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      • June 2025
      • Case

      The Value of Art on Campus as a Vision for Educating Leaders Who Make a Difference

      By: James Riley, Alexis Lefort and Helen Yap
      This case explores the debate surrounding the installation of a large contemporary sculpture, Inés by Jaume Plensa, at Harvard Business School under the leadership of Dean Nitin Nohria. Set in 2016, the case examines the role of physical campus design and public art in... View Details
      Keywords: Leadership; Mission and Purpose; Organizational Culture; United States
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      Riley, James, Alexis Lefort, and Helen Yap. "The Value of Art on Campus as a Vision for Educating Leaders Who Make a Difference." Harvard Business School Case 425-110, June 2025.
      • June 2025
      • Case

      (Family) Size Matters: Nico Oprée and the Decreasing Power of Family Unity over Time

      By: Lauren Cohen, Octavian Graf Pilati, Dominik V. Eynern and Sophia Pan
      Nico Oprée, a fourth-generation (G4) member of his family’s heavy manufacturing business, found himself reflecting on how the firm would navigate a deepening shareholder conflict. While the second generation (G2) had managed the business in harmony, dynamics shifted... View Details
      Keywords: Ownership; Family Businesses; Family; Family Functioning And Support; Family Business; Family and Family Relationships; Family Ownership; Acquisition; Governance; Resignation and Termination; Leadership Style; Management Succession; Size; Negotiation Offer; Private Ownership; Business and Shareholder Relations; Trust; Conflict of Interests; Conflict Management; Manufacturing Industry; Germany
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      Cohen, Lauren, Octavian Graf Pilati, Dominik V. Eynern, and Sophia Pan. "(Family) Size Matters: Nico Oprée and the Decreasing Power of Family Unity over Time." Harvard Business School Case 225-094, June 2025.
      • June 2025
      • Teaching Note

      Steem versus Hive: Testing Blockchain Governance

      By: Shikhar Ghosh and Shweta Bagai
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      Ghosh, Shikhar, and Shweta Bagai. "Steem versus Hive: Testing Blockchain Governance." Harvard Business School Teaching Note 825-172, June 2025.
      • June 2025
      • Case

      Transforming a Titan (A)

      By: George Serafeim and Lena Duchene
      Dimitri Papalexopoulos, fourth-generation CEO of TITAN Cement, must decide whether to keep leading the 120-year-old, family-controlled firm or hand the reins to new management. Over 26 years he has turned TITAN from a domestic player into an internationally diversified... View Details
      Keywords: AI; Artificial Intelligence; Digitalization; Digital; Family Firms; Leadership; Succession; Succession Planning; CEO Succession; CEO Role; Decarbonization; Resilience; Innovation; Organizational Transformations; AI and Machine Learning; Digital Strategy; Digital Transformation; Family Business; Family Ownership; Climate Change; Transformation; Crisis Management; Industrial Products Industry; Construction Industry; Greece; Europe; United States
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      Serafeim, George, and Lena Duchene. "Transforming a Titan (A)." Harvard Business School Case 125-121, June 2025.
      • June 2025
      • Supplement

      Transforming a Titan (B)

      By: George Serafeim and Lena Duchene
      After a global search the board appoints Marcel Cobuz—ex-LafargeHolcim executive with deep innovation experience—as TITAN’s first non-family CEO. Cobuz co-creates a four-pillar roadmap: sharpen the core cement portfolio, accelerate low-carbon products and aggregates,... View Details
      Keywords: AI; Artificial Intelligence; CEO Succession; CEO Role; Family Business
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      Serafeim, George, and Lena Duchene. "Transforming a Titan (B)." Harvard Business School Supplement 125-122, June 2025.
      • June 2025
      • Case

      Scale AI Scales Up

      By: Boris Groysberg and Sarah L. Abbott
      Scale AI, the data labeling and AI infrastructure company, had grown rapidly since it was founded in 2016; however, as Scale’s generative AI business was taking off, Alexandr Wang, Scale’s founder and CEO, became concerned that Scale was slowing down. Wang and the... View Details
      Keywords: Artificial Intelligence; Technology And Innovation Management; Start-ups; Entrepreneur; Managing Growth; Hiring; Generative Ai; Data Labeling; Scale; AI and Machine Learning; Entrepreneurship; Talent and Talent Management; Growth Management; Leadership; Culture; Technology Industry; United States
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      Groysberg, Boris, and Sarah L. Abbott. "Scale AI Scales Up." Harvard Business School Case 425-082, June 2025.
      • June 2025
      • Teaching Note

      To Found or to Cofound? That Is the Question

      By: Christina Wallace and Stacy Straaberg
      Teaching Note for HBS Case No. 824-034. Entrepreneurs often struggle with the question of whether to found solo or alongside one or more cofounders. This case is comprised of three vignettes detailing common founding scenarios: the first-time technical founder; the... View Details
      Keywords: Business Startups; Decisions; Partners and Partnerships; Entrepreneurship; Fashion Industry; Financial Services Industry; Technology Industry; United States
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      Wallace, Christina, and Stacy Straaberg. "To Found or to Cofound? That Is the Question." Harvard Business School Teaching Note 825-148, June 2025.
      • June 2025
      • Supplement

      Full-Funnel Advertising on TikTok: An Experiment

      By: Jeremy Yang and Ayelet Israeli
      TikTok’s Marketing Science team developed a new type of advertising strategy beyond branding and performance advertising, called full-funnel advertising. Branding ads focused on brand building at the top of the funnel by generating consumer awareness, while performance... View Details
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      Yang, Jeremy, and Ayelet Israeli. "Full-Funnel Advertising on TikTok: An Experiment." Harvard Business School Spreadsheet Supplement 525-721, June 2025.
      • June 2025
      • Exercise

      Full-Funnel Advertising on TikTok: An Experiment

      By: Jeremy Yang and Ayelet Israeli
      TikTok’s Marketing Science team developed a new type of advertising strategy beyond branding and performance advertising, called full-funnel advertising. Branding ads focused on brand building at the top of the funnel by generating consumer awareness, while performance... View Details
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      Yang, Jeremy, and Ayelet Israeli. "Full-Funnel Advertising on TikTok: An Experiment." Harvard Business School Exercise 525-066, June 2025.
      • June 2025
      • Exercise

      Full-Funnel Advertising on TikTok: An Experiment (Solution)

      By: Jeremy Yang and Ayelet Israeli
      TikTok’s Marketing Science team developed a new type of advertising strategy beyond branding and performance advertising, called full-funnel advertising. Branding ads focused on brand building at the top of the funnel by generating consumer awareness, while performance... View Details
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      Yang, Jeremy, and Ayelet Israeli. "Full-Funnel Advertising on TikTok: An Experiment (Solution)." Harvard Business School Exercise 525-067, June 2025.
      • June 2025
      • Case

      Khabar Lahariya

      By: Ranjay Gulati and Kanika Jain
      Founded and run entirely by women, Khabar Lahariya was a leading digital media portal, known for its uniquely feminist perspective and rural focus. It started in 2002 as a non-profit print publication, and by 2023, had evolved into a multimedia news site that was part... View Details
      Keywords: South Asia; India; Purpose; Strategy; Business Model; Leadership; Digital; Business Ventures; Change; Decision Making; Growth and Development; Management; Media; Social Enterprise; Journalism and News Industry; Journalism and News Industry; Journalism and News Industry; Asia
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      Gulati, Ranjay, and Kanika Jain. "Khabar Lahariya." Harvard Business School Case 425-109, June 2025.
      • June 2025
      • Case

      Accounting for OpenAI at Microsoft

      By: Jonas Heese, Joseph Pacelli, Nicole Zelazko and Michael Norris
      In early 2025, Microsoft was evaluating the impact of its $14 billion investment in OpenAI. As OpenAI’s computing needs expanded, Microsoft positioned Azure as the exclusive provider for training and inference of their large language models. Despite the scale of the... View Details
      Keywords: Accounting; Financial Reporting; Revenue Recognition; Corporate Finance; Capital; Investment; Revenue; AI and Machine Learning; Valuation; Governance; Technology Industry; Financial Services Industry; Web Services Industry; Information Technology Industry; United States
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      Heese, Jonas, Joseph Pacelli, Nicole Zelazko, and Michael Norris. "Accounting for OpenAI at Microsoft." Harvard Business School Case 125-118, June 2025.
      • June 2025
      • Case

      Power Struggles: Hydro-Quebec’s Energy Dilemma

      By: Juan Alcacer and Danika Couture-Peck
      In 2024, Maxime Aucoin, Executive Vice President and CFO of Hydro-Quebec, faced a series of compounding challenges as the utility confronted rapidly rising electricity demand, public pricing constraints, and strained stakeholder relationships. As the steward of... View Details
      Keywords: Renewable Energy; Infrastructure; State Ownership; Vertical Integration; Energy; Energy Industry; Canada
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      Alcacer, Juan, and Danika Couture-Peck. "Power Struggles: Hydro-Quebec’s Energy Dilemma." Harvard Business School Case 725-468, June 2025.
      • 2025
      • Working Paper

      Small Business Innovation Applied to National Needs

      By: Kyle Myers, Lauren Lanahan and Evan E. Johnson
      Small businesses have long supplied a disproportionate share of major innovations in the United States. We review a centerpiece policy on this topic: the U.S. Small Business Innovation Research (SBIR) program. We trace its legislative history and summarize program... View Details
      Keywords: Small Business; Innovation and Invention; Government Legislation; Entrepreneurial Finance; Business and Government Relations
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      Myers, Kyle, Lauren Lanahan, and Evan E. Johnson. "Small Business Innovation Applied to National Needs." Harvard Business School Working Paper, No. 25-062, 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; Financial Liquidity; Financial Instruments; Financial Strategy; Interest Rates; 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

      How Firms Respond to Worker Activism: Evidence from Global Supply Chains

      By: Yanhua Bird, Jodi L. Short and Michael W. Toffel
      Social movement pressures can lead organizations to concede and improve social performance to avoid disruption costs, but we theorize that such responses evoke concession costs that prompt organizations to shift resources and attention from other social domains whose... View Details
      Keywords: Worker Activism; Labor Standards; Tradeoffs; Global Supply Chains; Internal Governance Structure; Public Opinion; Supply Chain; Corporate Accountability; Corporate Social Responsibility and Impact; Working Conditions
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      Bird, Yanhua, Jodi L. Short, and Michael W. Toffel. "How Firms Respond to Worker Activism: Evidence from Global Supply Chains." Harvard Business School Working Paper, No. 25-061, June 2025.
      • June 4, 2025
      • Editorial

      Employee Stress Is a Business Risk—Not an HR Problem

      By: Marion Chomse, Lydia Roos, Reeva Misra and Ashley Whillans
      Workplace stress, on the rise for decades, has been treated by many organizations as a personal issue instead of a business-critical risk that merits executive oversight. This is likely due in part to the fact that companies have not effectively quantified and tracked... View Details
      Keywords: Employees; Well-being; Risk Management; Competitive Advantage
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      Chomse, Marion, Lydia Roos, Reeva Misra, and Ashley Whillans. "Employee Stress Is a Business Risk—Not an HR Problem." Harvard Business Review (website) (June 4, 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.
      • June 2025
      • Teaching Note

      Paul Weiss: Fighting or Negotiating with POTUS

      By: Eugene Soltes and Anthea Brady
      This note was prepared by Professor Eugene Soltes and Research Associate Anthea Brady for the purpose of aiding classroom instructors in the use of “Paul Weiss: Fighting or Negotiating with POTUS,” HBS No. 125-098. It provides analysis and questions that are intended... View Details
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      Soltes, Eugene, and Anthea Brady. "Paul Weiss: Fighting or Negotiating with POTUS." Harvard Business School Teaching Note 125-119, June 2025.
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