Publications

22 Mar 2024
Research & Ideas

Open Source Software: The $9 Trillion Resource Companies Take for Granted

figure. Without open source software and their ubiquitous code-creation networks, firms would pay an estimated 3.5 times more to build the software and platforms that run their businesses, or roughly $8.8 trillion, say Harvard Business... View Details

Keywords: by Rachel Layne; Computer; Information Technology; Technology

2024
Working Paper

What Makes Players Pay? An Empirical Investigation of In-Game Lotteries

By: Tomomichi Amano and Andrey Simonov

In 2020, gamers spent more than $15 billion on loot boxes, lotteries of virtual items in video games. Paid loot boxes are contentious. Game producers argue that loot boxes complement the gameplay and expenditures on loot boxes reflect players’ enjoyment of the game.... View Details

Keywords: Consumer Behavior; Policy; Games, Gaming, and Gambling; Product Design; Ethics; Governing Rules, Regulations, and Reforms; Video Game Industry

June 1990 (Revised January 1993)
Case

Dynatronics, Inc. (Abridged)

By: Thomas R. Piper

Provides an opportunity to evaluate an investment in a new product line in strategic, competitive, organizational, and economic terms. The economic analysis involves an estimation of the relevant cash flows and discounting them at an appropriate hurdle rate. View Details

Keywords: Product; Forecasting and Prediction; Investment; Capital Budgeting

Research Summary

Economic Catastrophe Bonds

(with Joshua Coval and Erik Stafford)

The central insight of asset pricing is that a security's value depends on both its distribution of payoffs across economic states and state prices. In fixed income markets, many investors focus exclusively on estimates of... View Details

January–February 2018
Article

Inclusive Growth: Profitable Strategies for Tackling Poverty and Inequality

By: Robert S. Kaplan, George Serafeim and Eduardo Tugendhat

More than a billion people in the developing world remain in extreme poverty and outside the formal economy. Traditional CSR programs have done little to alleviate the situation and rarely produce transformative change.
Instead of trying to fix local problems,... View Details

Keywords: Inclusive Growth; Sustainability; Social Impact; Business Strategy; Shared Value; Impact Investing; Inequality; Corporate Governance; Balanced Scorecard; Strategy Execution; Economic Growth; Developing Countries and Economies; Poverty; Equality and Inequality; Corporate Social Responsibility and Impact; Strategy; Investment

Find at Harvard

Register to Read

18 Mar 2015
News

Did Fear-Mongering Make Ebola's Impact Worse?

Jorge Tamayo

Jorge Tamayo is an assistant professor of business administration in the Strategy Unit. He teaches the Strategy course in the MBA required curriculum.

Professor Tamayo is an applied microeconomist primarily interested in industrial organization and... View Details

February 2011 (Revised April 2012)
Case

Braddock Industries, Inc.

By: William E. Fruhan

This case examines the drivers of economic value creation for shareholders, and how these drivers are reflected in various incentive compensation programs for management. The case also looks at how the economic performance of business units can be evaluated using... View Details

Keywords: Business Units; Investment; Executive Compensation; Measurement and Metrics; Performance Evaluation; Business and Shareholder Relations; Motivation and Incentives; Value Creation

2008
Working Paper

Long-Run Stockholder Consumption Risk and Asset Returns

By: Christopher J. Malloy, Tobias J. Moskowitz and Annette Vissing-Jorgensen

We provide new evidence on the success of long-run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting micro-level household consumption data, we show that long-run stockholder consumption risk better captures cross-sectional... View Details

Keywords: Asset Pricing; Stocks; Investment Return; Investment Portfolio; Risk Management

December 2009
Article

Long-Run Stockholder Consumption Risk and Asset Returns

By: Christopher J. Malloy, Tobias J. Moskowitz and Annette Vissing-Jorgensen

We provide new evidence on the success of long-run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting micro-level household consumption data, we show that long-run stockholder consumption risk better captures cross-sectional variation in... View Details

Keywords: Asset Pricing; Stocks; Investment Return; Investment Portfolio; Risk Management

Find at Harvard

06 Nov 2008
Op-Ed

Selling Out The American Dream

Editor's Note: Harvard Business School professor John Quelch writes a blog on marketing issues, called Marketing Know: How, for Harvard Business Online. It is reprinted on HBS Working Knowledge. The current economic crisis has been blamed... View Details

Keywords: by John Quelch

Yifei Wu

Yifei Wu is a doctoral student in the Strategy Unit at Harvard Business School with primary research interests in innovation and entrepreneurship in emerging markets. She works with impact-driven ventures to understand challenges and frictions to successful value... View Details

Article

Corruption and Firms

By: Emanuele Colonnelli and Mounu Prem

We estimate the causal real economic effects of a randomized anti-corruption crackdown on local governments in Brazil using rich micro-data on corruption and firms. After anti-corruption audits, municipalities experience an increase in the number of firms concentrated... View Details

Keywords: Crime and Corruption; Economy; Business and Government Relations; Policy; Brazil

December 2014 (Revised March 2018)
Case

John D. Rockefeller: The Richest Man in the World

By: Tom Nicholas and Vasiliki Fouka

By the late nineteenth century scale and managerial hierarchies had extended to several major industrial sectors of the U.S. economy. Although the precise mechanisms often varied, this process mainly involved horizontal integration, some form of legal or administrative... View Details

Keywords: Horizontal Integration; Wealth; Business History; Vertical Integration; Consolidation; Personal Development and Career; Energy Industry; United States

2021
Book

The Power of Trust: How Companies Build It, Lose It, Regain It

By: Sandra J. Sucher and Shalene Gupta

Trust is the most powerful force underlying the success of every business. Yet it can be shattered in an instant, with a devastating impact on a company’s market cap and reputation. How to build and sustain trust requires fresh insight into why customers, employees,... View Details

04 May 2021
Working Paper Summaries

Accounting for Product Impact in the Telecommunications Industry

Keywords: by George Serafeim and Katie Trinh; Telecommunications

August 2013 (Revised November 2013)
Case

Gordon Brothers: Collateralizing Corporate Loans by Brands

By: Paul Healy and Maria Loumioti

The case explores the collateralization of intellectual property in a loan agreement between a highly leveraged apparel company and a large US bank. Leveraging intangibles in the credit market is a new practice that has significantly grown over the past few years.... View Details

Keywords: Intangible Assets; Accounting; Valuation; Finance; Restructuring; United States

16 Apr 2001
Research & Ideas

Breaking the Code of Change

performance along several key operational indicators (such as plant yields, quality, etc.), the company's shareholders had not seen a significant increase in the economic value of the firm. Champion's share... View Details

Keywords: by Michael Beer & Nitin Nohria

May 2004 (Revised April 2006)
Case

Ultra: The Quest for Leadership (A)

By: Dwight B. Crane and Ricardo Reisen de Pinho

Ultra is one of a small group of competing Brazilian petrochemical companies, each of which buys raw material and is a minority owner of Copene, a "cracking" company that provides ethylene and other materials. Because of an industry restructuring, an auction of shares... View Details

Keywords: Capital; Capital Budgeting; Investment; Risk and Uncertainty; Risk Management; Industry Structures; Cash Flow; Cost of Capital; Valuation; Bids and Bidding; Economy; Ownership Stake; Chemical Industry; Brazil