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- May–June 2025
- Article
Balancing Digital Safety and Innovation
By: Tomomichi Amano and Tomomi Tanaka
Designers of consumer-facing digital products have tended to focus on novelty and speed (“move fast and break things”). They’ve spent more effort on innovating than on anticipating how customers—and bad actors—might engage with products. But as digital products become... View Details
Amano, Tomomichi, and Tomomi Tanaka. "Balancing Digital Safety and Innovation." Harvard Business Review 103, no. 3 (May–June 2025): 120–127.
- June 2025
- Article
Collusion in Brokered Markets
By: John William Hatfield, Scott Duke Kominers and Richard Lowery
High commissions in the U.S. residential real estate agency market present a puzzle for economic theory because brokerage is not a concentrated industry. We model brokered markets as a game in which agents post prices for customers and then choose which other agents to... View Details
Keywords: Real Estate Agents; Real Estate; Realtors; Broker Networks; Brokerage; Brokerage Commissions; "Brokerage Industry; Brokered Markets; Brokering; Brokers; Industrial Organization; Repeated Game Framework; "Repeated Games"; Collusion; Antitrust; Microeconomics; Market Design; Theory; Game Theory; Real Estate Industry
Hatfield, John William, Scott Duke Kominers, and Richard Lowery. "Collusion in Brokered Markets." Journal of Finance 80, no. 3 (June 2025): 1417–1462.
- June 2025
- Article
Ideation with Generative AI—In Consumer Research and Beyond
By: Julian De Freitas, G. Nave and Stefano Puntoni
The use of large language models (LLMs) in consumer research is rapidly evolving, with applications including synthetic data generation, data analysis, and more. However, their role in creative ideation—a cornerstone of consumer research—remains underexplored. Drawing... View Details
De Freitas, Julian, G. Nave, and Stefano Puntoni. "Ideation with Generative AI—In Consumer Research and Beyond." Journal of Consumer Research 51, no. 1 (June 2025): 18–31.
- May 2025
- Background Note
Skills-First Talent Management: The Importance of Managers
By: Boris Groysberg, Nicole Zelazko, Tom Quinn, Robin Abrahams, Izzy Yeoh and Colleen Ammerman
This note supplements a 2025 series on skills-first talent management in organizations, comprising “Skills-First Talent Management: Hiring” (HBS No. 425-019), “Skills-First Talent Management: Onboarding, Development, and Performance Management” (HBS No. 425-020), and... View Details
- May 2025
- Case
Initial Financial Statements at Blank Corporation: Bridging Content and Commerce
By: Jung Koo Kang, Panje Jayden Kim and David Allen
This accounting case is intended to teach students how to compile an income statement, a balance sheet, and a cash flow statement. It focuses on Blank Corporation, an innovative South Korean company that bridged content and commerce by selling products directly through... View Details
- May 2025
- Teaching Note
The VideaHealth AI Factory: CEO Florian Hillen on Speed, Scale, and Innovation
By: Tsedal Neeley
Teaching Note for HBS Case No. 425-720. Florian Hillen, co-founder and CEO of VideaHealth, a startup using artificial intelligence (AI) to detect dental conditions on x-rays, spent the early years of his company laying the groundwork for an AI factory. This AI factory,... View Details
- 2025
- Chapter
Employer-Based Short-Term Savings Accounts
By: Sarah Holmes Berk, John Beshears, Jay Garg, James J. Choi and David Laibson
We study the introduction of a choice architecture design intended to increase short-term savings among employees at five U.K. firms. Employees were offered the opportunity to opt into a payroll deduction program that auto-deposits funds from each paycheck into a... View Details
Keywords: Personal Finance; Compensation and Benefits; Well-being; Behavior; Investment Funds; Employees; United Kingdom
Berk, Sarah Holmes, John Beshears, Jay Garg, James J. Choi, and David Laibson. "Employer-Based Short-Term Savings Accounts." Chap. 21 in The Elgar Companion to Consumer Behaviour and the Sustainable Development Goals, edited by Lucia A. Reisch and Cass R. Sunstein, 359–386. Cheltenham: Edward Elgar Publishing, 2025.
- May 2025
- Case
The Micro-Family Office: Aamir Rehman
By: Lauren Cohen and Sophia Pan
With a successful career and strong academic credentials, Aamir Rehman sought to design a life grounded in autonomy. For him, this meant serving on boards, continuing his professorship, and ensuring a secure and comfortable life for his family. While he didn’t possess... View Details
Keywords: Family Office; Organization Design; Family And Friends; Family; Balance; Stability; Trends And Opportunities; Wealth Management; Family Business; Investment; Financial Strategy; Personal Finance; Investment Portfolio; Private Equity; Organizational Design; Family and Family Relationships; Happiness; Satisfaction; Balance and Stability; Human Capital; Compensation and Benefits; Economy; Trends; Business Model; New Jersey; United States
- 2025
- Chapter
Institutional Entrepreneurship and Climate Change
By: Ann-Kristin Bergquist and Geoffrey Jones
This chapter explores when and why private regulatory governance systems became the primary form of global environmental governance. The chapter explores two different historical paths in such private regulation and how they came about. The first path involved... View Details
Keywords: Institutional Entrepreneurship; Environment; Climate Change; Governing Rules, Regulations, and Reforms; Environmental Regulation; Standards; Corporate Social Responsibility and Impact
Bergquist, Ann-Kristin, and Geoffrey Jones. "Institutional Entrepreneurship and Climate Change." Chap. 1 in Climate Change and Business: Historical Perspectives, edited by Teresa da Silva Lopes, Paul Duguid, and Robert Fredona, 8–29. London, United Kingdom: Routledge, 2025.
- April 2025
- Case
Thrivent: From Insurance Agents to Financial Advisors
By: Hubert Joly, Leonard A. Schlesinger and Tom Quinn
Thrivent, a midwestern financial services company with a centuries-long history rooted in Lutheranism, had reached $10 billion in revenue mostly by selling life insurance. In the 2020s, however, CEO Terry Rasmussen began a transformation process centered around the... View Details
Keywords: Change Management; Transformation; Talent and Talent Management; Customer Focus and Relationships; Customer Value and Value Chain; Forecasting and Prediction; Employee Relationship Management; Retention; Selection and Staffing; Job Design and Levels; Human Capital; Leading Change; Mission and Purpose; Organizational Change and Adaptation; Organizational Culture; Insurance Industry; Financial Services Industry; United States; Minneapolis
- 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
Keywords: Decarbonization; Climate Impact; Environmental Strategy; Innovation; Product Design; Supply Chain Management; Innovation Strategy; Innovation and Management; Product Development; Climate Change; Environmental Management; Environmental Sustainability; Business Startups; Initial Public Offering; Knowledge Sharing; Apparel and Accessories Industry; Fashion Industry; United States; California
- April 2025
- Supplement
Allbirds: Decarbonizing Fashion PowerPoint Supplement
By: Michael W. Toffel, Ken Pucker and Stacy Straaberg
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 fashion industry. Background material highlights the growing... View Details
Keywords: Decarbonization; Climate Impact; Environmental Strategy; Innovation; Product Design; Supply Chain Management; Innovation Strategy; Innovation and Management; Product Development; Climate Change; Environmental Management; Environmental Sustainability; Apparel and Accessories Industry; Fashion Industry; United States; California
- April 2025
- Case
Lisa Su and AMD (A)
By: Joshua D. Margolis, Matthew Preble and Dave Habeeb
This multimedia case study focuses on CEO Lisa Su’s turnaround and subsequent transformation of the technology company Advanced Micro Devices, Inc. (AMD). When Su accepted the top position in 2014, AMD was on the verge of collapse. Su focused the company’s culture,... View Details
Keywords: Turnaround; Artificial Intelligence; Semiconductors; Change Management; Transformation; Decision Making; Globalized Markets and Industries; Government and Politics; AI and Machine Learning; Innovation and Management; Innovation Strategy; Innovation Leadership; Leadership; Leadership Style; Leading Change; Management; Product Design; Product Development; Organizational Change and Adaptation; Organizational Culture; Organizational Design; Strategic Planning; Business and Shareholder Relations; Business and Stakeholder Relations; Research and Development; Business Strategy; Competitive Strategy; Competitive Advantage; Corporate Strategy; Semiconductor Industry; Computer Industry; United States; California; Texas
Margolis, Joshua D., Matthew Preble, and Dave Habeeb. "Lisa Su and AMD (A)." Harvard Business School Multimedia/Video Case 425-704, April 2025.
- April 2025
- Supplement
Lisa Su and AMD (B)
By: Joshua D. Margolis, Matthew Preble and Dave Habeeb
This multimedia case study focuses on CEO Lisa Su’s turnaround and subsequent transformation of the technology company Advanced Micro Devices, Inc. (AMD). When Su accepted the top position in 2014, AMD was on the verge of collapse. Su focused the company’s culture,... View Details
Keywords: Leadership; Turnaround; Transformation; Semiconductors; Artificial Intelligence; Semiconductor Industry; Computer Industry; United States; California; Texas
Margolis, Joshua D., Matthew Preble, and Dave Habeeb. "Lisa Su and AMD (B)." Harvard Business School Supplement 425-705, April 2025.
- 2025
- Working Paper
Training Within Firms
By: Brayan Diaz, Andrea Neyra-Nazarrett, Julian Ramirez, Raffaella Sadun and Jorge Tamayo
Training investments are essential for improving worker and firm productivity, yet their
implementation is often hindered by low participation rates and insufficient worker engagement.
This study uses data from three firms–a car manufacturer, a quick-service... View Details
Keywords: Productivity; Absenteeism; Middle Managers; Training; Management Practices and Processes; Performance Productivity; Employees
Diaz, Brayan, Andrea Neyra-Nazarrett, Julian Ramirez, Raffaella Sadun, and Jorge Tamayo. "Training Within Firms." Harvard Business School Working Paper, No. 25-045, April 2025.
- 2025
- Working Paper
Extractive Taxation and the French Revolution
By: Tommaso Giommoni, Gabriel Loumeau and Marco Tabellini
We study the fiscal determinants of the French Revolution, exploiting plausibly exogenous variation in the salt tax—a large source of royal revenues and one of the most extractive forms of taxation of the Ancien Régime. Implementing a Regression Discontinuity... View Details
Keywords: Extractive Taxation; Regime Change; French Revolution; State Capacity; Taxation; History; Government Administration; Attitudes; Public Opinion
Giommoni, Tommaso, Gabriel Loumeau, and Marco Tabellini. "Extractive Taxation and the French Revolution." Harvard Business School Working Paper, No. 25-047, April 2025. (Featured at VoxEU.)
- 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.
- March 2025 (Revised May 2025)
- Case
Xfund and Sam Altman: Finding Harvard's Best Generative AI Founders
By: Suraj Srinivasan
On May 1, 2024, Xfund Managing Partners Patrick Chung and Brandon Farwell, hosted a high-stakes venture pitch session designed to select one startup for a minimum $100,000 investment. This “Xperiment Stake” competition, dedicated to startups in the Generative AI... View Details
Keywords: AI and Machine Learning; Venture Capital; Innovation Leadership; Technological Innovation; Business Startups; Competition; Technology Industry; United States
Srinivasan, Suraj. "Xfund and Sam Altman: Finding Harvard's Best Generative AI Founders." Harvard Business School Case 125-090, March 2025. (Revised May 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
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.
- 2025
- Article
Educating Students and Professionals on the Business Implications of Climate Change
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
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.