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      • September 2025
      • Article

      Sticky Capital Controls

      By: Miguel Acosta-Henao, Laura Alfaro and Andrés Fernández
      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... View Details
      Keywords: Capital Controls; Macroprudential Policies; Stickiness; Intensive; (S, S) Costs; Capital; Management; Macroeconomics; Governance Controls; Mathematical Methods
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      Acosta-Henao, Miguel, Laura Alfaro, and Andrés Fernández. "Sticky Capital Controls." Art. 104104. Journal of International Economics 157 (September 2025).
      • 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
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      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).
      • July 2025
      • Teaching Note

      Silicon Valley Bank: Gone in 36 Hours

      By: Jung Koo Kang, Krishna G. Palepu and Charles C.Y. Wang
      Keywords: Accounting Standards; Bank Runs; Financial Accounting; Financial Reporting; Social Media; Banks and Banking; Financing and Loans; Investment Portfolio; Interest Rates; Debt Securities; Risk and Uncertainty; Financial Statements; Risk Management; Financial Services Industry; United States
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      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.
      • 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
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      Chen, AJ, Omri Even-Tov, Jung Koo Kang, and Regina Wittenberg-Moerman. "Digital Lending and Financial Well-Being: Through the Lens of Mobile Phone Data." Accounting Review 100, no. 4 (July 2025): 135–159.
      • June 2025
      • Case

      Bessemer Venture Partners (2025)

      By: Jo Tango and Srimayi Mylavarapu
      Bessemer Venture Partners, one of the oldest venture capital firms in the United States, had long been known for its decentralized culture and thesis-driven investing. An internal debate had surfaced around the firm’s approach to seed-stage investing. With competitors... View Details
      Keywords: Venture Capital
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      Tango, Jo, and Srimayi Mylavarapu. "Bessemer Venture Partners (2025)." Harvard Business School Case 825-209, June 2025.
      • 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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      Gandhi, Vikram S., and David Allen. "SWEN Blue Ocean: Impact Investing Goes to Sea." Harvard Business School Teaching Plan 325-063, June 2025.
      • 2025
      • Working Paper

      Heterogeneous Beliefs and Stock Market Fluctuations

      By: Odhrain McCarthy and Sebastian Hillenbrand
      This paper examines the role of heterogeneous investor beliefs in explaining stock market puzzles. Using survey data, we show that individual investors and investment professionals, such as equity analysts and strategists, form distinct beliefs. These groups rely on... View Details
      Keywords: Financial Markets; Valuation; Stocks; Asset Pricing; Investment; Behavioral Finance
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      McCarthy, Odhrain, and Sebastian Hillenbrand. "Heterogeneous Beliefs and Stock Market Fluctuations." Working Paper, June 2025. (WFA Brattle Group Ph.D. Award for Outstanding Research.)
      • 2025
      • Working Paper

      Cash Flow Volatility, Return Predictability and Stock Price Decompositions: Why You Should Scale Prices by Trend Cash Flows

      By: Sebastian Hillenbrand and Odhrain McCarthy
      We address two inconvenient facts in asset pricing: (i) valuation ratios are often more related to future cash flows than to returns, and (ii) they mostly fail to predict returns. We show that these issues arise because stock prices are scaled by cash flows that... View Details
      Keywords: Cash Flow; Volatility; Investment Return; Asset Pricing; Forecasting and Prediction; Valuation; Stocks
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      Hillenbrand, Sebastian, and Odhrain McCarthy. "Cash Flow Volatility, Return Predictability and Stock Price Decompositions: Why You Should Scale Prices by Trend Cash Flows." Working Paper, June 2025.
      • June 2025
      • Technical Note

      Fair Value Accounting for Debt Securities and Loan Assets

      By: Jung Koo Kang, Krishna G. Palepu and Charles CY Wang
      Keywords: Fair Value Accounting; Debt Securities
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      Kang, Jung Koo, Krishna G. Palepu, and Charles CY Wang. "Fair Value Accounting for Debt Securities and Loan Assets." Harvard Business School Technical Note 125-120, June 2025.
      • June 2025
      • Case

      TagHive: Edtech Pricing and Distributor Decisions

      By: Isamar Troncoso, Frank V. Cespedes and Stacy Straaberg
      Education technology (edtech) company TagHive, founded in 2017, used a direct sales team and third-party distributors to sell its Class Saathi hardware and software solution to 300 clients, mainly primary and secondary schools in India. The product aimed to improve... View Details
      Keywords: Business Model; Marketing Channels; Marketing Strategy; Product Marketing; Social Marketing; Information Infrastructure; Information Technology; Internet and the Web; Mobile and Wireless Technology; Technology Adoption; Education; Teaching; Price; Customer Relationship Management; Customer Satisfaction; Growth and Development; Technological Innovation; Education Industry; Technology Industry; India; South Korea
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      Troncoso, Isamar, Frank V. Cespedes, and Stacy Straaberg. "TagHive: Edtech Pricing and Distributor Decisions." Harvard Business School Case 525-001, June 2025.
      • June 2025
      • Case

      TfL Pension Fund and the 2022 Gilt Market Crisis

      By: Emil N. Siriwardane, Vincent Dessain, Emer Moloney and Carlota Moniz
      On September 27, 2022, Padmesh Shukla, CIO of the Transport for London (TfL) Pension Fund, was keeping a careful eye on the turmoil in the U.K. sovereign bond (or gilt) market. When the new government announced the largest tax cuts the U.K. had seen in half a century,... View Details
      Keywords: Financial Crisis; Macroeconomics; Assets; Asset Management; Borrowing and Debt; Corporate Finance; Capital Markets; Equity; Public Equity; Private Equity; Financial Liquidity; Financial Instruments; Debt Securities; Credit Derivatives and Swaps; Bonds; Stocks; Financial Strategy; Interest Rates; Governance; Governing and Advisory Boards; Crisis Management; Resource Allocation; Investment; Financial Services Industry; United Kingdom; England; London; Europe
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      Siriwardane, Emil N., Vincent Dessain, Emer Moloney, and Carlota Moniz. "TfL Pension Fund and the 2022 Gilt Market Crisis." Harvard Business School Case 225-098, June 2025.
      • 2025
      • Working Paper

      Fiscal Externalities of Transaction Taxes: Evidence from the Los Angeles Mansion Tax

      By: Daniel Green, Vikram Jambulapati, Jack Liebersohn and Tejaswi Velayudhan
      We estimate the fiscal externalities of a property transfer tax, the Los Angeles “Mansion Tax”, on the revenues from property taxes when assessed values are closely tied to transactions. In California, as in over half of U.S. states, growth in tax as- sessments... View Details
      Keywords: Public Finance; Real Estate; Property Demand; Taxation; Property; Revenue; Los Angeles
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      Green, Daniel, Vikram Jambulapati, Jack Liebersohn, and Tejaswi Velayudhan. "Fiscal Externalities of Transaction Taxes: Evidence from the Los Angeles Mansion Tax." SSRN Working Paper Series, No. 5273034, June 2025.
      • 2025
      • Working Paper

      Street Earnings: Implications for Asset Pricing

      By: Sebastian Hillenbrand and Odhrain McCarthy
      To address the excess volatility puzzle – the excessive movements in stock prices – researchers often study movements in valuation ratios. However, we demonstrate that movements in valuation ratios based on fundamental measures with high transitory volatility, such as... View Details
      Keywords: Investment Return; Asset Pricing; Valuation; Measurement and Metrics; Stocks
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      Hillenbrand, Sebastian, and Odhrain McCarthy. "Street Earnings: Implications for Asset Pricing." Working Paper, June 2025.
      • Summer 2025
      • Article

      Dynamic Competition for Customer Memberships

      By: Cristian Chica, Julian Jimenez-Cardenas and Jorge Tamayo
      A competitive two-period membership (subscription) market is analyzed. Two symmetric firms charge a “membership” fee that allows consumers to buy products or services at a given unit price for both periods. Firms can choose between long- or short-term memberships. When... View Details
      Keywords: Competitive Price Discrimination; Membership; Dynamic Competition; Competition; Price; Consumer Behavior; Business Model
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      Chica, Cristian, Julian Jimenez-Cardenas, and Jorge Tamayo. "Dynamic Competition for Customer Memberships." Journal of Economics & Management Strategy 34, no. 2 (Summer 2025): 525–556.
      • June 2025
      • Article

      Integral Outside: The Financial Curb Market, the Electric Telegraph, and the Politics of Pricing in Second Empire France

      By: Charlotte Robertson
      Financial markets in nineteenth-century France were far more complex than an analysis of the official Bourse or its state-authorized brokers would suggest. Most financial transactions occurred on an illegal yet tacitly tolerated curb market called the coulisse, which... View Details
      Keywords: Financial Markets; History; Communication Technology; Knowledge Dissemination; France
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      Robertson, Charlotte. "Integral Outside: The Financial Curb Market, the Electric Telegraph, and the Politics of Pricing in Second Empire France." Journal of Modern History 97, no. 2 (June 2025): 307–347.
      • June 2025
      • Article

      Passive Ownership and Price Informativeness

      By: Marco Sammon
      I show that passive ownership negatively affects the degree to which stock prices anticipate earnings announcements. Estimates across several research designs imply that the rise in passive ownership over the last 30 years has caused the amount of information... View Details
      Keywords: Passive Ownership; ETFs; Market Efficiency; Price; Investment Funds; Stocks; Communication
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      Sammon, Marco. "Passive Ownership and Price Informativeness." Management Science 71, no. 6 (June 2025): 4582–4598.
      • June 2025
      • Article

      Social Security and Trends in Wealth Inequality

      By: Sylvain Catherine, Max Miller and Natasha Sarin
      Recent influential work finds large increases in inequality in the U.S. based on measures of wealth concentration that notably exclude the value of social insurance programs. This paper shows that top wealth shares have not changed much over the last three decades when... View Details
      Keywords: Wealth; Equality and Inequality; Taxation; Insurance; Welfare
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      Catherine, Sylvain, Max Miller, and Natasha Sarin. "Social Security and Trends in Wealth Inequality." Journal of Finance 80, no. 3 (June 2025): 1497–1531.
      • June 2025
      • Case

      Vail Resorts: Responding to Activist Pressure (A)

      By: Benjamin C. Esty and Edward A. Meyer
      On January 27, 2025, the head of a relatively small hedge fund named Late Apex Partners sent a highly critical letter to the board of directors of Vail Resorts, the world’s largest ski resort operator. In his letter, and the 88-slide presentation that accompanied his... View Details
      Keywords: Corporate Finance; Capital Budgeting; Corporate Governance; Competitive Advantage; Competitive Strategy; Leading Change; Valuation; Investment Activism; Climate Change; Management Succession; Financial Management; Risk Management; Business and Shareholder Relations; Sports Industry; Entertainment and Recreation Industry; Travel Industry; United States; Australia; Canada
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      Esty, Benjamin C., and Edward A. Meyer. "Vail Resorts: Responding to Activist Pressure (A)." Harvard Business School Case 225-082, June 2025.
      • June 2025
      • Article

      What Board-level Control Mechanisms Changed in Banks Following the 2008 Financial Crisis? A Descriptive Study

      By: Shelly Li, Shivram Rajgopal, Suraj Srinivasan and Yu Ting Forester Wong
      Following the 2008 financial crisis, the Financial Crisis Inquiry Commission (FCIC) identified major shortcomings in bank board governance, contributing to systemic risk management failures. This study adapts a management control framework and empirically examines... View Details
      Keywords: Board Of Directors; Management Control; Governing and Advisory Boards; Governance Controls; Risk Management; Change Management; Banks and Banking; Financial Crisis
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      Li, Shelly, Shivram Rajgopal, Suraj Srinivasan, and Yu Ting Forester Wong. "What Board-level Control Mechanisms Changed in Banks Following the 2008 Financial Crisis? A Descriptive Study." Art. 101596. Accounting, Organizations and Society 114 (June 2025).
      • 2025
      • Working Paper

      An Empirical Examination of Business Climate Alliances: Effective and/or Harmful?

      By: Matteo Gasparini and Peter Tufano
      This research studies business alliances that seek to address climate change, offering empirical evidence to address claims advanced by alliance supporters and critics. We study eleven major alliances mostly focused on financial services firms and 424 major... View Details
      Keywords: Antitrust; Climate Change; Financial Institutions; Competition; Network Effects; Alliances
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      Gasparini, Matteo, and Peter Tufano. "An Empirical Examination of Business Climate Alliances: Effective and/or Harmful?" Harvard Business School Working Paper, No. 25-060, May 2025.
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