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- August 2025
- Article
Revenue Collapses and the Consumption of Small Business Owners in the COVID-19 Pandemic
By: Olivia S. Kim, Jonathan A. Parker and Antoinette Schoar
Using financial account data linking small businesses to their owner households, we examine how business owners’ consumption responded to changes in business revenues during the COVID-19 crisis. In the first two months following the National Emergency, business... View Details
- May 2025
- Background Note
Social Enterprise in Latin America
By: Brian L. Trelstad and Karina Souza
This research note provides an overview of the social enterprise ecosystem in Latin America, exploring current dynamics across key markets, including country-specific insights on Brazil, Mexico, Argentina, Colombia, Chile, and Central America. In a region characterized... View Details
Keywords: Latin America; Brazil; Mexico; Argentina; Colombia; Chile; Impact Investing; Developing Countries and Economies; Social Entrepreneurship; Emerging Markets; Corporate Social Responsibility and Impact; Mission and Purpose; Ownership; Social Enterprise; Business Strategy; Equality and Inequality; Financial Services Industry; Financial Services Industry; Financial Services Industry; Financial Services Industry; Latin America; Brazil; Mexico; Argentina; Colombia; Chile; Guatemala; Central America
- 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
- 2025
- Working Paper
Data-driven Technologies and Local Information Advantages in Small Business Lending
By: Wilbur Chen, Jung Koo Kang and Aditya Mohan
We investigate whether banks' adoption of data-driven technologies influences competitive dynamics in local small business lending by diminishing the information advantages traditionally held by local banks. Using local newspaper closures as an adverse shock to the... View Details
- 2025
- Working Paper
Bank Financing of Global Supply Chains
By: Laura Alfaro, Mariya Brussevich, Camelia Minoiu and Andrea Presbitero
Finding new international suppliers is costly, so most importers source inputs from a single country. We examine the role of banks in mitigating trade search costs during the 2018–2019 U.S.-China trade tensions. We match data on shipments to U.S. ports with the U.S.... View Details
- 2025
- Working Paper
The Limits of Insurance Demand and the Growing Protection Gap
By: Parinitha Sastry, Tess Scharlemann, Ishita Sen and Ana-Maria Tenekedjieva
In a world with rising risk, how much are U.S. households willing to pay for homeowners insurance, and what does their demand imply for the future of insurance markets? We provide the first estimates of household willingness to pay for homeowners insurance and the... View Details
- 2025
- Working Paper
Generative AI Use by Capital Market Information Intermediaries: Evidence from Seeking Alpha
By: Mark Bradshaw, Chenyang Ma, Benjamin Yost and Yuan Zou
We study the use of generative AI for firm-specific financial analysis on the Seeking Alpha platform. We find that, after the initial launch of ChatGPT in November 2022, the share of AI-generated articles rose sharply to 13.4% of all articles, then declined in late... View Details
- April 2025
- Teaching Note
Tabby: Winning Customers' Digital Wallets
By: Eva Ascarza
Teaching Note for HBS Case No. 524-056. Tabby, a Saudi-based fintech founded in 2019, rapidly became one of the MENA region’s first unicorns by offering buy-now-pay-later (BNPL) services with a unique twist: instead of charging end consumers, it partnered with... View Details
- April 2025 (Revised April 2025)
- Case
JPMorganChase: Leadership in the Age of GenAI
By: Iavor I. Bojinov, Karim R. Lakhani and David Lane
This case study examines JPMorgan Chase's (JPMC) journey in adopting and implementing Generative AI (GenAI) following the release of ChatGPT. It outlines JPMC's initial cautious approach focused on data security, followed by strategic investments in internal platforms... View Details
Keywords: Banks and Banking; Governance Controls; Information Technology; AI and Machine Learning; Analytics and Data Science; Cybersecurity; Digital Platforms; Digital Transformation; Information Management; Information Infrastructure; Technology Adoption; Job Cuts and Outsourcing; Knowledge Management; Knowledge Sharing; Leading Change; Growth and Development Strategy; Marketing; Product Development; Performance Improvement; Customization and Personalization; Financial Services Industry; United States
- April 2025
- Article
The Disappearing Index Effect
By: Robin Greenwood and Marco Sammon
The abnormal return associated with a stock being added to the S&P 500 has fallen from an average
of 7.4% in the 1990s to 0.3% over the past decade. This has occurred despite a significant increase in the
share of stock market assets linked to the index. A similar... View Details
- April 2025
- Article
The Impact of Minority Representation at Mortgage Lenders
By: W. Scott Frame, Ruidi Huang, Erica Jiang, Yeonjoon Lee, Will Liu, Erik J. Mayer and Adi Sunderam
We study links between the labor market for loan officers and access to mortgage credit. Using novel data matching the (near) universe of mortgage applications to loan officers, we find that minorities are significantly underrepresented among loan officers. Minority... View Details
- 2025
- Working Paper
The Invention of Corporate Governance
By: Yueran Ma and Andrei Shleifer
The analysis of corporate governance begins with a central feature of modern capitalism—the separation of ownership and control in large corporations—first empirically documented by Berle and Means (1932). Such separation entails several agency problems reflecting... View Details
- March 2025 (Revised April 2025)
- Case
Dominion Voting Systems v. Fox News
The case examines the Dominion Voting Systems and Fox News defamation settlement based upon statements made on air in the aftermath of the 2020 presidential election. View Details
Keywords: (General) Management; Business Earnings; Financial Statements; Change Management; Disruption; Volatility; Transition; Crime and Corruption; Cost vs Benefits; Decision Making; Decision Choices and Conditions; Decisions; Demographics; Ethics; Values and Beliefs; Corporate Finance; Cost; Governance; Governance Compliance; Governance Controls; Policy; Political Elections; Business History; Information; Law; Legal Liability; Laws and Statutes; Management; Marketing; Advertising; Media; Performance; Problems and Challenges; Society; Public Opinion; Social Issues; Media and Broadcasting Industry; United States
- March 2025 (Revised April 2025)
- Case
WallStreetBets: Democratizing Retail Investing
By: Joseph Pacelli and Alexis Lefort
In summer 2024, Jaime Rogozinski anticipated the launch of a day-trading eSports event, a vision he had nurtured for years. Rogozinski, the founder of the influential subreddit WallStreetBets (WSB), created the forum in 2012 as a space for retail traders to explore... View Details
- March 2025
- Case
Primetime Partners: Investing in Healthspan, Wealthspan, and Workspan
By: Rembrand Koning, Nicole Tempest Keller and Susan Wilner Golden
In the fall of 2024, Abby Miller Levy (HBS ’01), co-founder and managing partner of Primetime Partners, was preparing to raise a second fund. Founded in 2020 with veteran investor Alan Patricof, Primetime was a horizontal fund focused on early-stage companies serving... View Details
- February 2025 (Revised March 2025)
- Case
Accounting for Bitcoin at Block
By: Charles C.Y. Wang, Seil Kim and Sa-Pyung Sean Shin
Abstract: This case explores Block Inc.'s accounting practices for Bitcoin transactions and their impact on financial reporting. Following a 10% stock price drop after missing revenue estimates in Q3 2024, Block faced scrutiny over its Bitcoin-driven revenue model.... View Details
- 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
- February 2025
- Case
Managing EPS at Stanley Black & Decker?
The case explores Stanley Black and Decker’s (SBD) 2022 financial restatement announcement, which related to how SBD accounted for certain equity issuances in 2019. These transactions had a minimal effect on earnings but significantly reduced shares outstanding, and... View Details
- 2025
- Working Paper
Is Love Blind? AI-Powered Trading with Emotional Dividends
By: De-Rong Kong and Daniel Rabetti
We leverage the non-fungible tokens (NFTs) setting to assess the valuation of emotional dividends (LOVE), a long-standing empirical challenge in private-value markets such as art, antiques, and collectibles. Having created and validated our proxy, we use deep learning... 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