Publications

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February 2017
Case

Valerie Daniels-Carter: High Growth Entrepreneurship via Franchising

By: Steven Rogers and Alyssa Haywoode

This case looks at entrepreneurship via franchising through the leadership of an African-American entrepreneur who owns almost 150 stores including Burger King, Pizza Huts, and Auntie Anne’s Pretzels. Her company is the largest female-owned franchise business in the... View Details

Keywords: Giving And Philanthropy; Weather And Climate Change; Franchise Ownership; Family Business; Experience and Expertise; Decisions; Borrowing and Debt; Food; Philanthropy and Charitable Giving; Business History; Climate Change; Motivation and Incentives; Food and Beverage Industry

June 2011 (Revised February 2024)
Background Note

Carbon Footprints: Methods and Calculations

By: Michael W. Toffel, Stephanie van Sice and Kelsey Carter

Describes methods to calculate the carbon footprint (greenhouse gas emissions) of an organization's operations and supply chain, and a product or service. Illustrates concepts with examples of calculating the carbon footprint of organizations and products. Provides... View Details

Keywords: Measurement; Climate Change; Climate Impact; Carbon Accounting; Carbon Footprint; Carbon Emissions; Sustainability; Environmental Management; Operations; Supply Chain; Pollutants; Measurement and Metrics; Environmental Sustainability

2021
Article

Decarbonizing Everything

By: Alex Cheema-Fox, Bridget LaPerla, George Serafeim, David Turkington and Hui (Stacie) Wang

We analyze how the use of different climate risk measures leads to different portfolio carbon outcomes and risk-adjusted returns. Our findings are synthesized in a rules-based investment framework, which selects a different type of climate metric across industries and... View Details

Keywords: Climate Risk; ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Disclosure Metrics; ESG Ratings; Investing; Investing For Impact; Investment Strategy; Environment; Decarbonization; Climate Change; Environmental Sustainability; Environmental Management; Environmental Accounting; Investment; Strategy; Investment Portfolio; Investment Return

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April 2025
Teaching Note

Allbirds: Decarbonizing Fashion (A) and (B)

By: Michael W. Toffel, Ken Pucker and Stacy Straaberg

Teaching Note for HBS Case Nos. 622-024, 625-004, 625-005, and 625-702. The Allbirds: Decarbonizing Fashion (A) case introduces Allbirds as a footwear startup not only focused on simple design, comfort, and sustainable natural materials but on decarbonizing the wider... View Details

July 2023 (Revised May 2024)
Case

Vytal: Packaging-as-a-Service

By: George Serafeim, Michael W. Toffel, Lena Duchene and Daniela Beyersdorfer

The Germany-based startup Vytal operated the largest digital-native reusable packaging-as-a-service network globally, having raised nearly €15 million, established a large network of restaurant partners, and prevented the use of millions of single-use take-out food... View Details

18 Apr 2023
Research & Ideas

What Happens When Banks Ditch Coal: The Impact Is 'More Than Anyone Thought'

Consumers who are eager to mitigate climate change can take many actions, such as reducing the number of airline flights they take or installing solar panels on their homes. But the planet is in a race against time, and individual action alone won’t help most countries... View Details

Keywords: by Barbara DeLollis; Financial Services; Mining

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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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

Teaching Interest

Overview

By: Peter Tufano

Tufano is the convener for an innovative global doctoral reading group, The Financial Economics of Climate and Sustainability (FECS). This novel course, taught with professors from Yale, Columbia, Stanford, Texas, Imperial, NYU, Mannheim, and Oxford brings together... View Details

May 2002 (Revised May 2003)
Exercise

Endeca Negotiation, The: Charlie Yie

By: G. Felda Hardymon, Josh Lerner and Ann Leamon

Students play the role of Charlie Yie, a venture capitalist considering an investment in a venture-backed enterprise software company. In the challenging financing climate of the Fall of 2001, he is trying to decide what terms to offer the company as an outside... View Details

Keywords: Negotiation Process; Negotiation Offer; Management Teams; Venture Capital; Valuation; Software; Information Technology Industry; Web Services Industry

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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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

Keywords: Sustainability; Sustainability Management; Credit Products; Loan Contracts; Loans; Corporate Finance; Credit Risk; Environment; ESG; ESG Ratings; Climate Change; Finance; Borrowing and Debt; Risk and Uncertainty; Credit

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May 2002 (Revised May 2003)
Exercise

Endeca Negotiation, The: Hardy Smith

By: G. Felda Hardymon, Josh Lerner and Ann Leamon

Students play the role of Hardy Smith, one of the founding investors of a venture-backed enterprise software company. In the challenging financing climate of the fall of 2001, he is trying to decide what terms to offer the company as an insider-funded C-round. Presents... View Details

Keywords: Negotiation Process; Negotiation Offer; Management Teams; Venture Capital; Valuation; Software; Information Technology Industry; Web Services Industry

07 Sep 2021
Research & Ideas

Who Pays For Wildfire and Hurricane Damage? Everyone.

New Mexico homeowners might think their inland location buffers them from the financial toll of climate change, but they’re still paying for climate-related property damage occurring in coastal states. New research finds that homeowners in New Mexico and other states... View Details

Keywords: by Kristen Senz; Insurance

16 Feb 2023
HBS Case

ESG Activists Met the Moment at ExxonMobil, But Did They Succeed?

The impact-investment hedge fund Engine No. 1 made a big splash in May 2021 when it managed to get three nominees elected to the ExxonMobil board of directors. It was an open effort to prod the oil giant toward renewable energy and test whether activist investing could... View Details

Keywords: by Lane Lambert; Financial Services

February 2010 (Revised April 2011)
Case

The Political Economy of Carbon Trading

By: Forest L. Reinhardt, J. Gunnar Trumbull, Mikell Hyman, Patia McGrath and Nazli Zeynep Uludere

Global climate change is an increasingly prominent political and business problem. Design of market-based systems to reduce carbon emissions has proven difficult. More broadly, national attempts to comply with the provisions of the Kyoto Protocol present both... View Details

Keywords: Policy; International Relations; Risk Management; Agreements and Arrangements; Business and Government Relations; Natural Environment; Pollutants; Climate Change; Environmental Sustainability; Public Administration Industry

May 2002 (Revised May 2003)
Exercise

Endeca Negotiation, The: Steve Papa

By: G. Felda Hardymon, Josh Lerner and Ann Leamon

Students play the role of Steve Papa, the CEO and founder of a venture-backed enterprise software company. In the challenging financing climate of the fall of 2001, he knows that two different groups are about to submit term sheets for his company's C-round. He is... View Details

Keywords: Negotiation Process; Negotiation Offer; Management Teams; Venture Capital; Valuation; Software; Information Technology Industry; Web Services Industry

2017
Working Paper

Why and How Investors Use ESG Information: Evidence from a Global Survey

By: Georgios Serafeim

Using survey data from a sample of senior investment professionals from mainstream (i.e., not SRI funds) investment organizations, we provide insights into why and how investors use reported environmental, social, and governance (ESG) information. The primary reason... View Details

Keywords: Investment Management; Sustainability; ESG; ESG (Environmental, Social, Governance) Performance; Investment Fund; Investment Strategy; Corporate Accountability; Activist Shareholder; Engagement; Environment; Climate Change; Customers; Customer Satisfaction; Employee Engagement; Global Warming; Investment; Decision Making; Environmental Sustainability; Performance Expectations