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- All HBS Web
(10,435)
- Faculty Publications (2,917)
- 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; Banking Industry; Financial Services Industry; Information Technology Industry; Technology Industry; Africa; Nigeria; South Africa; Kenya; Uganda; California; San Francisco
Kluender, Raymond, and Emanuele Colonnelli. "Untapped Global: Financing Africa's Missing Middle." Harvard Business School Case 825-056, January 2025.
- January 2025
- Supplement
Hippo: Weathering the Storm of the Home Insurance Crisis (B)
By: Lauren Cohen, Grace Headinger and Sophia Pan
Rick McCathron, CEO of Hippo, was optimistic about the InsurTech's path to profitability after navigating the financial uncertainties of 2022. By bundling their home insurance services with third-parties and established insurance incumbents, Hippo was adopting a... View Details
Keywords: Fintech; Underwriters; Big Data; Homeowners' Insurance; Catastrophe Risk; Global Warming; Environment; Business Economics; Vertical Specialization; Bundling; Economies Of Scale; Business Model; Forecasting and Prediction; Climate Change; Environmental Sustainability; Green Technology; Technological Innovation; Natural Environment; Natural Disasters; Weather; Business Strategy; Competitive Advantage; Business Earnings; Insurance; Social Issues; Profit; Insurance Industry; California; United States
- 2025
- Book
Negotiation: The Game Has Changed
By: Max Bazerman
The world has changed dramatically in just the past few years—and so has the game of negotiation. COVID-19, Zoom, political polarization, the online economy, increasing economic globalization, and greater workplace diversity—all have transformed the who, what, where,... View Details
Bazerman, Max. Negotiation: The Game Has Changed. Princeton University Press, 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
Groysberg, Boris, and Sarah L. Abbott. "PayJoy: Financing for the Next Billion." Harvard Business School Case 425-036, January 2025.
- January 2025
- Case
Mercado Libre: The Best Is Yet to Come
By: Krishna G. Palepu, Fernando Fragueiro, Carla Larangeira and Mariana Cal
In 2024, Marcos Galperín, CEO and co-founder of Mercado Libre, reflected on its 25-year rise as Latin America’s largest marketplace, fintech leader, and most valuable public company. With operations spanning 18 countries and a robust ecosystem combining e-commerce,... View Details
Keywords: Entrepreneurship; Multinational Firms and Management; Recruitment; Compensation and Benefits; Innovation Leadership; Innovation Strategy; Leadership Style; Business or Company Management; Management Practices and Processes; Management Succession; E-commerce; Emerging Markets; Distribution; Logistics; Organizational Culture; Organizational Design; Business Strategy; Competition; Technology Industry; Financial Services Industry; Retail Industry; Latin America; Mexico; Brazil; Argentina
- 2025
- Working Paper
CEO-Firm Matches and Productivity in 42 Countries
By: Amanda Dahlstrand, Dávid László, Helena Schweiger, Oriana Bandiera, Andrea Prat and Raffaella Sadun
Firms are key to economic development, and CEOs are key to firm productivity. Are firms in countries at varying stages of development led by the right CEOs, and if not, why? We develop a parsimonious measure of CEO time use that allows us to differentiate CEOs into... View Details
Dahlstrand, Amanda, Dávid László, Helena Schweiger, Oriana Bandiera, Andrea Prat, and Raffaella Sadun. "CEO-Firm Matches and Productivity in 42 Countries." Harvard Business School Working Paper, No. 25-033, January 2025. (NBER Working Paper Series, No. 33324, January 2025.)
- December 2024 (Revised March 2025)
- Case
KLog.co—Charting the Course of Its Future
By: Juan Alcácer, Jorge Tirado and Thomas Occhipinti
Alcácer, Juan, Jorge Tirado, and Thomas Occhipinti. "KLog.co—Charting the Course of Its Future." Harvard Business School Case 725-410, December 2024. (Revised March 2025.)
- December 2024
- Case
Enerjisa Üretim: The Digital Era of Electricity Generation
By: Prithwiraj Choudhury and Sadika El Hariri
Launched in 2017, Enerjisa Üretim was one of Türkiye’s largest private sector electricity companies. In its early days, the company faced some financial and operational troubles. When İhsan Erbil Bayçöl, the current CEO of Enerjisa Üretim, joined the business in 2018,... View Details
Keywords: Private Sector; Performance Improvement; Renewable Energy; Growth and Development Strategy; Business Units; Partners and Partnerships; Leadership; Energy Industry; Utilities Industry; Turkey
Choudhury, Prithwiraj, and Sadika El Hariri. "Enerjisa Üretim: The Digital Era of Electricity Generation." Harvard Business School Case 625-022, December 2024.
- 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
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
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
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.
- 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
Hsieh, Nien-hê, and Julie L. Rose. "Work." Contribution to Chap. 69 Routledge Companion to Social and Political Philosophy. Second Edition edited by Gerald F. Gaus, Fred D'Agostino, and Ryan Muldoon, 786–797. London: Routledge, 2025.
- November 2024
- Case
Polish Agro: Where Do We Grow from Here?
By: Willy C. Shih, Lena Duchene and Daniela Beyersdorfer
By July 2024, Polish Agro had grown into one of Poland’s fastest-growing agribusinesses, with €230 million in revenue, 82 employees, and operations across Northern Poland. The company supported farmers with essential agricultural inputs like fertilizers and seeds,... View Details
Keywords: Plant-Based Agribusiness; Distribution; Volatility; Customer Focus and Relationships; Customer Value and Value Chain; Climate Change; Environmental Regulation; Profit; Trade; Digital Strategy; Innovation Strategy; Crisis Management; Growth and Development Strategy; Resource Allocation; Advertising; Brands and Branding; E-commerce; Business and Community Relations; Networks; Adaptation; Adoption; Competitive Advantage; Business Model; Health Pandemics; War; Agriculture and Agribusiness Industry; Europe; Poland
- 2024
- Working Paper
Priceless: How to Create, Trade, and Protect What Matters Most
By: Debora L. Spar
This article explores the concept of the "sacred economy," a realm of human interactions and exchanges that transcends traditional market dynamics. It illustrates the emotional and relational aspects of human connections that cannot be quantified or traded like... View Details
Spar, Debora L. "Priceless: How to Create, Trade, and Protect What Matters Most." Harvard Business School Working Paper, No. 25-028, November 2024.
- 2024
- Working Paper
Scaling Core Earnings Measurement with Large Language Models
By: Matthew Shaffer and Charles CY Wang
We study the application of large language models (LLMs) to the estimation of core earnings, i.e., a firm's persistent profitability from its core business activities. This construct is central to investors' assessments of economic performance and valuations. However,... View Details
Keywords: Large Language Models; AI and Machine Learning; Accounting; Profit; Corporate Disclosure; Analytics and Data Science; Measurement and Metrics
Shaffer, Matthew, and Charles CY Wang. "Scaling Core Earnings Measurement with Large Language Models." Working Paper, November 2024.
- 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
- Teaching Note
The Marshall Plan: The Politics and Economics of Europe's Recovery After World War II
By: Vincent Pons, Marco Tabellini and Vestal McIntyre
- November 2024 (Revised December 2024)
- Case
Moonfare and the Democratization of Private Equity
By: Victoria Ivashina and Srimayi Mylavarapu
Founded in 2016, Moonfare headquartered in Europe, was a pioneer in the “democratization” of private equity investments. Historically, private equity was accessible only to institutional investors like pension funds, endowments, sovereign wealth funds, and large family... View Details
Keywords: Private Equity; Customers; Wealth; Business Strategy; Segmentation; Technological Innovation; Product Launch; Financial Services Industry; Europe
Ivashina, Victoria, and Srimayi Mylavarapu. "Moonfare and the Democratization of Private Equity." Harvard Business School Case 225-044, November 2024. (Revised December 2024.)
- 2024
- Working Paper
A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism?
By: Paula Rettl, Diane Bolet, Catherine E. De Vries, Simone Cremaschi, Tarik Abou-Chadi and Sergi Pardos-Prado
The growing participation of women in the labor market has marked a significant societal transformation, coinciding with the rise of gender conservatism and far-right support. We study whether the economic consequences of labor market feminization and gender backlash... View Details
Keywords: Gender Bias; Gender Equality; Gender Inclusivity; Politics; Political Backlash; Political Culture; Conservatism; Gender; Government and Politics; Equality and Inequality; Prejudice and Bias; Labor
Rettl, Paula, Diane Bolet, Catherine E. De Vries, Simone Cremaschi, Tarik Abou-Chadi, and Sergi Pardos-Prado. "A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism?" Harvard Business School Working Paper, No. 25-022, November 2024.
- 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
Keywords: Immigration; Performance Productivity; Employees; Human Capital; Ethnicity; Groups and Teams
Choudhury, Prithwiraj, Kirk Doran, Astrid Marinoni, and Chungeun Yoon. "Loss of Peers and Individual Worker Performance: Evidence From H-1B Visa Denials." Organization Science 35, no. 6 (November–December 2024): 2040–2063.
- 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
Keywords: Voting Behavior; Voting Turnout; Paradox Of Voting; Pivotality; Elections; Model; Theory; Governance Transparency; Government; Democracy; Turnout; Voting; Governance; Government and Politics; Public Sector; Political Elections
Kaplow, Louis, and Scott Duke Kominers. "On the Representativeness of Voter Turnout." Journal of Law & Economics 67, no. 4 (November 2024): 879–904.