Publications
Publications
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- All HBS Web
(12,050)
- Faculty Publications (3,535)
- January 2025
- Case
U.S. Steel: Proposed Acquisition by Nippon Steel
By: Willy C. Shih
The case setting is the proposed acquisition of U.S. Steel by Nippon Steel, which elicited a great deal of controversy. The real purpose of the case is to look at the history of the American steel industry since World War II and understand how the steel minimill... View Details
- January 2025
- Case
Less Is More: Will Aldi's Expansion Plans Pay Off in a Crowded U.S. Grocery Market?
By: David Collis and Haisley Wert
In 2024, the discount grocery retailer Aldi announced bold U.S. expansion plans. Within five years, the German company would increase its store count by 30% to reach 3,200+ stores across the United States and approach becoming the fifth largest grocery retailer in the... View Details
- January–February 2025
- Article
Want Your Company to Get Better at Experimentation?: Learn Fast by Democratizing Testing
By: Iavor Bojinov, David Holtz, Ramesh Johari, Sven Schmit and Martin Tingley
For years, online experimentation has fueled the innovations of leading tech companies, enabling them to rapidly test and refine new ideas, optimize product features, personalize user experiences, and maintain a competitive edge. The widespread availability and lower... View Details
- December 2024
- Case
AC Milan
By: Anita Elberse
In April 2024, Giorgio Furlani is nearing the end of his first full season as chief executive officer of Italian soccer club AC Milan. A Harvard Business School Class of 2007 graduate with a finance background, Furlani was appointed by RedBird Capital Partners’ founder... View Details
Keywords: Sports; Soccer; Football; Entertainment; Media; Talent Management; Superstars; Marketing; Strategy; General Management
- December 2024
- Case
Core Innovation Capital: Investing in Fintech for Good
In 2017, Arjan Schütte, founder of Core Innovation Capital, faced a decision on whether to invest in Hugo Insurance, an auto insurance startup. Core, an early-stage social impact VC firm, focused on “fintech for good,” by investing in financial services for low- to... View Details
- December 2024
- Supplement
Core Innovation Capital: Investing in Fintech for Good (B)
In 2017, Core Innovation Capital invested $725,000 in Hugo Insurance, a pay-as-you-drive auto insurance startup targeting the non-standard market. Core followed with $300,000 in 2019 during a Seed II round. By 2022, Hugo founder, David Bergendahl, sought $10 million in... View Details
- December 2024
- Article
Are Bankruptcy Professional Fees Excessively High?
By: Samuel Antill
Chapter 7 is the most popular bankruptcy system for U.S. firms and individuals. Chapter 7 professional fees are substantial. Theoretically, high fees might be an unavoidable cost of incentivizing professionals. I test this empirically. I study trustees, the most... View Details
- December 2024
- Article
Coordinating the Energy Transition: Electrifying Transportation in California and Germany
By: Nicholas Goedeking and Jonas Meckling
California and Germany share ambitious emission reduction targets. Yet California is ahead of Germany in electrifying transportation by several metrics, including the number of public charging stations. We show that variation in the politics of coordination in... View Details
- December 2024
- Article
Large Shocks Travel Fast
By: Alberto Cavallo, Francesco Lippi and Ken Miyahara
We document a sizeable increase in the frequency of price adjustments following the large energy shocks of 2022. We use a tractable New Keynesian model, calibrated to the pre-shock data, to interpret such a pattern. The calibration highlights the state-dependence of... View Details
- November–December 2024
- Article
Scaling Up Transformational Innovations
By: Peter Koen, Ananya Sheth, Mike DiPaola and Linda A. Hill
For large companies operating in mature sectors—such as Procter & Gamble in consumer goods, Apple in consumer electronics, and Adobe in cloud software—driving growth is a perennial challenge. Growth through acquisition is always an option, but companies often quickly... View Details
- 2024
- Book
The Fading Light of Democratic Capitalism: How Pervasive Cronyism and Restricted Suffrage Are Destroying Democratic Capitalism as a National Ideal ... And What to Do About It
What are we to do about declining public trust and confidence in democratic capitalism, which many citizens consider a cornerstone of our national ideology and identity? In this book, I address how we can rekindle the fading light of democratic capitalism as an... View Details
- 2024
- Contribution
Work
By: Nien-hê Hsieh and Julie L. Rose
This chapter has two aims. First, in light of the continued dominance of market capitalism, one aim of the chapter is to examine contemporary approaches to traditional concerns about the impact of market capitalism on the manner in which work is carried out. By the... View Details
- November 2024
- Teaching Note
Mercado Bitcoin: M&A, IPO, or Series B?
By: Raymond Kluender, Emanuele Colonnelli and Sabrina Howell
Teaching Note for HBS Case No. 825-047. In April 2021, Brazilian cryptocurrency platform Mercado Bitcoin, had to decide how to scale: go public, M&A with a bank, or take a VC big check. In a highly volatile market, Roberto Dagnoni, chairman of the board, viewed the... View Details
Keywords: Cryptocurrency; Mergers and Acquisitions; Business Growth and Maturation; Business Startups; Decision Making; Going Public; Ownership Stake; Strategic Planning; Venture Capital; Problems and Challenges; Business Cycles; Digital Platforms; Emerging Markets; Market Timing; Expansion; Diversification; Valuation; Value Creation; Investment Funds; Initial Public Offering; Price; Price Bubble; Negotiation Offer; Information Technology Industry; Financial Services Industry; Brazil; Latin America
- November 2024 (Revised January 2025)
- Case
MiDAS: Automating Unemployment Benefits
By: Shikhar Ghosh and Shweta Bagai
In 2015, the state of Michigan considered whether to nominate its Michigan Integrated Data Automated System (MiDAS) for a prestigious state technology award. Launched in 2013 amid severe budget pressures, the $47 million automated fraud detection system was designed to... View Details
Keywords: Artificial Intelligence; AI; Machine Learning Models; Algorithmic Data; Decision Making; Automation; Benefits; Compensation; Cost Reduction; Digital Transformation; Employment; Government; Fraud; Government Technology; Public Sector; Systems; Systems Integration; Unemployment Insurance; Waste Heat Recovery; AI and Machine Learning; Government Administration; Information Technology; Insurance; United States
- 2024
- Working Paper
Hidden Risk
By: Daniel Barth, Phillip Monin, Emil Siriwardane and Adi Sunderam
Since 2013, large U.S. hedge fund advisers have been required to report risk exposures in their regulatory filings. Using these data, we first establish that managers’ perceptions of risk contain useful information that is not embedded in fund returns. Investor flows... View Details
- 2024
- Working Paper
Catalysts for Climate Solutions: Corporate Responses to Venture Capital Financing of Climate-tech Startups
By: Shirley Lu, George Serafeim and Simon Xu
We study whether incumbent firms increase their product focus on climate solutions in response to venture capital (VC) financing of climate-tech startups. Using large language models to measure a firm's focus on climate solutions, we find that incumbents in similar... View Details
- November–December 2024
- Article
Loss of Peers and Individual Worker Performance: Evidence From H-1B Visa Denials
By: Prithwiraj Choudhury, Kirk Doran, Astrid Marinoni and Chungeun Yoon
We study how restrictive immigration policies that result in the unexpected loss of co-workers affect the performance of skilled migrants employed in organizations. Specifically, we examine the impact of the loss of team members on their co-workers’ performance in... View Details
- November 2024
- Article
On the Representativeness of Voter Turnout
By: Louis Kaplow and Scott Duke Kominers
Prominent theory research on voting analyzes a variety of models in which expected pivotality drives voters' turnout decisions and hence determines voting outcomes. It is recognized, however, that such work is at odds with Downs's paradox: in practice, many... View Details
- November 2024
- Article
The Health Costs of Cost Sharing
By: Amitabh Chandra, Evan Flack and Ziad Obermeyer
What happens when patients suddenly stop their medications? We study the health consequences of drug interruptions caused by large, abrupt, and arbitrary changes in price. Medicare’s prescription drug benefit as-if-randomly assigns 65-year-olds a drug budget as a... View Details
- October 2024
- Supplement
Hakluyt: from Corporate Intelligence to Trusted Advisors (B)
By: Joseph B. Fuller and Lena Duchene
This case is a continuation of an earlier study chronicling Hakluyt & Company (Hakluyt)’s transformation from an obscure boutique to a global corporate advisory firm with an outsized reputation. In August 2024, the firm faced a pivotal moment as managing partner Varun... View Details
Keywords: Business Growth and Maturation; Business Model; Talent and Talent Management; Capital Structure; Cash Flow; Corporate Finance; Equity; Stock Shares; Corporate Governance; Business History; Compensation and Benefits; Recruitment; Leadership Style; Growth Management; Management Succession; Management Teams; Organizational Culture; Performance Evaluation; Networks; Partners and Partnerships; Business Strategy; Competitive Advantage; Consulting Industry; Europe; United Kingdom; England; London