Business, Government & the International Economy - Faculty & Research

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<td><a href="/faculty/units/bgie/Pages/doctoral.aspx" class="" aria-label="Business, Government & the International Economy Doctoral Students">Doctoral Students</a></td> </tr> </table> <div class="hr4"></div> </div> </div> </div> </div> <div class="research-hero homepage" style="position:relative"> <div class="" style="background-color:#fff"> <div class="container mobile-container tablet-container"> <div class="shim40 desktop-visible tablet-visible"></div> <div class="shim30 mobile-visible"></div> <div class="carousel-container"> <ul class="carousel-panels"> <li> <div class="row desktop-visible"> <div class="span2"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=1457923" class="fluid stroke4 black-border" alt=""></div> <div class="span9 trim-container" data-wcm-edit-url="" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-left: 18px;"> <ul class="linear mu-uc"> <li>2024</li> <li class="ash">Working Paper</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66594" class="no-append"> <h2 class="beta">A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism?</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1457923&click=byline">Paula Rettl</a>, Diane Bolet, Catherine E. De Vries, Simone Cremaschi, Tarik Abou-Chadi and Sergi Pardos-Prado</div> <div class="shim12"></div> <p class="trim-ellipsis">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 are causally connected beyond other well-known factors, such as cultural change. Using Swiss panel data and a novel shift-share instrument measuring men’s exposure to changes in the gender composition of the labor force across industries (labor market feminization), we make two contributions. First, labor market feminization negatively affects men’s income and employment prospects, making men more conservative in their gender attitudes. Second, while labor market feminization affects gender attitudes within the private sphere, in a context of low politicization of gender by political elites, it does not influence broader political outcomes like policy preferences or far-right voting. These findings reveal the sequence and mechanisms behind the distributional consequences of labor market feminization.</p> </div> </div> </div> <div class="row-left tablet-visible mobile-visible"> <div class="span1"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=1457923" class="fluid stroke4 black-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li>2024</li> <li class="ash">Working Paper</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66594" class="no-append"> <h2 class="beta">A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism?</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1457923&click=byline">Paula Rettl</a>, Diane Bolet, Catherine E. De Vries, Simone Cremaschi, Tarik Abou-Chadi and Sergi Pardos-Prado</div> <div class="shim12"></div> <p>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 are causally connected beyond other well-known factors, such as cultural change....</p> </div> </div> </div> </li> <li> <div class="row desktop-visible"> <div class="span2"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=394129" class="fluid stroke4 black-border" alt=""></div> <div class="span9 trim-container" data-wcm-edit-url="" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-left: 18px;"> <ul class="linear mu-uc"> <li>November 2024</li> <li class="ash">Article</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66153" class="no-append"> <h2 class="beta">Price Discounts and Cheapflation During the Post-Pandemic Inflation Surge</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=394129&click=byline">Alberto Cavallo</a> and Oleksiy Kryvtsov</div> <div class="shim12"></div> <p class="trim-ellipsis">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 unit prices within narrowly defined product categories, we analyze two key sources of variation in prices within a store: temporary price discounts and differences across similar products. Price changes associated with discounts grew at a much lower average rate than regular prices, helping to mitigate the inflation burden. By contrast, cheapflation -a faster rise in prices of cheaper goods relative to prices of more expensive varieties of the same good-exacerbated it. Using Canadian Homescan Panel Data, we estimate that spending on discounts reduced the change in the average unit price by 4.1 percentage points, but expenditure switching to cheaper brands raised it by 2.8 percentage points.</p> </div> </div> </div> <div class="row-left tablet-visible mobile-visible"> <div class="span1"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=394129" class="fluid stroke4 black-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li>November 2024</li> <li class="ash">Article</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66153" class="no-append"> <h2 class="beta">Price Discounts and Cheapflation During the Post-Pandemic Inflation Surge</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=394129&click=byline">Alberto Cavallo</a> and Oleksiy Kryvtsov</div> <div class="shim12"></div> <p>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 unit prices within narrowly defined product categories, we analyze two key...</p> </div> </div> </div> </li> <li> <div class="row desktop-visible"> <div class="span2"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=6447" class="fluid stroke4 black-border" alt=""></div> <div class="span2"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=100370" class="fluid stroke4 black-border" alt=""></div> <div class="span8 trim-container" data-wcm-edit-url="" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-left: 18px;"> <ul class="linear mu-uc"> <li>October 2024</li> <li class="ash">Case</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66577" class="no-append"> <h2 class="beta">Kering Eyewear</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6447&click=byline">Rohit Deshpandé</a>, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=100370&click=byline">Dante Roscini</a> and Elena Corsi</div> <div class="shim12"></div> <p class="trim-ellipsis">In June 2024, Roberto Vedovotto, CEO of Kering Eyewear, prepared to discuss the future of the recently acquired brands LINDBERG, a Danish optical eyewear brand, and Maui Jim, an American sunglasses brand. Vedovotto founded Kering Eyewear in 2014, convincing François-Henri Pinault to internalize eyewear production for Kering’s luxury brands like Gucci and Saint Laurent. Kering could in this way control design, quality, and distribution of its eyewear products. In the following years, following an agreement with the luxury group Richemont, which became a co-owner, Kering Eyewear also included four Richemont eyewear brands, among which the high-end one Cartier. By 2024, Kering Eyewear was the second-largest eyewear manufacturer, generating 1.5 billion in revenue. However, slowing growth in China’s luxury market was expected to impact sunglasses sales, which accounted for 70% of its business. Vedovotto now faced the challenge of managing and growing a portfolio of brands, which included house brands and eyewear-only brands.</p> </div> </div> </div> <div class="row-left tablet-visible mobile-visible"> <div class="span1"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=6447" class="fluid stroke4 black-border" alt=""><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=100370" class="fluid stroke4 black-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li>October 2024</li> <li class="ash">Case</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66577" class="no-append"> <h2 class="beta">Kering Eyewear</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6447&click=byline">Rohit Deshpandé</a>, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=100370&click=byline">Dante Roscini</a> and Elena Corsi</div> <div class="shim12"></div> <p>In June 2024, Roberto Vedovotto, CEO of Kering Eyewear, prepared to discuss the future of the recently acquired brands LINDBERG, a Danish optical eyewear brand, and Maui Jim, an American sunglasses brand. Vedovotto founded Kering Eyewear in 2014, convincing François-Henri Pinault to internalize eyewear production for Kering’s luxury brands like...</p> </div> </div> </div> </li> </ul> <div class="shim12"></div> <div class=" carousel-nav carousel-nav-centered" style="position: absolute; bottom: 0; left: 0; width : 100%; padding: 15px 0 11px 0;"></div> </div> <div class="shim50"></div> </div> </div> </div> <div class=" "> <div class="container tablet-container mobile-container "> <div class="hr4" style="margin:28px 0px 0px"></div> </div> </div> <div class="container mobile-container tablet-container vrule8"> <div class="vrule-gutter desktop-visible"></div> <div class="cap mobile-cap tablet-cap"></div> <div class=""> <div class="row"> <div class="span8"> <h2 class="gamma-uc">About the Unit</h2> <p>The BGIE Unit conducts research on, and teaches about, the economic, political, social, and legal environment in which business operates. The Unit includes scholars trained in economics, political science, and history; in its work, it draws on perspectives from all three of these disciplines. </p> <p>The following demonstrates one way of classifying the approaches the Unit takes to learning and teaching. </p> <ul> <li>The Unit examines the “rules” and policies established by government and other non-business institutions that affect business in the United States. </li> <li>The Unit turns to history to understand the origins of today’s business environment as well as some of the alternatives that have emerged from time to time. </li> <li>The Unit examines other countries’ business environments and their historical development. </li> <li>The BGIE group is deeply interested in the impact of globalization and the way rules are emerging to govern international economic transactions as globalization proceeds. </li> </ul> <div class="hr4" style="margin:40px 0px"></div> <div class="legacy-section-header"> <h2 class="legacy-section-header gamma-uc">Recent Publications</h2> </div> <div class="shim20"></div> <div class="fr-research-list"> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66594" aria-label="A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism? faculty & research publication detail page"> <h2 class="eta">A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism?</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1457923&click=byline">Paula Rettl</a>, Diane Bolet, Catherine E. De Vries, Simone Cremaschi, Tarik Abou-Chadi and Sergi Pardos-Prado</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">2024</span> | </li> <li style="margin-right: 0px;">Working Paper | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">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 are causally connected beyond other well-known factors, such as cultural change. Using Swiss panel data and a novel shift-share instrument measuring men’s exposure to changes in the gender composition of the labor force across industries (labor market feminization), we make two contributions. First, labor market feminization negatively affects men’s income and employment prospects, making men more conservative in their gender attitudes. Second, while labor market feminization affects gender attitudes within the private sphere, in a context of low politicization of gender by political elites, it does not influence broader political outcomes like policy preferences or far-right voting. These findings reveal the sequence and mechanisms behind the distributional consequences of labor market feminization.</div> <div class="shim12"></div> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=Gender Bias">Gender Bias</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Gender Equality">Gender Equality</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Gender Inclusivity">Gender Inclusivity</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Politics">Politics</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Political Backlash">Political Backlash</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Political Culture">Political Culture</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Conservatism">Conservatism</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Gender">Gender</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Government and Politics">Government and Politics</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Equality and Inequality">Equality and Inequality</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Prejudice and Bias">Prejudice and Bias</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Labor">Labor</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation1" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism?">Citation</a></div> <div style="min-width:110px;"><a href="https://www.hbs.edu/faculty/Pages/download.aspx?name=25-022.pdf" class="pub-extra-item black mu" aria-label="Read A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism? Now">Read Now</a></div> <div class="relatedpopout-trigger"><a href="#frRelated1" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66594" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism?">Related</a></div> </div> <div id="frCitation1" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Rettl, Paula, Diane Bolet, Catherine E. De Vries, Simone Cremaschi, Tarik Abou-Chadi, and Sergi Pardos-Prado. <A HREF="https://www.hbs.edu/faculty/Pages/download.aspx?name=25-022.pdf">"A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism?"</A> Harvard Business School Working Paper, No. 25-022, November 2024.</div> <div id="frRelated1" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66153" aria-label="Price Discounts and Cheapflation During the Post-Pandemic Inflation Surge faculty & research publication detail page"> <h2 class="eta">Price Discounts and Cheapflation During the Post-Pandemic Inflation Surge</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=394129&click=byline">Alberto Cavallo</a> and Oleksiy Kryvtsov</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">November 2024</span> | </li> <li style="margin-right: 0px;">Article | </li> <li>Journal of Monetary Economics</li> </ul> <div class="shim10"></div> <div class="add-underline">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 unit prices within narrowly defined product categories, we analyze two key sources of variation in prices within a store: temporary price discounts and differences across similar products. Price changes associated with discounts grew at a much lower average rate than regular prices, helping to mitigate the inflation burden. By contrast, cheapflation -a faster rise in prices of cheaper goods relative to prices of more expensive varieties of the same good-exacerbated it. Using Canadian Homescan Panel Data, we estimate that spending on discounts reduced the change in the average unit price by 4.1 percentage points, but expenditure switching to cheaper brands raised it by 2.8 percentage points.</div> <div class="shim12"></div> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=Macroeconomics">Macroeconomics</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Inflation and Deflation">Inflation and Deflation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Price">Price</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Consumer Behavior">Consumer Behavior</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Personal Finance">Personal Finance</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Product Positioning">Product Positioning</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation2" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Price Discounts and Cheapflation During the Post-Pandemic Inflation Surge">Citation</a></div> <div style="min-width:110px;"><a href="https://www.hbs.edu/faculty/Pages/download.aspx?name=Price-discounts-and-cheapflation-during-the-post-pa_2024_Journal-of-Monetary.pdf" class="pub-extra-item black mu" aria-label="Read Price Discounts and Cheapflation During the Post-Pandemic Inflation Surge Now">Read Now</a></div> <div class="relatedpopout-trigger"><a href="#frRelated2" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66153" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Price Discounts and Cheapflation During the Post-Pandemic Inflation Surge">Related</a></div> </div> <div id="frCitation2" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Cavallo, Alberto, and Oleksiy Kryvtsov. <A HREF="https://www.hbs.edu/faculty/Pages/download.aspx?name=Price-discounts-and-cheapflation-during-the-post-pa_2024_Journal-of-Monetary.pdf">"Price Discounts and Cheapflation During the Post-Pandemic Inflation Surge."</A> <I>Journal of Monetary Economics</I> 148 (November 2024).</div> <div id="frRelated2" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66577" aria-label="Kering Eyewear faculty & research publication detail page"> <h2 class="eta">Kering Eyewear</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6447&click=byline">Rohit Deshpandé</a>, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=100370&click=byline">Dante Roscini</a> and Elena Corsi</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">October 2024</span> | </li> <li style="margin-right: 0px;">Case | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">In June 2024, Roberto Vedovotto, CEO of Kering Eyewear, prepared to discuss the future of the recently acquired brands LINDBERG, a Danish optical eyewear brand, and Maui Jim, an American sunglasses brand. Vedovotto founded Kering Eyewear in 2014, convincing François-Henri Pinault to internalize eyewear production for Kering’s luxury brands like Gucci and Saint Laurent. Kering could in this way control design, quality, and distribution of its eyewear products. In the following years, following an agreement with the luxury group Richemont, which became a co-owner, Kering Eyewear also included four Richemont eyewear brands, among which the high-end one Cartier. By 2024, Kering Eyewear was the second-largest eyewear manufacturer, generating 1.5 billion in revenue. However, slowing growth in China’s luxury market was expected to impact sunglasses sales, which accounted for 70% of its business. Vedovotto now faced the challenge of managing and growing a portfolio of brands, which included house brands and eyewear-only brands.</div> <div class="shim12"></div> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=Marketing Strategy">Marketing Strategy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Brands and Branding">Brands and Branding</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Product Marketing">Product Marketing</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Fashion Industry">Fashion Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Apparel and Accessories Industry">Apparel and Accessories Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Consumer Products Industry">Consumer Products Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Italy">Italy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Europe">Europe</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation3" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Kering Eyewear">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/525027-PDF-ENG" class="pub-extra-item black mu" aria-label="Educators for Kering Eyewear">Educators</a></div> <div class="relatedpopout-trigger"><a href="#frRelated3" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66577" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Kering Eyewear">Related</a></div> </div> <div id="frCitation3" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Deshpandé, Rohit, Dante Roscini, and Elena Corsi. "Kering Eyewear." Harvard Business School Case 525-027, October 2024.</div> <div id="frRelated3" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66514" aria-label="Edizione faculty & research publication detail page"> <h2 class="eta">Edizione</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6516&click=byline">Cynthia A. Montgomery</a>, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=100370&click=byline">Dante Roscini</a>, Elena Corsi and Hugo Etchegoyhen</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">October 2024</span> | </li> <li style="margin-right: 0px;">Case | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">This case study examines the diversification and transformation of Edizione, the Benetton family's holding company originally established to reinvest dividends from the Benetton clothing brand. Edizione expanded significantly in the late 1990s and early 2000s, particularly through the acquisition of public assets, including Italy's highway network. The company faced a major crisis when a bridge under its management collapsed, resulting in the deaths of 43 people. Under the leadership of Alessandro Benetton, the second generation of the family took control and steered the company through the crisis. They sold the highway business to the Italian government, successfully resisted a hostile takeover, and implemented new governance structures to guide the company's future. The case study asks students what is left of the family legacy and how should the holding manage its assets in the future, in particular if it should sell the loss-making Benetton fashion brand.</div> <div class="shim12"></div> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=Leadership Style">Leadership Style</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Leading Change">Leading Change</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Leadership Development">Leadership Development</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Family Business">Family Business</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Family Ownership">Family Ownership</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Communication Strategy">Communication Strategy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Crisis Management">Crisis Management</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Management Style">Management Style</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Change Management">Change Management</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Asset Management">Asset Management</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Management Succession">Management Succession</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Private Equity">Private Equity</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Corporate Governance">Corporate Governance</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Organizational Culture">Organizational Culture</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Reputation">Reputation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Public Opinion">Public Opinion</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Air Transportation Industry">Air Transportation Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Fashion Industry">Fashion Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Transportation Industry">Transportation Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Travel Industry">Travel Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Italy">Italy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Europe">Europe</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation4" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Edizione">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/725395-PDF-ENG" class="pub-extra-item black mu" aria-label="Educators for Edizione">Educators</a></div> <div class="relatedpopout-trigger"><a href="#frRelated4" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66514" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Edizione">Related</a></div> </div> <div id="frCitation4" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Montgomery, Cynthia A., Dante Roscini, Elena Corsi, and Hugo Etchegoyhen. "Edizione." Harvard Business School Case 725-395, October 2024.</div> <div id="frRelated4" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66559" aria-label="What Future for the Renminbi in the Global Monetary System? faculty & research publication detail page"> <h2 class="eta">What Future for the Renminbi in the Global Monetary System?</h2></a><div class="nu add-underline">By: Edoardo Campanella and <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=594996&click=byline">Meg Rithmire</a></div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">2024</span> | </li> <li style="margin-right: 0px;">Chapter | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">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 reserve currency, we argue that this is far from the case. China’s ambitions have been to internationalize the renminbi, but, as a result of domestic financial turmoil and a reckoning over the tradeoffs of sovereignty and currency internationalization, those ambitions have been moderated substantially over the last decade. We argue that the US ought to encourage renminbi internationalization as a costless means of assurance to China, to incentivize reform and moderation, and to encourage a system of monetary co-existence that neither strains the dollar nor generates a bifurcated global financial system.</div> <div class="shim12"></div> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=International Relations">International Relations</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Currency">Currency</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Macroeconomics">Macroeconomics</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Globalized Economies and Regions">Globalized Economies and Regions</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=China">China</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=United States">United States</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation5" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for What Future for the Renminbi in the Global Monetary System?">Citation</a></div> <div><a href="https://carnegieendowment.org/research/2024/10/us-china-relations-for-the-2030s-toward-a-realistic-scenario-for-coexistence#what-future-for-the-renminbi-in-the-global-monetary-system" class="pub-extra-item black mu" aria-label="Read What Future for the Renminbi in the Global Monetary System? Now">Read Now</a></div> <div class="relatedpopout-trigger"><a href="#frRelated5" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66559" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about What Future for the Renminbi in the Global Monetary System?">Related</a></div> </div> <div id="frCitation5" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Campanella, Edoardo, and Meg Rithmire. <A HREF="https://carnegieendowment.org/research/2024/10/us-china-relations-for-the-2030s-toward-a-realistic-scenario-for-coexistence#what-future-for-the-renminbi-in-the-global-monetary-system">"What Future for the Renminbi in the Global Monetary System?"</A> Chap. 7 in <I><A HREF="https://carnegie-production-assets.s3.amazonaws.com/static/files/Chivvis-US%20China%202030-final%201.pdf">U.S.-China Relations for the 2030s: Toward a Realistic Scenario for Coexistence</A></I>, edited by Chris Chivvis, C. Fred Bergsten, Edoardo Campanella, John Culver, Rosemary Foot, M. Taylor Fravel, Eric Heginbotham, Evan S. Medeiros, Meg Rithmire, George Perkovich, Stephen M. Walt, Stephen Wertheim, and Audrye Wong, 67–78. Washington D.C.: Carnegie Endowment for International Peace, 2024.</div> <div id="frRelated5" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66569" aria-label="Pitfalls of Demographic Forecasts of U.S. Elections faculty & research publication detail page"> <h2 class="eta">Pitfalls of Demographic Forecasts of U.S. Elections</h2></a><div class="nu add-underline">By: Richard Calvo, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=736825&click=byline">Vincent Pons</a> and <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1356397&click=byline">Jesse M. Shapiro</a></div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">2024</span> | </li> <li style="margin-right: 0px;">Working Paper | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">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 since 1952. We envision a forecaster who fits a model using data from a given election and uses that model, in tandem with a projection of demographic trends, to predict future elections. Even a forecaster with perfect knowledge of future demographic trends would have performed poorly over this period—worse even than one who simply guesses that each election will have a 50-50 partisan split. Enriching the set of demographics available does not change this conclusion. We discuss both mechanical and economic reasons for this finding, and show suggestive evidence that parties adjust their platforms in accordance with changes in the electorate.</div> <div class="shim12"></div> <div class="mu regular add-underline"><span><strong>Keywords: </strong></span><a href="/faculty/research/publications/Pages/default.aspx?q=Mathematical Methods">Mathematical Methods</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Voting">Voting</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Political Elections">Political Elections</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Trends">Trends</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Forecasting and Prediction">Forecasting and Prediction</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Demographics">Demographics</a></div> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation6" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Pitfalls of Demographic Forecasts of U.S. Elections">Citation</a></div> <div style="min-width:110px;"><a href="https://www-nber-org.ezp-prod1.hul.harvard.edu/papers/w33016" class="pub-extra-item black mu" aria-label="Find Pitfalls of Demographic Forecasts of U.S. Elections at Harvard">Find at Harvard</a></div> <div style="min-width:110px;"><a href="https://www.nber.org/papers/w33016" class="pub-extra-item black mu" aria-label="Register to read Pitfalls of Demographic Forecasts of U.S. Elections">Register to Read</a></div> <div class="relatedpopout-trigger"><a href="#frRelated6" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66569" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Pitfalls of Demographic Forecasts of U.S. Elections">Related</a></div> </div> <div id="frCitation6" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Calvo, Richard, Vincent Pons, and Jesse M. Shapiro. <A HREF="https://www.nber.org/papers/w33016">"Pitfalls of Demographic Forecasts of U.S. Elections."</A> NBER Working Paper Series, No. 33016, October 2024.</div> <div id="frRelated6" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66539" aria-label="Space Capitalism and the Final Frontier faculty & research publication detail page"> <h2 class="eta">Space Capitalism and the Final Frontier</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=603179&click=byline">Sophus A. Reinert</a>, Ryan Spatz and Bobby Faith</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">October 2024</span> | </li> <li style="margin-right: 0px;">Background Note | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation7" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Space Capitalism and the Final Frontier">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/725018-PDF-ENG" class="pub-extra-item black mu" aria-label="Educators for Space Capitalism and the Final Frontier">Educators</a></div> <div class="relatedpopout-trigger"><a href="#frRelated7" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66539" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Space Capitalism and the Final Frontier">Related</a></div> </div> <div id="frCitation7" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Reinert, Sophus A., Ryan Spatz, and Bobby Faith. "Space Capitalism and the Final Frontier." Harvard Business School Background Note 725-018, October 2024.</div> <div id="frRelated7" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> <div class="shim30"></div> </div> </div> </div> <div class="media" data-wcm-edit-url=""> <div class="row-left"> <div class="span99"><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=66144" aria-label="Burn the Gondolas? Venice, the Ghetto, and the Seasons of Capitalism faculty & research publication detail page"> <h2 class="eta">Burn the Gondolas? Venice, the Ghetto, and the Seasons of Capitalism</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=603179&click=byline">Sophus A. Reinert</a>, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1322911&click=byline">Charlotte Robertson</a> and Robert Fredona</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">September 2024</span> | </li> <li style="margin-right: 0px;">Case | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="publication-extras-container toggle-container add-underline"> <div class="publication-extras" style="display: flex; flex-direction: row;"> <div><a href="#frCitation8" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Burn the Gondolas? Venice, the Ghetto, and the Seasons of Capitalism">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/725006-PDF-ENG" class="pub-extra-item black mu" aria-label="Educators for Burn the Gondolas? Venice, the Ghetto, and the Seasons of Capitalism">Educators</a></div> <div class="relatedpopout-trigger"><a href="#frRelated8" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66144" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Burn the Gondolas? Venice, the Ghetto, and the Seasons of Capitalism">Related</a></div> </div> <div id="frCitation8" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Reinert, Sophus A., Charlotte Robertson, and Robert Fredona. "Burn the Gondolas? Venice, the Ghetto, and the Seasons of Capitalism." 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