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      • December 2024 (Revised March 2025)
      • Case

      Strategy and CEO Succession at Starbucks

      By: Krishna G. Palepu and David Lane
      On August 13, 2024, Starbucks announced that Laxman Narasimhan who was appointed as the CEO only in September 2023, was stepping down as CEO and board director “with immediate effect.” Laxman would be replaced on September 9 by Brian Niccol, CEO since 2018 of Chipotle... View Details
      Keywords: Strategy; Corporate Governance; Leadership; Management Succession; Cost Management; Labor Unions; Working Conditions; Order Taking and Fulfillment; Service Operations; Investment Activism; Governing and Advisory Boards; Resignation and Termination; Food and Beverage Industry; United States
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      Palepu, Krishna G., and David Lane. "Strategy and CEO Succession at Starbucks." Harvard Business School Case 125-040, December 2024. (Revised March 2025.)
      • December 2024
      • Article

      Are Bankruptcy Professional Fees Excessively High?

      By: Samuel Antill
      Chapter 7 is the most popular bankruptcy system for U.S. firms and individuals. Chapter 7 professional fees are substantial. Theoretically, high fees might be an unavoidable cost of incentivizing professionals. I test this empirically. I study trustees, the most... View Details
      Keywords: Insolvency and Bankruptcy; Motivation and Incentives; Policy
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      Antill, Samuel. "Are Bankruptcy Professional Fees Excessively High?" Review of Financial Studies 37, no. 12 (December 2024): 3595–3647. (RFS Rising Scholar Best Paper Award; Lead Article and Editor's Choice.)
      • November–December 2024
      • Article

      How Robust Is Your Climate Governance?

      By: Lynn S. Paine and Suraj Srinivasan
      During the past few years, as evidence of climate change and its effects has mounted, many corporate boards have added climate governance to their agendas. But the maturity of boards’ climate-oversight processes and activities varies widely.
      To better... View Details
      Keywords: Corporate Governance; Climate Change; Corporate Social Responsibility and Impact; Governing and Advisory Boards
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      Paine, Lynn S., and Suraj Srinivasan. "How Robust Is Your Climate Governance?" Harvard Business Review 102, no. 6 (November–December 2024): 86–95.
      • November 2024 (Revised May 2025)
      • Case

      Indonesia Education Reform: Merdeka Belajar ('Emancipated Learning')

      By: John Jong-Hyun Kim, Adina Wong, Nancy Hua Dai and Mary C. Sauer
      This case is set in 2024 in Indonesia, as Nadiem Makarim, Minister of Education, Culture, Research, and Technology, reflects on his tenure as Minister shortly before stepping down. With the ambition to lift Indonesia out of the middle-income gap by raising K12 to... View Details
      Keywords: Education; Change Management; Knowledge Dissemination; Government Administration; Leading Change; Innovation Strategy; Development Economics; Education Industry; Asia; Indonesia
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      Kim, John Jong-Hyun, Adina Wong, Nancy Hua Dai, and Mary C. Sauer. "Indonesia Education Reform: Merdeka Belajar ('Emancipated Learning')." Harvard Business School Case 325-060, November 2024. (Revised May 2025.)
      • 2024
      • Working Paper

      A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism?

      By: Paula Rettl, Diane Bolet, Catherine E. De Vries, Simone Cremaschi, Tarik Abou-Chadi and Sergi Pardos-Prado
      The growing participation of women in the labor market has marked a significant societal transformation, coinciding with the rise of gender conservatism and far-right support. We study whether the economic consequences of labor market feminization and gender backlash... View Details
      Keywords: Gender Bias; Gender Equality; Gender Inclusivity; Politics; Political Backlash; Political Culture; Conservatism; Gender; Government and Politics; Equality and Inequality; Prejudice and Bias; Labor
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      Rettl, Paula, Diane Bolet, Catherine E. De Vries, Simone Cremaschi, Tarik Abou-Chadi, and Sergi Pardos-Prado. "A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism?" Harvard Business School Working Paper, No. 25-022, November 2024.
      • November 2024
      • Case

      Ather Energy: The Future of Mobility

      By: Shunyuan Zhang, Kannan Srinivasan and Malini Sen
      Ather Energy, India’s third-largest electric scooter maker by volume, was founded in 2013. Five years later, the start-up launched its first electric scooter, Ather 450, which was powered by artificial intelligence (AI) and the Internet of Things (IoT), to navigate... View Details
      Keywords: Energy Policy; Climate Change; Alternative Energy; Corporate Entrepreneurship; Transportation; Transformation; Green Technology; Technology Adoption; Communication Strategy; Marketing Strategy; Customer Focus and Relationships; Business Startups; Growth and Development Strategy; Brands and Branding; Product Launch; Product Positioning; Business Strategy; Segmentation; Asia; India
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      Zhang, Shunyuan, Kannan Srinivasan, and Malini Sen. "Ather Energy: The Future of Mobility." Harvard Business School Case 525-040, November 2024.
      • October 2024
      • Case

      NextGen CDR Facility: From Davos to Details

      By: Peter Tufano, Emily A. Chien and Karina Val
      Next Gen CDR is a startup that pools corporate commitments to purchase Tech CDR, which promises to permanently remove and store carbon from the atmosphere to combat climate change. A partnership between South Pole and Mitsubishi Corp., Next Gen has secured initial... View Details
      Keywords: Climate Change; Partners and Partnerships; Corporate Governance; Investment; Agreements and Arrangements
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      Tufano, Peter, Emily A. Chien, and Karina Val. "NextGen CDR Facility: From Davos to Details." Harvard Business School Case 325-056, October 2024.
      • October 2024
      • Case

      Edizione

      By: Cynthia A. Montgomery, Dante Roscini, Elena Corsi and Hugo Etchegoyhen
      This case study examines the diversification and transformation of Edizione, the Benetton family's holding company originally established to reinvest dividends from the Benetton clothing brand. Edizione expanded significantly in the late 1990s and early 2000s,... View Details
      Keywords: Leadership Style; Leading Change; Leadership Development; Family Business; Family Ownership; Communication Strategy; Crisis Management; Management Style; Change Management; Asset Management; Management Succession; Private Equity; Corporate Governance; Organizational Culture; Reputation; Public Opinion; Mergers and Acquisitions; Diversification; Expansion; Air Transportation Industry; Fashion Industry; Transportation Industry; Travel Industry; Italy; Europe
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      Montgomery, Cynthia A., Dante Roscini, Elena Corsi, and Hugo Etchegoyhen. "Edizione." Harvard Business School Case 725-395, October 2024.
      • October 2024
      • Case

      Sacoor Brothers: From Co-Family CEOs to No Family CEOs?

      By: Lauren Cohen, David Ager and Alpana Thapar
      Sacoor Brothers, a luxury clothing retail company, was founded in 1989 in Lisbon, Portugal, by four brothers—Malik, Salim, Rahimo, and Moez. After establishing a strong presence in Portugal, the brothers were drawn to the rapidly growing retail markets in the Middle... View Details
      Keywords: Growth; Geographic Mobility; Family Office; Professionalization; Institutional Development; Second-generation; Third-generation; Family Business; Private Equity; Investment; Governance; Transition; Business Model; Growth and Development Strategy; Management Succession; Market Entry and Exit; Family and Family Relationships; Expansion; Retail Industry; Fashion Industry; Middle East; United Arab Emirates; Saudi Arabia; Portugal; Jordan; Dubai
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      Cohen, Lauren, David Ager, and Alpana Thapar. "Sacoor Brothers: From Co-Family CEOs to No Family CEOs?" Harvard Business School Case 225-008, October 2024.
      • September–October 2024
      • Article

      Boards Need a New Approach to Technology

      By: Tarun Khanna, Mary C. Beckerle and Nabil Y. Sakkab
      The boards of too many publicly traded companies are downright timid when considering matters involving science and technology. More often than not, they focus on security and digitization—a defensive posture that fails to consider the bigger opportunities emerging... View Details
      Keywords: Governing and Advisory Boards; Opportunities; Technology Adoption
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      Khanna, Tarun, Mary C. Beckerle, and Nabil Y. Sakkab. "Boards Need a New Approach to Technology." Harvard Business Review 102, no. 5 (September–October 2024): 128–137.
      • 2024
      • Working Paper

      Pitfalls of Demographic Forecasts of U.S. Elections

      By: Richard Calvo, Vincent Pons and Jesse M. Shapiro
      Many observers have forecast large partisan shifts in the US electorate based on demographic trends. Such forecasts are appealing because demographic trends are often predictable even over long horizons. We backtest demographic forecasts using data on US elections... View Details
      Keywords: Mathematical Methods; Voting; Political Elections; Trends; Forecasting and Prediction; Demographics
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      Calvo, Richard, Vincent Pons, and Jesse M. Shapiro. "Pitfalls of Demographic Forecasts of U.S. Elections." NBER Working Paper Series, No. 33016, October 2024.
      • Fall, 2024
      • Article

      Sixty Years of the Voting Rights Act: Progress and Pitfalls

      By: Andrea Bernini, Giovanni Facchini, Marco Tabellini and Cecilia Testa
      We review the literature on the effects of the 1965 Voting Rights Act (VRA), which removed formal restrictions to Black political participation. After a brief description of racial discrimination suffered by Black Americans since Reconstruction, we introduce the goals... View Details
      Keywords: Prejudice and Bias; Equality and Inequality; Race; Political Elections; Voting; Policy; Outcome or Result; Government Legislation
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      Bernini, Andrea, Giovanni Facchini, Marco Tabellini, and Cecilia Testa. "Sixty Years of the Voting Rights Act: Progress and Pitfalls." Oxford Review of Economic Policy 40, no. 3 (Fall, 2024): 486–497.
      • September 2024 (Revised March 2025)
      • Supplement

      Wemade: (Re)Establishing Trust in Blockchain Games (B)

      By: Jung Koo Kang, Charles C.Y. Wang, David Allen and Kwangmoon So
      This supplement reviews Wemade's efforts to rebuild confidence in its business after its WEMIX coin was delisted from the major South Korean cryptocurrency exchanges on December 8, 2022. It outlines Wemade's strategy of transparency, which included partnerships with... View Details
      Keywords: Blockchain; Cryptocurrency; Crypto Economy; Accounting; Financial Reporting; Revenue Recognition; Games, Gaming, and Gambling; Corporate Disclosure; Information Technology; Financial Markets; Governance; Accounting Industry; Video Game Industry; South Korea
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      Kang, Jung Koo, Charles C.Y. Wang, David Allen, and Kwangmoon So. "Wemade: (Re)Establishing Trust in Blockchain Games (B)." Harvard Business School Supplement 125-018, September 2024. (Revised March 2025.)
      • September 2024
      • Case

      Faena: Magic in Mid-Miami Beach

      By: Robin Greenwood, Denise Han, Dave Habeeb and Ruth Page
      The link to this multimedia case should be provided to students in advance as preparation for classroom case discussion.

      This multimedia case follows real estate developer Alan Faena as he expanded his luxury development business from Argentina to the... View Details
      Keywords: Development; Real Estate; Hotels; Luxury; Urban Development; Sustainable Cities; Design; Markets; Transformation; Cost vs Benefits; Economic Growth; Private Sector; Public Sector; Economic Slowdown and Stagnation; Cultural Entrepreneurship; Financial Strategy; Investment Return; Geographic Location; Urban Scope; Corporate Accountability; Collaborative Innovation and Invention; Business and Community Relations; Business and Government Relations; Opportunities; Culture; Value Creation; Real Estate Industry; Entertainment and Recreation Industry; Florida; Miami; Argentina; Buenos Aires
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      Greenwood, Robin, Denise Han, Dave Habeeb, and Ruth Page. "Faena: Magic in Mid-Miami Beach." Harvard Business School Multimedia/Video Case 225-701, September 2024.
      • September 20, 2024
      • Article

      It’s Time to Unbundle ESG

      By: Aaron K. Chatterji and Michael W. Toffel
      ESG is at an inflection point. It has come to represent a broad and inchoate aspiration for what business should be doing beyond maximizing shareholder value. With ESG advocates on the defensive, business leaders need a new roadmap to determine which factors to... View Details
      Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; ESG Reporting; ESG Disclosure; Sustainability; Climate; Climate Finance; Climate Risk; Social Accounting; Investment; Governance; Safety; Climate Change; Environmental Sustainability; Corporate Social Responsibility and Impact; Financial Services Industry
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      Chatterji, Aaron K., and Michael W. Toffel. "It’s Time to Unbundle ESG." Harvard Business Review (website) (September 20, 2024).
      • 2024
      • Working Paper

      Changing Perceptions and Post-Pandemic Monetary Policy

      By: Michael D. Bauer, Carolin Pflueger and Adi Sunderam
      We document that the Fed’s perceived monetary policy response to inflation shifted materially over the post-pandemic period. In forward-looking policy rules estimated from surveys of macroeconomic forecasters, the inflation coefficient rose significantly after liftoff... View Details
      Keywords: Policy; Inflation and Deflation; Interest Rates; Perception; Government Administration
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      Bauer, Michael D., Carolin Pflueger, and Adi Sunderam. "Changing Perceptions and Post-Pandemic Monetary Policy." Working Paper, September 2024.
      • September 2024
      • Case

      Cathay Cargo: Turnaround Short Haul, or Double Crew Long Haul?

      By: Willy Shih and Billy Chan
      Tom Owen, Director Cargo at Cathay Pacific Airways, had a problem. During the Covid-19 pandemic, the grounding of passenger flights meant the sudden loss of 50% of the airline's cargo carrying capacity. But the bigger challenge was that the Hong Kong government imposed... View Details
      Keywords: Operations; Resource Allocation; Cash Flow; Governing Rules, Regulations, and Reforms; Health Pandemics; Organizational Change and Adaptation; Decision Choices and Conditions; Air Transportation Industry; Hong Kong
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      Shih, Willy, and Billy Chan. "Cathay Cargo: Turnaround Short Haul, or Double Crew Long Haul?" Harvard Business School Case 625-019, September 2024.
      • September 2024
      • Case

      Topaz: Navigating Governance, Legacy, and Change

      By: Christina R. Wing and Carla Larangeira
      Since its founding in 2011, the Garza Sada brothers and their father positioned Topaz among leading family offices in Monterrey, Mexico, with several assets under management. Topaz aspired to have a transformative impact across multiple Mexican industries. An industry... View Details
      Keywords: Business Conglomerates; Family Business; Governing and Advisory Boards; Managerial Roles; Management Succession; Family Ownership; Corporate Governance; Organizational Structure; Adoption; Financial Services Industry; Real Estate Industry; Education Industry; Energy Industry; Latin America; Mexico
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      Wing, Christina R., and Carla Larangeira. "Topaz: Navigating Governance, Legacy, and Change." Harvard Business School Case 625-062, September 2024.
      • 2024
      • Working Paper

      Does Private Equity Have Any Business Being in the Health Care Business?

      By: Nori Gerardo Lietz and Zirui Song
      Private Equity (“PE”) has come under increased scrutiny by the press, academics, and policymakers, as well as the public, for its investments in health care delivery. This scrutiny has been exacerbated by recent high profile hospital bankruptcies following PE... View Details
      Keywords: Private Equity; Government Administration; Acquisition; Health Industry
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      Lietz, Nori Gerardo, and Zirui Song. "Does Private Equity Have Any Business Being in the Health Care Business?" Harvard Business School Working Paper, No. 25-012, September 2024.
      • September 2024
      • Article

      Political Elite Cues and Attitude Formation in Post-Conflict Contexts

      By: Natalia Garbiras-Díaz, Miguel Garcia-Sanchez and Aila M. Matanock
      Civil conflicts typically end with negotiated settlements, but many settlements fail, often during the implementation stage when average citizens have increasing influence. Citizens sometimes evaluate peace agreements by voting on referendums or the negotiating... View Details
      Keywords: Civil Unrest; Peace Process; Political Leadership; Peace; Politics; Policy Change; Policy; Government and Politics; Government Administration; Governance; Political Elections; Civil Society or Community; Negotiation; Negotiation Participants; Public Relations Industry; Colombia; Latin America; South America
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      Garbiras-Díaz, Natalia, Miguel Garcia-Sanchez, and Aila M. Matanock. "Political Elite Cues and Attitude Formation in Post-Conflict Contexts." Journal of Peace Research 61, no. 5 (September 2024): 874–890.
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