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

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

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December 1999 (Revised November 2003)
Background Note

Pricing: A Value-Based Approach

By: Robert J. Dolan

Presents a framework for determining prices for products and services in concert with the value provided to customers. Discusses methodologies for estimating customer value. View Details

Keywords: Price; Customers

May 2009 (Revised November 2010)
Case

Depreciation at Delta Air Lines: The "Fresh Start"

By: William J. Bruns Jr.

In estimating depreciation for accounting purposes, Delta Air Lines has changed its assumptions about aircraft lifespan and residual values four times in the last thirty years or so. In the most recent changes, Delta adopted fair value accounting as part of its fresh... View Details

Keywords: Accounting Policies; Accounting Procedures; Depreciation; Bankruptcy; Cost Accounting; Financial Reporting; Insolvency and Bankruptcy; Policy; Air Transportation Industry

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

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

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

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

18 Mar 2015
News

Did Fear-Mongering Make Ebola's Impact Worse?

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

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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

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

04 May 2021
Working Paper Summaries

Accounting for Product Impact in the Telecommunications Industry

Keywords: by George Serafeim and Katie Trinh; Telecommunications

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

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