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- January 2023
- Case
First to Fight? Culture, Tradition and the United States Marine Corps (USMC)
By: Ranjay Gulati, Akhil Iyer and Joel Malkin
Over a history of more than 240 years, the United States Marine Corps has forged a distinct culture and institutional identity centered on its “warrior ethos.” In the wars of American history, Marines fought with uncommon valor, rising to international prominence for...
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- 2022
- Working Paper
Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads
By: Samuel G. Hanson, Aytek Malkhozov and Gyuri Venter
We develop and test a model in which swap spreads are determined by end users' demand for and constrained intermediaries' supply of long-term interest rate swaps. Swap spreads reflect compensation both for using scarce intermediary capital and for bearing convergence...
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Hanson, Samuel G., Aytek Malkhozov, and Gyuri Venter. "Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads." Working Paper, December 2022.
- 2022
- Working Paper
How Do Investors Value ESG?
By: Malcolm Baker, Mark Egan and Suproteem K. Sarkar
Environmental, social, and governance (ESG) objectives have risen to near the top of the agenda for corporate executives and boards, driven in large part by their perceptions of shareholder interest. We quantify the value that shareholders place on ESG using a revealed...
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Keywords:
Investment;
Investment Portfolio;
Corporate Social Responsibility and Impact;
Business and Shareholder Relations;
Environmental Sustainability;
Governance;
Financial Services Industry;
United States
Baker, Malcolm, Mark Egan, and Suproteem K. Sarkar. "How Do Investors Value ESG?" NBER Working Paper Series, No. 30708, December 2022. (Harvard Business School Working Paper, No. 23-028, November 2022.)
- October 2022
- Case
Founders First Capital Partners
By: Brian Trelstad, Mel Martin and Amy Klopfenstein
In June 2021, Kim T. Folsom, the founder and CEO of revenue-based financing firm Founders First Capital Partners (FFCP), must decide whether to issue another loan to OnShore Technology Group, an up-and-coming software validation company. FFCP provided revenue-based...
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Keywords:
Finance;
Financial Instruments;
Financing and Loans;
Interest Rates;
Investment Return;
Revenue;
Capital;
Financial Services Industry;
North and Central America;
United States
Trelstad, Brian, Mel Martin, and Amy Klopfenstein. "Founders First Capital Partners." Harvard Business School Case 323-013, October 2022.
- 2022
- Working Paper
Human Capital and the Managerial Revolution in the United States
By: Tom Nicholas
This paper estimates the returns to human capital accumulation during the first era of megafirms in the United States by linking employees at General Electric—a canonical enterprise associated with the “visible hand” of managerial hierarchies—to data from the 1940...
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Keywords:
Returns To Education;
Management Practices;
Hierarchies;
Human Capital;
Management;
Training;
Higher Education;
Government and Politics;
United States
Nicholas, Tom. "Human Capital and the Managerial Revolution in the United States." Harvard Business School Working Paper, No. 23-015, September 2022.
- August 2022
- Case
In-Q-Tel: Innovation On A Mission
By: Joshua Lev Krieger and Josh Lerner
In 2022, the leaders of In-Q-Tel (IQT) considered what was next for the unique mission-driven organization. Since 1999, IQT had one mission: to be the most sophisticated source of strategic technical knowledge and capabilities to the U.S. government and its allies. IQT...
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Keywords:
Mission and Purpose;
National Security;
Technological Innovation;
Research;
Geopolitical Units;
Risk Management;
Recruitment;
Growth and Development Strategy;
Venture Capital;
Knowledge Management;
Information Industry;
Banking Industry
Krieger, Joshua Lev, and Josh Lerner. "In-Q-Tel: Innovation On A Mission." Harvard Business School Case 823-031, August 2022.
- May 2022
- Case
Timnit Gebru: 'SILENCED No More' on AI Bias and The Harms of Large Language Models
By: Tsedal Neeley and Stefani Ruper
Dr. Timnit Gebru—a leading artificial intelligence (AI) computer scientist and co-lead of Google’s Ethical AI team—was messaging with one of her colleagues when she saw the words: “Did you resign?? Megan sent an email saying that she accepted your resignation.” Heart...
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Neeley, Tsedal, and Stefani Ruper. "Timnit Gebru: 'SILENCED No More' on AI Bias and The Harms of Large Language Models." Harvard Business School Case 422-085, May 2022.
- Article
Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach
By: Akash Chattopadhyay, Matthew R. Lyle and Charles C.Y. Wang
This study provides the first large-scale study of the performance of expected-return proxies (ERPs) internationally. Analyst-forecast-based ICCs are sparsely populated and not robustly associated with future returns. Earnings-model-forecast-based ICCs are...
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Keywords:
Expected Returns;
Discount Rates;
Fundamental Valuation;
Implied Cost Of Capital;
International Equity Markets;
Present Value;
Investment Return;
Equity;
Markets;
Global Range
Chattopadhyay, Akash, Matthew R. Lyle, and Charles C.Y. Wang. "Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach." Accounting Review 97, no. 2 (March 2022): 107–133.
- January 2022
- Article
Why Is Corporate Virtue in the Eye of the Beholder? The Case of ESG Ratings
By: Dane Christensen, George Serafeim and Anywhere Sikochi
Despite the rising use of environmental, social, and governance (ESG) ratings, there is substantial disagreement across rating agencies regarding what rating to give to individual firms. As what drives this disagreement is unclear, we examine whether a firm’s ESG...
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Keywords:
ESG Ratings;
Rating Agency Disagreement;
ESG Disclosure;
Corporate Social Responsibility;
Sustainability;
Corporate Social Responsibility and Impact;
Environmental Sustainability;
Corporate Disclosure
Christensen, Dane, George Serafeim, and Anywhere Sikochi. "Why Is Corporate Virtue in the Eye of the Beholder? The Case of ESG Ratings." Accounting Review 97, no. 1 (January 2022): 147–175.
- December 2021
- Article
Trade Policy Uncertainty and Stock Returns
By: Marcelo Bianconi, Federico Esposito and Marco Sammon
A recent literature has documented large real effects of trade policy uncertainty (TPU) on trade, employment, and investment, but there is little evidence that investors are compensated for bearing such risk. To quantify the risk premium associated with TPU, we exploit...
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Keywords:
Trade Policy;
Uncertainty;
Stock Returns;
Risk Premium;
Tariff Rates;
Portfolio Analysis;
Trade;
Policy;
Risk and Uncertainty;
Stocks;
Investment Return
Bianconi, Marcelo, Federico Esposito, and Marco Sammon. "Trade Policy Uncertainty and Stock Returns." Art. 102492. Journal of International Money and Finance 119 (December 2021).
- November 2021
- Article
Ratings, Reviews, and the Marketing of New Products
By: Itay P. Fainmesser, Dominique Olié Lauga and Elie Ofek
We study how user-generated content (UGC) about new products impacts a firm's advertising and pricing decisions and the effect on profits and market dynamics. We construct a two-period model where consumers value quality and are heterogeneous in their taste for the new...
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Keywords:
Online Reviews;
Product Ratings;
Social Networks;
Word Of Mouth;
Pricing;
User-generated Content;
Advertising;
Product Marketing;
Price;
Consumer Behavior;
Product Positioning;
Social Media
Fainmesser, Itay P., Dominique Olié Lauga, and Elie Ofek. "Ratings, Reviews, and the Marketing of New Products." Management Science 67, no. 11 (November 2021): 7023–7045.
- November 2021
- Article
Venture Capitalists and COVID-19
By: Paul A. Gompers, Will Gornall, Steven N. Kaplan and Ilya A. Strebulaev
We survey over 1,000 institutional and corporate venture capitalists (VCs) at more than 900 different firms to learn how their decisions and investments have been affected by the COVID-19 pandemic. We compare their survey answers to those provided by a large sample of...
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Keywords:
Investment Decisions;
COVID-19 Pandemic;
Impact;
Health Pandemics;
Venture Capital;
Investment;
Decision Making;
Surveys
Gompers, Paul A., Will Gornall, Steven N. Kaplan, and Ilya A. Strebulaev. "Venture Capitalists and COVID-19." Journal of Financial and Quantitative Analysis 56, no. 7 (November 2021).
- 2022
- Working Paper
The International Price of Remote Work
By: Agostina Brinatti, Alberto Cavallo, Javier Cravino and Andres Drenik
We use data from a large web-based job platform to study how the price of remote work is determined in a globalized labor market. In the platform, workers located around the world compete for jobs that can be done remotely. We document that, despite the global nature...
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Keywords:
Remote Work;
Exchange Rates;
Purchasing Power Parity;
Offshoring And Outsourcing;
Macroeconomics;
Developing Countries and Economies;
Wages;
Trade;
Globalization;
Marketplace Matching;
Currency Exchange Rate;
Service Industry;
Web Services Industry;
Technology Industry
Brinatti, Agostina, Alberto Cavallo, Javier Cravino, and Andres Drenik. "The International Price of Remote Work." NBER Working Paper Series, No. 29437, October 2021. (Revised November 2022.)
- 2021
- Working Paper
Invisible Primes: Fintech Lending with Alternative Data
By: Marco Di Maggio, Dimuthu Ratnadiwakara and Don Carmichael
We exploit anonymized administrative data provided by a major fintech platform to investigate whether using alternative data to assess borrowers’ creditworthiness results in broader credit access. Comparing actual outcomes of the fintech platform’s model to...
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Keywords:
Fintech Lending;
Alternative Data;
Machine Learning;
Algorithm Bias;
Finance;
Information Technology;
Financing and Loans;
Analytics and Data Science;
Credit
Di Maggio, Marco, Dimuthu Ratnadiwakara, and Don Carmichael. "Invisible Primes: Fintech Lending with Alternative Data." Harvard Business School Working Paper, No. 22-024, October 2021.
- 2021
- Article
Decarbonizing Everything
By: Alex Cheema-Fox, Bridget LaPerla, George Serafeim, David Turkington and Hui (Stacie) Wang
We analyze how the use of different climate risk measures leads to different portfolio carbon outcomes and risk-adjusted returns. Our findings are synthesized in a rules-based investment framework, which selects a different type of climate metric across industries and...
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Keywords:
Climate Risk;
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Disclosure;
ESG Disclosure Metrics;
ESG Ratings;
Investing;
Investing For Impact;
Investment Strategy;
Environment;
Decarbonization;
Climate Change;
Environmental Sustainability;
Environmental Management;
Environmental Accounting;
Investment;
Strategy;
Investment Portfolio;
Investment Return
Cheema-Fox, Alex, Bridget LaPerla, George Serafeim, David Turkington, and Hui (Stacie) Wang. "Decarbonizing Everything." Financial Analysts Journal 77, no. 3 (2021): 93–108.
- June 2021
- Case
Modern Endowment Management: Paula Volent and the Bowdoin Endowment
By: Luis M. Viceira, Emily R. McComb and Dean Xu
This case examines modern endowment investment management through the lens of a leadership transition between Chief Investment Officers (CIOs). In March 2021, Paula Volent is about to step down as the CIO of the endowment of Bowdoin College after twenty-one years, and...
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Keywords:
Investment Portfolio;
Investment Banking;
Growth Management;
Investment Return;
Capital Markets;
Interest Rates;
Competition;
Cost Management;
Risk Management;
Financial Liquidity;
Performance Evaluation
Viceira, Luis M., Emily R. McComb, and Dean Xu. "Modern Endowment Management: Paula Volent and the Bowdoin Endowment." Harvard Business School Case 221-101, June 2021.
- June 23, 2021
- Article
Research: When A/B Testing Doesn't Tell You the Whole Story
By: Eva Ascarza
When it comes to churn prevention, marketers traditionally start by identifying which customers are most likely to churn, and then running A/B tests to determine whether a proposed retention intervention will be effective at retaining those high-risk customers. While...
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Keywords:
Customer Retention;
Churn;
Targeting;
Market Research;
Marketing;
Investment Return;
Customers;
Retention;
Research
Ascarza, Eva. "Research: When A/B Testing Doesn't Tell You the Whole Story." Harvard Business Review Digital Articles (June 23, 2021).
- June 2021 (Revised December 2021)
- Case
The Lunar Gateway, Moon vs. Mars, and the Political Governance of Space Activities
By: Matthew C. Weinzierl and Mehak Sarang
In 2017, the Trump Administration made a bold claim—that they would return the next man and the first woman to the lunar surface by 2024, this time to establish a sustainable presence to enable further exploration in the solar system. With the Artemis Program, NASA has...
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Keywords:
Space;
Space Economy;
Aerospace;
Nasa;
Governance;
Policy;
International Relations;
Infrastructure
Weinzierl, Matthew C., and Mehak Sarang. "The Lunar Gateway, Moon vs. Mars, and the Political Governance of Space Activities." Harvard Business School Case 721-059, June 2021. (Revised December 2021.)
- May 2021
- Teaching Plan
Gera Developments: Leadership at a Crossroads
By: Christina R. Wing and John Masko
Teaching Plan for HBS Case No. 621-018. For decades, Gera Developments (Gera) was a boutique family-owned real estate development firm in Pune, India. But since 2000, managing director Rohit Gera had turned the company into a dynamic innovator in housing solutions for...
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Keywords:
Buildings and Facilities;
Business Growth and Maturation;
Construction;
Geographic Location;
Global Strategy;
Globalized Firms and Management;
Housing;
Leadership Style;
Management Succession;
Organizational Change and Adaptation;
Organizational Culture;
Family Ownership;
Family and Family Relationships;
Urban Development;
Customization and Personalization;
Real Estate Industry;
Maharashtra;
India;
San Francisco
- March 17, 2021
- Other Article
Beyond Pajamas: Sizing Up the Pandemic Shopper
By: Ayelet Israeli, Eva Ascarza and Laura Castrillo
A first look at how the COVID-19 pandemic impacted e-commerce apparel shopping in the US and the UK. Extensive analysis and interactive graphics utilizing millions of transactions.
While the pandemic is still playing out, our preliminary investigations... View Details
While the pandemic is still playing out, our preliminary investigations... View Details
Keywords:
Retail;
Retail Analytics;
Consumer;
Pandemic;
COVID;
COVID-19;
Apparel;
Ecommerce;
Online Shopping;
Online Apparel;
Online Sales;
Returns;
CRM;
Customer Retention;
Customer Experience;
Customer Value;
Digital;
Customer Focus and Relationships;
Customers;
Health Pandemics;
Consumer Behavior;
Customer Relationship Management;
Internet and the Web;
Behavior;
E-commerce;
Retail Industry;
Apparel and Accessories Industry;
Technology Industry;
United States;
United Kingdom
Israeli, Ayelet, Eva Ascarza, and Laura Castrillo. "Beyond Pajamas: Sizing Up the Pandemic Shopper." Harvard Business School Working Knowledge (March 17, 2021).