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- 2025
- Working Paper
The Political Economy of Firm Networks: CEO Ideology and Global Trade
By: Elisabeth Kempf, Mancy Luo and Margarita Tsoutsoura
We examine how the political ideology of corporate leaders shapes cross-border firm
networks. Exploiting changes in ideological alignment between U.S. firm CEOs and
foreign governments around close foreign elections, we show that U.S. firms are more
likely to... View Details
- 2025
- Working Paper
Navigating Choppy Waters: How U.S. Trade Policy Uncertainty Affects Small Businesses
By: David Atkin, Zoë Cullen and Ebehi Iyoha
This paper explores the impact of recent changes in the US trade policy environment
on small businesses. Drawing on a survey of more than 4,000 small businesses conducted
between March 22 and 31, 2025, we examine firms’ knowledge, expectations, and
decisions during... View Details
- March 2025 (Revised March 2025)
- Case
Good for the Seller, Good for the Buyer and Good for Society: Sampo-yoshi, Sustainability and Trust at ITOCHU
By: Sandra J. Sucher and Bethelehem Y Araya
In 2024, ITOCHU CEO Masahiro Okafuji was at a crossroads. As the thirteenth CEO since ITOCHU’s founding in 1858, he had fueled the company’s growth since 2011 by bringing ITOCHU’s founding philosophy of Sampo-yoshi (good for the seller, good for the buyer and... View Details
- 2025
- Working Paper
Turning Away from the State: Trade Shocks and Informal Insurance in Brazil
By: Paula Rettl
How does economic globalization affect vote choices? Conventional wisdom holds that voters who lose from economic integration support parties that propose expanding the welfare state. However, in the Global South, where the state is frequently weak or under-resourced,... View Details
- February 13, 2025
- Article
Research: The Costs of Circumventing Tariffs
By: Jaya Y. Wen, Ebehi Iyoha, Edmund Malesky and Sung-Ju Wu
When tariffs are levied against a specific country, that country might attempt to circumvent the tariff by rerouting products through a third country to avoid the higher taxes. Research in the aftermath of the 2018 U.S.-China trade war examined this phenomenon, finding... View Details
- January 2025 (Revised April 2025)
- Case
Doing Business in Cairo: Navigating a Path to Economic Resilience
By: A. Zelleke and Ahmed Dahawy
Egypt has long been a pivotal force in the Middle East and North Africa. Located at a crossroads of global trade routes, the country was a strategic partner for numerous regional and global powers. However, a substantial currency devaluation in 2016 brought many... View Details
Keywords: Egypt; Economy; Business; Country; Developing Countries and Economies; Economic Slowdown and Stagnation; Inflation and Deflation; Macroeconomics; Cross-Cultural and Cross-Border Issues; Globalized Economies and Regions; International Relations; Emerging Markets; Risk and Uncertainty; Culture; Egypt
- January 2025
- Case
Index and Active investing: Vanguard and the New Frontier of Active ETFs
By: Marco Sammon, Luis M. Viceira and Jonathan Kanagasabai
This case explores Vanguard’s strategic decision-making process as it considers entering the growing market for actively managed exchange-traded funds (ETFs). Set in 2024, the case places students in the position of Rodney Comegys, Vanguard’s global head of the Equity... View Details
- October 2024
- Teaching Note
Taiwan After Globalization: Twilight of the Developmental State?
By: Debora L. Spar and Julia M. Comeau
Teaching Note for HBS Case No. 324-032. In the last 70 years, the small island of Taiwan has achieved what many believe to be a “miracle”: its economy has grown at a record-setting pace, driven and guided by one of the world's most successful set of industrial... View Details
- July 2024
- Case
Wizards of the Coast and Magic: The Rebounding
By: Boris Groysberg and Tom Quinn
This case traces the history and growth of the Magic: The Gathering trading card game. From its development in 1993 by tiny studio Wizards of the Coast, to Wizards’ acquisition by toy giant Hasbro in 1999, to its evolution into a billion-dollar brand in 2023,... View Details
Keywords: Business Growth and Maturation; Change Management; Transformation; Cost vs Benefits; Business Cycles; Games, Gaming, and Gambling; Global Strategy; Growth and Development; Selection and Staffing; Collaborative Innovation and Invention; Innovation Leadership; Intellectual Property; Job Design and Levels; Knowledge Use and Leverage; Leading Change; Growth and Development Strategy; Growth Management; Management Succession; Risk Management; Brands and Branding; Product Positioning; Organizational Change and Adaptation; Competitive Strategy; Competitive Advantage; Expansion; Mergers and Acquisitions; Product Development; Entertainment and Recreation Industry; United States; Washington (state, US); Seattle; Japan
- 2024
- Working Paper
The Golden Revolving Door
By: Ling Cen, Lauren Cohen, Jing Wu and Fan Zhang
Using both the onset of the US-China trade war in 2018 and the most recent Russia-Ukraine war and associated trade tensions, we show a counterintuitive pattern in global trade. Namely, while the average firm trading with these nations significantly decreases their... View Details
- March 2024
- Case
Funderbeam: Teaming Up or Going Alone?
By: Paul A. Gompers, Elena Corsi and Orna Dan
Funderbeam, a global platform founded in Estonia to enable start-ups to run private syndications and secondaries while offering liquidity for private equity investors, was at a crossroads. Over its ten-year run, the company had expanded its services and areas of... View Details
Keywords: Decision Making; Business Exit or Shutdown; Transition; Leading Change; Business or Company Management; Organizational Change and Adaptation; Law; Mergers and Acquisitions; Financing and Loans; Cross-Cultural and Cross-Border Issues; Ownership Stake; Expansion; Business Startups; Venture Capital; Financial Services Industry; Estonia; Republic of Ireland; United Kingdom; Singapore
- November 2023 (Revised November 2024)
- Case
Decarbonizing Shipping at A.P. Møller-Maersk (A)
By: Willy Shih, Michael W. Toffel and Kelsey Carter
Container shipping was responsible for moving more than 80% of globally traded goods, and almost 3% of global greenhouse gas emissions. A.P. Møller-Maersk, one of the top three container lines, conducted an extensive lifecycle assessment (LCA) of alternative fuels,... View Details
- 2023
- Working Paper
Deglobalization and Entrepreneurial Investment: The Natural Experiment of Brexit
By: Elisa Alvarez-Garrido and Juan Alcácer
We seek to gain insight into the consequences of deglobalization on entrepreneurial investment by
analyzing an instance of economic disintegration: the United Kingdom’s exit from the European Union.
Brexit is not only a unique empirical opportunity, a natural... View Details
- October 2023
- Case
JPMorgan Chase in Paris
By: Joseph L. Bower, Dante Roscini, Elena Corsi and Michael Norris
In 2019, Daniel Pinto, President and COO of JPMorgan Chase, has to make a recommendation to the bank’s Chairman and CEO, Jamie Dimon, about where to physically locate the bank’s European trading operations after Brexit takes effect in 2020. The decision-making process... View Details
- October 2023 (Revised June 2024)
- Case
Revvity: A Symbol of Change
By: Satish Tadikonda and William Marks
After selling the PerkinElmer name and several ancillary business units, Prahlad Singh (CEO) and his team at the newly christened Revvity faced a challenge on how best to capitalize on the opportunities ahead for the business and emerge as winners within the Life... View Details
- October 2023
- Case
Taiwan After Globalization: Twilight of the Developmental State?
By: Debora L. Spar and Julia M. Comeau
In the last 70 years, the small island of Taiwan has achieved what many believe to be a “miracle”: its economy has grown at a record-setting pace, driven and guided by one of the world's most successful set of industrial policies, and it has become one of the richest... View Details
- September 2023
- Teaching Note
Esquel Group
By: William C. Kirby and Noah B. Truwit
Teaching Note for HBS Case Nos. 307-076 and 322-058. These cases focus on the experience of China's largest shirt manufacturer, Esquel Group, and how it manages various aspects of government relations in China and abroad. The A case identifies a wide variety of social... View Details
- September 2023
- Supplement
CMA CGM: Reducing the Carbon Footprint of Container Shipping
By: Willy C. Shih
Marine transport is the most cost-effective way to move large volumes over long distances, and container shipping is the backbone of international trade in goods. Yet shipping contributed 3% of worldwide greenhouse gas emissions, and the deep-sea segment, which... View Details
- 2023
- Working Paper
Global Supply Chains: The Looming 'Great Reallocation'
By: Laura Alfaro and Davin Chor
Global supply chains have come under unprecedented stress as a result of U.S.-China trade tensions, the COVID-19 pandemic, and geopolitical shocks. We document shifts in the pattern of U.S. participation in global value chains over the last four decades, in terms of... View Details
- June 2023
- Case
Royal Golden Eagle: Pursuing Cross-border Expansion with Bold Ambition
By: Kristin E. Fabbe, Dante Roscini, Adina Wong and Dawn H. Lau
About how Singapore-based natural resources firm Royal Golden Eagle, starting with a palm oil business in Indonesia, eventually expanded into a global conglomerate that also included the kraft pulp and paper, viscose, and natural gas industries. View Details