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All HBS Web
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- Faculty Publications (345)
- 2022
- Working Paper
Consumer Reviews and Regulation: Evidence from NYC Restaurants
By: Chiara Farronato and Georgios Zervas
We investigate the informativeness of hygiene signals in online reviews, and their effect on consumer choice and restaurant hygiene. We first extract signals of hygiene from Yelp. Among all dimensions that regulators monitor through mandated restaurant inspections, we...
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Keywords:
Restaurants;
Reviews;
Hygiene;
Yelp;
Regulation;
Food;
Governing Rules, Regulations, and Reforms;
Consumer Behavior
Farronato, Chiara, and Georgios Zervas. "Consumer Reviews and Regulation: Evidence from NYC Restaurants." NBER Working Paper Series, No. 29715, February 2022.
- January 2022 (Revised November 2023)
- Supplement
Uber in China (C): The Cost of Success for Didi
By: William C. Kirby and Noah B. Truwit
On June 30, 2021, ride-hailing giant Didi Chuxing (Didi) raised $4.4 billion in its initial public offering (IPO) on the New York Stock Exchange (NYSE), the largest IPO of a Chinese company listed on an American exchange since Alibaba raised $25 billion in 2014....
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Keywords:
Uber;
Didi Chuxing;
Start-up Growth;
Regulation;
Ride-sharing;
Transportation;
Business Startups;
Business and Government Relations;
Cross-Cultural and Cross-Border Issues;
Growth and Development;
Policy;
Competition;
Laws and Statutes;
Transportation Industry;
Technology Industry;
China
Kirby, William C., and Noah B. Truwit. "Uber in China (C): The Cost of Success for Didi." Harvard Business School Supplement 322-068, January 2022. (Revised November 2023.)
- January 2022
- Article
Global Behaviors, Perceptions, and the Emergence of Social Norms at the Onset of the COVID-19 Pandemic
By: Lukas Hensel, Marc Witte, Stefano Caria, Thiemo Fetzer, Stefano Fiorin, Friedrich M. Goetz, Margarita Gomez, Johannes Haushofer, Andriy Ivchenko, Gordon T. Kraft-Todd, Elena Reutskaja, Christopher Roth, Erez Yoeli and Jon M. Jachimowicz
We conducted a large-scale survey covering 58 countries and over 100,000 respondents between late March and early April 2020 to study beliefs and attitudes towards citizens' and governments' responses at the onset of the COVID-19 pandemic. Most respondents reported...
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Keywords:
COVID-19;
Government Regulation;
Social Norms;
Health Pandemics;
Governing Rules, Regulations, and Reforms;
Behavior;
Perception;
Global Range;
Surveys
Hensel, Lukas, Marc Witte, Stefano Caria, Thiemo Fetzer, Stefano Fiorin, Friedrich M. Goetz, Margarita Gomez, Johannes Haushofer, Andriy Ivchenko, Gordon T. Kraft-Todd, Elena Reutskaja, Christopher Roth, Erez Yoeli, and Jon M. Jachimowicz. "Global Behaviors, Perceptions, and the Emergence of Social Norms at the Onset of the COVID-19 Pandemic." Journal of Economic Behavior & Organization 193 (January 2022): 473–496.
- December 2021
- Case
The Instant Payment Mandate: The Central Bank of Brazil and Pix
By: Lauren Cohen and Spencer C. N. Hagist
João M. P. De Mello and his team at the Central Bank of Brazil are preparing a move that would seek to tilt the scales in favor of financial inclusion for the entire country. The innovation at hand is the unprecedented nation-wide instant payment scheme: Pix. The fruit...
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Cohen, Lauren, and Spencer C. N. Hagist. "The Instant Payment Mandate: The Central Bank of Brazil and Pix." Harvard Business School Case 222-053, December 2021.
- 2021
- Working Paper
Who Benefits from Online Gig Economy Platforms?
By: Christopher Stanton and Catherine Thomas
Online labor platforms for short-term, remote work have many more job seekers than available jobs. Despite their relative abundance, workers capture a substantial share of the surplus from transactions. We draw this conclusion from demand estimates that imply workers'...
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Keywords:
Gig Economy;
Knowledge Workers;
Online Platforms;
Employment;
Internet and the Web;
Governing Rules, Regulations, and Reforms;
Wages;
Digital Platforms
Stanton, Christopher, and Catherine Thomas. "Who Benefits from Online Gig Economy Platforms?" NBER Working Paper Series, No. 29477, November 2021. (Revise and Resubmit at American Economic Review.)
- October 18, 2021
- Article
To Regulate Network-Based Platforms, Look at Their Data
By: Chiara Farronato and Daniel Björkegren
Historically, antitrust authorities have taken a laissez-faire approach under the assumption that it is better to err on the side of not intervening when there is uncertainty. This has allowed companies like Google and Facebook to go on a shopping spree to acquire...
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Keywords:
Antitrust Issues And Policies;
Risk and Uncertainty;
Digital Platforms;
Competitive Advantage;
Governing Rules, Regulations, and Reforms;
Innovation and Invention;
Information Technology Industry
Farronato, Chiara, and Daniel Björkegren. "To Regulate Network-Based Platforms, Look at Their Data." Harvard Business Review Digital Articles (October 18, 2021).
- October 2021 (Revised February 2023)
- Case
Ant Group (A)
By: Krishna G. Palepu, Feng Zhu, Susie L. Ma and Kerry Herman
In 2004, Chinese e-commerce company Alibaba created Alipay, an app to facilitate payments on its e-commerce sites. As Alibaba grew, so did Alipay, until Alipay spawned its own ecosystem of financial technology products and services under the name of Ant Group. By 2020,...
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Keywords:
Payment Systems;
Information Technology;
Value Creation;
Network Effects;
Strategy;
Disruptive Innovation;
Initial Public Offering;
Technology Industry;
Financial Services Industry;
China
Palepu, Krishna G., Feng Zhu, Susie L. Ma, and Kerry Herman. "Ant Group (A)." Harvard Business School Case 122-003, October 2021. (Revised February 2023.)
- October 2021
- Article
Can Self-Regulation Save Digital Platforms?
By: Michael A. Cusumano, Annabelle Gawer and David B. Yoffie
This article explores some of the critical challenges facing self-regulation and the regulatory environment for digital platforms. We examine several historical examples of firms and industries that attempted self-regulation before the Internet. All dealt with similar...
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Keywords:
Self-regulation;
Government Regulation;
Digital Platforms;
Governing Rules, Regulations, and Reforms
Cusumano, Michael A., Annabelle Gawer, and David B. Yoffie. "Can Self-Regulation Save Digital Platforms?" Industrial and Corporate Change 30, no. 5 (October 2021): 1259–1285.
- Article
Regulating Hospital Prices Based on Market Concentration Is Likely to Leave High-Price Hospitals Unaffected
By: Maximilian J. Pany, Michael E. Chernew and Leemore S. Dafny
Concern about high hospital prices for commercially insured patients has motivated several proposals to regulate these prices. Such proposals often limit regulations to highly concentrated hospital markets. Using a large sample of 2017 US commercial insurance claims,...
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Keywords:
Health Care Providers;
Hospitals;
Insurance Market Regulation;
Price Regulation;
Markets;
Health Care and Treatment;
Cost;
Quality;
Insurance;
Price;
Governing Rules, Regulations, and Reforms
Pany, Maximilian J., Michael E. Chernew, and Leemore S. Dafny. "Regulating Hospital Prices Based on Market Concentration Is Likely to Leave High-Price Hospitals Unaffected." Health Affairs 40, no. 9 (September 2021): 1386–1394.
- July 2021
- Article
Material Sustainability Information and Stock Price Informativeness
By: Jody Grewal, Clarissa Hauptmann and George Serafeim
As part of the SEC’s revision of Regulation S-K, many investors proposed the mandatory disclosure of sustainability information in the form of environmental, social, and governance (ESG) data. However, progress is contingent on collecting evidence regarding which...
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Keywords:
Voluntary Disclosure;
Accounting Standards;
Sustainability;
Nonfinancial Information;
Corporate Social Responsibility;
Stock Price Informativeness;
Synchronicity;
Environmental Sustainability;
Corporate Disclosure;
Corporate Accountability;
Stocks;
Price;
Corporate Social Responsibility and Impact;
Accounting;
Standards
Grewal, Jody, Clarissa Hauptmann, and George Serafeim. "Material Sustainability Information and Stock Price Informativeness." Journal of Business Ethics 171, no. 3 (July 2021): 513–544.
- 2021
- Working Paper
Fecal Microbiota Transplants (FMT): Case Histories of Significant Medical Advances
By: Amar Bhide and Srikant M. Datar
By 2013, after many decades of very slow development and adoption, Fecal Microbiota Transplantation procedures were attracting widespread attention. This case history chronicles the: 1) pioneering fecal transplants performed in the 20th century; 2) development of the...
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Keywords:
Health Care and Treatment;
Innovation and Invention;
Governing Rules, Regulations, and Reforms
Bhide, Amar, and Srikant M. Datar. "Fecal Microbiota Transplants (FMT): Case Histories of Significant Medical Advances." Harvard Business School Working Paper, No. 21-132, June 2021.
- Article
Is ‘Not Guilty’ the Same as ‘Innocent’? Evidence from SEC Financial Fraud Investigations
By: Eugene F. Soltes and David H. Solomon
When the Securities and Exchange Commission (SEC) investigates firms for financial fraud, investors learn about the investigation only if managers disclose it, or regulators sanction the firm. We investigate the effects of such disclosures using confidential records on...
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Soltes, Eugene F., and David H. Solomon. "Is ‘Not Guilty’ the Same as ‘Innocent’? Evidence from SEC Financial Fraud Investigations." Journal of Empirical Legal Studies 18, no. 2 (June 2021): 287–327.
- 2021
- Working Paper
Regulatory Approval and Expanded Market Size
By: Benjamin Berger, Amitabh Chandra and Craig Garthwaite
Regulatory review of new medicines is often viewed as a hindrance to innovation by increasing the hurdle to bring products to market. However, a more complete accounting of regulation must also account for its potential market expanding effects through quality...
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Keywords:
New Medicines;
Regulatory Approval;
Health Care and Treatment;
Research and Development;
Governing Rules, Regulations, and Reforms;
Markets;
Expansion;
Pharmaceutical Industry
Berger, Benjamin, Amitabh Chandra, and Craig Garthwaite. "Regulatory Approval and Expanded Market Size." NBER Working Paper Series, No. 28889, June 2021.
- 2021
- Article
To Thine Own Self Be True? Incentive Problems in Personalized Law
By: Jordan M. Barry, John William Hatfield and Scott Duke Kominers
Recent years have seen an explosion of scholarship on “personalized law.” Commentators foresee a world in which regulators armed with big data and machine learning techniques determine the optimal legal rule for every regulated party, then instantaneously disseminate...
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Keywords:
Personalized Law;
Regulation;
Regulatory Avoidance;
Regulatory Arbitrage;
Law And Economics;
Law And Technology;
Law And Artificial Intelligence;
Futurism;
Moral Hazard;
Elicitation;
Signaling;
Privacy;
Law;
Governing Rules, Regulations, and Reforms;
Information Technology;
AI and Machine Learning
Barry, Jordan M., John William Hatfield, and Scott Duke Kominers. "To Thine Own Self Be True? Incentive Problems in Personalized Law." Art. 2. William & Mary Law Review 62, no. 3 (2021).
- 2021
- Working Paper
Being the Boss: Gig Workers' Value of Flexible Work
By: Laura Katsnelson and Felix Oberholzer-Gee
Workers who join the gig economy face a challenging trade-off. Gig work provides worktime flexibility and a sense of being one’s own boss, but gig workers forgo certain protections that employees enjoy. In this paper, we study the work patterns of a large sample of...
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Keywords:
Gig Workers;
Flexible Work Arrangements;
Worker Welfare;
Labor;
Governing Rules, Regulations, and Reforms
Katsnelson, Laura, and Felix Oberholzer-Gee. "Being the Boss: Gig Workers' Value of Flexible Work." Harvard Business School Working Paper, No. 21-124, May 2021.
- 2023
- Working Paper
Data Governance, Interoperability and Standardization: Organizational Adaptation to Privacy Regulation
By: Sam (Ruiqing) Cao and Marco Iansiti
The increasing availability of data can afford dynamic competitive advantages among data-intensive
corporations, but governance bottlenecks hinder data-driven value creation and increase regulatory risks.
We analyze the role of two technological features of data...
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Keywords:
Organizations;
Information Technology;
Performance Productivity;
Growth and Development;
Transformation
Cao, Sam (Ruiqing), and Marco Iansiti. "Data Governance, Interoperability and Standardization: Organizational Adaptation to Privacy Regulation." Harvard Business School Working Paper, No. 21-122, May 2021. (Revised November 2023.)
- 2021
- Article
Everyday Illiberalism: How Hungarian Subnational Politics Propel Single-Party Dominance
By: Laura Jakli and Matthew Stenberg
While numerous studies consider the roles that media consolidation, court-packing, and economic crises have played in Hungary's democratic decline since 2010, none have considered the subnational mechanisms driving illiberalism. This study examines the types of...
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Jakli, Laura, and Matthew Stenberg. "Everyday Illiberalism: How Hungarian Subnational Politics Propel Single-Party Dominance." Governance 34, no. 2 (2021): 315–334.
- Article
Ten Year Sunset Rule for Healthcare Regulation Is a Nonstarter and Discouragement to Post-COVID-19 Investment
By: Regina E. Herzlinger and Eugene Schneller
U.S. healthcare delivery has not benefitted from the same productivity growth as many other service industries, such as bricks and mortar retailing, a loss that has gravely diminished cost control and access. Regulatory capture, which creates barriers to venture...
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Keywords:
Health Care;
COVID-19;
Regulation;
Health Care and Treatment;
Health Pandemics;
Governing Rules, Regulations, and Reforms;
Investment
Herzlinger, Regina E., and Eugene Schneller. "Ten Year Sunset Rule for Healthcare Regulation Is a Nonstarter and Discouragement to Post-COVID-19 Investment." Journal of Health Care Finance 47, no. 4 (Spring 2021). (Special Commentary.)
- 2024
- Working Paper
Do Markets Reduce Prices? Evidence from the Electricity Sector
By: Alexander MacKay and Ignacia Mercadal
We construct a novel dataset on electricity generation, wholesale transactions, and retail
sales to assess the shift from cost-of-service regulation to deregulated, market-based prices
in the context of the U.S. electricity sector. Consistent with earlier studies, we...
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Keywords:
Deregulation;
Market Power;
Markups;
Prices;
Electricity;
Energy;
Markets;
Governing Rules, Regulations, and Reforms;
Price;
Utilities Industry
MacKay, Alexander, and Ignacia Mercadal. "Do Markets Reduce Prices? Evidence from the Electricity Sector." Harvard Business School Working Paper, No. 21-095, February 2021. (Revised March 2024. Direct download.)
- March 2021 (Revised January 2023)
- Case
The Trouble with TCE
By: Vincent Pons, Rafael Di Tella and Galit Goldstein
Trichloroethylene, or TCE, was a chemical used by tens of thousands of businesses in the United States. It was an affordable tool for many. Yet, TCE had been associated with important health risks, including cancer and autoimmune disease. TCE potentially posed other...
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Keywords:
Trichloroethylene;
Toxicity;
Lobbying;
Chemicals;
Health Disorders;
Governing Rules, Regulations, and Reforms;
Policy;
Ethics;
Business and Government Relations;
Chemical Industry;
United States
Pons, Vincent, Rafael Di Tella, and Galit Goldstein. "The Trouble with TCE." Harvard Business School Case 721-031, March 2021. (Revised January 2023.)