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- May 2022
- Article
Complex Disclosure
By: Ginger Zhe Jin, Michael Luca and Daniel Martin
We present evidence that unnecessarily complex disclosure can result from strategic incentives to shroud information. In our lab experiment, senders are required to report their private information truthfully, but can choose how complex to make their reports. We find... View Details
Keywords: Disclosure; Experiments; Naiveté; Overconfidence; Corporate Disclosure; Policy; Information; Complexity; Strategy; Consumer Behavior
Jin, Ginger Zhe, Michael Luca, and Daniel Martin. "Complex Disclosure." Management Science 68, no. 5 (May 2022): 3236–3261.
- 06 Jun 2018
- Working Paper Summaries
Complex Disclosure
- May 2021
- Article
Is No News (Perceived as) Bad News? An Experimental Investigation of Information Disclosure
By: Ginger Zhe Jin, Michael Luca and Daniel Martin
This paper uses laboratory experiments to directly test a central prediction of disclosure theory: that strategic forces can lead those who possess private information to voluntarily provide it. In a simple sender-receiver game, we find that senders disclose favorable... View Details
Keywords: Communication Games; Disclosure; Unraveling; Experiments; Information; Product; Quality; Communication; Consumer Behavior
Jin, Ginger Zhe, Michael Luca, and Daniel Martin. "Is No News (Perceived as) Bad News? An Experimental Investigation of Information Disclosure." American Economic Journal: Microeconomics 13, no. 2 (May 2021): 141–173.
- Article
Strategic Disclosure: The Case of Business School Rankings
By: Michael Luca and Jonathan Smith
We empirically analyze disclosure decisions made by 240 MBA programs about which rankings to display on their websites. We present three main findings. First, consistent with theories of countersignaling, top schools are least likely to disclose their rankings, whereas... View Details
Keywords: Voluntary Disclosure; Shrouded Attributes; Information Unraveling; Rankings; Higher Education; Corporate Disclosure; Rank and Position
Luca, Michael, and Jonathan Smith. "Strategic Disclosure: The Case of Business School Rankings." Journal of Economic Behavior & Organization 112 (April 2015): 17–25.
- 2016
- Working Paper
Managing Reputation: Evidence from Biographies of Corporate Directors
By: Ian D. Gow, Aida Sijamic Wahid and Gwen Yu
We examine how corporate directors manage reputation through disclosure choices in biographies in proxy statements filed with the SEC. Directors are more likely to withhold information about directorships at firms that experienced adverse events. Withholding such... View Details
Gow, Ian D., Aida Sijamic Wahid, and Gwen Yu. "Managing Reputation: Evidence from Biographies of Corporate Directors." Harvard Business School Working Paper, No. 17-029, October 2016.
- June 29, 2022
- Other Article
Strategic Complexity? Using Experiments to Understand and Overcome Obfuscation
By: Michael Luca, Ginger Zhe Jin and Daniel Martin
Credit card companies must decide what product features to disclose to consumers, such as payment schedules, penalties, and fees--and also whether to present them clearly or bury them in the fine print. Firms face similar choices in settings ranging from privacy... View Details
Keywords: Obfuscation; Credit Cards; Strategic Incentives; Complexity; Agreements and Arrangements; Customers; Consumer Behavior; Financial Services Industry
Luca, Michael, Ginger Zhe Jin, and Daniel Martin. "Strategic Complexity? Using Experiments to Understand and Overcome Obfuscation." Management Science Review (June 29, 2022). (Summary of "Complex Disclosure," Management Science, May 2022.)
- April 2015
- Case
Accor: Designing an Asset-Right Business and Disclosure Strategy
By: Mozaffar Khan and George Serafeim
Sebastien Bazin was now in charge of Accor, the world's largest French hotelier, a CAC 40 company with 3,600 hotels in 92 countries and a market cap of €10 billion. Previously as the European head of Colony Capital, one of the largest private equity groups and the... View Details
Khan, Mozaffar, and George Serafeim. "Accor: Designing an Asset-Right Business and Disclosure Strategy." Harvard Business School Case 115-036, April 2015.
- 2024
- Working Paper
Intrinsic Motivation and Referrals Within Firms: Evidence from a Large Microfinance Institution
By: Natalia Rigol and Benjamin N. Roth
Many organizations rely on internal referrals between employees with differing
comparative advantages. Yet when an employee encounters a lucrative opportunity,
they may be motivated to retain it even when doing so harms efficiency. We develop
a framework that... View Details
Keywords: Loan Officers; Strategic Behavior; Strategic Disclosure; Microfinance; Financial Institutions; Financing and Loans
Rigol, Natalia, and Benjamin N. Roth. "Intrinsic Motivation and Referrals Within Firms: Evidence from a Large Microfinance Institution." NBER Working Paper Series, No. 29427, October 2021. (Resubmitted, Econometrica.)
Difference in Degrees: CEO Characteristics and Firm Responses to Pressures for Disclosure
We contribute to the literature on firms' responses to institutional pressures and environmental information disclosure. We hypothesize that CEO characteristics such as education and tenure will influence firms' likelihood to voluntarily disclose environmental... View Details
- summer 2003
- Article
Patents, Invalidity, and the Strategic Transmission of Enabling Information
By: James J. Anton and Dennis A. Yao
The patent system encourages innovation and knowledge disclosure by providing exclusivity to inventors. Exclusivity is limited, however, because a substantial fraction of patents have some probability of being ruled invalid when challenged in court. The possibility of... View Details
Keywords: System; Innovation and Invention; Knowledge Dissemination; Courts and Trials; Competition; Patents; Corporate Disclosure
Anton, James J., and Dennis A. Yao. "Patents, Invalidity, and the Strategic Transmission of Enabling Information." Journal of Economics & Management Strategy 12, no. 2 (summer 2003): 151–178. (Harvard users click here for full text.)
- 22 Apr 2015
- Working Paper Summaries
Is No News (Perceived as) Bad News? An Experimental Investigation of Information Disclosure
- July 2002
- Article
The Sale of Ideas: Strategic Disclosure, Property Rights, and Contracting
By: James J. Anton and Dennis A. Yao
Ideas are difficult to sell when buyers cannot assess an idea's value before it is revealed and sellers cannot protect a revealed idea. These problems exist in a variety of intellectual property sales ranging from pure ideas to poorly protected inventions and reflect... View Details
Anton, James J., and Dennis A. Yao. "The Sale of Ideas: Strategic Disclosure, Property Rights, and Contracting." Review of Economic Studies 69, no. 3 (July 2002): 513–531. (Harvard users click here for full text.)
- March–April 2016
- Article
Scrutiny, Norms, and Selective Disclosure: A Global Study of Greenwashing
By: Christopher Marquis, Michael W. Toffel and Yanhua Zhou
Under increased pressure to report environmental impacts, some firms selectively disclose relatively benign impacts, creating an impression of transparency while masking their true performance. We identify key company- and country-level factors that limit firms' use of... View Details
Keywords: Disclosure Strategy; Disclosure; Environmental Performance; Environmental Strategy; Environment; Symbolic; Reporting; Corporate Disclosure; Integrated Corporate Reporting; Corporate Social Responsibility and Impact
Marquis, Christopher, Michael W. Toffel, and Yanhua Zhou. "Scrutiny, Norms, and Selective Disclosure: A Global Study of Greenwashing." Organization Science 27, no. 2 (March–April 2016): 483–504. (Formerly titled "When Do Firms Greenwash? Corporate Visibility, Civil Society Scrutiny, and Environmental Disclosure.")
- February 2017 (Revised June 2017)
- Case
ExxonMobil: Business as Usual? (A)
By: George Serafeim, Shiva Rajgopal and David Freiberg
Climate change was becoming an important societal and business issue as more governments were introducing climate change related regulations and investors became increasibly worried about stranded assets within oil and gas firms. In September 2016, the U.S. Securities... View Details
Keywords: Oil ＆ Gas; Oil Prices; Oil Companies; Asset Impairment; Predictive Analytics; Sustainability; Environmental Impact; Innovation; Disclosure; Accounting; Valuation; Climate Change; Renewable Energy; Environmental Sustainability; Financial Reporting; Energy Industry
Serafeim, George, Shiva Rajgopal, and David Freiberg. "ExxonMobil: Business as Usual? (A)." Harvard Business School Case 117-046, February 2017. (Revised June 2017.)
- Forthcoming
- Article
Differentiating on Diversity: How Disclosing Workforce Diversity Influences Consumer Choice
By: Maya Balakrishnan, Jimin Nam and Ryan W. Buell
Companies are facing increased pressure to “walk the talk” on diversity, equity, and inclusion (DEI) in their operations. One specific call-to-action from stakeholders is the public disclosure of EEO-1s. Companies with 100+ employees are federally mandated to annually... View Details
Balakrishnan, Maya, Jimin Nam, and Ryan W. Buell. "Differentiating on Diversity: How Disclosing Workforce Diversity Influences Consumer Choice." Production and Operations Management (forthcoming). (Pre-published online March 7, 2024.)
- July 2005
- Case
Leading Anadarko
By: Nitin Nohria, Krishna G. Palepu and David Lane
Describes the challenges facing Jim Hackett, the newly appointed CEO of Anadarko Petroleum, an independent oil and gas exploration company. In addition to strategic and organizational issues, Hackett must address concerns about proper disclosure of the company's oil... View Details
Keywords: Management Teams; Strategy; Organizations; Corporate Disclosure; Problems and Challenges; Mining Industry; Energy Industry
Nohria, Nitin, Krishna G. Palepu, and David Lane. "Leading Anadarko." Harvard Business School Case 406-014, July 2005.
- August 2016 (Revised January 2017)
- Case
Accounting for the iPhone Upgrade Program (A)
By: Jonas Heese, Krishna G. Palepu, H. David Sherman and Monica Baraldi
On September 9, 2015, Apple Inc. announced the “iPhone Upgrade Program,” a new way to purchase iPhone models 6s and 6s Plus in Apple’s retail stores throughout the U.S. Next to the strategic implications of the Upgrade Program, financial analysts tried to understand... View Details
Keywords: Accounting; Apple Inc.; iPhone 6s; International Accounting; Electronics Industry; California; United States
Heese, Jonas, Krishna G. Palepu, H. David Sherman, and Monica Baraldi. "Accounting for the iPhone Upgrade Program (A)." Harvard Business School Case 117-020, August 2016. (Revised January 2017.)
- 25 Oct 2016
- First Look
October 25, 2016
strategic disclosure choices that have real consequences in both capital and labor markets. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=51784 Ideological Segregation among Online... View Details
Keywords: Sean Silverthorne
- September – October 2011
- Article
The Rise and Consequences of Corporate Sustainability Reporting
By: Ioannis Ioannou and George Serafeim
For many decades the cornerstone of corporate reporting has been financial information that is presented in a company's annual, semi-annual, and quarterly reports. These comprehensive financial reports—required by law for public companies in most countries... View Details
Keywords: Sustainability; ESG Reporting; Governing Rules, Regulations, and Reforms; Annual Reports; Operations; Strategy; Business and Shareholder Relations; Business and Stakeholder Relations; Performance; Business Model; Corporate Social Responsibility and Impact; Corporate Disclosure
Ioannou, Ioannis, and George Serafeim. "The Rise and Consequences of Corporate Sustainability Reporting." European Business Review (September–October 2011): 38–41.
- 10 Nov 2016
- Working Paper Summaries