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All HBS Web
(5,587)
- Faculty Publications (1,528)
- 2023
- Working Paper
When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets
By: Pari Sastry, Ishita Sen and Ana-Maria Tenekedjieva
This paper studies how homeowners insurance markets respond to growing climate losses and how this impacts mortgage market dynamics. Using Florida as a case study, we show that traditional insurers are exiting high risk areas, and new lower quality insurers are...
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Keywords:
Insurance;
Natural Disasters;
Governing Rules, Regulations, and Reforms;
Insurance Industry;
Florida
Sastry, Pari, Ishita Sen, and Ana-Maria Tenekedjieva. "When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets." Harvard Business School Working Paper, No. 24-051, February 2024. (SSRN Working Paper Series, No. 4674279, December 2023.)
- 2024
- Working Paper
Who Values Democracy?
By: Max Miller
This paper tests the conventional view that redistribution is central to the democratization process using data from stock markets. Consistent with this view, democratizations have a large, negative impact on asset valuations driven by a rise in redistribution risk....
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Keywords:
Government and Politics;
Risk and Uncertainty;
Financial Crisis;
Macroeconomics;
Financial Markets;
Valuation
Miller, Max. "Who Values Democracy?" Working Paper, February 2024. (Revise and Resubmit, Journal of Political Economy.)
- January 2024 (Revised May 2024)
- Case
Generation Investment Management: Sustainable Investing in a Warming World
By: Vikram S. Gandhi, Michael Norris and David Allen
In September 2021, the sustainable investment firm Generation Investment Management (Generation) considered whether to add Schneider Electric to the focus list of companies in which it was prepared to invest. Dedicated to promoting a sustainable world through its...
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Keywords:
Sustainable Investing;
Climate Change;
Environmental Sustainability;
Governance;
Private Equity;
Public Equity;
Financial Markets;
Investment Return;
Investment Activism;
Investment Funds;
Investment Portfolio;
Institutional Investing;
Corporate Social Responsibility and Impact;
Financial Services Industry;
United Kingdom;
England;
London
- January 2024
- Case
The Financial Times (FT) and Generative AI
By: Andrew Rashbass, Ramon Casadesus-Masanell and Jordan Mitchell
In September 2023, John Ridding, CEO of the Financial Times, was considering the possible impact of Generative AI on the industry and his business. Having navigated successfully the seismic shift from print to digital, and reporting record results, the company...
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Keywords:
AI and Machine Learning;
Technology Adoption;
Change Management;
Journalism and News Industry
Rashbass, Andrew, Ramon Casadesus-Masanell, and Jordan Mitchell. "The Financial Times (FT) and Generative AI." Harvard Business School Case 724-410, January 2024.
- 2024
- Working Paper
Antitrust Platform Regulation and Entrepreneurship: Evidence from China
By: Ke Rong, D. Daniel Sokol, Di Zhou and Feng Zhu
Many jurisdictions have launched antitrust enforcement and brought in regulation of large tech platforms. The swift and strict implementation of China’s Anti-Monopoly Guidelines for the Platform Economy (Platform Guidelines) provides a quasi-natural experiment...
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Keywords:
Governing Rules, Regulations, and Reforms;
Competition;
Venture Capital;
Market Entry and Exit;
Supply and Industry;
China
Rong, Ke, D. Daniel Sokol, Di Zhou, and Feng Zhu. "Antitrust Platform Regulation and Entrepreneurship: Evidence from China." Harvard Business School Working Paper, No. 24-039, January 2024.
- January 2024 (Revised February 2024)
- Case
TPG Rise Climate: Deploying 'Climate Capital'
By: Vikram S. Gandhi, David Allen, Sarah Mehta and Shannon Roche
This case is about TPG Rise Climate, a $7.3 billion climate impact fund launched in 2021 by alternative asset manager TPG. Climate investing is a complex, capital-intensive endeavor; entering it has forced TPG to think and act differently. Relative to other funds, Rise...
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Keywords:
Energy;
Environmental Management;
Ownership;
Science;
Value;
Asset Management;
Investment Funds;
Investment Portfolio;
Financial Markets;
Financial Services Industry;
California;
San Francisco;
New York (city, NY)
Gandhi, Vikram S., David Allen, Sarah Mehta, and Shannon Roche. "TPG Rise Climate: Deploying 'Climate Capital'." Harvard Business School Case 824-077, January 2024. (Revised February 2024.)
- January 11, 2024
- Article
Understanding the Tradeoffs of the Amazon Antitrust Case
By: Chiara Farronato, Andrey Fradkin, Andrei Hagiu and Dionne Lomax
Regulators in the United States and Europe have been taking on Big Tech, challenging what they say are the companies’ anti-competitive and predatory strategies that harm consumers and third-party users of their platforms. This article examines the FTC’s case against...
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Keywords:
Monopoly;
Governing Rules, Regulations, and Reforms;
Market Design;
Lawsuits and Litigation
Farronato, Chiara, Andrey Fradkin, Andrei Hagiu, and Dionne Lomax. "Understanding the Tradeoffs of the Amazon Antitrust Case." Harvard Business Review Digital Articles (January 11, 2024).
- December 18, 2023
- Article
Lessons from Building a Payment Business in Africa
By: Ranjay Gulati
Keywords:
Emerging Markets;
Leadership;
Partners and Partnerships;
Information Infrastructure;
Credit Cards;
Financial Services Industry
Gulati, Ranjay. "Lessons from Building a Payment Business in Africa." Inc.com (December 18, 2023).
- December 15, 2023
- Article
What Every Leader Needs to Know About Carbon Credits
By: Varsha Ramesh Walsh and Michael W. Toffel
Many companies have begun to look into credits to offset their emissions as a way to support their net zero goals as their target years get closer and closer. As it stands, the carbon credit market is too small to bear the brunt of reducing companies’ impacts on the...
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Keywords:
Carbon Credits;
Climate;
Accounting;
Carbon Offsetting;
Carbon Abatement;
Carbon Emissions;
Carbon Footprint;
Climate Change;
Environmental Accounting;
Environmental Regulation
Ramesh Walsh, Varsha, and Michael W. Toffel. "What Every Leader Needs to Know About Carbon Credits." Harvard Business Review Digital Articles (December 15, 2023).
- 2023
- Working Paper
Debiasing Treatment Effect Estimation for Privacy-Protected Data: A Model Auditing and Calibration Approach
By: Ta-Wei Huang and Eva Ascarza
Data-driven targeted interventions have become a powerful tool for organizations to optimize business outcomes
by utilizing individual-level data from experiments. A key element of this process is the estimation
of Conditional Average Treatment Effects (CATE), which...
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Huang, Ta-Wei, and Eva Ascarza. "Debiasing Treatment Effect Estimation for Privacy-Protected Data: A Model Auditing and Calibration Approach." Harvard Business School Working Paper, No. 24-034, December 2023.
- December 2023
- Article
Intermediary Balance Sheets and the Treasury Yield Curve
By: Wenxin Du, Benjamin Hebert and Wenhao Li
We document a regime change in the Treasury market post-Global Financial Crisis (GFC): dealers switched from net short to net long Treasury bonds. We construct “net-long” and “net-short” curves that account for balance sheet and financing costs, and show that actual...
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Du, Wenxin, Benjamin Hebert, and Wenhao Li. "Intermediary Balance Sheets and the Treasury Yield Curve." Art. 103722. Journal of Financial Economics 150, no. 3 (December 2023).
- November 2023 (Revised April 2024)
- Case
BiomX: Bringing Phage Back to the Stage
By: Paul A. Gompers, Elie Ofek, Orna Dan and Emilie Billaud
In the spring of 2023, and following the favorable results of a trial involving its phage cocktail for treating lung infections among cystic fibrosis (CF) patients, the leadership of BiomX had several critical issues to wrestle with. First, given its precarious...
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Keywords:
Working Capital;
Financing and Loans;
Health Testing and Trials;
Product Development;
Research and Development;
Science-Based Business;
Commercialization;
Biotechnology Industry;
Pharmaceutical Industry
Gompers, Paul A., Elie Ofek, Orna Dan, and Emilie Billaud. "BiomX: Bringing Phage Back to the Stage." Harvard Business School Case 524-051, November 2023. (Revised April 2024.)
- November 2023 (Revised March 2024)
- Technical Note
Customer Data Privacy
By: Eva Ascarza and Ta-Wei Huang
This note provides an overview of the evolving landscape of customer data privacy in 2023. It highlights two pivotal aspects that make privacy a central concern for businesses: building and maintaining customer trust and navigating the intricate regulatory...
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Keywords:
Customer Relationship Management;
Governance Compliance;
Governing Rules, Regulations, and Reforms;
Risk and Uncertainty;
Reputation;
Trust;
Information Management;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Europe;
United States
Ascarza, Eva, and Ta-Wei Huang. "Customer Data Privacy." Harvard Business School Technical Note 524-005, November 2023. (Revised March 2024.)
- November 2023
- Case
Will Fintechs and Central Banks Play in Emtech's Sandbox?
By: Daniel Isenberg and William R. Kerr
In February 2023, Emtech’s founder Carmelle Cadet is facing a dilemma. Rapidly running out of cash, Cadet has a term sheet from a leading VC but has a choice of how to structure the investment. The decision will have significant implications for Cadet’s own stake, as...
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Keywords:
Cryptocurrency;
Business Startups;
Venture Capital;
Cash Flow;
Currency;
Governing Rules, Regulations, and Reforms;
Digital Platforms
Isenberg, Daniel, and William R. Kerr. "Will Fintechs and Central Banks Play in Emtech's Sandbox?" Harvard Business School Case 824-096, November 2023.
- November 2023
- Case
Apple Inc. in 2023
By: David B. Yoffie and Sarah von Bargen
Under CEO Tim Cook, Apple became the first trillion dollar market cap company, the first two trillion dollar company, and the first three trillion dollar company. Since the COVID pandemic, Apple gained over 20% of the world smartphone market and 50% of the U.S. market,...
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Keywords:
Competitive Advantage;
Product Positioning;
Emerging Markets;
Competitive Strategy;
Technological Innovation;
Revenue;
Technology Industry
Yoffie, David B., and Sarah von Bargen. "Apple Inc. in 2023." Harvard Business School Case 724-419, November 2023.
- November 2023 (Revised April 2024)
- Case
Celsius Network Inc.: Fear, Uncertainty, and Doubt in the Brave New World of Crypto Bankruptcy
By: Stuart C. Gilson and Sarah L. Abbott
In July 2022, Celsius Network filed for Chapter 11 bankruptcy. CEO Alex Mashinsky acknowledged that Celsius had grown its assets “faster than the Company was prepared to deploy [them]” and as a result had made “certain poor asset deployment decisions.” Two months after...
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Keywords:
Cryptocurrency;
Chapter 11;
Restructuring;
Insolvency and Bankruptcy;
Asset Management;
Acquisition;
Borrowing and Debt;
Financial Services Industry;
United States
Gilson, Stuart C., and Sarah L. Abbott. "Celsius Network Inc.: Fear, Uncertainty, and Doubt in the Brave New World of Crypto Bankruptcy." Harvard Business School Case 224-044, November 2023. (Revised April 2024.)
- November 2023
- Article
When Executives Pledge Integrity: The Effect of the Accountant's Oath on Firms' Financial Reporting
By: Jonas Heese, Gerardo Pérez Cavazos and Caspar David Peter
We study the effect of executives’ pledges of integrity on firms’ financial reporting outcomes by exploiting a 2016 regulation that requires holders of Dutch professional accounting degrees to pledge an integrity oath. We identify chief executive officers (CEOs) and...
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Heese, Jonas, Gerardo Pérez Cavazos, and Caspar David Peter. "When Executives Pledge Integrity: The Effect of the Accountant's Oath on Firms' Financial Reporting." Accounting Review 98, no. 7 (November 2023): 261–288.
- October 2023 (Revised March 2024)
- Case
KOKO Networks: Bridging Energy Transition and Affordability with Carbon Financing
By: George Serafeim, Siko Sikochi and Namrata Arora
The problem was massive: two million hectares of African forests were lost annually to charcoal production for cooking, an area equivalent to 13 times Greater London, resulting in one billion tons of carbon emissions yearly. At the same time, an estimated 700,000...
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Keywords:
Clean Tech;
Digital;
Carbon Credits;
Carbon Offsetting;
Climate Change;
Entrepreneurship;
Energy Sources;
Environmental Sustainability;
Health;
Market Design;
Business Startups;
Transition;
Environmental Regulation;
Policy;
Energy Industry;
Consumer Products Industry;
Africa;
Kenya;
Rwanda
Serafeim, George, Siko Sikochi, and Namrata Arora. "KOKO Networks: Bridging Energy Transition and Affordability with Carbon Financing." Harvard Business School Case 124-022, October 2023. (Revised March 2024.)
- 2022
- Working Paper
Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market
By: Zach Y. Brown, Mark Egan, Jihye Jeon, Chuqing Jin and Alex A. Wu
Index funds are one of the most common ways investors access financial markets and are perceived to be a transparent and low-cost alternative to active investment management. Despite these purported virtues of index fund investing and the introduction of new products...
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Keywords:
Mutual Funds;
Passive Investing;
Asset Management;
Financial Markets;
Investment Funds;
Financial Management;
Financial Services Industry;
United States
Brown, Zach Y., Mark Egan, Jihye Jeon, Chuqing Jin, and Alex A. Wu. "Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market." Harvard Business School Working Paper, No. 24-019, October 2023. (NBER Working Paper Series, No. 31778, October 2023.)
- October 2023
- Case
Leading Transformation at IHCL
By: Krishna G. Palepu, V.G. Narayanan and Malini Sen
In November 2017, Puneet Chhatwal, took charge as MD and CEO of IHCL, popularly referred to as the Taj Hotels. Despite being India’s largest hospitality company by market capitalization and respected for its values and service, IHCL had made losses for the last seven...
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Keywords:
Turn Around Management;
Hospitality Industry;
Brand Management;
Financial Strategy;
Business Model;
Restructuring;
Asset Management;
Leadership Style;
Crisis Management;
Brands and Branding;
Product Positioning;
Segmentation;
Asia;
India
Palepu, Krishna G., V.G. Narayanan, and Malini Sen. "Leading Transformation at IHCL." Harvard Business School Case 124-041, October 2023.