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⇱ Faculty & Research - Harvard Business School

    • HBS Book

    How to Be Bold: The Surprising Science of Everyday Courage
    By: Ranjay Gulati

    What leads people to speak truth to power or act bravely under pressure? While we often assume courage is an innate trait, How to Be Bold reveals it's a skill anyone can develop. Ranjay Gulati delivers a science-backed playbook showing how specific ways of thinking and acting allow us to manage fear—especially in the face of uncertainty—and act decisively. Drawing on compelling stories from extreme situations to everyday challenges, Gulati uncovers the common thread: it's not fearlessness, but the ability to adopt mindsets that make courageous action possible. Cultivate personal and collective courage with actionable strategies for leadership in uncertain times, driving innovation, and achieving a more fulfilling life.

    • HBS Book

    How to Be Bold: The Surprising Science of Everyday Courage
    By: Ranjay Gulati

    What leads people to speak truth to power or act bravely under pressure? While we often assume courage is an innate trait, How to Be Bold reveals it's a skill anyone can develop. Ranjay Gulati delivers a science-backed playbook showing how specific ways of thinking and acting allow us to manage fear—especially in the face of uncertainty—and act...

    • New England Journal of Medicine 394, no. 6 (February 5, 2026): 521-523.

    Health Insurance after Corporatization —What Next?
    By: Leemore S. Dafny

    The corporatization of the U.S. health insurance industry may contribute to poor health care performance for the commercially insured population, but some supply-side and demand-side reforms could help.

    • New England Journal of Medicine 394, no. 6 (February 5, 2026): 521-523.

    Health Insurance after Corporatization —What Next?
    By: Leemore S. Dafny

    The corporatization of the U.S. health insurance industry may contribute to poor health care performance for the commercially insured population, but some supply-side and demand-side reforms could help.

    • Review of Financial Studies 39, no. 2 (February 2026): 427-458.

    Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath
    By: Antonio Falato, Giovanni Favara and David Scharfstein

    We present evidence that pressure to maximize short-term stock prices and earnings leads banks to increase risk. We start by showing that banks increase risk when they transition from private to public ownership through a public listing or an acquisition. The increase in risk is greater than for a control group of banks that intended but failed to transition from private to public ownership, a result that is robust to using a plausibly exogenous instrument for failed transitions. The increase in risk is also greater than for a control group of banks that were acquired but did not change their listing status. We establish that pressure to maximize short-term stock prices helps to explain these findings by showing that the increase in risk is larger for newly public banks that are more focused on short-term stock prices and performance.

    • Review of Financial Studies 39, no. 2 (February 2026): 427-458.

    Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath
    By: Antonio Falato, Giovanni Favara and David Scharfstein

    We present evidence that pressure to maximize short-term stock prices and earnings leads banks to increase risk. We start by showing that banks increase risk when they transition from private to public ownership through a public listing or an acquisition. The increase in risk is greater than for a control group of banks that intended but failed to...

    • Featured Case

    NBIM's Wirecard Investment (A)
    By: Jonas Heese, Carlota Moniz and Tonia Junker

    In November 2019, Morten Molde, senior portfolio manager at Norges Bank Investment Management (NBIM), came across troubling signs that Wirecard, a German payment processor and a long-time holding of the Norwegian Government Pension Fund Global—the world’s largest sovereign wealth fund, which NBIM managed on behalf of the Norwegian people—was inflating its financials. As his suspicion of large-scale fraud mounted, Molde grappled with a high-stakes decision: should NBIM act on its suspicions? And if so, how? Should it escalate concerns to regulators, auditors, or maybe even to the public? Should it short the stock, shielding itself from major losses but risking reputational fallout and regulatory scrutiny should his analysis be wrong? Or should the fund stay put, and risk heavy losses if Molde’s analysis was right after all?

    • Featured Case

    NBIM's Wirecard Investment (A)
    By: Jonas Heese, Carlota Moniz and Tonia Junker

    In November 2019, Morten Molde, senior portfolio manager at Norges Bank Investment Management (NBIM), came across troubling signs that Wirecard, a German payment processor and a long-time holding of the Norwegian Government Pension Fund Global—the world’s largest sovereign wealth fund, which NBIM managed on behalf of the Norwegian people—was...

    • Featured Case

    Eli Lilly and Indiana's Innovation Strategy
    By: Christopher T. Stanton, Alicia Dadlani and Mel Martin

    Between 2022 and 2025, Eli Lilly announced over $13 billion in investments in central Indiana’s LEAP Innovation District—the largest commitment in the state’s history. For Lilly, the expansion reflected urgency to scale production of its diabetes and obesity medicines. For state leaders, it was the centerpiece of a strategy to seed an innovation ecosystem around corporate anchors. Yet the initiative drew criticism over land use, subsidies, and water infrastructure, echoing past failures of place-based economic development. By early 2025, with nearly $1 billion in public funds already committed, stakeholders faced a central question: Would Lilly’s record-setting investment catalyze a lasting regional innovation engine, or remain narrowly tied to one company’s needs?

    • Featured Case

    Eli Lilly and Indiana's Innovation Strategy
    By: Christopher T. Stanton, Alicia Dadlani and Mel Martin

    Between 2022 and 2025, Eli Lilly announced over $13 billion in investments in central Indiana’s LEAP Innovation District—the largest commitment in the state’s history. For Lilly, the expansion reflected urgency to scale production of its diabetes and obesity medicines. For state leaders, it was the centerpiece of a strategy to seed an innovation...

    • HBS Working Paper

    Selling Self-Disruptive Technologies: Identity-Compatible Advantage and the Role-Level Microfoundations of Automation Adoption
    By: Das Narayandas and Shunyuan Zhang

    Despite massive investment in artificial intelligence and automation, many high value technology projects stall after approval or are adopted only symbolically, especially in B2B markets where adoption depends on the endorsement of managers whose roles are disrupted by the technology. We argue that dominant adoption theories focused on firm level readiness, usefulness, and institutional pressure overlook a central marketing problem: selling and governing technologies that undermine the approving role itself. We introduce Self Disruptive Technologies (SDTs), offerings that enhance organizational performance while eroding the authority, discretion, or span of control of the role responsible for approving them.

    • HBS Working Paper

    Selling Self-Disruptive Technologies: Identity-Compatible Advantage and the Role-Level Microfoundations of Automation Adoption
    By: Das Narayandas and Shunyuan Zhang

    Despite massive investment in artificial intelligence and automation, many high value technology projects stall after approval or are adopted only symbolically, especially in B2B markets where adoption depends on the endorsement of managers whose roles are disrupted by the technology. We argue that dominant adoption theories focused on firm level...

    • Working Paper

    Hitting Rock Bottom: Economic Hardship and Cheating
    By: Livia Alfonsi, Michal Bauer, Julie Chytilová and Edward Miguel

    This paper investigates whether economic hardship undermines preferences for honesty. We use controlled, high-stake measures of cheating for private benefit in a large sample of 5,664 Kenyans, exploiting three complementary sources of variation: experimentally manipulated monetary incentives to cheat, a randomized increase in the salience of one’s own financial situation, and the Covid-19 income shock (exploiting randomized survey timing, with respondents interviewed before vs. during the crisis). We find that cheating behavior is highly responsive to financial incentives in the experiment. Covid-19 economic hardship—marked by a 51% drop in monthly earnings—leads to a sharp increase in the prevalence of cheating, and the effect increases gradually with prolonged hardship. The effects are largest among the most economically impacted and are amplified when the salience of one’s own financial situation is experimentally increased.

    • Working Paper

    Hitting Rock Bottom: Economic Hardship and Cheating
    By: Livia Alfonsi, Michal Bauer, Julie Chytilová and Edward Miguel

    This paper investigates whether economic hardship undermines preferences for honesty. We use controlled, high-stake measures of cheating for private benefit in a large sample of 5,664 Kenyans, exploiting three complementary sources of variation: experimentally manipulated monetary incentives to cheat, a randomized increase in the salience of one’s...

Initiatives & Projects

Managing the Future of Work

The Project on Managing the Future of Work pursues research that business and policy leaders can put into action as they grapple with the changing landscape of work and the economy.

Seminars & Conferences

More Seminars & Conferences

Recent Publications

Nuwa Capital: Investing During Uncertainty
  • October 2026 |
  • Teaching Plan |
  • Faculty Research
Teaching Plan for HBS Case No. 224-016. Nuwa Capital (Nuwa) was a venture capital firm based in Dubai in the United Arab Emirates and Riyadh in Saudi Arabia. The business was founded in 2020 by Khaled Talhouni and his partners Sarah Abu Risheh, and Stephanie Nour Prince (they were later joined by Nitin Reen and Victor Sunyer). Together, they had a combined experience of nearly 20 years investing in over 300 companies, including some of the Middle East and North Africa’s most successful startups. In a startup ecosystem as nascent as theirs, their track record eclipsed most other firms. By August 2021, Nuwa had achieved a first close on its fund and, in response to changing market conditions, pivoted their investment thesis to earlier stage startups. One of the industries they decided to invest in was foodtech, and they had been in advanced stages of conversations with Calo, a Bahrain based foodtech player. The team was conducting their already accelerated due diligence when they received word that another investor had just met Calo and was willing to take Nuwa’s spot. Promising founders like Calo’s were hard to come by and Nuwa had to decide quickly. The problem was that Calo did not, on the surface, fit Nuwa’s thesis. However, it had the potential to only after a pivot.
Gompers, Paul A. "Nuwa Capital: Investing During Uncertainty." Harvard Business School Teaching Plan 226-034, October 2026.

Heterogeneous Treatment Effects in Panel Data

By: Retsef Levi, Elisabeth Paulson, Georgia Perakis and Emily Zhang
  • 2024 |
  • Working Paper |
  • Faculty Research
We address a core problem in causal inference: estimating heterogeneous treatment effects using panel data with general treatment patterns. Many existing methods either do not utilize the potential underlying structure in panel data or have limitations in the allowable treatment patterns. In this work, we propose and evaluate a new method that first partitions observations into disjoint clusters with similar treatment effects using a regression tree, and then leverages the (assumed) low-rank structure of the panel data to estimate the average treatment effect for each cluster. Our theoretical results establish the convergence of the resulting estimates to the true treatment effects. Computation experiments with semi-synthetic data show that our method achieves superior accuracy compared to alternative approaches, using a regression tree with no more than 40 leaves. Hence, our method provides more accurate and interpretable estimates than alternative methods.
Levi, Retsef, Elisabeth Paulson, Georgia Perakis, and Emily Zhang. "Heterogeneous Treatment Effects in Panel Data." Working Paper, June 2024.

Leading Change at the Norwegian Oil Fund: Setting the Right Pace in a National Treasure

By: Amy C. Edmondson, Martin Carlsson-Wall and Elena Corsi
  • April 2026 |
  • Case |
  • Faculty Research
In 2024, NBIM CEO Nicolai Tangen reflects on efforts to improve culture, communication, and performance at the world’s largest sovereign wealth fund.
Edmondson, Amy C., Martin Carlsson-Wall, and Elena Corsi. "Leading Change at the Norwegian Oil Fund: Setting the Right Pace in a National Treasure." Harvard Business School Case 626-014, April 2026.

An Organizational Theory of Corporate Law

By: Julie Battilana, Emilie Aguirre and Julie Yen
  • Spring, 2025 |
  • Article |
  • Iowa Journal of Corporation Law
Corporate law is in a moment of vibrant and contentious discussions about potential reforms. As firms exit Delaware, passive investment predominates, private equity expands, and public markets decline, corporate law faces a growing set of challenges that threaten its stability and efficacy. At the same time, the world faces pressing crises, including climate change, social and economic inequalities, and threats to democracy, though corporate law scholars typically consider these crises to be outside corporate law’s remit. In this Article, we argue that to understand and address the multidimensional crises that face both corporate law and society, we must address shortcomings in corporate law doctrine. We show how modern corporate law, shaped by neoclassical economic theories, provides an incomplete picture of the firm, and we propose an expanded theoretical perspective that draws from organization theory, a field long dedicated to understanding the complexities of the firm. This updated perspective demonstrates how firms actually consist of multiple constituents, including workers, the environment, and shareholders, who invest different forms of capital in the firm: labor capital, natural capital, and financial capital. It further shows that modern corporate law entrenches problematic power imbalances, privileging boards and insider shareholders over workers, the environment, and minority shareholders. Moreover, building on organization theory, we explain how corporate law fundamentally shapes and constrains firm behavior, leading these entrenched power imbalances to generate far-reaching negative consequences. To address these shortcomings, we propose redesigning board representation, fiduciary duties, and executive compensation to empower workers, the environment, and minority shareholders in relation to boards and insider shareholders. Integrating the organizational and economic perspectives can help address problematic power imbalances and ultimately provide a more effective corporate law framework to govern firms and serve society.
Battilana, Julie, Emilie Aguirre, and Julie Yen. "An Organizational Theory of Corporate Law." Iowa Journal of Corporation Law 50, no. 3 (Spring, 2025).

Race, Sexual Orientation, and Intersectionality in Distributive Negotiation Outcomes for Men

By: Edward H. Chang, Erika L. Kirgios and Julian Zlatev
  • March–April 2026 |
  • Article |
  • Organization Science
Negotiations have consequences for people’s career trajectories, wealth, and well-being. Yet we still have a limited understanding of how demographic characteristics such as sexual orientation and race influence distributive negotiation outcomes, much less the intersection of multiple marginalized identities. To contribute to (1) our understanding of how identity influences negotiations and (2) research on intersectionality, we test how race (Black versus East Asian versus White) and sexual orientation (gay versus straight) influence distributive negotiation outcomes for men in a field experiment. We conducted a large-scale (n = 3,000), preregistered audit experiment involving (fictitious) buyers negotiating for cars on Craigslist. Sellers were 7.7 percentage points (22.4%) less likely to respond to gay versus straight White men. Sellers were also less polite in responses to Black and East Asian men (of any sexual orientation) than to straight White men. In a preregistered follow-up experiment (n = 500), we show that impoliteness in negotiation responses reduces positive expectations about negotiations and behavioral intentions to negotiate in the future, suggesting that differences in politeness may have consequences for racial minorities’ willingness to initiate future negotiations. Our work illuminates how identity-based biases manifest in negotiations, offers insights into theories of intersectionality, and underscores how demand-side biases can lead to supply-side differences in negotiation propensity.
Chang, Edward H., Erika L. Kirgios, and Julian Zlatev. "Race, Sexual Orientation, and Intersectionality in Distributive Negotiation Outcomes for Men." Organization Science 37, no. 2 (March–April 2026): 750–771.

Time-Driven Activity-Based Costing Methodology for Cost Savings in the EMOTE-TNK Study.

By: Saptarshi Ghosh, Isabelle Delos Reyes, Carlos Perez Vega, C. Joseph Yelvington, Greg M. Worsowicz, Olivia Boykin, Josephine F. Huang, Lynda Christel, Tiffany M. Halstead, Lesia H. Mooney, Robert S. Kaplan, Pablo Moreno Franco and William D. Freeman
  • April 2026 |
  • Article |
  • Mayo Clinic Proceedings: Innovations, Quality & Outcomes
The EMOTE-TNK safety and tolerability study calculated financial savings from early mobilization with tenecteplase (TNK) of acute ischemic stroke patients. The study used the Time-Driven Activity-Based Costing methodology to compare costs of 180 patients, treated between February 2021 and March 2024, who had early mobilization, defined as occurring between 13 and 24 hours after thrombolysis, with those of patients who had conventional mobilization, defined as waiting 24 hours after thrombolysis. By starting rehabilitation service evaluations earlier, the average duration of hospitalization was reduced by 0.5 days and treatment costs dropped by $1,250 per patient, a 25% saving.
Ghosh, Saptarshi, Isabelle Delos Reyes, Carlos Perez Vega, C. Joseph Yelvington, Greg M. Worsowicz, Olivia Boykin, Josephine F. Huang, Lynda Christel, Tiffany M. Halstead, Lesia H. Mooney, Robert S. Kaplan, Pablo Moreno Franco, and William D. Freeman. "Time-Driven Activity-Based Costing Methodology for Cost Savings in the EMOTE-TNK Study." Mayo Clinic Proceedings: Innovations, Quality & Outcomes 10, no. 2 (April 2026).

Analyzing the Impact of Events Through Surveys: Formalizing Biases and Introducing the Dual Randomized Survey Design

By: Andrew Bertoli, Laura Jakli and Henry Pascoe
  • April 2026 |
  • Article |
  • Political Science Research and Methods
Social scientists often compare survey responses before and after important events to test how those events impact respondent beliefs, attitudes, and preferences. This article offers a formal analysis of such pre-event/post-event survey comparisons, including designs that seek to reduce bias using quota sampling, rolling cross-sections, and panels. Our analysis distinguishes major sources of bias and clarifies the comparative strengths and weaknesses of each approach. We then introduce a modified panel design—the dual randomized survey—to reduce bias in cases where asking respondents to complete the same survey twice could impact their Wave 2 responses. Our formalization of bias and novel research design improve scholars’ ability to study the causal impact of events through surveys.
Bertoli, Andrew, Laura Jakli, and Henry Pascoe. "Analyzing the Impact of Events Through Surveys: Formalizing Biases and Introducing the Dual Randomized Survey Design." Political Science Research and Methods 14, no. 2 (April 2026): 255–275.

Sirona Medical: Revolutionizing Radiology IT

By: Derek van Bever, Maxim Pike Harrell and Carin-Isabel Knoop
  • April 2026 |
  • Case |
  • Faculty Research
In August 2021, Cameron Andrews, a 25-year-old first-time founder, was preparing to raise a $40 million Series B round for Sirona Medical, a cloud-native platform designed to unify radiologists’ fragmented workflows and unlock the long-promised potential of AI in medical imaging. As he refined his pitch amid pandemic constraints and entrenched industry incumbents, Andrews had to decide whether his integrated architectural bet—and his own readiness to lead it—were sufficient to justify the scale and expectations that new venture funding would bring.
van Bever, Derek, Maxim Pike Harrell, and Carin-Isabel Knoop. "Sirona Medical: Revolutionizing Radiology IT." Harvard Business School Case 326-059, April 2026.
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The Case Method

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