Publications

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January 2023 (Revised June 2024)
Case

Zaoui & Co. (A): Consigliere for High Stakes M&A Transactions

By: Ashish Nanda, Alex Kitsberg and Zack Kurtovich

In September 2019, Zaoui & Co.’s close-knit team of professionals convened for their annual off-site. In its nine years of operation, the boutique investment bank founded by the brothers Michael (HBS ’83) and Yoel Zaoui (Stanford GSB ’88), had garnered a track record... View Details

Keywords: Professional Service Firm; Entrepreneurship; Finance; Strategy; Investment Banking; Organizational Change and Adaptation; Growth and Development Strategy; Europe; United Kingdom

Educators

January 2023 (Revised June 2024)
Supplement

Zaoui & Co. (B): Executing the Odyssey SPAC Transaction

By: Ashish Nanda, Alex Kitsberg and Zack Kurtovich

In September 2019, founding partners Michael and Yoel Zaoui decided to add principal investing to Zaoui & Co.’s offerings. The case outlines how, over the next two years, Zaoui & Co. pursued the formation of a SPAC, Odyssey Acquisitions, followed by the identification... View Details

Keywords: Finance; Investment Banking; SPACs; M＆A; Strategy; Entrepreneurship; Europe; United Kingdom

13 Jan 2023 - 14 Jan 2023
Conference Presentation

India’s Quest for Sustainable Growth in a New Global Reality:: The Need for a Region- and Sector-Driven Approach

By: Christian H.M. Ketels and Michael E. Porter

Keywords: Sustainable Growth; Economic Development; Economic Growth; Developing Countries and Economies; Employment; India

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January 2023
Supplement

Global Sourcing at Nike

By: Nien-hê Hsieh and Michael W. Toffel

Powerpoint Supplement for “Global Sourcing at Nike,” HBS No. 619-008 View Details

January 11, 2023
Article

Russia and Ukraine Are Not Ready for Talks: But They Might Get There If Ukraine Keeps Winning

By: James K. Sebenius and Michael Singh

While there are many calls for negotiation between Ukraine and Russia to end their war, there does now (early 2023) not appear to be a zone of possible agreement (ZOPA), since each side's best no-agreement option ("BATNA") likely appears superior to any mutually... View Details

Keywords: Diplomacy; Agreements; Ukraine; International Relations; War; Negotiation; Ukraine; Russia

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January 2023 (Revised January 2024)
Teaching Note

Shanty Real Estate: Teaching Note

By: Michael Luca, Jesse M. Shapiro and Nathan Sun

Teaching note to Prof. Luca and Prof. Shapiro's Shanty Real Estate Case. View Details

January 2023
Article

Calculators for Women: When Identity-Based Appeals Backfire

By: Tami Kim, Kate Barasz, Michael I. Norton and Leslie K. John

From “Chick Beer” to “Dryer Sheets for Men,” identity-based labeling is frequently deployed by marketers to appeal to specific target markets. Yet such identity appeals can backfire, alienating the very consumers they aim to attract. We theorize and empirically... View Details

Keywords: Categorization Threat; Stereotypes; Identity; Labels; Gender; Perception; Consumer Behavior

2023
Article

Experimental Evaluation of Individualized Treatment Rules

By: Kosuke Imai and Michael Lingzhi Li

The increasing availability of individual-level data has led to numerous applications of individualized (or personalized) treatment rules (ITRs). Policy makers often wish to empirically evaluate ITRs and compare their relative performance before implementing them in a... View Details

Keywords: Causal Inference; Heterogeneous Treatment Effects; Precision Medicine; Uplift Modeling; Analytics and Data Science; AI and Machine Learning

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December 2022 (Revised October 2023)
Supplement

Driving Decarbonization at BMW – Student Spreadsheet Supplement

By: Shirley Lu, George Serafeim and Michael W. Toffel

December 2022
Supplement

Driving Decarbonization at BMW - Video Supplement

By: Shirley Lu, George Serafeim and Michael W. Toffel

Videos of Thomas Becker, Vice President of Sustainability and Mobility at BMW Group, in support of the case "Driving Decarbonization at BMW" (HBS No. 123-008) View Details

December 2022
Article

The Contribution of Price Growth to Pharmaceutical Revenue Growth in the United States: Evidence from Medicines Sold in Retail Pharmacies

By: Pragya Kakani, Michael Chernew and Amitabh Chandra

Context: To what extent does pharmaceutical revenue growth depend on new medicines versus increasing prices for existing medicines? Moreover, does using list prices, as is commonly done, instead of prices net of confidential rebates offered by manufacturers, which are... View Details

Keywords: Revenue; Price; Policy; Business Strategy; Pharmaceutical Industry

November 2022 (Revised March 2023)
Supplement

JUUL and the Vaping Revolution: A 2022 Update

By: Michael W. Toffel and Sarah Mehta

This slide deck provides a brief update (2019-2022) on the rise and fall of JUUL Labs, the maker of the popular JUUL e-cigarette. View Details

November 2022 (Revised March 2023)
Supplement

JUUL and the Vaping Revolution: A 2022 Update

By: Michael W. Toffel and Sarah Mehta

This case provides a brief update (2019-2022) on the rise and fall of JUUL Labs, the maker of the popular JUUL e-cigarette. View Details

November 2022 (Revised October 2023)
Teaching Note

Driving Decarbonization at BMW

By: Shirley Lu, George Serafeim and Michael W. Toffel

Teaching note in support of the case "Driving Decarbonization at BMW" (HBS No. 123-008) View Details

November 2022
Teaching Note

Executive Decision-Making at Zola

By: Amy C. Edmondson and Michael Roberto

Teaching Note for HBS Case. No. 622-074. View Details

November 2022
Article

Opportunity Neglect: An Aversion to Low-probability Gains

By: Emily Prinsloo, Kate Barasz, Leslie K. John and Michael I. Norton

Seven preregistered studies (N = 2,890) conducted in the field, lab, and online document opportunity neglect: a tendency to reject opportunities with low probability of success, even when they come with little or no objective cost (e.g., time, money,... View Details

Keywords: Opportunities; Behavior; Risk and Uncertainty; Success; Perception

October 2022
Case

Ceibal: Sustaining and Scaling Educational Innovation in Uruguay

By: John J-H Kim, Michael Chu and Mariana Cal

Ceibal was founded in 2007 in Uruguay, as an initiative to reduce the digital gap in the country. After playing an important role providing a smooth transition to remote learning during COVID, Ceibal in 2022 must now determine the best way to fulfill its mission to "be... View Details

Keywords: Digital Gap; COVID-19 Pandemic; Education; Teaching; Digital Platforms; Technology Adoption; Technological Innovation; Social Issues; Transformation; Corporate Social Responsibility and Impact; Mission and Purpose; Education Industry; Latin America; South America; Uruguay

Educators

20 Oct 2022
Other Presentation

4 Business Ideas That Changed the World: Shareholder Value

By: Adi Ignatius, Lynn Paine, Mihir Desai and Carola Frydman

A roundtable conversation appraises the 50-year reign of shareholder primacy and the growing backlash against it today.

The idea that maximizing shareholder value takes legal and practical precedence above all else first came to prominence in the 1970s. The... View Details

Keywords: Shareholder Value Maximization; Business and Shareholder Relations

October 2022 (Revised June 2023)
Case

On Ramp to Crypto

By: Iavor Bojinov, Michael Parzen and Paul Hamilton

Educators