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- 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
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 (Revised June 2025)
- Case
Daiichi Sankyo: Steering a Global Organization
In the spring of 2023, Sunao Manabe, CEO of Daiichi Sankyo, reflected on a pivotal decision. A large Western pharmaceutical company had made a bid to partner with Daiichi Sankyo to develop the next three products in its oncology pipeline. Daiichi Sankyo, a 125-year old... View Details
Keywords: Strategy; Culture Change; Decision-making; Leadership; Culture; Innovation; Psychological Safety
- May–June 2025
- Article
Slowly Varying Regression Under Sparsity
By: Dimitris Bertsimas, Vassilis Digalakis Jr, Michael Lingzhi Li and Omar Skali Lami
We consider the problem of parameter estimation in slowly varying regression models with sparsity constraints. We formulate the problem as a mixed integer optimization problem and demonstrate that it can be reformulated exactly as a binary convex optimization problem... View Details
Bertsimas, Dimitris, Vassilis Digalakis Jr, Michael Lingzhi Li, and Omar Skali Lami. "Slowly Varying Regression Under Sparsity." Operations Research 73, no. 3 (May–June 2025): 1581–1597.
- May 2025
- Case
The Micro-Family Office: Aamir Rehman
By: Lauren Cohen and Sophia Pan
With a successful career and strong academic credentials, Aamir Rehman sought to design a life grounded in autonomy. For him, this meant serving on boards, continuing his professorship, and ensuring a secure and comfortable life for his family. While he didn’t possess... View Details
Keywords: Family Office; Organization Design; Family And Friends; Family; Balance; Stability; Trends And Opportunities; Wealth Management; Family Business; Investment; Financial Strategy; Personal Finance; Investment Portfolio; Private Equity; Organizational Design; Family and Family Relationships; Happiness; Satisfaction; Balance and Stability; Human Capital; Compensation and Benefits; Economy; Trends; Business Model; New Jersey; United States
- 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
Techint: Strategic Choices for Community Impact
By: Lauren Cohen, Virak Prum, Kenneth Charman, Pedro Levindo and Mariana Cal
In early 2024 Erika Bienek, Chief Community Relations Officer at Techint, had to decide whether to invest in a new company-owned and operated technical school in Veracruz, Mexico, or invest instead in strengthening the city’s public education system. Techint, a global... View Details
Keywords: Technical Institutes; Community Relations; Social Impact; Argentina; Mexico; Brazil; Conglomerate; Stakeholder Management; Government And Business; Community Impact; Philanthropy; Business Conglomerates; Business Subsidiaries; Business Headquarters; Family Business; Decision Making; Private Sector; Public Sector; Education; Curriculum and Courses; Middle School Education; Secondary Education; Teaching; Training; Learning; Energy; Engineering; Construction; Values and Beliefs; Geography; Global Range; Local Range; Cross-Cultural and Cross-Border Issues; Globalized Firms and Management; Government Legislation; Recruitment; Innovation and Invention; Disruptive Innovation; Knowledge; Resource Allocation; Industry Clusters; Infrastructure; Family Ownership; Philanthropy and Charitable Giving; Business and Community Relations; Business and Stakeholder Relations; Business and Government Relations; Creativity; Reputation; Social and Collaborative Networks; Civil Society or Community; Social Issues; Poverty; Strategy; Construction Industry; Education Industry; Energy Industry; Industrial Products Industry; Manufacturing Industry; Steel Industry; Europe; Italy; Latin America; North and Central America; Mexico; North America; United States; South America; Argentina; Buenos Aires; Brazil
- 2025
- Working Paper
Navigating Choppy Waters: How U.S. Trade Policy Uncertainty Affects Small Businesses
By: David Atkin, Zoë Cullen and Ebehi Iyoha
This paper explores the impact of recent changes in the US trade policy environment
on small businesses. Drawing on a survey of more than 4,000 small businesses conducted
between March 22 and 31, 2025, we examine firms’ knowledge, expectations, and
decisions during... View Details
Keywords: Trade; Risk and Uncertainty; Government Legislation; Globalization; International Relations; Small Business
Atkin, David, Zoë Cullen, and Ebehi Iyoha. "Navigating Choppy Waters: How U.S. Trade Policy Uncertainty Affects Small Businesses." Harvard Business School Working Paper, No. 25-048, April 2025.
- 2025
- Working Paper
Extractive Taxation and the French Revolution
By: Tommaso Giommoni, Gabriel Loumeau and Marco Tabellini
We study the fiscal determinants of the French Revolution, exploiting plausibly exogenous variation in the salt tax—a large source of royal revenues and one of the most extractive forms of taxation of the Ancien Régime. Implementing a Regression Discontinuity... View Details
Keywords: Extractive Taxation; Regime Change; French Revolution; State Capacity; Taxation; History; Government Administration; Attitudes; Public Opinion
Giommoni, Tommaso, Gabriel Loumeau, and Marco Tabellini. "Extractive Taxation and the French Revolution." Harvard Business School Working Paper, No. 25-047, April 2025. (Featured at VoxEU and HBS Working Knowledge.)
- 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
Keywords: Sharing Economy; Airbnb; Image Feature Extraction; Machine Learning; Facial Expressions; Prejudice and Bias; Nonverbal Communication; E-commerce; Consumer Behavior; Perception
Zhang, Shunyuan, Elizabeth Friedman, Kannan Srinivasan, Ravi Dhar, and Xupin Zhang. "Serving with a Smile on Airbnb: Analyzing the Economic Returns and Behavioral Underpinnings of the Host’s Smile." Journal of Consumer Research 51, no. 6 (April 2025): 1073–1097.
- April 2025
- Article
The Fed and the Secular Decline in Interest Rates
In this paper I document a striking fact: a narrow window around Fed meetings fully captures the secular decline in U.S. Treasury yields since 1980. By contrast, yield movements outside this window are transitory and wash out over time. This is surprising because the... View Details
Keywords: United States Treasury; Monetary Policy; Yield Curve; Bonds; Financial Markets; Government Administration; Valuation; Interest Rates; United States
Hillenbrand, Sebastian. "The Fed and the Secular Decline in Interest Rates." Review of Financial Studies 38, no. 4 (April 2025): 981–1013. (Editor's Choice.)
- 2025
- Working Paper
With a Little Help from My Family: Informal Startup Financing
By: Brian K. Baik, Johan Ludvig S. Karlsen and Katja Kisseleva
Using Norwegian administrative data, we identify family equity investments in startups
and examine their effects on investor returns and firm behavior. Informal investors
earn lower returns than external individuals, and the firms they back are less
likely to secure... View Details
Keywords: Early Stage Finance; Informal Investment; Household Finance; Risk Taking; Entrepreneurial Finance; Entrepreneurship; Personal Finance; Family and Family Relationships; Business Startups; Investment; Norway
Baik, Brian K., Johan Ludvig S. Karlsen, and Katja Kisseleva. "With a Little Help from My Family: Informal Startup Financing." Harvard Business School Working Paper, No. 25-053, April 2025.
- March 2025 (Revised June 2025)
- Case
Designing the Future of Work: Atlassian's Distributed Work Practices
By: Ashley Whillans and Gabriel Rondón Ichikawa
In early 2020, the software company Atlassian made a bold commitment: employees could work from anywhere—forever. While many tech peers reversed course on remote work, Atlassian worked to optimize their fully distributed model across 13 countries. This case follows... View Details
Keywords: Transformation; Working Conditions; Management Practices and Processes; Product Development; Organizational Culture; Business Strategy; Employees; Technology Industry
Whillans, Ashley, and Gabriel Rondón Ichikawa. "Designing the Future of Work: Atlassian's Distributed Work Practices." Harvard Business School Case 925-029, March 2025. (Revised June 2025.)
- March 27, 2025
- Article
How One Company Used AI to Broaden Its Customer Base
By: Sunil Gupta and Frank V. Cespedes
The software company SAP successfully leveraged AI tools to begin selling to the small and medium enterprises (SMEs) market, which had previously been uneconomical for its in-person sales approach. By mapping the customer journey and deploying over 40 AI tools, SAP... View Details
Gupta, Sunil, and Frank V. Cespedes. "How One Company Used AI to Broaden Its Customer Base." Harvard Business Review (website) (March 27, 2025).
- March 2025 (Revised May 2025)
- Case
ING Türkiye: Flexible Work in a Competitive Banking Environment
By: Ashley Whillans and Nico Schaefer
This case explores ING Türkiye’s journey toward workplace flexibility within the traditionally conservative Turkish banking sector. Beginning with early remote work experiments in 2015 and culminating in the FlexING model, by 2024 ING Türkiye had positioned itself as a... View Details
Keywords: Talent and Talent Management; Employee Relationship Management; Working Conditions; Business or Company Management; Adaptation; Competition; Organizational Culture; Banking Industry; Turkey
Whillans, Ashley, and Nico Schaefer. "ING Türkiye: Flexible Work in a Competitive Banking Environment." Harvard Business School Case 925-027, March 2025. (Revised May 2025.)
- March 2025
- Article
Is Personal Identity Intransitive?
By: J. De Freitas and L. J. Rips
There has been a call for a potentially revolutionary change to our existing understanding of the psychological concept of personal identity. Apparently, people can psychologically represent people, including themselves, as multiple individuals at the same time. Here... View Details
De Freitas, J., and L. J. Rips. "Is Personal Identity Intransitive?" Journal of Experimental Psychology: General 154, no. 3 (March 2025): 775–786.
- 2025
- Working Paper
Discrimination, Rejection, and Job Search
By: Anne Boring, Katherine Coffman, Dylan Glover and María José González-Fuentes
We investigate how candidates’ willingness to apply responds to (potential) discrimination and rejection using a simulated labor market. Past work has shown that “blinding” job applications reduces discrimination and increases the rate at which women are hired. Our... View Details
Boring, Anne, Katherine Coffman, Dylan Glover, and María José González-Fuentes. "Discrimination, Rejection, and Job Search." Working Paper, February 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
Rettl, Paula. "Turning Away from the State: Trade Shocks and Informal Insurance in Brazil." Harvard Business School Working Paper, No. 25-038, February 2025.
- February 2025
- Case
Blue Owl Financing of Ping Identity
By: Victoria Ivashina and Srimayi Mylavarapu
In the fall of 2022, Blue Owl Capital's investment committee evaluated a potential investment in the technology sector. The proposed transaction centered on Ping Identity Corporation (“Ping”), a fast-growing identity access management (IAM) software company that was... View Details
Keywords: Mergers and Acquisitions; Borrowing and Debt; Cash Flow; Investment; Privatization; Financial Services Industry; Technology Industry
Ivashina, Victoria, and Srimayi Mylavarapu. "Blue Owl Financing of Ping Identity." Harvard Business School Case 225-078, 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
Luo, Mei, Daniel Rabetti, and Shuangchen Yu. "Blockchain Adoption and Audit Quality." Working Paper, February 2025.
- January 2025
- Case
Negotiating with Data: Analytics FC (A)
By: Jillian Jordan and Livia Alfonsi
Analytics FC was a UK-based sports consultancy that focused on international football (soccer), leveraging cutting-edge data-analytic techniques to support clubs, federations, and players. In 2022, Alex Greenwood, an elite female defender, approached the company for... View Details
Keywords: Negotiation Preparation; Gender; Analytics and Data Science; Reputation; Value Creation; Consulting Industry; Sports Industry; Europe; United Kingdom
Jordan, Jillian, and Livia Alfonsi. "Negotiating with Data: Analytics FC (A)." Harvard Business School Case 925-014, January 2025.