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      • 2025
      • Working Paper

      Productivity Beliefs and Efficiency in Science

      By: Fabio Bertolotti, Kyle R. Myers and Wei Yang Tham
      We develop a method to estimate producers’ productivity beliefs in settings where output quantities and input prices are unobservable, and we use it to evaluate allocative efficiency in the market for science. Our model of researchers’ labor supply shows that their... View Details
      Keywords: Performance Productivity; Perception; Research
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      Bertolotti, Fabio, Kyle R. Myers, and Wei Yang Tham. "Productivity Beliefs and Efficiency in Science." Harvard Business School Working Paper, No. 25-063, June 2025.
      • 2025
      • Working Paper

      Public Displays of Alignment: Firm Speech in Autocratic Regimes

      By: Joris Mueller, Jaya Y. Wen and Cheryl Wu
      Political speech by firms is increasingly common around the world. This paper examines the government as an important, yet understudied, audience for such speech, focusing on how Chinese firms rhetorically align with the state. We introduce novel, general, and... View Details
      Keywords: Business and Government Relations; Economic Systems; Power and Influence; Government Administration; Policy; China
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      Mueller, Joris, Jaya Y. Wen, and Cheryl Wu. "Public Displays of Alignment: Firm Speech in Autocratic Regimes." Harvard Business School Working Paper, No. 25-064, June 2025.
      • June 2025
      • Case

      Redefining the Edge: Jahez’s Strategic Pivot in Saudi Arabia’s Food Delivery Battle

      By: Krishna G. Palepu and Ahmed Dahawy
      Jahez made its mark in Saudi Arabia’s food delivery market by serving customers willing to pay more for reliable, high-quality service—a segment largely overlooked by other platforms. As the company grew, it expanded into the mass market and developed a network of... View Details
      Keywords: Acquisition; Business Conglomerates; Corporate Entrepreneurship; Innovation Strategy; Digital Platforms; Logistics; Business Strategy; Competition; Competitive Strategy; Competitive Advantage; Expansion; Food and Beverage Industry; Saudi Arabia
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      Palepu, Krishna G., and Ahmed Dahawy. "Redefining the Edge: Jahez’s Strategic Pivot in Saudi Arabia’s Food Delivery Battle." Harvard Business School Case 325-112, June 2025.
      • 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

      Zerodha

      By: Das Narayandas and Kairavi Dey
      Zerodha Broking Pvt. Ltd. (Zerodha) was among India's largest online broking platforms. Nithin and Nikhil Kamath started Zerodha to empower retail investors and remove the hurdles to investing in stocks. The company pioneered tech-first discount broking, charging... View Details
      Keywords: Financial Services Industry
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      Narayandas, Das, and Kairavi Dey. "Zerodha." Harvard Business School Case 525-070, June 2025.
      • Summer 2025
      • Article

      Does Marriage Have a Future?

      By: Debora L. Spar and Aryanna Garber
      The article explores how technology is reshaping the institution of marriage, highlighting significant changes in societal norms and personal relationships. It discusses the decline in marriage rates in industrialized nations, particularly Japan and the United States,... View Details
      Keywords: Family and Family Relationships; Technology Adoption; Society; Transformation; Emotions
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      Spar, Debora L., and Aryanna Garber. "Does Marriage Have a Future?" New Atlantis: A Journal of Technology & Society 81 (Summer 2025): 20–33.
      • 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
      • Case

      AI Wars in 2025

      By: Andy Wu and Anna Yang
      In June 2025, Google leaders in Mountain View, CA convened after its parent company Alphabet shed a quarter-trillion in market capitalization in a matter of months. The immediate spark—the quiet revelation that Google searches had dipped for the first time in 20... View Details
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      Wu, Andy, and Anna Yang. "AI Wars in 2025." Harvard Business School Case 725-484, June 2025.
      • 2025
      • Working Paper

      Cash Flow Volatility, Return Predictability and Stock Price Decompositions: Why You Should Scale Prices by Trend Cash Flows

      By: Sebastian Hillenbrand and Odhrain McCarthy
      We address two inconvenient facts in asset pricing: (i) valuation ratios are often more related to future cash flows than to returns, and (ii) they mostly fail to predict returns. We show that these issues arise because stock prices are scaled by cash flows that... View Details
      Keywords: Cash Flow; Volatility; Investment Return; Asset Pricing; Forecasting and Prediction; Valuation; Stocks
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      Hillenbrand, Sebastian, and Odhrain McCarthy. "Cash Flow Volatility, Return Predictability and Stock Price Decompositions: Why You Should Scale Prices by Trend Cash Flows." Working Paper, 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
      • Case

      Kevin Love and the Kevin Love Fund: Inspiring People to Live Their Healthiest Lives

      By: Anita Elberse and Riyanka Ganguly
      In March 2025, professional basketball player Kevin Love learned the latest numbers for what was to date the most eye-catching initiative of his foundation, the Kevin Love Fund: a mental health campaign revolving around a short, animated film—The Spider Within: A... View Details
      Keywords: Entertainment; Media; Sports; Health & Wellness; Campaigns; Partnerships
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      Elberse, Anita, and Riyanka Ganguly. "Kevin Love and the Kevin Love Fund: Inspiring People to Live Their Healthiest Lives." Harvard Business School Case 525-055, June 2025.
      • June 2025 (Revised July 2025)
      • Case

      Full-Funnel Advertising on TikTok

      By: Jeremy Yang, Ayelet Israeli and Alexis Lefort
      In 2025 TikTok is working to grow its brand and performance advertising business, along with a new integrated full-funnel solution. As an emerging media platform with unique ad formats and user behavior in a privacy-first environment, TikTok faces both significant... View Details
      Keywords: Social Media; Growth and Development Strategy; Advertising; Brands and Branding; Digital Marketing; Measurement and Metrics
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      Yang, Jeremy, Ayelet Israeli, and Alexis Lefort. "Full-Funnel Advertising on TikTok." Harvard Business School Case 525-065, June 2025. (Revised July 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; Media and Broadcasting Industry; Publishing 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.
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