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  • February 2015
  • Article

'Open' Disclosure of Innovations, Incentives and Follow-on Reuse: Theory on Processes of Cumulative Innovation and a Field Experiment in Computational Biology

By: Kevin J. Boudreau and Karim R. Lakhani
Most of society's innovation systems―academic science, the patent system, open source, etc.―are "open" in the sense that they are designed to facilitate knowledge disclosure among innovators. An essential difference across innovation systems is whether disclosure is of... View Details
Keywords: Open Innovation; Cumulative Innovation; Incentives; Search; Disclosure And Access; Knowledge Sharing; Motivation and Incentives; Collaborative Innovation and Invention
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  • Article

Core Earnings: New Data and Evidence

By: Ethan Rouen, Eric C. So and Charles C.Y. Wang
Using a novel dataset, we show that components of firms' GAAP earnings stemming from ancillary business activities or transitory shocks are significant in frequency and magnitude. These components have grown over time and are dispersed across various sections of the... View Details
Keywords: Core Earnings; Transitory Earnings; Non-operating Earnings; Quantitative Disclosures; Equity Valuation; Big Data; Business Earnings; Financial Reporting; Valuation; Analytics and Data Science
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  • July 2025
  • Case

Microsoft’s Performance Across Three CEOs

By: George Serafeim
This case traces Microsoft’s evolution from its founding through 2024. Students analyze how changes in operating segments both reflected and shaped Microsoft’s strategy, culture, and financial communication. The case provides rich quantitative exhibits (segment... View Details
Keywords: Financial Accounting; Financial Statement Analysis; Disclosure; Disclosure Strategy; Disclosure Tone; Organizational Transformations; Transformation; AI; Digital; Organizational Change; Accounting; Financial Statements; Strategy; Organizational Structure; Organizational Change and Adaptation; Technology Industry; Information Technology Industry; United States
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  • 2019
  • Working Paper

Undisclosed Debt Sustainability

By: Laura Alfaro and Fabio Kanczuk
Over the past decade, non–Paris Club creditors, notably China, have become an important source of financing for low- and middle-income countries. In contrast with typical sovereign debt, these lending arrangements are not public, and other creditors have no information... View Details
Keywords: Sovereign Debt; Transparency; Sustainability; Sovereign Finance; Borrowing and Debt; Information; China
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  • Research Summary

Undisclosed Debt Sustainability

By: Laura Alfaro
Over the past decade, non-Paris Club creditors, notably China, have become an important source of financing for low- and middle-income countries. In contrast with typical sovereign debt, these lending arrangements are not public, and other creditors have no information... View Details
  • Article

Undisclosed Debt Sustainability

By: Laura Alfaro and Fabio Kanczuk
Over the past decade, non-Paris Club creditors, notably China, have become an important source of financing for low- and middle-income countries. In contrast with typical sovereign debt, these lending arrangements are not public, and other creditors have no information... View Details
Keywords: Paris Club; Transparency; Sovereign Finance; Borrowing and Debt; International Finance
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  • February 2018 (Revised June 2021)
  • Case

New Constructs: Disrupting Fundamental Analysis with Robo-Analysts

By: Charles C.Y. Wang and Kyle Thomas
This case highlights the business challenges associated with a financial technology firm, New Constructs, that created a technology that can quickly parse complicated public firm financials to paint a clearer economic picture of firms, remove accounting distortions,... View Details
Keywords: Fundamental Analysis; Machine Learning; Robo-analysts; Financial Statements; Financial Reporting; Analysis; Information Technology; Accounting Industry; Financial Services Industry; Information Technology Industry; North America; Tennessee
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  • 2024
  • Working Paper

Scaling Core Earnings Measurement with Large Language Models

By: Matthew Shaffer and Charles CY Wang
We study the application of large language models (LLMs) to the estimation of core earnings, i.e., a firm's persistent profitability from its core business activities. This construct is central to investors' assessments of economic performance and valuations. However,... View Details
Keywords: Large Language Models; AI and Machine Learning; Accounting; Profit; Corporate Disclosure; Analytics and Data Science; Measurement and Metrics
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  • 20 Nov 2012
  • First Look

First Look: November 20

be complemented with quantitative analyses. The development of quantitative methods for the study of business models, however, has trailed that of their qualitative peers. In this paper, we develop an... View Details
Keywords: Sean Silverthorne
  • 07 May 2013
  • First Look

First Look: May 7

exhibit quantitatively similar degrees of time variation. We estimate a systematic liquidity premium in U.S. inflation-indexed yields over nominal yields, which declined from 100 bps in 1999 to 30 bps in 2005 and spiked to over 150 bps... View Details
Keywords: Carmen Nobel
  • 09 Jun 2009
  • First Look

First Look: June 9

and professional activities of academic biomedical scientists. In qualitative and quantitative analyses, we show that scientists match to their postdoctoral mentors based on two dominant factors, geography and scientific focus. They then... View Details
Keywords: Martha Lagace
  • 21 Jan 2014
  • First Look

First Look: January 21

Hervas-Drane Abstract—We analyze the implications of consumer privacy for competition in the marketplace. We consider a market where firms set prices and disclosure levels for consumer information, and consumers observe both before... View Details
Keywords: Sean Silverthorne
  • Web

Accounting & Management - Doctoral

Accounting and Management program must complete a minimum of 13 semester-long doctoral courses in the areas of business management theory, economic theory, quantitative research methods, academic field seminars, and two MBA elective... View Details
  • 12 Jul 2011
  • First Look

First Look: July 12

  PublicationsBlending Quantitative and Qualitative Methods in Organizational Research Authors:Amy C. Edmondson and Tiona Zuzul Publication:In Encyclopedia of Strategic Management, edited by D. Teece and M. Augier. London: Palgrave,... View Details
Keywords: Carmen Nobel
  • Web

Human Behavior & Decision-Making - Faculty & Research

focusing on how Chinese firms rhetorically align with the state. We introduce novel, general, and replicable quantitative measures of rhetorical alignment, using which we establish several empirical facts: (i) rhetorical alignment is... View Details
  • Web

Accounting & Management Awards & Honors - Faculty & Research

category for “Ant Financial (A)” with Feng Zhu, Ying Zhang, Anthony K. Woo, and Nancy Hua Dai (HBS Case 617-060). George Serafeim : Winner of the 2021 Richard A. Crowell Memorial Award, First Prize, from PanAgora Asset Management’s View Details
  • 11 Apr 2012
  • Research & Ideas

The High Risks of Short-Term Management

calls, an important venue for publicly listed companies to communicate with investors. Prior research has largely focused on quantitative disclosures within conference calls (namely, earnings guidance),... View Details
Keywords: by Sean Silverthorne; Financial Services
  • 24 Oct 2011
  • Research & Ideas

The Yelp Factor: Are Consumer Reviews Good for Business?

digital age is a fertile area of his research. Luca is looking at rankings, expert evaluations, online consumer reviews, and quality disclosure laws to see how they work in market settings, and which are most important for consumers. To... View Details
Keywords: by Michael Blanding; Food & Beverage
  • 21 May 2021
  • Blog Post

Alumni Spotlight: Cissy Chen (MBA 2019)

companies while US doesn’t have these types of companies and therefore the industry-specific materiality map may not be applicable. Another challenge is the lack of data and company disclosure in Asia makes View Details
  • 07 Oct 2014
  • First Look

First Look: October 7

difference across innovation systems is whether disclosure is of intermediate progress and solutions or of completed innovations. We present experimental evidence that links intermediate versus final View Details
Keywords: Sean Silverthorne