Skip to Main Content
Image
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions

Faculty & Research

  • Faculty
  • Research
  • Featured Topics
  • Academic Units
  • …→
  • Harvard Business School→
  • Faculty & Research→
  • Image
    • HBS Book

    Paper to Practice: Why Compliance Programs Fail and How to Build Programs That Work

    By: Eugene F. Soltes

    Compliance programs have grown dramatically over the past three decades, yet many are dismissed by executives and employees alike as costly paper exercises that do little to protect organizations. The problem is not a shortage of effort. It is that compliance effectiveness is still measured by process inputs (e.g., training completion rates, policy attestations) rather than by whether programs actually change behavior.

    Image
    • HBS Book

    Paper to Practice: Why Compliance Programs Fail and How to Build Programs That Work

    By: Eugene F. Soltes

    Compliance programs have grown dramatically over the past three decades, yet many are dismissed by executives and employees alike as costly paper exercises that do little to protect organizations. The problem is not a shortage of effort. It is that compliance effectiveness is still measured by process inputs (e.g., training completion rates,...

  • Image
    • Political Science Research and Methods 14, no. 2 (April 2026): 255–275.

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

    By: Andrew Bertoli, Laura Jakli and Henry Pascoe

    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.

    Image
    • Political Science Research and Methods 14, no. 2 (April 2026): 255–275.

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

    By: Andrew Bertoli, Laura Jakli and Henry Pascoe

    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...

  • Image
    • Strategic Management Journal 47, no. 6 (2026): 1730-1763.

    Strategic Positioning and Accelerating Regulatory Clearance for New Ventures

    By: Emily Cox Pahnke, Tiona Zuzul and Michael Howard

    How do new ventures strategically position their products to accelerate regulatory clearance? We investigate this question in the medical device industry, where regulatory clearance is a prerequisite for market entry. We examine 239 new firms' 510(k) device clearances by the FDA between 2001 and 2019. Our approach combines quantitative analysis of firms' claims of similarity with extensive field research. We find that strategic positioning significantly impacts time to clearance, and that effective strategies evolve over time. For first products, firms accelerate clearance by citing fewer reference products while strategically positioning relative to same-category products and to category exemplars; for second products, firms accelerate clearance by referencing their own products. These findings extend positioning theory into regulatory contexts and reveal how a firm's optimal strategic positioning changes across successive products.

    Image
    • Strategic Management Journal 47, no. 6 (2026): 1730-1763.

    Strategic Positioning and Accelerating Regulatory Clearance for New Ventures

    By: Emily Cox Pahnke, Tiona Zuzul and Michael Howard

    How do new ventures strategically position their products to accelerate regulatory clearance? We investigate this question in the medical device industry, where regulatory clearance is a prerequisite for market entry. We examine 239 new firms' 510(k) device clearances by the FDA between 2001 and 2019. Our approach combines quantitative analysis of...

  • Image
    • Featured Case

    Expanding Production Capacity at Michelin

    By: Elisabeth Kempf, Sebastian Hillenbrand, Vincent Dessain, Carlota Moniz and Emer Moloney

    In December 2022, Michelin was evaluating Project Gemini, a $100 million investment to expand production capacity for agricultural rubber tracks in the United States, following demand growth driven by the shift from tires to tracks in modern farming. Students are asked to assess the incremental cash flows from the project and to determine an appropriate cost of capital. The case also demonstrates how corporate sustainability objectives can be integrated into capital budgeting through internal carbon pricing.

    Image
    • Featured Case

    Expanding Production Capacity at Michelin

    By: Elisabeth Kempf, Sebastian Hillenbrand, Vincent Dessain, Carlota Moniz and Emer Moloney

    In December 2022, Michelin was evaluating Project Gemini, a $100 million investment to expand production capacity for agricultural rubber tracks in the United States, following demand growth driven by the shift from tires to tracks in modern farming. Students are asked to assess the incremental cash flows from the project and to determine an...

  • Image
    • Featured Case

    Insilico's Rentosertib Dilemma: A Star in the Pipeline?

    By: Michael Lingzhi Li, Brian Mao Fu and Billy Chan

    In 2024, the AI biotech firm Insilico Medicine faced a pivotal decision about its new drug, Rentosertib. Discovered and designed using artificial intelligence to treat a lung disease, Rentosertib had successfully advanced to Phase II trials—a first in global pharmaceutical history. Insilico could license the drug, consistent with its low-risk, revenue-generating model, or continue internal development to validate its full-stack AI capabilities. The decision would shape not only the future of Rentosertib, but also how Insilico balanced risk and ambition in deploying its AI tools—defining its identity as either a bold full-stack clinical innovator or a disciplined pioneer in early-stage discovery.

    Image
    • Featured Case

    Insilico's Rentosertib Dilemma: A Star in the Pipeline?

    By: Michael Lingzhi Li, Brian Mao Fu and Billy Chan

    In 2024, the AI biotech firm Insilico Medicine faced a pivotal decision about its new drug, Rentosertib. Discovered and designed using artificial intelligence to treat a lung disease, Rentosertib had successfully advanced to Phase II trials—a first in global pharmaceutical history. Insilico could license the drug, consistent with its low-risk,...

  • Image
    • HBS Working Paper

    Retail Expansion to International Markets: Why Some Retailers Succeed and Many Fail

    By: Srikant Gokhale and Rajiv Lal

    Most international retail expansions fail not in the market—but before entry. The strategic error is not poor localisation. It is an absence of balanced adaptation: the disciplined ability to identify precisely what must never change—the secret sauce that makes the economics work—and to adapt everything else to what the market structurally demands. Retailers that cannot draw that line before entry will have it drawn for them, expensively, after.

    Image
    • HBS Working Paper

    Retail Expansion to International Markets: Why Some Retailers Succeed and Many Fail

    By: Srikant Gokhale and Rajiv Lal

    Most international retail expansions fail not in the market—but before entry. The strategic error is not poor localisation. It is an absence of balanced adaptation: the disciplined ability to identify precisely what must never change—the secret sauce that makes the economics work—and to adapt everything else to what the market structurally...

  • Image
    • HBS Working Paper

    Staffing the Private Debt Boom: Skills, Talent, and Consequences

    By: Victoria Ivashina, Sophie-Dorothee Rotermund and Zachariah Wallace-Wright

    This paper examines the human capital drawn to the private debt industry and its implications for the banking sector. Using a novel dataset of 2,336 professionals who entered private debt funds between 2000 and 2024, we show that entrants are drawn disproportionately from top universities. Only about a quarter come directly from banks, as private debt is recruited broadly across finance, including private equity, asset management, and insurance. We find that structuring expertise, high-yield debt experience, proactive deal-making, and industry specialization—rather than traditional commercial lending—are central to the private debt model. At the same time, private debt constitutes a sustained drain of talent from megabanks, with clustered senior departures leading to measurable declines in banks’ leveraged loan market share.

    Image
    • HBS Working Paper

    Staffing the Private Debt Boom: Skills, Talent, and Consequences

    By: Victoria Ivashina, Sophie-Dorothee Rotermund and Zachariah Wallace-Wright

    This paper examines the human capital drawn to the private debt industry and its implications for the banking sector. Using a novel dataset of 2,336 professionals who entered private debt funds between 2000 and 2024, we show that entrants are drawn disproportionately from top universities. Only about a quarter come directly from banks, as private...

Initiatives & Projects

Institute for Strategy and Competitiveness

The Institute for Strategy and Competitiveness studies competition and its implications for company strategy; the competitiveness of nations, regions and cities; and solutions to social problems.
→All Initiatives & Projects

Seminars & Conferences

Nov 06
  • 06 Nov 2026

George Chen, London Business School

Nov 10
  • 10 Nov 2026

Ernesto Dal Bo, Haas School of Business, UC Berkeley

→More Seminars & Conferences

Recent Publications

Why Even Your Best Employees Override AI Systems That Work: It's Not That They Don't Trust the Technology. It's That They Don't Trust Your Organization

By: Das Narayandas
  • November–December 2026 |
  • Article |
  • Harvard Business Review
Companies are deploying AI systems faster than they are redesigning the governance surrounding them. As a result, many AI systems remain permanent advisers rather than actual decision-makers—not because the technology falls short but because the organizations fail to transfer authority along with accountability. When employees remain personally responsible for outcomes, overriding the system is a rational act of self-protection, even when the AI performs better than humans. This dynamic has appeared before with ERP systems, credit scoring, and revenue management tools, says the author. And it is becoming even more consequential now as agentic AI begins to act autonomously. Leaders who want AI adoption to succeed must redesign roles, decision rights, incentives, and governance so that accountability moves with authority rather than remaining trapped in legacy organizational structures.
Citation
Purchase
Related
Narayandas, Das. "Why Even Your Best Employees Override AI Systems That Work: It's Not That They Don't Trust the Technology. It's That They Don't Trust Your Organization." Harvard Business Review 104, no. 6 (November–December 2026): 42–49.

Azimut Group: Integrating Wealth Management and Alternatives

By: Victoria Ivashina and Amy Rose
  • November 2026 |
  • Case |
  • Faculty Research
Founded in 1990, Azimut was a wealth management firm headquartered in Milan that provided comprehensive wealth management services to its clients. The company's integrated business model combined portfolio construction and investment management with an extensive network of financial advisors serving retail, high-net-worth, professional, and institutional investors. Beginning in the early 2010s, Azimut expanded internationally and, in the aftermath of the European sovereign debt crisis, began building its private markets business. Over the following decade, the wealth management landscape changed rapidly as the industry underwent significant consolidation and alternative asset managers increasingly sought access to private wealth distribution. Against this backdrop, Azimut faced a strategic question about how best to expand its alternatives capabilities. Through this case, students will examine the convergence of wealth management and alternative asset management, assess the advantages and limitations of Azimut's business model, and evaluate which strategies the firm should pursue going forward.
Citation
Educators
Related
Ivashina, Victoria, and Amy Rose. "Azimut Group: Integrating Wealth Management and Alternatives." Harvard Business School Case 227-030, November 2026.

Cheerful Music (B): AI and the Artist’s Role

By: Shunyuan Zhang and Feng Zhu
  • November 2026 |
  • Supplement |
  • Faculty Research
Citation
Purchase
Related
Zhang, Shunyuan, and Feng Zhu. "Cheerful Music (B): AI and the Artist’s Role." Harvard Business School Supplement 527-021, November 2026.

Canonical Distinguishing Colorings of Cyclic Tournaments

By: Alex Chan
  • 2026 |
  • Working Paper |
  • Faculty Research
Albertson and Collins conjectured that every cyclic tournament on Z2q+1 is distinguished by coloring 0, . . . , q with one color and the rest with another. I proved the conjecture with an equivalent statement regarding odd-order permutation groups. If G Sym(Zn) has odd order and contains translation by one, then the subset 0, . . . , (n 1)/2 has a trivial setwise stabilizer in G. The proof makes use of an induction hypothesis on invariant block systems along with the Burnside-Schur theorem. In the primitive case, the group theorem along with the intersection sizes of translates of the interval determine the affine stabilizer. The conjecture is formally verified in Lean.
Citation
Related
Chan, Alex. "Canonical Distinguishing Colorings of Cyclic Tournaments." Harvard Business School Working Paper, No. 27-054, October 2026.

Cyclic Substitutions and a Spectral Short-Cycle Conjecture

By: Alex Chan, Weilin Meng and Kurt Sweat
  • 2026 |
  • Working Paper |
  • Faculty Research
Charbit proposed that an n-vertex loopless digraph with adjacency spectral radius at least n/k should contain a directed cycle of length at most k. We refute this proposal for every integer k 3 by computing the spectral radius of a family of cyclic substitutions of transitive tournaments that was studied earlier. Explicit positive eigenvectors provide counterexamples on twenty, fifteen and twelve vertices for the cases k = 3, 4, 5, respectively. Standard arguments determine exactly which positive integers the proposal holds for. For the same family, the product of the spectral radius and the directed girth of the graph, divided by the number of vertices, approaches 1/ log 2 as the directed girth tends to infinity. A companion Lean formalization proves the counterexample with twelve vertices and strict spectral inequality.
Citation
Related
Chan, Alex, Weilin Meng, and Kurt Sweat. "Cyclic Substitutions and a Spectral Short-Cycle Conjecture." Harvard Business School Working Paper, No. 27-055, October 2026.

Where Does My Stuff Come From?: The Powerful Economics Behind Global Supply Chains

By: Willy C. Shih
  • 2026 |
  • Book |
  • Faculty Research
Modern supply chains are complex and mostly invisible. Most of us encounter them only at the end, when we take a finished product off a store shelf or find it at our door. The journey that brought it there, which can cross several continents and pass through many firms and stages of production, is easy to take for granted. Even people who work inside supply chains tend to see only their own segment. This book explains the economic forces that shape how supply chains are structured, using everyday products whose paths from producer to market are often longer and more roundabout than one would expect.
Citation
Purchase
Related
Shih, Willy C. Where Does My Stuff Come From? The Powerful Economics Behind Global Supply Chains. Hoboken, NJ: John Wiley & Sons, 2026.

Local Shocks and Internal Migration: The Disparate Effects of Robots and Chinese Imports in the U.S.

By: Marius Faber, Andrés Sarto and Marco Tabellini
  • November 2026 |
  • Article |
  • European Economic Review
Migration is a key mechanism through which local labor markets adjust to economic shocks. In this paper, we analyze the migration response of American workers to two of the most important shocks that hit U.S. manufacturing since the 1990s: Chinese import competition and the introduction of industrial robots. Exploiting plausibly exogenous variation in exposure across U.S. local labor markets over time, we establish a new fact. Even though both shocks drastically reduced employment in the manufacturing sector, only robots led to a sizable decline in population size. We provide evidence that negative employment spillovers outside manufacturing, caused by robots but not by Chinese imports, can explain the different migration responses. We interpret our findings through the lens of a model that highlights two mechanisms: the cost savings that each shock provides and the degree of complementarity between directly and indirectly exposed industries.
Citation
Related
Faber, Marius, Andrés Sarto, and Marco Tabellini. "Local Shocks and Internal Migration: The Disparate Effects of Robots and Chinese Imports in the U.S." European Economic Review 190 (November 2026). (Also appears in HBS Working Knowledge. Longer NBER working paper version here.)

High-Yield Debt Covenants and Their Real Effects

By: Falk Bräuning, Victoria Ivashina and Ali Ozdagli
  • November 2026 |
  • Article |
  • Review of Financial Studies
High-yield debt including leveraged loans is characterized by incurrence financial covenants, or “cov-lite” provisions. A traditional loan agreement includes maintenance covenants, which require continuous compliance with the covenant threshold, and their violation shifts the control rights to creditors. Incurrence covenants preserve equity control rights but trigger pre-specified restrictions on the borrower’s actions once the covenant threshold is crossed. We show that the prevalence of incurrence covenants indirectly imposes significant constraints on investments as restricted actions become binding: Similar to the effects associated with the shift of control rights to creditors in traditional loans, the drop in investment under incurrence covenants is large and sudden. The deleveraging and drop in investment and market value associated with such latent violations point to a shock amplification mechanism through contractual restrictions that are at play for a highly levered corporate sector prior to firms filing for bankruptcy and independently of whether they ever do so.
Citation
Purchase
Related
Bräuning, Falk, Victoria Ivashina, and Ali Ozdagli. "High-Yield Debt Covenants and Their Real Effects." Review of Financial Studies 39, no. 11 (November 2026): 3673–3717.
More Publications

In The News

    • 26 Jun 2026
    • Cold Call

    How Strong Teams Leverage Different Personality Types

    Re: Len Schlesinger
    • 25 Jun 2026
    • Business Insider

    Meta Culpa

    Re: Sandra Sucher
    • 24 Jun 2026
    • Morning Star

    World Brand Lab Releases China's 500 Most Valuable Brands 2026

    Re: Elie Ofek
    • 24 Jun 2026
    • TIME

    How to Have Deeper Conversations With Anyone

    Re: Alison Wood Brooks
→More Faculty News

The Case Method

Introduced by HBS faculty to business education in 1925, the case method is a powerful interactive learning process that puts students in the shoes of a leader faced with a real-world management issue and challenges them to propose and justify a resolution.
Today, HBS remains an authority on teaching by the case method. The School is also the world’s leading case-writing institution, with HBS faculty members contributing hundreds of new cases to the management curriculum a year via the School’s unique case development and writing process.
→Browse HBS Case Collection
→Purchase Cases

Faculty Positions

Harvard Business School seeks candidates in all fields for full time positions. Candidates with outstanding records in PhD or DBA programs are encouraged to apply.
→Learn More
ǁ
Campus Map
Harvard Business School
Soldiers Field
Boston, MA 02163
→Map & Directions
→More Contact Information
  • Make a Gift
  • Site Map
  • Jobs
  • Harvard University
  • Trademarks
  • Policies
  • Accessibility
  • Digital Accessibility
Copyright © President & Fellows of Harvard College.
Advertisement
Advertisement