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All HBS Web
(1,631)
- Faculty Publications (290)
- August 2020
- Article
Leverage and the Beta Anomaly
By: Malcolm Baker, Mathias F. Hoeyer and Jeffrey Wurgler
The well-known weak empirical relationship between beta risk and the cost of equity—the beta anomaly—generates a simple tradeoff theory: As firms lever up, the overall cost of capital falls as leverage increases equity beta, but as debt becomes riskier the marginal...
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Baker, Malcolm, Mathias F. Hoeyer, and Jeffrey Wurgler. "Leverage and the Beta Anomaly." Journal of Financial and Quantitative Analysis 55, no. 5 (August 2020): 1491–1514.
- 2020
- Working Paper
EMEs and COVID-19: Shutting Down in a World of Informal and Tiny Firms
By: Laura Alfaro, Oscar Becerra and Marcela Eslava
Emerging economies are characterized by an extremely high prevalence of informality, small-firm employment and jobs not fit for working from home. These features factor into how the COVID-19 crisis has affected the economy. We develop a framework that, based on...
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Keywords:
COVID-19;
Emerging Economies;
Informality;
Firm-size Distribution;
Health Pandemics;
Developing Countries and Economies;
Economy;
System Shocks;
Latin America
Alfaro, Laura, Oscar Becerra, and Marcela Eslava. "EMEs and COVID-19: Shutting Down in a World of Informal and Tiny Firms." Harvard Business School Working Paper, No. 20-125, June 2020. (See application of the methodology to Latin American Countries in the IMF Regional Economic Outlook: Western Hemisphere 2020, Chapter 3. https://www.imf.org/en/Publications/REO/WH/Issues/2020/10/13/regional-economic-outlook-western-hemisphere.)
- May 2020 (Revised July 2020)
- Case
MassChallenge
The case explores the strategic decision of global non-profit startup accelerator MassChallenge on whether to pursue a for-profit spinoff, discussing: (1) the costs and benefits of this decision, (2) how best to manage the risks of the decision, and (3) alternative...
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Keywords:
Accelerators;
Nonprofit Organizations;
Business Startups;
Business Model;
For-Profit Firms;
Cost vs Benefits;
Risk Management;
Decision Making;
Strategy
Koning, Rembrand, Andy Wu, Nataliya Langburd Wright, and Tarun Khanna. "MassChallenge." Harvard Business School Case 720-469, May 2020. (Revised July 2020.)
- May 2020
- Article
Measuring Collaboration in Modern Organizations
By: Stephen Michael Impink, Andrea Prat and Raffaella Sadun
Internal communication has been a central theme in organizational economics, as employee collaboration provides insight into the structure of firms. Use of electronic communications data can be transformational for organizational economics, as these data provide a...
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Keywords:
Collaboration;
Employees;
Interactive Communication;
Measurement and Metrics;
Organizations;
Performance
Impink, Stephen Michael, Andrea Prat, and Raffaella Sadun. "Measuring Collaboration in Modern Organizations." AEA Papers and Proceedings 110 (May 2020): 181–186.
- 2021
- Working Paper
Elusive Safety: The New Geography of Capital Flows and Risk
By: Laura Alfaro, Ester Faia, Ruth Judson and Tim Schmidt-Eisenlohr
A confidential dataset with industry-level disaggregation of U.S. cross-border claims and liabilities, shows U.S. securities to be increasingly intermediated by tax-haven-financial-centers (THFC) and less regulated funds. These securities are risky, in...
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Keywords:
Tax Havens;
Financial Centers;
Geography Of Flows;
Profit Shifting;
Tax Avoidance;
Risk;
Safe Assets;
Hetergeneous Firms;
Endogenous Entry;
Endogenous Monitoring;
Regulatory Arbitrage;
Assets;
Safety;
Risk and Uncertainty;
Capital;
Global Range
Alfaro, Laura, Ester Faia, Ruth Judson, and Tim Schmidt-Eisenlohr. "Elusive Safety: The New Geography of Capital Flows and Risk." Harvard Business School Working Paper, No. 20-099, March 2020. (Revised February 2021.)
- March 2020
- Technical Note
Intrapreneurship: Leading Innovation Efforts in Established Organizations
By: Karen G. Mills and Annie Dang
“Intrapreneurship” is the use of entrepreneurial management techniques within established companies to create new environments that foster innovation. Mature firms have consistently faced risk of elimination from competitors, shifting consumer preferences, and...
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Keywords:
Intrapreneurship;
Innovation;
Corporate Venture Capital;
Accelerators;
Incubators;
Lean Startup;
Hypothesis Testing;
Business Ventures;
Entrepreneurship;
Innovation and Invention;
Leadership;
Framework;
Disruption
Mills, Karen G., and Annie Dang. "Intrapreneurship: Leading Innovation Efforts in Established Organizations." Harvard Business School Technical Note 820-096, March 2020.
- 2020
- Book
Competing in the Age of AI: Strategy and Leadership When Algorithms and Networks Run the World
By: Marco Iansiti and Karim R. Lakhani
In industry after industry, data, analytics, and AI-driven processes are transforming the nature of work. While we often still treat AI as the domain of a specific skill, business function, or sector, we have entered a new era in which AI is challenging the very...
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Keywords:
Artificial Intelligence;
Technological Innovation;
Change;
Competition;
Strategy;
Leadership;
Business Processes;
Organizational Change and Adaptation;
AI and Machine Learning
Iansiti, Marco, and Karim R. Lakhani. Competing in the Age of AI: Strategy and Leadership When Algorithms and Networks Run the World. Boston: Harvard Business Review Press, 2020.
- 2019
- Article
Overcoming Cultural Resistance to Open Source Innovation
By: John Winsor, Jin Hyun Paik, Michael Tushman and Karim R. Lakhani
Purpose: This article offers insight on how to effectively help incumbent organizations prepare for global business shifts to open source and digital business models.
Design/methodology/approach: Discussion related to observation, experience and case studies... View Details
Design/methodology/approach: Discussion related to observation, experience and case studies... View Details
Keywords:
Open Source Innovation;
Organizational Culture;
Organizational Change and Adaptation;
Business Model;
Technological Innovation;
Collaborative Innovation and Invention
Winsor, John, Jin Hyun Paik, Michael Tushman, and Karim R. Lakhani. "Overcoming Cultural Resistance to Open Source Innovation." Strategy & Leadership 47, no. 6 (2019): 28–33.
- November 2019 (Revised February 2020)
- Case
Hormel Foods
By: David E. Bell and Natalie Kindred
In 2019, CEO Jim Snee is weighing how to shape the image of Hormel Foods, one of the largest U.S. meat and food companies, at a time when the industry faces unprecedented scrutiny. Based in the small town of Austin, Minnesota, the nearly 130-year-old firm is best known...
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Keywords:
Brand Portfolio Strategy;
Brands and Branding;
Product;
Strategy;
Marketing Strategy;
Risk Management;
Agriculture and Agribusiness Industry;
Food and Beverage Industry;
Consumer Products Industry;
United States;
China
Bell, David E., and Natalie Kindred. "Hormel Foods." Harvard Business School Case 520-045, November 2019. (Revised February 2020.)
- November 2019
- Article
Procedural Justice and the Risks of Consumer Voting
By: Tami Kim, Leslie John, Todd Rogers and Michael I. Norton
Firms are increasingly giving consumers the vote. Eight studies demonstrate that when firms empower consumers to vote, consumers infer a series of implicit promises—even in the absence of explicit promises. We identify three implicit promises to which consumers react...
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Keywords:
Consumer Empowerment;
Procedural Justice;
Promises;
Customer Relationship Management;
Voting;
Perception;
Fairness;
Risk Management
Kim, Tami, Leslie John, Todd Rogers, and Michael I. Norton. "Procedural Justice and the Risks of Consumer Voting." Management Science 65, no. 11 (November 2019): 5234–5251.
- October 2019
- Article
Does Political Uncertainty Increase External Financing Costs? Measuring the Electoral Premium in Syndicated Lending
By: Olivia S. Kim
This article investigates the impact of political uncertainty on contractual lending terms using a large sample of syndicated loans and a within-firm estimation approach to achieve identification. Firms pay 7 basis points (bps) more on loans originated when their...
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Keywords:
Risk and Uncertainty;
Political Elections;
Financing and Loans;
Developing Countries and Economies
Kim, Olivia S. "Does Political Uncertainty Increase External Financing Costs? Measuring the Electoral Premium in Syndicated Lending." Journal of Financial and Quantitative Analysis 54, no. 5 (October 2019): 2141–2178.
- June 18, 2019
- Article
Research: Investors Reward Companies That Talk Up Their Digital Initiatives
By: Suraj Srinivasan and Wilbur Chen
A study of how companies disclose their digital initiatives on earnings calls and written communications finds that more firms are using these technologies, that financial markets reward companies that disclose such initiatives, but that financial performance...
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Srinivasan, Suraj, and Wilbur Chen. "Research: Investors Reward Companies That Talk Up Their Digital Initiatives." Harvard Business Review (website) (June 18, 2019).
- June 2019
- Article
Fraud Allegations and Government Contracting
By: Jonas Heese and Gerardo Pérez Cavazos
This paper examines whether fraud allegations affect firms’ contracting with the government. Using a dataset of whistleblower allegations brought under the False Claims Act against firms accused of defrauding the government, we find that federal agencies do not reduce...
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Keywords:
Whistleblower;
Fraud Allegations;
False Claims Act;
Government Contracting;
Risk Allocation;
Government and Politics;
Contracts;
Crime and Corruption;
Risk and Uncertainty;
Business and Government Relations
Heese, Jonas, and Gerardo Pérez Cavazos. "Fraud Allegations and Government Contracting." Journal of Accounting Research 57, no. 3 (June 2019): 675–719.
- May 2019 (Revised April 2021)
- Background Note
Managing Talent Pipelines in the Future of Work
By: William R. Kerr, Joseph B. Fuller, Manjari Raman and Carl Kreitzberg
In the face of a rapidly-changing economy, organizations that wish to compete in the future of work must develop strategies for acquiring, retaining, and developing talent for their organizations. This primer reviews the major trends shaping jobs, workplaces, and...
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Keywords:
Future Of Work;
Talent and Talent Management;
Experience and Expertise;
Demographics;
Labor;
Problems and Challenges;
Risk and Uncertainty;
Quality;
Supply Chain
Kerr, William R., Joseph B. Fuller, Manjari Raman, and Carl Kreitzberg. "Managing Talent Pipelines in the Future of Work." Harvard Business School Background Note 819-131, May 2019. (Revised April 2021.)
- 2021
- Working Paper
rTSR: Properties, Determinants, and Consequences of Benchmark Choice
By: Paul Ma, Jee-Eun Shin and Charles C.Y. Wang
We develop a measurement-error framework for assessing the quality of relative-performance metrics designed to filter out the systematic component of performance and analyze relative total shareholder return (rTSR)—the predominant metric market participants use to...
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Keywords:
Relative TSR;
Relative Performance Evaluation;
Systematic Risk;
Board Of Directors;
Compensation Consultants;
Style Effects;
Executive Compensation;
Performance Evaluation;
Corporate Governance
Ma, Paul, Jee-Eun Shin, and Charles C.Y. Wang. "rTSR: Properties, Determinants, and Consequences of Benchmark Choice." Harvard Business School Working Paper, No. 19-112, April 2019. (Revised May 2021.)
- 2019
- Working Paper
Bank Boards: What Has Changed Since the Financial Crisis?
By: Shiva Rajgopal, Suraj Srinivasan and Forester Wong
Several government-mandated committees investigating the financial crisis highlighted four key deficiencies in the composition of bank boards before the crisis: (i) group think among bank board members; (ii) absence of prior banking experience of board members; (iii)...
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Keywords:
Banks and Banking;
Governing and Advisory Boards;
Corporate Governance;
Financial Crisis;
Change;
Diversity
Rajgopal, Shiva, Suraj Srinivasan, and Forester Wong. "Bank Boards: What Has Changed Since the Financial Crisis?" Harvard Business School Working Paper, No. 19-108, April 2019.
- 2019
- Chapter
International Business and Emerging Markets in Historical Perspective
By: Geoffrey Jones
This chapter examines international business in emerging markets over the long run. It shows how the strategies of Western multinationals evolved over time. In the first era of globalization in the 19th century, Western firms sought access to resources, and they faced...
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Jones, Geoffrey. "International Business and Emerging Markets in Historical Perspective." Chap. 3 in The Oxford Handbook of Management in Emerging Markets, edited by Robert Grosse and Klaus E. Meyer, 55–76. Oxford, UK: Oxford University Press, 2019.
- February 2019 (Revised August 2019)
- Case
KangaTech
By: Karim R. Lakhani, Patrick J. Ferguson, Sarah Fleischer, Jin Hyun Paik and Steven Randazzo
On a warm January afternoon in 2019, Steve Saunders, Dave Scerri, Carl Dilena, and Nick Haslam (see Exhibit 1 for biographies), co-founders of KangaTech, wrapped up the latest round of discussions about the future direction of their sports-technology start-up. Focused...
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Keywords:
Startup;
Technology Commercialization;
Prototype;
Business Startups;
Technological Innovation;
Sports;
Health;
Commercialization;
Research and Development;
Decision Making;
Growth and Development Strategy;
Technology Industry;
Sports Industry;
Health Industry;
Australia
Lakhani, Karim R., Patrick J. Ferguson, Sarah Fleischer, Jin Hyun Paik, and Steven Randazzo. "KangaTech." Harvard Business School Case 619-049, February 2019. (Revised August 2019.)
- November 2018 (Revised April 2019)
- Case
Zespri Grows
By: David E. Bell and Natalie Kindred
Controlling about a third of global kiwifruit exports by volume and nearly half by value in 2018, Zespri was a grower-owned “corporatized cooperative” with the exclusive right to export New Zealand-grown kiwifruit (except to Australia). Zespri did not grow fruit but...
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Keywords:
Agribusiness;
Kiwi;
Kiwifruit;
Agriculture;
Global Supply Chain;
Branding;
Produce;
Coordinated Industry Structure;
Industry Coordination;
Countercyclical Supply;
New Product Development;
Product Strategy;
Differentiation;
Food;
Quality;
Trade;
Brands and Branding;
Marketing;
Strategy;
Global Strategy;
Change Management;
Organizational Change and Adaptation;
Globalization;
Globalized Firms and Management;
Competitive Strategy;
Resource Allocation;
Product Development;
Agriculture and Agribusiness Industry;
Consumer Products Industry;
Food and Beverage Industry;
New Zealand
Bell, David E., and Natalie Kindred. "Zespri Grows." Harvard Business School Case 519-047, November 2018. (Revised April 2019.)
- Article
Navigating Talent Hot Spots
By: William R. Kerr
Innovation clusters like San Francisco and Boston have long had an outsize impact on the global economy, and their influence keeps growing. In 2017, for instance, America’s ten largest tech hubs accounted for 58% of U.S. patents. Globally, cities such as Tokyo, Paris,...
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Keywords:
Talent and Talent Management;
Innovation and Invention;
Urban Scope;
Industry Clusters;
Innovation and Management
Kerr, William R. "Navigating Talent Hot Spots." Harvard Business Review 96, no. 5 (September–October 2018): 80–86.