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Publications

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    • All HBS Web  (5,886)
      • Faculty Publications  (1,285)

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      • 2025
      • Working Paper

      Tracking the Short-Run Price Impact of U.S. Tariffs

      By: Alberto Cavallo, Paola Llamas and Franco Vazquez
      This paper examines the short-run impact of the 2025 U.S. tariffs on consumer prices using a unique integration of high-frequency retail pricing data, product-level country-of-origin information, and detailed tariff classifications. By linking daily prices from major... View Details
      Keywords: Tariffs; Trade; Price; Inflation and Deflation
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      Cavallo, Alberto, Paola Llamas, and Franco Vazquez. "Tracking the Short-Run Price Impact of U.S. Tariffs." Working Paper, April 2025.
      • March 2025 (Revised April 2025)
      • Case

      Dominion Voting Systems v. Fox News

      By: Vincent Pons, Jesse M. Shapiro, Bharat Anand and Susan Pinckney
      The case examines the Dominion Voting Systems and Fox News defamation settlement based upon statements made on air in the aftermath of the 2020 presidential election. View Details
      Keywords: (General) Management; Business Earnings; Financial Statements; Change Management; Disruption; Volatility; Transition; Crime and Corruption; Cost vs Benefits; Decision Making; Decision Choices and Conditions; Decisions; Demographics; Ethics; Values and Beliefs; Corporate Finance; Cost; Governance; Governance Compliance; Governance Controls; Policy; Political Elections; Business History; Information; Law; Legal Liability; Laws and Statutes; Management; Marketing; Advertising; Media; Performance; Problems and Challenges; Society; Public Opinion; Social Issues; Media and Broadcasting Industry; United States
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      Pons, Vincent, Jesse M. Shapiro, Bharat Anand, and Susan Pinckney. "Dominion Voting Systems v. Fox News." Harvard Business School Case 725-029, March 2025. (Revised April 2025.)
      • March 2025
      • Article

      Novice Risk Work: How Juniors Coaching Seniors on Emerging Technologies Such as Generative AI Can Lead to Learning Failures

      By: Katherine C. Kellogg, Hila Lifshitz-Assaf, Steven Randazzo, Ethan Mollick, Fabrizio Dell'Acqua, Edward McFowland III, François Candelon and Karim R. Lakhani
      The literature on communities of practice demonstrates that a proven way for senior professionals to upskill themselves in the use of new technologies that undermine existing expertise is to learn from junior professionals. It notes that juniors may be better able... View Details
      Keywords: Rank and Position; Competency and Skills; Technology Adoption; Experience and Expertise; AI and Machine Learning
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      Kellogg, Katherine C., Hila Lifshitz-Assaf, Steven Randazzo, Ethan Mollick, Fabrizio Dell'Acqua, Edward McFowland III, François Candelon, and Karim R. Lakhani. "Novice Risk Work: How Juniors Coaching Seniors on Emerging Technologies Such as Generative AI Can Lead to Learning Failures." Art. 100559. Information and Organization 35, no. 1 (March 2025).
      • February 2025
      • Tutorial

      Preparing Business Leaders for an Era of Climate Instability: Understanding and Managing Physical Climate Risk

      By: Michael W. Toffel and Spencer Glendon
      In this compelling video, Spencer Glendon, founder of Probable Futures and Executive Fellow at Harvard Business School, describes the profound implications of climate change for businesses, the economy, and societies around the world. Drawing from his background in... View Details
      Keywords: Modeling; Climate Change; Adaptation; Risk and Uncertainty; Risk Management; Forecasting and Prediction
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      Toffel, Michael W., and Spencer Glendon. Preparing Business Leaders for an Era of Climate Instability: Understanding and Managing Physical Climate Risk. Harvard Business School Tutorial 625-709, February 2025. (Click here for HBP Educators link. Click here for HBR link.)
      • 2025
      • Working Paper

      Blockchain-Induced Supply Chain Transparency and Firm Performance: The Role of Capacity Utilization

      By: ShinWoo Lee Lee, Jedson Pinto, Daniel Rabetti and Gil Sadka
      This study empirically investigates how blockchain adoption affects firm profitability. Employing a quasi-experimental design triggered by regulatory changes across the United States, we provide novel empirical evidence to recent theory, proposing that blockchain... View Details
      Keywords: Blockchain; Supply Chain; Technology Adoption; Profit; Governing Rules, Regulations, and Reforms; United States
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      Lee, ShinWoo Lee, Jedson Pinto, Daniel Rabetti, and Gil Sadka. "Blockchain-Induced Supply Chain Transparency and Firm Performance: The Role of Capacity Utilization." Working Paper, February 2025.
      • February 19, 2025
      • Article

      To Break the Cycle of Low-Wage Work, Redesign the Workforce System

      By: Joseph B. Fuller and Kerry McKittrick
      Keywords: Public Sector; Personal Development and Career; Employees; Government Legislation
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      Fuller, Joseph B., and Kerry McKittrick. "To Break the Cycle of Low-Wage Work, Redesign the Workforce System." Work Shift (February 19, 2025).
      • 2025
      • Working Paper

      Turning Away from the State: Trade Shocks and Informal Insurance in Brazil

      By: Paula Rettl
      How does economic globalization affect vote choices? Conventional wisdom holds that voters who lose from economic integration support parties that propose expanding the welfare state. However, in the Global South, where the state is frequently weak or under-resourced,... View Details
      Keywords: Global Strategy; Globalized Economies and Regions; Governance; Government Administration; Political Elections; Voting; Latin America; Brazil; South America
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      Rettl, Paula. "Turning Away from the State: Trade Shocks and Informal Insurance in Brazil." Harvard Business School Working Paper, No. 25-038, February 2025.
      • 2025
      • Working Paper

      Is Love Blind? AI-Powered Trading with Emotional Dividends

      By: De-Rong Kong and Daniel Rabetti
      We leverage the non-fungible tokens (NFTs) setting to assess the valuation of emotional dividends (LOVE), a long-standing empirical challenge in private-value markets such as art, antiques, and collectibles. Having created and validated our proxy, we use deep learning... View Details
      Keywords: NFTs; Non-fungible Tokens; AI and Machine Learning; Valuation; Financial Markets
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      Kong, De-Rong, and Daniel Rabetti. "Is Love Blind? AI-Powered Trading with Emotional Dividends." Working Paper, February 2025.
      • February 2025
      • Case

      Luca de Meo at Renault Group (A)

      By: Emily Truelove, Linda A. Hill and Lydia Begag
      When Luca de Meo became CEO of Renault Group in 2020, the 122-year-old French automaker faced financial challenges and the double technological disruption of the automotive industry: the shift to electric vehicles (EVs) and the rise of software-defined vehicles (SDVs).... View Details
      Keywords: Change Management; Transformation; Transition; Interpersonal Communication; Forms of Communication; Talent and Talent Management; Experience and Expertise; Customer Value and Value Chain; Decision Making; Economic Growth; Financial Crisis; Alternative Energy; Engineering; Global Strategy; Governance; Digital Transformation; Digital Strategy; Technology Adoption; Disruptive Innovation; Technological Innovation; Innovation Leadership; Collaborative Innovation and Invention; Leading Change; Leadership Development; Leadership Style; Crisis Management; Management Skills; Business Processes; Organizational Culture; Organizational Structure; Performance Efficiency; Transportation; Auto Industry; Battery Industry; Energy Industry; Green Technology Industry; Transportation Industry; France; Europe; China
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      Truelove, Emily, Linda A. Hill, and Lydia Begag. "Luca de Meo at Renault Group (A)." Harvard Business School Case 425-041, February 2025.
      • February 2025
      • Case

      Luca de Meo at Renault Group (A) (Abridged)

      By: Emily Truelove, Linda A. Hill and Lydia Begag
      When Luca de Meo became CEO of Renault Group in 2020, the 122-year-old French automaker faced financial challenges and the double technological disruption of the automotive industry: the shift to electric vehicles (EVs) and the rise of software-defined vehicles (SDVs).... View Details
      Keywords: Change Management; Transformation; Transition; Interpersonal Communication; Forms of Communication; Talent and Talent Management; Experience and Expertise; Customer Value and Value Chain; Decision Making; Economic Growth; Financial Crisis; Alternative Energy; Engineering; Global Strategy; Governance; Digital Transformation; Digital Strategy; Technology Adoption; Disruptive Innovation; Technological Innovation; Innovation Leadership; Collaborative Innovation and Invention; Leading Change; Leadership Development; Leadership Style; Crisis Management; Management Skills; Business Processes; Organizational Culture; Organizational Structure; Performance Efficiency; Transportation; Auto Industry; Battery Industry; Energy Industry; Green Technology Industry; Transportation Industry; France; Europe; China
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      Truelove, Emily, Linda A. Hill, and Lydia Begag. "Luca de Meo at Renault Group (A) (Abridged)." Harvard Business School Case 425-067, February 2025.
      • 2025
      • Working Paper

      Blockchain Adoption and Audit Quality

      By: Mei Luo, Daniel Rabetti and Shuangchen Yu
      This study examines the impact of blockchain adoption in the corporate setting. Specifically, we provide comprehensive empirical support to recent theory (Cao, Cong, and Young, 2024) proposing that blockchain adoption positively affects endogenous audit quality and... View Details
      Keywords: Blockchain; Accounting Audits; Technology Adoption; Financial Reporting; Governing Rules, Regulations, and Reforms; China
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      Luo, Mei, Daniel Rabetti, and Shuangchen Yu. "Blockchain Adoption and Audit Quality." Working Paper, February 2025.
      • February 2025
      • Article

      Disclosure, Humanizing, and Contextual Vulnerability of Generative AI Chatbots

      By: Julian De Freitas and I. Glenn Cohen
      In the wake of recent advancements in generative AI, regulatory bodies are trying to keep pace. One key decision is whether to require app makers to disclose the use of generative AI-powered chatbots in their products. We suggest that some generative AI-based chatbots... View Details
      Keywords: AI and Machine Learning; Governing Rules, Regulations, and Reforms; Applications and Software; Well-being
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      De Freitas, Julian, and I. Glenn Cohen. "Disclosure, Humanizing, and Contextual Vulnerability of Generative AI Chatbots." New England Journal of Medicine AI 2, no. 2 (February 2025).
      • January 2025
      • Technical Note

      AI vs Human: Analyzing Acceptable Error Rates Using the Confusion Matrix

      By: Tsedal Neeley and Tim Englehart
      This technical note introduces the confusion matrix as a foundational tool in artificial intelligence (AI) and large language models (LLMs) for assessing the performance of classification models, focusing on their reliability for decision-making. A confusion matrix... View Details
      Keywords: Reliability; Confusion Matrix; AI and Machine Learning; Decision Making; Measurement and Metrics; Performance
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      Neeley, Tsedal, and Tim Englehart. "AI vs Human: Analyzing Acceptable Error Rates Using the Confusion Matrix." Harvard Business School Technical Note 425-049, January 2025.
      • January 2025
      • Case

      Untapped Global: Financing Africa's Missing Middle

      By: Raymond Kluender and Emanuele Colonnelli
      In November 2024, Jim Chu, founder and CEO of Untapped Global, faced mounting internal tensions over the company’s strategic direction. Untapped had developed a data-driven revenue-based financing (RBF) model to address the “missing middle” problem—the $5.2 trillion... View Details
      Keywords: Social Entrepreneurship; Venture Capital; Working Capital; Private Equity; Financial Strategy; Microfinance; International Finance; Currency Exchange Rate; Profit Sharing; Revenue; Developing Countries and Economies; Economic Growth; Emerging Markets; Mission and Purpose; Small Business; Entrepreneurial Finance; Information Technology Industry; Information Technology Industry; Information Technology Industry; Information Technology Industry; Africa; Nigeria; South Africa; Kenya; Uganda; California; San Francisco
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      Kluender, Raymond, and Emanuele Colonnelli. "Untapped Global: Financing Africa's Missing Middle." Harvard Business School Case 825-056, January 2025.
      • January 2025
      • Case

      AI Meets VC: The Data-Driven Revolution at Quantum Light Capital

      By: Lauren Cohen, Grace Headinger and Sophia Pan
      Ilya Kondrashov, CEO of Quantum Light Capital, was driven to harness AI for identifying high-potential scale-ups. Collaborating with Nik Storonsky, founder of Revolut, the duo observed that most venture capital (VC) decisions were heavily influenced by emotion, with... View Details
      Keywords: Artificial Intelligence; Business Finance; Data Analysis; Angel Investors; Cognitive Biases; Scale; Venture Capital; Investment; Business Model; Forecasting and Prediction; Technological Innovation; Innovation Strategy; Behavior; Cognition and Thinking; Public Opinion; Private Sector; Business Strategy; Competitive Advantage; Business Earnings; Behavioral Finance; AI and Machine Learning; Analytics and Data Science; Business Startups; Financial Services Industry; London; United Kingdom
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      Cohen, Lauren, Grace Headinger, and Sophia Pan. "AI Meets VC: The Data-Driven Revolution at Quantum Light Capital." Harvard Business School Case 225-053, January 2025.
      • January 2025
      • Case

      PayJoy: Financing for the Next Billion

      By: Boris Groysberg and Sarah L. Abbott
      PayJoy, an impact-driven financial technology company founded in 2015, provides smartphone financing and other financial products to customers who lack access to traditional credit products. As of early 2025, PayJoy had issued $2.5 billion in loans to 13 million... View Details
      Keywords: Social Impact; Fintech; Underbanked; Algorithm; Data Analysis; Technology; Business Startups; Business Model; Growth and Development; Information Technology; Social Enterprise; Developing Countries and Economies; Credit; Mission and Purpose; Entrepreneurship; Financing and Loans; Financial Services Industry; Technology Industry; South America; South Africa; Asia; Latin America; Africa; Southeast Asia
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      Groysberg, Boris, and Sarah L. Abbott. "PayJoy: Financing for the Next Billion." Harvard Business School Case 425-036, January 2025.
      • January 2025
      • Case

      Cyber Oversight: SolarWinds Board of Directors

      By: Lynn S. Paine
      In 2020, just two years after its IPO, information technology company SolarWinds discovered that it was the victim of an attack on its information systems by Russian hackers. The incident, known as the Sunburst attack, was costly for the company, and certain... View Details
      Keywords: Corporate Governance; Corporate Accountability; Governing and Advisory Boards; Cybersecurity; Lawsuits and Litigation; Legal Liability; Business and Shareholder Relations; Risk Management; Information Technology Industry; United States; Texas; Delaware
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      Paine, Lynn S. "Cyber Oversight: SolarWinds Board of Directors." Harvard Business School Case 325-080, January 2025.
      • January 2025
      • Article

      Reducing Prejudice with Counter-stereotypical AI

      By: Erik Hermann, Julian De Freitas and Stefano Puntoni
      Based on a review of relevant literature, we propose that the proliferation of AI with human-like and social features presents an unprecedented opportunity to address the underlying cognitive and affective drivers of prejudice. An approach informed by the psychology of... View Details
      Keywords: Prejudice and Bias; AI and Machine Learning; Interpersonal Communication; Social and Collaborative Networks
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      Hermann, Erik, Julian De Freitas, and Stefano Puntoni. "Reducing Prejudice with Counter-stereotypical AI." Consumer Psychology Review 8, no. 1 (January 2025): 75–86.
      • 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
      Keywords: System Shocks; Price; Cost; Inflation and Deflation; Financial Institutions
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      Cavallo, Alberto, Francesco Lippi, and Ken Miyahara. "Large Shocks Travel Fast." American Economic Review: Insights 6, no. 4 (December 2024): 558–574.
      • 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

      By: Malcolm S. Salter
      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
      Keywords: Government and Politics; Power and Influence; Economic Systems; Culture
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      Salter, Malcolm S. 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. Cambridge Elements, Elements in Reinventing Capitalism. Cambridge University Press, 2024.
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