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      • March 2025 (Revised June 2025)
      • Background Note

      Getting to Net Zero: The Role of the Financial Sector

      By: Shawn Cole, Jonah Zahnd, Karina Chung and Jack Cenovic
      In early 2025, momentum towards the goal of reaching net zero carbon emissions by 2050 continued in many parts of the world, even as it appeared to face a set-back following the election of Donald Trump as president of the United States. Financial institutions... View Details
      Keywords: Transition; Climate Change; Environmental Regulation; Environmental Law; Corporate Social Responsibility and Impact; Risk and Uncertainty; Competitive Advantage; Financial Services Industry
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      Cole, Shawn, Jonah Zahnd, Karina Chung, and Jack Cenovic. "Getting to Net Zero: The Role of the Financial Sector." Harvard Business School Background Note 225-066, March 2025. (Revised June 2025.)
      • March 2025 (Revised March 2025)
      • Case

      Seattle's Climate Pledge Arena: Ticket to a Greener Future

      By: Rosabeth Moss Kanter and Jacob A. Small
      Tim Leiweke reviewed how his development group and partners had completely rebuilt an aging Seattle landmark into the world’s greenest arena, carrying the visible name Climate Pledge Arena. It had attracted a new National Hockey League franchise, the Kraken, and... View Details
      Keywords: Environmental Sustainability; Leadership; Bids and Bidding; Standards; Corporate Social Responsibility and Impact; Green Buildings; Innovation Leadership; Partners and Partnerships; Power and Influence; Operations; Green Technology Industry; Entertainment and Recreation Industry; Seattle
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      Kanter, Rosabeth Moss, and Jacob A. Small. "Seattle's Climate Pledge Arena: Ticket to a Greener Future." Harvard Business School Case 325-110, March 2025. (Revised March 2025.)
      • March 2025 (Revised March 2025)
      • Case

      Good for the Seller, Good for the Buyer and Good for Society: Sampo-yoshi, Sustainability and Trust at ITOCHU

      By: Sandra J. Sucher and Bethelehem Y Araya
      In 2024, ITOCHU CEO Masahiro Okafuji was at a crossroads. As the thirteenth CEO since ITOCHU’s founding in 1858, he had fueled the company’s growth since 2011 by bringing ITOCHU’s founding philosophy of Sampo-yoshi (good for the seller, good for the buyer and... View Details
      Keywords: Sustainability; Trust; Profit; Growth and Development Strategy; Organizational Change and Adaptation; Mission and Purpose; Corporate Social Responsibility and Impact; Environmental Sustainability; Japan
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      Sucher, Sandra J., and Bethelehem Y Araya. "Good for the Seller, Good for the Buyer and Good for Society: Sampo-yoshi, Sustainability and Trust at ITOCHU." Harvard Business School Case 325-053, March 2025. (Revised March 2025.)
      • March 2025
      • Case

      The Changing Climate on Wall Street

      By: Clayton S. Rose, Maxim Pike Harrell and Michael Norris
      Increasing and conflicting regulatory requirements and political pressures regarding climate change tested the leaders of U.S. financial institutions, as they struggled to determine how best to comply while managing their business and its risks.
      In October 2024,... View Details
      Keywords: Competency and Skills; Decision Making; Cost vs Benefits; Ethics; Corporate Accountability; Leadership; Management; Risk Management; Corporate Social Responsibility and Impact; Mission and Purpose; Organizational Change and Adaptation; Organizational Culture; Civil Society or Community; Social Issues; Adaptation; Risk and Uncertainty; Insurance; Climate Change; Change Management; Banking Industry; Financial Services Industry; Insurance Industry; United States; Europe
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      Rose, Clayton S., Maxim Pike Harrell, and Michael Norris. "The Changing Climate on Wall Street." Harvard Business School Case 325-020, March 2025.
      • March 2025
      • Case

      GiveDirectly: Can Direct Cash Transfers End Extreme Poverty?

      By: Natalia Rigol, Benjamin N. Roth, Sarah Mehta and John Schultz
      Founded in 2008, GiveDirectly was a nonprofit organization that used direct cash transfers—giving people cash via mobile money—to combat poverty worldwide. By August 2024, the organization had transferred over $800 million to poor people in targeted communities and... View Details
      Keywords: Economics; Ethics; Growth and Development; Philanthropy and Charitable Giving; Research; Nonprofit Organizations; Poverty; Africa; Asia; Latin America; North and Central America; United States
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      Rigol, Natalia, Benjamin N. Roth, Sarah Mehta, and John Schultz. "GiveDirectly: Can Direct Cash Transfers End Extreme Poverty?" Harvard Business School Case 825-008, March 2025.
      • 2025
      • Working Paper

      Centralized Governance in Decentralized Organizations

      By: Lin William Cong, Daniel Rabetti, Charles C.Y. Wang and Yu Yan
      We systematically document governance centralization in decentralized autonomous organizations (DAOs) and study its drivers and economic implications. Using multiple data sources and granular on-chain transactional data, we compare our findings to those in corporate... View Details
      Keywords: Blockchain; Governance; Voting; Organizations; Financial Services Industry
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      Cong, Lin William, Daniel Rabetti, Charles C.Y. Wang, and Yu Yan. "Centralized Governance in Decentralized Organizations." Working Paper, March 2025.
      • March 2025
      • Article

      Do Public Financial Statements Influence Private Equity and Venture Capital Financing?

      By: Brian K. Baik, Natalie Berfeld and Rodrigo S. Verdi
      We study whether private firm public financial statements influence the probability of raising venture capital (VC) and private equity (PE) financing. In particular, we propose that private firms’ public financial statements can help the VC/PE search process by... View Details
      Keywords: Business Economics; Search Costs; Accounting; Venture Capital; Governance; Private Equity; Financial Statements
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      Baik, Brian K., Natalie Berfeld, and Rodrigo S. Verdi. "Do Public Financial Statements Influence Private Equity and Venture Capital Financing?" Accounting Review 100, no. 2 (March 2025).
      • March 2025
      • Article

      Limited Accountability and Awareness of Corporate Emissions Target Outcomes

      By: Xiaoyan Jiang, Shawn Kim and Shirley Lu
      Firms are increasingly announcing targets to reduce their carbon emissions, but it is unclear whether firms are held accountable for these targets. Here we examine emissions targets that ended in 2020 to investigate the final target outcomes, the transparency of target... View Details
      Keywords: Carbon Emissions; Goals and Objectives; Corporate Social Responsibility and Impact; Corporate Accountability; Environmental Sustainability; Public Opinion
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      Jiang, Xiaoyan, Shawn Kim, and Shirley Lu. "Limited Accountability and Awareness of Corporate Emissions Target Outcomes." Nature Climate Change 15, no. 3 (March 2025): 279–286.
      • 2025
      • Working Paper

      Methane Abatement Costs in the Oil and Gas Industry: Survey and Synthesis

      By: Joseph E. Aldy, Forest Reinhardt and Robert N. Stavins
      There is growing recognition of the relative importance of anthropogenic emissions of methane as a contributor to global climate change. An important source of such emissions in some countries, including the United States, is the oil and gas (O&G) sector. This points... View Details
      Keywords: Emission Reduction; Environmental Sustainability; Climate Change; Pollutants; Energy Industry
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      Aldy, Joseph E., Forest Reinhardt, and Robert N. Stavins. "Methane Abatement Costs in the Oil and Gas Industry: Survey and Synthesis." NBER Working Paper Series, No. 33564, March 2025.
      • 2025
      • Working Paper

      Blockchain-Induced Supply Chain Transparency and Firm Performance: The Role of Capacity Utilization

      By: ShinWoo Lee Lee, Jedson Pinto, Daniel Rabetti and Gil Sadka
      This study empirically investigates how blockchain adoption affects firm profitability. Employing a quasi-experimental design triggered by regulatory changes across the United States, we provide novel empirical evidence to recent theory, proposing that blockchain... View Details
      Keywords: Blockchain; Supply Chain; Technology Adoption; Profit; Governing Rules, Regulations, and Reforms; United States
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      Lee, ShinWoo Lee, Jedson Pinto, Daniel Rabetti, and Gil Sadka. "Blockchain-Induced Supply Chain Transparency and Firm Performance: The Role of Capacity Utilization." Working Paper, February 2025.
      • February 19, 2025
      • Article

      To Break the Cycle of Low-Wage Work, Redesign the Workforce System

      By: Joseph B. Fuller and Kerry McKittrick
      Keywords: Public Sector; Personal Development and Career; Employees; Government Legislation
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      Fuller, Joseph B., and Kerry McKittrick. "To Break the Cycle of Low-Wage Work, Redesign the Workforce System." Work Shift (February 19, 2025).
      • 2025
      • Working Paper

      Turning Away from the State: Trade Shocks and Informal Insurance in Brazil

      By: Paula Rettl
      How does economic globalization affect vote choices? Conventional wisdom holds that voters who lose from economic integration support parties that propose expanding the welfare state. However, in the Global South, where the state is frequently weak or under-resourced,... View Details
      Keywords: Global Strategy; Globalized Economies and Regions; Governance; Government Administration; Political Elections; Voting; Latin America; Brazil; South America
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      Rettl, Paula. "Turning Away from the State: Trade Shocks and Informal Insurance in Brazil." Harvard Business School Working Paper, No. 25-038, February 2025.
      • 2025
      • Article

      Educating Students and Professionals on the Business Implications of Climate Change

      By: Michael W. Toffel
      As climate change poses unprecedented challenges and opportunities, the private sector must play a pivotal role in both adaptation and mitigation efforts. This article discusses the new Harvard Business School Online course, Business and Climate Change, designed to... View Details
      Keywords: Climate Impact; Online Courses; Online Education; Decarbonization; Mitigation Policies; Climate Risk; Climate Change; Risk Management; Science; Policy; Business Education; Adaptation
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      Toffel, Michael W. "Educating Students and Professionals on the Business Implications of Climate Change." Global Focus: The EFMD Business Magazine 192, no. 2 (2025): 29–32.
      • 2025
      • Working Paper

      Is Love Blind? AI-Powered Trading with Emotional Dividends

      By: De-Rong Kong and Daniel Rabetti
      We leverage the non-fungible tokens (NFTs) setting to assess the valuation of emotional dividends (LOVE), a long-standing empirical challenge in private-value markets such as art, antiques, and collectibles. Having created and validated our proxy, we use deep learning... View Details
      Keywords: NFTs; Non-fungible Tokens; AI and Machine Learning; Valuation; Financial Markets
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      Kong, De-Rong, and Daniel Rabetti. "Is Love Blind? AI-Powered Trading with Emotional Dividends." Working Paper, February 2025.
      • February 13, 2025
      • Article

      Research: The Costs of Circumventing Tariffs

      By: Jaya Y. Wen, Ebehi Iyoha, Edmund Malesky and Sung-Ju Wu
      When tariffs are levied against a specific country, that country might attempt to circumvent the tariff by rerouting products through a third country to avoid the higher taxes. Research in the aftermath of the 2018 U.S.-China trade war examined this phenomenon, finding... View Details
      Keywords: Trade; Global Strategy; International Relations; United States; China
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      Wen, Jaya Y., Ebehi Iyoha, Edmund Malesky, and Sung-Ju Wu. "Research: The Costs of Circumventing Tariffs." Harvard Business Review Digital Articles (February 13, 2025).
      • February 2025
      • Case

      Doing Business in Manila, Philippines

      By: Jill Avery, Harold Zhu and Billy Chan
      This case explores the opportunities and challenges of doing business in the Philippines, focusing on its economic transformation from "the sick man of Asia" to a rising force in Southeast Asia in the decades leading up to 2024. It examines key obstacles like... View Details
      Keywords: Business History; Competitive Strategy; Emerging Markets; Globalization; Logistics; Climate Change; Environmental Sustainability; Transformation; Fashion Industry; Asia; Philippines
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      Avery, Jill, Harold Zhu, and Billy Chan. "Doing Business in Manila, Philippines." Harvard Business School Case 525-048, February 2025.
      • February 2025
      • Case

      Luca de Meo at Renault Group (A)

      By: Emily Truelove, Linda A. Hill and Lydia Begag
      When Luca de Meo became CEO of Renault Group in 2020, the 122-year-old French automaker faced financial challenges and the double technological disruption of the automotive industry: the shift to electric vehicles (EVs) and the rise of software-defined vehicles (SDVs).... View Details
      Keywords: Change Management; Transformation; Transition; Interpersonal Communication; Forms of Communication; Talent and Talent Management; Experience and Expertise; Customer Value and Value Chain; Decision Making; Economic Growth; Financial Crisis; Alternative Energy; Engineering; Global Strategy; Governance; Digital Transformation; Digital Strategy; Technology Adoption; Disruptive Innovation; Technological Innovation; Innovation Leadership; Collaborative Innovation and Invention; Leading Change; Leadership Development; Leadership Style; Crisis Management; Management Skills; Business Processes; Organizational Culture; Organizational Structure; Performance Efficiency; Transportation; Auto Industry; Battery Industry; Energy Industry; Green Technology Industry; Transportation Industry; France; Europe; China
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      Truelove, Emily, Linda A. Hill, and Lydia Begag. "Luca de Meo at Renault Group (A)." Harvard Business School Case 425-041, February 2025.
      • February 2025
      • Case

      Luca de Meo at Renault Group (A) (Abridged)

      By: Emily Truelove, Linda A. Hill and Lydia Begag
      When Luca de Meo became CEO of Renault Group in 2020, the 122-year-old French automaker faced financial challenges and the double technological disruption of the automotive industry: the shift to electric vehicles (EVs) and the rise of software-defined vehicles (SDVs).... View Details
      Keywords: Change Management; Transformation; Transition; Interpersonal Communication; Forms of Communication; Talent and Talent Management; Experience and Expertise; Customer Value and Value Chain; Decision Making; Economic Growth; Financial Crisis; Alternative Energy; Engineering; Global Strategy; Governance; Digital Transformation; Digital Strategy; Technology Adoption; Disruptive Innovation; Technological Innovation; Innovation Leadership; Collaborative Innovation and Invention; Leading Change; Leadership Development; Leadership Style; Crisis Management; Management Skills; Business Processes; Organizational Culture; Organizational Structure; Performance Efficiency; Transportation; Auto Industry; Battery Industry; Energy Industry; Green Technology Industry; Transportation Industry; France; Europe; China
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      Truelove, Emily, Linda A. Hill, and Lydia Begag. "Luca de Meo at Renault Group (A) (Abridged)." Harvard Business School Case 425-067, February 2025.
      • February 2025
      • Case

      Doing Business in Kigali, Rwanda

      By: Andy Zelleke, Martin A. Sinozich, Julianne Bliss and Choetsow Tenzin
      Rwanda’s transformation from a post-genocide recovery effort to one of Africa’s fastest-growing economies presents a compelling case for investors and business leaders. With an ambitious Vision 2050 strategy, Kigali has emerged as a regional hub for trade, innovation,... View Details
      Keywords: Business History; International Relations; Government and Politics; Foreign Direct Investment; Culture; Transformation; Developing Countries and Economies; Economic Growth; Emerging Markets; Rwanda
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      Zelleke, Andy, Martin A. Sinozich, Julianne Bliss, and Choetsow Tenzin. "Doing Business in Kigali, Rwanda." Harvard Business School Case 325-087, February 2025.
      • 2025
      • Working Paper

      Dynamic Personalization with Multiple Customer Signals: Multi-Response State Representation in Reinforcement Learning

      By: Liangzong Ma, Ta-Wei Huang, Eva Ascarza and Ayelet Israeli
      Reinforcement learning (RL) offers potential for optimizing sequences of customer interactions by modeling the relationships between customer states, company actions, and long-term value. However, its practical implementation often faces significant challenges.... View Details
      Keywords: Dynamic Policy; Deep Reinforcement Learning; Representation Learning; Dynamic Difficulty Adjustment; Latent Variable Models; Customer Relationship Management; Customer Value and Value Chain; Foreign Direct Investment; Analytics and Data Science
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      Ma, Liangzong, Ta-Wei Huang, Eva Ascarza, and Ayelet Israeli. "Dynamic Personalization with Multiple Customer Signals: Multi-Response State Representation in Reinforcement Learning." Harvard Business School Working Paper, No. 25-037, February 2025.
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