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      • May 2025
      • Case

      stc Group: DARE to Transform

      By: Sunil Gupta and Sadika El Hariri
      Established as a government-owned entity in 1998, stc Group was the sole telecommunications operator in the Kingdom of Saudi Arabia (KSA). Soon after it was privatized in 2003, regional players started entering the Saudi market. To deal with the competition and to... View Details
      Keywords: Expansion; Diversification; Digital Transformation; Customer Focus and Relationships; Telecommunications Industry; Saudi Arabia
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      Gupta, Sunil, and Sadika El Hariri. "stc Group: DARE to Transform." Harvard Business School Case 525-013, May 2025.
      • May 2025
      • Case

      Dell Med: Transforming Care Delivery & Payment

      By: Robert S. Kaplan, David N. Bernstein and Mary L. Witkowski
      Health care in the U.S. and globally continues to undergo massive transformation, surging towards a system that rewards value for patients. However, widespread adoption of value-based health care remains a challenge. This case study focuses on the care delivery... View Details
      Keywords: Integrated Practice Units; Outcomes Measurement; Time-Driven Activity-Based Costing; Health Care and Treatment; Business Strategy; Leading Change; Decisions; Transformation; Service Delivery; Adoption; Value; Health Industry; United States; Texas
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      Kaplan, Robert S., David N. Bernstein, and Mary L. Witkowski. "Dell Med: Transforming Care Delivery & Payment." Harvard Business School Case 125-117, May 2025.
      • May 2025 (Revised June 2025)
      • Background Note

      Social Enterprise in Latin America

      By: Brian L. Trelstad and Karina Souza
      This research note provides an overview of the social enterprise ecosystem in Latin America, exploring current dynamics across key markets, including country-specific insights on Brazil, Mexico, Argentina, Colombia, Chile, and Central America. In a region characterized... View Details
      Keywords: Impact Investing; Developing Countries and Economies; Social Entrepreneurship; Emerging Markets; Corporate Social Responsibility and Impact; Mission and Purpose; Ownership; Social Enterprise; Business Strategy; Equality and Inequality; Microfinance; Governing Rules, Regulations, and Reforms; Agriculture and Agribusiness Industry; Agriculture and Agribusiness Industry; Agriculture and Agribusiness Industry; Agriculture and Agribusiness Industry; Latin America; Brazil; Mexico; Argentina; Colombia; Chile; Guatemala; Central America; Peru; Uruguay
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      Trelstad, Brian L., and Karina Souza. "Social Enterprise in Latin America." Harvard Business School Background Note 325-117, May 2025. (Revised June 2025.)
      • May 2025
      • Case

      Initial Financial Statements at Blank Corporation: Bridging Content and Commerce

      By: Jung Koo Kang, Panje Jayden Kim and David Allen
      This accounting case is intended to teach students how to compile an income statement, a balance sheet, and a cash flow statement. It focuses on Blank Corporation, an innovative South Korean company that bridged content and commerce by selling products directly through... View Details
      Keywords: Accounting; Financial Statements; Business Startups; Social Media; Advertising; Digital Marketing; Cash Flow; Consumer Products Industry; South Korea
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      Kang, Jung Koo, Panje Jayden Kim, and David Allen. "Initial Financial Statements at Blank Corporation: Bridging Content and Commerce ." Harvard Business School Case 125-021, May 2025.
      • May 2025
      • Teaching Note

      Boutiqaat: Influencing Retail in MENA

      By: Juan Alcacer and Noor Al Qadhi
      Boutiqaat, a Kuwait-based e-commerce platform, scaled an influencer-driven beauty retail model across MENA and now faces critical strategic choices about offline expansion and globalization. Founded in 2015, Boutiqaat combined social commerce, localized logistics, and... View Details
      Keywords: Emerging Markets; Digital Strategy; Growth and Development; Expansion; Global Strategy; Distribution Channels; Business Model; Beauty and Cosmetics Industry; Beauty and Cosmetics Industry; Kuwait; Saudi Arabia; Middle East; North Africa
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      Alcacer, Juan, and Noor Al Qadhi. "Boutiqaat: Influencing Retail in MENA." Harvard Business School Teaching Note 725-463, May 2025.
      • May 2025
      • Case

      Boutiqaat: Influencing Retail in MENA

      By: Juan Alcacer and Noor Al Qadhi
      Boutiqaat, a Kuwait-based e-commerce platform, scaled an influencer-driven beauty retail model across MENA and now faces critical strategic choices about offline expansion and globalization. Founded in 2015, Boutiqaat combined social commerce, localized logistics, and... View Details
      Keywords: Emerging Markets; Digital Strategy; Growth and Development; Expansion; Distribution Channels; Global Strategy; Business Model; Market Design; Beauty and Cosmetics Industry; Beauty and Cosmetics Industry; Kuwait; Saudi Arabia; Middle East; North Africa
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      Alcacer, Juan, and Noor Al Qadhi. "Boutiqaat: Influencing Retail in MENA." Harvard Business School Case 725-462, May 2025.
      • May 2025 (Revised June 2025)
      • Supplement

      Michael Ku and Global Clinical Supply at Pfizer Inc.: Bringing Hope to Patients (D)

      By: Linda A. Hill and Lydia Begag
      This fourth installment in the Pfizer Global Clinical Supply (GCS) transformation case series highlights how over a decade of cultural and digital evolution positioned GCS to meet unprecedented global challenges. In 2011, Michael Ku became the Vice President of GCS and... View Details
      Keywords: Innovation Leadership; Technological Innovation; Leadership Development; Leadership Style; Research and Development; Science-Based Business; Transformation; Health Pandemics; AI and Machine Learning; Analytics and Data Science; Digital Transformation; Leading Change; Product Launch; Supply Chain; Organizational Change and Adaptation; Alignment; Pharmaceutical Industry; Pharmaceutical Industry; Pharmaceutical Industry; United States; Asia; Europe; Latin America
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      Hill, Linda A., and Lydia Begag. "Michael Ku and Global Clinical Supply at Pfizer Inc.: Bringing Hope to Patients (D)." Harvard Business School Supplement 425-079, May 2025. (Revised June 2025.)
      • 2025
      • Working Paper

      Data-driven Technologies and Local Information Advantages in Small Business Lending

      By: Wilbur Chen, Jung Koo Kang and Aditya Mohan
      We investigate whether banks' adoption of data-driven technologies influences competitive dynamics in local small business lending by diminishing the information advantages traditionally held by local banks. Using local newspaper closures as an adverse shock to the... View Details
      Keywords: Data-driven Technologies; Local Information Advantages; Local Banks; Relationship Lending; Small Business Loans; Small Business; Local Range; Financing and Loans; Banks and Banking; Analytics and Data Science; Banking Industry
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      Chen, Wilbur, Jung Koo Kang, and Aditya Mohan. "Data-driven Technologies and Local Information Advantages in Small Business Lending." Harvard Business School Working Paper, No. 25-057, May 2025.
      • May 2025
      • Supplement

      On (B): The Cyclon Spins On

      By: Ramon Casadesus-Masanell, Karolin Frankenberger, Sascha Mader and Karen Elterman
      A follow-up to the On case (723-430), this short case explores how the performance athletic shoe company On expanded its Cyclon subscription and recycling program through 2024, adding two new shoe models to the subscription and a one-time-purchase recyclable T-shirt. View Details
      Keywords: Business Model; Business Strategy; Competitive Advantage; Competitive Strategy; Disruptive Innovation; Distribution Channels; Environmental Sustainability; Marketing Strategy; Product Design; Product Development; Technological Innovation; Expansion; Apparel and Accessories Industry; Apparel and Accessories Industry; Apparel and Accessories Industry; Apparel and Accessories Industry; Apparel and Accessories Industry; China; Europe; Germany; Japan; Switzerland; United States
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      Casadesus-Masanell, Ramon, Karolin Frankenberger, Sascha Mader, and Karen Elterman. "On (B): The Cyclon Spins On." Harvard Business School Supplement 725-475, May 2025.
      • May 2025
      • Case

      'Net Zero in Action': Impact Investing at the McKnight Foundation

      By: Lauren Cohen, Christina R. Wing and Sophia Pan
      Elizabeth McGeveran, Vice President of Investments at the McKnight Foundation, reflected on how to effectively advance the organization’s net-zero strategy. The foundation had committed 10% of its endowment to building a portfolio of impact investments and was among... View Details
      Keywords: Foundation; Impact Investing; ESG; Family Business; Forecasting and Prediction; Private Sector; Renewable Energy; Social Entrepreneurship; Climate Change; Environmental Sustainability; Green Technology; Financial Strategy; Investment Funds; Investment Portfolio; Institutional Investing; Corporate Accountability; Corporate Social Responsibility and Impact; Mission and Purpose; Private Ownership; Philanthropy and Charitable Giving; Social Issues; Sustainable Cities; Financial Services Industry; Minnesota; United States
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      Cohen, Lauren, Christina R. Wing, and Sophia Pan. "'Net Zero in Action': Impact Investing at the McKnight Foundation." Harvard Business School Case 225-095, May 2025.
      • May 2025
      • Teaching Note

      From oneworld to a New World? LATAM’s High-Stakes Alliance Dilemma

      By: Juan Alcacer and Valentina Tarzijan
      As global alliances evolve and regulatory barriers mount, LATAM Airlines must reassess the strategic logic of partnerships. In 2019, Delta Air Lines proposed a $1.9 billion investment and deeper cooperation via a Joint Business Agreement, prompting LATAM to evaluate... View Details
      Keywords: Partners and Partnerships; Governing Rules, Regulations, and Reforms; Competitive Strategy; Decision Choices and Conditions; Air Transportation Industry; Latin America; North America
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      Alcacer, Juan, and Valentina Tarzijan. "From oneworld to a New World? LATAM’s High-Stakes Alliance Dilemma." Harvard Business School Teaching Note 725-454, May 2025.
      • May 2025
      • Case

      From oneworld to a New World? LATAM’s High-Stakes Alliance Dilemma

      By: Juan Alcacer and Valentina Tarzijan
      As global alliances evolve and regulatory barriers mount, LATAM Airlines must reassess the strategic logic of partnerships. In 2019, Delta Air Lines proposed a $1.9 billion investment and deeper cooperation via a Joint Business Agreement, prompting LATAM to evaluate... View Details
      Keywords: Aviation; Airlines; Transportation; Alliances; Agreements and Arrangements; Governance; Competitive Strategy; Air Transportation Industry; Latin America; North America
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      Alcacer, Juan, and Valentina Tarzijan. "From oneworld to a New World? LATAM’s High-Stakes Alliance Dilemma." Harvard Business School Case 725-453, May 2025.
      • May 2025 (Revised July 2025)
      • Case

      The Video-Streaming Wars in 2025: Can Anyone Catch Netflix?

      By: Anita Elberse and Javiera Larenas
      On January 21, 2025, Ted Sarandos, co-chief executive officer of video-streaming service Netflix, presented the company’s quarterly earnings. He had every reason to be upbeat: Netflix added 19 million new subscribers in the final quarter of 2024, ended the year with a... View Details
      Keywords: Media; Television; Management; Strategy; Disruption; Technology; Competition; Entertainment and Recreation Industry; Entertainment and Recreation Industry
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      Elberse, Anita, and Javiera Larenas. "The Video-Streaming Wars in 2025: Can Anyone Catch Netflix?" Harvard Business School Case 525-059, May 2025. (Revised July 2025.)
      • May 2025 (Revised June 2025)
      • Case

      Netflix Beyond Streaming: Strategies for the Next Era of Entertainment

      By: Juan Alcácer and Lorenzo Lucidi
      Netflix loses subscribers for the first time in over a decade—can the streaming pioneer reinvent itself before competitors, costs, and churn catch up? In 2022, facing fierce competition and shifting consumer behaviors, Netflix confronts its most critical strategic... View Details
      Keywords: Business Model; Competition; Organizational Change and Adaptation; Growth and Development Strategy; Entertainment and Recreation Industry; United States; Australia; Brazil; Canada; France; Germany; India; Japan; Mexico; Russia; South Korea; Spain; United Kingdom
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      Alcácer, Juan, and Lorenzo Lucidi. "Netflix Beyond Streaming: Strategies for the Next Era of Entertainment." Harvard Business School Case 725-429, May 2025. (Revised June 2025.)
      • 2025
      • Working Paper

      Bank Financing of Global Supply Chains

      By: Laura Alfaro, Mariya Brussevich, Camelia Minoiu and Andrea Presbitero
      Finding new international suppliers is costly, so most importers source inputs from a single country. We examine the role of banks in mitigating trade search costs during the 2018–2019 U.S.-China trade tensions. We match data on shipments to U.S. ports with the U.S.... View Details
      Keywords: Financial Institutions; International Finance; Trade; Credit; United States; Asia
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      Alfaro, Laura, Mariya Brussevich, Camelia Minoiu, and Andrea Presbitero. "Bank Financing of Global Supply Chains." NBER Working Paper Series, No. 33754, May 2025.
      • 2025
      • Working Paper

      Race, Rental Yields, and Housing Decay in Manhattan

      By: Tom Nicholas and Christophe Spaenjers
      We develop a new dataset on real estate transactions in Manhattan (1912–1939), linked to federal Census records (1930 and 1940) and property images used for tax assessment purposes (around 1940 and 1980). We analyze investor returns and incentives to maintain... View Details
      Keywords: Housing Markets; Rental Yields; Urban Decay; Manhattan; Race; Equality and Inequality; Investment Return; Motivation and Incentives; Real Estate Industry; New York (city, NY)
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      Nicholas, Tom, and Christophe Spaenjers. "Race, Rental Yields, and Housing Decay in Manhattan." Working Paper, May 2025.
      • May 2025
      • Case

      Windsurf and the AI Code Assistant Market

      By: Suraj Srinivasan, Sudhanshu Nath Mishra and Radhika Kak
      In April 2025, the founding team of Windsurf, an AI start-up specializing in code generation gathered in Mountain View, California, to assess its remarkable year of growth. The company had scaled from a niche GitHub Copilot alternative to a breakout player with over... View Details
      Keywords: AI and Machine Learning; Venture Capital; Innovation Leadership; Technological Innovation; Business Growth and Maturation; Competition; Business Strategy; Technology Industry; United States
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      Srinivasan, Suraj, Sudhanshu Nath Mishra, and Radhika Kak. "Windsurf and the AI Code Assistant Market." Harvard Business School Case 125-111, May 2025.
      • 2025
      • Chapter

      Institutional Entrepreneurship and Climate Change

      By: Ann-Kristin Bergquist and Geoffrey Jones
      This chapter explores when and why private regulatory governance systems became the primary form of global environmental governance. The chapter explores two different historical paths in such private regulation and how they came about. The first path involved... View Details
      Keywords: Institutional Entrepreneurship; Environment; Climate Change; Governing Rules, Regulations, and Reforms; Environmental Regulation; Standards; Corporate Social Responsibility and Impact
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      Bergquist, Ann-Kristin, and Geoffrey Jones. "Institutional Entrepreneurship and Climate Change." Chap. 1 in Climate Change and Business: Historical Perspectives, edited by Teresa da Silva Lopes, Paul Duguid, and Robert Fredona, 8–29. London, United Kingdom: Routledge, 2025.
      • April 2025 (Revised May 2025)
      • Case

      Adobe: GenAI Opportunity or Threat?

      By: Sunil Gupta, Rajiv Lal and Allison Ciechanover
      In December 2022, Adobe CEO Shantanu Narayen faced a pivotal strategic decision due to the rapid rise of generative AI image models from OpenAI, Midjourney, and StabilityAI. Adobe, a leader in digital media and marketing software with a 40-year legacy of innovation and... View Details
      Keywords: Customer Relationship Management; Ethics; AI and Machine Learning; Trust; Business Strategy; Technology Industry; San Jose
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      Gupta, Sunil, Rajiv Lal, and Allison Ciechanover. "Adobe: GenAI Opportunity or Threat?" Harvard Business School Case 525-052, April 2025. (Revised May 2025.)
      • April 2025
      • Case

      Lisa Su and AMD (A)

      By: Joshua D. Margolis, Matthew Preble and Dave Habeeb
      This multimedia case study focuses on CEO Lisa Su’s turnaround and subsequent transformation of the technology company Advanced Micro Devices, Inc. (AMD). When Su accepted the top position in 2014, AMD was on the verge of collapse. Su focused on the company’s culture,... View Details
      Keywords: Turnaround; Change Management; Transformation; Decision Making; Globalized Markets and Industries; Government and Politics; AI and Machine Learning; Innovation and Management; Innovation Strategy; Innovation Leadership; Leadership Style; Leading Change; Management; Product Design; Product Development; Organizational Change and Adaptation; Organizational Culture; Organizational Design; Strategic Planning; Business and Shareholder Relations; Business and Stakeholder Relations; Research and Development; Business Strategy; Competitive Strategy; Competitive Advantage; Corporate Strategy; Semiconductor Industry; Semiconductor Industry; United States; California; Texas
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      Margolis, Joshua D., Matthew Preble, and Dave Habeeb. "Lisa Su and AMD (A)." Harvard Business School Multimedia/Video Case 425-704, April 2025.
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