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- November–December 2024
- Article
How Robust Is Your Climate Governance?
By: Lynn S. Paine and Suraj Srinivasan
During the past few years, as evidence of climate change and its effects has mounted, many corporate boards have added climate governance to their agendas. But the maturity of boards’ climate-oversight processes and activities varies widely.
To better... View Details
To better... View Details
- 2024
- Working Paper
Climate Solutions, Transition Risk, and Stock Returns
By: Shirley Lu, Edward J. Riedl, Simon Xu and George Serafeim
Using large language models to measure firms' climate solution products and services, we find that high-climate solution firms exhibit lower stock returns and higher market valuation multiples. Their stock prices respond positively to events signaling increased demand... View Details
- November 2024
- Case
Moonfare and the Democratization of Private Equity
By: Victoria Ivashina and Srimayi Mylavarapu
Founded in 2016, Moonfare headquartered in Europe, was a pioneer in the “democratization” of private equity investments. Historically, private equity was accessible only to institutional investors like pension funds, endowments, sovereign wealth funds, and large family... 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
- November 2024
- Article
Price Discounts and Cheapflation During the Post-Pandemic Inflation Surge
By: Alberto Cavallo and Oleksiy Kryvtsov
We study how within-store price variation changes with inflation, and whether households exploit it to attenuate the inflation burden. We use micro price data for food products sold by 91 large multi-channel retailers in ten countries between 2018 and 2024. Measuring... View Details
- November 5, 2024
- Article
The International Empirics of Management
By: Daniela Scur, Scott Ohlmacher, John Van Reenen, Morten Bennedsen, Nick Bloom, Ali Choudhary, Lucia Foster, Jesse Groenewegen, Arti Grover, Sjoerd Hardeman, Leonardo Iacovone, Ryo Kambayashi, Marie-Christine Laible, Renata Lemos, Hongbin Li, Andrea Linarello, Mika Maliranta, Denis Medvedev, Charlotte Meng, John Miles Touya, Natalia Mandirola, Roope Ohlsbom, Atsushi Ohyama, Megha Patnaik, Mariana Pereira-López, Raffaella Sadun, Tatsuro Senga, Franklin Qian and Florian Zimmermann
A country’s national income broadly depends on the quantity and quality of workers and capital. But how well these factors are managed within and between firms may be a key determinant of a country’s productivity and its GDP. Although social scientists have long... View Details
- 2024
- Working Paper
How Do Global Portfolio Investors Hedge Currency Risk?
By: Robin Greenwood and Alex Cheema-Fox
We use monthly portfolio data from one of the world’s largest custodian banks, with over $40 trillion assets under custody, to study how global portfolio investors hedge foreign exchange risk in their equity and fixed income portfolios over the past 25 years. The data... View Details
- October 2024
- Module Note
Purpose of the Firm
By: Debora L. Spar and Julia M. Comeau
Purpose of the Firm (PoF) is a short module designed to explore how, and under what circumstances, business leaders can harness the power of capitalism and markets to “make a difference in the world” – that is, to address a significant societal problem as a commercial... View Details
- October 2024
- Case
Nvidia
By: Andy Wu and Matt Higgins
This case study examines Nvidia's strategic pivot from gaming GPUs to becoming a leader in general-purpose computing and AI. It explores how Nvidia leveraged its GPU architecture to dominate the growing fields of data center acceleration and AI training, outpacing... View Details
- 2024
- Chapter
What Future for the Renminbi in the Global Monetary System?
By: Edoardo Campanella and Meg Rithmire
What is a realistic and positive outcome for US-China relations in the realm of global finance over the next ten years? While some policymakers, especially in the US, have feared that China holds ambitions for the renminbi (RMB) to replace the dollar as a global... View Details
- October 2024
- Case
Reed Group and Succession in a Family Business: An Impossible Job to Fill?
By: Lauren H. Cohen and Tonia Labruyere
James Reed had taken over Reed Group, the recruitment and career services company his father had founded and built, in 1994. He was now reflecting on succession planning and other challenges that lay ahead: with no obvious choice among his family members, he needed to... View Details
- October 2024
- Article
Canary Categories
By: Eric Anderson, Chaoqun Chen, Ayelet Israeli and Duncan Simester
Past customer spending in a category is generally a positive signal of future customer spending. We show that there exist “canary categories” for which the reverse is true. Purchases in these categories are a signal that customers are less likely to return to that... View Details
- October 2024
- Article
How to Use Sales Assessments
Judging a person’s fit for a sales job is complex, and research shows that managers greatly overrate their ability to predict someone’s performance on the basis of interviews. Hence, using assessments is a growing trend in sales hiring and training. This article... View Details
- 2024
- Working Paper
Ponzi Funds
By: Philippe van der Beck, Jean-Philippe Bouchaud and Dario Villamaina
Many active funds hold concentrated portfolios. Flow-driven trading causes price pressure, which
pushes up the funds’ existing positions resulting in realized returns. We decompose fund returns
into a price pressure (self-inflated) and a fundamental component and... View Details
- October 2024
- Supplement
Skills-First Hiring at IBM
By: Boris Groysberg and Sarah Mehta
A video supplement to accompany "Skills-First Hiring at IBM" (case no. 422-013) View Details
Keywords: Competency and Skills; Experience and Expertise; Talent and Talent Management; Human Resources; Employees; Recruitment; Retention; Selection and Staffing; Jobs and Positions; Job Design and Levels; Job Interviews; Society; Social Issues; Technology Industry; United States; New York (state, US)
- October 2024
- Case
Southern California Industrial: Freezer Drive
By: Arthur I. Segel, W. Matt Kelly and Dwight Angelini
In the midst of the COVID-19 pandemic, a Boston based real estate private equity firm was seeking to make their very first West Coast investments in hopes of establishing their presence in the strategic region. An exciting property suddenly became available on the... View Details
- September–October 2024
- Article
The Art of Leading Teammates
By: Tom Brady and Nitin Nohria
When our society talks about leaders, we focus on formal roles, such as the CEO. This view undervalues the role of informal leaders—team members who influence outcomes by the tone they set, how they conduct themselves, and how they interact with their peers. Their job... View Details
- September 26, 2024
- Article
A Better Way to Measure Social Impact
By: Robert S. Kaplan and Constance Spitzer
All impact investors report the financial returns from their funds and investments, and many provide metrics on intended social outcomes, such as numbers of individuals served, or quality jobs created. But investors do not supply metrics about their impacts on... View Details
- September 2024
- Case
TechEnergy Ventures: Innovating Through Corporate Venture Capital
By: Rebecca Karp and Lena Duchene
This case examines TechEnergy Ventures, the corporate venture capital (CVC) arm of the Techint Group, and its role in scaling innovation within the energy sector. Founded in 2021, TechEnergy Ventures operates with a mandate to invest in disruptive technologies to... View Details
Keywords: Transition; Alternative Energy; Renewable Energy; Metals and Minerals; Mining; Corporate Entrepreneurship; Climate Change; Environmental Sustainability; Corporate Finance; Venture Capital; Financial Strategy; Investment Portfolio; Growth and Development Strategy; Adaptation; Diversification; Innovation Strategy; Energy Industry; Financial Services Industry; Italy; Europe; Latin America; Argentina
- September 2024
- Case
Xendit: Hiring for Growth
By: Jeffrey F. Rayport, Steve Castano, Quoc Anh Nguyen and Claire Wu
In 2019, Xendit, a growth-stage Southeast Asia (SEA) fintech venture based in Jakarta, was looking to hire a Head of Sales and Head of Product to lead its next phase of growth. Founded by Moses Lo and Tessa Wijaya, Xendit provided payment infrastructure, modeling... View Details