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- January 2024
- Article
Dog Eat Dog: Balancing Network Effects and Differentiation in a Digital Platform Merger
By: Chiara Farronato, Jessica Fong and Andrey Fradkin
Digital platforms are increasingly the subject of regulatory scrutiny. In comparison to multiple competitors, a single platform may increase consumer welfare if network effects are large or may decrease welfare due to higher prices or reduction in platform variety. We... View Details
Keywords: Platform Differentiation; Digital Platforms; Network Effects; Measurement and Metrics; Mergers and Acquisitions; Outcome or Result
Farronato, Chiara, Jessica Fong, and Andrey Fradkin. "Dog Eat Dog: Balancing Network Effects and Differentiation in a Digital Platform Merger." Management Science 70, no. 1 (January 2024): 464–483.
- September 13, 2023
- Article
How the Best Chief Data Officers Create Value
By: Suraj Srinivasan and Robin Seibert
Despite the rapidly increasing prominence of data and analytics functions, the majority of chief data officers (CDOs) fail to value and price the business outcomes created by their data and analytics capabilities. It comes as no surprise then that many CDOs fall behind... View Details
Srinivasan, Suraj, and Robin Seibert. "How the Best Chief Data Officers Create Value." Harvard Business Review (website) (September 13, 2023).
- September 2023 (Revised March 2024)
- Case
ReMo Energy: Sizing Up Investors
By: Jeffrey J. Bussgang and Tom Quinn
In 2023, executives with ReMo Energy (founded 2020) were deciding which size ammonia plant to build as their first project. Their innovative model produced ammonia—useful for making fertilizer and for energy storage—from renewable energy, and they had received funding... View Details
Keywords: Factories, Labs, and Plants; Business Startups; Cost vs Benefits; Design; Energy Conservation; Energy Generation; Renewable Energy; Venture Capital; Investment Return; Goods and Commodities; Size; Infrastructure; Risk and Uncertainty; Science-Based Business; Commercialization; Technological Innovation; Chemical Industry; Energy Industry; Green Technology Industry; United States; Boston
Bussgang, Jeffrey J., and Tom Quinn. "ReMo Energy: Sizing Up Investors." Harvard Business School Case 824-027, September 2023. (Revised March 2024.)
- September 2023
- Article
Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement
By: George Serafeim and Aaron Yoon
We investigate whether ESG ratings predict future ESG news and the associated market reactions. We find that the consensus rating predicts future news, but its predictive ability diminishes for firms with large disagreement between raters. Relation between news and... View Details
Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Ratings; ESG Reporting; ESG Disclosure Metrics; Sustainability; Investments; Disagreement; Rating Disagreement; Ratings; Environmental Sustainability; Social Issues; Corporate Social Responsibility and Impact; Performance; News; Investment; Financial Markets; Stocks; Price
Serafeim, George, and Aaron Yoon. "Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement." Special Issue on RAST 2022 Conference. Review of Accounting Studies 28, no. 3 (September 2023): 1500–1530.
- May 2022 (Revised June 2024)
- Case
LOOP: Driving Change in Auto Insurance Pricing
By: Elie Ofek and Alicia Dadlani
John Henry and Carey Anne Nadeau, co-founders and co-CEOs of LOOP, an insurtech startup based in Austin, Texas, were on a mission to modernize the archaic $250 billion automobile insurance market. They sought to create equitably priced insurance by eliminating pricing... View Details
Keywords: AI and Machine Learning; Technological Innovation; Equality and Inequality; Prejudice and Bias; Growth and Development Strategy; Customer Relationship Management; Price; Insurance Industry; Financial Services Industry
Ofek, Elie, and Alicia Dadlani. "LOOP: Driving Change in Auto Insurance Pricing." Harvard Business School Case 522-073, May 2022. (Revised June 2024.)
- Article
A Better Way to Assess Managerial Performance
Total shareholder return (TSR) has become the definitive metric for gauging performance. Unlike accounting measures such as revenue growth or earnings per share that reflect the past, TSR is based on share price and thus captures investor expectations of what will... View Details
Keywords: Total Shareholder Return; Buybacks; Core Operating Shareholder Return; Management; Operations; Performance; Measurement and Metrics
Desai, Mihir, Mark Egan, and Scott Mayfield. "A Better Way to Assess Managerial Performance." Harvard Business Review 100, no. 2 (March–April 2022): 134–141.
- January 2022 (Revised February 2022)
- Case
Introducing EVA at ISS: A Better Way to Evaluate CEO Performance and Compensation?
By: Jonas Heese, Charles C.Y. Wang and James Weber
In early 2019, Anthony Campagna, the global director of fundamental research at ISS EVA, a unit of the proxy advisory firm Institutional Shareholder Services (ISS), was preparing to release ISS's analyses of public company performance and CEO compensation ahead of Say... View Details
Keywords: Jobs and Positions; Compensation and Benefits; Performance; Performance Productivity; Measurement and Metrics; Analytics and Data Science; Value; Business or Company Management; Performance Evaluation; Business and Shareholder Relations
Heese, Jonas, Charles C.Y. Wang, and James Weber. "Introducing EVA at ISS: A Better Way to Evaluate CEO Performance and Compensation?" Harvard Business School Case 122-061, January 2022. (Revised February 2022.)
- 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... View Details
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.
- September 2021 (Revised December 2021)
- Case
STARZPLAY: Shooting for the Stars
By: Elie Ofek, Marco Bertini and Alpana Thapar
In mid-2021, Maaz Sheikh, cofounder and CEO of STARZPLAY, a Dubai-based subscription video on demand (SVOD) provider that catered to the Middle East and North Africa region, was wrestling with how to find the right balance between continued subscriber growth and... View Details
Keywords: Pricing; Growth; Profitability; Subscription Business; Business Model Innovation; Fintech; Subscription; Performance Measurement; Promotions; International Marketing; Streaming; Competition; Marketing; Price; Strategy; Entrepreneurship; Performance; Measurement and Metrics; Business Model; Media and Broadcasting Industry; Middle East; North Africa
Ofek, Elie, Marco Bertini, and Alpana Thapar. "STARZPLAY: Shooting for the Stars." Harvard Business School Case 522-005, September 2021. (Revised December 2021.)
- 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... View Details
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
Hidden Software and Veiled Value Creation: Illustrations from Server Software Usage
By: Raviv Murciano-Goroff, Ran Zhuo and Shane Greenstein
How do you measure the value of a commodity that transacts at a price of zero from an economic standpoint? This study examines the potential for and extent of omission and misattribution in standard approaches to economic accounting with regards to open source... View Details
Keywords: Server Software; Open Source Distribution; Applications and Software; Analytics and Data Science; Economics; Value Creation; Measurement and Metrics
Murciano-Goroff, Raviv, Ran Zhuo, and Shane Greenstein. "Hidden Software and Veiled Value Creation: Illustrations from Server Software Usage." NBER Working Paper Series, No. 28738, April 2021.
- 2020
- Working Paper
Dog Eat Dog: Balancing Network Effects and Differentiation in a Digital Platform Merger
By: Chiara Farronato, Jessica Fong and Andrey Fradkin
Digital platforms are increasingly the subject of regulatory scrutiny. In comparison to multiple competitors, a single platform may increase consumer welfare if network effects are large or may decrease welfare due to higher prices or reduction in platform variety. We... View Details
Keywords: Platform Differentiation; Digital Platforms; Network Effects; Measurement and Metrics; Mergers and Acquisitions; Outcome or Result
Farronato, Chiara, Jessica Fong, and Andrey Fradkin. "Dog Eat Dog: Balancing Network Effects and Differentiation in a Digital Platform Merger." NBER Working Paper Series, No. 28047, November 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... View Details
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.)
- January 2020
- Case
SK Group: Social Progress Credits
By: George Serafeim, Ethan Rouen and David Freiberg
SK Group was one of the largest companies South Korea. A family-run conglomerate consisting of around 120 subsidiaries and employing more than 100,000, SK was tightly knit into the fabric of Korean society. SK viewed their future success as contingent upon the strength... View Details
Keywords: Impact; Impact Investing; Impact Measurement; Social Value; Social Development; Conglomerates; Measurement Of Purpose; ESG; ESG (Environmental, Social, Governance) Performance; Capital Markets; Innovation; Environmental Impact; Collaboration; Social Enterprise; Social and Collaborative Networks; Social Issues; Measurement and Metrics; Value Creation; Cooperation; Environmental Sustainability; Employment; Accounting; Energy Industry; Telecommunications Industry; Chemical Industry; South Korea
Serafeim, George, Ethan Rouen, and David Freiberg. "SK Group: Social Progress Credits." Harvard Business School Case 120-071, January 2020.
- Article
Mandate Outcomes Reporting
By: Robert S. Kaplan and Michael E. Porter
Currently, few health care providers measure and report their patient outcomes, which leads to several problems. Attempts to introduce price transparency without outcomes transparency could trigger a “race to the bottom.” Should Medicare coverage be expanded to... View Details
Keywords: Outcomes Reporting; Outcomes Measurement; Medicare; Medicaid; Health Care and Treatment; Outcome or Result; Measurement and Metrics
Kaplan, Robert S., and Michael E. Porter. "Mandate Outcomes Reporting." Health Management, Policy and Innovation 4, no. 3 (December 2019).
- 2018
- Working Paper
Measuring Gentrification: Using Yelp Data to Quantify Neighborhood Change
By: Edward L. Glaeser, Hyunjin Kim and Michael Luca
We demonstrate that data from digital platforms such as Yelp have the potential to improve our understanding of gentrification, both by providing data in close to real time (i.e., nowcasting and forecasting) and by providing additional context about how the local... View Details
Keywords: Geographic Location; Local Range; Transition; Analytics and Data Science; Measurement and Metrics; Forecasting and Prediction
Glaeser, Edward L., Hyunjin Kim, and Michael Luca. "Measuring Gentrification: Using Yelp Data to Quantify Neighborhood Change." NBER Working Paper Series, No. 24952, August 2018.
- May 2018
- Article
Nowcasting Gentrification: Using Yelp Data to Quantify Neighborhood Change
By: Edward L. Glaeser, Hyunjin Kim and Michael Luca
Data from digital platforms have the potential to improve our understanding of gentrification and enable new measures of how neighborhoods change in close to real time. Combining data on businesses from Yelp with data on gentrification from the Census, Federal Housing... View Details
Keywords: Forecasting Models; Simulation Methods; Regional Economic Activity: Growth, Development, Environmental Issues, And Changes; Geographic Location; Local Range; Transition; Analytics and Data Science; Measurement and Metrics; Economic Growth; Forecasting and Prediction
Glaeser, Edward L., Hyunjin Kim, and Michael Luca. "Nowcasting Gentrification: Using Yelp Data to Quantify Neighborhood Change." AEA Papers and Proceedings 108 (May 2018): 77–82.
- May 2018
- Article
Using Online Prices for Measuring Real Consumption Across Countries
By: Alberto Cavallo, Erwin Diewert, Robert C. Feenstra, Robert Inklaar and Marcel P. Timmer
We show that online prices can be used to construct quarterly purchasing power parities (PPPs) with a closely matched set of goods and identical methodologies in a variety of developed and developing countries. Our results are close to those reported by the... View Details
Keywords: Purchasing Power Parity; International Economy; Online Prices; Billion Prices Project; Economics; Macroeconomics; Price; Internet and the Web; Spending; Economy; Global Range; Measurement and Metrics
Cavallo, Alberto, Erwin Diewert, Robert C. Feenstra, Robert Inklaar, and Marcel P. Timmer. "Using Online Prices for Measuring Real Consumption Across Countries." AEA Papers and Proceedings 108 (May 2018): 483–487.
- Article
The Impact of Forward-Looking Metrics on Employee Decision-Making: The Case of Customer Lifetime Value
By: Pablo Casas-Arce, Asis Martinez Jerez and V.G. Narayanan
This paper analyzes the effects of forward-looking metrics on employee decision-making. We use data from a bank that started providing branch managers with the customer lifetime value (CLV)—an estimate of the future value of the customer relationship—of mortgage... View Details
Keywords: Customer Lifetime Value; Forward-looking Metrics; Employees; Decision Making; Information; Customer Value and Value Chain; Banks and Banking; Mortgages; Outcome or Result
Casas-Arce, Pablo, Asis Martinez Jerez, and V.G. Narayanan. "The Impact of Forward-Looking Metrics on Employee Decision-Making: The Case of Customer Lifetime Value." Accounting Review 92, no. 3 (May 2017): 31–56.
- Article
Are Online and Offline Prices Similar? Evidence from Large Multi-Channel Retailers
By: Alberto Cavallo
Online prices are increasingly used for measurement and research applications, yet little is known about their relation to prices in physical stores, where most retail transactions occur. I conduct the first large-scale comparison of prices simultaneously collected... View Details
Keywords: Online Prices; Offline Prices; Multi-channel Retailers; Price; Internet and the Web; Measurement and Metrics; Retail Industry
Cavallo, Alberto. "Are Online and Offline Prices Similar? Evidence from Large Multi-Channel Retailers." American Economic Review 107, no. 1 (January 2017): 283–303.