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New research on finance from Harvard Business School faculty on issues including corporate investment, governance, and accounting management.
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After High-Profile Failures, Can Investors Still Trust Credit Ratings?

by Ben Rand

Rating agencies, such as Standard & Poor’s and Moody's, have been criticized for not warning investors of risks that led to major financial catastrophes. But an analysis of thousands of ratings by Anywhere Sikochi and colleagues suggests that agencies have learned from past mistakes.

The Color of Private Equity: Quantifying the Bias Black Investors Face

by Pamela Reynolds

Prejudice persists in private equity, despite efforts to expand racial diversity in finance. Research by Josh Lerner sizes up the fundraising challenges and performance double standards that Black and Hispanic investors confront while trying to support other ventures—often minority-owned businesses.

Buy Now, Pay Later: How Retail's Hot Feature Hurts Low-Income Shoppers

by Rachel Layne

More consumers may opt to "buy now, pay later" this holiday season, but what happens if they can't make that last payment? Research by Marco Di Maggio and Emily Williams highlights the risks of these financing services, especially for lower-income shoppers.

Why a Failed Startup Might Be Good for Your Career After All

by Sean Silverthorne

Go ahead and launch that venture. Even if it fails, the experience you gain will likely earn you a job that's more senior than those of your peers, says research by Paul Gompers.

Larry Fink at BlackRock: Linking Purpose to Profit

Re: George Serafeim

In 2014, Larry Fink started writing letters to the leaders of some of the largest publicly listed companies, urging them to consider the importance of environmental, social, and governance (ESG) issues. Fink is the chairman and CEO of BlackRock, one of the largest asset management houses in the world. The firm’s success was rooted in its cost-effective, passive investment products that rely more on tracking indices and funds. But Fink wanted his firm to engage with the companies in which they invest and hold them accountable for their social and environmental impacts. What role should investors play in urging business leaders to take environmental, social, and governance issues more seriously and enforcing compliance? Harvard Business School professor George Serafeim discusses the merits of Fink’s approach, the importance of corporate investments in ESG themes, and how to lead a company driven by purpose and profit in his case, “BlackRock: Linking Purpose to Profit,” and his new book Purpose and Profit: How Business Can Lift Up The World.

Curbing an Unlikely Culprit of Rising Drug Prices: Pharmaceutical Donations

by Ben Rand

Policymakers of every leaning have vowed to rein in prescription drug costs, with little success. But research by Leemore Dafny shows how closing a loophole on drugmaker donations could eliminate one driver of rising expenses.

Is It Time to Consider Lifting Tariffs on Chinese Imports?

Re: James L. Heskett

Many of the tariffs levied by the Trump administration on Chinese goods remain in place. James Heskett weighs whether the US should prioritize renegotiating trade agreements with China, and what it would take to move on from the trade war. Open for comment; 0 Comments.

It’s All in a Name: Reputable Investors Help Startups Shine

by Rachel Layne

Attracting high-quality talent is a challenge for any young firm. Shai Bernstein says startups get a reputation boost and draw more job applicants when they're backed by well-known venture capital investors.

Did Pandemic Stimulus Funds Spur the Rise of 'Meme Stocks'?

by Rachel Layne

Remember the GameStop stock frenzy? Research by Robin Greenwood and colleagues shows how market speculation can flare up when you combine stimulus funds, trading platforms, and plain old boredom.

After the 'Crypto Crash,' What's Next for Digital Currencies?

by Christina Pazzanese, Harvard Gazette

After soaring to dizzying levels, Bitcoin and other cryptocurrencies have lost more than half of their value in recent months. Scott Duke Kominers discusses crypto's volatility, potential for regulation, and why these digital assets are likely here to stay.

Scaling a Fintech Startup for the Greater Good

Re: Emily Williams

Esusu launched in 2018 with a rotational savings product and continued growing their fintech startup in late 2019 with Esusu Rent, a rent reporting tool that enables renters to improve their credit scores. In March 2020, co-founders Abbey Wemimo and Samir Goel were working to determine how best to scale Esusu to advance their mission of promoting financial inclusion in the US. Harvard Business School Assistant Professor Emily Williams discusses how the two co-founders decided how to allocate resources and scale their business in the case, “Esusu: Solving Homelessness Backwards.”

Are Banks the ‘Bad Guys’? Overdraft Fees Are Crushing Low-Income Customers

by Rachel Layne

Payday lenders have been accused of exploiting poor consumers, but traditional banks exact a similar toll through overdraft fees. Research by Marco Di Maggio and Emily Williams shows how seemingly innocuous checking accounts can become vehicles for financial distress.

Being Your Own Boss Can Pay Off, but Not Always with Big Pay

by Jay Fitzgerald

Working for yourself might bring freedom and autonomy, but it increasingly comes with a major risk: low pay. Research by William Kerr explores the shifting sands of self-employment.

Why Companies Raise Their Prices: Because They Can

by Rachel Layne

Markups on household items started climbing years before the COVID-19 pandemic. Companies have realized just how much consumers will pay for the brands they love, says research by Alexander MacKay. Closed for comment; 0 Comments.

When Will the Hot Housing Market Finally Start to Cool?

by Christine Pazzanese, Harvard Gazette

Housing prices keep soaring as demand outstrips inventory, a trend that's likely to continue even as interest rates rise. Nori Gerardo Lietz argues that it's time to reconsider policies that stymie housing development. Open for comment; 0 Comments.

How to Make Venture Capital Accessible for Black Founders: An Entrepreneur’s Dilemma

Re: Jo Tango

In May of 2021, Kevin D. Johnson had just graduated from a rigorous Executive MBA program, and he needed to decide on his next career move. Johnson was the founder and CEO of a successful media company, but his career goals had shifted during business school. He wanted to use his talents to help other BIPOC entrepreneurs access capital and provide opportunities to create intergenerational wealth. Johnson evaluated his four options: work full-time at an online platform dedicated to connecting Black founders with funding, join a BIPOC-focused venture capital ("VC") firm, pursue a job at an established VC firm, or continue scaling his media company. Harvard Business School senior lecturer Jo Tango and Johnson discuss which option he should choose in the case, “Kevin D. Johnson: To Be a Venture Capitalist or an Operator.” Open for comment; 0 Comments.

More Proof That Money Can Buy Happiness (or a Life with Less Stress)

by Michael Blanding

It's not about the bigger home or the better vacation. Financial stability helps people escape the everyday hassles of life, says research by Jon Jachimowicz. Closed for comment; 0 Comments.

The Popular Stock Metric That Can Lead Investors Astray

by Rachel Layne

Investors may rely too heavily on a financial measure that no longer reflects the economic fundamentals of modern business. What should investors do? Research by Charles C.Y. Wang and colleagues. Open for comment; 0 Comments.

Why JPMorgan Chase Is Committed to Improving Racial Equity in Banking

Re: Joseph L. Bower

In 2020, JPMorgan Chase & Co. announced a $30 billion, “Commitment to Advance Racial Equity.” This included investments in housing, small businesses, and financial literacy across the U.S., as well as in diversity, equity, and inclusion initiatives within the bank. Harvard Business School Professor Emeritus Joe Bower and case protagonist Alice Rodriguez, head of community impact at JPMorgan Chase, discuss the implementation of that commitment and how it aligns with the bank’s longer-term growth strategy in the case, "JPMorgan Chase’s Path Forward." Open for comment; 0 Comments.

Who Pays For Wildfire and Hurricane Damage? Everyone.

by Kristen Senz

Think only coastal states bear the costs related to rising seas? Research by Ishita Sen and colleagues shows how homeowners everywhere pay for climate change, regardless of location. Open for comment; 0 Comments.