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  • 2020
  • Working Paper

Cutting the Gordian Knot of Employee Health Care Benefits and Costs: A Corporate Model Built on Employee Choice

By: Regina E. Herzlinger and Barak D. Richman
The U.S. employer-based health insurance tax exclusion created a system of employer-sponsored insurance (ESI) with limited insurance choices and transparency that may lock employed households into health plans that are costlier or different from those they prefer to... View Details
Keywords: After-tax Income; Consumer-driven Health Care; Health Care Costs; Health Insurance; Income Inequality; Tax Policy; Health Care and Treatment; Cost; Insurance; Employees; Income; Taxation; Policy; United States
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  • February 2018
  • Case

Infrastructure in Nigeria: Unlocking Pension Fund Investments

By: John Macomber and Pippa Tubman Armerding
The so-called “infrastructure finance gap” was a problem in Nigeria as in many parts of the world. Infrastructure projects like power plants and dams were very large capital investments that could generate long-term consistent cash flows, but their financing and... View Details
Keywords: Pension Fund Investing; Infrastucture; Power/Energy; Credit Enhancement; Infrastructure; Project Finance; Investment Funds; Emerging Markets; Nigeria; Africa
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  • 17 Jul 2023
  • Research & Ideas

Money Isn’t Everything: The Dos and Don’ts of Motivating Employees

systems Be as transparent as possible about the process for determining pay and earning rewards. Nothing is more demotivating than feeling like someone in a similar position is being treated better, Hall says. “When people feel that the... View Details
Keywords: by Avery Forman
  • May 2022
  • Article

Coins for Bombs: The Predictive Ability of On-Chain Transfers for Terrorist Attacks

By: Dan Amiram, Evgeny Lyandres and Daniel Rabetti
This study examines whether we can learn from the behavior of blockchain-based transfers to predict the financing of terrorist attacks. We exploit blockchain transaction transparency to map millions of transfers for hundreds of large on-chain service providers. The... View Details
Keywords: Blockchain; Bitcoin; Accounting; AI and Machine Learning; National Security; Governing Rules, Regulations, and Reforms
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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
Keywords: Currency; Governance Compliance; Initial Public Offering; Competition; Financial Services Industry
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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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    Coins for Bombs: The Predictive Ability of On-Chain Transfers for Terrorist Attacks

    This study examines whether we can learn from the behavior of blockchain-based transfers to predict the financing of terrorist attacks. We exploit blockchain transaction transparency to map millions of transfers for hundreds of large on-chain service providers.... View Details
    • 2022
    • Working Paper

    Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market

    By: Zach Y. Brown, Mark Egan, Jihye Jeon, Chuqing Jin and Alex A. Wu
    Index funds are one of the most common ways investors access financial markets and are perceived to be a transparent and low-cost alternative to active investment management. Despite these purported virtues of index fund investing and the introduction of new products... View Details
    Keywords: Mutual Funds; Passive Investing; Asset Management; Financial Markets; Investment Funds; Financial Management; Financial Services Industry; United States
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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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    • 22 Aug 2017
    • First Look

    First Look at New Research and Ideas, August 23

    transparency in its company practices. Buffer openly shared its business strategies and fundraising decks, among lots of other information. Even when they were hacked, the company live-blogged updates to keep their users informed as the... View Details
    Keywords: Sean Silverthorne
    • 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

      • 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
      Related
      • Web

      Business & Environment

      Credits, which explores how the company is helping improve transparency and credibility in the voluntary carbon market. Mike and Duncan join host Brian Kenny to unpack how Calyx Global evaluates carbon credit quality, how the company... View Details
      • 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
      Related
      • 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