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- 2021
- Article
How Top Managers Use the Entrepreneurial Gap to Drive Strategic Change
By: Robert L. Simons and Antonio Davila
Prior research provides strong evidence for the association between business strategy and the design and use of management control systems. We complement this research by examining the role of management control systems in situations of strategic change. We report the...
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- 2021
- Working Paper
Shared Models in Networks, Organizations, and Groups
By: Joshua Schwartzstein and Adi Sunderam
Why did the market rise yesterday? What are the implications of the latest school shooting? Why did a particular employee get promoted? To answer such questions, we often exchange models, stories, narratives, and interpretations with others. This paper provides a...
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- 2021
- Working Paper
Consumer Choice and Corporate Bankruptcy
By: Samuel Antill and Megan Hunter
Using an incentivized randomized experiment, we estimate the causal effect of a Chapter 11 bankruptcy filing on consumer demand for the bankrupt firm's products. Knowledge of Hertz's Chapter 11 bankruptcy reduces consumers' willingness-to-pay for Hertz by 35%. We show...
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- 2021
- Working Paper
Intangible Capital and Customer Churn
By: Scott Baker, Brian Baugh and Marco Sammon
Intangible capital is a crucial and growing piece of firms’ capital structure and helps to explain long run trends in concentration and markups. We develop new firm level metrics regarding a key component of intangible capital—customer churn—using a class of household...
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- July 2021
- Article
Redistribution through Markets
By: Piotr Dworczak, Scott Duke Kominers and Mohammad Akbarpour
Policymakers frequently use price regulations as a response to inequality in the markets they control. In this paper, we examine the optimal structure of such policies from the perspective of mechanism design. We study a buyer-seller market in which agents have private...
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- 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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- June 2021
- Case
The Canada Pension Plan Investment Board (CPP Investments): April 2021
By: Josh Lerner, Reza Satchu and Alys Ferragamo
The Canada Pension Plan Investment Board (CPPIB) is one of the largest pools of investment capital in the world and follows a rigorous “Total Portfolio Framework” in its approach to investment management. In April of 2021, John Graham was just two months into his role...
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- 2021
- Working Paper
Public Entrepreneurial Finance around the Globe
By: Jessica Bai, Shai Bernstein, Abhishek Dev and Josh Lerner
This paper examines how government funding programs geared towards early-stage companies interact with private capital markets. Using hand-collected data on 755 government programs worldwide, we find that governments’ allocations to such funding programs have been...
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- 2021
- Working Paper
Spiritual Philanthropy in Emerging Markets
By: Valeria Giacomin and G. Jones
This working paper discusses the ethics and drivers of philanthropic foundations in emerging markets. A foundation organizes assets to invest in philanthropic initiatives. Previous scholarship has largely focused on developed countries, especially the United States,...
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- 2021
- Working Paper
Diagnosing Quality: Learning, Amenities, and the Demand for Health Care
By: Achyuta Adhvaryu, Emilio Gutierrez, Anant Nyshadham and Jorge Tamayo
We study the role of amenities in increasing demand for underutilized healthcare services. We evaluate the offer of a high-amenity diagnostic consultation for cataracts with a randomized price and find that a lower price for the high-amenity consultation increases...
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- March 2021
- Case
Astralis Group: Determining a Brand Strategy
By: Benjamin C. Esty, Mette Fuglsang Hjortshoej and Emilie Billaud
After launching a Danish esports company in July 2019, and going public in December 2019 with multiple brands associated with different games, the Astralis leadership team was contemplating a shift to a single, corporate brand. While the original arguments for...
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Keywords:
Brand Strategy;
Esports;
Video Games;
Corporate Scope;
Positioning;
Ecosystem;
Brands and Branding;
Strategy;
Business Ventures;
Business Startups;
Entrepreneurship;
Ethics;
Sports;
Competitive Strategy;
Value Creation;
Diversification;
Games, Gaming, and Gambling;
Sports Industry;
Entertainment and Recreation Industry;
Denmark;
Europe
- March 2021
- Case
Seeding and Selling Asana
By: Jeffrey F. Rayport, Susie Ma and Amram Migdal
In December 2019, Oliver Jay, Asana’s Chief Revenue Officer (CRO), was reconsidering his go-to-market (GTM) strategy. Asana was cloud-based work management software that enabled users to break up projects into discrete tasks that could be assigned, scheduled, and...
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Keywords:
SaaS;
Customer Journey;
Business Model;
Business Organization;
Change Management;
Growth and Development Strategy;
Growth Management;
Marketing Channels;
Marketing Strategy;
Product Marketing;
Organizational Change and Adaptation;
Organizational Design;
Organizational Structure;
Technology Platform;
Online Technology;
Technology Industry;
United States
- March 2021
- Article
Assortment Rotation and the Value of Concealment
By: Kris J. Ferreira and Joel Goh
Assortment rotation—the retailing practice of changing the assortment of products offered to customers—has recently been used as a competitive advantage for both brick-and-mortar and online retailers. We focus on product categories where consumers may purchase multiple...
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- 2021
- Working Paper
Accounting for Product Impact in the Airlines Industry
By: George Serafeim and Katie Trinh
We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the airlines industry. We design a monetization methodology that allows us to calculate monetary impact estimates of fare...
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Keywords:
Product Innovation;
Impact;
Impact Investing;
Impact Measurement;
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Ratings;
Social Corporate Responsibility;
Corporate Social Responsibility;
Social Impact;
Aviation;
Product Design;
Product Positioning;
Society;
Product;
Environmental Sustainability;
Measurement and Metrics;
Framework;
Corporate Social Responsibility and Impact;
Air Transportation;
Air Transportation Industry
- November 2020 (Revised April 2021)
- Case
Roll-Ups and Surprise Billing: Collisions at the Intersection of Private Equity and Patient Care
By: Trevor Fetter and Kira Seiger
This case describes the increasing investment by private equity (PE) firms in patient care and other healthcare services. The case focuses on investments in physician staffing firms and roll-up strategy investments in physician practice management (PPM). Included in...
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Keywords:
Business Ventures;
Acquisition;
Mergers and Acquisitions;
Business Model;
Change;
Disruption;
Fluctuation;
Trends;
Customers;
Customer Value and Value Chain;
Ethics;
Fairness;
Finance;
Equity;
Insurance;
Private Equity;
Geography;
Geographic Scope;
Health;
Health Care and Treatment;
Markets;
Demand and Consumers;
Supply and Industry;
Industry Structures;
Ownership;
Ownership Type;
Private Ownership;
Relationships;
Agency Theory;
Business and Community Relations;
Business and Shareholder Relations;
Business and Stakeholder Relations;
Networks;
Strategy;
Competition;
Consolidation;
Expansion;
Integration;
Horizontal Integration;
Vertical Integration;
Value;
Value Creation;
Health Industry;
Insurance Industry;
United States
- Fall 2020
- Article
Christo and Jeanne‐Claude: The Negotiation of Art and Vice Versa
Over the past two decades the Program on Negotiation at Harvard Law School (PON) has named thirteen people as Great Negotiators. The project, directed by my colleague Jim Sebenius, has given us the opportunity to commend our honorees’ outstanding work and to learn from...
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- September 2020
- Case
Blackstone: Crocs Investment
By: Victoria Ivashina, John D. Dionne and Terrence Shu
This case follows Prakash Melwani (HBS MBA '86), CIO of Blackstone's Private Equity Group, and his teams’ investment in the footwear company Crocs. Instead of a traditional secondary offering, Crocs opted for a unique deal structure by taking Blackstone's cash in a...
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- September 2020
- Case
Apple Bets on Augmented Reality
By: Rory McDonald, David Lane and Mel Martin
In 2020, augmented reality (AR) was still a nascent technology with blockbuster potential, one which Apple was actively developing as its iPhone franchise waned. But the emergence of AR was uneven, including the disappointing Google Glass and the unexpected viral...
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- September 2020
- Teaching Note
Uber: Competing Globally
Teaching Note for HBS Case No. 720-404.
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Keywords:
Business Ventures;
Business Growth and Maturation;
Business Model;
Geography;
Geographic Location;
Geographic Scope;
Global Strategy;
Globalization;
Multinational Firms and Management;
Globalized Markets and Industries;
Governance;
Governance Controls;
Governing Rules, Regulations, and Reforms;
Innovation and Invention;
Disruptive Innovation;
Innovation Strategy;
Law;
Management;
Growth and Development;
Growth Management;
Markets;
Demand and Consumers;
Consumer Behavior;
Network Effects;
Emerging Markets;
Market Design;
Market Entry and Exit;
Market Participation;
Supply and Industry;
Industry Structures;
Planning;
Strategic Planning;
Relationships;
Business and Community Relations;
Business and Government Relations;
Business and Stakeholder Relations;
Labor and Management Relations;
Networks;
Adaptation;
Strategy;
Business Strategy;
Competition;
Competitive Advantage;
Competitive Strategy;
Expansion;
Technology;
Mobile Technology;
Technology Platform;
Transportation Networks;
Transportation;
Transportation Industry;
Technology Industry;
Africa;
Ghana;
Asia;
China;
Shanghai;
Shanghai Shi;
India;
New Delhi;
Europe;
United Kingdom;
London;
England;
Latin America;
North and Central America;
United States;
New York (city, NY);
New York (state, US);
South America;
Colombia
- August 2020 (Revised December 2020)
- Case
Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States
By: Laura Alfaro, Mauricio Larrain, Carlos Vilches and Sarah Jeong
On May 26, 2020, Latam Airlines became the largest airline in the world to be driven to bankruptcy by COVID-19. With a complex debt structure and international investor composition, the company decided to file for bankruptcy protection in the United States, which...
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