target ads, many consumers and regulators are demanding ad transparency: disclosure of how consumers’ personal information was used to generate ads. We investigate how and why ad transparency impacts ad effectiveness....
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Keywords:
Digital Marketing;
Customization and Personalization;
Information;
Trust;
Performance Effectiveness
Kim, Tami, Kate Barasz, and Leslie K. John. "Why Am I Seeing This Ad? The Effect of Ad Transparency on Ad Effectiveness." Journal of Consumer Research 45, no. 5 (February 2019): 906–932.
- Editorial
Why CEOs Should Share Their Long-Term Plans with Investors
By: Christina Rehnberg, George Serafeim and Brian Tomlinson
Rather than requiring less short-term information, the key to combating short-termism is to encourage companies to share more information about their long-term plans. Analysis of companies that have done so suggests that long-term plans are not mere marketing...
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Keywords:
CEO;
Investor Relations;
Disclosure;
Long-term Growth;
Investing;
Business and Shareholder Relations;
Strategy;
Corporate Disclosure
Rehnberg, Christina, George Serafeim, and Brian Tomlinson. "Why CEOs Should Share Their Long-Term Plans with Investors." Harvard Business Review (website) (September 19, 2018).
- January 2017 (Revised January 2019)
- Case
The Rise and Fall of Lehman Brothers
By: Stuart C. Gilson, Kristin Mugford and Sarah L. Abbott
With nearly $700 billion in assets, Lehman was the largest U.S. bankruptcy in history. In 2007, Lehman achieved record earnings of over $4 billion on revenues of $60 billion. By September 2008 the fourth largest investment bank in the world was bankrupt. How had a...
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Keywords:
Bankruptcy;
Financial Distress;
Accounting Policies;
Business Ethics;
Financial Reporting;
Volatility;
Judgments;
Financial Crisis;
Insolvency and Bankruptcy;
Financial Liquidity;
Investment Banking;
Financial Management;
Financial Strategy;
Corporate Accountability;
Corporate Disclosure;
Corporate Governance;
Crisis Management;
Risk Management;
Failure;
Business and Government Relations;
Ethics;
Banking Industry;
New York (city, NY)
Gilson, Stuart C., Kristin Mugford, and Sarah L. Abbott. "The Rise and Fall of Lehman Brothers." Harvard Business School Case 217-041, January 2017. (Revised January 2019.)
- 2016
- Working Paper
Patent Disclosures and Standard-Setting
By: Josh Lerner, Haris Tabakovic and Jean Tirole
A key role of standard setting organizations (SSOs) is to aggregate information on relevant intellectual property (IP) claims before deciding on a standard. This article explores the firms’ strategies in response to IP disclosure requirements—in particular, the choice...
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Lerner, Josh, Haris Tabakovic, and Jean Tirole. "Patent Disclosures and Standard-Setting." Harvard Business School Working Paper, No. 17-030, October 2016.
- March 2016
- Article
An Analysis of Firms' Self-reported Anticorruption Efforts
By: Paul M. Healy and George Serafeim
We use Transparency International's ratings of self-reported anticorruption efforts for 480 corporations to analyze factors underlying the ratings. Our tests examine whether these forms of disclosure reflect firms' real efforts to combat corruption or are cheap talk....
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Keywords:
Corruption;
Corporate Performance;
Growth;
Disclosure;
Disclosure Strategy;
Sustainability;
Crime and Corruption;
Corporate Disclosure;
Performance;
Sales
Healy, Paul M., and George Serafeim. "An Analysis of Firms' Self-reported Anticorruption Efforts." Accounting Review 91, no. 2 (March 2016): 489–511.
- March–April 2016
- Article
Scrutiny, Norms, and Selective Disclosure: A Global Study of Greenwashing
By: Christopher Marquis, Michael W. Toffel and Yanhua Zhou
Under increased pressure to report environmental impacts, some firms selectively disclose relatively benign impacts, creating an impression of transparency while masking their true performance. We identify key company- and country-level factors that limit firms' use of...
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Keywords:
Disclosure Strategy;
Disclosure;
Environmental Performance;
Environmental Strategy;
Environment;
Symbolic;
Reporting;
Corporate Disclosure;
Integrated Corporate Reporting;
Corporate Social Responsibility and Impact
Marquis, Christopher, Michael W. Toffel, and Yanhua Zhou. "Scrutiny, Norms, and Selective Disclosure: A Global Study of Greenwashing." Organization Science 27, no. 2 (March–April 2016): 483–504. (Formerly titled "When Do Firms Greenwash? Corporate Visibility, Civil Society Scrutiny, and Environmental Disclosure.")
- April 2015
- Case
Accor: Designing an Asset-Right Business and Disclosure Strategy
By: Mozaffar Khan and George Serafeim
Sebastien Bazin was now in charge of Accor, the world's largest French hotelier, a CAC 40 company with 3,600 hotels in 92 countries and a market cap of €10 billion. Previously as the European head of Colony Capital, one of the largest private equity groups and the...
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Khan, Mozaffar, and George Serafeim. "Accor: Designing an Asset-Right Business and Disclosure Strategy." Harvard Business School Case 115-036, April 2015.
- March 2015
- Case
Statoil: Transparency on Payments to Governments
By: George Serafeim
The Statoil case describes the challenge of increasing transparency, in extractive industries, around host county government payments. The case describes Statoil's reasoning behind voluntarily disclosing host country government payments, and the events that led to this...
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Keywords:
Corruption;
Disclosure;
Disclosure Strategy;
Regulation;
Industry Self-regulation;
Corporate Governance;
Corporate Accountability;
Bribery;
Sustainability;
Corporate Social Responsibility;
Government Legislation;
Cost vs Benefits;
Corporate Disclosure;
Mining;
Mining Industry;
United States
Serafeim, George, Paul M. Healy, and Jérôme Lenhardt. "Statoil: Transparency on Payments to Governments." Harvard Business School Case 115-049, March 2015.
- January 2015
- Article
Competing with Privacy
By: Ramon Casadesus-Masanell and Andres Hervas-Drane
We analyze the implications of consumer privacy for competition in the marketplace. We consider a market where firms set prices and disclosure levels for consumer information, and consumers observe both before deciding which firm to patronize and how much information...
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Keywords:
Information Acquisition;
Information Disclosure;
Online Privacy;
Privacy Regulation;
Information;
Rights;
Internet and the Web;
Competition;
Internet and the Web;
Corporate Disclosure;
Ethics;
Knowledge Acquisition
Casadesus-Masanell, Ramon, and Andres Hervas-Drane. "Competing with Privacy." Management Science 61, no. 1 (January 2015): 229–246.
- Article
Corporate Social Responsibility and Access to Finance
By: Beiting Cheng, Ioannis Ioannou and George Serafeim
In this paper, we investigate whether superior performance on corporate social responsibility (CSR) strategies leads to better access to finance. We hypothesize that better access to finance can be attributed to a) reduced agency costs due to enhanced stakeholder...
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Keywords:
Corporate Social Responsibility;
Sustainability;
Capital Constraints;
ESG (Environmental, Social, Governance) Performance;
Stakeholder Engagement;
Disclosure;
Corporate Disclosure;
Corporate Social Responsibility and Impact;
Environmental Sustainability;
Capital
Cheng, Beiting, Ioannis Ioannou, and George Serafeim. "Corporate Social Responsibility and Access to Finance." Strategic Management Journal 35, no. 1 (January 2014): 1–23.
- January 2014 (Revised January 2014)
- Case
Showdown at Cracker Barrel
By: Suraj Srinivasan and Tim Gray
In the fall of 2011, activist investor, Sardar Biglari, has acquired nearly 10% ownership in the Cracker Barrel restaurant chain. He believes that the board and senior management have failed and the company has underperformed relative to its peers. When he is denied a...
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Keywords:
Boards;
Activist Investors;
Proxy Battles;
Shareholder Activism;
Peer Firm;
Ratio Analysis;
Financial Accounting;
Financial Analysis;
Board Of Directors;
Boards Of Directors;
Financial Intermediaries;
Financial Analysts;
CEO Turnover;
New CEO;
Peer Groups;
Hedge Fund;
Hedge Funds;
Proxy Contest;
Proxy Fight;
Proxy Advisor;
Proxy Battle;
Financial Statement Analysis;
Financial Strategy;
Corporate Governance;
Corporate Disclosure;
Governing and Advisory Boards;
Competition;
Valuation;
Business Strategy;
Value Creation;
Business and Shareholder Relations;
Financial Reporting;
Financial Statements;
Retail Industry;
Food and Beverage Industry;
United States
Srinivasan, Suraj, and Tim Gray. "Showdown at Cracker Barrel." Harvard Business School Case 114-026, January 2014. (Revised January 2014.)
- October 2013
- Article
How Firms Respond to Mandatory Information Disclosure
By: Anil R. Doshi, Glen W.S. Dowell and Michael W. Toffel
Mandatory information disclosure regulations seek to create institutional pressure to spur performance improvement. By examining how organizational characteristics moderate establishments' responses to a prominent environmental information disclosure program, we...
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Keywords:
Information Disclosure;
Institutional Theory;
Environmental Strategy;
Mandatory Disclosure;
Environmental Performance;
Information;
Corporate Disclosure;
Governing Rules, Regulations, and Reforms;
Performance Improvement;
Environmental Sustainability;
Manufacturing Industry;
United States
Doshi, Anil R., Glen W.S. Dowell, and Michael W. Toffel. "How Firms Respond to Mandatory Information Disclosure." Strategic Management Journal 34, no. 10 (October 2013): 1209–1231. (Featured in The Regulatory Review.)
- Fall 2013
- Article
Engaging Supply Chains in Climate Change
By: Chonnikarn Fern Jira and Michael W. Toffel
Suppliers are increasingly being asked to share information about their vulnerability to climate change and their strategies to reduce greenhouse gas emissions. Their responses vary widely. We theorize and empirically identify several factors associated with suppliers...
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Keywords:
Knowledge Sharing;
Motivation and Incentives;
Risk Management;
Climate Change;
Supply Chain Management;
Environmental Sustainability
Jira, Chonnikarn Fern, and Michael W. Toffel. "Engaging Supply Chains in Climate Change." Special Issue on the Environment. Manufacturing & Service Operations Management 15, no. 4 (Fall 2013): 559–577.
- February 2013
- Case
Diamond Foods, Inc.
By: Suraj Srinivasan and Tim Gray
The Diamonds Foods, Inc. case describes the major accounting blow up at the company in late 2011 that was triggered by a report by Off Wall Street, a prominent short selling research firm. Diamond Foods, a high flying growth company in 2011, grew from a walnut farmers'...
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Keywords:
Accounting Restatements;
Accounting Scandal;
Accounting;
Financial Analysis;
Financial Statement Analysis;
Short Selling;
Revenue Recognition;
Board Of Directors;
Audit Committees;
Auditing;
Financial Reporting;
Financial Statements;
Agribusiness;
Accrual Accounting;
Earnings Management;
Corporate Accountability;
Corporate Disclosure;
Corporate Governance;
Valuation;
Revenue;
Agriculture and Agribusiness Industry;
California;
Cambridge
Srinivasan, Suraj, and Tim Gray. "Diamond Foods, Inc." Harvard Business School Case 113-055, February 2013.
- Spring 2012
- Article
The Need for Sector-Specific Materiality and Sustainability Reporting Standards
By: Robert G. Eccles, Michael P. Krzus, Jean Rogers and George Serafeim
Even though the supply of sustainability information has increased considerably in the last decade, companies are still failing to disclose material information in a comparable format. We believe this has two downsides. On the one hand, companies are not adequately...
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Keywords:
Sustainability;
Reporting;
Standard Setting;
Regulation;
Environmental Sustainability;
Accounting;
Standards;
Integrated Corporate Reporting;
Corporate Disclosure;
Competitive Advantage;
Capital Markets;
Accounting Industry;
United States
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.
- December 2011 (Revised May 2015)
- Case
Aviva Investors
By: George Serafeim
The Aviva Investors case describes the challenge of integrating sustainability considerations into the strategy and business practices of companies and into the decision making process of the investment community. Steve Waygood, Chief Responsible Investment Officer at...
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Keywords:
Investing;
Investment Management;
Shareholder Activism;
Disclosure;
Stock Exchanges;
Sustainability;
Sustainable Development;
Sustainability Reporting;
ESG;
ESG (Environmental, Social, Governance) Performance;
Social Impact;
Activism;
Investment;
Management;
Business and Shareholder Relations;
Environmental Sustainability;
United Kingdom
Serafeim, George, Robert G. Eccles, and Kyle Armbrester. "Aviva Investors." Harvard Business School Case 112-047, December 2011. (Revised May 2015.)
- September – October 2011
- Article
The Rise and Consequences of Corporate Sustainability Reporting
By: Ioannis Ioannou and George Serafeim
For many decades the cornerstone of corporate reporting has been financial information that is presented in a company's annual, semi-annual, and quarterly reports. These comprehensive financial reports—required by law for public companies in most countries...
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Keywords:
Sustainability;
ESG Reporting;
Governing Rules, Regulations, and Reforms;
Annual Reports;
Operations;
Strategy;
Business and Shareholder Relations;
Business and Stakeholder Relations;
Performance;
Business Model;
Corporate Social Responsibility and Impact;
Corporate Disclosure
Ioannou, Ioannis, and George Serafeim. "The Rise and Consequences of Corporate Sustainability Reporting." European Business Review (September–October 2011).
- August 2011 (Revised July 2012)
- Case
Mike Mayo Takes on Citigroup (A)
By: Suraj Srinivasan and Amy Kaser
The case details the conflict between Mike Mayo, an influential banking analyst and Citigroup about what Mayo considers aggressive accounting policies. Mike Mayo questions Citigroup's lack of a valuation allowance against their Deferred Tax Assets despite Citi's recent...
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Keywords:
Accounting;
Taxation;
Capital;
Financial Reporting;
Corporate Disclosure;
Valuation;
Banks and Banking;
Financial Strategy;
Money;
Conflict Management;
Capital Budgeting;
Asset Management;
Banking Industry
Srinivasan, Suraj, and Amy Kaser. "Mike Mayo Takes on Citigroup (A)." Harvard Business School Case 112-025, August 2011. (Revised July 2012.)
- June 2011 (Revised February 2013)
- Case
Mandatory Environmental, Social, and Governance Disclosure in the European Union
By: George Serafeim
In 2011, the European Commission was deciding on how to best modify the existing European Union policy on corporate disclosure of environmental, social, and governance (ESG) information. Previous directives had recommended that European companies report ESG...
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Keywords:
Integrated Corporate Reporting;
Corporate Strategy;
Corporate Disclosure;
Environmental Accounting;
Competitive Strategy;
International Accounting;
Financial Reporting;
Corporate Social Responsibility and Impact;
Governing Rules, Regulations, and Reforms;
Debates;
Europe
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.)
- January 2011
- Teaching Note
Neoprene (TN)
By: Tom Nicholas
Teaching Note for 810-084.
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