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      • July 2025
      • Case

      Microsoft’s Performance Across Three CEOs

      By: George Serafeim
      This case traces Microsoft’s evolution from its founding through 2024. Students analyze how changes in operating segments both reflected and shaped Microsoft’s strategy, culture, and financial communication. The case provides rich quantitative exhibits (segment... View Details
      Keywords: Financial Accounting; Financial Statement Analysis; Disclosure; Disclosure Strategy; Disclosure Tone; Organizational Transformations; Transformation; AI; Digital; Organizational Change; Accounting; Financial Statements; Strategy; Organizational Structure; Organizational Change and Adaptation; Technology Industry; Information Technology Industry; United States
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      Serafeim, George. "Microsoft’s Performance Across Three CEOs." Harvard Business School Case 125-112, July 2025.
      • July 2025
      • Case

      Mitsui & Co., Ltd.

      By: Ramon Casadesus-Masanell and Akiko Saito
      In 2025, Kenichi Hori, President and CEO of Mitsui & Co., Ltd.—one of Japan’s most prominent Sogo Shosha (investment and trading companies with sprawling global footprints)—reflected on the company’s record-breaking profits. Its operations spanned multiple... View Details
      Keywords: Strategy; Management; Operations; Organizations; Japan
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      Casadesus-Masanell, Ramon, and Akiko Saito. "Mitsui & Co., Ltd." Harvard Business School Case 726-362, July 2025.
      • July 2025
      • Module Note

      Supply and Demand for Strategists

      By: Quan Le, Quan Le and Quan Le
      This module note introduces students to the foundational microeconomic principles of supply and demand. It uses the example of an aluminum plant (specifically, production quantity and shutdown decisions) to discuss short-run vs. long-run decisions, marginal costs, sunk... View Details
      Keywords: Business Exit or Shutdown; Business or Company Management; Business Strategy; Competition; Competitive Advantage; Cost of Capital; Cost vs Benefits; Decision Making; Decisions; Demand and Consumers; Economics; Economic Systems; For-Profit Firms; Market Entry and Exit; Market Participation; Markets; Metals and Minerals; Microeconomics; Price; Revenue; Strategy; Supply and Industry; Manufacturing Industry
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      Le, Quan. "Supply and Demand for Strategists." Harvard Business School Module Note 726-352, July 2025.
      • June 2025
      • Case

      Redefining the Edge: Jahez’s Strategic Pivot in Saudi Arabia’s Food Delivery Battle

      By: Krishna G. Palepu and Ahmed Dahawy
      Jahez made its mark in Saudi Arabia’s food delivery market by serving customers willing to pay more for reliable, high-quality service—a segment largely overlooked by other platforms. As the company grew, it expanded into the mass market and developed a network of... View Details
      Keywords: Acquisition; Business Conglomerates; Corporate Entrepreneurship; Innovation Strategy; Digital Platforms; Logistics; Business Strategy; Competition; Competitive Strategy; Competitive Advantage; Expansion; Food and Beverage Industry; Saudi Arabia
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      Palepu, Krishna G., and Ahmed Dahawy. "Redefining the Edge: Jahez’s Strategic Pivot in Saudi Arabia’s Food Delivery Battle." Harvard Business School Case 325-112, June 2025.
      • June 2025
      • Case

      Power Struggles: Hydro-Quebec’s Energy Dilemma

      By: Juan Alcacer and Danika Couture-Peck
      In 2024, Maxime Aucoin, Executive Vice President and CFO of Hydro-Quebec, faced a series of compounding challenges as the utility confronted rapidly rising electricity demand, public pricing constraints, and strained stakeholder relationships. As the steward of... View Details
      Keywords: Renewable Energy; Infrastructure; State Ownership; Vertical Integration; Energy; Energy Industry; Canada
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      Alcacer, Juan, and Danika Couture-Peck. "Power Struggles: Hydro-Quebec’s Energy Dilemma." Harvard Business School Case 725-468, June 2025.
      • June 4, 2025
      • Editorial

      Employee Stress Is a Business Risk—Not an HR Problem

      By: Marion Chomse, Lydia Roos, Reeva Misra and Ashley Whillans
      Workplace stress, on the rise for decades, has been treated by many organizations as a personal issue instead of a business-critical risk that merits executive oversight. This is likely due in part to the fact that companies have not effectively quantified and tracked... View Details
      Keywords: Employees; Well-being; Risk Management; Competitive Advantage
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      Chomse, Marion, Lydia Roos, Reeva Misra, and Ashley Whillans. "Employee Stress Is a Business Risk—Not an HR Problem." Harvard Business Review (website) (June 4, 2025).
      • Summer 2025
      • Article

      Dynamic Competition for Customer Memberships

      By: Cristian Chica, Julian Jimenez-Cardenas and Jorge Tamayo
      A competitive two-period membership (subscription) market is analyzed. Two symmetric firms charge a “membership” fee that allows consumers to buy products or services at a given unit price for both periods. Firms can choose between long- or short-term memberships. When... View Details
      Keywords: Competitive Price Discrimination; Membership; Dynamic Competition; Competition; Price; Consumer Behavior; Business Model
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      Chica, Cristian, Julian Jimenez-Cardenas, and Jorge Tamayo. "Dynamic Competition for Customer Memberships." Journal of Economics & Management Strategy 34, no. 2 (Summer 2025): 525–556.
      • June 2025
      • Case

      Vail Resorts: Responding to Activist Pressure (A)

      By: Benjamin C. Esty and Edward A. Meyer
      On January 27, 2025, the head of a relatively small hedge fund named Late Apex Partners sent a highly critical letter to the board of directors of Vail Resorts, the world’s largest ski resort operator. In his letter, and the 88-slide presentation that accompanied his... View Details
      Keywords: Corporate Finance; Capital Budgeting; Corporate Governance; Competitive Advantage; Competitive Strategy; Leading Change; Valuation; Investment Activism; Climate Change; Management Succession; Financial Management; Risk Management; Business and Shareholder Relations; Sports Industry; Entertainment and Recreation Industry; Travel Industry; United States; Australia; Canada
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      Esty, Benjamin C., and Edward A. Meyer. "Vail Resorts: Responding to Activist Pressure (A)." Harvard Business School Case 225-082, June 2025.
      • 2025
      • Working Paper

      An Empirical Examination of Business Climate Alliances: Effective and/or Harmful?

      By: Matteo Gasparini and Peter Tufano
      This research studies business alliances that seek to address climate change, offering empirical evidence to address claims advanced by alliance supporters and critics. We study eleven major alliances mostly focused on financial services firms and 424 major... View Details
      Keywords: Antitrust; Climate Change; Financial Institutions; Competition; Network Effects; Alliances
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      Gasparini, Matteo, and Peter Tufano. "An Empirical Examination of Business Climate Alliances: Effective and/or Harmful?" Harvard Business School Working Paper, No. 25-060, May 2025.
      • May 2025
      • Case

      Dell Med: Transforming Care Delivery & Payment

      By: Robert S. Kaplan, David N. Bernstein and Mary L. Witkowski
      Health care in the U.S. and globally continues to undergo massive transformation, surging towards a system that rewards value for patients. However, widespread adoption of value-based health care remains a challenge. This case study focuses on the care delivery... View Details
      Keywords: Integrated Practice Units; Outcomes Measurement; Time-Driven Activity-Based Costing; Health Care and Treatment; Business Strategy; Leading Change; Decisions; Transformation; Service Delivery; Adoption; Value; Health Industry; United States; Texas
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      Kaplan, Robert S., David N. Bernstein, and Mary L. Witkowski. "Dell Med: Transforming Care Delivery & Payment." Harvard Business School Case 125-117, May 2025.
      • May 2025 (Revised June 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: 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; Microfinance; Governing Rules, Regulations, and Reforms; Agriculture and Agribusiness Industry; Banking Industry; Financial Services Industry; Information Technology Industry; Latin America; Brazil; Mexico; Argentina; Colombia; Chile; Guatemala; Central America; Peru; Uruguay
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      Trelstad, Brian L., and Karina Souza. "Social Enterprise in Latin America." Harvard Business School Background Note 325-117, May 2025. (Revised June 2025.)
      • May 2025 (Revised June 2025)
      • Supplement

      Michael Ku and Global Clinical Supply at Pfizer Inc.: Bringing Hope to Patients (D)

      By: Linda A. Hill and Lydia Begag
      This fourth installment in the Pfizer Global Clinical Supply (GCS) transformation case series highlights how over a decade of cultural and digital evolution positioned GCS to meet unprecedented global challenges. In 2011, Michael Ku became the Vice President of GCS and... View Details
      Keywords: Innovation Leadership; Technological Innovation; Leadership Development; Leadership Style; Research and Development; Science-Based Business; Transformation; Health Pandemics; AI and Machine Learning; Analytics and Data Science; Digital Transformation; Leading Change; Product Launch; Supply Chain; Organizational Change and Adaptation; Alignment; Pharmaceutical Industry; Biotechnology Industry; Health Industry; United States; Asia; Europe; Latin America
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      Hill, Linda A., and Lydia Begag. "Michael Ku and Global Clinical Supply at Pfizer Inc.: Bringing Hope to Patients (D)." Harvard Business School Supplement 425-079, May 2025. (Revised June 2025.)
      • May 2025
      • Supplement

      On (B): The Cyclon Spins On

      By: Ramon Casadesus-Masanell, Karolin Frankenberger, Sascha Mader and Karen Elterman
      A follow-up to the On case (723-430), this short case explores how the performance athletic shoe company On expanded its Cyclon subscription and recycling program through 2024, adding two new shoe models to the subscription and a one-time-purchase recyclable T-shirt. View Details
      Keywords: Business Model; Business Strategy; Competitive Advantage; Competitive Strategy; Disruptive Innovation; Distribution Channels; Environmental Sustainability; Marketing Strategy; Product Design; Product Development; Technological Innovation; Expansion; Apparel and Accessories Industry; Consumer Products Industry; Manufacturing Industry; Retail Industry; Sports Industry; China; Europe; Germany; Japan; Switzerland; United States
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      Casadesus-Masanell, Ramon, Karolin Frankenberger, Sascha Mader, and Karen Elterman. "On (B): The Cyclon Spins On." Harvard Business School Supplement 725-475, May 2025.
      • May 2025
      • Case

      The Future of the BBC: Public Ownership vs. Privatization

      By: Henry McGee
      With viewership of the British Broadcasting Company (BBC) in decline, the country’s Culture Minister must recommend a new funding model for the venerated public institution which will allow the broadcaster to succeed in an increasingly competitive media environment. View Details
      Keywords: Television Entertainment; Cooperative Ownership; State Ownership; Privatization; Public Ownership; Competition; Business Model; Media and Broadcasting Industry; United Kingdom
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      McGee, Henry. "The Future of the BBC: Public Ownership vs. Privatization." Harvard Business School Case 825-086, May 2025.
      • May 2025
      • Case

      Fidji Simo: Growing the Pie at Instacart

      By: Hubert Joly, Leonard A. Schlesinger and James Barnett
      In January 2025, Instacart CEO Fidji Simo considers strategies for continuing to grow Instacart from a grocery delivery platform to a holistic grocery technology company, including in-store grocery technology and expanding partnerships across the grocery sector. View Details
      Keywords: Change Management; Transformation; Customers; Food; Health; Working Conditions; Leading Change; Operations; Going Public; Strategy; Growth and Development Strategy; Business or Company Management; Food and Beverage Industry; Technology Industry; United States; Canada
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      Joly, Hubert, Leonard A. Schlesinger, and James Barnett. "Fidji Simo: Growing the Pie at Instacart." Harvard Business School Case 325-052, May 2025.
      • May 2025
      • Case

      RTX's Lifetime Income Strategy: Shaping the Future of Retirement

      By: Daniel Green, Luis M. Viceira and Sarah Mehta
      Set in 2024, this case explores the Lifetime Income Strategy (LIS), a novel retirement product launched by aerospace and defense company RTX in 2012. Aiming to embed the security of a traditional pension within a 401(k) plan, the LIS allowed participants to secure a... View Details
      Keywords: Asset Management; Compensation and Benefits; Collaborative Innovation and Invention; Jobs and Positions; Labor; Retirement; Society; Adoption; Aerospace Industry; Financial Services Industry; Insurance Industry; United States; Virginia
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      Green, Daniel, Luis M. Viceira, and Sarah Mehta. "RTX's Lifetime Income Strategy: Shaping the Future of Retirement." Harvard Business School Case 225-016, May 2025.
      • May 2025
      • Teaching Note

      Bridj and the Business of Urban Mobility (B): A New Model in Kansas City

      By: Rosabeth Moss Kanter and Jonathan Cohen
      This Teaching Note helps instructors teach students the HBS Case, Bridj and the Business of Urban Mobility (B): A New Model in Kansas City. In late 2016, Bridj was expanding its digital platform to help address urban mobility problems faced by cities across the country... View Details
      Keywords: App Development; Innovation; Stakeholder Engagement; Collaboration; Ride-sharing; Entrenchment; Digital; Transportation; Urban Development; Disruption; Business Startups; Digital Platforms; Growth and Development Strategy; Business and Stakeholder Relations; Partners and Partnerships; Expansion
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      Kanter, Rosabeth Moss, and Jonathan Cohen. "Bridj and the Business of Urban Mobility (B): A New Model in Kansas City." Harvard Business School Teaching Note 325-125, May 2025.
      • April 2025
      • Case

      Campbell's Recipe for Advancing School Nutrition

      By: Hise O. Gibson, F. Christopher Eaglin and Ai-Ling Jamila Malone
      In 2021, The Campbell’s Company launched Full Futures, a collective impact initiative aimed at advancing school nutrition environments in underserved communities. The program started in Camden, NJ—home to Campbell’s headquarters—and later expanded to Charlotte, NC, and... View Details
      Keywords: Strategy; Leadership; Corporate Social Responsibility and Impact; Education; Health; Nutrition; Social Enterprise; Relationships; Business and Community Relations; Decision Making; Operations; Food and Beverage Industry; New Jersey; North Carolina; Pennsylvania
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      Gibson, Hise O., F. Christopher Eaglin, and Ai-Ling Jamila Malone. "Campbell's Recipe for Advancing School Nutrition." Harvard Business School Case 625-117, April 2025.
      • 2025
      • Working Paper

      Management and Firm Dynamism

      By: Nicholas Bloom, Jonathan S. Hartley, Raffaella Sadun, Rachel Schuh and John Van Reenen
      We show better-managed firms are more dynamic in plant acquisitions, disposals, openings and closings in U.S. Census and international data. Better-managed firms also birth better-managed plants, and improve the performance of the plants they acquire. To explain these... View Details
      Keywords: Management Practices; Productivity; Management Practices and Processes; Mergers and Acquisitions; Competition; Business or Company Management; Performance Productivity
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      Bloom, Nicholas, Jonathan S. Hartley, Raffaella Sadun, Rachel Schuh, and John Van Reenen. "Management and Firm Dynamism." Harvard Business School Working Paper, No. 25-052, April 2025.
      • April 2025
      • Teaching Note

      Aramco: Navigating the Energy Transition

      By: Tarun Khanna and Samir Junnarkar
      Teaching Note for HBS Case No. 725-358. View Details
      Keywords: Energy Transmission; Oil & Gas; Economic Diversification; Corporate Strategy; Leadership; Business Strategy; Goals and Objectives; Transition; Environmental Sustainability; Diversification; Energy Industry; Saudi Arabia
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      Khanna, Tarun, and Samir Junnarkar. "Aramco: Navigating the Energy Transition." Harvard Business School Teaching Note 725-442, April 2025.
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