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- All HBS Web
(18,484)
- Faculty Publications (6,828)
- April 2025
- Case
Salesforce Agentforce: The Limitless Workforce
By: Suraj Srinivasan, Allison Ciechanover and George Gonzalez
In early 2025, Salesforce was a global leader in cloud-based enterprise software, best known for pioneering customer relationship management (CRM) delivered as a service. Over the past two decades, the company had expanded into marketing, customer service, analytics,... View Details
Keywords: Business Model; Customer Relationship Management; Price; AI and Machine Learning; Technology Adoption; Organizational Change and Adaptation; Sales; Business Strategy; Ethics; Product Launch; Technology Industry; United States
Srinivasan, Suraj, Allison Ciechanover, and George Gonzalez. "Salesforce Agentforce: The Limitless Workforce." Harvard Business School Case 125-096, April 2025.
- April 2025
- Article
Serving with a Smile on Airbnb: Analyzing the Economic Returns and Behavioral Underpinnings of the Host’s Smile
By: Shunyuan Zhang, Elizabeth Friedman, Kannan Srinivasan, Ravi Dhar and Xupin Zhang
Non-informational cues, such as facial expressions, can significantly influence judgments and interpersonal impressions. While past research has explored how smiling affects business outcomes in offline or in-store contexts, relatively less is known about how smiling... View Details
Keywords: Sharing Economy; Airbnb; Image Feature Extraction; Machine Learning; Facial Expressions; Prejudice and Bias; Nonverbal Communication; E-commerce; Consumer Behavior; Perception
Zhang, Shunyuan, Elizabeth Friedman, Kannan Srinivasan, Ravi Dhar, and Xupin Zhang. "Serving with a Smile on Airbnb: Analyzing the Economic Returns and Behavioral Underpinnings of the Host’s Smile." Journal of Consumer Research 51, no. 6 (April 2025): 1073–1097.
- April 2025
- Article
The Disappearing Index Effect
By: Robin Greenwood and Marco Sammon
The abnormal return associated with a stock being added to the S&P 500 has fallen from an average
of 7.4% in the 1990s to 0.3% over the past decade. This has occurred despite a significant increase in the
share of stock market assets linked to the index. A similar... View Details
Greenwood, Robin, and Marco Sammon. "The Disappearing Index Effect." Journal of Finance 80, no. 2 (April 2025): 657–698.
- 2025
- Book
The Experimentation Machine: Finding Product–Market Fit in the Age of AI
Leverage AI to be a 10x Founder
Today’s most successful founders know that the startups that learn the fastest will win. In The Experimentation Machine, I reveal how AI is transforming the way startups find product-market fit and scale.... View Details
Today’s most successful founders know that the startups that learn the fastest will win. In The Experimentation Machine, I reveal how AI is transforming the way startups find product-market fit and scale.... View Details
Keywords: AI; Founder; Startup; AI and Machine Learning; Technology Adoption; Business Startups; Entrepreneurship; Market Entry and Exit
Bussgang, Jeffrey J. The Experimentation Machine: Finding Product–Market Fit in the Age of AI. Damn Gravity Media, 2025.
- April 2025
- Article
The Fed and the Secular Decline in Interest Rates
In this paper I document a striking fact: a narrow window around Fed meetings fully captures the secular decline in U.S. Treasury yields since 1980. By contrast, yield movements outside this window are transitory and wash out over time. This is surprising because the... View Details
Keywords: United States Treasury; Monetary Policy; Yield Curve; Bonds; Financial Markets; Government Administration; Valuation; Interest Rates; United States
Hillenbrand, Sebastian. "The Fed and the Secular Decline in Interest Rates." Review of Financial Studies 38, no. 4 (April 2025): 981–1013. (Editor's Choice selection and Winner of the WFA Brattle Group Ph.D. Award for Outstanding Research.)
- April 2025
- Article
The Impact of Minority Representation at Mortgage Lenders
By: W. Scott Frame, Ruidi Huang, Erica Jiang, Yeonjoon Lee, Will Liu, Erik J. Mayer and Adi Sunderam
We study links between the labor market for loan officers and access to mortgage credit. Using novel data matching the (near) universe of mortgage applications to loan officers, we find that minorities are significantly underrepresented among loan officers. Minority... View Details
Keywords: Household Finance; Demographic Economics; Financial Institutions; Diversity; Prejudice and Bias; Mortgages; Personal Finance
Frame, W. Scott, Ruidi Huang, Erica Jiang, Yeonjoon Lee, Will Liu, Erik J. Mayer, and Adi Sunderam. "The Impact of Minority Representation at Mortgage Lenders." Journal of Finance 80, no. 2 (April 2025): 1209–1260.
- 2025
- Working Paper
The Invention of Corporate Governance
By: Yueran Ma and Andrei Shleifer
The analysis of corporate governance begins with a central feature of modern capitalism—the separation of ownership and control in large corporations—first empirically documented by Berle and Means (1932). Such separation entails several agency problems reflecting... View Details
Ma, Yueran, and Andrei Shleifer. "The Invention of Corporate Governance." NBER Working Paper Series, No. 33710, April 2025.
- March 2025
- Case
Boom, Bust, or Bullseye? Navigating the Short-Term Rental Market
By: John Macomber, Juan Pablo Heusser Killing, Siddhant Pardeshi and Sally Su
Short-term rentals listed via apps like AirBnB and VRBO are increasingly interesting investments for small-scale real estate investors. However, they have substantial operating costs, vacancy risk, and regulatory exposure compared to traditional long-term leases... View Details
- March 2025
- Case
Mobvoi's Path Through Market Challenges and Business Reinvention
By: Paul A. Gompers and Shu Lin
Founded in 2012, Mobvoi evolved through multiple transformations—from AI-driven voice technology to smart wearables and later AI-generated content. Backed by major investors, the company navigated shifts in strategy while facing two failed IPO attempts. As market... View Details
Keywords: Business Startups; Entrepreneurship; AI and Machine Learning; Transformation; Initial Public Offering; Business Strategy; Technology Industry; China
Gompers, Paul A., and Shu Lin. "Mobvoi's Path Through Market Challenges and Business Reinvention." Harvard Business School Case 825-158, March 2025.
- March 27, 2025
- Article
How One Company Used AI to Broaden Its Customer Base
By: Sunil Gupta and Frank V. Cespedes
The software company SAP successfully leveraged AI tools to begin selling to the small and medium enterprises (SMEs) market, which had previously been uneconomical for its in-person sales approach. By mapping the customer journey and deploying over 40 AI tools, SAP... View Details
Gupta, Sunil, and Frank V. Cespedes. "How One Company Used AI to Broaden Its Customer Base." Harvard Business Review (website) (March 27, 2025).
- March 2025
- Case
Intuit: Lobbying to Save TurboTax
By: Joseph L. Badaracco and Tom Quinn
Intuit’s TurboTax software held a dominant market position in the online tax preparation market. Many politicians over the years had proposed changes that would have harmed Intuit’s business—notably, allowing the Internal Revenue Service to develop a government-owned... View Details
Keywords: Lobbying; Fairness; Moral Sensibility; Government Legislation; Taxation; Business and Government Relations; Business and Stakeholder Relations; Reputation; Civil Society or Community; Public Opinion; Governing Rules, Regulations, and Reforms; Rank and Position; Power and Influence; Technology Industry; United States; Europe
- March 2025
- Case
Calyx Global: Rating Carbon Credits
By: Michael W. Toffel and Adam Chen
This case describes how rating agencies and other organizations are seeking to improve the quality of carbon credits sold in the voluntary carbon market to organizations seeking to use them to supplement their internal decarbonization efforts to meet their net zero... View Details
Keywords: Service Design; Certification; Auditing; Auditor Reputation; Carbon Credits; Carbon; Rating Agency Disagreement; Ratings; Climate Change; Business Model; Environmental Sustainability; Corporate Social Responsibility and Impact; Conflict of Interests; Reputation; Business Strategy
Toffel, Michael W., and Adam Chen. "Calyx Global: Rating Carbon Credits." Harvard Business School Case 625-102, March 2025.
- 2025
- Working Paper
Private Equity and Workers: Modeling and Measuring Monopsony, Implicit Contracts, and Efficient Reallocation
By: Kyle Herkenhoff, Josh Lerner, Gordon M. Phillips, Francisca Rebelo and Benjamin Sampson
We measure the real effects of private equity buyouts on worker outcomes by building a new
database that links transactions to matched employer-employee data in the United States. To
guide our empirical analysis, we derive testable implications from three theories in... View Details
Herkenhoff, Kyle, Josh Lerner, Gordon M. Phillips, Francisca Rebelo, and Benjamin Sampson. "Private Equity and Workers: Modeling and Measuring Monopsony, Implicit Contracts, and Efficient Reallocation." Harvard Business School Working Paper, No. 25-046, March 2025. (Revised June 2025.)
- March 2025 (Revised April 2025)
- Case
Perplexity: Redefining Search
By: Suraj Srinivasan, Michelle Hu, Sriraghav Srinivasan and Radhika Kak
By early 2025, Perplexity had rapidly evolved from a modest startup into a popular "answer engine" valued at $9 billion. The company had boldly positioned itself as the disruptor to Google aiming to redefine search for the AI age. Through novel AI... View Details
Keywords: AI and Machine Learning; Venture Capital; Innovation Leadership; Technological Innovation; Internet and the Web; Business Startups; Competitive Strategy; Business Model; Technology Industry; United States
Srinivasan, Suraj, Michelle Hu, Sriraghav Srinivasan, and Radhika Kak. "Perplexity: Redefining Search." Harvard Business School Case 125-093, March 2025. (Revised April 2025.)
- March 2025
- Teaching Note
Seattle's Climate Pledge Arena: Ticket to a Greener Future
By: Rosabeth Moss Kanter and Jacob A. Small
Teaching Note for HBS Case No. 325-110. CEO Tim Leiweke reviewed the process by which his newly formed Oak View Group had managed a major rebuild of a landmark arena in Seattle which attracted a National Hockey League franchise and major entertainers concerned about... View Details
- March 2025 (Revised April 2025)
- Case
Dominion Voting Systems v. Fox News
By: Vincent Pons, Jesse M. Shapiro, Bharat Anand and Susan Pinckney
The case examines the Dominion Voting Systems and Fox News defamation settlement based upon statements made on air in the aftermath of the 2020 presidential election. View Details
Keywords: (General) Management; Business Earnings; Financial Statements; Change Management; Disruption; Volatility; Transition; Crime and Corruption; Cost vs Benefits; Decision Making; Decision Choices and Conditions; Decisions; Demographics; Ethics; Values and Beliefs; Corporate Finance; Cost; Governance; Governance Compliance; Governance Controls; Policy; Political Elections; Business History; Information; Law; Legal Liability; Laws and Statutes; Management; Marketing; Advertising; Media; Performance; Problems and Challenges; Society; Public Opinion; Social Issues; Media and Broadcasting Industry; United States
- March 2025
- Case
Skylight: Hit Product or Scalable Company?
By: Rembrand Koning, Christina Wallace and Jeff Huizinga
Skylight, originally a digital frame startup aimed at connecting dispersed families, expanded with a second product—Calendar—to help families manage schedules. Despite significant potential, Calendar struggled with persistent technical issues and poor customer... View Details
Keywords: Culture; Software; Hardware; Entrepreneurship; Business Startups; Customer Satisfaction; Resource Allocation; Product Launch; Business Strategy; Expansion
Koning, Rembrand, Christina Wallace, and Jeff Huizinga. "Skylight: Hit Product or Scalable Company?" Harvard Business School Case 825-143, March 2025.
- March 2025
- Case
Stagwell: AI and the Future of Marketing
By: Suraj Srinivasan and Radhika Kak
In early 2025, Mark Penn, Founder, CEO and Chairman of Stagwell, a global marketing company with a network of over 70+ agencies that served over 4000 blue-chip customers across 40 countries, was looking at ways that marketers should navigate the disruption emanating... View Details
- March 2025
- Teaching Plan
Wasabi Technologies (A) and (B)
By: N. Louis Shipley and Stacy Straaberg
Teaching Plan for HBS Case Nos. 823-021 and 825-035. Set in 2019, the “Wasabi Technologies (A)” case centers on Wasabi Technologies (Wasabi), a successful hot cloud storage company based in Boston, Massachusetts. Founder and CEO David Friend is ready to scale the... View Details
- March 2025
- Case
YouTube: Bidding for NFL Sunday Ticket
By: Anita Elberse and Crystal Yao
In December 2022, Erin Teague, a senior director and the global head of sports, movies and shows at YouTube, technology giant Alphabet Inc.’s video- sharing platform, received the news that Sundar Pichai, the chief executive officer of Alphabet and its subsidiary... View Details
Keywords: General Management; Entertainment; Media; Sports; Marketing; Management; Business Strategy; Bids and Bidding; Entertainment and Recreation Industry; Entertainment and Recreation Industry
Elberse, Anita, and Crystal Yao. "YouTube: Bidding for NFL Sunday Ticket." Harvard Business School Case 525-045, March 2025.