Finance - Faculty & Research - Harvard Business School

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mobile-container vrule9" data-wcm-edit-url="/faculty/Lists/Topics/EditForm.aspx?ID=4"> <div class="row tablet-row mobile-row"> <div class="span9 tablet-span9"> <div class="research-hero sidebar"> <div class="inherit-bg"> <div class=""> <div class="carousel-container"> <ul class="carousel-panels"> <li> <div class="row desktop-visible"> <div class="span2 sidebar-image"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=340064" class="fluid stroke4 white-border" alt=""></div> <div class="span7 trim-container" data-wcm-edit-url="" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-right: 20px;"> <ul class="linear mu-uc"> <li>May 2014</li> <li class="ash">Article</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=47199" class="no-append"> <h2 class="delta">Dynamics of Demand for Index Insurance: Evidence from a Long-Run Field Experiment</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=340064&click=byline">Shawn A. Cole</a>, Daniel Stein and Jeremy Tobacman</div> <div class="shim12"></div> <p class="trim-ellipsis">This paper estimates how experimentally-manipulated experiences with a novel financial product, rainfall index insurance, affect subsequent insurance demand. Using a seven-year panel, we develop three main findings. First, recent experience matters for demand, consistent with overinference from small samples. Second, spillovers also matter, in the sense that the recent payout experience of village co-residents affects insurance demand about as much as one's own recent payout experience. Third, the spillover effect decays as time passes while the effect of one's own experience does not. We discuss implications of this analysis for commercial sustainability of this complicated but promising risk management technology.</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=340064" class="fluid stroke4 white-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li>May 2014</li> <li class="ash">Article</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=47199" class="no-append"> <h2 class="beta">Dynamics of Demand for Index Insurance: Evidence from a Long-Run Field Experiment</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=340064&click=byline">Shawn A. Cole</a>, Daniel Stein and Jeremy Tobacman</div> <div class="shim12"></div> <p>This paper estimates how experimentally-manipulated experiences with a novel financial product, rainfall index insurance, affect subsequent insurance demand. Using a seven-year panel, we develop three main findings. First, recent experience matters for demand, consistent with overinference from small samples. Second, spillovers also matter, in the...</p> </div> </div> </div> </li> <li> <div class="row desktop-visible"> <div class="span2 sidebar-image"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=136446" class="fluid stroke4 white-border" alt=""></div> <div class="span7 trim-container" data-wcm-edit-url="" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-right: 20px;"> <ul class="linear mu-uc"> <li>2014</li> <li class="ash">Article</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=45532" class="no-append"> <h2 class="delta">Expectations of Returns and Expected Returns</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=136446&click=byline">Robin Greenwood</a> and Andrei Shleifer</div> <div class="shim12"></div> <p class="trim-ellipsis">We analyze time-series of investor expectations of future stock market returns from six data sources between 1963 and 2011. The six measures of expectations are highly positively correlated with each other, as well as with past stock returns and with the level of the stock market. However, investor expectations are strongly negatively correlated with model-based expected returns. The evidence is not consistent with rational expectations representative investor models of returns.</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=136446" class="fluid stroke4 white-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li>2014</li> <li class="ash">Article</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=45532" class="no-append"> <h2 class="beta">Expectations of Returns and Expected Returns</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=136446&click=byline">Robin Greenwood</a> and Andrei Shleifer</div> <div class="shim12"></div> <p>We analyze time-series of investor expectations of future stock market returns from six data sources between 1963 and 2011. The six measures of expectations are highly positively correlated with each other, as well as with past stock returns and with the level of the stock market. However, investor expectations are strongly negatively correlated...</p> </div> </div> </div> </li> <li> <div class="row desktop-visible"> <div class="span2 sidebar-image"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=333598" class="fluid stroke4 white-border" alt=""></div> <div class="span7 trim-container" data-wcm-edit-url="" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-right: 20px;"> <ul class="linear mu-uc"> <li>August 2014</li> <li class="ash">Article</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=46046" class="no-append"> <h2 class="delta">Mortgage Convexity</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=333598&click=byline">Samuel G. Hanson</a></div> <div class="shim12"></div> <p class="trim-ellipsis">Most home mortgages in the United States are fixed-rate loans with an embedded prepayment option. When long-term rates decline, the effective duration of mortgage-backed securities (MBS) falls due to heightened refinancing expectations. I show that these changes in MBS duration function as large-scale shocks to the quantity of interest rate risk that must be borne by professional bond investors. I develop a simple model in which the risk tolerance of bond investors is limited in the short run, so these fluctuations in MBS duration generate significant variation in bond risk premia. Specifically, bond risk premia are high when aggregate MBS duration is high. The model offers an explanation for why long-term rates could appear to be excessively sensitive to movements in short rates and explains how changes in MBS duration act as a positive-feedback mechanism that amplifies interest rate volatility. I find strong support for these predictions in the time series of US government bond returns.</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=333598" class="fluid stroke4 white-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li>August 2014</li> <li class="ash">Article</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=46046" class="no-append"> <h2 class="beta">Mortgage Convexity</h2></a><div class="shim15"></div> <div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=333598&click=byline">Samuel G. Hanson</a></div> <div class="shim12"></div> <p>Most home mortgages in the United States are fixed-rate loans with an embedded prepayment option. When long-term rates decline, the effective duration of mortgage-backed securities (MBS) falls due to heightened refinancing expectations. I show that these changes in MBS duration function as large-scale shocks to the quantity of interest rate risk...</p> </div> </div> </div> </li> <li> <div class="row desktop-visible"> <div class="span2 sidebar-image"><img loading="lazy" src="https://www.hbs.edu/Style%20Library/api/headshot.aspx?id=378483" class="fluid stroke4 white-border" alt=""></div> <div class="span7 trim-container" data-wcm-edit-url="" data-wcm-edit-position="left" style="max-height:400px;"> <div style="padding-right: 20px;"> <ul class="linear mu-uc"> <li>2014</li> <li class="ash">Working Paper</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=47339" class="no-append"> <h2 class="delta">Financial Repression in the European Sovereign Debt Crisis</h2></a><div class="shim15"></div> <div class="nu add-underline">By: Bo Becker and <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=378483&click=byline">Victoria Ivashina</a></div> <div class="shim12"></div> <p class="trim-ellipsis">By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the domestic banking sector for absorbing government bonds generates a crowding out of corporate lending. For a given domestic firm, new debt is less likely to be a loan—i.e., the loan supply contracts—when local banks have purchased more domestic sovereign debt and when that debt is risky (as measured by CDS spreads). These effects are most pronounced in the period following the second Greek bailout in early 2010.</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=378483" class="fluid stroke4 white-border" alt=""></div> <div class="span99"> <div class="readmore" style="max-height:none;"> <ul class="linear mu-uc"> <li>2014</li> <li class="ash">Working Paper</li> </ul> <div class="shim10"></div><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=47339" class="no-append"> <h2 class="beta">Financial Repression in the European Sovereign Debt Crisis</h2></a><div class="shim15"></div> <div class="nu add-underline">By: Bo Becker and <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=378483&click=byline">Victoria Ivashina</a></div> <div class="shim12"></div> <p>By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the domestic banking sector for absorbing government bonds generates a crowding out of corporate lending. For a given domestic firm, new debt is less likely...</p> </div> </div> </div> </li> </ul> <div class="inherit-bg carousel-nav carousel-nav-centered"></div> </div> <div class="shim30"></div> </div> </div> </div> </div> <div class="span3 tablet-span3 vrule-offset"> <div class="mobile-hidden"> <div class="sidebar-spacing"> <div class="white"><svg xmlns="http://www.w3.org/2000/svg" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:ext="http://www.hbs.edu/" width="120" height="120" id="Layer_1" data-name="Layer 1" viewBox="0 0 100 112"> <path fill="currentColor" d="M35,0A35,35,0,0,0,4.36,51.91a44.65,44.65,0,0,0,5.73,9c5,6.21,8,13.84,9.11,22.84H50.86Q52.48,70.27,60,60.93a43.75,43.75,0,0,0,6.31-10.18A35,35,0,0,0,35,0Zm2.24,105.81H28a6.92,6.92,0,0,0,13.75,0H37.26ZM19.66,101H50.41V97H19.66v4Zm0-9.58v0.71H50.41V91.38c0-.92,0-1.82.08-2.74H19.58C19.62,89.56,19.66,90.46,19.66,91.38Z"/></svg></div> <div class="shim12"></div> <h3 class="kappa-uc">Faculty Unit</h3> <div class="shim14"></div> <div class="nu add-underline">The <a href="/faculty/units/finance/Pages/default.aspx">Finance Unit</a> produces research addressing issues of present and future importance to managers, regulators, and policy-makers.</div> <div class="shim21"></div><a href="/faculty/units/finance/Pages/default.aspx" class="btn-arrow-partial btn-arrow btn-right ">Finance Unit<span class="right"></span></a><div class="shim32 xteal-bg"></div> </div> </div> </div> </div> </div> </div> <div class="container mobile-container tablet-container vrule9"> <div class="cap mobile-cap tablet-cap"></div> <div class=""> <div class="row"> <div class="span9"> <div class="row tablet-row mobile-row "> <div class="span8 "> <p><span class="eta-uc boldcn">Our intellectual roots are based in a long line of scholars from <a href="/faculty/Pages/profile.aspx?facId=6511&click=bestbet">Robert Merton</a></span> whose collaborative work on <a href="/faculty/Pages/item.aspx?num=11086">risk management and option pricing</a> won him the Nobel Prize in Economics in 1997, to John Lintner who co-created the <a class="ext" href="http://www.jstor.org/discover/10.2307/1924119?uid=3739696&uid=2&uid=4&uid=3739256&sid=47698985462507" rel="noopener noreferrer" target="_blank">Capital Asset Pricing Model </a>and made significant contributions to <a class="ext" href="http://www.jstor.org/discover/10.2307/1910664?uid=3739696&uid=2&uid=4&uid=3739256&sid=47698985462507" rel="noopener noreferrer" target="_blank">dividend policy</a>, and Gordon Donaldson whose work helped shape the field of <a class="ext" href="http://cb.hbsp.harvard.edu/cb/web/product_detail.seam?E=44431&R=78504-PDF-ENG&conversationId=359532" rel="noopener noreferrer" target="_blank">corporate finance</a>. We strive to understand how managers and firms make value-enhancing decisions; and how financial institutions, markets, and instruments contribute to this process. Our approach to research is distinguished by its unique combination of theory, empirical analysis, mathematical modeling, and field observations at companies.</p> <div class="mobile-visible"> <div class="hr4" style="margin-bottom:33px;margin-top:30px;"></div> <h2 class="gamma-uc">Faculty Unit</h2> <div class="shim20"></div> <p class="add-underline">The <a href="/faculty/units/finance/Pages/default.aspx">Finance Unit</a> produces research addressing issues of present and future importance to managers, regulators, and policy-makers.</p><a href="/faculty/units/finance/Pages/default.aspx" class="btn-arrow-partial btn-arrow btn-right ">Finance Unit<span class="right"></span></a><div class="shim30"></div> </div> </div> </div> <div class="hr4" style="margin:6px 0px 34px 0px"></div> <div class="row tablet-row mobile-row "> <div class="span8 "> <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=66988" aria-label="Dynamic Personalization with Multiple Customer Signals: Multi-Response State Representation in Reinforcement Learning faculty & research publication detail page"> <h2 class="eta">Dynamic Personalization with Multiple Customer Signals: Multi-Response State Representation in Reinforcement Learning</h2></a><div class="nu add-underline">By: Liangzong Ma, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1239022&click=byline">Ta-Wei Huang</a>, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=548988&click=byline">Eva Ascarza</a> and <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=766753&click=byline">Ayelet Israeli</a></div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">2025</span> | </li> <li style="margin-right: 0px;">Working Paper | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">Reinforcement learning (RL) offers potential for optimizing sequences of customer interactions by modeling the relationships between customer states, company actions, and long-term value. However, its practical implementation often faces significant challenges. First, while companies collect detailed customer characteristics to represent customer states, these data often contain noise or irrelevant information, obscuring the true customer states. Second, existing state construction techniques focus primarily on summarizing characteristics related to short-term values, rather than capturing the broader behaviors that drive long-term customer value. These limitations hinder RL’s ability to effectively learn customer dynamics and maximize long-term value. To address these challenges, we introduce a novel Multi-Response State Representation (MRSR) Learning method to enhance existing RL methods. Unlike state construction methods, MRSR utilizes rich customer signals—such as recency, engagement, and spending—to construct low-dimensional state representations that effectively predict behaviors driving long-term customer value. Using data from a free-to-play mobile game with dynamic difficulty adjustments, MRSR demonstrates significant improvements, increasing 30-day in-game currency spending by 37% compared to standard offline RL methods and 24% over advanced state representation techniques. Policy interpretation further highlights MRSR’s ability to identify distinct and relevant customer states, enabling precise and targeted interventions to boost long-term engagement and spending.</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=Dynamic Policy">Dynamic Policy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Deep Reinforcement Learning">Deep Reinforcement Learning</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Representation Learning">Representation Learning</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Dynamic Difficulty Adjustment">Dynamic Difficulty Adjustment</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Latent Variable Models">Latent Variable Models</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Customer Relationship Management">Customer Relationship Management</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Customer Value and Value Chain">Customer Value and Value Chain</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Foreign Direct Investment">Foreign Direct Investment</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Analytics and Data Science">Analytics and Data Science</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 Dynamic Personalization with Multiple Customer Signals: Multi-Response State Representation in Reinforcement Learning">Citation</a></div> <div style="min-width:110px;"><a href="https://www.hbs.edu/faculty/Pages/download.aspx?name=25-037.pdf" class="pub-extra-item black mu" aria-label="Read Dynamic Personalization with Multiple Customer Signals: Multi-Response State Representation in Reinforcement Learning Now">Read Now</a></div> <div class="relatedpopout-trigger"><a href="#frRelated1" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66988" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Dynamic Personalization with Multiple Customer Signals: Multi-Response State Representation in Reinforcement Learning">Related</a></div> </div> <div id="frCitation1" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Ma, Liangzong, Ta-Wei Huang, Eva Ascarza, and Ayelet Israeli. <A HREF="https://www.hbs.edu/faculty/Pages/download.aspx?name=25-037.pdf">"Dynamic Personalization with Multiple Customer Signals: Multi-Response State Representation in Reinforcement Learning."</A> Harvard Business School Working Paper, No. 25-037, February 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=66951" aria-label="The Hidden Costs of Working Multiple Jobs: Implications for Spending Behavior and Wellbeing faculty & research publication detail page"> <h2 class="eta">The Hidden Costs of Working Multiple Jobs: Implications for Spending Behavior and Wellbeing</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1104337&click=byline">Paige Tsai</a> and <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=320524&click=byline">Ryan W. Buell</a></div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">2025</span> | </li> <li style="margin-right: 0px;">Working Paper | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">Across three studies, combining survey data, transaction-level analysis from 90,548 customers of a nationwide retail bank, and insights from the General Social Survey, we study whether people with multiple jobs spend their labor income differently than people who earn the same total income from a single job. Inclusive of housing spend, we find that individuals who are more reliant on multiple jobs spend 17.0 percentage points (p.p.) less of their labor income overall, which is driven by a 15.5 p.p. decrease in the share of income spent on necessities and a 1.9 p.p. decrease in the share of income spent on indulgences. Examining differences in spend by expenditure category reveals that peoples’ lived experiences differ meaningfully based on their income composition: individuals with multiple jobs spend meaningfully more on education and transportation, but notably less in all other key spending areas including groceries, dining out, healthcare, entertainment, home improvement and shopping. Although it’s not possible in our data to directly assess whether these spending differences drive differences in individual wellbeing, we observe that those who are reliant on multiple jobs spend meaningfully less in categories traditionally associated with enhanced physical and mental wellbeing, such as healthcare and food, and less on experiential categories traditionally associated with enhanced emotional wellbeing, such as travel and entertainment. These patterns converge with responses from the General Social Survey, in which equivalently-compensated individuals who rely on multiple jobs report lower general happiness and financial satisfaction than their single-income counterparts. These findings suggest that it’s not only the amount a person earns, but also the way they earn it, that links to variations in spending behavior and overall wellbeing, which offers significant insights for the design of sustainable work in operations.</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=Behavioral Operations">Behavioral Operations</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Employee Behavior">Employee Behavior</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Job Design and Levels">Job Design and Levels</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Personal Finance">Personal Finance</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Well-being">Well-being</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Happiness">Happiness</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Satisfaction">Satisfaction</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Wages">Wages</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 The Hidden Costs of Working Multiple Jobs: Implications for Spending Behavior and Wellbeing">Citation</a></div> <div style="min-width:110px;"><a href="https://www.hbs.edu/faculty/Pages/download.aspx?name=25-036.pdf" class="pub-extra-item black mu" aria-label="Read The Hidden Costs of Working Multiple Jobs: Implications for Spending Behavior and Wellbeing Now">Read Now</a></div> <div class="relatedpopout-trigger"><a href="#frRelated2" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66951" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about The Hidden Costs of Working Multiple Jobs: Implications for Spending Behavior and Wellbeing">Related</a></div> </div> <div id="frCitation2" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Tsai, Paige, and Ryan W. Buell. <A HREF="https://www.hbs.edu/faculty/Pages/download.aspx?name=25-036.pdf">"The Hidden Costs of Working Multiple Jobs: Implications for Spending Behavior and Wellbeing."</A> Harvard Business School Working Paper, No. 25-036, January 2025.</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=66788" aria-label="Untapped Global: Financing Africa’s Missing Middle faculty & research publication detail page"> <h2 class="eta">Untapped Global: Financing Africa’s Missing Middle</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1199335&click=byline">Raymond Kluender</a> and Emanuele Colonnelli</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;">Case | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">In November 2024, Jim Chu, founder and CEO of Untapped Global, faced mounting internal tensions over the company’s strategic direction. Untapped had developed a data-driven revenue-based financing (RBF) model to address the “missing middle” problem—the $5.2 trillion funding gap for small and medium-sized enterprises (SMEs) in emerging markets. By financing digital lenders who provided asset-backed loans to SMEs, Untapped combined flexible repayment structures with real-time data tracking, achieving strong results across 15 African countries. However, as both an investment fund raising capital from limited partners and a fintech startup seeking venture capital, the company’s dual structure had created operational challenges and conflicting priorities. This case provides an opportunity to examine the potential of RBF to address SME financing gaps in emerging markets and to explore the strategic and organizational decisions required to scale a mission-driven business operating at the intersection of finance and technology.</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=Entrepreneurship">Entrepreneurship</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Social Entrepreneurship">Social Entrepreneurship</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Venture Capital">Venture Capital</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Working Capital">Working Capital</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Private Equity">Private Equity</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Financial Strategy">Financial Strategy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Microfinance">Microfinance</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=International Finance">International Finance</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Currency Exchange Rate">Currency Exchange Rate</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Profit Sharing">Profit Sharing</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Revenue">Revenue</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Developing Countries and Economies">Developing Countries and Economies</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Economic Growth">Economic Growth</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Banking Industry">Banking Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Financial Services Industry">Financial Services Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Information Technology Industry">Information Technology Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Technology Industry">Technology Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Africa">Africa</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Nigeria">Nigeria</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=South Africa">South Africa</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Kenya">Kenya</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Uganda">Uganda</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=California">California</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=San Francisco">San Francisco</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 Untapped Global: Financing Africa’s Missing Middle">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/825056-PDF-ENG" class="pub-extra-item black mu" aria-label="Educators for Untapped Global: Financing Africa’s Missing Middle">Educators</a></div> <div class="relatedpopout-trigger"><a href="#frRelated3" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66788" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Untapped Global: Financing Africa’s Missing Middle">Related</a></div> </div> <div id="frCitation3" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Kluender, Raymond, and Emanuele Colonnelli. "Untapped Global: Financing Africa’s Missing Middle." Harvard Business School Case 825-056, January 2025.</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=66895" aria-label="Negotiating a Legacy at Sustainable Harvest (A) faculty & research publication detail page"> <h2 class="eta">Negotiating a Legacy at Sustainable Harvest (A)</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1284607&click=byline">Jillian Jordan</a>, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1041982&click=byline">Julian Zlatev</a>, Alicia Dadlani and Martha Hostetter</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;">Case | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">The specialty coffee importer Sustainable Harvest was the first certified B Corp in the coffee industry due to its investments in building coffee farmers’ capacity and livelihood. But in 2022, after coffee prices plummeted and the company’s bank declined to extend its credit, founder and CEO David Griswold was forced to consider selling his company. If Sustainable Harvest ran out of money and defaulted on its contracts, its suppliers — small coffee farmers in South and Central America — could lose millions. To avoid this outcome, Griswold began negotiations with two potential buyers, both much larger coffee importers that seemed to appreciate Sustainable Harvest’s business model. The (A) case (no. 925-010) describes how, under a tight deadline, Griswold weighed the merits of each potential buyer (and one buyer’s request for exclusive negotiations), considering whether he could trust each buyer to treat him, his employees, and the coffee farmers fairly and to carry on Sustainable Harvest’s legacy. The (B) case (no. 925-011) explains Griswold’s decision and explores the impacts of the sale, one year later.</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=Negotiation">Negotiation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Acquisition">Acquisition</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Trust">Trust</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Ethics">Ethics</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Agribusiness">Agribusiness</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Volatility">Volatility</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Futures and Commodity Futures">Futures and Commodity Futures</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Social Enterprise">Social Enterprise</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Valuation">Valuation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Food and Beverage Industry">Food and Beverage Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=United States">United States</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 Negotiating a Legacy at Sustainable Harvest (A)">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/925010-PDF-ENG" class="pub-extra-item black mu" aria-label="Educators for Negotiating a Legacy at Sustainable Harvest (A)">Educators</a></div> <div><a href="http://hbr.org/search/925010" class="pub-extra-item black mu" aria-label="Purchase Negotiating a Legacy at Sustainable Harvest (A)">Purchase</a></div> <div class="relatedpopout-trigger"><a href="#frRelated4" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66895" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Negotiating a Legacy at Sustainable Harvest (A)">Related</a></div> </div> <div id="frCitation4" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Jordan, Jillian, Julian Zlatev, Alicia Dadlani, and Martha Hostetter. <A HREF="http://hbr.org/product/Negotiating-a-Legacy-at-S/an/925010-PDF-ENG">"Negotiating a Legacy at Sustainable Harvest (A)."</A> Harvard Business School Case 925-010, January 2025.</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=66869" aria-label="Innovations in Evaluating Ambulatory Costs of Cystic Fibrosis Care: A Comparative Study Across Multidisciplinary Care Centers in Ireland and the United States faculty & research publication detail page"> <h2 class="eta">Innovations in Evaluating Ambulatory Costs of Cystic Fibrosis Care: A Comparative Study Across Multidisciplinary Care Centers in Ireland and the United States</h2></a><div class="nu add-underline">By: Emma Brady, Ryan C. Perkins, Kate Cullen, Gregory S. Sawicki, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6487&click=byline">Robert S. Kaplan</a> and Gerardine Doyle</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">February 2025</span> | </li> <li style="margin-right: 0px;">Article | </li> <li>NEJM Catalyst Innovations in Care Delivery</li> </ul> <div class="shim10"></div> <div class="add-underline">Lead clinicians at two large pediatric cystic fibrosis (CF) centers in the United States and Ireland measured and compared their ambulatory care costs. The clinicians selected three strata of patients (0–11 months, 1–5 years, and 6–17 years of age). Process maps were developed for each of the age cohorts at each site, and the costs of ambulatory care—with emphasis on routine CF clinic visits—were measured utilizing time-driven activity-based costing (TDABC). Variance analysis was applied to identify the components of cost variation between the two sites. The quantity variance showed that clinicians in Ireland spent 108% more time with patients than at the U.S. site; the skill mix variance showed the U.S. site with a 49% higher personnel cost mix, and the price (rate) variance showed that U.S. personnel had a 31% higher compensation level. The costing and variance analysis provided organizationally relevant insights into the distinctive features of each site’s CF care delivery processes and how costs could be reduced without adverse impact on patient outcomes.</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=Health Care and Treatment">Health Care and Treatment</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Cost">Cost</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Service Delivery">Service Delivery</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Resource Allocation">Resource Allocation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Health Industry">Health Industry</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 Innovations in Evaluating Ambulatory Costs of Cystic Fibrosis Care: A Comparative Study Across Multidisciplinary Care Centers in Ireland and the United States">Citation</a></div> <div style="min-width:110px;"><a href="https://catalyst-nejm-org.ezp-prod1.hul.harvard.edu/doi/full/10.1056/CAT.24.0095" class="pub-extra-item black mu" aria-label="Find Innovations in Evaluating Ambulatory Costs of Cystic Fibrosis Care: A Comparative Study Across Multidisciplinary Care Centers in Ireland and the United States at Harvard">Find at Harvard</a></div> <div style="min-width:110px;"><a href="https://catalyst.nejm.org/doi/full/10.1056/CAT.24.0095" class="pub-extra-item black mu" aria-label="Register to read Innovations in Evaluating Ambulatory Costs of Cystic Fibrosis Care: A Comparative Study Across Multidisciplinary Care Centers in Ireland and the United States">Register to Read</a></div> <div class="relatedpopout-trigger"><a href="#frRelated5" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66869" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Innovations in Evaluating Ambulatory Costs of Cystic Fibrosis Care: A Comparative Study Across Multidisciplinary Care Centers in Ireland and the United States">Related</a></div> </div> <div id="frCitation5" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Brady, Emma, Ryan C. Perkins, Kate Cullen, Gregory S. Sawicki, Robert S. Kaplan, and Gerardine Doyle. <A HREF="https://catalyst.nejm.org/doi/full/10.1056/CAT.24.0095">"Innovations in Evaluating Ambulatory Costs of Cystic Fibrosis Care: A Comparative Study Across Multidisciplinary Care Centers in Ireland and the United States."</A> <I>NEJM Catalyst Innovations in Care Delivery</I> 6, no. 2 (February 2025).</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=66728" aria-label="Apax Partners: Deciding Whether to Bid for Trader Corp. faculty & research publication detail page"> <h2 class="eta">Apax Partners: Deciding Whether to Bid for Trader Corp.</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6454&click=byline">Benjamin C. Esty</a> and Edward A. Meyer</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;">Case | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">Apax Partners’ investment committee was schedule to meet on March 21, 2011, to decide whether to invest in Trader Corporation, a Canadian classified advertising business for used automobiles with both print (magazines) and digital (website) distribution. What made this investment complicated and, therefore, risky was the print business was going away and the online business was underperforming. Equally troubling were the facts that the key members of the leadership team (namely the CEO and CFO) would not join the acquired firm and there was a significant competitor (eBay-owned Kijiji) in the market. New partner Marcelo Gigliani had led the analysis of the deal and was assisted by Seth Brody, another Apax partner who was trying to launch a new “portfolio support group” (PSG) designed to help assess and then manage potential investments for greater return. Brody wondered whether this was the right deal to showcase what his new team could do—how it could add value and help mitigate risks. Or was this deal simply too risky and would he be better off waiting for another deal.</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=Value Creation">Value Creation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Network Effects">Network Effects</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Private Equity">Private Equity</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Growth Management">Growth Management</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Digital Marketing">Digital Marketing</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Business Strategy">Business Strategy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Competitive Advantage">Competitive Advantage</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=E-commerce">E-commerce</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Valuation">Valuation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Competition">Competition</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Digital Platforms">Digital Platforms</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Digital Strategy">Digital Strategy</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Digital Transformation">Digital Transformation</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Transition">Transition</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Advertising Industry">Advertising Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Auto Industry">Auto Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Information Industry">Information Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Canada">Canada</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=United Kingdom">United Kingdom</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=New York (state, US)">New York (state, US)</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=New York (city, NY)">New York (city, NY)</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 Apax Partners: Deciding Whether to Bid for Trader Corp.">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/225032-PDF-ENG" class="pub-extra-item black mu" aria-label="Educators for Apax Partners: Deciding Whether to Bid for Trader Corp.">Educators</a></div> <div class="relatedpopout-trigger"><a href="#frRelated6" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66728" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Apax Partners: Deciding Whether to Bid for Trader Corp.">Related</a></div> </div> <div id="frCitation6" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Esty, Benjamin C., and Edward A. Meyer. "Apax Partners: Deciding Whether to Bid for Trader Corp." Harvard Business School Case 225-032, January 2025.</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=66551" aria-label="Overcoming Barriers to Employee Ownership: Insights From Small and Medium-Sized Businesses faculty & research publication detail page"> <h2 class="eta">Overcoming Barriers to Employee Ownership: Insights From Small and Medium-Sized Businesses</h2></a><div class="nu add-underline">By: John Guzek and <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=943704&click=byline">Ashley Whillans</a></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>Compensation & Benefits Review</li> </ul> <div class="shim10"></div> <div class="add-underline">This research investigates the limited adoption of employee stock ownership plans (ESOPs) among small-to-medium sized businesses (SMBs) in the U.S. Through interviews with 30 SMB owners across various industries, we identify the key barriers to ESOP adoption as lack of time, money, and skills on the part of the owners. In doing so, the study suggests that a “shared ownership light” model, which involves sharing profits, information, and decision-making opportunities with employees, appears more feasible for SMBs than ESOPs. For SMBs that are interested in ESOP adoption, our research suggests that organizations providing employee ownership services could better assist SMBs by offering templatized models and best practices for profit-sharing plans, open-book management, and structured employee participation. The paper aims to broaden the discussion around shared ownership by considering a spectrum of options that have the potential to increase both value creation by and value-sharing among employees.</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=Profit Sharing">Profit Sharing</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Employee Ownership">Employee Ownership</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Management Practices and Processes">Management Practices and Processes</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Compensation and Benefits">Compensation and Benefits</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Small Business">Small Business</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Adoption">Adoption</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Employees">Employees</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="#frCitation7" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Overcoming Barriers to Employee Ownership: Insights From Small and Medium-Sized Businesses">Citation</a></div> <div style="min-width:110px;"><a href="https://journals-sagepub-com.ezp-prod1.hul.harvard.edu/doi/full/10.1177/08863687241272556" class="pub-extra-item black mu" aria-label="Find Overcoming Barriers to Employee Ownership: Insights From Small and Medium-Sized Businesses at Harvard">Find at Harvard</a></div> <div style="min-width:110px;"><a href="https://www.hbs.edu/faculty/Pages/download.aspx?name=guzek-whillans-2024-overcoming-barriers.pdf" class="pub-extra-item black mu" aria-label="Read Overcoming Barriers to Employee Ownership: Insights From Small and Medium-Sized Businesses Now">Read Now</a></div> <div class="relatedpopout-trigger"><a href="#frRelated7" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66551" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Overcoming Barriers to Employee Ownership: Insights From Small and Medium-Sized Businesses">Related</a></div> </div> <div id="frCitation7" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Guzek, John, and Ashley Whillans. <A HREF="https://www.hbs.edu/faculty/Pages/download.aspx?name=guzek-whillans-2024-overcoming-barriers.pdf">"Overcoming Barriers to Employee Ownership: Insights From Small and Medium-Sized Businesses."</A> <I>Compensation & Benefits Review</I> 57, no. 1 (January 2025): 64–81.</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=64516" aria-label="Automatic Enrollment with a 12% Default Contribution Rate faculty & research publication detail page"> <h2 class="eta">Automatic Enrollment with a 12% Default Contribution Rate</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=8943&click=byline">John Beshears</a>, Ruofei Guo, David Laibson, Brigitte C. Madrian and James J. Choi</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>Journal of Pension Economics & Finance</li> </ul> <div class="shim10"></div> <div class="add-underline">We study a retirement savings plan with a default contribution rate of 12% of income, which is much higher than previously studied defaults. Twenty-five percent of employees had not opted out of this default 12 months after hire; a literature review finds that the corresponding fraction in plans with lower defaults is approximately one-half. Because only contributions above 12% were matched by the employer, 12% was likely to be a suboptimal contribution rate for employees. Employees who remained at the 12% default contribution rate had average income that was approximately one-third lower than would be predicted from the relationship between salaries and contribution rates among employees who were not at 12%. Defaults may influence low-income employees more strongly in part because these employees face higher psychological barriers to active decision making.</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=Retirement Savings">Retirement Savings</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Defined Contribution Retirement Plan">Defined Contribution Retirement Plan</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Automatic Enrollment">Automatic Enrollment</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Retirement">Retirement</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Saving">Saving</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Income">Income</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Decision Choices and Conditions">Decision Choices and Conditions</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="#frCitation8" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Automatic Enrollment with a 12% Default Contribution Rate">Citation</a></div> <div style="min-width:110px;"><a href="https://www-cambridge-org.ezp-prod1.hul.harvard.edu/core/journals/journal-of-pension-economics-and-finance/article/automatic-enrollment-with-a-12-percent-default-contribution-rate/E12C2ABA76BE3BE4D672265DC05AB540" class="pub-extra-item black mu" aria-label="Find Automatic Enrollment with a 12% Default Contribution Rate at Harvard">Find at Harvard</a></div> <div style="min-width:110px;"><a href="https://www.hbs.edu/faculty/Pages/download.aspx?name=automatic_enrollment_12_percent.pdf" class="pub-extra-item black mu" aria-label="Read Automatic Enrollment with a 12% Default Contribution Rate Now">Read Now</a></div> <div><a href="https://www.cambridge.org/core/journals/journal-of-pension-economics-and-finance/article/abs/automatic-enrollment-with-a-12-percent-default-contribution-rate/E12C2ABA76BE3BE4D672265DC05AB540" class="pub-extra-item black mu" aria-label="Purchase Automatic Enrollment with a 12% Default Contribution Rate">Purchase</a></div> <div class="relatedpopout-trigger"><a href="#frRelated8" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=64516" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Automatic Enrollment with a 12% Default Contribution Rate">Related</a></div> </div> <div id="frCitation8" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Beshears, John, Ruofei Guo, David Laibson, Brigitte C. Madrian, and James J. Choi. <A HREF="https://www.hbs.edu/faculty/Pages/download.aspx?name=automatic_enrollment_12_percent.pdf">"Automatic Enrollment with a 12% Default Contribution Rate."</A> Special Issue on 20th Anniversary Special Issue. <I>Journal of Pension Economics & Finance</I> 24, no. 1 (January 2025): 152–182.</div> <div id="frRelated8" 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=66657" aria-label="Core Innovation Capital: Investing in Fintech for Good faculty & research publication detail page"> <h2 class="eta">Core Innovation Capital: Investing in Fintech for Good</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1199335&click=byline">Ray Kluender</a>, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1060423&click=byline">Natalia Rigol</a>, <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1028680&click=byline">Benjamin Roth</a> and Nicole Tempest Keller</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;">Case | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">In 2017, Arjan Schütte, founder of Core Innovation Capital, faced a decision on whether to invest in Hugo Insurance, an auto insurance startup. Core, an early-stage social impact VC firm, focused on “fintech for good,” by investing in financial services for low- to middle-income consumers. Since 2010, Core had raised $120 million across two funds and backed nearly 50 companies, including Ripple Labs and NerdWallet. Core was deeply committed to measuring its social impact and had developed a written set of impact criteria that it used to annually measure impact. Hugo, founded in 2016 by David Bergendahl, developed a “pay-as-you-drive” insurance product for the $33 to $40 billion non-standard auto insurance market. By offering flexible, incremental payments, Hugo aimed to address the 13% of U.S. drivers who did not have insurance due to high upfront costs. While Schütte admired Bergendahl’s passion and early testing, he questioned Hugo’s scalability and profitability. Concerns about unproven demand, high acquisition costs, and operational complexity loomed large as Schütte deliberated whether Hugo could meet Core’s dual goals of social impact and financial success.</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=Venture Capital">Venture Capital</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Social Entrepreneurship">Social Entrepreneurship</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Insurance">Insurance</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Measurement and Metrics">Measurement and Metrics</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Financial Services Industry">Financial Services Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Technology Industry">Technology Industry</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Insurance Industry">Insurance Industry</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="#frCitation9" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for Core Innovation Capital: Investing in Fintech for Good">Citation</a></div> <div><a href="http://cb.hbsp.harvard.edu/cbmp/product/825064-PDF-ENG" class="pub-extra-item black mu" aria-label="Educators for Core Innovation Capital: Investing in Fintech for Good">Educators</a></div> <div class="relatedpopout-trigger"><a href="#frRelated9" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66657" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about Core Innovation Capital: Investing in Fintech for Good">Related</a></div> </div> <div id="frCitation9" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Kluender, Ray, Natalia Rigol, Benjamin Roth, and Nicole Tempest Keller. "Core Innovation Capital: Investing in Fintech for Good." Harvard Business School Case 825-064, December 2024.</div> <div id="frRelated9" 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=66761" aria-label="A New Model for Funding Healthcare Innovation faculty & research publication detail page"> <h2 class="eta">A New Model for Funding Healthcare Innovation</h2></a><div class="nu add-underline">By: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6476&click=byline">Regina E. Herzlinger</a> and Duke Rohlen</div> <ul class="linear mu regular ash" style="margin-top: 5px;"> <li style="margin-right: 0px;"><span class="mu-uc regular">10 Dec 2024</span> | </li> <li style="margin-right: 0px;">Interview | </li> <li>Faculty Research</li> </ul> <div class="shim10"></div> <div class="add-underline">Ajax Health founder Duke Rohlen (HBS MBA 2001) and HBS Professor Regina Herzlinger join host Brian Kenny to discuss the key success factors for both start-up and established medical technology firms. The case “Ajax Health: A New Model for Medical Technology Innovation” showcases how to structure a firm—in any industry—to maximize innovation and financial returns by better aligning incentives for the different skill sets required.</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=Entrepreneurship">Entrepreneurship</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Innovation and Invention">Innovation and Invention</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Business Model">Business Model</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Private Equity">Private Equity</a>; <a href="/faculty/research/publications/Pages/default.aspx?q=Health Industry">Health Industry</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="#frCitation10" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Citation for A New Model for Funding Healthcare Innovation">Citation</a></div> <div class="relatedpopout-trigger"><a href="#frRelated10" data-item-url="https://www.hbs.edu/faculty/Pages/item.aspx?num=66761" class="pub-extra-item toggle-plus toggle-button black mu" role="button" aria-label="Related publications about A New Model for Funding Healthcare Innovation">Related</a></div> </div> <div id="frCitation10" class="frCitation nu has-slide" style="margin-top: 10px; display:none;">Herzlinger, Regina E., and Duke Rohlen. <A HREF="https://hbr.org/podcast/2024/12/a-new-model-for-funding-healthcare-innovation">"A New Model for Funding Healthcare Innovation."</A> Cold Call (podcast), Harvard Business Review Group, December 10, 2024.</div> <div id="frRelated10" 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?q=Finance" class="btn-arrow-partial btn-arrow btn-right btn-large ">More Publications<span class="right"></span></a></div> </div> </div> <div class="tablet-rail4 mobile-rail4"></div> </div> <div class="span3 vrule-offset"> <div class="sidebar-list" data-wcm-edit-url=""> <h3 class="kappa-uc" style="margin-bottom:13px;">Faculty</h3> <div class="" data-wcm-edit-url=""><a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=9961">Josh Lerner</a></div> <div class="shim10"></div> <div class="" data-wcm-edit-url=""><a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6463">Paul A. Gompers</a></div> <div class="shim10"></div> <div class="" data-wcm-edit-url=""><a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6544">William A. Sahlman</a></div> <div class="shim10"></div> <div class="" data-wcm-edit-url=""><a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6487">Robert S. Kaplan</a></div> <div class="shim10"></div> <div class="" data-wcm-edit-url=""><a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6456">Kenneth A. Froot</a></div> <div class="shim10"></div> <div class="" data-wcm-edit-url=""><a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6629">Laura Alfaro</a></div> <div class="shim10"></div> <div class="" data-wcm-edit-url=""><a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6454">Benjamin C. Esty</a></div> <div class="shim10"></div> <div class="" data-wcm-edit-url=""><a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6511">Robert C. 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Gilson</a></div> </div> <div class="more" style="margin-top:24px;"><span class="txt-arrow">→</span><a href="/faculty/Pages/browse.aspx?q=Finance">See All</a></div> <div class="hr" style="margin: 30px 0px;"></div> <h3 class="kappa-uc" style="margin-bottom: 22px;">Seminars & Conferences</h3> <div class="event-partial" data-wcm-edit-url=""> <meta name="template" content="Event"> <meta name="template" content="Event2"> <meta name="template" content="Event3"> <div class="thumbnail-title-container" style=""> <div style=""> <div href="" class="event-thumbnail">Feb<span class="teal-bg"> 21</span></div> </div> <div> <div class="shim15"></div> <ul class="linear mu-uc black" xml:space="preserve"> <li> 21 Feb 2025</li> </ul> <div class="shim2"></div><a class="event-link" href="http://www.hbs.edu/"> <div class="kappa" style="margin-bottom:-6px">Finance/Economics Ph.D. Lunch Seminar</div></a></div> </div> <div class="shim13"></div> <div class="mu regular blurb black" style="margin-bottom:-.25em;">Jo Ellery | Martin Bernstein</div> <div class="shim14"></div> </div> <div> <div class="shim1 " style="height:16px"></div> </div> <div class="event-partial" data-wcm-edit-url=""> <meta name="template" content="Event"> <meta name="template" content="Event2"> <meta name="template" content="Event3"> <div class="thumbnail-title-container" style=""> <div style=""> <div href="" class="event-thumbnail">Feb<span class="teal-bg"> 28</span></div> </div> <div> <div class="shim15"></div> <ul class="linear mu-uc black" xml:space="preserve"> <li> 28 Feb 2025</li> </ul> <div class="shim2"></div><a class="event-link" href="http://www.hbs.edu/"> <div class="kappa" style="margin-bottom:-6px">Finance/Economics Ph.D. Lunch Seminar</div></a></div> </div> <div class="shim13"></div> <div class="mu regular blurb black" style="margin-bottom:-.25em;">Federico Bastianello | Shlok Goyal</div> </div> <div class="more" style="margin-top:24px;"><span class="txt-arrow">→</span><a href="/faculty/research/seminars-conferences/Pages/default.aspx">Seminars & Conferences</a></div> <div class="hr" style="margin: 30px 0px;"></div> <div class="sidebar-margins"> <h3 class="kappa-uc" style="margin-top: 0px;">HBS Working Knowlege</h3> <ul class="media-list3 sidebar-stream "> <li class="media"> <div class=""> <div class="span99"> <ul class="linear mu-uc"> <li>12 Nov 2024</li> </ul> <h4 class="kappa-uc"><a href="https://hbswk.hbs.edu/item/inside-one-startups-journey-to-break-down-hiring-and-funding-barriers" class="block" style="color: #2AA296;border:!px solid red;">Inside One Startup's Journey to Break Down Hiring (and Funding) Barriers</a></h4> <div class="nu add-underline">Re: <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6463">Paul A. 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