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- 2024
- Working Paper
The Value of AI Innovations
By: Wilbur Xinyuan Chen, Terrence Tianshuo Shi and Suraj Srinivasan
We study the value of AI innovations as it diffuses across general and application sectors, using the United States Patent and Trademark Office’s (USPTO) AI patent dataset. Investors value these innovations more than others, as AI patents exhibit a 9% value premium,...
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Keywords:
AI and Machine Learning;
Valuation;
Technological Innovation;
Open Source Distribution;
Patents;
Policy;
Knowledge Sharing;
Technology Industry
Chen, Wilbur Xinyuan, Terrence Tianshuo Shi, and Suraj Srinivasan. "The Value of AI Innovations." Harvard Business School Working Paper, No. 24-069, May 2024.
- 2024
- Working Paper
Creditor-on-Creditor Violence and Secured Debt Dynamics
By: Samuel Antill, Neng Wang and Zhaoli Jiang
Anticipating a borrower's default, secured lenders have recently used aggressive legal tactics to extract value from other secured lenders. We model the implications of this new "creditor-on-creditor violence'' trend. In our novel continuous-time capital structure...
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Antill, Samuel, Neng Wang, and Zhaoli Jiang. "Creditor-on-Creditor Violence and Secured Debt Dynamics." Working Paper, May 2024.
- April 2024 (Revised May 2024)
- Case
Anthropic: Building Safe AI
By: Shikhar Ghosh and Shweta Bagai
In March 2024, Anthropic, a leading AI safety and research company, made headlines with the launch of Claude 3, its most advanced AI model. This marked Anthropic’s bold entry into the multimodal GenAI domain, showcasing capabilities extending to both image and text...
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Ghosh, Shikhar, and Shweta Bagai. "Anthropic: Building Safe AI." Harvard Business School Case 824-129, April 2024. (Revised May 2024.)
- April 2024
- Case
Michelin in Motion: Putting Purpose to Work
By: Hubert Joly, Nitin Nohria and Emilie Billaud
When he became CEO, facing limited growth prospects, a low valuation, and therefore a stagnating share price, Menegaux and his team launched a set of initiatives to reposition Michelin. These included (1) articulating a clear purpose (“We care about giving people a...
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Keywords:
Transformation;
Talent and Talent Management;
Innovation Strategy;
Leadership;
Leading Change;
Goals and Objectives;
Growth and Development Strategy;
Management Practices and Processes;
Organizational Culture;
Identity;
Motivation and Incentives;
Corporate Strategy;
Diversification;
Value Creation;
Manufacturing Industry;
Rubber Industry;
Transportation Industry;
Europe;
France
- 2024
- Working Paper
Does the Case for Private Equity Still Hold?
By: Nori Gerardo Lietz and Philipp Chvanov
Private Equity (“PE”) received a 10-fold increase in capital flows since the Great Financial Crisis (“GFC”) Investors sought higher nominal returns relative to those they could obtain in the public capital markets. This paper questions the fundamental assumptions...
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Lietz, Nori Gerardo, and Philipp Chvanov. "Does the Case for Private Equity Still Hold?" Harvard Business School Working Paper, No. 24-066, January 2024.
- April 2024 (Revised May 2024)
- Exercise
Creating Value at ForgeCo with McKinsey’s Valuation Approach
By: Jonas Heese, Tim Koller and Susan Nolen Foushee
Heese, Jonas, Tim Koller, and Susan Nolen Foushee. "Creating Value at ForgeCo with McKinsey’s Valuation Approach." Harvard Business School Exercise 124-095, April 2024. (Revised May 2024.)
- March 2024
- Supplement
Teamworks: Tackling a Forecasting Fumble (B)
By: N. Louis Shipley, Stacy Straaberg and Tom Quinn
In late March 2018, Teamworks CEO Zach Maurides learned Q1 2018 sales were at risk for a large forecasting miss. Founded in 2004, Teamworks’s software application assisted support staff in messaging, scheduling, and sharing documents with collegiate and professional...
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Keywords:
Acquisition;
Business Growth and Maturation;
Communication Strategy;
Decisions;
Forecasting and Prediction;
Business Cycles;
Technological Innovation;
Sports;
Growth and Development Strategy;
Resource Allocation;
Marketing;
Sales;
Business Strategy;
Expansion;
Valuation;
Sports Industry;
Technology Industry;
United States;
North Carolina
- 2024
- Book
Deals: The Economic Structure of Business Transactions
By: Guhan Subramanian and Michael Klausner
Drawing on real-life cases from a wide range of industries, two acclaimed experts offer a sophisticated but accessible guide to business deals, designed to maximize value for your side.
Business transactions take widely varying forms—from multibillion-dollar... View Details
Business transactions take widely varying forms—from multibillion-dollar... View Details
Subramanian, Guhan, and Michael Klausner. Deals: The Economic Structure of Business Transactions. Harvard University Press, 2024.
- February 26, 2024
- Article
Making Workplaces Safer Through Machine Learning
By: Matthew S. Johnson, David I. Levine and Michael W. Toffel
Machine learning algorithms can dramatically improve regulatory effectiveness. This short article describes the authors' scholarly work that shows how the U.S. Occupational Safety and Health Administration (OSHA) could have reduced nearly twice as many occupational...
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Keywords:
Government Experimentation;
Auditing;
Inspection;
Evaluation;
Process Improvement;
Government Administration;
AI and Machine Learning;
Safety;
Governing Rules, Regulations, and Reforms
Johnson, Matthew S., David I. Levine, and Michael W. Toffel. "Making Workplaces Safer Through Machine Learning." Regulatory Review (February 26, 2024).
- February 2024
- Case
Korea Venture Investment Corporation
By: Paul A. Gompers and Billy Chan
Paul Gompers, pgompers@hbs.edu; Billy Chan, bchan@hbs.edu; Andrew Mickle, amickle@hbs.edu
3/6/2024
Yes
venture capital, fund of funds, startup, startup ecosystem, south korea, han river zium, big basin capital, capstone partners
Entrepreneurship; business...
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Keywords:
Entrepreneurship;
Society;
Finance;
Investment;
Financial Services Industry;
Asia;
South Korea
- February 2024
- Case
Oak Street Health: From Start-up to Strategic Acquisition
By: Leemore S. Dafny and Thomas H. Lee
Oak Street Health opened its first primary care center for seniors in underserved communities in 2013. By 2022 the company had 169 centers and a market valuation exceeding $10 billion. Oak Street created value by accepting risk-adjusted, capitated payments for Medicare...
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Dafny, Leemore S., and Thomas H. Lee. "Oak Street Health: From Start-up to Strategic Acquisition." Harvard Business School Case 324-053, February 2024.
- February 9, 2024
- Article
Addressing Climate Change with Behavioral Science: A Global Intervention Tournament in 63 Countries
By: Madalina Vlasceanu, Kimberly C. Doell, Joseph B. Bak-Coleman, Boryana Todorova, Michael M. Berkebile-Weinberg, Amit Goldenberg, Eric Shuman and et al.
Effectively reducing climate change requires marked, global behavior change. However, it is unclear which strategies are most likely to motivate people to change their climate beliefs and behaviors. Here, we tested 11 expert-crowdsourced interventions on four climate...
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Keywords:
Climate Change;
Motivation and Incentives;
Behavior;
Policy;
Knowledge Sharing;
Values and Beliefs
Vlasceanu, Madalina, Kimberly C. Doell, Joseph B. Bak-Coleman, Boryana Todorova, Michael M. Berkebile-Weinberg, Amit Goldenberg, Eric Shuman, and et al. "Addressing Climate Change with Behavioral Science: A Global Intervention Tournament in 63 Countries." Science Advances 10, no. 6 (February 9, 2024).
- February 2024
- Supplement
JTC: Stronger Together with Shared Ownership: What JTC Did and Its Impact
By: Ethan Bernstein
Nigel Le Quesne, CEO of Jersey-based financial services firm JTC, firmly believed that "shared ownership" was at the heart of his company’s successful track record. The firm had seen its revenues, profits, and number of clients and staff grow steadily throughout its...
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Keywords:
Employee Stock Ownership Plan;
Leadership Style;
Organizational Culture;
Going Public;
Employee Ownership;
Financial Services Industry
Bernstein, Ethan. "JTC: Stronger Together with Shared Ownership: What JTC Did and Its Impact." Harvard Business School Multimedia/Video Supplement 424-707, February 2024.
- Working Paper
Visual Uniqueness in Peer-to-Peer Marketplaces: Machine Learning Model Development, Validation, and Application
By: Flora Feng, Charis Li and Shunyuan Zhang
Peer-to-peer (P2P) marketplaces have seen exponential growth in recent years featured by unique offerings from individual providers. Despite the perceived value of uniqueness, scalable quantification of visual uniqueness in P2P platforms like Airbnb has been largely...
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Keywords:
Peer-to-peer Markets;
Marketplace Matching;
AI and Machine Learning;
Demand and Consumers;
Digital Platforms;
Marketing
Feng, Flora, Charis Li, and Shunyuan Zhang. "Visual Uniqueness in Peer-to-Peer Marketplaces: Machine Learning Model Development, Validation, and Application." SSRN Working Paper Series, No. 4665286, February 2024.
- 2024
- Working Paper
Who Values Democracy?
By: Max Miller
This paper tests the conventional view that redistribution is central to the democratization process using data from stock markets. Consistent with this view, democratizations have a large, negative impact on asset valuations driven by a rise in redistribution risk....
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Keywords:
Government and Politics;
Risk and Uncertainty;
Financial Crisis;
Macroeconomics;
Financial Markets;
Valuation
Miller, Max. "Who Values Democracy?" Working Paper, February 2024. (Revise and Resubmit, Journal of Political Economy.)
- January 2024
- Case
ECOALF: Fashion for the Future
By: Elizabeth A. Keenan, Diego Aparicio, Carlota Moniz and María José Satrústegui
ECOALF, a Spanish fashion brand and sustainability pioneer, aimed to tackle the industry's challenges of excessive consumption and production. The brand's mission was to create timeless apparel exclusively from recycled and eco-responsible materials, matching the...
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Keywords:
Business Growth and Maturation;
Business Model;
Decisions;
Business Earnings;
Profit;
Growth and Development Strategy;
Communication Intention and Meaning;
Values and Beliefs;
Mission and Purpose;
Competition;
Climate Change;
Environmental Sustainability;
Social Marketing;
Marketing Channels;
E-commerce;
Corporate Social Responsibility and Impact;
Fashion Industry;
Spain;
Germany;
Italy;
Europe;
United States
Keenan, Elizabeth A., Diego Aparicio, Carlota Moniz, and María José Satrústegui. "ECOALF: Fashion for the Future." Harvard Business School Case 524-057, January 2024.
- 2024
- Working Paper
Contributing to Growth? The Role of Open Source Software for Global Startups
By: Nataliya Langburd Wright, Frank Nagle and Shane Greenstein
Does participating in open source software (OSS) communities spur entrepreneurial growth? More
efficiently developing shared code, learning from what the OSS community has developed, and
shaping the direction of massive projects, such as those linked to frameworks...
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Keywords:
Applications and Software;
Open Source Distribution;
Entrepreneurship;
Business Growth and Maturation;
Human Capital;
Valuation;
Corporate Strategy
Wright, Nataliya Langburd, Frank Nagle, and Shane Greenstein. "Contributing to Growth? The Role of Open Source Software for Global Startups." Harvard Business School Working Paper, No. 24-040, January 2024.
- 2024
- Working Paper
The Value of Open Source Software
By: Manuel Hoffmann, Frank Nagle and Yanuo Zhou
The value of a non-pecuniary (free) product is inherently difficult to assess. A pervasive
example is open source software (OSS), a global public good that plays a vital role in the economy
and is foundational for most technology we use today. However, it is...
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Hoffmann, Manuel, Frank Nagle, and Yanuo Zhou. "The Value of Open Source Software." Harvard Business School Working Paper, No. 24-038, January 2024.
- January 2024 (Revised May 2024)
- Case
Pioneer Natural Resources: Enhancing the Capital Return Strategy with Variable Dividends
In February 2021, Scott Sheffield, the CEO of Pioneer Natural Resources (an independent oil and gas company based in Texas), was considering the possibility of enhancing the firm’s capital return strategy by introducing a variable dividend tied to cash flows in...
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Keywords:
Corporate Finance;
Cash Flow;
Financial Management;
Financial Strategy;
Value Creation;
Decision Choices and Conditions;
Investment Return;
Profit;
Policy;
Business and Shareholder Relations;
Energy Industry;
United States;
North America;
Texas
Esty, Benjamin C., Elisabeth Kempf, and E. Scott Mayfield. "Pioneer Natural Resources: Enhancing the Capital Return Strategy with Variable Dividends." Harvard Business School Case 224-001, January 2024. (Revised May 2024.)
- January–February 2024
- Article
Shared Service Delivery Can Increase Client Engagement: A Study of Shared Medical Appointments
By: Ryan W. Buell, Kamalini Ramdas, Nazlı Sönmez, Kavitha Srinivasan and Rengaraj Venkatesh
Problem Definition: Clients and service providers alike often consider one-on-one service delivery to be ideal, assuming – perhaps unquestioningly – that devoting individualized attention best improves client outcomes. In contrast, in shared service delivery, clients...
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Keywords:
Health Care and Treatment;
Customer Satisfaction;
Outcome or Result;
Performance Improvement
Buell, Ryan W., Kamalini Ramdas, Nazlı Sönmez, Kavitha Srinivasan, and Rengaraj Venkatesh. "Shared Service Delivery Can Increase Client Engagement: A Study of Shared Medical Appointments." Manufacturing & Service Operations Management 26, no. 1 (January–February 2024): 154–166.