Research - Global - Harvard Business School

2025
Working Paper

When LLMs Go Abroad: Foreign Bias in AI Financial Predictions

By: Sean Cao, Charles C.Y. Wang and Yi Xiang

We document foreign biases in AI-generated financial predictions: ChatGPT (US-based) is systematically more optimistic about Chinese firms than DeepSeek (China-based), predicting higher end-of-year stock prices and generating more buy recommendations. This AI-specific...

September 2025
Case

BairesDev: Culture and Growth

By: Raffaella Sadun, Jorge Tamayo and Karina Souza

In February 2025, Nacho de Marco, CEO of BairesDev, the nearshoring tech company founded in Buenos Aires, Argentina, was planning the company’s next growth phase. After ten years of organic expansion, the COVID-19 pandemic had validated BairesDev’s fully remote model...

September 2025
Case

Cristina Ventura at White Star Capital

By: Linda A. Hill, Allison J. Wigen, Dave Habeeb and Ruth Page

[pre-abstract] This multimedia case should be assigned to students in advance of class. [abstract] This multimedia case study focuses on General Partner and Chief Catalyst Officer Cristina Ventura at White Star Capital, as she builds an ecosystem for investors and...

2025
Working Paper

Reliable Switchback Experiments with Rerandomization for Auction Environments at Procter & Gamble

By: Tu Ni, Eleni Kalfountzou and Iavor Bojinov

Auction environments play an increasingly central role across industries such as transportation, commodities, and media. Companies like Procter & Gamble (P&G) rely on advanced digital solutions to optimize auction performance and must rigorously validate algorithmic...

September 2025
Article
Journal of Accounting Research

Public Disclosure of Private Meetings: Does Observing Peers’ Information Acquisition Affect Analysts’ Attention Allocation?

By: Yi Ru, Ronghuo Zheng and Yuan Zou

We investigate the impact of observing peers’ information acquisition on financial analysts’ allocation of attention. Using the timely disclosure mandate by the Shenzhen Stock Exchange as a setting, we find that, shortly after analysts observe that a firm has been...

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...

September–October 2025
Article
Harvard Business Review

Now Is the Time for Courage: Five Strategies to Drive Bold Action amid Uncertainty.

By: Ranjay Gulati

Research has shown that fortune favors the bold, not the cautious. But in volatile and uncertain times, many leaders hesitate to act, and others simply freeze up. The question is, Can bravery be acquired? In this article an HBS professor who has done extensive research...

September 2025
Article
Current History

China's Perilously Imbalanced Economic Success

By: Meg Rithmire

China’s contemporary economic trajectory is paradoxical, marked by both extraordinary technological advancement and mounting macroeconomic vulnerabilities. China has achieved global leadership in advanced manufacturing sectors such as electric vehicles and batteries,...

August 2025
Case

“The James Bond of Philanthropy”: A Chuck Feeney Story

By: Lauren Cohen and Sophia Pan

Chris Oechsli, President and CEO of The Atlantic Philanthropies, meditated on the lifespan of his organization and its expansive work. The Atlantic Philanthropies was founded by Chuck Feeney, who had generated a respectable fortune at DFS Group. Unlike many of his...

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...

August 2025
Teaching Material

VC Journey Vignettes

By: Jeffrey J. Bussgang and Maxim Pike Harrell

Teaching Plan for HBS Case Nos. 824-205, 824-206, 824-207.

August 2025
Teaching Material

The Toyota Production System in Action: TPS at Toyota Motoro Manufacturing Kentucky

By: Willy C. Shih

This is a supplememtary video that shows the Toyota Production System in action at Toyota Motor Manufacturing Kentucky, Georgetown, KY in August 2024

August 2025
Teaching Material

Social Enterprise in South Asia

By: Brian L. Trelstad and Malini Sen

The research note presents an overview of the evolving social enterprise ecosystem across South Asia, encompassing eight countries: India, Bangladesh, Pakistan, Sri Lanka, Nepal, Bhutan, Afghanistan, and the Maldives. It explores the rise of social entrepreneurship and...

August 2025
Case

Valeant: Pharma’s Enron? (A)

By: Aiyesha Dey, Jonas Heese and David Allen

This case examines the rapid rise and even faster fall of Valeant Pharmaceuticals International. Led by former McKinsey partner J. Michael Pearson from 2008 to 2016, Valeant abandoned the traditionally research-intensive strategy of most pharmaceutical companies and...

August 2025
Case

Valeant: Pharma’s Enron? (B)

By: Aiyesha Dey, Jonas Heese and David Allen

This supplement details the fallout from Valeant’s decline after 2016, noting federal convictions and SEC findings.

August 2025
Teaching Material

Valeant: Pharma’s Enron? (A)

By: Aiyesha Dey, Jonas Heese and David Allen

This supplement provides financial data for the Valeant case in spreadsheet form.

August 2025
Teaching Material

Twiga Foods: Revolutionizing African Retail (A) and (B)

By: Shikhar Ghosh and Shweta Bagai

Teaching Note for HBS Case Nos. 821-043 and 821-044.

August 2025
Case

The Rise of Advanced Packaging: Kulicke & Soffa's Strategic Crossroads

By: Maria P. Roche, Ram Mudambi and Solon Moreira

In early 2025, semiconductor equipment maker Kulicke & Soffa (K&S) confronts a pivotal strategic decision. As Moore’s Law slows and chiplet-based architectures take center stage, advanced packaging has become the industry's new frontier. K&S, long dominant in wire...

August 2025
Teaching Material

ZEISS: Commercializing Science

By: Maria Roche

PowerPoint Supplement for HBS Case No. 725-359.

2025
Working Paper

Permanent Capital Meets Private Markets: The Transformation of Alternative Asset Managers

By: Alex Cheema-Fox, Megan Czasonis, Piyush Kontu and George Serafeim

This paper analyzes the transformative impact of insurance platform integration on the business models, financial profiles, and market valuations of prominent alternative asset managers (AAMs). Employing panel data spanning 2014 to 2024 from large publicly listed North...