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- April 2022
- Supplement
Mastercard Labs (B)
By: Linda A. Hill, Sunil Gupta, Emily Tedards and Julia Kelley
When Ajaypal (Ajay) Banga became the CEO of Mastercard in 2010, digital technologies were on the rise, and innovation needed to become a strategic imperative at the company. Banga tasked Garry Lyons, who had joined Mastercard through the 2009 acquisition of Orbiscom,...
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Keywords:
Organizational Behavior;
Culture;
Transformation;
Organizational Culture;
Culture Change;
Organizational Adaptation;
Organizational Effectiveness;
Alignment;
Leadership;
Leadership Development;
Innovation;
Innovation Ecosystems;
Diversity;
Collaboration;
Co-creation;
Learning Organizations;
Empowerment;
Ecosystem;
Agility;
Prototype;
Experiment;
Partnerships;
Operating Model;
Risk Management;
Digital Transformation;
Metrics;
Payments;
Financial Industry;
Financial Inclusion;
Ambidexterity;
Corporate Innovation;
Innovation Lab;
Accelerator;
Start-up;
Fintech
Hill, Linda A., Sunil Gupta, Emily Tedards, and Julia Kelley. "Mastercard Labs (B)." Harvard Business School Supplement 422-081, April 2022.
- April 2022 (Revised May 2022)
- Case
Mastercard Labs (A)
By: Linda A. Hill, Sunil Gupta, Emily Tedards and Julia Kelley
When Ajaypal (Ajay) Banga became the CEO of Mastercard in 2010, he shifted the company’s competitive focus from card networks to cash itself. Mastercard’s new vision of a “World Beyond Cash” distilled into a three-pronged framework: Grow the core business, Diversify...
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Keywords:
Organizational Behavior;
Culture;
Organizational Culture;
Culture Change;
Organizational Adaptation;
Organizational Effectiveness;
Alignment;
Leadership;
Leadership Development;
Innovation;
Innovation Ecosystems;
Ecosystem;
Diversity;
Collaboration;
Co-creation;
Learning Organizations;
Empowerment;
Globalization;
Agility;
Prototype;
Experiment;
Partnerships;
Operating Model;
Risk Management;
Digital Transformation;
Metrics;
Payments;
Financial Inclusion;
Financial Industry;
Ambidexterity;
Corporate Innovation;
Innovation Lab
Hill, Linda A., Sunil Gupta, Emily Tedards, and Julia Kelley. "Mastercard Labs (A)." Harvard Business School Case 422-080, April 2022. (Revised May 2022.)
- April 2022 (Revised May 2022)
- Case
Mastercard Labs (A) (Abridged)
By: Linda A. Hill, Sunil Gupta, Emily Tedards and Julia Kelley
When Ajaypal (Ajay) Banga became the CEO of Mastercard in 2010, he shifted the company’s competitive focus from card networks to cash itself. Mastercard’s new vision of a “World Beyond Cash” distilled into a three-pronged framework: Grow the core business, Diversify...
View Details
Keywords:
Organizational Behavior;
Culture;
Organizational Culture;
Culture Change;
Organizational Adaptation;
Organizational Effectiveness;
Alignment;
Leadership;
Leadership Development;
Innovation;
Innovation Ecosystems;
Diversity;
Collaboration;
Co-creation;
Learning Organizations;
Empowerment;
Ecosystem;
Agility;
Prototype;
Experiment;
Partnerships;
Operating Model;
Risk Management;
Digital Transformation;
Metrics;
Payments;
Financial Inclusion;
Financial Industry;
Ambidexterity;
Corporate Innovation;
Innovation Lab;
Accelerator;
Start-up;
Intrapreneurship;
Competitive Strategy;
Business Model;
Technological Innovation;
Growth and Development Strategy
Hill, Linda A., Sunil Gupta, Emily Tedards, and Julia Kelley. "Mastercard Labs (A) (Abridged)." Harvard Business School Case 422-082, April 2022. (Revised May 2022.)
- January 2022
- Technical Note
Introduction to Capital Structure Analytics
By: Samuel Antill and Ted Berk
This technical note provides an overview of key analytical approaches that are useful in assessing the appropriateness of a firm’s capital structure and funding plan. This note introduces basic quantitative tools and metrics that are commonly used as inputs to this...
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- January 2022
- Background Note
Residual Income Valuation Model
By: Charles C.Y. Wang and Albert Shin
This note explains the residual income valuation model (RIM), how it relates to "traditional" valuation models, the intuition behind its use, and empirical research related to its value relevance. RIM is theoretically equivalent to the dividend discount model and the...
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Keywords:
Residual Income Valuation;
Valuation;
Research;
Theory;
Measurement and Metrics;
Performance;
Financial Management;
Business Strategy
Wang, Charles C.Y., and Albert Shin. "Residual Income Valuation Model." Harvard Business School Background Note 122-070, January 2022.
- January 2022
- Case
TotalEnergies’ Investment in Hyzon Motors
By: Vikram S Gandhi and David Lane
In November 2021, Girish Nadkarni, the head of TotalEnergies’ corporate venture capital arm (TEV) was considering whether, and on what terms, to exit an investment in Hyzon Motors, a start-up supplier of hydrogen-powered trucks. TEV had invested $4 million in Hyzon,...
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Keywords:
Business Units;
Communication Intention and Meaning;
Renewable Energy;
Venture Capital;
Growth and Development Strategy;
Market Design;
Standards;
Commercialization;
Investment Portfolio;
Market Transactions;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Europe;
New York (city, NY)
- January 2022 (Revised March 2022)
- Technical Note
Deglobalization and Alternative Futures
By: Geoffrey Jones and Valeria Giacomin
This note reviews the evidence that the world is undergoing an era of de-globalization. It shows that available metrics show some support for this theory. However there is also evidence that what is happening might be better described as regionalization. The nature of...
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Keywords:
Global Business;
Regional Economic Activity: Growth, Development, Environmental Issues, And Changes;
Populism;
Geopolitics;
Business History;
Globalization;
Change;
Financial Crisis;
China
Jones, Geoffrey, and Valeria Giacomin. "Deglobalization and Alternative Futures." Harvard Business School Technical Note 322-088, January 2022. (Revised March 2022.)
- 2021
- Other Unpublished Work
Computer-Implemented Methods and Systems for Measuring, Estimating, and Managing Economic Outcomes and Technical Debt in Software Systems and Projects: US Patent 11,126,427 B2
By: Daniel J. Sturtevant, Carliss Baldwin, Alan MacCormack, Sunny Ahn and Sean Gilliland
An interrelated set of tools and methods is disclosed for: (1) measuring the relationship between software source code attributes (such as code quality, design quality, test quality, and complexity metrics) and software economics outcome metrics (such as...
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Sturtevant, Daniel J., Carliss Baldwin, Alan MacCormack, Sunny Ahn, and Sean Gilliland. "Computer-Implemented Methods and Systems for Measuring, Estimating, and Managing Economic Outcomes and Technical Debt in Software Systems and Projects: US Patent 11,126,427 B2." Cambridge, MA, September 2021.
- August 2021
- Article
Don't Take Their Word for It: The Misclassification of Bond Mutual Funds
By: Huaizhi Chen, Lauren Cohen and Umit Gurun
We provide evidence that bond fund managers misclassify their holdings, and that these misclassifications have a real and significant impact on investor capital flows. In particular, many funds report more investment grade assets than are actually held in their...
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Keywords:
Mutual Funds;
Economics;
Finance;
Measurement and Metrics;
Risk and Uncertainty;
Financial Services Industry
Chen, Huaizhi, Lauren Cohen, and Umit Gurun. "Don't Take Their Word for It: The Misclassification of Bond Mutual Funds." Journal of Finance 76, no. 4 (August 2021): 1699–1730. (Winner of the Best Paper Prize at the University of Cambridge Consortium on Asset Management, 2020; Winner of the Financial Management Association Best Paper Prize in Quantitative Investments, 2020.)
- July 2021
- Article
Material Sustainability Information and Stock Price Informativeness
By: Jody Grewal, Clarissa Hauptmann and George Serafeim
As part of the SEC’s revision of Regulation S-K, many investors proposed the mandatory disclosure of sustainability information in the form of environmental, social, and governance (ESG) data. However, progress is contingent on collecting evidence regarding which...
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Keywords:
Voluntary Disclosure;
Accounting Standards;
Sustainability;
Nonfinancial Information;
Corporate Social Responsibility;
Stock Price Informativeness;
Synchronicity;
Environmental Sustainability;
Corporate Disclosure;
Corporate Accountability;
Stocks;
Price;
Corporate Social Responsibility and Impact;
Accounting;
Standards
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.
- 2021
- Working Paper
Impact Accounting for Product Use: A Framework and Industry-specific Models
By: George Serafeim and Katie Trinh
This handbook provides the first systematic attempt to generate a framework and industry-specific models for the measurement of impacts on customers and the environment from use of products and services, in monetary terms, that can then be reflected in financial...
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Keywords:
Impact Measurement;
Product Impact;
Customer Welfare;
Environment;
ESG;
Product;
Customers;
Well-being;
Environmental Sustainability;
Measurement and Metrics;
Accounting;
Financial Statements;
Analysis;
Framework
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.
- 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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Keywords:
Impact-Weighted Accounts;
ESG (Environmental, Social, Governance) Performance;
Corporate Social Responsibility and Impact;
Measurement and Metrics;
Standards
Rouen, Ethan, and George Serafeim. "Impact-Weighted Financial Accounts: A Paradigm Shift." CESifo Forum 22, no. 3 (May 2021): 20–25.
- January 2021
- Case
Anodot: Autonomous Business Monitoring
By: Antonio Moreno and Danielle Golan
Autonomous business monitoring platform Anodot leveraged machine learning to provide real-time alerts regarding business anomalies. Anodot’s solution was used in various industries in order to primarily monitor business health, such as revenue and payments, product...
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Keywords:
Digital Platforms;
Internet and the Web;
Knowledge Sharing;
Information Management;
Sales;
Value Creation;
Product Positioning;
Israel
Moreno, Antonio, and Danielle Golan. "Anodot: Autonomous Business Monitoring." Harvard Business School Case 621-084, January 2021.
- September 2020 (Revised September 2021)
- Case
Student Success at Georgia State University (A)
By: Michael W. Toffel, Robin Mendelson and Julia Kelley
Georgia State University had developed a reputation for driving student success by nearly doubling its graduation rate for students of all racial, ethnic, and socioeconomic backgrounds. It did so while growing its student body and the proportion of Black/African...
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Keywords:
Education;
Higher Education;
Learning;
Curriculum and Courses;
Demographics;
Diversity;
Ethnicity;
Income;
Race;
Leadership;
Goals and Objectives;
Measurement and Metrics;
Operations;
Organizations;
Mission and Purpose;
Organizational Culture;
Outcome or Result;
Performance;
Performance Effectiveness;
Performance Evaluation;
Service Operations;
Performance Improvement;
Planning;
Strategic Planning;
Social Enterprise;
Nonprofit Organizations;
Social Issues;
Wealth and Poverty;
Equality and Inequality;
Information Technology;
Digital Platforms;
Education Industry;
Atlanta
Toffel, Michael W., Robin Mendelson, and Julia Kelley. "Student Success at Georgia State University (A)." Harvard Business School Case 621-006, September 2020. (Revised September 2021.)
- September 7, 2020
- Article
Where ESG Ratings Fail: The Case for New Metrics
By: Mark R. Kramer, Nina Jais, Erin E. Sullivan, Carina Wendell, Kerry Rodriguez, Carlo Papa, Carlo Napoli and Filippo Forti
One agency’s A+ is another’s “laggard” — and neither links to financial performance. Hybrid metrics will change everything, argue Harvard Business School’s Mark Kramer and leaders in the shared-value movement.
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Keywords:
ESG Ratings;
Shared Value;
Integrated Corporate Reporting;
Performance;
Measurement and Metrics
Kramer, Mark R., Nina Jais, Erin E. Sullivan, Carina Wendell, Kerry Rodriguez, Carlo Papa, Carlo Napoli, and Filippo Forti. "Where ESG Ratings Fail: The Case for New Metrics." Institutional Investor (September 7, 2020).
- 2020
- Article
Research on Corporate Sustainability: Review and Directions for Future Research
By: Jody Grewal and George Serafeim
We review the literature on corporate sustainability and provide directions for future research. Our review focuses on three actions: measuring, managing and communicating corporate sustainability performance. Measurement is the least developed of the three and...
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Keywords:
Sustainability;
Sustainability Reporting;
Sustainability Management;
Nonfinancial Disclosure;
Nonfinancial Information;
Nonfinancial Performance;
Materiality;
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Disclosure;
ESG Disclosure Metrics;
ESG Ratings;
ESG Reporting;
Inequality;
Corporate Social Responsibility;
Accounting;
Finance;
Management;
Strategy;
Environmental Sustainability;
Climate Change;
Diversity;
Equality and Inequality;
Corporate Disclosure;
Measurement and Metrics;
Corporate Governance;
Corporate Accountability;
Corporate Social Responsibility and Impact
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.
- September–October 2020
- Article
Social-Impact Efforts That Create Real Value
By: George Serafeim
Until the mid-2010s few investors paid attention to environmental, social, and governance (ESG) data—information about companies’ carbon footprints, labor policies, board makeup, and so forth. Today the data is widely used by investors. How can organizations create...
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Keywords:
Sustainability;
Sustainability Management;
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Disclosure;
ESG Disclosure Metrics;
ESG Ratings;
ESG Reporting;
Social Impact;
Impact Measurement;
Social Innovation;
Purpose;
Corporate Purpose;
Corporate Social Responsibility;
Strategy;
Social Enterprise;
Society;
Accounting;
Investment;
Environmental Sustainability;
Climate Change;
Corporate Strategy;
Mission and Purpose;
Corporate Social Responsibility and Impact;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
North America;
Europe;
Japan;
Australia
Serafeim, George. "Social-Impact Efforts That Create Real Value." Harvard Business Review 98, no. 5 (September–October 2020): 38–48.
- Working Paper
Measuring the Perceived Liquidity of the Corporate Bond Market
By: Sergey Chernenko and Adi Sunderam
We propose a novel measure of bond market liquidity that does not depend on transaction data: the strength of the cross-sectional relationship between mutual fund cash holdings and fund flow volatility. Our measure captures how liquid funds perceive their portfolio...
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Chernenko, Sergey, and Adi Sunderam. "Measuring the Perceived Liquidity of the Corporate Bond Market." NBER Working Paper Series, No. 27092, May 2020.
- 2021
- Working Paper
Corporate Environmental Impact: Measurement, Data and Information
By: David Freiberg, DG Park, George Serafeim and T. Robert Zochowski
As an organization’s environmental impact has become a central societal consideration, thereby affecting industry and organizational competitiveness, interest in measuring and analyzing environmental impact has increased. We develop a methodology to derive comparable...
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Keywords:
Environment;
Impact;
Measurement;
Environmental Ratings;
Corporate Valuation;
Financial Materiality;
Sustainability;
Environmental Impact;
Environmental Strategy;
Impact-Weighted Accounts;
IWAI;
Environmental Sustainability;
Corporate Social Responsibility and Impact;
Measurement and Metrics;
Valuation
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.)
- 2020
- Working Paper
A Framework for Product Impact-Weighted Accounts
By: George Serafeim and Katie Trinh
While there has been significant progress in the measurement of an organization’s environmental and social impacts from its operations, metrics to evaluate the impact of products once they come to market lag far behind. In this paper, we provide a framework for...
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Keywords:
Social Impact;
Product Life Cycle;
Environment;
Sustainability;
Measurement;
Metrics;
Impact Investing;
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Reporting;
Product;
Environmental Sustainability;
Measurement and Metrics;
Framework;
Financial Statements
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.)