Publications
Publications
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- All HBS Web
(2,349)
- Faculty Publications (463)
- 2017
- Working Paper
Does Financial Misconduct Affect the Future Compensation of Alumni Managers?
By: Boris Groysberg, Eric Lin and Georgios Serafeim
We explore how an organization’s financial misconduct may affect pay for former employees not implicated in wrongdoing. Drawing on stigma theory we hypothesize that although such alumni did not participate in the financial misconduct and they had left the organization... View Details
- August 2021
- Article
Don't Take Their Word for It: The Misclassification of Bond Mutual Funds
By: Huaizhi Chen, Lauren Cohen and Umit Gurun
We provide evidence that bond fund managers misclassify their holdings, and that these misclassifications have a real and significant impact on investor capital flows. In particular, many funds report more investment grade assets than are actually held in their... View Details
- 2025
- Working Paper
How Do Households Suppress the Price of Tail Risk?
By: Laurent Calvet, Claire Célérier, Gordon Liao and Boris Vallée
This paper investigates the effects of the issuance of retail products with non-linear payoffs on option prices. For a given underlying asset, when the outstanding volume of products embedding a short-put position increases, implied volatility at the corresponding... View Details
- July 2021 (Revised September 2024)
- Case
Supreme: Remaining Cool While Pursuing Growth
By: Jill Avery, Sandrine Crener, Marie-Cecile Cervellon and Ranjit Thind
Following VF Corporation’s acquisition of cult streetwear brand Supreme, consumers and industry pundits were nervous that becoming part of a large, public corporation would put an end to Supreme’s slow and careful growth trajectory as pressure for quarterly results... View Details
- July 2021
- Article
Big Data for Social Benefits: Innovation as a Mediator of the Relationship between Big Data and Corporate Social Performance
By: Goran Calic and Maryam Ghasemaghaei
Over the last decade, the use big data in firms has seen a rapid increase. Whilst scholars have begun to unpack the relationship between big data utilisation and financial performance, significant uncertainty exists about the ethical uses of this new asset. Whether... View Details
- 2021
- Working Paper
Dirty Money: How Banks Influence Financial Crime
By: Joseph Pacelli, Janet Gao, Jan Schneemeier and Yufeng Wu
On September 21st, 2020, a consortium of international journalists leaked nearly 2,500 suspicious activity reports (SAR) obtained from the U.S. Financial Crimes Enforcement Network, exposing nearly $2 trillion of money laundering activity. The event raises important... View Details
- July–August 2021
- Article
Lowering the Bar? External Conditions, Opportunity Costs, and High-Tech Startup Outcomes
By: Annamaria Conti and Maria P. Roche
We assess the heterogeneous impact of economic downturns on individuals’ decisions to bring high-technology ideas to the market in the form of new ventures. We thereby examine how worsening labor market conditions influence individuals’ opportunity costs of starting... View Details
- July 2021
- Article
Material Sustainability Information and Stock Price Informativeness
By: Jody Grewal, Clarissa Hauptmann and George Serafeim
As part of the SEC’s revision of Regulation S-K, many investors proposed the mandatory disclosure of sustainability information in the form of environmental, social, and governance (ESG) data. However, progress is contingent on collecting evidence regarding which... View Details
Keywords: Voluntary Disclosure; Accounting Standards; Sustainability; Nonfinancial Information; Corporate Social Responsibility; Stock Price Informativeness; Synchronicity; Environmental Sustainability; Corporate Disclosure; Corporate Accountability; Stocks; Price; Corporate Social Responsibility and Impact; Accounting; Standards
- Article
On Her Own Account: How Strengthening Women's Financial Control Impacts Labor Supply and Gender Norms
By: Natalia Rigol, Simone Schaner, Rohini Pande, Erica Field and Charity Troyer Moore
Can increasing control over earnings incentivize a woman to work, and thereby influence norms around gender roles? We randomly varied whether rural Indian women received bank accounts, training in account use, and direct deposit of public sector wages into their own... View Details
- 2021
- Working Paper
Public Disclosure of Private Meetings: Does Observing Peers' Information Acquisition Affect Analysts' Attention Allocation?
By: Yi Ru, Ronghuo Zheng and Yuan Zou
We investigate the impact of observing peers’ information acquisition on financial analysts’ attention allocation. Using the timely disclosure mandate by the Shenzhen Stock Exchange as a setting, we find that, when analysts can observe that a firm is visited by other... View Details
- 2021
- Chapter
Towards a Unified Framework for Fair and Stable Graph Representation Learning
By: Chirag Agarwal, Himabindu Lakkaraju and Marinka Zitnik
As the representations output by Graph Neural Networks (GNNs) are increasingly employed in real-world applications, it becomes important to ensure that these representations are fair and stable. In this work, we establish a key connection between counterfactual... View Details
- May–June 2021
- Article
Getting Up to Speed in Your Sales Efforts
By: Frank V. Cespedes and Zoran Latinovic
In a study before the pandemic, Pricewaterhouse Coopers found that companies had made little progress in the previous decade in speeding up their cash-conversion cycle, as the cash crunch generated by the pandemic painfully demonstrated. In most firms, sales velocity... View Details
- 2021
- Working Paper
Granular Corporate Hedging Under Dominant Currency
By: Laura Alfaro, Mauricio Calani and Liliana Varela
Foreign currency use can be a source of risk associated with currency mismatches, which firms can hedge using FX derivatives. This paper uncovers five novel facts about firms’ use of foreign currency (FX) derivatives employing a unique dataset covering the universe of... View Details
- Article
Is ‘Not Guilty’ the Same as ‘Innocent’? Evidence from SEC Financial Fraud Investigations
By: Eugene F. Soltes and David H. Solomon
When the Securities and Exchange Commission (SEC) investigates firms for financial fraud, investors learn about the investigation only if managers disclose it, or regulators sanction the firm. We investigate the effects of such disclosures using confidential records on... View Details
- March 2021
- Case
P.F. Chang's
By: Ashish Nanda, Nitin Nohria and Margaret Cross
Excited yet apprehensive after being named CEO of P.F. Chang’s beginning July 1st, 2020, Damola Adamolekun was well aware of the extraordinary challenges facing the firm. The closure of businesses deemed “nonessential” owing to the COVID-19 pandemic had devastated the... View Details
- March 2021
- Article
Loan Guarantees and Credit Supply
By: Natalie Bachas, Olivia S. Kim and Constantine Yannelis
The efficiency of federal lending guarantees depends on whether guarantees increase lending supply or simply act as a subsidy to lenders. We use notches in the guarantee rate schedule for Small Business Administration (SBA) loans to estimate the elasticity of bank... View Details
- February 2021
- Case
A Cultural Transformation at Southeastern Grocers
By: Suraj Srinivasan, Jonah S. Goldberg and Joseph A. Paul
When Anthony Hucker, the CEO of Southeastern Grocers (SEG), took over in that role in July 2017, the company was in dire financial and operational condition and was headed towards bankruptcy. SEG, the fifth largest grocery chain in the U.S. in early 2021, operated... View Details
- 2021
- Book
Harvard Business Review Family Business Handbook: How to Build and Sustain a Successful, Enduring Enterprise
By: Josh Baron and Rob Lachenauer
Navigate the complex decisions and critical relationships necessary to create and sustain a healthy family business--and business family. Though "family business" may sound like it refers only to mom-and-pop shops, businesses owned by families are among the most... View Details
- 2020
- Working Paper
Accounting for Product Impact in the Consumer Finance Industry
By: George Serafeim and Katie Trinh
We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor credit card providers within the consumer finance industry. We design a monetization methodology that allows us to calculate monetary impact estimates... View Details
Keywords: Product Innovation; Impact; Impact Investing; Impact Measurement; ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; Social Corporate Responsibility; Corporate Social Responsibility; Social Impact; Consumer Finance; Financial Services; Financial Inclusion; Product; Product Design; Product Positioning; Society; Corporate Social Responsibility and Impact; Personal Finance; Credit Cards; Financial Services Industry
- 2020
- Working Paper
Determinants of Early-Stage Startup Performance: Survey Results
To explore determinants of new venture performance, the CEOs of 470 early-stage startups were surveyed regarding a broad range of factors related to their venture’s customer value proposition, product management, marketing, technology and operations, financial... View Details