Publications
Publications
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- All HBS Web
(9,068)
- Faculty Publications (1,861)
- June 2025
- Case
The Venetian Resort: Frontline Engagement as Value Driver
By: Hubert Joly, Leonard A. Schlesinger, Laura Zhang and Matthew Keeley
In the aftermath of the COVID pandemic, private equity firm Apollo Global Management completed the acquisition of The Venetian Resort, one of the most successful and opulent institutions on the Las Vegas Strip. Apollo executives appointed Patrick Nichols, a career... View Details
- 2025
- Working Paper
Street Earnings: Implications for Asset Pricing
By: Sebastian Hillenbrand and Odhrain McCarthy
To address the excess volatility puzzle – the excessive movements in stock prices – researchers often study movements in valuation ratios. However, we demonstrate that movements in valuation ratios based on fundamental measures with high transitory volatility, such as... View Details
- June 2025
- Article
Riding the Passion Wave or Fighting to Stay Afloat? A Theory of Differentiated Passion Contagion
By: Emma Frank, Kai Krautter, Wen Wu and Jon M. Jachimowicz
Prior research suggests that employees benefit from highly passionate teammates because passion spreads easily from one employee to the next. We develop theory to propose that life in high-passion teams may not be as uniformly advantageous as previously assumed. We... View Details
- June 2025
- Article
Unregulated Emotional Risks of AI Wellness Apps
By: Julian De Freitas and Glenn Cohen
We propose that AI-driven wellness apps powered by large language models can foster extreme emotional attachments and dependencies akin to human relationships—posing risks like ambiguous loss and dysfunctional dependence—that challenge current regulatory frameworks and... View Details
- 2025
- Working Paper
An Empirical Examination of Business Climate Alliances: Effective and/or Harmful?
By: Matteo Gasparini and Peter Tufano
This research studies business alliances that seek to address climate change, offering empirical evidence to address claims advanced by alliance supporters and critics. We study eleven major alliances mostly focused on financial services firms and 424 major... View Details
Keywords: Antitrust; Climate Change; Financial Institutions; Competition; Network Effects; Alliances
- 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
- 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
- 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
- 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
- May–June 2025
- Article
Centralization and Organization Reproduction: Ethnic Innovation in R&D Centers and Satellite Locations
By: William R. Kerr
We study the relationship between firm centralization and organizational reproduction in satellite locations. For decentralized firms, the ethnic compositions of inventors in satellite locations mostly resemble their host cities, with little link to the inventor... View Details
- 2025
- Chapter
Marjorie Yang Mun Tak 楊梅德：Entrepreneur and Innovator
By: William C. Kirby
BOOK ABSTRACT:
Chinese Encounters with America tells the stories of twelve women and men whose American experiences transformed their lives and influenced China’s trajectory, with a particular focus on the period after Beijing and Washington established... View Details
Chinese Encounters with America tells the stories of twelve women and men whose American experiences transformed their lives and influenced China’s trajectory, with a particular focus on the period after Beijing and Washington established... View Details
- April 2025
- Case
Campbell's Recipe for Advancing School Nutrition
By: Hise O. Gibson, F. Christopher Eaglin and Ai-Ling Jamila Malone
In 2021, The Campbell’s Company launched Full Futures, a collective impact initiative aimed at advancing school nutrition environments in underserved communities. The program started in Camden, NJ—home to Campbell’s headquarters—and later expanded to Charlotte, NC, and... View Details
- April 2025
- Background Note
Climate Change Adaptation with Artificial Intelligence and Machine Learning
By: Michael W. Toffel and Nabig Chaudhry
Artificial Intelligence (AI) and machine learning (ML) have emerged as powerful tools to address climate change. This note summarizes a wide range of the uses of AI/ML to drive climate change adaptation and resilience, the measures organizations and governments are... View Details
- April 2025
- Case
Japan Industrial Partners Powers the Leveraged Buyout of Toshiba
By: Brian K. Baik, Joseph Pacelli and James Barnett
The case explores Japan Industrial Partners (JIP) $14 billion takeover of Toshiba Corporation (Toshiba). JIP was a private equity firm that took over the troubled electronics corporation in late 2023. The deal, which had been labeled one of the largest leveraged... View Details
Keywords: International Accounting; Borrowing and Debt; Management Analysis, Tools, and Techniques; Ownership; Risk and Uncertainty; Strategy; Valuation; Leveraged Buyouts; Restructuring; Capital Structure; Cost of Capital; Private Equity; Bids and Bidding; Accounting Industry; Electronics Industry; Energy Industry; Manufacturing Industry; Semiconductor Industry; Asia; Japan
- April 8, 2025
- Other Article
Commentary: How Financial Influencers Can Make or Break Investment Platforms like Chocolate Finance
By: Daniel Rabetti
- 2025
- Working Paper
Prices and Concentration: A U-shape? Theory and Evidence from Renewables
By: Michele Fioretti, Junnan He and Jorge Tamayo
We show that when firms compete via supply functions, transferring high-cost
capacity to the largest, most efficient firm—thereby diversifying its production technologies
while increasing concentration—can lower prices by prompting the leader
to expand output and... View Details
- 2025
- White Paper
Governors Reshaping Workforce Development: Turning WIOA Challenges into Workforce Solutions
By: Joseph B. Fuller, Kerry McKittrick, Nathalie Gazzaneo, Ariel Higuchi, Justine Gluck, Zoe Butler, Jack Porter and Malena Dailey
The Workforce Innovation and Opportunity Act (WIOA) grants Governors significant authority to shape their state workforce systems. Yet, little research explores how they use those powers to strengthen their economies and expand access to employment and training.... View Details
- 2025
- Working Paper
Training Within Firms
By: Brayan Diaz, Andrea Neyra-Nazarrett, Julian Ramirez, Raffaella Sadun and Jorge Tamayo
Training investments are essential for improving worker and firm productivity, yet their
implementation is often hindered by low participation rates and insufficient worker engagement.
This study uses data from three firms–a car manufacturer, a quick-service... View Details
- April 2025
- Article
Corporate Ownership and ESG Performance
By: Belén Villalonga, Peter Tufano and Boya Wang
Using a sample of 3083 firms from 62 countries over 18 years, we analyze how the structure and identity of firms' material owners influence their Environmental, Social, and Governance (ESG) performance. We find that firms with founding families or other individual... View Details
- April 2025
- Article
Serving with a Smile on Airbnb: Analyzing the Economic Returns and Behavioral Underpinnings of the Host’s Smile
By: Shunyuan Zhang, Elizabeth Friedman, Kannan Srinivasan, Ravi Dhar and Xupin Zhang
Non-informational cues, such as facial expressions, can significantly influence judgments and interpersonal impressions. While past research has explored how smiling affects business outcomes in offline or in-store contexts, relatively less is known about how smiling... View Details