Faculty & Research

Facilitating faculty research and case development on an international scale

Our unprecedented network of research centers and regional offices in key areas of the world enable faculty to work with leaders, industry, government, and academia worldwide, and to learn from business challenges and innovations wherever they occur. Through sustained work in the field, faculty are provided the opportunity to immerse themselves in the culture and values – as well as intricacies and nuances – that lead to truly meaningful and insightful global research.

Research Centers & Offices

More than half the faculty are actively involved in international research, developing high-impact cases and course materials on relevant global issues and innovations.

New Research

September 2025
Article
Journal of Development Economics

Using Satellites and Phones to Evaluate and Promote Agricultural Technology Adoption: Evidence from Smallholder Farms in India

By: Shawn Cole, Tomoko Harigaya, Grady Killeen and Aparna Krishna

This paper evaluates a low-cost, customized soil nutrient management advisory service in India. As a methodological contribution, we examine whether and in which settings satellite measurements may be effective at estimating both agricultural yields and treatment effects. The intervention improves self-reported fertilizer management practices, though not enough to measurably affect yields. Satellite measurements calibrated using OLS produce more precise point estimates than farmer-reported data, suggesting power gains. However, linear models, common in the literature, likely produce biased estimates. We propose an alternative procedure, using two-stage least squares. In settings without attrition, this approach obtains lower statistical power than self-reported yields; in settings with differential attrition, it may substantially increase power. We include a “cookbook'' and code that should allow other researchers to use remote sensing for yield estimation and program evaluation.

August 2025
Case

Apollo Global Management

By: George Serafeim and Michael Norris

Apollo Global Management—long known for opportunistic private-equity deals—has morphed into an insurance-anchored credit powerhouse after fully acquiring life-annuity issuer Athene. CEO Marc Rowan’s bold bet is that an asset-heavy balance sheet, fueled by Athene’s hundreds of billions of long-duration liabilities, can deliver superior, repeatable returns and propel assets under management to $1.5 trillion within five years. Yet public markets award Apollo a multiple on its earnings that is far below asset-light peers such as Blackstone, highlighting important trade-offs. This case lets class participants grapple with seven inter-locking questions: Why is Apollo’s valuation multiple lower—and is the market right? What synergies and frictions arise when an alternative asset manager owns an insurer? Is an asset-heavy strategy visionary or misguided? How should Apollo balance the often-conflicting incentives of policyholders, fund LPs, and shareholders? And, ultimately, is Rowan’s integrated model the best route to double AUM? Instructors can guide participants to test hypotheses about business-model innovation, business strategy, cost of capital, vertical integration, and risk management in today’s rapidly evolving private-markets ecosystem.

August 2025
Teaching Material

VC Journey Vignettes

By: Jeffrey J. Bussgang and Maxim Pike Harrell

Teaching Plan for HBS Case No. 824-205.

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Global Colloquium for participant-centered learning

For senior faculty at top business schools in emerging economies who want to be trained in interactive methods of teaching and learning. GloColl comprises a seven-day session held on the HBS campus, followed by a three-day session held in two cities in Asia, Europe, or Latin America each year.

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