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Fall 2025
Article

The Rise of Remote Work: Evidence on Productivity and Preferences from Firm and Worker Surveys

By: Alexander Bartik, Zoë Cullen, Edward L. Glaeser, Michael Luca and Christopher Stanton

Drawing on surveys of small business owners and employees, we present three main findings about the evolution of remote work after the onset of COVID-19. First, uptake of remote work was abrupt and widespread in jobs suitable for telework according to the task-based... View Details

Keywords: COVID-19; Remote Work; Health Pandemics; Jobs and Positions; Demographics; Surveys

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August 2025
Case

Must B Nutty?

By: Christina Wallace, Martha Hostetter and Alicia Dadlani

Veronica and Miguel Garza, siblings from a large Mexican-American family from Texas, founded a company in 2014 to sell the almond-flour tortillas Veronica had developed to fit her grain-free diet. Their company, Must Be Nutty, tapped into growing demand for... View Details

Keywords: Acquisition; Valuation; Family Business; Family Ownership; Small Business; Brands and Branding; Product Marketing; Distribution Channels; Market Entry and Exit; Food and Beverage Industry; United States

August 2025
Supplement

Gary Convis: Supplement to 625-003 Knowledge Transfer: Toyota, NUMMI, and GM

By: Willy C. Shih

Set of supplementaru videos featuring Gary Convis, first Plant Manager of NUMMI View Details

Keywords: Culture Change; Organizational Culture; Organizational Change and Adaptation; Factories, Labs, and Plants; Joint Ventures; Transformation; Selection and Staffing; Knowledge Acquisition; Knowledge Sharing; Labor and Management Relations; Auto Industry; Japan; United States

August 2025
Article

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

By: Olivia S. Kim, Jonathan A. Parker and Antoinette Schoar

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... View Details

Keywords: Revenue; Small Business; Health Pandemics; Spending; Consumer Behavior

July 2025
Case

Elon Musk, 2025: The Master of Big Bets?

By: David B. Yoffie

This case explores Elon Musk’s influence across business and politics in 2025, as he navigates the challenges of simultaneously leading multiple companies, such as Tesla, SpaceX, and xAI, while briefly serving in the U.S. government. It examines Musk’s high-stakes bets... View Details

Keywords: Strategy; Strategy And Leadership; Technological Innovation; Politics; Auto Industry

July 2025
Teaching Note

Hyperscaling Dreams: Ualá's Path from Startup to Fintech Champion

By: Juan Alcacer and Manuel Franck

Ualá, a fintech startup founded in Argentina in 2017 by Pierpaolo Barbieri, aimed to increase financial inclusion in Latin America through a digital platform linked to a prepaid card. After rapid success in Argentina, it expanded into Mexico and Colombia, acquiring... View Details

Keywords: Banks and Banking; Leadership; Venture Capital; Talent and Talent Management; Strategy; Credit; Business Startups; Profit; Growth and Development Strategy; Banking Industry; Argentina; Mexico; Colombia; Latin America

July 2025
Case

AeroVironment: The MacCready Works Dilemma

By: Willy Shih and Sophie Zimmerman

Scott Newbern, the head of the MacCready Works at AeroVironment (AV) faced a dilemma. The new Strix next-generation drone had just completed a very successful test. AV had launched MacCready Works to focus on transformational innovations that served new markets and new... View Details

Keywords: Organizational Dynamics; Innovation; Innovation Adoption; Organization Alignment; Organization Design; Organization Boundaries; Disruptive Innovation; Disruptive Innovations; Disruptive Technologies; Aerospace Industry; United States

July 2025
Case

The New York Liberty: Building the Business of Women’s Basketball

By: Anita Elberse and Mackenzi Curtin

In May 2025, Women’s National Basketball Association (WNBA) team the New York Liberty raised their 2024 championship banner. The team’s owners, Clara Wu Tsai and her husband Joseph Tsai, had acquired the Liberty in 2019, when the once flourishing team had seemingly hit... View Details

July 2025
Case

ICARE: Frontline Leadership at Michelin

By: Hubert Joly and Emilie Billaud

In 2025, Michelin CEO Florent Menegaux reflected on the company’s transformation since taking the helm in 2019. Amid a volatile global landscape marked by inflation, rising competition, and geopolitical and sustainability pressures, Michelin had achieved strong... View Details

July 2025
Case

Mitsui & Co., Ltd.

By: Ramon Casadesus-Masanell and Akiko Saito

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... View Details

Keywords: Strategy; Management; Operations; Organizations; Japan

July 2025
Background Note

Financing for Small Businesses in the U.S.

By: Brian Trelstad and Jonah Zahnd

2025
Chapter

An Appraisal on 'Teaching the Early History of IB at Harvard Business School'

By: Geoffrey Jones

This chapter reviews new research about the origins of International Business as an academic discipline. Contrary to conventional wisdom that it originated in economics departments in the 1960s, this research highlights the importance of teaching at Harvard Business... View Details

Keywords: Harvard Business School; International Business; Business Education

July 2025
Article

Digital Lending and Financial Well-Being: Through the Lens of Mobile Phone Data

By: AJ Chen, Omri Even-Tov, Jung Koo Kang and Regina Wittenberg-Moerman

To mitigate information asymmetry about borrowers in developing economies, digital lenders use machine-learning algorithms and nontraditional data from borrowers’ mobile devices. Consequently, digital lenders have managed to expand access to credit for millions of... View Details

Keywords: Informal Economy; Digital Banking; Mobile Phones; Developing Countries and Economies; Mobile and Wireless Technology; AI and Machine Learning; Analytics and Data Science; Credit; Borrowing and Debt; Well-being; Banking Industry; Kenya

July 2025
Module Note

Supply and Demand for Strategists

By: Quan Le, Quan Le and Quan Le

This module note introduces students to the foundational microeconomic principles of supply and demand. It uses the example of an aluminum plant (specifically, production quantity and shutdown decisions) to discuss short-run vs. long-run decisions, marginal costs, sunk... View Details

2025
Working Paper

The Extent and Drivers of Internal Agglomeration of U.S. Multi-Unit Firms

By: Juan Alcácer and Jasmina Chauvin

This paper examines the extent and determinants of internal agglomeration—the spatial clustering of establishments within firms. It introduces a novel methodology that benchmarks a firm’s spatial footprint against that of comparable stand-alone firms, yielding a... View Details

Keywords: Multi-unit Firms; Agglomeration; Spatial Organization; Economies Of Scope; Organizational Design; Diversification; Corporate Strategy; Business Units

June 2025
Case

Assessing the Offers for Seven & i Holdings

By: Benjamin C. Esty, Nobuo Sato and Akiko Kanno

In the fall of 2024, the board of Seven and i Holdings Company (7&i, the parent company of 7-Eleven convenience stores in the US, Japan, and other countries) received multiple offers to buy the company. Two successive (and unsolicited) offers came from Alimentation... View Details

Keywords: Corporate Governance; Valuation; Value Creation; Bids and Bidding; Financial Strategy; Negotiation Offer; Mergers and Acquisitions; Corporate Finance; Business Conglomerates; Leveraged Buyouts; Governing Rules, Regulations, and Reforms; Retail Industry; Food and Beverage Industry; Japan; Canada

June 2025
Case

Parque del Sendero: Repositioning in the Death Care Industry in Chile

By: Jill Avery, Andres Cuneo and Marco Bertini

Facing changing consumer behavior and shifting industry conditions, Parque del Sendero, one of largest networks of cemeteries in Chile, considers repositioning its products to appeal to a broader swath of Chilean customers to fuel growth and a more profitable business... View Details

Keywords: Consumer Behavior; Positioning; Branding; Marketing; Brands and Branding; Marketing Strategy; Service Industry; Real Estate Industry; Chile

2025
Working Paper

Public Displays of Alignment: Firm Speech in Autocratic Regimes

By: Joris Mueller, Jaya Y. Wen and Cheryl Wu

Political speech by firms is increasingly common around the world. This paper examines the government as an important, yet understudied, audience for such speech, focusing on how Chinese firms rhetorically align with the state. We introduce novel, general, and... View Details

Keywords: Business and Government Relations; Economic Systems; Power and Influence; Government Administration; Policy; China

June 2025
Case

Redefining the Edge: Jahez’s Strategic Pivot in Saudi Arabia’s Food Delivery Battle

By: Krishna G. Palepu and Ahmed Dahawy

Jahez made its mark in Saudi Arabia’s food delivery market by serving customers willing to pay more for reliable, high-quality service—a segment largely overlooked by other platforms. As the company grew, it expanded into the mass market and developed a network of... View Details

Keywords: Acquisition; Business Conglomerates; Corporate Entrepreneurship; Innovation Strategy; Digital Platforms; Logistics; Business Strategy; Competition; Competitive Strategy; Competitive Advantage; Expansion; Food and Beverage Industry; Saudi Arabia

June 2025
Teaching Plan

SWEN Blue Ocean: Impact Investing Goes to Sea

By: Vikram S Gandhi and David Allen

Teaching Plan for HBS Case No. 325-013 View Details

Keywords: Communication Technology; Green Technology; Finance; Venture Capital; Private Equity; Investment; Investment Funds; Science-Based Business; Financial Services Industry; France; Paris; Italy

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