Received the 2015 Charles M. Williams Award for Excellence in Teaching.
Eugene F. Soltes
McLean Family Professor of Business Administration
Unit Head, Accounting and Management
McLean Family Professor of Business Administration
Unit Head, Accounting and Management
Accounting and Management
Winner of the 2015 Hillcrest Behavioral Finance Award from Hillcrest Asset Management for “Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns” with Tom Chang, Samuel Hartzmark, and David Solomon.
Winner of the Best Paper Award at the 2015 California Corporate Finance Conference for “Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns” with Tom Chang, Samuel Hartzmark, and David Solomon.
Winner of the 2012 Best Paper Award from the Financial Research Association for "What Are We Meeting For? The Consequences of Private Meetings with Investors" with David Solomon.
Eugene Soltes is a Professor of Business Administration at Harvard Business School where his work focuses on corporate integrity and risk management. His research utilizes data analytics to identify organizational cultures and compliance systems that can effectively prevent, detect, and respond to reputational and regulatory threats. Professor Soltes teaches graduate-level courses on regulatory environments and risk management, and was the recipient of the Charles M. Williams Award for outstanding teaching.
Professor Soltes is the author of the bestselling book Why They Do It: Inside the Mind of the White-Collar Criminal, which was described by Kirkus Reviews as “a groundbreaking study” on white-collar criminality. Based on years of research and hundreds of hours of interviews, the book refutes popular explanations of why seemingly successful managers engage in misconduct by showing that many make decisions on the basis of intuitions and gut feelings. The trouble, Professor Soltes shows, is that these gut feelings are often poorly suited for the modern business world.
Professor Soltes is a leader in utilizing data analytics to predict, detect, and mitigate issues related to organizational misconduct. He frequently serves as an advisor and consultant to multinational corporations regarding the design of their compliance programs, and is routinely invited to speak to regulators, including the Department of Justice, Securities and Exchange Commission, and the United States Treasury. Drawing on his experience with companies and government agencies, Professor Soltes founded Integrity Lab, which creates integrated, data-driven technology to cultivate organizational integrity and strengthen corporate culture.
Professor Soltes’ contributions have been widely cited by the media including The Wall Street Journal, Financial Times, The New York Times, NPR, and The Economist. He is also on the editorial board of Harvard Data Science Review.
Prior to joining the faculty of Harvard Business School, Professor Soltes received his PhD and MBA from the University of Chicago Booth School of Business, and his AM in statistics and AB in economics from Harvard University.
Professor Soltes lives in Cambridge with his wife, a rheumatologist, and two young children.
- Featured Work
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"A spectacular achievement" - Library Journal
From the financial fraudsters of Enron, to the embezzlers at Tyco, to the Ponzi schemer Bernie Madoff, the failings of corporate titans are regular fixtures in the news. But what drives wealthy and powerful people to white-collar crime? Harvard Business School professor Eugene Soltes draws from extensive personal interaction and correspondence with nearly fifty former executives as well as the latest research in psychology, criminology, and economics to investigate how once-celebrated executives become white-collar criminals. The product of seven years in the company of the men behind the largest corporate crimes in history, Why They Do It is a breakthrough look at the dark side of the business world.Soltes reveals how the usual explanations fail to tell the whole story of why many seemingly successful people go over the line. White-collar criminals are not merely driven by excessive greed or hubris, nor do they usually carefully calculate costs and benefits before breaking the law. Instead, Soltes shows that most of the executives who committed crimes made decisions the way we all do—on the basis of their intuitions and gut feelings. The trouble is that these gut feelings are often poorly suited for the modern business world where leaders are increasingly distanced from the consequences of their decisions and the individuals they impact.
With the increasing globalization of business threatening us with even more devastating corporate misconduct, the lessons Soltes draws in Why They Do It are needed more urgently than ever.
- Books
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- Tsao, Leo R., Daniel S. Kahn, and Eugene F. Soltes. Corporate Criminal Investigations and Prosecutions. Aspen Publishing, 2022. View Details
- Soltes, Eugene F. Why They Do It: Inside the Mind of the White-Collar Criminal. New York: PublicAffairs, 2016. View Details
- Book Chapters
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- Soltes, Eugene. "Corporate Misconduct’s Relevance to Society through Everyday Misconduct." Chap. 2 in A Research Agenda for Financial Crime, edited by Barry Rider, 31–48. Edward Elgar Publishing, 2022. View Details
- Soltes, Eugene F. "Measuring Compliance Risk and the Emergence of Analytics." Chap. 8 in Measuring Compliance: Assessing Corporate Crime and Misconduct Prevention, edited by Melissa Rorie and Benjamin van Rooij, 137–152. Cambridge University Press, 2022. View Details
- Soltes, Eugene F. "Going into the Gray: Conducting Fieldwork on Corporate Misconduct." In Inside Ethnography: Researchers Reflect on the Challenges of Reaching Hidden Populations, edited by Miriam Boeri and Rashi Shukla. Berkeley: University of California Press, 2019. View Details
- Soltes, Eugene F. "The Professionalization of Compliance." Chap. 3 in The Cambridge Handbook of Compliance, edited by Benjamin van Rooij and D. Daniel Sokol, 27–36. Cambridge Law Handbooks. Cambridge University Press, 2021. View Details
- Journal Articles
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- Soltes, Eugene F., and David H. Solomon. "Is ‘Not Guilty’ the Same as ‘Innocent’? Evidence from SEC Financial Fraud Investigations." Journal of Empirical Legal Studies 18, no. 2 (June 2021): 287–327. View Details
- Soltes, Eugene F. "Unsubstantiated Allegations and Organizational Culture." Seattle University Law Review 43, no. 2 (Winter 2020): 413–439. View Details
- Soltes, Eugene F. "The Frequency of Corporate Misconduct: Public Enforcement versus Private Reality." Journal of Financial Crime 26, no. 4 (2019): 923–937. View Details
- Soltes, Eugene. "Paper Versus Practice: A Field Investigation of Integrity Hotlines." Journal of Accounting Research 58, no. 2 (May 2020): 429–472. View Details
- Amel-Zadeh, Amir, Alexandra Scherf, and Eugene F. Soltes. "Creating Firm Disclosures." Journal of Financial Reporting 4, no. 2 (Fall 2019): 1–31. View Details
- Soltes, Eugene F. "What Can Managers Privately Disclose to Investors?" Yale Journal on Regulation Bulletin 36 (2018): 148–169. View Details
- Heinrichs, Anne, Jihwon Park, and Eugene F. Soltes. "Who Consumes Firm Disclosures? Evidence from Earnings Conference Calls." Accounting Review 94, no. 3 (May 2019): 205–231. View Details
- Soltes, Eugene F. "Evaluating the Effectiveness of Corporate Compliance Programs: Establishing a Model for Prosecutors, Courts, and Firms." NYU Journal of Law & Business 14, no. 3 (Summer 2018): 965–1011. View Details
- Soltes, Eugene F. "Teaching Versus Living: Managerial Decision Making in the Gray." Special Issue on Behavioral Ethics. Journal of Management Education 41, no. 4 (August 2017): 455–468. View Details
- Chang, Tom Y., Samuel M. Hartzmark, David H. Solomon, and Eugene F. Soltes. "Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns." Review of Financial Studies 30, no. 1 (January 2017): 281–323. View Details
- Bloomfield, Robert, Mark W. Nelson, and Eugene F. Soltes. "Gathering Data for Archival, Field, Survey, and Experimental Accounting Research." Journal of Accounting Research 54, no. 2 (May 2016): 341–395. View Details
- Solomon, David H., and Eugene F. Soltes. "What Are We Meeting For? The Consequences of Private Meetings with Investors." Journal of Law & Economics 58, no. 2 (May 2015): 325–355. View Details
- Soltes, Eugene F. "Incorporating Field Data into Archival Research." Journal of Accounting Research 52, no. 2 (May 2014): 521–540. View Details
- Soltes, Eugene F. "Private Interaction Between Firm Management and Sell-Side Analysts." Journal of Accounting Research 52, no. 1 (March 2014): 245–272. View Details
- Solomon, David H., Eugene F. Soltes, and Denis Sosyura. "Winners in the Spotlight: Media Coverage of Fund Holdings as a Driver of Flows." Journal of Financial Economics 113, no. 1 (July 2014): 53–72. View Details
- Skinner, Douglas, and Eugene F. Soltes. "What Do Dividends Tell Us About Earnings Quality." Review of Accounting Studies 16, no. 1 (March 2011). View Details
- Articles
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- Soltes, Eugene F. "Where Is Your Company Most Prone to Lapses in Integrity?" Harvard Business Review 97, no. 4 (July–August 2019): 51–54. View Details
- Chen, Hui, and Eugene Soltes. "Why Compliance Programs Fail: And How to Fix Them." Harvard Business Review 96, no. 2 (March–April 2018): 116–125. View Details
- Soltes, Eugene F., and Sara Hess. "Russia's Greatest Ponzi Mastermind Is Dead, but His Legacy Lives On in the Crypto World." Quartz (April 25, 2018). View Details
- Soltes, Eugene F. "Why It's So Hard to Train Someone to Make an Ethical Decision." Harvard Business Review (website) (January 11, 2017). View Details
- Soltes, Eugene F. "The Origins of Corporate Crimes." Wall Street Journal (October 7, 2016). View Details
- Soltes, Eugene F. "The Psychology of White-Collar Criminals." The Atlantic (December 14, 2016). View Details
- Soltes, Eugene F. "Where to Launch in Africa?" Harvard Business Review 92, nos. 7/8 (July–August 2014): 121–125. View Details
- Cases and Teaching Materials
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- Soltes, Eugene F., Grace Liu, and Muneeb Ahmed. "Should I Stay or Should I Go? Assessing Risk in Carlos Ghosn's International Escape." Harvard Business School Case 122-051, December 2021. View Details
- Soltes, Eugene, Guilhem Ros, and Grace Liu. "An Introduction to Money Laundering: 'The Hunter'." Harvard Business School Case 121-011, September 2020. View Details
- Fetter, Trevor, Eugene F. Soltes, and Grant Wahlquist. "Legal Analysis: Insider Trading Liability." Harvard Business School Background Note 320-080, December 2019. (Revised November 2023.) View Details
- Heese, Jonas, Gerardo Pérez Cavazos, Eugene F. Soltes, and Grace Liu. "Creating Accountability in Afghanistan." Harvard Business School Teaching Note 120-030, August 2019. View Details
- Heese, Jonas, Gerardo Pérez Cavazos, Eugene F. Soltes, and Grace Liu. "Creating Accountability in Afghanistan." Harvard Business School Case 120-024, August 2019. View Details
- Soltes, Eugene. "Accenture's Code of Business Ethics." Harvard Business School Teaching Note 119-058, January 2019. View Details
- Soltes, Eugene. "Accenture's Code of Business Ethics." Harvard Business School Case 119-049, January 2019. View Details
- Soltes, Eugene. "An Innovative Anti-bribery Commitment?" Harvard Business School Teaching Note 119-060, December 2018. View Details
- Soltes, Eugene. "An Innovative Anti-bribery Commitment?" Harvard Business School Case 119-039, September 2018. (Revised November 2018.) View Details
- Soltes, Eugene. "Designing a Compliance Program at AB InBev." Harvard Business School Teaching Note 118-126, May 2018. (Revised January 2019.) View Details
- Soltes, Eugene, and Brian Tilley. "Charity or Bribery?" Harvard Business School Teaching Note 118-112, May 2018. View Details
- Soltes, Eugene F., Sara Hess, and Dutch Leonard. "Learning How to Honnold." Harvard Business School Case 119-043, October 2018. View Details
- Soltes, Eugene. "Designing a Compliance Program at AB InBev." Harvard Business School Case 118-071, March 2018. (Revised April 2018.) View Details
- Soltes, Eugene, and Brian Tilley. "Charity or Bribery?" Harvard Business School Case 118-052, December 2017. View Details
- Healy, Paul, and Eugene Soltes. "Rajat Gupta." Harvard Business School Teaching Note 117-068, May 2017. View Details
- Healy, Paul, and Eugene Soltes. "Rajat Gupta." Harvard Business School Case 117-004, December 2016. (Revised April 2024.) View Details
- Soltes, Eugene F. "The Fall of the 'Fabulous Fab'." Harvard Business School Teaching Note 116-056, April 2016. (request a courtesy copy.) View Details
- Soltes, Eugene. "Stephen Richards: Addressing FAQ." Harvard Business School Case 116-036, December 2015. View Details
- Soltes, Eugene F., and Nanette Byrnes. "The Fall of the 'Fabulous Fab'." Harvard Business School Case 114-063, February 2014. View Details
- Soltes, Eugene, and Sara Hess. "Mara Group (B)." Harvard Business School Supplement 114-061, February 2014. (Revised December 2015.) View Details
- Soltes, Eugene, and Sara Hess. "Mara Group." Harvard Business School Case 114-060, February 2014. (Revised December 2015.) (request a courtesy copy.) View Details
- Soltes, Eugene F., and Sara Hess. "'When I look back…' Reflections of Bernard Madoff." Harvard Business School Background Note 114-050, February 2014. View Details
- Soltes, Eugene, and Sara Hess. "Monocle (TN)." Harvard Business School Teaching Note 113-064, February 2013. View Details
- Soltes, Eugene, and Sara Hess. "Monocle." Harvard Business School Case 113-024, July 2012. (Revised May 2013.) (request a courtesy copy.) View Details
- Soltes, Eugene, and Aldo Sesia. "Aman Resorts (Abridged)." Harvard Business School Case 112-100, June 2012. View Details
- Soltes, Eugene. "Aman Resorts and Aman Resorts (B) (TN)." Harvard Business School Teaching Note 112-008, July 2011. View Details
- Soltes, Eugene, and Aldo Sesia. "Aman Resorts." Harvard Business School Case 111-012, November 2010. (Revised April 2011.) (request a courtesy copy.) View Details
- Soltes, Eugene, and Aldo Sesia. "Aman Resorts (B)." Harvard Business School Supplement 111-015, November 2010. (Revised April 2011.) View Details
- Soltes, Eugene. "A Letter from Prison." Harvard Business School Case 110-045, December 2009. (Revised January 2024.) View Details
- Soltes, Eugene F. "A Letter from Prison (TN)." Harvard Business School Teaching Note 110-059, March 2010. (Revised January 2011.) View Details
- Soltes, Eugene F. "Spans of Control and Accountability." Harvard Business School Background Note 111-066, November 2010. (Revised December 2015.) View Details
- Working Papers
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- Durney, Michael, Hoyoun Kyung, Jihwon Park, and Eugene F. Soltes. "What Makes Managers’ Private Disclosures Informative? Evidence from Professional Investors." Working Paper, December 2023. View Details
- Awards & Honors
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Received the 2015 Charles M. Williams Award for Excellence in Teaching.Winner of the 2015 Hillcrest Behavioral Finance Award from Hillcrest Asset Management for “Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns” with Tom Chang, Samuel Hartzmark, and David Solomon.Winner of the Best Paper Award at the 2015 California Corporate Finance Conference for “Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns” with Tom Chang, Samuel Hartzmark, and David Solomon.Winner of the 2012 Best Paper Award from the Financial Research Association for "What Are We Meeting For? The Consequences of Private Meetings with Investors" with David Solomon.
- Areas of Interest
- In The News
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