Publications
Publications
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- Faculty Publications (354)
- 2023
- Book
Deeply Responsible Business: A Global History of Values-Driven Leadership
By: Geoffrey Jones
Corporate social responsibility has entered the mainstream, but what does it take to run a successful purpose-driven business? This book examines leaders who put values alongside profits to showcase the challenges and upside of deeply responsible business. Should... View Details
Keywords: Corporate Responsibility; Business Ecuation; Socially Responsible Investing; Business Education; Ethics; Leadership; Business History; Philanthropy and Charitable Giving; Religion; Social Enterprise; Social Issues; Wealth and Poverty; Corporate Social Responsibility and Impact; Mission and Purpose; Banking Industry; Beauty and Cosmetics Industry; Computer Industry; Consumer Products Industry; Education Industry; Fashion Industry; Financial Services Industry; Food and Beverage Industry; Green Technology Industry; Manufacturing Industry; Electronics Industry; Agriculture and Agribusiness Industry; United Kingdom; Germany; United States; Japan; India; Latin America
- March 2023 (Revised May 2023)
- Case
OneTen at Delta Air Lines: Catalyzing Family-Sustaining Careers for Black Talent (A)
By: Linda A. Hill and Lydia Begag
It was December 10, 2020, and Ed Bastian, the Chief Executive Officer (CEO) of Delta Air Lines (Delta), had just finished a meeting with Joanne Smith, Executive Vice President and Chief People Officer, and Keyra Lynn Johnson, the Chief Diversity and Inclusion Officer.... View Details
- March 2023
- Teaching Note
Northvolt: Building Batteries to Fight Climate Change
By: Debora L. Spar, George Serafeim and Julia Comeau
Teaching Note for HBS Case No. 323-042. View Details
- February 2023
- Article
Climate Solutions Investments
By: Alex Cheema-Fox, George Serafeim and Hui (Stacie) Wang
An increasing number of companies are providing products and services that help reduce carbon emissions in the economy. We develop a methodology to identify those companies and create a sample of publicly listed climate solutions companies allowing us to study their... View Details
- January 2023 (Revised June 2024)
- Case
Elon Musk at Tesla
By: George Serafeim and Amram Migdal
This case gives an overview of Elon Musk’s career arc through the lens of the 2003 founding of Tesla and its growth through 2022. Background information is included on Tesla’s unique strategic decisions, its operational and reputational struggles and successes, and the... View Details
Keywords: Business Ventures; Decision Making; Design; Energy; Renewable Energy; Engineering; Entrepreneurship; Environmental Management; Climate Change; Environmental Sustainability; Green Technology; Values and Beliefs; Governance; Innovation and Invention; Innovation Leadership; Innovation Strategy; Leadership; Leadership Style; Management; Goals and Objectives; Organizations; Mission and Purpose; Society; Social Issues; Strategy; Transportation; Value; Auto Industry; Transportation Industry
- January 2023
- Supplement
Organizational Climate Transition Risk Model
By: George Serafeim and Benjamin Maletta
- January 2023
- Case
EKI Energy Services: One Billion Carbon Credits
By: George Serafeim
Within nine months from the time of its Initial Public Offering (IPO) in April of 2021, EKI Energy Services (EKI) shares had increased by more than 8,000%. Equally explosive was the growth of the company’s revenues and Earnings Before Interest, Taxes and Depreciation... View Details
- December 2022
- Technical Note
Risks and Opportunities from the Transition to a Low Carbon Economy: A Business Analysis Framework
By: George Serafeim
The transition to a low carbon economy introduces many risks and opportunities for businesses. Risks emerge from regulatory actions, such as carbon taxes and cap and trade systems, technological innovation that develop alternatives for customers making existing... View Details
Keywords: Risk Assessment; Opportunities; Environmental Sustainability; Carbon Footprint; Risk Management; Competitive Dynamics; Business Analysis; Climate Change; Accounting; Finance; Valuation; Business and Shareholder Relations; Technological Innovation; Transition; Product Positioning; Renewable Energy; Analysis
- December 2022
- Teaching Plan
JetBlue: Relevant Sustainability Leadership (A) & (B)
By: George Serafeim
Teaching Plan for HBS Case Nos. 118-030 and 119-044. View Details
- December 2022 (Revised October 2023)
- Supplement
Driving Decarbonization at BMW – Student Spreadsheet Supplement
- December 2022
- Supplement
Driving Decarbonization at BMW - Video Supplement
Videos of Thomas Becker, Vice President of Sustainability and Mobility at BMW Group, in support of the case "Driving Decarbonization at BMW" (HBS No. 123-008) View Details
Keywords: Decarbonization; Auto Manufacturing; Carbon Accounting; Accounting; Environmental Accounting; Energy; Environmental Management; Climate Change; Environmental Sustainability; Pollution; Product; Supply Chain; Supply Chain Management; Production; Product Design; Transportation; Transportation Industry; Europe; United States; China
- 2022
- Article
The Pricing and Ownership of U.S. Green Bonds
By: Malcolm Baker, Daniel Bergstresser, George Serafeim and Jeffrey Wurgler
We study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes. After an overview of the U.S. corporate and municipal green bonds markets, we study pricing and ownership patterns using a simple framework that incorporates assets... View Details
Keywords: Green Bond; Pricing; Climate Finance; ESG; SRI; Sustainable; Municipal; Bonds; Environmental Sustainability; Financial Markets; Price; Ownership; United States
- November 2022 (Revised October 2023)
- Teaching Note
Driving Decarbonization at BMW
Teaching note in support of the case "Driving Decarbonization at BMW" (HBS No. 123-008) View Details
Keywords: Decarbonization; Environment; Sustainability; Carbon Accounting; Carbon; Carbon Abatement; Electric Vehicles; Automobiles; Transportation; Environmental Accounting; Accounting; Environmental Management; Environmental Sustainability; Strategy; Technological Innovation; Supply Chain; Business and Stakeholder Relations; Climate Change; Transportation Industry; Auto Industry; Germany; Europe; China; United States
- November 2022
- Case
Para: Pay Transparency and Gig Drivers' Rights
By: Christopher Stanton and George Gonzalez
The case presents the founding vision and early days of a young startup that seeks to empower delivery drivers with tools and transparency. The company's flagship mobile app has been taken up by tens of thousands of delivery drivers across major U.S. cities who use it... View Details
- 2022
- Article
Climate Change Vulnerability and Currency Returns
By: Alex Cheema-Fox, George Serafeim and Hui (Stacie) Wang
Using measures of physical risk from climate change, we develop a methodology to allocate currency pairs according to a country’s vulnerability and construct portfolios with decreasing vulnerability to physical risk. We show that non-G10 currencies are more vulnerable... View Details
- 2022
- Working Paper
The Issuance and Design of Sustainability-linked Loans
By: Maria Loumioti and George Serafeim
Sustainability-linked loans (i.e., syndicated loans for which pricing is linked to a sustainability performance indicator) have rapidly evolved into a significant private debt product. We find that sustainability-linked lending has been available mostly to borrowers... View Details
- October 2022 (Revised September 2023)
- Supplement
SolarWinds Confronts SUNBURST (B)
Supplements the (A) case, describing actions taken by SolarWinds as well as by regulatory agencies in the aftermath of the immediate crisis. The case also includes reflections by SolarWinds managers on the choices they made with respect to disclosure, media relations,... View Details
- October 2022
- Case
Sustainable Finance at Itau BBA
By: George Serafeim, Maria Loumioti and Benjamin Maletta
As of August 2022, the Itau BBA had structured dozens of sustainability linked bonds, which made future interest payments a function of the borrower meeting a target for a sustainability metric, and had solidified its reputation as a pioneer of sustainable finance in... View Details
Keywords: Sustainable Finance; Corporate Social Responsibility; Environmental Sustainability; Growth Strategy; Debt Contracting; Performance Metrics; Risk Assessment; ESG (Environmental, Social, Governance) Performance; Financial Instruments; Risk Management; Debt Securities; Measurement and Metrics; Banking Industry; Pulp and Paper Industry; Latin America
- October 2022 (Revised June 2024)
- Case
Driving Decarbonization at BMW
The case describes BMW’s electrification and decarbonization strategy, and how the company measured carbon emissions throughout the life cycle of its vehicles and used tools like carbon abatement cost curves to evaluate decarbonization opportunities. In mid-2022,... View Details
Keywords: Decarbonization; Climate Change; Environment; Sustainability; Carbon Accounting; Carbon; Carbon Abatement; Electric Vehicles; Automobiles; Transportation; Environmental Accounting; Environmental Management; Environmental Sustainability; Accounting; Strategy; Technological Innovation; Supply Chain; Business and Stakeholder Relations; Transportation Industry; Auto Industry; Battery Industry; Germany; China; United States; Europe