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All HBS Web
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- Faculty Publications (80)
- 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.")
- January 26, 2016
- Article
Hiding Personal Information Reveals the Worst
By: Leslie K. John, Kate Barasz and Michael I. Norton
Seven experiments explore people's decisions to share or withhold personal information and the wisdom of such decisions. When people choose not to reveal information—to be "hiders"—they are judged negatively by others (experiment 1). These negative judgments emerge...
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Keywords:
Disclosure;
Transparency;
Policy-making;
Privacy;
Information;
Corporate Disclosure;
Decision Choices and Conditions;
Trust
John, Leslie K., Kate Barasz, and Michael I. Norton. "Hiding Personal Information Reveals the Worst." Proceedings of the National Academy of Sciences 113, no. 4 (January 26, 2016): 954–959.
- 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.
- October 2014 (Revised February 2017)
- Case
Europe, Russia, and the Age of Gas Revolution
By: Rawi Abdelal, Leonardo Maugeri and Sogomon Tarontsi
The 2014 Ukraine crisis once again exposed the mutually limiting knot—a web of commercial relationships and oil and gas pipelines—that historically tied the European Union and Russia closely. In this crisis, a familiar conundrum preoccupied minds in the corridors of...
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Keywords:
International Relations;
Business and Government Relations;
Energy Sources;
Energy Industry;
European Union;
Russia;
Ukraine
Abdelal, Rawi, Leonardo Maugeri, and Sogomon Tarontsi. "Europe, Russia, and the Age of Gas Revolution." Harvard Business School Case 715-006, October 2014. (Revised February 2017.)
- September 2014 (Revised February 2017)
- Case
Belk: Towards Exceptional Scheduling
By: Ethan Bernstein, Saravanan Kesavan, Bradley Staats and Luke Hassall
With 24,000 staff and over 300 stores, Belk Inc. sought to replace its entirely manual labor scheduling system with an automated software solution from Reflexis. Belk hoped the upgrade would simplify scheduling, reduce time employees spent in non-customer-facing roles,...
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Keywords:
Retail;
Scheduling;
Local Autonomy;
Automation;
Metrics;
Organizational Change;
Human Resource Management;
Process Improvement;
Performance Measurement;
Transparency;
Southern United States;
Retailing;
Department Stores;
System Outsourced Services;
Employee Relationship Management;
Selection and Staffing;
Change Management;
Governance Controls;
Resource Allocation;
Service Operations;
Organizational Culture;
Organizational Change and Adaptation;
Performance Evaluation;
Performance Improvement;
Applications and Software;
Family Business;
Retail Industry;
Technology Industry;
United States
Bernstein, Ethan, Saravanan Kesavan, Bradley Staats, and Luke Hassall. "Belk: Towards Exceptional Scheduling." Harvard Business School Case 415-023, September 2014. (Revised February 2017.)
- 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.
- Winter 2013
- Article
Fear of Rejection? Tiered Certification and Transparency
By: Emmanuel Farhi, Josh Lerner and Jean Tirole
The sub-prime crisis has shone a harsh spotlight on the practices of securities underwriters, which provided too many complex securities that proved to ultimately have little value. This uproar calls attention to the fact that the literature on intermediaries has...
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Farhi, Emmanuel, Josh Lerner, and Jean Tirole. "Fear of Rejection? Tiered Certification and Transparency." RAND Journal of Economics 44, no. 4 (Winter 2013): 610–631.
- Article
The Consumer Financial Protection Bureau: Financial Regulation for the Twenty-First Century
By: Leonard J. Kennedy, Patricia A. McCoy and Ethan S. Bernstein
After existing regulatory systems failed to prevent the recent financial crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, a sweeping reform designed to alleviate the crisis and prevent its recurrence. Out of this Act, the Consumer...
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Keywords:
Consumer Financial Protection Bureau;
Dodd-Frank;
CFPB;
Financial Crisis;
Reform;
New Agency;
Market-based Approach;
Evidence-based Analysis;
Innovative Technologies And Transparency Policies;
BEST Practices;
Government and Politics;
Government Administration;
Finance;
Financial History;
Law;
Markets;
Organizations;
Organizational Design;
Business and Government Relations;
Balance and Stability;
Strategy;
Financial Services Industry;
Banking Industry;
United States
Kennedy, Leonard J., Patricia A. McCoy, and Ethan S. Bernstein. "The Consumer Financial Protection Bureau: Financial Regulation for the Twenty-First Century." Cornell Law Review 97, no. 5 (July 2012): 1141–1176.
- June 2012
- Article
The Transparency Paradox: A Role for Privacy in Organizational Learning and Operational Control
Using data from embedded participant-observers and a field experiment at the second largest mobile phone factory in the world, located in China, I theorize and test the implications of transparent organizational design on workers' productivity and organizational...
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Keywords:
Transparency;
Privacy;
Organizational Learning;
Operational Control;
Organizational Performance;
Chinese Manufacturing;
Field Experiment;
Rights;
Interpersonal Communication;
Management Practices and Processes;
Ethics;
Corporate Disclosure;
Performance Productivity;
Boundaries;
Organizations;
Social and Collaborative Networks;
Labor and Management Relations;
Power and Influence;
Manufacturing Industry;
China
Bernstein, Ethan S. "The Transparency Paradox: A Role for Privacy in Organizational Learning and Operational Control." Administrative Science Quarterly 57, no. 2 (June 2012): 181–216.
- May 2011
- Case
Oriental Fortune Capital: Building a Better Stock Exchange
By: Josh Lerner and Keith Chi-ho Wong
When ChiNext opened in October 2009 as the second tier market of the Shenzhen Stock Exchange (SZSE), it aimed to provide Chinese entrepreneurs with equity capital and to facilitate the exits of venture capital firms and other investors which had previously relied on...
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Keywords:
Capital Markets;
Stocks;
Financial Markets;
Venture Capital;
Private Equity;
International Finance;
Financial Services Industry;
China
Lerner, Josh, and Keith Chi-ho Wong. "Oriental Fortune Capital: Building a Better Stock Exchange." Harvard Business School Case 811-105, May 2011.
- May 2011
- Article
Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting
By: George Serafeim
I analyze Embedded Value (EV) reporting by firms with life insurance operations to assess the impact of unregulated financial reporting on transparency and to examine the institutional characteristics that promote unregulated reporting. Under EV accounting the present...
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Keywords:
Financial Statements;
Mergers and Acquisitions;
Financial Reporting;
Cash Flow;
Contracts;
Equity;
Profit;
Value;
Corporate Disclosure;
Governing Rules, Regulations, and Reforms;
Business and Shareholder Relations;
Business Earnings
Serafeim, George. "Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting." Journal of Accounting Research 49, no. 2 (May 2011).
- March 2011 (Revised December 2019)
- Case
Wealth Management Crisis at UBS (A)
By: Paul M. Healy
The case describes the challenges that UBS faced as a result of the U.S. Department of Justice (DOJ) investigation for tax fraud, that claimed that UBS had helped some 52,000 U.S. residents hide billions of dollars in untaxed assets in secret Swiss accounts between...
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Keywords:
Fraud;
Regulatory Enforcement;
Reputation Incentives;
Crony Capitalism;
Tax Havens;
Legitimacy;
Multinational;
Strategic Change;
Incentives;
Transparency;
Financial Services;
Taxation;
Crime and Corruption;
Global Range;
Asset Management;
Ethics;
Problems and Challenges;
Governing Rules, Regulations, and Reforms;
Corporate Governance;
Financial Services Industry;
United States;
Switzerland
Healy, Paul M., George Serafeim, and David Lane. "Wealth Management Crisis at UBS (A)." Harvard Business School Case 111-082, March 2011. (Revised December 2019.)
- March 2011 (Revised February 2018)
- Supplement
Wealth Management Crisis at UBS (B)
By: George Serafeim
The case describes the resolution of the U.S. Department of Justice (DOJ) investigation for tax fraud and the increasing pressure on the wealth management business.
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Keywords:
Fraud;
Regulatory Enforcement;
Reputation Incentives;
Crony Capitalism;
Tax Havens;
Legitimacy;
Multinational;
Strategic Change;
Corporate Governance;
Incentives;
Transparency;
Financial Services;
Wealth;
Taxation;
Crime and Corruption;
Global Range;
Governance;
Business and Government Relations;
Asset Management;
United States
Healy, Paul M., George Serafeim, and David Lane. "Wealth Management Crisis at UBS (B)." Harvard Business School Supplement 111-090, March 2011. (Revised February 2018.)
- May 2010 (Revised May 2010)
- Case
Data.gov
By: Karim R. Lakhani, Robert D. Austin and Yumi Yi
This case presents the logic and execution underlying the launch of Data.gov, an instantiation of President Obama's initiative for transparency and open government. The process used by Vivek Kundra, the federal CIO, and his team to rapidly develop the website and to...
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Keywords:
Safety;
Rights;
Analytics and Data Science;
Internet and the Web;
Ethics;
Cost vs Benefits;
Innovation and Management;
Information Management;
Public Administration Industry;
Information Industry;
United States
Lakhani, Karim R., Robert D. Austin, and Yumi Yi. "Data.gov." Harvard Business School Case 610-075, May 2010. (Revised May 2010.)
- January 2010 (Revised October 2011)
- Case
The Congressional Oversight Panel's Valuation of the TARP Warrants (A)
The Congressional Oversight Panel wants to value the warrants issued to the government in connection with the TARP investments of 2008, in order to increase the transparency of options repurchases. The case describes the methodology used to value the warrants. Students...
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Keywords:
Financial Crisis;
Asset Pricing;
Financial Instruments;
Investment;
Business and Government Relations;
Mathematical Methods;
Valuation;
Banking Industry;
Public Administration Industry;
United States
Baldwin, Carliss Y. "The Congressional Oversight Panel's Valuation of the TARP Warrants (A)." Harvard Business School Case 210-035, January 2010. (Revised October 2011.)
- January 2010 (Revised March 2010)
- Supplement
The Congressional Oversight Panel's Valuation of the TARP Warrants (B)
The Congressional Oversight Panel wants to value the warrants issued to the government in connection with the TARP investments of 2008, in order to increase the transparency of options repurchases. The case describes the methodology used to value the warrants. This...
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Keywords:
Financial Crisis;
Investment;
Public Opinion;
Valuation;
Banking Industry;
Public Administration Industry;
United States
Baldwin, Carliss Y. "The Congressional Oversight Panel's Valuation of the TARP Warrants (B)." Harvard Business School Supplement 210-036, January 2010. (Revised March 2010.)
- 2020
- Case
Building Transparency within the Sustainable Apparel Coalition: The Road to Successful Pre-Competitive Collaboration
The Sustainable Apparel Coalition (SAC) was founded in 2010 to develop a common set of sustainability standards for the apparel, footwear, and home textile industries. The organization was an example of pre-competitive collaboration, a strategy in which companies...
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Keywords:
Environmental Sustainability;
Cooperation;
Social Issues;
Governing and Advisory Boards;
Corporate Social Responsibility and Impact;
Performance Evaluation;
Apparel and Accessories Industry
Hoffman, Andrew J. "Building Transparency within the Sustainable Apparel Coalition: The Road to Successful Pre-Competitive Collaboration." William Davidson Institute Case 8-059-399, 2020.
- November 2009 (Revised June 2012)
- Case
Crisis and Reform in Japan's Banking System (A)
By: Thierry Porte, Rawi E. Abdelal, Laura Alfaro and Jonathan Schlefer
In 1997, amidst Japan's ongoing financial problems, Prime Minister Ryutaro Hashimoto sought to restructure the financial sector to make it more transparent and globally competitive. He hoped that this effort, dubbed the "Big Bang" after the British financial...
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Keywords:
Financial Crisis;
Capital;
Banks and Banking;
Crisis Management;
Business and Government Relations;
Banking Industry;
Japan
Porte, Thierry, Rawi E. Abdelal, Laura Alfaro, and Jonathan Schlefer. "Crisis and Reform in Japan's Banking System (A)." Harvard Business School Case 710-036, November 2009. (Revised June 2012.)