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Learn about HBS leadership values and community standards.
Skip to Main Content Community Values Community Values At Harvard Business School we believe that leadership and values are inseparable. The teaching...
- March–April 2021
- Article
How Venture Capitalists Make Decisions
By: Paul A. Gompers, Will Gornall, Steven Kaplan and Ilya Strebulaev
For decades now, venture capitalists have played a crucial role in the economy by financing high-growth start-ups. While the companies they’ve backed—Amazon, Apple, Facebook, Google, and more—are constantly in the headlines, very little is known about what VCs actually...
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- February 2021
- Case
Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO
By: Tom Nicholas and John Masko
During the 1980s, leveraged buyouts (LBOs) and the private equity (PE) firms responsible for carrying them out revolutionized both investment and management in the U.S. Between 1980 and 1989, buyout activity in the U.S. surged from $1 billion per year to $60 billion....
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Keywords:
Leveraged Buyouts;
Mergers And Acquisitions;
Business Conglomerates;
Restructuring;
Borrowing And Debt;
Private Equity;
Bonds;
Investment Return;
Institutional Investing;
Profit Sharing;
Business History;
Management Style;
Private Ownership;
Performance Effectiveness;
value Creation;
Financial Services Industry;
United States
- February 2021
- Tutorial
T-tests: Theory and Practice
This video provide an introduction to hypothesis testing, sampling, t-tests, and p-values. It provides examples of A/B testing and t-testing to assess whether difference between two groups are statistically significant. This video can be assigned in conjunction with...
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- February 2021
- Case
New England Baptist Hospital: Getting Paid for Value
By: Robert S. Kaplan, Mary Witkowski, Toby E. Emanuel and Syed S. Shehab
- February 2021
- Case
Shareholder Activists and Corporate Strategy
By: David J. Collis and Caeden Brynie
This library case examines the rise of shareholder activism in recent years, particularly in the public eye, and analyzes its effects on corporate strategy, growth, and shareholder value. It looks at three contemporary targets of shareholder activism in particular—Bed...
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- February 2021
- Supplement
Customer Lifetime Social Value (CLSV)
By: Elie Ofek, Barak Libai and Eitan Muller
- February 2021
- Technical Note
Probability Distributions
By: Michael Parzen and Paul J. Hamilton
This technical note introduces students to the concept of random variables, and from there the normal and binomial distributions. After a brief introduction to random variables, the note describes the standard properties of the normal distribution: a single peak, and a...
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- February 2021
- Article
Platform Diffusion at Temporary Gatherings: Social Coordination and Ecosystem Emergence
By: Tommy Pan Fang, Andy Wu and David R. Clough
Software platforms create value by cultivating an ecosystem of complementary products and services. Existing explanations for how a prospective complementor chooses platforms to join assume the complementor has rich information about the range of available platforms....
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Keywords:
Innovation Ecosystems;
Technology Diffusion;
Hackathon;
Contagion;
Software Applications;
Software Development;
Software Engineering;
Technology Strategy;
Technology Adoption;
Technological Innovation;
Technology Platform;
Technology Networks;
Innovation Strategy;
Multi-sided Platforms;
Network Effects;
Software;
Information Technology;
Technology Industry;
Computer Industry;
Information Technology Industry;
Video Game Industry
- February 2021
- Article
Do Household Wealth Shocks Affect Productivity? Evidence from Innovative Workers During the Great Recession
By: S. Bernstein, T. McQuade and R. Townsend
We investigate how the deterioration of household balance sheets affects worker productivity, and, in turn, economic downturns. Specifically, we compare the output of innovative workers who experienced differential declines in housing wealth during the financial crisis...
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- Article
Variety of Innovation in Global Value Chains
By: Giulio Buciuni and Gary P. Pisano
This article analyzes how the geography and organization of pre- and production stages in Global Value Chains (GVC) contribute to lead firms' innovation development. A novel approach in GVC studies is introduced based on transaction cost economics (TCE) and the...
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- 2021
- Working Paper
The Health Costs of Cost-Sharing
By: Amitabh Chandra, Evan Flack and Ziad Obermeyer
We use the design of Medicare’s prescription drug benefit program to demonstrate three facts about the health consequences of cost-sharing. First, we show that an as-if-random increase of 33.6% in out-of-pocket price (11.0 percentage points (p.p.) change in...
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- February 2021
- Teaching Note
Customer Lifetime Social Value (CLSV)
By: Elie Ofek, Barak Libai and Eitan Muller
- 2021
- Working Paper
Connecting Expected Stock Returns to Accounting Valuation Multiples: A Primer
By: Akash Chattopadhyay, Matthew R. Lyle and Charles C.Y. Wang
We outline a framework in which accounting “valuation anchors" could be connected to expected stock returns. Under two general conditions, expected log returns is a log-linear function of a valuation (market value-to-accounting) multiple and the expected growth in the...
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Keywords:
Expected Returns;
Present Value;
Investment Return;
Accounting;
Valuation;
Information;
Framework
- January 2021
- Case
Eaton Corporation: Portfolio Transformation and the Cost of Capital (Abridged)
By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher
In 2000, Eaton Corporation was a broadly diversified industrial conglomerate. But its strategy was evolving and its focus was narrowing around “power management” and more recently on “intelligent power,” the use of digitally enabled products and services designed to...
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- January 2021
- Supplement
Eaton Corporation: Portfolio Transformation and The Cost of Capital (Abridged)
By: Benjamin C. Esty, E. Scott Mayfield and Daniel Fisher
In 2000, Eaton Corporation was a broadly diversified industrial conglomerate. But its strategy was evolving and its focus was narrowing around “power management” and more recently on “intelligent power,” the use of digitally enabled products and services designed to...
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- January 2021
- Case
Saham Group: It's In the Genes
By: Christina R. Wing and Gamze Yucaoglu
The case opens in August 2020 as Moulay Mhamed Elalamy (Mhamed), CEO of the Saham Group (the Group), a pan-African investment company that operates a variety of businesses out of Morocco, contemplates the Group’s identity, its investment strategy, and how to navigate...
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- January 2021
- Case
Anodot: Autonomous Business Monitoring
By: Antonio Moreno and Danielle Golan
Autonomous business monitoring platform Anodot leveraged machine learning to providing real-time alerts regarding business anomalies. Anodot’s solution was used in various industries in order to primarily monitor business health, such as revenue and payments, product...
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- 2021
- Working Paper
False Signaling and Personal Moral Failings: Two Distinct Pathways to Hypocrisy with Unequal Moral Weight
By: Jillian J. Jordan and Roseanna Sommers
Moral engagement is a key feature of human nature: we hold moral values, condemn those who violate those values, and attempt to adhere to them ourselves. Yet moral engagement can make us appear hypocritical if we fail to behave morally. When does moral engagement risk...
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- January 2021
- Case
Value-Based Insurance Design at Onex
By: Joshua Schwartzstein, Amitabh Chandra and Amram Migdal
The operating executives of Health and Benefits for Onex Partners, Megan Jackson Frye and Sam Camens, faced a challenge: Healthcare costs for employees of Onex’s portfolio companies were continuing to rise above the consumer price index, reflecting broader trends...
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Keywords:
Decision Making;
Cost Vs Benefits;
Decision Choices And Conditions;
Decisions;
Finance;
Behavioral Finance;
Insurance;
Health;
Health Care And Treatment;
Human Resources;
Compensation And Benefits;
Markets;
Demand And Consumers;
Consumer Behavior;
Social Psychology;
Behavior;
Interests;
Motivation And Incentives;
Perception;
Health Industry;
Insurance Industry;
North America;
United States
- 2021
- Working Paper
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...
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Keywords:
Esg;
Esg (environmental, Social, Governance) Performance;
Esg (environmental, Social, Governance) Performance;
Esg Disclosure;
Esg Ratings;
Esg Reporting;
Esg Disclosure Metrics;
Sustainability;
Investments;
News;
Disagreement;
Rating Disagreement;
Ratings;
Finance;
Accounting;
Investment;
Financial Services Industry