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- January 2025
- Case
Untapped Global: Financing Africa’s Missing Middle
By: Raymond Kluender and Emanuele Colonnelli
In November 2024, Jim Chu, founder and CEO of Untapped Global, faced mounting internal tensions over the company’s strategic direction. Untapped had developed a data-driven revenue-based financing (RBF) model to address the “missing middle” problem—the $5.2 trillion... View Details
Keywords: Entrepreneurship; Social Entrepreneurship; Venture Capital; Working Capital; Private Equity; Financial Strategy; Microfinance; International Finance; Currency Exchange Rate; Profit Sharing; Revenue; Developing Countries and Economies; Economic Growth; Banking Industry; Financial Services Industry; Information Technology Industry; Technology Industry; Africa; Nigeria; South Africa; Kenya; Uganda; California; San Francisco
- January 2025
- Supplement
Hippo: Weathering the Storm of the Home Insurance Crisis (B)
By: Lauren Cohen, Grace Headinger and Sophia Pan
Rick McCathron, CEO of Hippo, was optimistic about the InsurTech's path to profitability after navigating the financial uncertainties of 2022. By bundling their home insurance services with third-parties and established insurance incumbents, Hippo was adopting a... View Details
Keywords: Fintech; Underwriters; Big Data; Homeowners' Insurance; Catastrophe Risk; Global Warming; Environment; Business Economics; Vertical Specialization; Bundling; Economies Of Scale; Business Model; Forecasting and Prediction; Climate Change; Environmental Sustainability; Green Technology; Technological Innovation; Natural Environment; Natural Disasters; Weather; Business Strategy; Competitive Advantage; Business Earnings; Insurance; Social Issues; Insurance Industry; California; United States
- 2024
- Book
The Fading Light of Democratic Capitalism: How Pervasive Cronyism and Restricted Suffrage Are Destroying Democratic Capitalism as a National Ideal ... And What to Do About It
What are we to do about declining public trust and confidence in democratic capitalism, which many citizens consider a cornerstone of our national ideology and identity? In this book, I address how we can rekindle the fading light of democratic capitalism as an... View Details
Salter, Malcolm S. The Fading Light of Democratic Capitalism: How Pervasive Cronyism and Restricted Suffrage Are Destroying Democratic Capitalism as a National Ideal ... And What to Do About It. Cambridge Elements, Elements in Reinventing Capitalism. Cambridge University Press, 2024.
- 2024
- Working Paper
A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism?
By: Paula Rettl, Diane Bolet, Catherine E. De Vries, Simone Cremaschi, Tarik Abou-Chadi and Sergi Pardos-Prado
The growing participation of women in the labor market has marked a significant societal transformation, coinciding with the rise of gender conservatism and far-right support. We study whether the economic consequences of labor market feminization and gender backlash... View Details
Keywords: Gender Bias; Gender Equality; Gender Inclusivity; Politics; Political Backlash; Political Culture; Conservatism; Gender; Government and Politics; Equality and Inequality; Prejudice and Bias; Labor
Rettl, Paula, Diane Bolet, Catherine E. De Vries, Simone Cremaschi, Tarik Abou-Chadi, and Sergi Pardos-Prado. "A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism?" Harvard Business School Working Paper, No. 25-022, November 2024.
- November 2024
- Article
Perceptions About Monetary Policy
By: Michael D. Bauer, Carolin Pflueger and Adi Sunderam
We estimate perceptions about the Federal Reserve’s monetary policy rule from panel data on professional forecasts of interest rates and macroeconomic conditions. The perceived dependence of the federal funds rate on economic conditions varies substantially over time,... View Details
Bauer, Michael D., Carolin Pflueger, and Adi Sunderam. "Perceptions About Monetary Policy." Quarterly Journal of Economics 139, no. 4 (November 2024): 2227–2278.
- November 5, 2024
- Article
The International Empirics of Management
By: Daniela Scur, Scott Ohlmacher, John Van Reenen, Morten Bennedsen, Nick Bloom, Ali Choudhary, Lucia Foster, Jesse Groenewegen, Arti Grover, Sjoerd Hardeman, Leonardo Iacovone, Ryo Kambayashi, Marie-Christine Laible, Renata Lemos, Hongbin Li, Andrea Linarello, Mika Maliranta, Denis Medvedev, Charlotte Meng, John Miles Touya, Natalia Mandirola, Roope Ohlsbom, Atsushi Ohyama, Megha Patnaik, Mariana Pereira-López, Raffaella Sadun, Tatsuro Senga, Franklin Qian and Florian Zimmermann
A country’s national income broadly depends on the quantity and quality of workers and capital. But how well these factors are managed within and between firms may be a key determinant of a country’s productivity and its GDP. Although social scientists have long... View Details
Scur, Daniela, Scott Ohlmacher, John Van Reenen, Morten Bennedsen, Nick Bloom, Ali Choudhary, Lucia Foster, Jesse Groenewegen, Arti Grover, Sjoerd Hardeman, Leonardo Iacovone, Ryo Kambayashi, Marie-Christine Laible, Renata Lemos, Hongbin Li, Andrea Linarello, Mika Maliranta, Denis Medvedev, Charlotte Meng, John Miles Touya, Natalia Mandirola, Roope Ohlsbom, Atsushi Ohyama, Megha Patnaik, Mariana Pereira-López, Raffaella Sadun, Tatsuro Senga, Franklin Qian, and Florian Zimmermann. "The International Empirics of Management." Proceedings of the National Academy of Sciences 121, no. 45 (November 5, 2024).
- Fall 2024
- Article
The Problem of Good Conduct Among Financial Advisers
By: Mark Egan, Gregor Matvos and Amit Seru
Households in the United States often rely on financial advisers for investment and savings decisions, yet there is a widespread perception that many advisers are dishonest. This distrust is not unwarranted: approximately one in fifteen advisers has a history of... View Details
Egan, Mark, Gregor Matvos, and Amit Seru. "The Problem of Good Conduct Among Financial Advisers." Journal of Economic Perspectives 38, no. 4 (Fall 2024): 193–210.
- October 2024
- Case
Estímulo: Blended Finance in Brazil
By: Vikram S. Gandhi, James Barnett, Maxim Pike Harrell and Marina Osborn
In December 2022, Estímulo — a Brazilian impact investment fund supporting small businesses—found itself at a crossroads. The fund was established in 2020 to provide emergency relief through accessible credit and financial education. When low default rates from... View Details
- October 2024 (Revised January 2025)
- Case
Citizens of the World: The International Legacy of Gloria von Thurn und Taxis
By: Lauren Cohen, Maximilian Form and Sophia Pan
When her husband passed away and inheritance taxes struck, Princess Gloria von Thurn und Taxis took decisive action to preserve her family’s fortune and legacy. The Thurn und Taxis family, one of Europe’s oldest aristocratic dynasties, had built their wealth through... View Details
Keywords: Family Office; Real Estate; Legacy; International Business; Germany; Family Business; Economy; Macroeconomics; Financial Crisis; Financial Liquidity; Investment; Global Strategy; Reputation; Diversification; Real Estate Industry; Germany
Cohen, Lauren, Maximilian Form, and Sophia Pan. "Citizens of the World: The International Legacy of Gloria von Thurn und Taxis." Harvard Business School Case 225-038, October 2024. (Revised January 2025.)
- 2025
- Working Paper
Global Evidence on Gender Gaps and Generative AI
By: Nicholas G. Otis, Solène Delecourt, Katelynn Cranney and Rembrand Koning
Generative AI has the potential to transform productivity and reduce inequality, but only if adopted broadly. In this paper, we show that recently identified gender gaps in generative AI use are nearly universal. Synthesizing data from 18 studies covering more than... View Details
Otis, Nicholas G., Solène Delecourt, Katelynn Cranney, and Rembrand Koning. "Global Evidence on Gender Gaps and Generative AI." Harvard Business School Working Paper, No. 25-023, October 2024. (Revised January 2025.)
- 2024
- Working Paper
Changing Perceptions and Post-Pandemic Monetary Policy
By: Michael D. Bauer, Carolin Pflueger and Adi Sunderam
We document that the Fed’s perceived monetary policy response to inflation shifted materially over the post-pandemic period. In forward-looking policy rules estimated from surveys of macroeconomic forecasters, the inflation coefficient rose significantly after liftoff... View Details
Bauer, Michael D., Carolin Pflueger, and Adi Sunderam. "Changing Perceptions and Post-Pandemic Monetary Policy." Working Paper, September 2024.
- 2024
- Working Paper
Behavioral Attenuation
By: Thomas Graeber, Benjamin Enke, Ryan Oprea and Jeffrey Yang
We report a large-scale examination of behavioral attenuation: due to information-processing constraints, the elasticity of people’s decisions with respect to economic fundamentals is generally too small. We implement more than 30 experiments, 20 of which were... View Details
Graeber, Thomas, Benjamin Enke, Ryan Oprea, and Jeffrey Yang. "Behavioral Attenuation." NBER Working Paper Series, No. 32973, September 2024.
- September 2024
- Article
Gender Gaps: Back and Here to Stay? Evidence from Skilled Ugandan Workers During COVID-19
By: Livia Alfonsi, Mary Namubiru and Sara Spaziani
We investigate gender disparities in the effect of COVID-19 on the labor market outcomes of skilled Ugandan workers. Leveraging a high-frequency panel dataset, we find that the lockdowns imposed in Uganda reduced employment by 69% for women and by 45% for men,... View Details
Alfonsi, Livia, Mary Namubiru, and Sara Spaziani. "Gender Gaps: Back and Here to Stay? Evidence from Skilled Ugandan Workers During COVID-19." Review of Economics of the Household 22, no. 3 (September 2024): 999–1046.
- 2024
- Working Paper
The New Digital Divide
By: Mayana Pereira, Shane Greenstein, Raffaella Sadun, Prasanna Tambe, Lucia Ronchi Darre, Tammy Glazer, Allen Kim, Rahul Dodhia and Juan Lavista Ferres
We build and analyze new metrics of digital usage that leverage telemetry data collected by Microsoft during operating system updates across forty million Windows devices in U.S. households. These measures of US household digital usage are much more comprehensive than... View Details
Keywords: Mathematical Methods; Measurement and Metrics; Geographic Location; Behavior; Technology Adoption; Demographics
Pereira, Mayana, Shane Greenstein, Raffaella Sadun, Prasanna Tambe, Lucia Ronchi Darre, Tammy Glazer, Allen Kim, Rahul Dodhia, and Juan Lavista Ferres. "The New Digital Divide." NBER Working Paper Series, No. 32932, September 2024.
- 2024
- Working Paper
How Real Is Hypothetical?: A High-Stakes Test of the Allais Paradox
By: Uri Gneezy, Yoram Halevy, Brian Hall, Theo Offerman and Jeroen van de Ven
Researchers in behavioral and experimental economics often argue that only
incentive-compatible mechanisms can elicit effort and truthful responses from participants.
Others argue that participants make less-biased decisions when the stakes
are sufficiently high.... View Details
Gneezy, Uri, Yoram Halevy, Brian Hall, Theo Offerman, and Jeroen van de Ven. "How Real Is Hypothetical? A High-Stakes Test of the Allais Paradox." Harvard Business School Working Paper, No. 25-005, August 2024.
- July 2024 (Revised January 2025)
- Case
Rockefeller Philanthropy Advisors: Bringing Systematic Investment to Philanthropy
By: Lauren Cohen, Hao Gao, Alexander Bischoff and Sophia Pan
Melissa Berman, CEO of Rockefeller Philanthropy Advisors (RPA), evaluated her client’s philanthropy project and its mediocre performance. RPA was a segment of the Rockefeller Family Office’s Philanthropy Department, becoming an independent charity in 2002. Consistently... View Details
Keywords: Philanthropy; Philanthropic Sector; Performance Evaluations; Social Network; Collaboration; Foundation; Due Diligence; Humanitarianism; Humanitarian Assistance; Grants; Expertise; HNW Products And Services; Donations; Impact; Advisor; Advice; Consulting; Funding; Consulting Services; Family Business; Cost vs Benefits; Developing Countries and Economies; Private Sector; Spending; Mission and Purpose; Philanthropy and Charitable Giving; Performance Evaluation; Nonprofit Organizations; Reputation; Social and Collaborative Networks; Social Issues; Wealth and Poverty; Consulting Industry; New York (city, NY); New York (state, US); United States
Cohen, Lauren, Hao Gao, Alexander Bischoff, and Sophia Pan. "Rockefeller Philanthropy Advisors: Bringing Systematic Investment to Philanthropy." Harvard Business School Case 225-005, July 2024. (Revised January 2025.)
- July 2024
- Case
Jacqueline Cook at Vendasta: Debating an IPO
By: Reza Satchu, Tom Quinn and Andrew Kosc
In May 2021, after a surge in demand for digital services that prompted high valuations for startups across the Canadian tech sector, Saskatchewan-based Vendasta entered the final stages of the initial public offering (IPO) process. COO Jacqueline Cook had invested her... View Details
Keywords: Business Growth and Maturation; Business Startups; Interpersonal Communication; Cost vs Benefits; Forecasting and Prediction; Business Cycles; Entrepreneurship; Fairness; Capital Markets; Private Equity; Investment Banking; Stock Options; Financial Markets; Initial Public Offering; Institutional Investing; Price Bubble; Digital Platforms; Digital Transformation; Internet and the Web; Leadership; Growth and Development Strategy; Managerial Roles; Agreements and Arrangements; Going Public; Ownership Stake; Performance Expectations; Work-Life Balance; Strategic Planning; Business and Stakeholder Relations; Rank and Position; Risk and Uncertainty; Opportunities; Happiness; Reputation; Status and Position; Well-being; Information Technology Industry; Retail Industry; Canada
Satchu, Reza, Tom Quinn, and Andrew Kosc. "Jacqueline Cook at Vendasta: Debating an IPO." Harvard Business School Case 825-037, July 2024.
- 2024
- Chapter
Corporations as the Central Institutions of Society
Mark Twain observed that, “Prediction is very difficult—particularly when it involves the future,” and he was right. One way to reduce the risk of becoming an infamous forecaster—like the experts who told us the Internet would quickly collapse, that Apple would never... View Details
Badaracco, Joseph L. "Corporations as the Central Institutions of Society." Chap. 4 in Justifying Next Stage Capitalism: Exploring a Hopeful Future, edited by Michel Dion and Moses Pava, 87–106. Springer, 2024.
- 2024
- Working Paper
How Inflation Expectations De-Anchor: The Role of Selective Memory Cues
By: Nicola Gennaioli, Marta Leva, Raphael Schoenle and Andrei Shleifer
In a model of memory and selective recall, household inflation expectations remain rigid when inflation is anchored but exhibit sharp instability during inflation surges, as similarity prompts retrieval of forgotten high-inflation experiences. Using data from the New... View Details
Gennaioli, Nicola, Marta Leva, Raphael Schoenle, and Andrei Shleifer. "How Inflation Expectations De-Anchor: The Role of Selective Memory Cues." NBER Working Paper Series, No. 32633, June 2024.
- 2024
- Working Paper
The Value of Silence: The Effect of UMG’s Licensing Dispute with TikTok on Music Demand
By: Mengjie (Magie) Cheng, Elie Ofek and Hema Yoganarasimhan
Social media platforms like TikTok have transformed how music is discovered, consumed, and
monetized. This study examines the implications of the dispute between TikTok and Universal Music
Group (UMG), which resulted in UMG excluding its music from TikTok from... View Details
Keywords: Demand And Consumers; Monetization; Social Media; Revenue; Conflict and Resolution; Music Industry
Cheng, Mengjie (Magie), Elie Ofek, and Hema Yoganarasimhan. "The Value of Silence: The Effect of UMG’s Licensing Dispute with TikTok on Music Demand." Harvard Business School Working Paper, No. 25-014, July 2024. (Revised October 2024.)