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  • August 2024
  • Case

Circle: Reinventing the Future of Money

By: Shikhar Ghosh and Shweta Bagai
In early 2024, Circle Internet Financial's leadership team gathered to discuss the company's strategic path as it prepared for an IPO. Founded in 2013 by Jeremy Allaire, Circle had emerged as a pioneer in digital finance through its USD Coin (USDC), a regulated... View Details
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  • December 7, 2022
  • Article

Why Decentralized Crypto Platforms Are Weathering the Crash

By: Shai Bernstein and Scott Duke Kominers
In the past year, crypto markets dropped from $2.9 trillion in value to around $800 billion. In the wake of the collapse, crypto lenders and exchanges have been accused of fraud and other wrongdoing. What went wrong? One factor is competition. In theory, competition... View Details
Keywords: Crypto Economy; Cryptocurrency; Financial Complexity; Financial Crisis; Decentralization; Decentralized Markets; Decentralized Autonomous Organizations; Finance; Market Design; Financial Services Industry
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  • Article

The Scandal Effect

By: Boris Groysberg, Eric Lin, George Serafeim and Robin Abrahams
Executives with scandal-tainted companies on their résumés pay a penalty on the job market, even if they clearly had nothing to do with the trouble. Because the scandal effect is lasting, a company you left long ago could have an impact on your current and future job... View Details
Keywords: Misconduct; Career; Career Management; Career Changes; Executive Leadership; Executive Development; Crime and Corruption; Executive Compensation; Personal Development and Career; Management Skills; Management Teams
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  • 2019
  • Working Paper

Does Public Ownership and Accountability Increase Diversity? Evidence from IPOs

By: Rembrand Koning and John-Paul Ferguson
Does public ownership improve employment diversity? Organizational researchers theorize that increased transparency to regulators and the public should lead firms to conform to legal and social norms—but that social closure and decoupling should preserve the status... View Details
Keywords: IPO; Initial Public Offering; Employees; Diversity; Gender; Race; Entrepreneurship; United States
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  • 2014
  • Working Paper

Monitoring Public Procurement: Evidence from a Regression Discontinuity Design in Chile

By: Maria Paula Gerardino, Stephan Litschig and Dina D. Pomeranz
The government is the biggest buyer in the economy of most countries. At the same time, the public procurement process if often thought to be fraught with corruption and malpractice. However, there is little evidence regarding the impact of audits aimed at reducing... View Details
Keywords: Procurement; Chile; Corruption; Public Finance; Public Procurement; Public Sector; Public Administration Industry; Chile
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    When Do Firms Greenwash? Corporate Visibility, Civil Society Scrutiny, and Environmental Disclosure

    Under increased pressure to report environmental impacts, some firms selectively disclose relatively benign impacts, creating an impression of transparency while masking their true performance; other firms’ disclosures, in contrast, are more representative of their... View Details

    • 06 Dec 2011
    • Working Paper Summaries

    What Impedes Oil and Gas Companies’ Transparency?

    Keywords: by Paul Healy, Venkat Kuppuswamy & George Serafeim; Energy; Utilities
    • November 2017 (Revised June 2019)
    • Case

    JOE & THE JUICE Crosses the Atlantic (with video link)

    By: Ethan Rouen and Suraj Srinivasan
    As JOE & THE JUICE began its rapid U.S. expansion in 2017, its founder and CEO, Kaspar Basse, fretted about how he could keep his employees feeling like they were doing meaningful work. Founded in 2001, JOE & THE JUICE had always focused on making healthy juices,... View Details
    Keywords: Organizational Culture; Employees; Retention; Expansion; Growth Management
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    • 31 Oct 2023
    • HBS Case

    Checking Your Ethics: Would You Speak Up in These 3 Sticky Situations?

    underlying model until after the meeting.’” The point of the anecdote, Fubini says, is that transparency and disclosure is necessary. “The longer you wait on something, the worse it is going to be in terms of gaining absolution,” he says.... View Details
    Keywords: by Michael Blanding; Consulting
    • May 2011
    • Article

    Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting

    By: George Serafeim
    I analyze Embedded Value (EV) reporting by firms with life insurance operations to assess the impact of unregulated financial reporting on transparency and to examine the institutional characteristics that promote unregulated reporting. Under EV accounting the present... View Details
    Keywords: Financial Statements; Mergers and Acquisitions; Financial Reporting; Cash Flow; Contracts; Equity; Profit; Value; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Business and Shareholder Relations; Business Earnings
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    • December 2018
    • Article

    Reserve Design: Unintended Consequences and the Demise of Boston's Walk Zones

    By: Umut Dur, Scott Duke Kominers, Parag A. Pathak and Tayfun Sönmez
    Admissions policies often use reserves to grant certain applicants higher priority for some (but not all) available seats. Boston’s school choice system, for example, reserved half of each school’s seats for local neighborhood applicants while leaving the other half... View Details
    Keywords: Neighborhoods; Equal Access; School Choice; Affirmative Action; Desegregation; Marketplace Matching; Fairness; Local Range; Education; Policy
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    • September 2016 (Revised March 2020)
    • Teaching Note

    Fasten: Challenging Uber and Lyft with a New Business Model

    By: Feng Zhu
    Fasten, a new ridesharing start-up in Boston, entered the scene in September 2015 hoping its unique vision of transparency for both driver and passenger and strategy to keep riders' fares low and charge drivers a flat $0.99 fee per ride, as opposed to the 20%–30%... View Details
    Keywords: Information Technology; Transportation; Business Startups; Business Model; Transportation Industry; Boston
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    • 2015
    • Working Paper

    Competitiveness and Clusters: Implications for a New European Growth Strategy

    By: Christian H.M. Ketels
    This paper develops policy recommendations on the use of cluster-based economic policies and the adoption of a new concept of competitiveness in the context of the new growth path that WWWforEurope aims to outline.
    A first section discusses and derives an... View Details
    Keywords: Competitiveness; Clusters; Economic Policy; European Union; Competition; Industry Clusters; Policy; Economic Growth; European Union
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    • 03 Apr 2018
    • First Look

    New Research and Ideas, April 3, 2018

    working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=53681 Surfacing the Submerged State: Operational Transparency Increases Trust in and Engagement with Government By: Buell, Ryan W., Ethan Porter, and Michael I. Norton... View Details
    Keywords: Sean Silverthorne
    • 17 Nov 2015
    • First Look

    November 17, 2015

    contemporary leaders, he selects transparency as his tool. He is, however, unique in adopting a highly nuanced approach to implementing transparency. In the process, he not only leads a fantastic organizational turnaround but also helps... View Details
    Keywords: Sean Silverthorne
    • Web

    Initiatives & Projects - Faculty & Research

    faculty Co-Chairs George Serafeim and Ethan Rouen. The mission of the Project was to drive the creation of financial accounts that reflect a company’s financial, social, and environmental performance. The ambition was to create accounting statements that View Details
    • 13 Nov 2006
    • Working Paper Summaries

    A New Framework for Analyzing and Managing Macrofinancial Risks of An Economy

    Keywords: by Dale F. Gray, Robert C. Merton & Zvi Bodie
    • Fall 2018
    • Article

    What Problems Will You Solve with Blockchain?: Before Jumping on the Bandwagon, Companies Need to Carefully Consider how Ledger Technologies Fit into their Overall Strategy

    By: Teppo Felin and Karim R. Lakhani
    Distributed ledger technologies — collectively known as blockchain — have burst onto the business scene, accompanied by a significant amount of hype.They are widely expected to disrupt existing industries and lead to the creation of new types of companies. Some of the... View Details
    Keywords: Blockchain; Technology Adoption; Strategy; Business Processes; Innovation Strategy
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    • June 2007 (Revised December 2007)
    • Case

    AFL-CIO: Office of Investment and Home Depot

    By: Rakesh Khurana and James Weber
    Describes the AFL-CIO: Office of Investments activities in their campaign to improve governance at Home Depot by calling attention to Home Depot CEO Robert Nardelli's compensation package and the company's poor performance. The AFL-CIO Office of Investments advocates... View Details
    Keywords: Investment; Corporate Governance; Governing and Advisory Boards; Executive Compensation; Labor Unions; Organizational Change and Adaptation; Business and Shareholder Relations
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    • 13 Apr 2010
    • First Look

    First Look: April 13

      PublicationsDriven to Lead: Good, Bad, and Misguided Leadership Author:Paul R. Lawrence Publication:Jossey-Bass, forthcoming (2010) Abstract The author applies the four drive theory of human behavior (to acquire, to defend, to comprehend, to bond) to the leadership... View Details
    Keywords: Martha Lagace