The Harvard business school is renowned around the world for its excellence in and

dedication to the goal of creating business and world leaders.

Harvard Business School is not only a place to teach, but also a place that teaches. With
thirty-three buildings on forty acres nestled in a bend of the Charles River, this vibrant
community's every aspect has been designed to help students develop skills and build
relationships that will last a lifetime. Its spacious facilities, remarkable resources, intimate
courtyards, open lawns, and tree-lined walkways reinforce both the individual concentration
and the group interaction that are critical to the transformational learning experience that the
School provides.
Founded in 1908, HBS was originally located in Harvard Yard. The present campus, with its
stately Georgian buildings following the gentle curve on the Boston side of the Charles
River, was dedicated in June of 1927. The firm of Frederick Law Olmsted, designers of New
York's Central Park and Boston's "Emerald Necklace" system of parks, designed the
landscaping.

Integrated Reporting and Investor Clientele

Author: George Serafeim
Published: 01 Jun 2015
In this paper, Author examines the relation between Integrated Reporting (IR) and the
composition of a firm's investor base. He hypothesizes and fined those firms that practice IR
have a more long-term oriented investor base with more dedicated and fewer transient
investors. This result is more pronounced for firms with high growth opportunities, not
controlled by a family, operating in 'sin' industries, and exhibiting commitment to IR. He
fined that the results are robust to the inclusion of firm fixed effects, controls for the quantity
of sustainability disclosure, and alternative ways of measuring IR. Moreover, He show that
investor activism on environmental or social issues or a large number of concerns about a
firm's environmental or social impact leads a firm to practice more IR and that this investor
or crisis-induced IR affects the composition of a firm's investor base. Finally, firms that
report more information about the different forms of capital or follow more closely the
guiding principles as described in the IR Framework of the IIRC exhibit a more long-term
oriented investor base.

Corporate Sustainability: First Evidence on Materiality

Author: Mozaffar Khan, George Serafeim and Aaron Yoon
Published: 09 Mar 2015
An increasing number of companies make sustainability investments, and an increasing
number of investors integrate sustainability performance data in their capital allocation
decisions. To Published however, the prior academic literature has not distinguished between
investments in material versus immaterial sustainability issues. They develop a novel dataset
by hand-mapping data on sustainability investments classified as material for each industry
into firm-specific performance data on a variety of sustainability investments. This allows us
to present new evidence on the value implications of sustainability investments. Using
calendar-time portfolio stock return regressions they find that firms with good performance
on material sustainability issues significantly outperform firms with poor performance on
these issues, suggesting that investments in sustainability issues are shareholder-value
enhancing. Further, firms with good performance on sustainability issues not classified as
material do not underperform firms with poor performance on these same issues, suggesting
investments in sustainability issues are at a minimum not value-destroying. Finally, firms
with good performance on material issues and concurrently poor performance on immaterial
issues perform the best. These results speak to the efficiency of firms' sustainability
investments, and also have implications for asset managers who have committed to the
integration of sustainability factors in their capital allocation decisions.

Making the Business Case for Environmental Sustainability

Author: Rebecca Henderson

Published: 19 Feb 2015

Can a business case be made for acting sustainably? This is a difficult question to answer
precisely, largely because there is no generally accepted definition of the term
"sustainability". Is it acting sustainably to protect the human rights of the firm's workforce?
To invest in education in local communities? To switch to renewable power? All of these
actions might improve social welfare, and some of them might improve profitability but they
are very different, and the business case for each of them is similarly likely to look quite
different. Here begin to explore the issue by focusing on a more limited question, namely
whether a business case be made for acting in an environmentally sustainable way, which
define as acting in any way that reduce a firm's environmental footprint.
An accumulating body of research suggests that reducing the environmental impact of the
private sector is likely to have significant social returns. Reducing the use of fossil fuel based
energy and hence of CO2 emissions reduces the risk of climate change, for example, and
using fewer raw materials and adopting more sustainable fishing or practices reduces
pressure on the worlds eco-systems. However it is not immediately clear that these kinds of
actions are likely to yield significant private returns.

Integrated Reporting for a Re-Imagined Capitalism

Author :Robert G. Eccles and Birgit Spiesshofer
Published: 25 Sep 2015

An essential element of capitalism is corporate reporting. Today's capitalism is supported by

financial reporting. Critics of today's capitalism argue that it is too short-term oriented and
rewards companies for creating negative externalities. Integrated reporting can play an
important role in changing this since it is focused on the material issues that affect a
company's ability to create value over the short, medium, and long term. Each country must
take its own path to integrated reporting. This is illustrated by analyzing the different
regulatory and legislative regimes in the United States and the European Union.

Peculiar body representation alterations in hemi neglect: a case report

Authors:Antonella Di Vita, Liana Palermo, Laura Piccardi, Cecilia Guariglia
Published: May 19, 2015

Understanding the mechanisms through which the brain represents the body is one of
the most challenging issues of neuroscience in the recent years. Our body is, in fact, a

special subject of investigation since the ways in which we deal with it are numerous:
touch, vision, proprioception, motor behavior, semantic comprehension, emotions
and feelings. So, we receive more information on our body than on any other objects,
and unlike other physical objects, the different experiences through that we deal with
our body explain the wide ranges of body representation alterations following brain
injury among these disorders, clinical neuropsychology distinguishes between body
parts localization and body awareness.
The case of FP affected by personal and extrapersonal neglect and a body
representation deficit characterized by delusional ideas. When FP performed the
human figure, he placed body parts to the left, despite his extrapersonal neglect.
Differently, when he performed the car figure he placed all parts to the right, in line
with his deficit. Comparing FP with a small patient group with the same clinical
features without delusional ideas about body emerged that he was the only one to
suffer from a specific body representation deficit characterized by a lack of body
ownership sense.

The determinants of tax haven FDI

Authors:Chris Jones, Yama Temouri
Published: 10September2015

This paper examines the determinants of a multinational enterprises (MNEs) decision to set
up tax haven subsidiaries. They adapt the firm-specific advantagecountry-specific
advantage (FSACSA) framework and construct a number of empirically testable

hypotheses. The analysis is based on a database covering 14,209 MNEs in twelve OECD
countries. They found that the variety of capitalism of a MNEs home location and the level
of technological intensity has a strong impact on this decision. They also found that the home
country corporate tax rate has a minimal impact. This study suggests that corporate tax
liberalization is unlikely to deter MNEs from undertaking this activity.
There is no doubt that globalization has increased the spread and mobility of MNEs. It is
clear that governments across the OECD fear the role that tax havens may play in eroding the
corporate tax base. Tax competition across countries and the lowering of domestic tax rates
has certainly had a competitive effect in attracting foreign inward investment. Furthermore,
these results indicate that the utilization of tax haven subsidiaries is likely to become even
more widespread in the future. They found that MNEs from the high technology
manufacturing and services sectors with high levels of intangible assets are more likely to
have tax haven presence.

The Growing Strategic Importance of End-of-Life Product Management

Author: Michael W. Toffel
Published: 03 Jan 2015
Requiring manufacturers to manage the their products when they become waste is an
innovative form of regulation, one that has been adopted by countries in Asia, Europe, and
North America on a variety of products that range from vehicles to appliances to batteries.
However, even in many unregulated industries, some manufacturers are voluntarily assuming

more responsibility for their end-of-life products, driven by customer demand and cost
efficiencies. This article explores various forms of take-back regulation and highlights some
of the key features of the institutions that emerge in response. In addition, six strategic
product recovery alternatives are presented, followed by a discussion of some factors
managers should consider in developing a take-back strategy.

Evaluating Risky Individual Behavior during Epidemics Using Mobile Network Data
Authors:Antonio Lima, VeljkoPejovic, Luca Rossi, MircoMusolesi, Marta Gonzalez
Published: 10October2015

In this paper they have proposed Progmosis, an approach to disease prevention and
containment that goes beyond traditional epidemic modeling and contact tracing, and
leverages behavioral data generated by mobile carrier networks to evaluate contagion risk on
a per-user basis. The individual risk represents the loss incurred by not isolating or treating a

specific person, both in terms of how likely it is for this person to spread the disease as well
as how many secondary infections it will cause. They have developed and released an opensource tool that calculates this risk based on cellular network events; also they have
simulated a realistic epidemic scenario, based on an Ebola virus outbreak. They found that
gradually restricting the mobility of a subset of individuals, selected using Prognosis greatly
reduces the number of infected people, compared to a random choice.
This study focuses on a theoretical model and not on its actual translation into a real-world
system. While computer-based simulations show promising results, they are obtained under
specific assumptions; real-world constraints and challenges might greatly affect the
effectiveness of that model. It is worth remarking that simulations were performed using data
of a country that is currently Ebola-free according to WHO. Finally, they also stress the fact
that this work has been commissioned neither by Orange nor by any other organization for
preparation to a real-world disease outbreak.

Corporate Social Responsibility and Access to Finance

Author: Beiting Cheng, Ioannis Ioannou and George Serafeim
Published: 01 Apr 2015
In this paper, they investigate whether superior performance on corporate social responsibility
(CSR) strategies leads to better access to finance. They hypothesize that better access to finance
can be attributed to reduced agency costs due to enhanced stakeholder engagement and reduced
informational asymmetry due to increased transparency. Using a large cross-section of firms,
they find that firms with better CSR performance face significantly lower capital constraints.
Moreover, they provide evidence that both of the hypothesized mechanisms, better stakeholder
engagement and transparency around CSR performance, are important in reducing capital

constraints. The results are further confirmed using an instrumental variables and a simultaneous
equations approach. Finally, they are show that the relation is driven by both the social and the
environmental dimension of CSR.