Skip to Main Content
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions

Faculty & Research

  • Faculty
  • Research
  • Featured Topics
  • Academic Units
  • …→
  • Harvard Business School→
  • Faculty & Research→
    • HBS Book

    Negotiation: The Game Has Changed

    By: Max Bazerman

    The world has changed dramatically in just the past few years—and so has the game of negotiation. COVID-19, Zoom, political polarization, the online economy, increasing economic globalization, and greater workplace diversity—all have transformed the who, what, where, and how of negotiation. Today, traditional negotiating tactics, while still effective, need to be tailored to vastly different situations and circumstances. In Negotiation: The Game Has Changed, legendary Harvard Business School professor Max Bazerman, a pioneer in the field of negotiation, shows you how to negotiate successfully today by adapting proven negotiation principles and strategies to the challenging new contexts you face—from negotiating across cultural and political differences to trying to reach an agreement over Zoom or during a supply chain crisis.

    • HBS Book

    Negotiation: The Game Has Changed

    By: Max Bazerman

    The world has changed dramatically in just the past few years—and so has the game of negotiation. COVID-19, Zoom, political polarization, the online economy, increasing economic globalization, and greater workplace diversity—all have transformed the who, what, where, and how of negotiation. Today, traditional negotiating tactics, while still...

    • Journal of Financial Economics 165 (March 2025).

    Optimal Illiquidity

    By: John Beshears, James J. Choi, Christopher Clayton, Christopher Harris, David Laibson and Brigitte C. Madrian

    We study the socially optimal level of illiquidity in an economy populated by households with taste shocks and present bias with naive beliefs. The government chooses mandatory contributions to accounts, each with a different pre-retirement withdrawal penalty. Collected penalties are rebated lump sum. When households have homogeneous present bias, β, the social optimum is well approximated by a single account with an early-withdrawal penalty of 1 − β. When households have heterogeneous present bias, the social optimum is well approximated by a two-account system: (i) an account that is completely liquid and (ii) an account that is completely illiquid until retirement.

    • Journal of Financial Economics 165 (March 2025).

    Optimal Illiquidity

    By: John Beshears, James J. Choi, Christopher Clayton, Christopher Harris, David Laibson and Brigitte C. Madrian

    We study the socially optimal level of illiquidity in an economy populated by households with taste shocks and present bias with naive beliefs. The government chooses mandatory contributions to accounts, each with a different pre-retirement withdrawal penalty. Collected penalties are rebated lump sum. When households have homogeneous present bias,...

    • Health Care Initiative

    Expert Patients’ Use of Avoidable Health Care

    By: Amitabh Chandra, Pragya Kakani and Simone Matecna

    We measure whether expert patients – those trained as physicians and nurses – have fewer emergency department visits and the reasons for these differences. Relative to similar patients physicians and nurses had 19.8% and 5.1% fewer ED visits, principally due to fewer avoidable visits. The differences in avoidable visits between physicians and other patients were largest for diagnoses commonly requiring prescriptions, which physicians often self-prescribed. Our results suggest that improving access to prescriptions for acute symptoms, more than improving patient education, may reduce avoidable health care.

    • Health Care Initiative

    Expert Patients’ Use of Avoidable Health Care

    By: Amitabh Chandra, Pragya Kakani and Simone Matecna

    We measure whether expert patients – those trained as physicians and nurses – have fewer emergency department visits and the reasons for these differences. Relative to similar patients physicians and nurses had 19.8% and 5.1% fewer ED visits, principally due to fewer avoidable visits. The differences in avoidable visits between physicians and...

    • Featured Case

    Radical Transformation at Bayer: Dynamic Shared Ownership

    By: Boris Groysberg and Gamze Yucaoglu

    In 2023, Bill Anderson became CEO of Bayer AG, a 160-year-old life sciences giant looking to strengthen its pharma pipeline, manage debt, and cut through bureaucracy. His bold response: Dynamic Shared Ownership (DSO), a radical model replacing traditional hierarchies with self-organizing teams. By 2025, Bayer was on track to cut €2 billion in costs, but questions remained—could fewer bosses truly drive innovation, or was this an unsustainable gamble? As Amazon, Citibank, and Dell explored similar shifts, Bayer found itself at the center of a corporate management revolution. Would DSO redefine leadership, or prove a cautionary tale?

    • Featured Case

    Radical Transformation at Bayer: Dynamic Shared Ownership

    By: Boris Groysberg and Gamze Yucaoglu

    In 2023, Bill Anderson became CEO of Bayer AG, a 160-year-old life sciences giant looking to strengthen its pharma pipeline, manage debt, and cut through bureaucracy. His bold response: Dynamic Shared Ownership (DSO), a radical model replacing traditional hierarchies with self-organizing teams. By 2025, Bayer was on track to cut €2 billion in...

    • Featured Case

    Silicon Valley Bank: Gone in 36 Hours

    By: Jung Koo Kang, Krishna G. Palepu, Charles C.Y. Wang and David Lane

    This case examines factors contributing to the collapse of Silicon Valley Bank (SVB) in March 2023, an event as unpredicted as it was quick. SVB funded nearly half of all U.S. venture-backed startups and at the end of 2022 held $173 billion in deposits, largely comprising the venture capital those startups had raised. On February 28, 2023, Moody’s warned SVB about a potential credit rating downgrade, reflecting concerns over "funding, liquidity, and profitability" which factored in substantial unrealized losses on SVB’s debt securities. To strengthen its balance sheet, SVB sold $21 billion in securities on March 8, but the move shocked its customers, as it resulted in a realized loss of $2 billion. The ensuing bank run intensified as SVB proved unable to placate investor fears or raise capital to plug that hole, and SVB was placed in receivership on the morning of March 10.

    • Featured Case

    Silicon Valley Bank: Gone in 36 Hours

    By: Jung Koo Kang, Krishna G. Palepu, Charles C.Y. Wang and David Lane

    This case examines factors contributing to the collapse of Silicon Valley Bank (SVB) in March 2023, an event as unpredicted as it was quick. SVB funded nearly half of all U.S. venture-backed startups and at the end of 2022 held $173 billion in deposits, largely comprising the venture capital those startups had raised. On February 28, 2023, Moody’s...

    • HBS Working Paper

    Prices and Concentration: A U-shape? Theory and Evidence from Renewables

    By: Michele Fioretti, Junnan He and Jorge Tamayo

    We show that when firms compete via supply functions, transferring high-cost capacity to the largest, most efficient firm—thereby diversifying its production technologies while increasing concentration—can lower prices by prompting the leader to expand output and competitors to aggressively defend market shares. However, large transfers prove anticompetitive, as sizable capacity differences discourage price undercutting. Exploiting renewable intermittencies in Colombia’s electricity market, where firms are technology-diversified, we consistently find a U-shape relationship between prices and concentration. Counterfactually reallocating 30% of competitors’ high-cost capacities to the leader cuts prices 10%, while larger transfers raise them, revealing how capacity and efficiency influence market power.

    • HBS Working Paper

    Prices and Concentration: A U-shape? Theory and Evidence from Renewables

    By: Michele Fioretti, Junnan He and Jorge Tamayo

    We show that when firms compete via supply functions, transferring high-cost capacity to the largest, most efficient firm—thereby diversifying its production technologies while increasing concentration—can lower prices by prompting the leader to expand output and competitors to aggressively defend market shares. However, large transfers prove...

    • Working Paper

    Tracking the Short-Run Price Impact of U.S. Tariffs

    By: Alberto Cavallo, Paola Llamas and Franco Vazquez

    This paper examines the short-run impact of the 2025 U.S. tariffs on consumer prices using a unique integration of high-frequency retail pricing data, product-level country-of-origin information, and detailed tariff classifications. By linking daily prices from major U.S. retailers to Harmonized System (HS) codes and import origins, we construct custom price indices that isolate the direct effects of tariff changes across product categories and trading partners. Our analysis reveals rapid pricing responses, though their magnitude remains modest relative to the announced tariff rates and varies by country of origin. Both imported and domestic goods are affected, suggesting broader pricing and supply chain spillovers. These findings offer timely evidence for policymakers, businesses, and consumers navigating the immediate consequences of trade policy changes.

    • Working Paper

    Tracking the Short-Run Price Impact of U.S. Tariffs

    By: Alberto Cavallo, Paola Llamas and Franco Vazquez

    This paper examines the short-run impact of the 2025 U.S. tariffs on consumer prices using a unique integration of high-frequency retail pricing data, product-level country-of-origin information, and detailed tariff classifications. By linking daily prices from major U.S. retailers to Harmonized System (HS) codes and import origins, we construct...

Initiatives & Projects

Impact Investments

The Project on Impact Investments is dedicated to expanding knowledge on the impact investing sector by studying the universe of portfolio companies that seek to generate social benefits alongside financial returns.
→All Initiatives & Projects

There are no upcoming events.

Recent Publications

Using Satellites and Phones to Evaluate and Promote Agricultural Technology Adoption: Evidence from Smallholder Farms in India

By: Shawn Cole, Tomoko Harigaya, Grady Killeen and Aparna Krishna
  • September 2025 |
  • Article |
  • Journal of Development Economics
This paper evaluates a low-cost, customized soil nutrient management advisory service in India. As a methodological contribution, we examine whether and in which settings satellite measurements may be effective at estimating both agricultural yields and treatment effects. The intervention improves self-reported fertilizer management practices, though not enough to measurably affect yields. Satellite measurements calibrated using OLS produce more precise point estimates than farmer-reported data, suggesting power gains. However, linear models, common in the literature, likely produce biased estimates. We propose an alternative procedure, using two-stage least squares. In settings without attrition, this approach obtains lower statistical power than self-reported yields; in settings with differential attrition, it may substantially increase power. We include a “cookbook'' and code that should allow other researchers to use remote sensing for yield estimation and program evaluation.
Citation
Related
Cole, Shawn, Tomoko Harigaya, Grady Killeen, and Aparna Krishna. "Using Satellites and Phones to Evaluate and Promote Agricultural Technology Adoption: Evidence from Smallholder Farms in India." Journal of Development Economics 176 (September 2025).

Sticky Capital Controls

By: Miguel Acosta-Henao, Laura Alfaro and Andrés Fernández
  • September 2025 |
  • Article |
  • Journal of International Economics
There is much ongoing debate on the merits of capital controls as effective policy instruments. The differing perspectives are due in part to a lack of empirical studies that look at the intensive margin of controls, which in turn has prevented a quantitative assessment of optimal capital control models against the data. We contribute to this debate by addressing both positive and normative features of capital controls. On the positive side, we build a new dataset using textual analysis, from which we document a set of stylized facts of capital controls along their intensive and extensive margins for 21 emerging markets. We document that capital controls are “sticky;” that is, changes to capital controls do not occur frequently, and when they do, they remain in place for a long time. Overall, they have not been used systematically across countries or time, and there has been considerable heterogeneity across countries in terms of the intensity with which they have been used. On the normative side, we extend a model of capital controls relying on pecuniary externalities augmented by including an (S, s) cost of implementing such policies. We illustrate how this friction goes a long way toward bringing the model closer to the data. When the extended model is calibrated for each of the countries in the new dataset, we find that the size of these costs is large, thus substantially reducing the welfare-enhancing effects of capital controls compared with the frictionless Ramsey benchmark. We conclude with a discussion of the structural interpretations of such costs, which calls for a richer set of policy constraints when considering the use of capital controls in models of pecuniary externalities.
Citation
Related
Acosta-Henao, Miguel, Laura Alfaro, and Andrés Fernández. "Sticky Capital Controls." Art. 104104. Journal of International Economics 157 (September 2025).

How the Busiest People Find Joy

By: Leslie A. Perlow, Sari Mentser and Salvatore J. Affinito
  • July–August 2025 |
  • Article |
  • Harvard Business Review
Joy, along with achievement and meaningfulness, is one of the three keys to a satisfying life. Yet it’s the missing piece for many ambitious individuals, the authors found after examining data on how nearly 2,000 professionals spend their days. Jam-packed schedules are a factor, their research showed, because people experience more joy during their limited free time than while working or doing household chores. Interestingly, however, what people did with their extra time was more important than how many hours of it they had. The authors uncovered five strategies that will help you get more out of your free time: (1) Engage with others. Sharing experiences amplifies joy. (2) Avoid passive pursuits. The more time you spend on active ones, the more satisfied you’ll be with your life. (3) Follow your passions. Doing what you find personally rewarding delivers significantly more benefits than doing things that typically are considered “good for you.” (4) Diversify your activities. Variety—not depth—boosts happiness. (5) Protect your free time. Don’t let work encroach on it; if you use it wisely, your well-being and job engagement will both increase, and you’ll actually get more value out of your work.
Citation
Purchase
Related
Perlow, Leslie A., Sari Mentser, and Salvatore J. Affinito. "How the Busiest People Find Joy." Harvard Business Review (July–August 2025): 135–139.

Case Study: Do We Reskill or Replace Our Workforce?

By: William Kerr
  • July–August 2025 |
  • Article |
  • Harvard Business Review
To remain competitive in the internet-of-things era, should the CEO of SolidTech Innovations, a fictional elevator company, invest a lot of money in reskilling its entire staff? The industry is moving from hardware to software in the form of smart, connected elevators. But instead of laying off legacy hardware staff and hiring new talent, the CEO wants to offer the employees a "Grand Bargain": The company will pay for voluntary reskilling and retraining, but the workers will need to take responsibility for their own futures. Those who opt in will gain valuable skills and have a future with the company; those who don't may face demotions and pay cuts. However, there is pushback from the company's shareholders and leaders. Some want to use the program as a fig leaf for laying off staff; others think it costs too much and might put the company at a competitive disadvantage relative to companies that are hiring technologically skilled people right away. Leaders are worried that longtime workers will balk at learning these new skills and end up quitting, causing the company to lose hundreds of years of cumulative experience. The CEO is now unsure of how to proceed.
Citation
Related
Kerr, William. "Case Study: Do We Reskill or Replace Our Workforce?" Harvard Business Review 103, no. 4 (July–August 2025): 141–145.

Revenue Collapses and the Consumption of Small Business Owners in the COVID-19 Pandemic

By: Olivia S. Kim, Jonathan A. Parker and Antoinette Schoar
  • August 2025 |
  • Article |
  • Journal of Financial Economics
Using financial account data linking small businesses to their owner households, we examine how business owners’ consumption responded to changes in business revenues during the COVID-19 crisis. In the first two months following the National Emergency, business revenues declined by 40 percent, largely driven by national factors rather than local infection rates or policies. However, the pass-through of revenue losses to owner consumption was limited: each dollar of revenue loss resulted in only a 1.6-cent decline in consumption. This muted pass-through persisted through 2021, even after the introduction of COVID-19 vaccines. Our findings suggest that federal subsidies and pandemic-induced reductions in spending opportunities explain the limited impact.
Citation
Related
Kim, Olivia S., Jonathan A. Parker, and Antoinette Schoar. "Revenue Collapses and the Consumption of Small Business Owners in the COVID-19 Pandemic." Art. 104079. Journal of Financial Economics 170 (August 2025).

Silicon Valley Bank: Gone in 36 Hours

By: Jung Koo Kang, Krishna G. Palepu and Charles C.Y. Wang
  • July 2025 |
  • Teaching Note |
  • Faculty Research
Citation
Purchase
Related
Kang, Jung Koo, Krishna G. Palepu, and Charles C.Y. Wang. "Silicon Valley Bank: Gone in 36 Hours." Harvard Business School Teaching Note 126-002, July 2025.

Mitsui & Co., Ltd.

By: Ramon Casadesus-Masanell and Akiko Saito
  • July 2025 |
  • Case |
  • Faculty Research
In 2025, Kenichi Hori, President and CEO of Mitsui & Co., Ltd.—one of Japan’s most prominent Sogo Shosha (investment and trading companies with sprawling global footprints)—reflected on the company’s record-breaking profits. Its operations spanned multiple industries—including energy, chemicals, healthcare, and infrastructure—and more than 80% of its profits were generated overseas. The company had evolved from a prewar industrial giant into a globally integrated investment and trading firm. Originally focused on commodity trading, Mitsui gradually shifted toward strategic investments across industries, owning or co-managing businesses across the value chain—from upstream production to downstream distribution. To support this transformation, it restructured its organization, encouraged cross-unit collaboration, and invested heavily in talent development. Since becoming CEO in 2021, Hori had overseen strong financial results and reaffirmed Mitsui’s standing as a global powerhouse. Yet he remained restless. Confronted with a sprawling and increasingly complex portfolio, he saw an urgent need to sharpen the firm’s strategic focus, deepen its presence in key markets, and position it for long-term growth. “Are we making the right choices to build the Mitsui of tomorrow,” Hori asked, “and what exactly should that Mitsui look like?”
Citation
Educators
Related
Casadesus-Masanell, Ramon, and Akiko Saito. "Mitsui & Co., Ltd." Harvard Business School Case 726-362, July 2025.

How to Build a Life: The Ciceronian Secret to Happiness

By: Arthur C. Brooks
  • July 3, 2025 |
  • Article |
  • The Atlantic
Citation
Related
Brooks, Arthur C. "How to Build a Life: The Ciceronian Secret to Happiness." The Atlantic (July 3, 2025).
More Publications

In The News

    • 08 Jul 2025
    • Cold Call

    At Booking.com, Innovation Means Constant Failure (Summer Repeat)

    Re: Stefan Thomke
    • 02 Jul 2025
    • Harvard Business School

    90 Years of Alcoholics Anonymous: How Bill Wilson Changed the World

    Re: Robert Simons
    • 25 Jun 2025
    • Harvard Business School

    Supporting HBS Faculty in Teaching with the Case Method: 20 Years of the Christensen Center for Teaching and Learning

    Re: Tsedal Neeley & Willis Emmons
    • 24 Jun 2025
    • Boston Business Journal

    Experts Say Market Basket’s Next CEO Should Be from Outside Demoulas Family

    Re: Christina R Wing
→More Faculty News

The Case Method

Introduced by HBS faculty to business education in 1925, the case method is a powerful interactive learning process that puts students in the shoes of a leader faced with a real-world management issue and challenges them to propose and justify a resolution.
Today, HBS remains an authority on teaching by the case method. The School is also the world’s leading case-writing institution, with HBS faculty members contributing hundreds of new cases to the management curriculum a year via the School’s unique case development and writing process.
→Browse HBS Case Collection
→Purchase Cases

Faculty Positions

Harvard Business School seeks candidates in all fields for full time positions. Candidates with outstanding records in PhD or DBA programs are encouraged to apply.
→Learn More
ǁ
Campus Map
Harvard Business School
Soldiers Field
Boston, MA 02163
→Map & Directions
→More Contact Information
  • Make a Gift
  • Site Map
  • Jobs
  • Harvard University
  • Trademarks
  • Policies
  • Accessibility
  • Digital Accessibility
Copyright © President & Fellows of Harvard College.