Faculty & Research - Harvard Business School

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data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-left: 18px;"> <ul class="linear mu-uc"> <li class="ash">HBS Book</li> </ul> <div class="shim10"></div><a href="/faculty/Pages/item.aspx?num=63546" class="no-append"> <h2 class="beta"></h2> <h3 class="gamma">When Democracy Breaks: Studies in Democratic Erosion and Collapse, from Ancient Athens to the Present Day</h3></a><div class="shim15"></div> <div class="nu add-underline">By: Archon Fung, <strong>David Moss</strong> and Odd Arne Westad</div> <div class="shim12"></div> <p class="trim-ellipsis">Democracy is often described in two opposite ways, as either wonderfully resilient or dangerously fragile. Curiously, both characterizations can be correct, depending on the context. When Democracy Breaks aims to deepen our understanding of what separates democratic resilience from democratic fragility by focusing on the latter. The volume’s collaborators—experts in the history and politics of the societies covered in their chapters—explore eleven episodes of democratic breakdown, ranging from ancient Athens to Weimar Germany to present-day Turkey, Russia, and Venezuela.</p> </div> </div> </div> <div class="row-left tablet-visible mobile-visible"> <div class="span1"><img loading="lazy" src="https://fdslive.oup.com/covers/gab/180-0-72-jpg-RGB-85/9780197760796.jpg" class="fluid stroke4 white-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li class="ash">HBS Book</li> </ul> <div class="shim10"></div><a href="/faculty/Pages/item.aspx?num=63546" class="no-append"> <h2 class="beta"></h2> <h3 class="gamma">When Democracy Breaks: Studies in Democratic Erosion and Collapse, from Ancient Athens to the Present Day</h3></a><div class="shim15"></div> <div class="nu add-underline">By: Archon Fung, <strong>David Moss</strong> and Odd Arne Westad</div> <div class="shim12"></div> <p>Democracy is often described in two opposite ways, as either wonderfully resilient or dangerously fragile. Curiously, both characterizations can be correct, depending on the context. When Democracy Breaks aims to deepen our understanding of what separates democratic resilience from democratic fragility by focusing on the latter. The volume’s...</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=766753" class="fluid stroke4 white-border" alt=""></div> <div class="span9 trim-container" data-wcm-edit-url="/faculty/Lists/PromoPanels/EditForm.aspx?ID=22" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-left: 18px;"> <ul class="linear mu-uc"> <li class="ash"><em>Journal of Marketing Research (JMR)</em> 61, no. 5 (October 2024): 872–890.</li> </ul> <div class="shim10"></div><a href="/faculty/Pages/item.aspx?num=65004" class="no-append"> <h2 class="beta"></h2> <h3 class="gamma">Canary Categories</h3></a><div class="shim15"></div> <div class="nu add-underline">By: Eric Anderson, Chaoqun Chen, <strong>Ayelet Israeli</strong> and Duncan Simester</div> <div class="shim12"></div> <p class="trim-ellipsis">Past customer spending in a category is generally a positive signal of future customer spending. We show that there exist “canary categories” for which the reverse is true. Purchases in these categories are a signal that customers are less likely to return to that retailer. We demonstrate the robustness of this finding at two retailers. We propose an explanation for the existence of canary categories and then develop a stylized model that illustrates four contributing factors: the probability a customer finds their favorite brand, customers’ willingness to substitute brands, the cost and attractiveness of visiting other stores, and expectations about future brand availability.</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=766753" class="fluid stroke4 white-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li class="ash"><em>Journal of Marketing Research (JMR)</em> 61, no. 5 (October 2024): 872–890.</li> </ul> <div class="shim10"></div><a href="/faculty/Pages/item.aspx?num=65004" class="no-append"> <h2 class="beta"></h2> <h3 class="gamma">Canary Categories</h3></a><div class="shim15"></div> <div class="nu add-underline">By: Eric Anderson, Chaoqun Chen, <strong>Ayelet Israeli</strong> and Duncan Simester</div> <div class="shim12"></div> <p>Past customer spending in a category is generally a positive signal of future customer spending. We show that there exist “canary categories” for which the reverse is true. Purchases in these categories are a signal that customers are less likely to return to that retailer. We demonstrate the robustness of this finding at two retailers. We propose...</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=951435" class="fluid stroke4 white-border" alt=""></div> <div class="span9 trim-container" data-wcm-edit-url="/faculty/Lists/PromoPanels/EditForm.aspx?ID=21" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-left: 18px;"> <ul class="linear mu-uc"> <li class="ash">Health Care Initiative</li> </ul> <div class="shim10"></div><a href="/faculty/Pages/item.aspx?num=65257" class="no-append"> <h2 class="beta"></h2> <h3 class="gamma">Standing on the Shoulders of Science</h3></a><div class="shim15"></div> <div class="nu add-underline">By: <strong>Joshua Lev Krieger</strong>, Monika Schnitzer and Martin Watzinger</div> <div class="shim12"></div> <p class="trim-ellipsis">Today’s innovations rely on scientific discoveries of the past, yet only some corporate R&D builds directly on scientific output. In this paper, we analyze U.S. patents to investigate how firms generate value by building on prior art “closer” to science. We show that patent value is decreasing in distance-to-science. Overall, we find a science premium within firms ranging from 5.0% and 18.3%. If we allow for firm sorting into different modes of R&D based on their relative advantage, i.e., when we do not control for firm fixed effects, we find an even larger science premium: patents building directly on scientific publications are 4.0%–42.3% more valuable than patents in the same technology that are not directly based on science.</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=951435" class="fluid stroke4 white-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li class="ash">Health Care Initiative</li> </ul> <div class="shim10"></div><a href="/faculty/Pages/item.aspx?num=65257" class="no-append"> <h2 class="beta"></h2> <h3 class="gamma">Standing on the Shoulders of Science</h3></a><div class="shim15"></div> <div class="nu add-underline">By: <strong>Joshua Lev Krieger</strong>, Monika Schnitzer and Martin Watzinger</div> <div class="shim12"></div> <p>Today’s innovations rely on scientific discoveries of the past, yet only some corporate R&D builds directly on scientific output. In this paper, we analyze U.S. patents to investigate how firms generate value by building on prior art “closer” to science. We show that patent value is decreasing in distance-to-science. Overall, we find a science...</p> </div> </div> </div> </li> <li> <div class="row desktop-visible"> <div class="span2 "><img loading="lazy" src="https://pubwww.hbs.edu/faculty/PublishingImages/magnify.svg" class="fluid stroke4 white-border inherit-bg" alt=""></div> <div class="span9 trim-container" data-wcm-edit-url="/faculty/Lists/PromoPanels/EditForm.aspx?ID=20" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-left: 18px;"> <ul class="linear mu-uc"> <li class="ash">Featured Case</li> </ul> <div class="shim10"></div><a href="/faculty/Pages/item.aspx?num=65622" class="no-append"> <h2 class="beta"></h2> <h3 class="gamma">Coca Cola İçecek—Managing a Sudden Turbulence</h3></a><div class="shim15"></div> <div class="nu add-underline">By: <strong>Felix Oberholzer-Gee</strong>, Namrata Arora and Gizem Cihan Dincsoy</div> <div class="shim12"></div> <p class="trim-ellipsis">In November 2021, Kerem Kerimoğlu, Coca Cola İçecek (CCI) Group Supply Chain Development Director, is alarmed by a news headline revealing a shortage of Turkish truck drivers impacting Europe. This crisis quickly affects CCI's distribution as third-party logistics companies struggle to provide trucks and drivers. Kerimoğlu urgently contacts Cem Yurdum, the Group's Supply Chain Logistics Manager, to address the escalating problem and devise immediate solutions. The challenge: finding a resolution as drivers continue to leave Türkiye for Europe.</p> </div> </div> </div> <div class="row-left tablet-visible mobile-visible"> <div class="span1 "><img loading="lazy" src="https://pubwww.hbs.edu/faculty/PublishingImages/magnify.svg" class="fluid stroke4 white-border inherit-bg" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li class="ash">Featured Case</li> </ul> <div class="shim10"></div><a href="/faculty/Pages/item.aspx?num=65622" class="no-append"> <h2 class="beta"></h2> <h3 class="gamma">Coca Cola İçecek—Managing a Sudden Turbulence</h3></a><div class="shim15"></div> <div class="nu add-underline">By: <strong>Felix Oberholzer-Gee</strong>, Namrata Arora and Gizem Cihan Dincsoy</div> <div class="shim12"></div> <p>In November 2021, Kerem Kerimoğlu, Coca Cola İçecek (CCI) Group Supply Chain Development Director, is alarmed by a news headline revealing a shortage of Turkish truck drivers impacting Europe. This crisis quickly affects CCI's distribution as third-party logistics companies struggle to provide trucks and drivers. Kerimoğlu urgently contacts Cem...</p> </div> </div> </div> </li> <li> <div class="row desktop-visible"> <div class="span2 "><img loading="lazy" src="https://pubwww.hbs.edu/faculty/PublishingImages/magnify.svg" class="fluid stroke4 white-border inherit-bg" alt=""></div> <div class="span9 trim-container" data-wcm-edit-url="/faculty/Lists/PromoPanels/EditForm.aspx?ID=19" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-left: 18px;"> <ul class="linear mu-uc"> <li class="ash">Featured Case</li> </ul> <div class="shim10"></div><a href="/faculty/Pages/item.aspx?num=66332" class="no-append"> <h2 class="beta"></h2> <h3 class="gamma">DBS' AI Journey</h3></a><div class="shim15"></div> <div class="nu add-underline">By: <strong>Feng Zhu</strong>, Harold Zhu and Adina Wong</div> <div class="shim12"></div> <p class="trim-ellipsis">Headquartered in Singapore, DBS Bank, one of Asia's leading financial services groups, embarked on a multi-year digital transformation under CEO Piyush Gupta in 2014. It was then that DBS also began experimenting with AI to drive value for the business and customers. As the bank scaled the use of AI, it developed an internal P-U-R-E framework for ethical AI governance. In 2022, DBS started experimenting with Generative AI use cases. It had to consider how best to leverage its existing capabilities and adapt its governance frameworks in deploying Gen AI to drive additional value while managing emergent risks.</p> </div> </div> </div> <div class="row-left tablet-visible mobile-visible"> <div class="span1 "><img loading="lazy" src="https://pubwww.hbs.edu/faculty/PublishingImages/magnify.svg" class="fluid stroke4 white-border inherit-bg" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li class="ash">Featured Case</li> </ul> <div class="shim10"></div><a href="/faculty/Pages/item.aspx?num=66332" class="no-append"> <h2 class="beta"></h2> <h3 class="gamma">DBS' AI Journey</h3></a><div class="shim15"></div> <div class="nu add-underline">By: <strong>Feng Zhu</strong>, Harold Zhu and Adina Wong</div> <div class="shim12"></div> <p>Headquartered in Singapore, DBS Bank, one of Asia's leading financial services groups, embarked on a multi-year digital transformation under CEO Piyush Gupta in 2014. It was then that DBS also began experimenting with AI to drive value for the business and customers. As the bank scaled the use of AI, it developed an internal P-U-R-E framework for...</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=1457923" class="fluid stroke4 white-border" alt=""></div> <div class="span9 trim-container" data-wcm-edit-url="/faculty/Lists/PromoPanels/EditForm.aspx?ID=18" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-left: 18px;"> <ul class="linear mu-uc"> <li class="ash">HBS 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"></h2> <h3 class="gamma">A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism?</h3></a><div class="shim15"></div> <div class="nu add-underline">By: <strong>Paula Rettl</strong>, 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.</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 white-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li class="ash">HBS 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"></h2> <h3 class="gamma">A Gender Backlash: Does Exposure to Female Labor Market Participation Fuel Gender Conservatism?</h3></a><div class="shim15"></div> <div class="nu add-underline">By: <strong>Paula Rettl</strong>, 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=1284778" class="fluid stroke4 white-border" alt=""></div> <div class="span9 trim-container" data-wcm-edit-url="/faculty/Lists/PromoPanels/EditForm.aspx?ID=17" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-left: 18px;"> <ul class="linear mu-uc"> <li class="ash">Working Paper</li> </ul> <div class="shim10"></div><a href="/faculty/Pages/item.aspx?num=1284778" class="no-append"> <h2 class="beta"></h2> <h3 class="gamma">“If You’re Not There… You’re Not There”: How Art Market Platforms Induce Status Anxiety to Coerce Participation</h3></a><div class="shim15"></div> <div class="nu add-underline">By: <strong>James Riley</strong> and Ezra Zuckerman Sivan</div> <div class="shim12"></div> <p class="trim-ellipsis">This paper, an 18-month ethnographic investigation of international art fairs (IAFs), shows how market platforms can have a coercive effect, inducing sellers (i.e., art galleries) to participate despite ambivalence over their value and anxiety over the process by which participants are selected. The key to this coercive effect, clarified via the contrast between “curatorial” art fairs and low-status “pay-to-play” art fairs, is that IAFs render visible a status hierarchy that is otherwise opaque. As such, galleries who seek to cultivate demand for their artist-clients from premier collectors come to feel they have no choice but to participate lest they lose visibility and thereby raise suspicion that they have lost their capacity to support their artist-clients and by default the collectors.</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=1284778" class="fluid stroke4 white-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li class="ash">Working Paper</li> </ul> <div class="shim10"></div><a href="/faculty/Pages/item.aspx?num=1284778" class="no-append"> <h2 class="beta"></h2> <h3 class="gamma">“If You’re Not There… You’re Not There”: How Art Market Platforms Induce Status Anxiety to Coerce Participation</h3></a><div class="shim15"></div> <div class="nu add-underline">By: <strong>James Riley</strong> and Ezra Zuckerman Sivan</div> <div class="shim12"></div> <p>This paper, an 18-month ethnographic investigation of international art fairs (IAFs), shows how market platforms can have a coercive effect, inducing sellers (i.e., art galleries) to participate despite ambivalence over their value and anxiety over the process by which participants are selected. The key to this coercive effect, clarified via the...</p> </div> </div> </div> </li> </ul> <div class="shim12"></div> <div class="inherit-bg 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="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"> <div class="legacy-section-header"> <h2 class="legacy-section-header gamma-uc">Initiatives & Projects</h2> </div> <div> <div class="shim1 " style="height:20px"></div> </div> <div class="text-block " data-wcm-edit-url="/faculty/Lists/Initiatives/EditForm.aspx?ID=39"> <h3 class="eta"><a href="https://www.hbs.edu/impact-investments/Pages/default.aspx">Impact Investments</a></h3> <div class="description add-underline">The Project on Impact Investments is dedicated to expanding knowledge on the impact investing sector by studying the universe of portfolio companies that seek to generate social benefits alongside financial returns.</div> <div class="shim10"></div> <div class="more"><span class="txt-arrow" aria-hidden="true">→</span><a href="/faculty/research/Pages/initiatives-projects.aspx">All Initiatives & Projects</a></div> </div> <div class="hr4" style="margin:40px 0px 35px 0px"></div> <div class="legacy-section-header"> <h2 class="legacy-section-header gamma-uc">Seminars & Conferences</h2> </div> <div class="shim25"></div> <div class="row tablet-row mobile-row legacy-events"> <div class="span4 tablet-span4"> <div data-wcm-edit-url="" class="legacy-event-partial"> <div style="display:flex"> <div style="flex-wrap:wrap; margin-right:18px;"> <div class="event-thumbnail-partial legacy"><a href="https://www.hbs.edu/faculty/research/seminars-conferences/Pages/event.aspx?num=2674" class="event-thumbnail no-append no-pdf-hover">Nov<span> 25</span></a></div> </div> <div style="flex-wrap: wrap"> <ul class="linear mu-uc"> <li class="ink">25 Nov 2024</li> </ul> <h3 class="kappa" style="margin-top:0px;"><a href="https://www.hbs.edu/faculty/research/seminars-conferences/Pages/event.aspx?num=2674" class="hbsred">Charles Fawell, Yale University</a></h3> <div class="shim5"></div> <div class="mu regular add-underline"></div> </div> </div> </div> </div> <div class="shim1 mobile-visible" style="height:40px"></div> <div class="span4 tablet-span4"> <div data-wcm-edit-url="" class="legacy-event-partial"> <div style="display:flex"> <div style="flex-wrap:wrap; margin-right:18px;"> <div class="event-thumbnail-partial legacy"><a href="https://www.hbs.edu/faculty/research/seminars-conferences/Pages/event.aspx?num=2675" class="event-thumbnail no-append no-pdf-hover">Dec<span> 02</span></a></div> </div> <div style="flex-wrap: wrap"> <ul class="linear mu-uc"> <li class="ink">02 Dec 2024</li> </ul> <h3 class="kappa" style="margin-top:0px;"><a href="https://www.hbs.edu/faculty/research/seminars-conferences/Pages/event.aspx?num=2675" class="hbsred">Seth Rockman, Brown University</a></h3> <div class="shim5"></div> <div class="mu regular add-underline"></div> </div> </div> </div> </div> </div> <div class="shim20"></div> <p class="more"><span class="txt-arrow" aria-hidden="true">→</span><a href="/faculty/research/seminars-conferences/Pages/default.aspx">More Seminars & Conferences</a></p> <div class="hr4" style="margin:40px 0px 35px 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=66613" aria-label="Everyone Steps Back?: The Widespread Retraction of Crowd-Funding Support for Minority Creators When Migration Fear Is High faculty & research publication detail page"> <h2 class="eta">Everyone Steps Back?: The Widespread Retraction of Crowd-Funding Support for Minority Creators When Migration Fear Is High</h2></a><div class="nu add-underline">By: John (Jianqui) Bai, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=337265&click=byline">William R. Kerr</a>, Chi Wan and Alptug Yorulmaz</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">January 2025</span> | </li> <li style="margin-right: 0px;">Article | </li> <li>Research Policy</li> </ul> <div class="shim10"></div> <div class="add-underline">We study funding gaps on Kickstarter across multiple ethnic groups from 2009 to 2021. Scaling the concept of racially salient events, we quantify the close co-movement of minority funding gaps in crowd-funding to inflamed political rhetoric surrounding migration. The funding gap for minorities more than doubles in the most inflamed periods compared to baseline. Results are especially acute for Hispanic creators. Distant, mostly white backers are typically important for projects reaching a critical threshold of funding support. Retractions in support for minority creators during tense periods are even spatially, as present in liberal cities as in conservative ones.</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 Everyone Steps Back?: The Widespread Retraction of Crowd-Funding Support for Minority Creators When Migration Fear Is High">Citation</a></div> <div class="relatedpopout-trigger"><a href="#frRelated1" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66613" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Everyone Steps Back?: The Widespread Retraction of Crowd-Funding Support for Minority Creators When Migration Fear Is High">Related</a></div> </div> <div id="frCitation1" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Bai, John (Jianqui), William R. Kerr, Chi Wan, and Alptug Yorulmaz. <A HREF="https://www.hbs.edu/faculty/Pages/download.aspx?name=BKWY_Kickstarter_Kerr.pdf">"Everyone Steps Back? The Widespread Retraction of Crowd-Funding Support for Minority Creators When Migration Fear Is High."</A> <I>Research Policy</I> 54, no. 1 (January 2025).</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=66609" aria-label="Coordinating the Energy Transition: Electrifying Transportation in California and Germany faculty & research publication detail page"> <h2 class="eta">Coordinating the Energy Transition: Electrifying Transportation in California and Germany</h2></a><div class="nu add-underline">By: Nicholas Goedeking and <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1511773&click=byline">Jonas Meckling</a></div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">December 2024</span> | </li> <li style="margin-right: 0px;">Article | </li> <li>Energy Policy</li> </ul> <div class="shim10"></div> <div class="add-underline">California and Germany share ambitious emission reduction targets. Yet California is ahead of Germany in electrifying transportation by several metrics, including the number of public charging stations. We show that variation in the politics of coordination in California and Germany explains the different outcomes. Transforming energy systems requires coordination across various complementary technologies and infrastructures—here between the supply of electric vehicles and the buildout of charging stations. In California, a strong electrification coalition emerged across automakers selling electric vehicles as well as utilities and third-party firms providing charging infrastructure. Power market rules made capital investments for charging infrastructure instantly profitable for California monopoly utilities. By contrast, in Germany's liberalized power market, investing in capital-intensive charging infrastructure was not profitable for electric utilities. As a result, utilities did not emerge as a political force in the electrification coalition. Instead, utilities and automakers were in gridlock, failing to coordinate electric vehicle rollout and public charging station buildout. Our findings highlight the limits of business-led coordination, raising the question which institutions help address coordination failures in clean energy transitions.</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 Coordinating the Energy Transition: Electrifying Transportation in California and Germany">Citation</a></div> <div class="relatedpopout-trigger"><a href="#frRelated2" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66609" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Coordinating the Energy Transition: Electrifying Transportation in California and Germany">Related</a></div> </div> <div id="frCitation2" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Goedeking, Nicholas, and Jonas Meckling. <A HREF="https://www.sciencedirect.com/science/article/pii/S0301421524003410">"Coordinating the Energy Transition: Electrifying Transportation in California and Germany."</A> Art. 114321. <I>Energy Policy</I> 195 (December 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=66601" aria-label="How to Avoid the Agility Trap faculty & research publication detail page"> <h2 class="eta">How to Avoid the Agility Trap</h2></a><div class="nu add-underline">By: Jianwen Liao and <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=14938&click=byline">Feng Zhu</a></div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">November–December 2024</span> | </li> <li style="margin-right: 0px;">Article | </li> <li>Harvard Business Review</li> </ul> <div class="shim10"></div> <div class="add-underline">Agility is all the rage in strategy circles these days. According to conventional wisdom, organizations should rapidly react to technological advances, new market dynamics, and shifting consumer preferences. But in practice this is nearly impossible to pull off, because the environment is evolving much faster than firms can respond to. The consequences of trying to keep up with every change are stark: the erosion of competitive advantages, a myopic focus on the short term, and organizational chaos. In their research the authors have repeatedly seen that in volatile environments, firms anchoring their strategies in a few enduring factors, rather than many transient ones, are more likely to achieve sustainable growth. This approach is called strategic constancy. It involves recognizing the fundamental aspects of the company’s business model—its core values, customer relationships, brand identity, and key competencies—and remaining dedicated to them despite external pressures. It emphasizes depth over breadth—deepening the company’s competitive advantage in its core areas rather than spreading efforts thinly over many.</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 How to Avoid the Agility Trap">Citation</a></div> <div class="relatedpopout-trigger"><a href="#frRelated3" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66601" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about How to Avoid the Agility Trap">Related</a></div> </div> <div id="frCitation3" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Liao, Jianwen, and Feng Zhu. <A HREF="https://hbr.org/2024/11/how-to-avoid-the-agility-trap">"How to Avoid the Agility Trap."</A> <I>Harvard Business Review</I> 102, no. 6 (November–December 2024): 126–133.</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=66600" aria-label="Scaling Up Transformational Innovations faculty & research publication detail page"> <h2 class="eta">Scaling Up Transformational Innovations</h2></a><div class="nu add-underline">By: Peter Koen, Ananya Sheth, Mike DiPaola and <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6479&click=byline">Linda A. Hill</a></div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">November–December 2024</span> | </li> <li style="margin-right: 0px;">Article | </li> <li>Harvard Business Review</li> </ul> <div class="shim10"></div> <div class="add-underline">For large companies operating in mature sectors—such as Procter & Gamble in consumer goods, Apple in consumer electronics, and Adobe in cloud software—driving growth is a perennial challenge. Growth through acquisition is always an option, but companies often quickly find that the costs outweigh the benefits. According to the authors, the only reliable path to maintaining market leadership is transformational innovation: major changes to products and services that redefine what customers expect by delivering significantly improved performance, providing new kinds of value, resolving long-standing trade-offs, and/or radically reducing manufacturing costs. To understand what makes transformational innovations successful, the authors studied two of them at Procter & Gamble: Oral-B iO, a “smart” electric toothbrush that step-changed the experience of oral hygiene, and Always Infinity, a best-in-class menstrual pad that resolved the long-standing tension between comfort and protection. In this article the authors present a playbook for scaling up transformational innovation, organized around four major challenges: providing sufficient leadership, building the right team, mobilizing resources and capabilities, and making big-bet decisions.</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 Scaling Up Transformational Innovations">Citation</a></div> <div class="relatedpopout-trigger"><a href="#frRelated4" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66600" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Scaling Up Transformational Innovations">Related</a></div> </div> <div id="frCitation4" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Koen, Peter, Ananya Sheth, Mike DiPaola, and Linda A. Hill. <A HREF="https://hbr.org/2024/11/scaling-up-transformational-innovations">"Scaling Up Transformational Innovations."</A> <I>Harvard Business Review</I> 102, no. 6 (November–December 2024): 78–85.</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=66599" aria-label="Why Employees Quit faculty & research publication detail page"> <h2 class="eta">Why Employees Quit</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=17441&click=byline">Ethan Bernstein</a>, Michael B. Horn and Bob Moesta</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">November–December 2024</span> | </li> <li style="margin-right: 0px;">Article | </li> <li>Harvard Business Review</li> </ul> <div class="shim10"></div> <div class="add-underline">The so-called war for talent is still raging. But in that fight, employers continue to rely on the same hiring and retention strategies they’ve been using for decades. Why? Because they’ve been so focused on challenges such as poaching by industry rivals, competing in tight labor markets, and responding to relentless cost-cutting pressures that they haven’t addressed a more fundamental problem: the widespread failure to provide sustainable work experiences. To stick around and give their best, people need meaningful work, managers and colleagues who value and trust them, and opportunities to advance in their careers, the authors say. By supporting employees in their individual quests for progress while also meeting the organization’s needs, managers can create employee experiences that are mutually beneficial and sustaining.</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 Why Employees Quit">Citation</a></div> <div class="relatedpopout-trigger"><a href="#frRelated5" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66599" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Why Employees Quit">Related</a></div> </div> <div id="frCitation5" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Bernstein, Ethan, Michael B. Horn, and Bob Moesta. <A HREF="https://hbr.org/2024/11/why-employees-quit">"Why Employees Quit."</A> <I>Harvard Business Review</I> 102, no. 6 (November–December 2024): 44–54.</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=66529" aria-label="How Robust Is Your Climate Governance? faculty & research publication detail page"> <h2 class="eta">How Robust Is Your Climate Governance?</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6526&click=byline">Lynn S. Paine</a> and <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=10700&click=byline">Suraj Srinivasan</a></div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">November–December 2024</span> | </li> <li style="margin-right: 0px;">Article | </li> <li>Harvard Business Review</li> </ul> <div class="shim10"></div> <div class="add-underline">During the past few years, as evidence of climate change and its effects has mounted, many corporate boards have added climate governance to their agendas. But the maturity of boards’ climate-oversight processes and activities varies widely. To better understand how climate issues are being handled in the boardroom and to determine what good climate governance looks like in practice, the authors interviewed 20 directors who hold leadership positions on the boards of S&P 500 companies. Drawing from those interviews and other research, they identify eight hallmarks of meaningful climate oversight. For example, “the board is knowledgeable about the company’s climate profile,” “the board has the expertise needed for effective climate oversight,” and “the board can articulate the company’s climate positioning and strategy.” The authors also offer their perspective on the set of issues associated with each hallmark that corporate leaders must grapple with as they decide how to incorporate climate issues into their company’s governance. Climate concerns are here to stay, and climate governance will increasingly be seen as a core element of good governance.</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 How Robust Is Your Climate Governance?">Citation</a></div> <div class="relatedpopout-trigger"><a href="#frRelated6" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66529" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about How Robust Is Your Climate Governance?">Related</a></div> </div> <div id="frCitation6" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Paine, Lynn S., and Suraj Srinivasan. <A HREF="https://hbr.org/2024/11/how-robust-is-your-climate-governance">"How Robust Is Your Climate Governance?"</A> <I>Harvard Business Review</I> 102, no. 6 (November–December 2024): 86–95.</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=66087" aria-label="Are Bankruptcy Professional Fees Excessively High? faculty & research publication detail page"> <h2 class="eta">Are Bankruptcy Professional Fees Excessively High?</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1284277&click=byline">Samuel Antill</a></div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">December 2024</span> | </li> <li style="margin-right: 0px;">Article | </li> <li>Review of Financial Studies</li> </ul> <div class="shim10"></div> <div class="add-underline">Chapter 7 is the most popular bankruptcy system for U.S. firms and individuals. Chapter 7 professional fees are substantial. Theoretically, high fees might be an unavoidable cost of incentivizing professionals. I test this empirically. I study trustees, the most important professionals in Chapter 7, who liquidate assets in exchange for legally-mandated commissions. Exploiting kinks in the commission function, I estimate a structural model of moral hazard by trustees. I show that a policy change lowering trustee fees would harm trustee incentives, reducing liquidation values. Nonetheless, such a policy would dramatically improve creditor recovery, increasing small-business-lender recovery by 15.7%.</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="#frCitation7" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Are Bankruptcy Professional Fees Excessively High?">Citation</a></div> <div><a href="https://academic.oup.com/rfs/advance-article-abstract/doi/10.1093/rfs/hhae057/7758072" class="pub-extra-item black mu" aria-label="Purchase Are Bankruptcy Professional Fees Excessively High?">Purchase</a></div> <div class="relatedpopout-trigger"><a href="#frRelated7" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66087" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Are Bankruptcy Professional Fees Excessively High?">Related</a></div> </div> <div id="frCitation7" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Antill, Samuel. <A HREF="https://academic.oup.com/rfs/article/37/12/3595/7758072">"Are Bankruptcy Professional Fees Excessively High?"</A> <I>Review of Financial Studies</I> 37, no. 12 (December 2024): 3595–3647. (Lead Article and Editor's Choice.)</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=66674" aria-label="Priceless: How to Create, Trade, and Protect What Matters Most faculty & research publication detail page"> <h2 class="eta">Priceless: How to Create, Trade, and Protect What Matters Most</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6558&click=byline">Debora L. Spar</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="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 Priceless: How to Create, Trade, and Protect What Matters Most">Citation</a></div> <div class="relatedpopout-trigger"><a href="#frRelated8" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66674" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Priceless: How to Create, Trade, and Protect What Matters Most">Related</a></div> </div> <div id="frCitation8" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Spar, Debora L. <A HREF="https://www.hbs.edu/faculty/Pages/download.aspx?name=25-028.pdf">"Priceless: How to Create, Trade, and Protect What Matters Most."</A> Harvard Business School Working Paper, No. 25-028, November 2024.</div> <div id="frRelated8" class="frRelated nu has-slide" style="margin-top: 10px; display:none;"></div> </div> </div> </div> </div> <div class="shim40"></div><a href="/faculty/research/publications/Pages/default.aspx" class="btn-arrow-partial btn-arrow btn-right btn-large ">More Publications<span class="right"></span></a></div> <div class="tablet-rail4 mobile-rail4"></div> </div> <div class="span4 vrule-offset"> <div class="sidebar-margins"> <h3 class="kappa-uc" style="margin-top: 0px;">In The News</h3> <ul class="media-list3 sidebar-stream "> <li class="media"> <div class=""> <div class=""> <ul class="linear mu-uc"> <li>22 Nov 2024</li> <li class="ash">Harvard Business School</li> </ul> <h4 class="kappa-uc"><a href="https://www.hbs.edu/news/articles/Pages/john-mulliken-profile-2024.aspx" class="block" style="color: #2AA296;border:!px solid red;">New Faculty Profiles: John Mulliken</a></h4> <div class="nu add-underline">Re: John Mulliken</div> </div> </div> </li> <li class="media"> <div class=""> <div class=""> <ul class="linear mu-uc"> <li>20 Nov 2024</li> <li class="ash">Bloomberg Businessweek</li> </ul> <h4 class="kappa-uc"><a href="https://podcasts.apple.com/us/podcast/three-innovators-offer-a-road-tested-framework-for/id393107187?i=1000677624669" class="block" style="color: #2AA296;border:!px solid red;">Three Innovators Offer a Road-Tested Framework for Career Development</a></h4> <div class="nu add-underline">Re: Ethan Bernstein</div> </div> </div> </li> <li class="media"> <div class=""> <div class=""> <ul class="linear mu-uc"> <li>20 Nov 2024</li> <li class="ash">Harvard Gazette</li> </ul> <h4 class="kappa-uc"><a href="https://news.harvard.edu/gazette/story/2024/11/harvard-mit-mass-general-form-renewable-energy-collaboration/" class="block" style="color: #2AA296;border:!px solid red;">Harvard, MIT, Mass General Form Renewable Energy Collaboration</a></h4> <div class="nu add-underline">Re: Michael Toffel</div> </div> </div> </li> <li class="media"> <div class=""> <div class="span99"> <ul class="linear mu-uc"> <li>20 Nov 2024</li> <li class="ash">Harvard Business School</li> </ul> <h4 class="kappa-uc"><a href="https://www.hbs.edu/news/articles/Pages/max-miller.aspx" class="block" style="color: #2AA296;border:!px solid red;">Behind the Research: Max Miller</a></h4> <div class="nu add-underline">Re: Max Miller</div> </div> </div> </li> </ul> <div class="more"><span class="txt-arrow" aria-hidden="true">→</span><a href="https://www.hbs.edu/news/Pages/default.aspx?type=Faculty%20News">More Faculty News</a></div> </div> <div class="hr" style="margin: 30px 0px;"></div> <div class="reusable-sidebar-2" data-wcm-edit-url="/faculty/Lists/Sidebars/EditForm.aspx?ID=2"> <div class="text-block sidebar"> <h3 class="kappa-uc"><span>The Case Method</span></h3> <div class="description add-underline"> <div>Introduced by HBS faculty to business education in 1925, the case method is a <a href="https://www.hbs.edu/mba/academic-experience/Pages/the-hbs-case-method.aspx">powerful interactive learning process</a> that puts students in the shoes of a leader faced with a real-world management issue and challenges them to propose and justify a resolution. </div> <div style="margin-top: 10px;">Today, HBS remains an authority on <a href="/teaching">teaching by the case method</a>. The School is also the world’s leading case-writing institution, with HBS faculty members contributing hundreds of new cases to the management curriculum a year via the School’s unique <a href="/faculty/research/Pages/case-development.aspx">case development and writing process</a>. </div> </div> <div class="shim10"></div> <div class="more"><span class="txt-arrow" aria-hidden="true">→</span><a href="/faculty/research/publications/Pages/default.aspx?contentType=Cases">Browse HBS Case Collection</a></div> <div class="shim5"></div> <div class="more"><span class="txt-arrow" aria-hidden="true">→</span><a href="https://cb.hbsp.harvard.edu/cbmp/pages/home">Purchase Cases</a></div> </div> </div> <div class="hr" style="margin: 30px 0px;"></div> <div class="reusable-sidebar-1" data-wcm-edit-url="/faculty/Lists/Sidebars/EditForm.aspx?ID=1"> <div class="inherit-light-bg sidebar-block edit-hidden" style="padding:18px 20px 20px 20px;"> <h3 class="eta bold2">Faculty Positions</h3> <div class="shim10"></div> <div class="nu">Harvard Business School seeks candidates in all fields for full time positions. 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