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- January 2025
- Case
Cyber Oversight: SolarWinds Board of Directors
By: Lynn S. Paine
In 2020, just two years after its IPO, information technology company SolarWinds discovered that it was the victim of an attack on its information systems by Russian hackers. The incident, known as the Sunburst attack, was costly for the company, and certain... View Details
- January 2025
- Case
Constitutional Fiction: John Miller & The Legitimacy of Family Constitutions
By: Lauren Cohen, Octavian Graf Pilati and Sophia Pan
John Miller sat reviewing his family’s Constitution, grappling with how best to implement and enforce its provisions. Designed to prevent ambiguity in governance, the Family Constitution set out core values and guidelines to promote harmony and cohesion among family... View Details
Keywords: Conflict Resolution; Cognition; Conflict Of Interest; Perspective Taking; Liabilities; Family; Family Business; Family Ownership; Business Growth and Maturation; Alignment; Cooperation; Conflict and Resolution; Attitudes; Behavior; Cognition and Thinking; Conflict Management; Conflict of Interests; Power and Influence; Perception; Trust; Perspective; Motivation and Incentives; Happiness; Identity; Goals and Objectives; Legal Liability; Contracts; Fairness; Values and Beliefs; Governance Controls; Governing Rules, Regulations, and Reforms; Manufacturing Industry; Germany
- 2024
- Working Paper
Assessing Assessors
By: Huaizhi Chen and Lauren Cohen
Property tax revenues – the largest discretionary source of revenue for local governments - adjust at a pace that is inconsistent with property values in the US. We show that this form of revenue smoothing may be rooted in the political economy of municipalities.... View Details
Chen, Huaizhi, and Lauren Cohen. "Assessing Assessors." NBER Working Paper Series, No. 33238, December 2024.
- Fall 2024
- Article
The Three Traps That Stymie Reinvention: Organizational Identity, Architecture, and Collaboration Can Be Either Assets or Liabilities to Pursuing Growth in New Sectors
By: Ryan Raffaelli
In more than a decade of researching innovation, I have observed how organizations respond to new opportunities, technological changes, or unexpected market shifts that threaten to upend their current business model. This process, which I call reinvention, may occur... View Details
Keywords: Innovation And Strategy; Change Leadership; Collaboration; Architecture; Transformation; Disruption; Leading Change; Innovation Strategy; Identity; Organizational Culture; Organizational Structure
Raffaelli, Ryan. "The Three Traps That Stymie Reinvention: Organizational Identity, Architecture, and Collaboration Can Be Either Assets or Liabilities to Pursuing Growth in New Sectors." MIT Sloan Management Review 66, no. 1 (Fall 2024): 46–52. (Cover story.)
- 2024
- Working Paper
LASH Risk and Interest Rates
By: Laura Alfaro, Saleem Bahaj, Robert Czech, Jonathan Hazell and Ioana Neamtu
We introduce a framework to understand and quantify a form of liquidity risk that we dub Liquidity After Solvency Hedging or “LASH” risk. Financial institutions take LASH risk when they hedge against losses, using strategies that lead to liquidity needs when the value... View Details
Keywords: Liquidity; Monetary Policy; Non-bank Intermediaries; Hedging; Risk and Uncertainty; Investment Funds; Financial Condition; Interest Rates
Alfaro, Laura, Saleem Bahaj, Robert Czech, Jonathan Hazell, and Ioana Neamtu. "LASH Risk and Interest Rates." Bank of England Staff Working Papers, No. 1,073, May 2024. (NBER Working Paper Series, No. 33241, December 2024.)
- Spring 2024
- Article
The Evolution of Banking in the 21st Century: Evidence and Regulatory Implications
By: Samuel Gregory Hanson, Victoria Ivashina, Laura Nicolae, Jeremy C. Stein, Adi Sunderam and Daniel K. Tarullo
As revealed by the failures of three regional banks in the spring of 2023, bank runs are not a thing of the past. To inform the ongoing discussion of the appropriate regulatory response, we examine trends in the banking industry over the last twenty-five years. On the... View Details
Keywords: Financial Instruments; Financial Crisis; Assets; Governing Rules, Regulations, and Reforms; Financial Condition; Banking Industry
Hanson, Samuel Gregory, Victoria Ivashina, Laura Nicolae, Jeremy C. Stein, Adi Sunderam, and Daniel K. Tarullo. "The Evolution of Banking in the 21st Century: Evidence and Regulatory Implications." Brookings Papers on Economic Activity (Spring 2024): 343–389.
- December 1, 2023
- Article
When Charismatic CEOs Are an Asset—and When They’re a Liability
By: Nitin Nohria
Starting in the 1980s, a generation of larger-than-life CEOs became full-blown celebrity, but over time, research suggested that charismatic CEOs tended to have drawbacks at leaders. However, charisma can be especially useful in two business concepts with big unknowns:... View Details
Keywords: Leadership Style; Business Startups; Risk and Uncertainty; Organizational Change and Adaptation
Nohria, Nitin. "When Charismatic CEOs Are an Asset—and When They’re a Liability." Harvard Business Review (website) (December 1, 2023).
- 26 Oct 2023 - 28 Oct 2023
- Conference Presentation
Public Perception and Autonomous Vehicle Liability
By: Julian De Freitas, X. Zhou, Margherita Atzei, Shoshana Boardman and Luigi Di Lillo
- September 2023 (Revised October 2024)
- Case
Forecasting Climate Risks: Aviva’s Climate Calculus
By: Mark Egan and Peter Tufano
In late 2021, Ben Carr, Director of Analytics and Capital Modeling at Aviva Plc (Aviva)—a leading insurer with core operations in the UK, Ireland and Canada,—was preparing for an upcoming presentation before the company's board which included its CEO, Amanda Blanc,... View Details
Keywords: Climate Risk; Climate Finance; Forecasting; Insurance; Risk Measurement; Climate Change; Risk Management; Forecasting and Prediction; Insurance Industry; United States
Egan, Mark, and Peter Tufano. "Forecasting Climate Risks: Aviva’s Climate Calculus." Harvard Business School Case 224-025, September 2023. (Revised October 2024.)
- June 2023
- Article
Regulatory Limits to Risk Management
By: Ishita Sen
Variable annuities, the largest liability of U.S. life insurers, are investment products containing long-dated minimum return guarantees. I show that guarantees with similar economic risks are treated differently by regulation and these differences impact insurers’... View Details
Keywords: Interest Rate Risk; Variable Annuities; Capital Regulation; Reinsurance; Derivatives; Risk Management; Interest Rates; Governing Rules, Regulations, and Reforms
Sen, Ishita. "Regulatory Limits to Risk Management." Review of Financial Studies 36, no. 6 (June 2023): 2175–2223.
- June 2023
- Article
Why Is Dollar Debt Cheaper? Evidence from Peru
By: Bryan Gutiérrez, Victoria Ivashina and Juliana Salomao
In emerging markets, a significant share of corporate loans are denominated in dollars. Using novel data that enables us to see currency and the cost of credit, in addition to several other transaction-level characteristics, we re-examine the reasons behind dollar... View Details
Keywords: Emerging Market Corporate Debt; Currency Mismatch; Liability Dollarization; Carry Trade; Currency; Emerging Markets; Borrowing and Debt; Interest Rates; Peru
Gutiérrez, Bryan, Victoria Ivashina, and Juliana Salomao. "Why Is Dollar Debt Cheaper? Evidence from Peru." Journal of Financial Economics 148, no. 3 (June 2023): 245–272.
- March 2023 (Revised March 2024)
- Case
The Purdue Pharma Bankruptcy: Settling the Opioid Crisis
By: Kristin Mugford, Carin-Isabel Knoop and Susan Pinckney
How to get to a fair outcome for claimants in the Purdue Pharma bankruptcy given its significant role in the U.S. opioid crisis. View Details
Keywords: Regulation; Ethics; Fairness; Insolvency and Bankruptcy; Government Legislation; Courts and Trials; Laws and Statutes; Lawsuits and Litigation; Legal Liability; Crime and Corruption; Negotiation Offer; Negotiation Participants; Negotiation Style; Product Design; Product Development; Brands and Branding; Marketing Strategy; Trust; Government and Politics; Law; Negotiation; Operations; Ownership; Marketing; Social Psychology; Health Care and Treatment; Pharmaceutical Industry; United States
Mugford, Kristin, Carin-Isabel Knoop, and Susan Pinckney. "The Purdue Pharma Bankruptcy: Settling the Opioid Crisis." Harvard Business School Case 223-060, March 2023. (Revised March 2024.)
- January 28, 2023
- Article
Will We Blame Self-Driving Cars? A New Study Finds That People Are Likely to Hold Autonomous Vehicles Liable for Accidents Even When They’re Not at Fault
De Freitas, Julian. "Will We Blame Self-Driving Cars? A New Study Finds That People Are Likely to Hold Autonomous Vehicles Liable for Accidents Even When They’re Not at Fault." Wall Street Journal (January 28, 2023), C5.
- 17 Nov 2023 - 20 Nov 2023
- Conference Presentation
Autopilot or Copilot? Label Mismarketing and Autonomous Vehicle Liability
By: Stuti Agarwal and Julian De Freitas
- December 2022
- Technical Note
Risks and Opportunities from the Transition to a Low Carbon Economy: A Business Analysis Framework
By: George Serafeim
The transition to a low carbon economy introduces many risks and opportunities for businesses. Risks emerge from regulatory actions, such as carbon taxes and cap and trade systems, technological innovation that develop alternatives for customers making existing... View Details
Keywords: Risk Assessment; Opportunities; Environmental Sustainability; Carbon Footprint; Risk Management; Competitive Dynamics; Business Analysis; Climate Change; Accounting; Finance; Valuation; Business and Shareholder Relations; Technological Innovation; Transition; Product Positioning; Renewable Energy; Analysis
Serafeim, George. "Risks and Opportunities from the Transition to a Low Carbon Economy: A Business Analysis Framework." Harvard Business School Technical Note 123-014, December 2022.
- December 2022 (Revised February 2023)
- Case
Daniel Defense: Responding to the Shooting at the Robb Elementary School in Uvalde, TX
By: Benjamin C. Esty and Daniel Fisher
At 11:33am on May 24, 2022, an 18-year-old man from Uvalde, Texas walked into the Robb Elementary School carrying a semi-automatic "AR-15-style” rifle manufactured by Daniel Defense and killed 19 children and two adults. Three days later, Representative Carolyn Maloney... View Details
Keywords: Gun Violence; Gun Policy; Second Amendment; Legal Liability; Government Legislation; Marketing Strategy; Business or Company Management; Product Marketing; Ethics; Corporate Accountability; Corporate Social Responsibility and Impact; Moral Sensibility; Crime and Corruption; Governing Rules, Regulations, and Reforms; Manufacturing Industry; Advertising Industry; United States
Esty, Benjamin C., and Daniel Fisher. "Daniel Defense: Responding to the Shooting at the Robb Elementary School in Uvalde, TX." Harvard Business School Case 323-058, December 2022. (Revised February 2023.)
- October 2022 (Revised September 2023)
- Case
SolarWinds Confronts SUNBURST (A)
On December 12, 2020, SolarWinds learned that malware had been inserted in its software, potentially granting hackers access to thousands and thousands of its 300,000 customers. General Counsel Jason Bliss needed to orchestrate the company response without knowing how... View Details
Keywords: Cyberattacks; Cybersecurity; Corporate Disclosure; Crisis Management; Customer Focus and Relationships; Legal Liability; Information Technology Industry; United States
Nagle, Frank, George A. Riedel, William R. Kerr, and David Lane. "SolarWinds Confronts SUNBURST (A)." Harvard Business School Case 723-357, October 2022. (Revised September 2023.)
- October 2022 (Revised September 2023)
- Supplement
SolarWinds Confronts SUNBURST (B)
Supplements the (A) case, describing actions taken by SolarWinds as well as by regulatory agencies in the aftermath of the immediate crisis. The case also includes reflections by SolarWinds managers on the choices they made with respect to disclosure, media relations,... View Details
Keywords: Cyberattacks; Cybersecurity; Corporate Disclosure; Crisis Management; Customer Focus and Relationships; Legal Liability; Governance Compliance; Business and Government Relations; Information Technology Industry; United States
Nagle, Frank, George A. Riedel, William R. Kerr, and David Lane. "SolarWinds Confronts SUNBURST (B)." Harvard Business School Supplement 723-368, October 2022. (Revised September 2023.)
- 2022
- Book
Corporate Criminal Investigations and Prosecutions
By: Leo R. Tsao, Daniel S. Kahn and Eugene F. Soltes
Over the past two decades, corporate criminal liability has developed into one of the fastest-growing and most dynamic areas of legal practice. The growth of corporate criminal enforcement has correlated with a broad shift in how the government investigates and... View Details
Tsao, Leo R., Daniel S. Kahn, and Eugene F. Soltes. Corporate Criminal Investigations and Prosecutions. Aspen Publishing, 2022.
- Article
To Drive Efforts...Don't Tiptoe Around Your Legal Risk
By: Edward Chang and Bonnie Levine
Many Diversity, Equity, and Inclusion (DEI) initiatives are scuttled because DEI leaders and legal teams feel themselves to be at odds over questions of acceptable risk. DEI leaders see lawyers as guardians of the status quo, whereas legal experts, trained to... View Details
Chang, Edward, and Bonnie Levine. "To Drive Efforts...Don't Tiptoe Around Your Legal Risk." Harvard Business Review 100, no. 4 (July–August 2022): 74–81.