Publications

November 2023
Article

When Executives Pledge Integrity: The Effect of the Accountant's Oath on Firms' Financial Reporting

By: Jonas Heese, Gerardo Pérez Cavazos and Caspar David Peter

We study the effect of executives’ pledges of integrity on firms’ financial reporting outcomes by exploiting a 2016 regulation that requires holders of Dutch professional accounting degrees to pledge an integrity oath. We identify chief executive officers (CEOs) and... View Details

Keywords: Integrity; Financial Reporting; Accounting; Earnings Management

19 Apr 2011
Working Paper Summaries

Top Executive Background and Financial Reporting Choice: The Case of Goodwill Impairment

Keywords: by Francois Brochet & Kyle Welch; Accounting

2016
Working Paper

Financial Regulation in a Quantitative Model of the Modern Banking System

By: Juliane Begenau and Tim Landvoigt

How does the shadow banking system respond to changes in the capital regulation of commercial banks? This paper builds a quantitative general equilibrium model with commercial banks and shadow banks to study the unintended consequences of capital requirements. A key... View Details

Keywords: Capital; Commercial Banking

Web

Leadership, Ethics, and Corporate Accountability Course | HBS Online

This course is part of the Business in Society and Leadership & Management track. Introduction to Leadership, Ethics, and Corporate Accountability ENROLL NOW No application... View Details

02 Feb 2023
Research & Ideas

Why We Still Need Twitter: How Social Media Holds Companies Accountable

“easy to document” violations compared to more complicated financial misconduct, Heese says. “An accounting fraud or a tax fraud, which we would... View Details

Keywords: by Kasandra Brabaw; Technology

Web

Banking System - Behavioral Finance & Financial Stability

Income from trading activities was strongly negative in several years during the financial crisis. Source: Bank Holding Company Y9C Data Accounting Measures of Risk The ratio of risk-weighted assets View Details

24 Nov 2020
Working Paper Summaries

Accounting for Product Impact in the Consumer Finance Industry

Keywords: by George Serafeim and Katie Trinh; Financial Services

March 2025
Article

Do Public Financial Statements Influence Private Equity and Venture Capital Financing?

By: Brian K. Baik, Natalie Berfeld and Rodrigo S. Verdi

We study whether private firm public financial statements influence the probability of raising venture capital (VC) and private equity (PE) financing. In particular, we propose that private firms’ public financial statements can help the VC/PE search process by... View Details

Keywords: Business Economics; Search Costs; Accounting; Venture Capital; Governance; Private Equity; Financial Statements

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

Educators

Web

Supplemental Financial Information | Annual Report 2024

Supplemental Financial Information Financial Overview Harvard Business School’s economic model is designed to support the School’s mission of educating leaders who make a... View Details

01 Jun 2006
News

HBS Annual Report Details Strong Financial Growth

marking a peak year for investment in facilities. Two major projects accounted for most of the capital outlay: $38 million for restoration and expansion of Baker Library, and $21 million for Aldrich Hall renovations. View Details

Keywords: Colleges, Universities, and Professional Schools; Educational Services

14 Jun 2020
News

The Surprising Way Companies Can Shore Up Their Financial Strength

16 Nov 2018
News

HBS Conference Marks 10th Anniversary of 2008 Global Financial Crisis

Web

Strategic Financial Analysis Online Course | HBS Online

This course is part of the Finance & Accounting track. Introduction to Strategic Financial Analysis ENROLL NOW No application needed for our... View Details

23 Jun 2025
News

Hoover Convenes Financial Regulation Scholars, Industry Leaders, And Regulators To Discuss The Rise Of Non-Bank Lending

Research Summary

Overview

Research about the design and use of internal performance measurement and control systems to implement strategies, align incentives, manage risks, and shape culture using accounting measurement and priorities. In addition, my research includes understanding how and... View Details

Keywords: Corporate Governance; Strategic Change; Accounting Red Flags; Accountability

January 2011 (Revised July 2011)
Case

Accounting for Catastrophes: BP PLC and Union Carbide Corporation (A)

By: David F. Hawkins

The IASB and FASB propose new contingency loss recognition, measurement, and disclosure rules (A case). The B and C cases apply these proposals to British Petroleum's Mexican Gulf oil spill and Union Carbide's Bhophal gas discharge. View Details

Keywords: Financial Reporting; International Accounting; Trade; International Finance; Standards; Strength and Weakness; Natural Disasters; Crisis Management; Governance Controls; Governing Rules, Regulations, and Reforms; Energy Industry; India

Educators

Purchase

October 2013 (Revised December 2015)
Case

Alcoa's Bid for Alcan (A)

By: Paul Healy and Penelope Rossano

In spring 2007, Alcoa CEO Alain Belda was concerned about the company's market position in light of increased competition from developing markets. China's recent entry into the aluminum market was affecting both supply and demand. Furthermore, downstream and upstream... View Details

Keywords: Acquisitions; Strategy; Aluminum; Accounting; Financials; Alcoa; Rio Tinto; Alcan; Metals and Minerals; Competition; Consolidation; Emerging Markets; Acquisition; Financial Statements; Manufacturing Industry; Canada; China; Russia