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    • 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.

    • 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,...

    • 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.

    • 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...

    • 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.

    • 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...

    • 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.

    • 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...

    • 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.

    • 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,...

    • 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.

    • 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...

    • 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.

    • 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

Case Method Project

The Case Method Project is bringing case method teaching to high schools and colleges in U.S. History, Government, and Civics & Democracy.
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Seminars & Conferences

Oct 27
  • 27 Oct 2026

Anita Carson, Questrom School of Business at Boston University

Oct 27
  • 27 Oct 2026

Gautam Rao, Haas School of Business, UC Berkeley

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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
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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.

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.
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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.

A 5-Critical Graph with Only Induced 4-Critical Subgraphs

By: Alex Chan
  • 2026 |
  • Working Paper |
  • Faculty Research
I classify the 4-critical subgraphs of the classical 9-vertex graph O5. There are 15 of them. Three of them are K4 and the rest are Moser spindles. All of them are induced. As O5 is a noncomplete 5-critical graph, this gives a counterexample to Conjecture 4.9 of Stiebitz, also stated as Problem 5.8 by Jensen and Toft. This classification contains an elementary proof. A different Lean proof verifies the counterexample.
Citation
Related
Chan, Alex. "A 5-Critical Graph with Only Induced 4-Critical Subgraphs." Harvard Business School Working Paper, No. 27-050, October 2026.

Three-Chromatic Cayley Graphs of Exponent-Four Groups

By: Alex Chan
  • 2026 |
  • Working Paper |
  • Faculty Research
I answer Question 5.3 of Krebs and Sankar by classifying the nonabelian groups of exponent four with an undirected Cayley graph of chromatic number three. Such a graph exists if and only if the group contains a section isomorphic to the dihedral group of order eight, or is not a direct product of the quaternion group of order eight with an elementary abelian group of order two. The classification contains infinite groups. Every positive case has a connection set of at most five elements. I give a structural proof and a complete Lean proof and formalization of the classification and five-element bound.
Citation
Related
Chan, Alex. "Three-Chromatic Cayley Graphs of Exponent-Four Groups." Harvard Business School Working Paper, No. 27-049, October 2026.

Counterexamples to a Generalized Hajós Construction

By: Alex Chan
  • 2026 |
  • Working Paper |
  • Faculty Research
Jensen and Toft examine whether criticality is preserved when identifying two critical graphs along a clique in the context of extending Hajós construction (attributed to Dirac). In the scenarios where the clique has at most two vertices, the answer is yes, and these are the classical cases. I provide counterexamples for the other cases. For each k 5 and 3 h k 2, I show that two k-critical graphs can result in a k-chromatic graph with a non-critical edge for the identified h-clique. The total number of vertices in the graphs is 2k + 16 h and the total number of edges is k2 + 15k 29 ( h 2) . I start the construction with a 4-critical graph with 12 vertices and will show how the edge deletions will force the vertices of the new edge to be the same color.
Citation
Related
Chan, Alex. "Counterexamples to a Generalized Hajós Construction." Harvard Business School Working Paper, No. 27-048, October 2026.

An Acyclic Edge Coloring of K8 With No Acyclic Completion

By: Alex Chan
  • 2026 |
  • Working Paper |
  • Faculty Research
Alon, Sudakov, and Zaks have offered a conjecture stating that any acyclic edge coloring of K2n with 2n + 1 colors can be extended to an acyclic edge coloring of K2n+1 with the same set of colors. I provide a construction showing that their conjecture is false for K8. The edge coloring possesses exactly two extensions using its current set of colors, both of which contain a cycle using only colors 2 and 4. I also provide path certificates for all 36 pairs of colors. I prove that there is no extension to the coloring, and provide an informal statement and proof of the main theorem. The main theorem has been formalized in Lean.
Citation
Related
Chan, Alex. "An Acyclic Edge Coloring of K8 With No Acyclic Completion." Harvard Business School Working Paper, No. 27-047, October 2026.

Counterexamples to a Circular Coloring Conjecture for the Cartesian Sum

By: Alex Chan
  • 2026 |
  • Working Paper |
  • Faculty Research
Liu and Zhu conjectured that the circular chromatic number of the Cartesian sum (disjunctive or OR product) is at most max{ c(G) (H), (G) c(H)}. I give an infinite family of counterexamples wherein both factors are circular complete graphs. The smallest member of this family is K5/2 K11/4, a 34-regular graph on 55 vertices with 33/4 < c 17/2. It is shown that, under the aforementioned conjecture, the coloring in question can be rigorously arranged to be comprised of two interval placements on a circle, and the proposed configurations will be blocked.
Citation
Related
Chan, Alex. "Counterexamples to a Circular Coloring Conjecture for the Cartesian Sum." Harvard Business School Working Paper, No. 27-046, October 2026.
More Publications

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    Re: Elie Ofek
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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.
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