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Publications
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- 2024
- Working Paper
Corporate Actions as Moral Issues
By: Zwetelina Iliewa, Elisabeth Kempf and Oliver Spalt
We study how a representative sample of the U.S. population evaluates a broad range of corporate actions from a nonpecuniary perspective. Our core findings, based on large-scale online surveys, are that (i) self-reported nonpecuniary concerns are large, both for stock... View Details
- 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
- February 2025
- Teaching Note
Influencer-Led Brand Building: Hairitage and the McKnights
By: William R. Kerr and James Palano
Teaching Note for HBS Case No. 825-066. Mindy McKnight started in 2009 as an early influencer on social media whose videos of creative hairstyles for girls launched her family on an entrepreneurship journey. The McKnights transitioned from YouTube ad revenue to brand... View Details
- February 2025
- Supplement
Intenseye: Powering Workplace Health and Safety with AI (B)
By: Michael W. Toffel, Shane Greenstein and Sadika El Hariri
Intenseye used its $25 million series A funds to refine and expand its digital safety platform while refining its target markets and ideal customer profile. As the company implemented new approaches to create value for its clients, such as developing an AI-powered... View Details
Keywords: Safety Performance; Occupational Safety; Innovation; Safety; Operations; Health; AI and Machine Learning; Analytics and Data Science; Digital Transformation; Supply Chain Management; Performance Improvement; Entrepreneurship; Product Development; Customer Relationship Management; Value Creation; Information Technology Industry; United States; Europe; Middle East; Turkey
- February 2025
- Case
Doing Business in Casablanca, Morocco
By: Karen G. Mills, Ahmed Dahawy and Choetsow Tenzin
This case examines the challenges and opportunities of doing business in Morocco. The case explores the various historical, cultural, and social factors that impact the business environment. It also highlights Morocco’s unique economy where cash remains a dominant... View Details
- 2025
- Working Paper
Tax Planning, Illiquidity, and Credit Risks: Evidence from DeFi Lending
By: Lisa De Simone, Peiyi Jin and Daniel Rabetti
This study establishes a plausible causal link between tax-planning-induced illiquidity and credit risks in lending markets. Exploiting an exogenous tax shock imposed by the Internal Revenue Service (IRS) on cryptocurrency gains, along with millions of transactions in... View Details
Keywords: Taxation
- February 2025
- Case
Doing Business in Kigali, Rwanda
By: Andy Zelleke, Martin A. Sinozich, Julianne Bliss and Choetsow Tenzin
Rwanda’s transformation from a post-genocide recovery effort to one of Africa’s fastest-growing economies presents a compelling case for investors and business leaders. With an ambitious Vision 2050 strategy, Kigali has emerged as a regional hub for trade, innovation,... View Details
- 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: 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; Emerging Markets; Mission and Purpose; Banking Industry; Financial Services Industry; Information Technology Industry; Technology Industry; Africa; Nigeria; South Africa; Kenya; Uganda; California; San Francisco
- January 2025 (Revised March 2025)
- Case
Hunter Point Capital
By: Josh Lerner, John D. Dionne and Srimayi Mylavarapu
In the spring of 2023, Hunter Point Capital faced a pivotal decision that could define its trajectory as a new player in the growing GP stakes business. As the firm neared completion of three high-profile GP stakes investments, consuming nearly a third of its initial... View Details
- January–February 2025
- Article
Location-Specificity and Relocation Incentive Programs for Remote Workers
By: Thomaz Teodorovicz, Prithwiraj Choudhury and Evan Starr
The precipitous growth of remote work has given rise to a new phenomenon: the emergence of relocation incentive programs that localities use to compete for the physical presence of remote workers. Remote workers with high general human capital may create value for... View Details
- December 2024
- Article
Coordinating the Energy Transition: Electrifying Transportation in California and Germany
By: Nicholas Goedeking and Jonas Meckling
California and Germany share ambitious emission reduction targets. Yet California is ahead of Germany in electrifying transportation by several metrics, including the number of public charging stations. We show that variation in the politics of coordination in... View Details
- November 2024
- Teaching Note
Mercado Bitcoin: M&A, IPO, or Series B?
By: Raymond Kluender, Emanuele Colonnelli and Sabrina Howell
Teaching Note for HBS Case No. 825-047. In April 2021, Brazilian cryptocurrency platform Mercado Bitcoin, had to decide how to scale: go public, M&A with a bank, or take a VC big check. In a highly volatile market, Roberto Dagnoni, chairman of the board, viewed the... View Details
Keywords: Cryptocurrency; Mergers and Acquisitions; Business Growth and Maturation; Business Startups; Decision Making; Going Public; Ownership Stake; Strategic Planning; Venture Capital; Problems and Challenges; Business Cycles; Digital Platforms; Emerging Markets; Market Timing; Expansion; Diversification; Valuation; Value Creation; Investment Funds; Initial Public Offering; Price; Price Bubble; Negotiation Offer; Information Technology Industry; Financial Services Industry; Brazil; Latin America
- November 2024
- Case
Ather Energy: The Future of Mobility
By: Shunyuan Zhang, Kannan Srinivasan and Malini Sen
Ather Energy, India’s third-largest electric scooter maker by volume, was founded in 2013. Five years later, the start-up launched its first electric scooter, Ather 450, which was powered by artificial intelligence (AI) and the Internet of Things (IoT), to navigate... View Details
- 2024
- Working Paper
Catalysts for Climate Solutions: Corporate Responses to Venture Capital Financing of Climate-tech Startups
By: Shirley Lu, George Serafeim and Simon Xu
We study whether incumbent firms increase their product focus on climate solutions in response to venture capital (VC) financing of climate-tech startups. Using large language models to measure a firm's focus on climate solutions, we find that incumbents in similar... View Details
- October 2024
- Case
Tonik
By: Andy Wu, Maliha Malek Quadir and Aticus Peterson
This case study examines Tonik, the first digital bank in the Philippines, as it navigates the challenges of scaling its lending operations and achieving profitability in an evolving fintech landscape. It explores Tonik's journey from its launch in 2018 to early 2024,... View Details
- 2024
- Working Paper
Case Studies of the Emulation of Chinese Entrepreneurial Business Models
By: Josh Lerner, Junxi Liu, Jacob Moscona and David Yang
This working paper presents four short case studies of emerging market businesses whose founders emulated Chinese firms. These examples are part of a more systematic pattern, documented extensively in Lerner et al. (2024), in which businesses developed in China were... View Details
- October 2024
- Case
Ranger Energy Services: Bridging Public & Private Markets
By: Joseph Pacelli, Ravi Ramniklal Gondalia and James Weber
In August of 2017, CSL Capital, a private equity fund founded and operated by Charlie Leykum (HBS ’04), was deciding to take one of its portfolio companies, Ranger Energy Services, public. Founded in 2014, Ranger Energy was an oilfield service company providing... View Details
- 2024
- Other Unpublished Work
A Proposal for the IMF: A New Instrument of International Liquidity Provision for Emerging Markets and Developing Economies
By: Laura Alfaro, Guillermo Calvo, José de Gregorio, Augusto de la Torre, Pablo Guidotti, Enrique Mendoza, Ernesto Talvi, Liliana Rojas-Suarez and Andrés Velasco
This paper addresses a critical flaw in the international financial system: the failure to address the inherent asymmetry between countries that issue reserve currencies and those that do not, leaving the latter vulnerable during systemic liquidity crises. We propose... View Details
- October 2024
- Article
Global Mobile Inventors
By: Dany Bahar, Prithwiraj Choudhury, Ernest Miguelez and Sara Signorelli
The number of Global Mobile Inventors (GMIs), inventors moving across borders during their
career, has increased more than tenfold over the past two decades, and the corridors of mobility
have shifted towards a growing presence of emerging markets. We document that... View Details
- October 2024
- Article
Sampling Bias in Entrepreneurial Experiments
By: Ruiqing Cao, Rembrand Koning and Ramana Nanda
Using data from a prominent online platform for launching new digital products, we document that ‘sampling bias’—defined as the difference between a startup’s target customer base and the actual sample on which early ‘beta tests’ are conducted—has a systematic and... View Details