Publications
Publications
Show Results For
- All HBS Web
(1,789)
- Faculty Publications (469)
Page 1 of 469
Results →
- June 2025
- Article
What Board-level Control Mechanisms Changed in Banks Following the 2008 Financial Crisis? A Descriptive Study
By: Shelly Li, Shivram Rajgopal, Suraj Srinivasan and Yu Ting Forester Wong
Following the 2008 financial crisis, the Financial Crisis Inquiry Commission (FCIC) identified major shortcomings in bank board governance, contributing to systemic risk management failures. This study adapts a management control framework and empirically examines... View Details
- 2025
- Working Paper
Trade and Industrial Policy in Supply Chains: Directed Technological Change in Rare Earths
By: Laura Alfaro, Harald Fadinger, Jay Schymik and Gede Virananda
Trade and industrial policies, while primarily intended to support domestic industries, may unintentionally stimulate technological progress abroad. We document this mechanism in the case of rare earth elements (REEs)—critical inputs for manufacturing at the knowledge... View Details
- April 2025
- Case
Japan Industrial Partners Powers the Leveraged Buyout of Toshiba
By: Brian K. Baik, Joseph Pacelli and James Barnett
The case explores Japan Industrial Partners (JIP) $14 billion takeover of Toshiba Corporation (Toshiba). JIP was a private equity firm that took over the troubled electronics corporation in late 2023. The deal, which had been labeled one of the largest leveraged... View Details
Keywords: International Accounting; Borrowing and Debt; Management Analysis, Tools, and Techniques; Ownership; Risk and Uncertainty; Strategy; Valuation; Leveraged Buyouts; Restructuring; Capital Structure; Cost of Capital; Private Equity; Bids and Bidding; Accounting Industry; Electronics Industry; Energy Industry; Manufacturing Industry; Semiconductor Industry; Asia; Japan
- 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 March 2025)
- Case
No One Left Behind (A)
By: Lynn S. Paine, Herman B. "Dutch" Leonard, Max Hancock and David Lane
In September 2021, the board of directors for the nonprofit No One Left Behind (NOLB) faced a crucial decision. Since its 2013 founding, NOLB had helped resettle in the United States thousands of Afghans and Iraqis who had assisted U.S. forces as combat translators;... View Details
- March 2025
- Supplement
No One Left Behind (B)
By: Lynn S. Paine, Herman B. "Dutch" Leonard, Max Hancock and David Lane
In September 2021, the board of directors for the nonprofit No One Left Behind (NOLB) faced a crucial decision. Since its 2013 founding, NOLB had helped resettle in the United States thousands of Afghans and Iraqis who had assisted U.S. forces as combat translators;... View Details
- March 2025
- Supplement
No One Left Behind (C)
By: Lynn S. Paine, Herman B. "Dutch" Leonard, Max Hancock and David Lane
In September 2021, the board of directors for the nonprofit No One Left Behind (NOLB) faced a crucial decision. Since its 2013 founding, NOLB had helped resettle in the United States thousands of Afghans and Iraqis who had assisted U.S. forces as combat translators;... View Details
- March 2025
- Supplement
No One Left Behind (D)
By: Lynn S. Paine, Herman B. "Dutch" Leonard, Max Hancock and David Lane
In September 2021, the board of directors for the nonprofit No One Left Behind (NOLB) faced a crucial decision. Since its 2013 founding, NOLB had helped resettle in the United States thousands of Afghans and Iraqis who had assisted U.S. forces as combat translators;... View Details
- 2025
- Working Paper
Incentive-Compatible Recovery from Manipulated Signals, with Applications to Decentralized Physical Infrastructure
By: Jason Milionis, Jens Ernstberger, Joseph Bonneau, Scott Duke Kominers and Tim Roughgarden
We introduce the first formal model capturing the elicitation of unverifiable information from a party (the "source") with implicit signals derived by other players (the "observers"). Our model is motivated in part by applications in decentralized physical... View Details
- February 2025
- Article
Seeing the Whole: Configurational Cognition and New Venture Resource Mobilization
By: Goran Calic, François Neville, Santi Furnari and C. S. Richard Chan
Research is scant on how multiple venture attributes combine as “whole packages” of signals (or cognitive configurations) in resource holders’ eyes, shaping a venture’s ability to mobilize resources. Drawing on a Qualitative Comparative Analysis of 1,395 crowdfunding... View Details
- 2024
- Working Paper
Priceless: How to Create, Trade, and Protect What Matters Most
By: Debora L. Spar
This article explores the concept of the "sacred economy," a realm of human interactions and exchanges that transcends traditional market dynamics. It illustrates the emotional and relational aspects of human connections that cannot be quantified or traded like... View Details
- 2024
- Working Paper
A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism?
By: Paula Rettl, Diane Bolet, Catherine E. De Vries, Simone Cremaschi, Tarik Abou-Chadi and Sergi Pardos-Prado
The growing participation of women in the labor market has marked a significant societal transformation, coinciding with the rise of gender conservatism and far-right support. We study whether the economic consequences of labor market feminization and gender backlash... View Details
- 2024
- Working Paper
Categorical Processing in a Complex World
By: Marco Sammon, Thomas Graeber and Christopher Roth
In real-world news environments, quantitative information is rarely presented in isolation; it is characterized through qualitative comparisons with various reference levels. Company earnings, for example, are commonly compared to analyst forecasts, previous earnings,... View Details
- November–December 2024
- Article
Group Size and Its Impact on Diversity-Related Perceptions and Hiring Decisions in Homogeneous Groups
By: Aneesh Rai, Edward H. Chang, Erika Kirgios and Katherine L. Milkman
Why do some homogeneous groups face backlash for lacking diversity, whereas others escape censure? We show that a homogeneous group’s size changes how it is perceived and whether decision makers pursue greater diversity in its ranks. We theorize that people make... View Details
- 2024
- Article
Political Polarization and Finance
By: Elisabeth Kempf and Margarita Tsoutsoura
We review an empirical literature that studies how political polarization affects financial decisions. We first discuss the degree of partisan segregation in finance and corporate America, the mechanisms through which partisanship may influence financial decisions, and... View Details
- 2025
- Working Paper
Generative AI and the Nature of Work
By: Manuel Hoffmann, Sam Boysel, Frank Nagle, Sida Peng and Kevin Xu
Recent advances in artificial intelligence (AI) technology demonstrate a considerable potential
to complement human capital intensive activities. While an emerging literature documents wide-ranging
productivity effects of AI, relatively little attention has been paid... View Details
- 2025
- Working Paper
Lessons from an App Update at Replika AI: Identity Discontinuity in Human-AI Relationships
By: Julian De Freitas, Noah Castelo, Ahmet Kaan Uğuralp and Zeliha Oğuz-Uğuralp
As consumers increasingly interact with AI applications specialized for social relationships, what
is the nature and depth of these relationships among actual users, and can company actions
influence these dynamics? We find that active users of the US-based AI... View Details
- 2024
- Working Paper
Pitfalls of Demographic Forecasts of U.S. Elections
By: Richard Calvo, Vincent Pons and Jesse M. Shapiro
Many observers have forecast large partisan shifts in the US electorate based on demographic trends. Such forecasts are appealing because demographic trends are often predictable even over long horizons. We backtest demographic forecasts using data on US elections... View Details
- Fall 2024
- Article
Redemption Mechanisms in Poison Pills: Evidence on Pill Design and Law Firm Effects
By: Olivier Baum and Guhan Subramanian
We present the first evidence on the incidence of “trip wire” versus “last look” poison pills. Using a hand-collected data set of 130 poison pills implemented and/or amended between January 1, 2020 and March 31, 2023, we find that pills are almost evenly divided... View Details
- October 2024
- Article
Strategic Decision Making at Platform Transitions: The Case of Nokia (2010-2011).
By: Timo O. Vuori and Michael Tushman
We studied Nokia’s decision to adopt the Windows platform in 2011 to induce new theory on the emotional dynamics of incumbent firms’ strategic decision making at platform transitions. We find that platform companies’ entry into an established industry activates a... View Details