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- 2025
- Working Paper
Performance Capital Flows in DC Pensions
By: Bryan Gutierrez Cortez, Victoria Ivashina and Juliana Salomao
Are defined contribution (DC) pension funds' capital flows sensitive to performance? We examine pressures from individual account holders who can switch their pension managers. Using novel data on retirement accounts for nearly 10 million individuals, we analyze... View Details
- March 2025
- Case
Calyx Global: Rating Carbon Credits
By: Michael W. Toffel and Adam Chen
This case describes how rating agencies and other organizations are seeking to improve the quality of carbon credits sold in the voluntary carbon market to organizations seeking to use them to supplement their internal decarbonization efforts to meet their net zero... View Details
- March 2025
- Case
Managing Religion in the Workplace: Abercrombie & Fitch and The United States Postal Service
By: Derek C. M. van Bever, Nien-he Hsieh and Matthew Souba
- March 2025
- Case
Silicon Valley Bank: Gone in 36 Hours
This case examines factors contributing to the collapse of Silicon Valley Bank (SVB) in March 2023, an event as unpredicted as it was quick. SVB funded nearly half of all U.S. venture-backed startups and at the end of 2022 held $173 billion in deposits, largely... View Details
Keywords: Accounting Standards; Bank Runs; Financial Accounting; Financial Reporting; Social Media; Banks and Banking; Financing and Loans; Investment Portfolio; Interest Rates; Debt Securities; Risk and Uncertainty; Financial Statements; Risk Management; Failure; Fair Value Accounting; Credit; Corporate Governance; Financial Services Industry; Financial Services Industry; United States
- March 2025
- Case
Skylight: Hit Product or Scalable Company?
By: Rembrand Koning, Christina Wallace and Jeff Huizinga
Skylight, originally a digital frame startup aimed at connecting dispersed families, expanded with a second product—Calendar—to help families manage schedules. Despite significant potential, Calendar struggled with persistent technical issues and poor customer... View Details
- March 2025
- Case
Stagwell: AI and the Future of Marketing
By: Suraj Srinivasan and Radhika Kak
In early 2025, Mark Penn, Founder, CEO and Chairman of Stagwell, a global marketing company with a network of over 70+ agencies that served over 4000 blue-chip customers across 40 countries, was looking at ways that marketers should navigate the disruption emanating... View Details
- March 2025 (Revised April 2025)
- Case
WallStreetBets: Democratizing Retail Investing
By: Joseph Pacelli and Alexis Lefort
In summer 2024, Jaime Rogozinski anticipated the launch of a day-trading eSports event, a vision he had nurtured for years. Rogozinski, the founder of the influential subreddit WallStreetBets (WSB), created the forum in 2012 as a space for retail traders to explore... View Details
- March 2025 (Revised June 2025)
- Background Note
Getting to Net Zero: The Role of the Financial Sector
By: Shawn Cole, Jonah Zahnd, Karina Chung and Jack Cenovic
In early 2025, momentum towards the goal of reaching net zero carbon emissions by 2050 continued in many parts of the world, even as it appeared to face a set-back following the election of Donald Trump as president of the United States. Financial institutions... View Details
- March 2025 (Revised June 2025)
- Case
No One Left Behind (A)
By: Lynn S. Paine, Herman B. "Dutch" Leonard, Max Hancock and David Lane
In September 2021, the board of directors for the nonprofit No One Left Behind (NOLB) faced a crucial decision. Since its 2013 founding, NOLB had helped resettle in the United States thousands of Afghans and Iraqis who had assisted U.S. forces as combat translators;... View Details
- March 2025
- Supplement
No One Left Behind (B)
By: Lynn S. Paine, Herman B. "Dutch" Leonard, Max Hancock and David Lane
In September 2021, the board of directors for the nonprofit No One Left Behind (NOLB) faced a crucial decision. Since its 2013 founding, NOLB had helped resettle in the United States thousands of Afghans and Iraqis who had assisted U.S. forces as combat translators;... View Details
- March 2025
- Supplement
No One Left Behind (C)
By: Lynn S. Paine, Herman B. "Dutch" Leonard, Max Hancock and David Lane
In September 2021, the board of directors for the nonprofit No One Left Behind (NOLB) faced a crucial decision. Since its 2013 founding, NOLB had helped resettle in the United States thousands of Afghans and Iraqis who had assisted U.S. forces as combat translators;... View Details
- March 2025
- Supplement
No One Left Behind (D)
By: Lynn S. Paine, Herman B. "Dutch" Leonard, Max Hancock and David Lane
In September 2021, the board of directors for the nonprofit No One Left Behind (NOLB) faced a crucial decision. Since its 2013 founding, NOLB had helped resettle in the United States thousands of Afghans and Iraqis who had assisted U.S. forces as combat translators;... View Details
- March 2025
- Case
The Changing Climate on Wall Street
By: Clayton S. Rose, Maxim Pike Harrell and Michael Norris
Increasing and conflicting regulatory requirements and political pressures regarding climate change tested the leaders of U.S. financial institutions, as they struggled to determine how best to comply while managing their business and its risks.
In October 2024,... View Details
Keywords: Change; Disruption; Competency and Skills; Decision Making; Cost vs Benefits; Ethics; Governance; Corporate Accountability; Leadership; Management; Risk Management; Organizations; Corporate Social Responsibility and Impact; Mission and Purpose; Organizational Change and Adaptation; Organizational Culture; Society; Civil Society or Community; Social Issues; Strategy; Adaptation; Financial Services Industry; Financial Services Industry; Financial Services Industry; United States; Europe
- March 2025
- Case
Harvey: AI for Lawyers
By: Suraj Srinivasan, Charles Krumholz and Radhika Kak
In early 2025, Winston Weinberg and Gabe Pereyra, co-founders of Harvey AI, reflected on the company’s meteoric rise as a pioneer in AI-powered legal technology. Since its founding in 2022, Harvey had transformed how lawyers approached research, drafting, and document... View Details
- 2025
- Working Paper
Incentive-Compatible Recovery from Manipulated Signals, with Applications to Decentralized Physical Infrastructure
By: Jason Milionis, Jens Ernstberger, Joseph Bonneau, Scott Duke Kominers and Tim Roughgarden
We introduce the first formal model capturing the elicitation of unverifiable information from a party (the "source") with implicit signals derived by other players (the "observers"). Our model is motivated in part by applications in decentralized physical... View Details
- March 2025 (Revised May 2025)
- Case
Primetime Partners: Investing in Healthspan, Wealthspan, and Workspan
By: Rembrand Koning, Nicole Tempest Keller and Susan Wilner Golden
In the fall of 2024, Abby Miller Levy (HBS ’01), co-founder and managing partner of Primetime Partners, was preparing to raise a second fund. Founded in 2020 with veteran investor Alan Patricof, Primetime was a horizontal fund focused on early-stage companies serving... View Details
- 2025
- Working Paper
Centralized Governance in Decentralized Organizations
By: Lin William Cong, Daniel Rabetti, Charles C.Y. Wang and Yu Yan
We systematically document governance centralization in decentralized autonomous organizations (DAOs) and study its drivers and economic implications. Using multiple data sources and granular on-chain transactional data, we compare our findings to those in corporate... View Details
- 2025
- Working Paper
Expert Patients’ Use of Avoidable Health Care
By: Amitabh Chandra, Pragya Kakani and Simone Matecna
We measure whether expert patients – those trained as physicians and nurses – have fewer emergency department visits and the reasons for these differences. Relative to similar patients physicians and nurses had 19.8% and 5.1% fewer ED visits, principally due to fewer... View Details
- 2025
- Article
Educating Students and Professionals on the Business Implications of Climate Change
As climate change poses unprecedented challenges and opportunities, the private sector must play a pivotal role in both adaptation and mitigation efforts. This article discusses the new Harvard Business School Online course, Business and Climate Change, designed to... View Details
- 2025
- Working Paper
Tax Planning, Illiquidity, and Credit Risks: Evidence from DeFi Lending
By: Lisa De Simone, Peiyi Jin and Daniel Rabetti
This study establishes a plausible causal link between tax-planning-induced illiquidity and credit risks in lending markets. Exploiting an exogenous tax shock imposed by the Internal Revenue Service (IRS) on cryptocurrency gains, along with millions of transactions in... View Details