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  • 22 Feb 2022
  • News

Launch Codes

not playing by the rules and to recognize and celebrate those who did. —Misan Rewane (MBA 2013) cofounder of West Africa Vocational Education; Social Enterprise track runner-up, 2013 The Value of Slow As one who loves the early-stage... View Details
Keywords: Dan Morrell; illustrations by Alvaro Dominguez

    Rohit Deshpande

    Rohit Deshpandé is a Baker Foundation Professor and Sebastian S. Kresge Professor of Marketing, Emeritus at Harvard Business School, where he has been teaching in the Advanced Management Program,... View Details

    Keywords: advertising; agribusiness; airline; banking; beauty products; beverage; financial services; home video games; marketing industry; pharmaceuticals; telecommunications; tourism; video games
    • 2022
    • Working Paper

    The Fed and the Secular Decline in Interest Rates

    By: Sebastian Hillenbrand
    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; Central Banking; Interest Rates; Valuation
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    • February 2022
    • Article

    How Global Leaders Gain Power Through Downward Deference and Reduction of Social Distance

    By: Tsedal Neeley and Sebastian Reiche
    We theorize about how people with positional power enact downward deference—a practice of lowering oneself to be equal to that of lower power workers—based on a study of 115 top global leaders at a large U.S. company. These leaders were charged with advancing... View Details
    Keywords: Leadership; Leadership Style; Global Range; Relationships; Rank and Position; Power and Influence; Cross-Cultural and Cross-Border Issues
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    • September–October 2016
    • Article

    Growing New Corporate Businesses: From Initiation to Graduation

    By: Sebastian Raisch and Michael Tushman
    Large companies initiate many new businesses, but few of them reach scale. The ambidexterity literature describes how companies create exploratory businesses, but says little about how they subsequently scale these businesses. The strategy literature uses real option... View Details
    Keywords: Ambidexterity; Comparative Case Study; Corporate Venturing; Exploration; Organization Design; Real Option Theory; Organizational Design; Corporate Strategy; Corporate Entrepreneurship
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    • Web

    Asia Pacific - Global

    research, but a full range of MBA and Executive Education student programming. Through their ongoing work they have developed important links with governments, academic institutions, and corporations within a region that is assuming an increasingly vital role in the... View Details
    • October 2009 (Revised December 2010)
    • Case

    GE Money Bank: The M-Budget Card Initiative

    By: Michael L. Tushman, Sebastian Raisch and Christian Welling
    The M-Budget Card case study is about mastering the challenges of an exploratory strategic initiative in a context marked by time pressure and frequent change. M-Budget was the first of a series of highly successful projects that established GE Money Bank as a leader... View Details
    Keywords: Corporate Entrepreneurship; Credit Cards; Leading Change; Product Launch; Product Development; Groups and Teams; Banking Industry; Switzerland
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    • Web

    Entrepreneurship - Faculty & Research

    the probabilities of success are low, extremely skewed, and unknowable until an investment is made. At a macro level, experimentation by new firms underlies the Schumpeterian notion of creative destruction. However, at a micro level,... View Details
    • 2021
    • Working Paper

    Nonbank Lending and Credit Cyclicality

    By: Quirin Fleckenstein, Manasa Gopal, German Gutierrez and Sebastian Hillenbrand
    We document three facts about nonbank lending in the syndicated loan market. First, nonbank lending is more than twice as cyclical as bank lending. Second, declines in nonbank lending explain most of the declines in syndicated lending during the Great Recession and... View Details
    Keywords: Nonbank Lending; Credit Cycles; CLO; Mutual Funds; Leveraged Lending; COVID-19; Great Migration; Non-bank Financial Institutions; Financing and Loans; Business Cycles
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    • 2019
    • Working Paper

    Persuasive Propaganda During the 2015 Argentine Ballotage

    By: Rafael Di Tella, Sebastian Galiani and Ernesto Schargrodsky
    We study a propaganda campaign sponsored by the government against the main political challenger in the days preceding the 2015 Argentine runoff presidential election. Subjects in the treatment group watched an “ad” initially aired during soccer transmissions that was... View Details
    Keywords: Propaganda; Persuasion; Voting; Political Elections; Government and Politics; Communication Strategy; Power and Influence; Public Opinion; Argentina
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    • Web

    HBS - The year in Review

    Faculty Brian K. Baik Accounting & Management Sebastian Hillenbrand Finance Ebehi Iyoha Entrepreneurial Management Elisabeth Kempf Finance Jacqueline Ng Lane Technology & Operations Management Joseph Pacelli Accounting & Management... View Details
    • Web

    Profiles - MBA

    better. I have a quantitative focus, and always try to include consideration and analysis of data in my decisions and work. I love learning from others and working in teams; some of my most important learning has happened by being... View Details
    • 25 Feb 2020
    • News

    Task Force

    Above: At Zubale, Monroy (left) and Campbell connect independent contractors with merchandising tasks. (photo by Rodrigo Ceballos) Allison Campbell and Sebastian Monroy (both MBA 2018) met on their first day... View Details
    Keywords: Julia Hanna; gig economy; Retail Trade
    • Web

    Outdoor Spaces | About

    Albert H. Gordon (AB 1923, MBA 1925). Kresge Way Kresge Hall, named in honor of Sebastian S. Kresge, was built in 1953 and made possible by the Kresge Foundation. It was a beloved and familiar HBS landmark... View Details
    • 2010
    • Chapter

    Crime Distribution and Victim Behavior during a Crime Wave

    By: Rafael Di Tella, Sebastian Galiani and Ernesto Schargrodsky
    The study of how crime affects different income groups faces the difficulty that crime-avoiding activities vary across these groups. Thus, a lower victimization rate in one group may not reflect a lower burden of crime, but rather a higher investment in crime... View Details
    Keywords: Safety; Wealth and Poverty; Selection and Staffing; Crime and Corruption; Income; Leading Change; Information Management; Argentina
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    • 2023
    • Working Paper

    The Optimal Stock Valuation Ratio

    By: Sebastian Hillenbrand and Odhrain McCarthy
    Trailing price ratios, such as the price-dividend and the price-earnings ratio, scale prices by trailing cash flow measures. They theoretically contain expected returns, yet, their performance in predicting stock market returns is poor. This is because of an omitted... View Details
    Keywords: Price; Investment Return; AI and Machine Learning; Valuation; Cash Flow; Forecasting and Prediction
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    • Web

    AASU50 - Alumni

    Roberto Young, MBA 2007 AASU Award Recipients Each year at the H. Naylor Fitzhugh Conference, HBSAAA and AASU celebrate a tradition of leadership and service by conferring the Professional Achievement Award and the Bert King Award for... View Details
    • 2024
    • Working Paper

    Valuing Stocks With Earnings

    By: Sebastian Hillenbrand and Odhrain McCarthy
    We show that commonly used aggregate earnings are several times as volatile as stock prices over the last three decades. Movements in the price-earnings ratio are thus entirely explained by earnings growth and unrelated to future returns. As an alternative to the... View Details
    Keywords: Price; Investment Portfolio; Stocks; Behavioral Finance; Accounting
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    • 2022
    • Working Paper

    Heterogeneous Investors and Stock Market Fluctuations

    By: Odhrain McCarthy and Sebastian Hillenbrand
    We introduce a heterogeneous agent model which features extrapolative beliefs and time-varying risk aversion. The model leads to an empirical framework which we estimate with stock prices, survey data and risk aversion measures. We find that extrapolative beliefs and... View Details
    Keywords: Stock Market; Investment Decisions; Asset Pricing; Investment; Behavioral Finance; Stocks
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    • April 2025
    • Case

    The CHIPS Program Office (Abridged)

    By: Mitch Weiss and Sebastian Negron-Reichard
    In February 2023, U.S. Commerce Secretary Gina Raimondo weighed signing off on a Notice of Funding Opportunity (“NOFO”) with at least one unconventional provision: a pre-application (“pre-app”) to the actual application for parts of $39 billion in direct semiconductor... View Details
    Keywords: Entrepreneurship; Public Sector; Government Administration; Government Legislation; Motivation and Incentives; Semiconductor Industry; Public Administration Industry; United States
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