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  • May 2011
  • Article

Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting

By: George Serafeim
I analyze Embedded Value (EV) reporting by firms with life insurance operations to assess the impact of unregulated financial reporting on transparency and to examine the institutional characteristics that promote unregulated reporting. Under EV accounting the present... View Details
Keywords: Financial Statements; Mergers and Acquisitions; Financial Reporting; Cash Flow; Contracts; Equity; Profit; Value; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Business and Shareholder Relations; Business Earnings
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  • 30 Jan 2018
  • First Look

January 30, 2018

products offered to customers—has recently been used as a competitive advantage for both brick-and-mortar and online retailers. Fast-fashion retailers have differentiated themselves by rotating their... View Details
Keywords: Sean Silverthorne
  • 2007
  • Book

An Experiment in Fair Value Accounting? The State of the Art in Research and Thought Leadership on Accounting for Life Assurance in the UK and Continental Europe

By: Joanne G Horton, Richard H. Macve and George Serafeim
"Fair value" is currently the central topic of debate in the development of accounting standards. While it has now been defined to mean an exit price in US GAAP, the IASB is still considering its own definition, and some commentators are arguing for versions of entry... View Details
Keywords: Transition; Financial Instruments; Framework; Market Entry and Exit; Insurance; Revenue Recognition; Fair Value Accounting; Standards; United Kingdom
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  • 26 Mar 2020
  • News

Coronavirus Pandemic Could Elevate ESG Factors

  • 2018
  • Working Paper

Corporate Sustainability: A Strategy?

By: George Serafeim
We explore the conditions under which firms maintain their competitive advantage through sustainability-based differentiation when faced with imitation pressures by industry peers. We document growing intraindustry convergence on sustainability actions over time for... View Details
Keywords: Sustainability; Corporate Performance; Industry Analysis; CSR; ESG; ESG (Environmental, Social, Governance) Performance; Environment; Social Responsibility; Strategy And Execution; Corporate Social Responsibility and Impact; Environmental Sustainability; Strategy; Performance; Corporate Strategy
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  • 30 Jun 2015
  • First Look

First Look: June 30, 2015

https://www.hbs.edu/faculty/Pages/item.aspx?num=46138 Forthcoming Accounting Review An Analysis of Self-reported Anticorruption Efforts By: Healy, Paul M., and George Serafeim... View Details
Keywords: Carmen Nobel
  • 23 Aug 2011
  • First Look

First Look: August 23

relevant for industries characterized by product proliferation and horizontal differentiation. Read the paper: http://www.people.hbs.edu/banand/matchmaker2011published.pdf Accelerating the Adoption of... View Details
Keywords: Sean Silverthorne
  • 01 Aug 2022
  • News

Profits over Planet? Experts Eye Companies at Crucial Moment for Climate Change Fight

  • 11 Oct 2016
  • First Look

October 11, 2016

behavior; (3) a top-down or laissez-faire style by the leader, which prevents honest conversation about problems; (4) a lack of coordination across businesses, functions, or regions due to poor organizational design; (5) inadequate... View Details
Keywords: Sean Silverthorne
  • 23 Aug 2016
  • First Look

August 23, 2016

Kotsantonis, Sakis, Christopher Pinney, and George Serafeim Abstract—The authors’ aim in this article is to set the record straight on the financial performance of sustainable... View Details
Keywords: Sean Silverthorne
  • 24 Aug 2017
  • News

Investors’ Role in Company Collaboration

  • Spring 2014
  • Article

Attracting Long-Term Investors Through Integrated Thinking and Reporting: A Clinical Study of a Biopharmaceutical Company

By: Andrew Knauer and George Serafeim
Faced with a large percentage of investors that chase short-term returns, companies could benefit by attracting investors with longer-term horizons and incentives that are more consistent with the long-term strategy of the company. The managers of most companies take... View Details
Keywords: Investing; Asset Management; Long-term Investing; Short-termism; Sustainability; Integrated Reporting; Leadership & Corporate Accountability; Pharmaceuticals; Leadership; Integrated Corporate Reporting; Investment; Business and Stakeholder Relations; Corporate Finance; Biotechnology Industry; Pharmaceutical Industry
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  • 13 Dec 2018
  • News

Sustainable investing risks becoming a victim of its own success

  • 2021
  • Working Paper

Science-Based Carbon Emissions Targets

By: David Freiberg, Jody Grewal and George Serafeim
We examine the effect of voluntarily adopting a standard for setting science-based carbon emissions targets on target difficulty and investments to achieve those targets. We find that firms with a track record of setting and achieving ambitious carbon targets are more... View Details
Keywords: Target; Targeting; Target-setting; Target Efficiency; Management Control Systems; Management Accounting; Environment; Environmental And Social Sustainability; Climate Change; Environmental Management; Environmental Accounting; Environmental Sustainability; Management Analysis, Tools, and Techniques
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  • 28 Jul 2015
  • First Look

First Look: July 28, 2015

reviews through a sting conducted by Yelp. These data support our main results and shed further light on the economic incentives behind a business's decision to leave fake reviews. Publisher's link:... View Details
Keywords: Carmen Nobel
  • 03 Dec 2016
  • News

Cashing In on Climate Change

  • 17 Dec 2020
  • Research & Ideas

The 10 Most Popular Stories of 2020

organizational sustainability and characterizes the situations in which a social enterprise should be sustainable. The analysis then delineates when an investment in a social enterprise delivers superior impact to a grant. Corporate... View Details
Keywords: by Dina Gerdeman
  • Forthcoming
  • Article

Disclosure Standards and Communication Norms: Evidence of Voluntary Sustainability Standards as a Coordinating Device for Capital Markets

By: Khrystyna Bochkay, Jeffrey Hales and George Serafeim
In this paper, we examine how the development of voluntary sustainability standards has affected the nature of information covered in conference calls. Using industry-specific dictionaries of sustainability terms contained in the disclosure standards developed by the... View Details
Keywords: Voluntary Disclosure; Accounting Standards; Sustainability Reporting; Sustainability Standards; ESG; ESG Disclosure; Accounting; Corporate Disclosure; Environmental Sustainability; Corporate Social Responsibility and Impact; Standards; United States
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  • 24 May 2023
  • Blog Post

Innovating, Funding, and Scaling Climate Solutions at Harvard Business School: Day Three of Harvard Climate Action Week

develop solutions—scalable and profitable business models and services bettering the lives of people,” said Professor George Serafeim at the... View Details
  • 16 Jun 2015
  • First Look

First Look: June 16, 2015

  Publications June 2015 Review of Accounting Studies Speaking of the Short-Term: Disclosure Horizon and Managerial Myopia By: Brochet, Francois, Maria Loumioti, and George... View Details
Keywords: Sean Silverthorne