Publications

Malcolm Baker is the Robert G. Kirby Professor of Business Administration at the Harvard Business School, where he teaches the required course in finance and a short immersive program on investing in life sciences.

His research is in the... View Details

Keywords: asset management; biotechnology; financial services; high technology; investment banking industry; pharmaceuticals; private equity (LBO funds); shipping; transportation

May 2015
Teaching Note

Aviva Investors

By: George Serafeim

Keywords: Responsibility; Responsibilities To Society; Sustainability; Sustainability Reporting; Corporate Social Responsibility; Corporate Sustainability; Activist Investors; Investment Management; Investment Strategy; Corporate Accountability; Corporate Social Responsibility and Impact; Integrated Corporate Reporting; Environmental Sustainability; Investment Activism

Sep 11 2017
Testimonial

Expand Your Business Acumen

December 2021
Article

Cash-for-Information Whistleblower Programs: Effects on Whistleblowing and Consequences for Whistleblowers

By: Aiyesha Dey, Jonas Heese and Gerardo Pérez Cavazos

We study the effect of financial incentives on whistleblowing and the consequences for whistleblowers under the cash-for-information program of the False Claims Act (FCA). Exploiting appeals-court decisions that increase financial incentives for whistleblowing, we find... View Details

Keywords: Whistleblowers; Cash-for-information Whistleblower Programs; False Claims Act; Corporate Misconduct; Consequences For Whistleblowers; Crime and Corruption; Information; Cost

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April 2023
Case

Elliott Management: Capital Allocation in Biopharma

By: Amitabh Chandra, Paul Clancy and Lauren Gunasti

The case explores the intersection of capital allocation and shareholder activism in the biopharmaceutical industry. As many biopharma companies face looming patent expirations for key medicines, the case asks the question of whether investing in R&D and M&A is an... View Details

Keywords: Finance; Strategy; Capital Allocation; Biopharmaceutical Industry; Shareholder Activism; Investment Activism; Resource Allocation; Research and Development; Business and Shareholder Relations; Corporate Strategy; Pharmaceutical Industry

Paul Gompers, Professor of Business Administration at the Harvard Business School, specializes in research on financial issues related to start-up, high growth, and newly public companies. Professor Gompers has an appointment in both the View Details

Keywords: electronics; health care; high technology; information technology industry; investment banking industry; pharmaceuticals; semiconductor; venture capital industry

June 2018
Case

Burton Sensors, Inc.

By: William E. Fruhan and Wei Wang

Burton Sensors presents a realistic situation where a small, rapidly growing, and profitable temperature sensor original equipment manufacturer (OEM) reaches its debt capacity and seeks equity financing to sustain high growth. The president of the company must decide... View Details

Keywords: Financing and Loans; Acquisition; Investment; Financial Strategy; Decision Choices and Conditions

03 Jun 2016
Working Paper Summaries

The Risk Anomaly Tradeoff of Leverage

Keywords: by Malcolm Baker, Mathias F. Hoeyer, and Jeffrey Wurgler

2021
Working Paper

Accounting for Product Impact in the Oil and Gas Industry

By: Katie Panella, George Serafeim and Katie Trinh

We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the oil and gas industry. We design a monetization methodology that allows us to calculate monetary product impact estimates of... View Details

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January 9, 2023
Editorial

The Pursuit of Profit with Purpose Requires Patience

By: George Serafeim

Keywords: Corporate Purpose; Purpose; Purpose Of Business Schools; Entrepreneur; Mission and Purpose; Corporate Social Responsibility and Impact; Profit; Entrepreneurship

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2018
Book

Varieties of Green Business: Industries, Nations and Time

By: Geoffrey Jones

Published at a time of ever-increasing warnings that the pace of climate change and other environmental changes risk making the Earth unsustainable within our own lifetimes, this book looks at the past of green business to identify lessons for the future. It provides... View Details

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Article

Four Things No One Will Tell You About ESG Data

By: Sakis Kotsantonis and George Serafeim

As the ESG finance field and the use of ESG data in investment decision-making continue to grow, the authors seek to shed light on several important aspects of ESG measurement and data. This article is intended to provide a useful guide for the rapidly rising number of... View Details

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Professor Stuart Gilson is the Steven R. Fenster Professor of Business Administration at Harvard Business School, and former chairman of the Finance Unit. His research, teaching, and consulting focuses on the financial, business, and legal strategies that companies... View Details

Keywords: investment banking industry; legal services

2014
Book

Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond

By: Aldo Musacchio and Sergio G. Lazzarini

In this book we describe the transformation of state capitalism from a model in which governments owned and ran corporations and broadly controlled the allocation of financial resources into two new varieties of state capitalism: Leviathan as a majority and as a... View Details

Robin is the George Gund Professor of Finance and Banking at Harvard Business School. He serves as the Senior Associate Dean for Faculty Development and Research. He is past faculty director of the Behavioral Finance and Financial Stability project, chair of... View Details

Keywords: banking; financial services

Elisabeth Kempf

Elisabeth Kempf is an Associate Professor in the Finance Unit, teaching Finance 1 to MBA students. She is also a Faculty Research Fellow at the National Bureau of Economic Research (NBER) and a Research Affiliate at the Centre for Economic Policy and Research... View Details

October 2022 (Revised February 2024)
Case

Masdar City: Aiming for Sustainable and Profitable Real Estate

By: Boris Vallee and Fares Khrais

Masdar City broke ground in 2008 and was conceived by the Abu Dhabi government to be an international beacon of innovation in sustainable energy and real estate. It was also to be a profitable investment for the government. At first glance, the two goals pulled in... View Details

November 2015
Case

Rubicon Global

By: William A. Sahlman and Hunter Ashmore

The case describes Rubicon Global, a startup that aimed to disrupt the waste management industry. The company started with a bold idea: create a cloud-based, full-service waste management company providing low-cost, highly efficient, and environmentally friendly... View Details

Keywords: Entrepreneurial Finance; Rubicon; Rubicon Global; Waste Management; Startups; Disruptive Technology; Technological Innovation; Disruptive Innovation; Market Entry and Exit; Entrepreneurship; Wastes and Waste Processing; Business Startups; Corporate Finance; Service Industry