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- 2025
- Working Paper
Dynamic Personalization with Multiple Customer Signals: Multi-Response State Representation in Reinforcement Learning
Reinforcement learning (RL) offers potential for optimizing sequences of customer interactions by modeling the relationships
between customer states, company actions, and long-term value. However, its practical implementation often faces significant
challenges.... View Details
Keywords: Dynamic Policy; Deep Reinforcement Learning; Representation Learning; Dynamic Difficulty Adjustment; Latent Variable Models; Customer Relationship Management; Customer Value and Value Chain; Foreign Direct Investment; Analytics and Data Science
Ma, Liangzong, Ta-Wei Huang, Eva Ascarza, and Ayelet Israeli. "Dynamic Personalization with Multiple Customer Signals: Multi-Response State Representation in Reinforcement Learning." Harvard Business School Working Paper, No. 25-037, February 2025.
- January 2025
- Case
Untapped Global: Financing Africa’s Missing Middle
By: Raymond Kluender and Emanuele Colonnelli
In November 2024, Jim Chu, founder and CEO of Untapped Global, faced mounting internal tensions over the company’s strategic direction. Untapped had developed a data-driven revenue-based financing (RBF) model to address the “missing middle” problem—the $5.2 trillion... View Details
Keywords: Entrepreneurship; Social Entrepreneurship; Venture Capital; Working Capital; Private Equity; Financial Strategy; Microfinance; International Finance; Currency Exchange Rate; Profit Sharing; Revenue; Developing Countries and Economies; Economic Growth; Banking Industry; Financial Services Industry; Information Technology Industry; Technology Industry; Africa; Nigeria; South Africa; Kenya; Uganda; California; San Francisco
- January 2025
- Case
Real Madrid Club de Fútbol
By: Anita Elberse, Juan Pasquín and Íñigo Pasquín
On June 1, 2024, Spanish soccer club Real Madrid captures its fifteenth Champions League title—more than double the tally of the nearest competitor. Under Florentino Pérez’s leadership, the club has now won six of the last eleven UEFA Champions League titles, and has... View Details
Keywords: Sports; Soccer; Football; Entertainment; Media; Talent Management; Superstars; Marketing; Strategy; General Management
Elberse, Anita, Juan Pasquín, and Íñigo Pasquín. "Real Madrid Club de Fútbol." Harvard Business School Case 525-026, January 2025.
- January 2025
- Article
Overcoming Barriers to Employee Ownership: Insights From Small and Medium-Sized Businesses
By: John Guzek and Ashley Whillans
This research investigates the limited adoption of employee stock ownership plans (ESOPs) among small-to-medium sized businesses (SMBs) in the U.S. Through interviews with 30 SMB owners across various industries, we identify the key barriers to ESOP adoption as lack of... View Details
Keywords: Profit Sharing; Employee Ownership; Management Practices and Processes; Compensation and Benefits; Small Business; Adoption; Employees
Guzek, John, and Ashley Whillans. "Overcoming Barriers to Employee Ownership: Insights From Small and Medium-Sized Businesses." Compensation & Benefits Review 57, no. 1 (January 2025): 64–81.
- 10 Dec 2024
- Interview
A New Model for Funding Healthcare Innovation
By: Regina E. Herzlinger and Duke Rohlen
Ajax Health founder Duke Rohlen (HBS MBA 2001) and HBS Professor Regina Herzlinger join host Brian Kenny to discuss the key success factors for both start-up and established medical technology firms. The case “Ajax Health: A New Model for Medical Technology Innovation”... View Details
Keywords: Entrepreneurship; Innovation and Invention; Business Model; Private Equity; Health Industry
Herzlinger, Regina E., and Duke Rohlen. "A New Model for Funding Healthcare Innovation." Cold Call (podcast), Harvard Business Review Group, December 10, 2024.
- December 2024
- Article
Are Bankruptcy Professional Fees Excessively High?
By: Samuel Antill
Chapter 7 is the most popular bankruptcy system for U.S. firms and individuals. Chapter 7 professional fees are substantial. Theoretically, high fees might be an unavoidable cost of incentivizing professionals. I test this empirically. I study trustees, the most... View Details
Antill, Samuel. "Are Bankruptcy Professional Fees Excessively High?" Review of Financial Studies 37, no. 12 (December 2024): 3595–3647. (Lead Article and Editor's Choice.)
- November 2024
- Supplement
AlphaGo (C): Birth of a New Intelligence
By: Shikhar Ghosh and Shweta Bagai
This case, the final of a three-part series, explores DeepMind's pivotal transition from mastering games to solving real-world scientific challenges. In December 2020, DeepMind's AI system AlphaFold 2 achieved a breakthrough by solving protein folding—a 50-year-old... View Details
Keywords: AI; Artificial Intelligence; Machine Learning; Research; Autonomy; Deep Learning; Drug Discovery; Healthcare Innovation; Neural Networks; Information Technology; Research And Development; Scientific Research; Technology Startup; AI and Machine Learning; Technological Innovation; United States
- 2024
- Article
Supply and Demand and the Term Structure of Interest Rates
By: Robin Greenwood, Samuel Hanson and Dimitri Vayanos
We survey the growing literature emphasizing the role that supply-and-demand forces play in shaping the term structure of interest rates. Our starting point is the Vayanos and Vila (2009, 2021) model of the term structure of default-free bond yields, which we present... View Details
Greenwood, Robin, Samuel Hanson, and Dimitri Vayanos. "Supply and Demand and the Term Structure of Interest Rates." Annual Review of Financial Economics 16 (2024): 115–151.
- October 2024
- Supplement
Hakluyt: from Corporate Intelligence to Trusted Advisors (B)
By: Joseph B. Fuller and Lena Duchene
This case is a continuation of an earlier study chronicling Hakluyt & Company (Hakluyt)’s transformation from an obscure boutique to a global corporate advisory firm with an outsized reputation. In August 2024, the firm faced a pivotal moment as managing partner Varun... View Details
Keywords: Business Growth and Maturation; Business Model; Talent and Talent Management; Capital Structure; Cash Flow; Corporate Finance; Equity; Stock Shares; Corporate Governance; Business History; Compensation and Benefits; Recruitment; Leadership Style; Growth Management; Management Succession; Management Teams; Organizational Culture; Performance Evaluation; Networks; Partners and Partnerships; Business Strategy; Competitive Advantage; Consulting Industry; Europe; United Kingdom; England; London
Fuller, Joseph B., and Lena Duchene. "Hakluyt: from Corporate Intelligence to Trusted Advisors (B)." Harvard Business School Supplement 825-087, October 2024.
- October 2024
- Case
Estímulo: Blended Finance in Brazil
By: Vikram S. Gandhi, James Barnett, Maxim Pike Harrell and Marina Osborn
In December 2022, Estímulo — a Brazilian impact investment fund supporting small businesses—found itself at a crossroads. The fund was established in 2020 to provide emergency relief through accessible credit and financial education. When low default rates from... View Details
- October 2024
- Case
Parexel: Scaling Up and Industry Dynamics
By: Regina E. Herzlinger and Ben Creo
Through the lens of biopharmaceutical contract research organization (CRO) PAREXEL, this case traces the evolution of the firm as it reinvents itself in response to the transformation of the CRO sector from a small, secondary cluster of firms into a major player with... View Details
- 2024
- Book
Retiring: Creating a Life That Works for You
By: Teresa M. Amabile, Lotte Bailyn, Marcy Crary, Douglas T. Hall and Kathy E. Kram
Retirement, as a major life transition, can be both thrilling and challenging in unexpected ways. Written by acclaimed authors in the fields of business leadership, careers, and work, this book goes beyond the typical financial and health-related advice on retirement,... View Details
Keywords: Retirement
Amabile, Teresa M., Lotte Bailyn, Marcy Crary, Douglas T. Hall, and Kathy E. Kram. Retiring: Creating a Life That Works for You. Routledge, 2024.
- Fall 2024
- Article
The Three Traps That Stymie Reinvention: Organizational Identity, Architecture, and Collaboration Can Be Either Assets or Liabilities to Pursuing Growth in New Sectors
By: Ryan Raffaelli
In more than a decade of researching innovation, I have observed how organizations respond to new opportunities, technological changes, or unexpected market shifts that threaten to upend their current business model. This process, which I call reinvention, may occur... View Details
Keywords: Innovation And Strategy; Change Leadership; Collaboration; Architecture; Transformation; Disruption; Leading Change; Innovation Strategy; Identity; Organizational Culture; Organizational Structure
Raffaelli, Ryan. "The Three Traps That Stymie Reinvention: Organizational Identity, Architecture, and Collaboration Can Be Either Assets or Liabilities to Pursuing Growth in New Sectors." MIT Sloan Management Review 66, no. 1 (Fall 2024): 46–52. (Cover story.)
- September 2024
- Case
Open Door Legal: Universal Legal Access
By: Brian Trelstad, Taylor Greenthal and Sarah Mehta
This case is about Open Door Legal (ODL), a San Francisco-based civil legal aid nonprofit. CEO Adrian Tirtanadi founded the organization in 2012 with a mission to achieve universal access to legal representation for all city residents. By 2024, ODL had opened four... View Details
- September 2024
- Case
Eat App: Building and Monetizing an End-to-End Dining Experience Solution
By: Elie Ofek and Ahmed Dahawy
Founded in 2015 in Bahrain, Eat App was an up-and-coming player in the global restaurant management software business. In early 2024, having shifted to a product-led growth strategy, the company’s co-founders faced a host of decisions that could greatly impact their... View Details
Keywords: Price; Growth and Development Strategy; Product Marketing; Negotiation Deal; Internet and the Web; Value Creation; Profit; Revenue; Applications and Software; Product; Food and Beverage Industry; Technology Industry; Bahrain; United Arab Emirates; Abu Dhabi; Dubai
Ofek, Elie, and Ahmed Dahawy. "Eat App: Building and Monetizing an End-to-End Dining Experience Solution." Harvard Business School Case 525-019, September 2024.
- 2024
- Working Paper
Determinants of Top-Down Sabotage
By: Hashim Zaman and Karim R. Lakhani
We investigate the conditions that motivate managers to impede the growth of talented subordinates due to fears of future competition for their own positions. Our research expands on existing tournament and contest theory literature that considers peer-to-peer sabotage... View Details
Keywords: Succession Planning; Organizational Hierarchy; Compensation; Promotions; Tournaments; Talent and Talent Management; Organizational Structure; Employee Relationship Management; Performance Evaluation; Organizational Culture; Management Skills
Zaman, Hashim, and Karim R. Lakhani. "Determinants of Top-Down Sabotage." Harvard Business School Working Paper, No. 25-007, August 2024. (Revised December 2024.)
- 2024
- Working Paper
Creditor-on-Creditor Violence and Secured Debt Dynamics
By: Samuel Antill, Neng Wang and Zhaoli Jiang
Secured lenders have recently demanded a new condition in distressed debt restructurings: competing secured lenders must lose priority. We model the implications of this “creditor-on-creditor violence” trend. In our dynamic model, secured lenders enjoy higher priority... View Details
Antill, Samuel, Neng Wang, and Zhaoli Jiang. "Creditor-on-Creditor Violence and Secured Debt Dynamics." NBER Working Paper Series, No. 32823, August 2024.
- June 2024
- Case
Building Innovation at VINCI
By: Dennis Campbell, Aluna Wang and Carlota Moniz
This case study explores how the VINCI Group, a French multinational operating in concessions, energy, and construction, bolstered awareness and adoption rates of new technologies within the organization. Through its separate innovation hub, Leonard, VINCI aimed to... View Details
Keywords: Business Model; Business Organization; Decisions; Business Earnings; Business Strategy; Competition; Energy; Corporate Entrepreneurship; Values and Beliefs; Global Range; Global Strategy; Cross-Cultural and Cross-Border Issues; Multinational Firms and Management; Globalized Markets and Industries; Corporate Accountability; Collaborative Innovation and Invention; Disruptive Innovation; Innovation and Management; Innovation Strategy; Technological Innovation; Knowledge Sharing; Organizational Culture; Technology Adoption; Innovation Leadership; Organizational Structure; Construction Industry; Energy Industry; Technology Industry; France; Europe
Campbell, Dennis, Aluna Wang, and Carlota Moniz. "Building Innovation at VINCI." Harvard Business School Case 124-092, June 2024.
- June 2024
- Article
Redistributive Allocation Mechanisms
By: Mohammad Akbarpour, Piotr Dworczak and Scott Duke Kominers
Many scarce public resources are allocated at below-market-clearing prices, and sometimes for free. Such "non-market" mechanisms sacrifice some surplus, yet they can potentially improve equity. We develop a model of mechanism design with redistributive concerns. Agents... View Details
Akbarpour, Mohammad, Piotr Dworczak, and Scott Duke Kominers. "Redistributive Allocation Mechanisms." Journal of Political Economy 132, no. 6 (June 2024): 1831–1875. (Authors' names are in certified random order.)
- May 2024 (Revised September 2024)
- Case
Hakluyt: From Corporate Intelligence to Trusted Advisors
By: Joseph B. Fuller and Lena Duchene
Established in 1995 by a group of ex-British intelligence officers, Hakluyt & Company (Hakluyt) was a corporate advisory firm that generated insights by leveraging a unique blend of internal expertise and a global network of well-connected individuals. Since 2019, the... View Details
Keywords: Business Growth and Maturation; Business Model; Talent and Talent Management; Capital Structure; Cash Flow; Corporate Finance; Equity; Stock Shares; Corporate Governance; Business History; Compensation and Benefits; Recruitment; Leadership Style; Growth Management; Management Succession; Organizational Culture; Performance Evaluation; Networks; Partners and Partnerships; Business Strategy; Competitive Advantage; Transformation; Consulting Industry; Europe; United Kingdom; England; London
Fuller, Joseph B., and Lena Duchene. "Hakluyt: From Corporate Intelligence to Trusted Advisors." Harvard Business School Case 824-200, May 2024. (Revised September 2024.)