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  • October 2021
  • Article

Board Design and Governance Failures at Peer Firms
By: Shelby Gai, J. Yo-Jud Cheng and Andy Wu
Our study introduces board committees as a crucial determinant of board actions. We examine how directors who structurally link different board committees—referred to as multi-committee directors (MCDs)—explain why some board actions are merely symbolic while others...  View Details
Keywords: Board Committees; Board Monitoring; New Director Nomination; Peer Financial Restatements; Governing and Advisory Boards; Corporate Governance; Performance Effectiveness
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  • September 2021
  • Case

Harambe: Mobilizing Capital in Africa
By: Anywhere (Siko) Sikochi, Dilyana Karadzhova Botha and Francesco Tronci
Harambe was a non-profit organization whose mission was to build an ecosystem to identify promising young African entrepreneurs and provide them access to training, markets, capital, and support networks. From 2007 to 2021, Harambe had grown to a network of 367...  View Details
Keywords: Entrepreneurship; Nonprofit Organizations; Business Model; Strategy; Organizational Structure; Business Startups; Capital; Venture Capital; Social and Collaborative Networks; Networks; Developing Countries and Economies; Emerging Markets; Africa; South Africa
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  • 2021
  • Working Paper

Simplifying Business Group Structures: Value and Governance Implications for Korean Chaebols
By: Akash Chattopadhyay, Sa-Pyung Sean Shin and Charles C.Y. Wang
We examine Korean business groups' transitions from circular-shareholding to (relatively simple) pyramidal-shareholding structures during 2011-2018. The transition did not impact chaebol families' degrees of control or incentive conflicts in firms belonging to...  View Details
Keywords: Business Groups; Corporate Governance; Valuation; Earnings
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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...  View Details
Keywords: Management Control Systems; Accountability; Strategic Change; Organization Change And Adaptation; Organizational Performance; Management Systems; Organizational Structure; Corporate Accountability; Organizational Change and Adaptation; Performance
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  • September–October 2021
  • Article

Internalization of Advertising Services: Testing a Theory of the Firm
By: Alvin J. Silk, Birger Wernerfelt and Shuyi Yu
In 1956, a group of trade associations representing publishers and independent advertising agencies signed a consent decree aimed at ending a set of trade practices that for half a century effectively precluded advertisers from owning and operating in-house agencies....  View Details
Keywords: Internationalization; Specialization; Theory Of The Firm; Advertising Agencies; Advertising; Organizational Structure; Theory
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  • 2021
  • Book

Lead and Disrupt: How to Solve the Innovator's Dilemma
By: Charles A. O'Reilly III and Michael Tushman
Why do successful firms find it so difficult to adapt in the face of change—to innovate? In the past ten years, the importance of this question has increased as more industries and firms confront disruptive change. The pandemic has accelerated this crisis, collapsing...  View Details
Keywords: Organization Change And Adaptation; Organizational Change and Adaptation; Disruptive Innovation; Innovation and Management; Leading Change
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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...  View Details
Keywords: Social Learning Theory; Theory; Social Issues; Cognition and Thinking; Social and Collaborative Networks; Attitudes
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  • Article

Unconscious Bias Training That Works
By: Francesca Gino and Katherine Coffman
To become more diverse, equitable, and inclusive, many companies have turned to unconscious bias (UB) training. By raising awareness of the mental shortcuts that lead to snap judgments—often based on race and gender—about people’s talents or character, it strives to...  View Details
Keywords: Implicit Bias; Social Integration; Empathy; Prejudice and Bias; Employees; Training; Attitudes; Behavior; Organizational Change and Adaptation
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  • August 2021
  • Teaching Note

Moderna (A)
By: Marco Iansiti, Karim R. Lakhani, Kerry Herman and Amy Klopfenstein
Teaching Note for HBS Case No. 621-032.  View Details
Keywords: Organizational Structure; Operations; Management; Health Pandemics; Research and Development; Goals and Objectives
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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...  View Details
Keywords: Consumer Choice; Bankruptcy; Financial Distress; Structural Estimation; Experimental Economics; Hertz; Insolvency and Bankruptcy; Consumer Behavior
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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...  View Details
Keywords: Customer Base; Transaction Data; Customer Churn; Intangible Capital; Capital; Capital Structure; Customers
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  • Summer 2021
  • Article

The Origin and Development of Firm Management
By: Michela Giorcelli
This paper examines the historical origin and diffusion of management practices. Despite their centrality in the modern world, the concepts of ‘management’ developed fairly recently. Only with the Industrial Revolution, due to the increased firm size, owners needed a...  View Details
Keywords: Productivity; Kaizen; Management; Management Practices and Processes; History; Performance Productivity; Technology
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  • 2021
  • Working Paper

The Price Effects of Innovative Security Design
By: Boris Vallée, Gordon Liao and Claire Célérier
This paper investigates the effects of the issuance of retail products with non-linear payoffs on option prices. For a given underlying asset, when the outstanding volume of products embedding a short-put position increases, implied volatility at the corresponding...  View Details
Keywords: Security Design; Dividend; Options; Structured Products; Market Segmentation; Financial Instruments; Design; Volatility; Markets; Segmentation
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  • July 2021
  • Teaching Note

Digital Transformation 2.0: CEO Elie Girard at Atos
By: Tsedal Neeley
Teaching Note for HBS Case No. 421-024. Elie Girard has taken the helm as CEO of multinational IT giant Atos to lead the company into the next era of digital transformation. Noticing that customers’ digital needs were evolving to become even more specialized and global...  View Details
Keywords: Digital Transformation; Restructuring; Leading Change; Mergers and Acquisitions; Environmental Sustainability; Organizational Change and Adaptation; Information Technology Industry
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  • July 2021
  • Article

Multinationality and Capital Structure Dynamics: A Corporate Governance Explanation
By: Daniel Gyimah, Nana Abena Kwansa, Anthony K. Kyiu and Anywhere Sikochi
This paper examines the impact of corporate governance on capital structure dynamics. Using ordinary least squares regressions on 17,496 firm-year observations for 2,294 U.S. multinational companies (MNCs) over the period 1990–2018, we find that MNCs with strong...  View Details
Keywords: Multinationality; Speed Of Adjustment; Corporate Governance; Multinational Firms and Management; Capital Structure
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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...  View Details
Keywords: Optimal Mechanism Design; Redistribution; Inequality; Welfare Theorems; Market Design; Equality and Inequality
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  • July 2021
  • Article

Structuring Local Environments to Avoid Diversity: Anxiety Drives Whites' Geographical and Institutional Self-Segregation Preferences
By: Eric Anicich, Jon M. Jachimowicz, Merrick Osborne and L. Taylor Phillips
The current research explores how local racial diversity affects Whites’ efforts to structure their local communities to avoid incidental intergroup contact. In two experimental studies (N=509; Studies 1a-b), we consider Whites’ choices to structure a fictional,...  View Details
Keywords: Segregration; Structural/institutional Racism; Organizational Exclusion; Diversity; Race; Organizations; Local Range; Prejudice and Bias
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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...  View Details
Keywords: Investment Portfolio; Investment Banking; Growth Management; Investment Return; Capital Markets; Interest Rates; Competition; Cost Management; Risk Management; Financial Liquidity; Performance Evaluation
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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...  View Details
Keywords: Pension Funds; Investment Strategy; Capital Markets; Financial Strategy; Investment; Asset Management; Financial Institutions; Private Equity; Growth and Development Strategy; Investment Portfolio; Assets; Financial Markets; Financial Services Industry; Canada
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  • May 2021
  • Article

Preparing for a Pandemic: Accelerating Vaccine Availability
By: Amrita Ahuja, Susan Athey, Arthur Baker, Eric Budish, Juan Camilo Castillo, Rachel Glennerster, Scott Duke Kominers, Michael Kremer, Jean Lee, Canice Prendergast, Christopher M. Snyder, Alex Tabarrok, Brandon Joel Tan and Witold Wiecek
Vaccinating the world’s population quickly in a pandemic has enormous health and economic benefits. We analyze the problem faced by governments in determining the scale and structure of procurement for vaccines. We analyze alternative approaches to procurement, arguing...  View Details
Keywords: Vaccines; Procurement; Health Pandemics; Health Care and Treatment; Acquisition; Cooperation
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