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- March 2022
- Article
Carbon Footprinting and Pricing under Climate Concerns
By: Marco Bertini, Stefan Buehler, Daniel Halbheer and Don Lehmann
This article studies how organizations should design a product by choosing the carbon footprint and price in a market with climate concerns. The authors first show how the cost and demand effects of reducing the product carbon footprint determine the profit-maximizing...
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Keywords:
Carbon Footprint;
Carbon Offsetting;
Climate Impact;
Net-zero Emissions;
Pricing;
Climate Change;
Product Design;
Price;
Environmental Sustainability;
Marketing
Bertini, Marco, Stefan Buehler, Daniel Halbheer, and Don Lehmann. "Carbon Footprinting and Pricing under Climate Concerns." Journal of Marketing 86, no. 2 (March 2022): 186–201.
- 2022
- Working Paper
Markups to Financial Intermediation in Foreign Exchange Markets
By: Jonathan Wallen
On average from 2013 to 2020, foreign asset managers in net sold forward 1.1 trillion U.S. dollars. This forward sale of dollars hedges the currency mismatch of foreign investment in U.S. dollar assets. By accommodating this demand, U.S. and European banks earn an...
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Keywords:
Foreign Exchange;
Financial Intermediation;
Arbitrage;
Market Power;
Regulations;
Currency;
Assets;
Interest Rates;
Banking Industry
Wallen, Jonathan. "Markups to Financial Intermediation in Foreign Exchange Markets." Working Paper, March 2022.
- 2021
- Working Paper
Dynamic Pricing Algorithms, Consumer Harm, and Regulatory Response
By: Alexander J. MacKay and Samuel Weinstein
Pricing algorithms are rapidly transforming markets, from ride-sharing apps, to air travel, to online retail. Regulators and scholars have watched this development with a wary eye. Their focus so far has been on the potential for pricing algorithms to facilitate...
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Keywords:
Competition Policy;
Regulation;
Algorithmic Pricing;
Dynamic Pricing;
Law And Economics;
Law And Regulation;
Consumer Protection;
Competition;
Policy;
Price;
Governing Rules, Regulations, and Reforms;
Economics
MacKay, Alexander J., and Samuel Weinstein. "Dynamic Pricing Algorithms, Consumer Harm, and Regulatory Response." Harvard Business School Working Paper, No. 22-050, January 2022. (Direct download.)
- 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.
- July 2021
- Article
Redistribution through Markets
By: Piotr Dworczak, Scott Duke Kominers and Mohammad Akbarpour
Policymakers frequently use price regulations as a response to inequality in the markets they control. In this paper, we examine the optimal structure of such policies from the perspective of mechanism design. We study a buyer-seller market in which agents have private...
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Keywords:
Optimal Mechanism Design;
Redistribution;
Inequality;
Welfare Theorems;
Market Design;
Equality and Inequality
Dworczak, Piotr, Scott Duke Kominers, and Mohammad Akbarpour. "Redistribution through Markets." Econometrica 89, no. 4 (July 2021): 1665–1698. (Authors' names are in certified random order.)
- 2021
- Working Paper
Deregulation, Market Power, and Prices: Evidence from the Electricity Sector
By: Alexander MacKay and Ignacia Mercadal
When deciding whether to introduce market competition in a regulated industry, a regulator faces an important tradeoff. Market-based prices can provide incentives to allocate resources more efficiently and reduce costs, but the presence of market power may lead to...
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Keywords:
Deregulation;
Market Power;
Markups;
Prices;
Electricity;
Energy;
Markets;
Governing Rules, Regulations, and Reforms;
Price
MacKay, Alexander, and Ignacia Mercadal. "Deregulation, Market Power, and Prices: Evidence from the Electricity Sector." Harvard Business School Working Paper, No. 21-095, February 2021. (Revised January 2022. Direct download.)
- 2021
- Working Paper
Pricing of Climate Risk Insurance: Regulatory Frictions and Cross-Subsidies
By: Ishita Sen and Ana-Maria Tenekedjieva
Homeowners’ insurance provides households financial protection from climate losses. To improve access and affordability, state regulators impose price controls on insurance companies. Using novel data, we construct a new measure of rate setting frictions for individual...
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Keywords:
Climate Risk;
Homeowners' Insurance;
Price Controls;
Financial Regulation;
Cross-subsidization;
Climate Change;
Household;
Insurance;
Price;
Governance Controls;
Financial Institutions;
United States
Sen, Ishita, and Ana-Maria Tenekedjieva. "Pricing of Climate Risk Insurance: Regulatory Frictions and Cross-Subsidies." Working Paper, January 2021.
- September 2020
- Teaching Note
TransDigm in 2017: The Beginning of the End or the End of the Beginning?
By: Benjamin C. Esty and Daniel Fisher
Teaching Note for HBS Case No. 720-422. TransDigm was a highly acquisitive company that manufactured a wide range of highly engineered aerospace parts for both military and commercial customers. Over the ten years ending in 2016, its stock price had increase ten times,...
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Keywords:
Value Capturing;
Pricing Strategy;
Supplier Power;
Buyer Power;
Porter's Five Forces;
Bargaining Power;
Monopoly;
Aerospace;
Acquisition Strategy;
Value Drivers;
Ethical Behavior;
Regulation;
Growth Strategy;
Business Ethics;
Defense;
Procurement;
Sustainability;
Value-Based Business Strategy;
Acquisition;
Ethics;
Private Equity;
Financial Strategy;
Growth Management;
Performance Evaluation;
Business Strategy;
Competitive Strategy;
Horizontal Integration;
Value Creation;
Competitive Advantage;
Aerospace Industry;
Air Transportation Industry;
United States
- September 2020
- Case
Uber at a Crossroads (2017)
By: Ramon Casadesus-Masanell and Karen Elterman
This case describes the history of Uber, its business model—including the ways it differed from that of the traditional taxi industry—and its competition with Lyft. The case is set in 2017, a year in which Uber was plagued by even more scandals than usual, though its...
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Keywords:
Business Startups;
Business Model;
Customer Satisfaction;
Fairness;
Values and Beliefs;
Price;
Profit;
Revenue;
Investment;
Government Legislation;
Business History;
Compensation and Benefits;
Resignation and Termination;
Employment;
Wages;
Lawfulness;
Leadership Style;
Leading Change;
Management Style;
Market Entry and Exit;
Digital Platforms;
Product Design;
Organizational Culture;
Problems and Challenges;
Attitudes;
Strategy;
Competitive Strategy;
Expansion;
Transportation Networks;
Mobile and Wireless Technology;
Valuation;
Transportation Industry;
Technology Industry;
United States
Casadesus-Masanell, Ramon, and Karen Elterman. "Uber at a Crossroads (2017)." Harvard Business School Case 721-376, September 2020.
- August 2020 (Revised May 2021)
- Case
PayPal: The Next Chapter
By: Michael Porter, Mark Kramer and Annelena Lobb
Can a social purpose and stakeholder capitalism confer a powerful competitive advantage in the age of COVID-19? For PayPal, the answer is yes. After spinning off from eBay in a 2015 IPO, the company declared its purpose as "democratizing financial services" by ensuring...
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Keywords:
Mission and Purpose;
Finance;
Business and Stakeholder Relations;
Social Entrepreneurship;
Competitive Advantage;
Financial Services Industry
Porter, Michael, Mark Kramer, and Annelena Lobb. "PayPal: The Next Chapter." Harvard Business School Case 721-378, August 2020. (Revised May 2021.)
- July 2020
- Article
Lessons from the Impact of Price Regulation on the Pricing of Anticancer Drugs in Germany
By: Victoria D. Lauenroth, Aaron S. Kesselheim, Ameet Sarpatwari and Ariel Dora Stern
Worldwide spending on prescription drugs has increased dramatically in recent years. Although this increase has been particularly pronounced in the U.S., it remains largely unaddressed there. In Europe, however, different approaches to regulating drug prices have been...
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Keywords:
Pharmaceuticals;
Prescription Drug Costs;
Drug Pricing;
Access To Care;
Cost Reduction;
Health Care and Treatment;
Price;
Governing Rules, Regulations, and Reforms;
Cost Management;
Germany
Lauenroth, Victoria D., Aaron S. Kesselheim, Ameet Sarpatwari, and Ariel Dora Stern. "Lessons from the Impact of Price Regulation on the Pricing of Anticancer Drugs in Germany." Health Affairs 39, no. 7 (July 2020): 1185–1193.
- June 2020
- Supplement
TransDigm in 2017: Congressional Hearing on the DoD Inspector General’s Report (5/15/19)
By: Benjamin C. Esty
This video accompanies the case, “TransDigm in 2017: The Beginning of the End or the End of the Beginning?”
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Keywords:
Value Capturing;
Pricing Strategy;
Supplier Power;
Buyer Power;
Porter's Five Forces;
Bargaining Power;
Monopoly;
Aerospace;
Acquisition Strategy;
Value Drivers;
Ethical Behavior;
Regulation;
Growth Strategy;
Business Ethics;
Defense;
Procurement;
Sustainability;
Value Based Health Care;
Acquisition;
Ethics;
Private Equity;
Financial Strategy;
Growth Management;
Performance Evaluation;
Business Strategy;
Competitive Strategy;
Horizontal Integration;
Value Creation;
Competitive Advantage;
Aerospace Industry;
Air Transportation Industry;
United States
Esty, Benjamin C. "TransDigm in 2017: Congressional Hearing on the DoD Inspector General’s Report (5/15/19)." Harvard Business School Multimedia/Video Supplement 720-856, June 2020.
- April 2020 (Revised July 2020)
- Case
TransDigm in 2017: The Beginning of the End or the End of the Beginning?
By: Benjamin C. Esty and Daniel Fisher
TransDigm was a highly acquisitive company that manufactured a wide range of highly engineered aerospace parts for both military and commercial customers. Over the ten years ending in 2016, its stock price had increased ten times, and both EBITDA and revenues had grown...
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Keywords:
Value Capturing;
Pricing Strategy;
Supplier Power;
Buyer Power;
Porter's Five Forces;
Bargaining Power;
Monopoly;
Aerospace;
Acquisition Strategy;
Value Drivers;
Ethical Behavior;
Regulation;
Growth Strategy;
Business Ethics;
Defense;
Procurement;
Sustainability;
Value-Based Business Strategy;
Acquisition;
Ethics;
Private Equity;
Financial Strategy;
Growth Management;
Performance Evaluation;
Business Strategy;
Competitive Strategy;
Horizontal Integration;
Value Creation;
Competitive Advantage;
Aerospace Industry;
Air Transportation Industry;
United States
Esty, Benjamin C., and Daniel Fisher. "TransDigm in 2017: The Beginning of the End or the End of the Beginning?" Harvard Business School Case 720-422, April 2020. (Revised July 2020.)
- March 2020
- Article
Voluntary, Self-Regulatory, and Mandatory Disclosure of Oil and Gas Company Payments to Foreign Governments
By: Paul M. Healy and George Serafeim
Concerns about high rates of government corruption in resource-rich countries have led transparency advocates to urge oil and gas firms to disclose payments to host governments for natural resources. Transparency, they argue, can increase government accountability and...
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Keywords:
Oil & Gas;
Corruption;
Transparency;
Self-regulation;
Industry Self-regulation;
Regulation;
Disclosure;
Disclosure Regulation;
Energy Sources;
Crime and Corruption;
Corporate Disclosure;
Governing Rules, Regulations, and Reforms;
Energy Industry
Healy, Paul M., and George Serafeim. "Voluntary, Self-Regulatory, and Mandatory Disclosure of Oil and Gas Company Payments to Foreign Governments." Accounting Horizons 34, no. 1 (March 2020): 111–129.
- February 2020
- Case
Rotoplas: Bringing More and Better Water
By: John D. Macomber and Carla Larangeira
Private companies were being turned to for potable water in the world’s megacities due to impacts of climate change including droughts and flooding. Mexico City had endured several water-related crises, with its population suffering from floods, droughts, water...
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Keywords:
Water Supply;
Water Management;
Finance;
Infrastructure;
Urban Development;
Business and Government Relations;
Latin America;
Mexico
Macomber, John D., and Carla Larangeira. "Rotoplas: Bringing More and Better Water." Harvard Business School Case 220-064, February 2020.
- 2020
- Working Paper
Consumer Protection in an Online World: An Analysis of Occupational Licensing
By: Chiara Farronato, Andrey Fradkin, Bradley Larsen and Erik Brynjolfsson
We study the effects of occupational licensing on consumer choices and market outcomes in a large online platform for residential home services. We exploit exogenous variation in the time at which licenses are displayed on the platform to identify the causal effects of...
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Keywords:
Occupational Licensing;
Consumer Protection;
Governing Rules, Regulations, and Reforms;
Consumer Behavior;
Decision Making;
Customer Satisfaction
Farronato, Chiara, Andrey Fradkin, Bradley Larsen, and Erik Brynjolfsson. "Consumer Protection in an Online World: An Analysis of Occupational Licensing." NBER Working Paper Series, No. 26601, January 2020.
- 2020
- Working Paper
Cutting the Gordian Knot of Employee Health Care Benefits and Costs: A Corporate Model Built on Employee Choice
By: Regina E. Herzlinger and Barak D. Richman
The U.S. employer-based health insurance tax exclusion created a system of employer-sponsored insurance (ESI) with limited insurance choices and transparency that may lock employed households into health plans that are costlier or different from those they prefer to...
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Keywords:
After-tax Income;
Consumer-driven Health Care;
Health Care Costs;
Health Insurance;
Income Inequality;
Tax Policy;
Health Care and Treatment;
Cost;
Insurance;
Employees;
Income;
Taxation;
Policy;
United States
Herzlinger, Regina E., and Barak D. Richman. "Cutting the Gordian Knot of Employee Health Care Benefits and Costs: A Corporate Model Built on Employee Choice." Duke Law School Public Law & Legal Theory Series, No. 2020-4, December 2019. (Revised January 2021.)
- 2020
- Working Paper
Internal Models, Make Believe Prices, and Bond Market Cornering
By: Ishita Sen and Varun Sharma
Exploiting position-level heterogeneity in regulatory incentives to misreport and novel data on regulators, we document that U.S. life insurers inflate the values of corporate bonds using internal models. We estimate an additional $9-$18 billion decline in regulatory...
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Keywords:
Life Insurers;
Capital Regulation;
Internal Models;
Corporate Bonds;
Regulatory Supervision;
Concentrated Ownership;
Bonds;
Capital;
Governing Rules, Regulations, and Reforms;
Insurance;
Investment Portfolio
Sen, Ishita, and Varun Sharma. "Internal Models, Make Believe Prices, and Bond Market Cornering." Working Paper, June 2020.
- November 2019
- Supplement
Hapag-Lloyd AG: Complying with IMO 2020
By: Benjamin C. Esty, Mette Fuglsang Hjortshoej and Emer Moloney
A new environmental regulation known as IMO 2020 was creating what one industry analyst called “the biggest shakeup for the oil and shipping industries in decades.” According to the new regulation, all ocean-going ships would have to limit their sulfur emissions by...
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