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- Faculty Publications (207)
Bonds →
- 2014
- Working Paper
Opting Out of Good Governance
By: C. Fritz Foley, Paul Goldsmith-Pinkham, Jonathan Greenstein and Eric Zwick
Cross-listing on a U.S. exchange does not bond foreign firms to follow the corporate governance rules of that exchange. Hand-collected data show that 80% of cross-listed firms opt out of at least one exchange governance rule, instead committing to observe the rules of...
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Foley, C. Fritz, Paul Goldsmith-Pinkham, Jonathan Greenstein, and Eric Zwick. "Opting Out of Good Governance." NBER Working Paper Series, No. 19953, March 2014.
- November 2013 (Revised March 2015)
- Case
Massachusetts Pay-for-Success Contracts: Reducing Juvenile and Young Adult Recidivism
By: V. Kasturi Rangan and Lisa A. Chase
The case describes the nature of juvenile recidivism in Massachusetts and explores the potential structure of a privately funded, publicly guaranteed pay-for-success contract.
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Keywords:
Social Impact Bonds;
Pay-for-success;
Social Innovation;
Juvenile (Prison) Recidivism;
Homelessness;
Bonds;
Social Issues;
Public Administration Industry;
Massachusetts
Rangan, V. Kasturi, and Lisa A. Chase. "Massachusetts Pay-for-Success Contracts: Reducing Juvenile and Young Adult Recidivism." Harvard Business School Case 514-061, November 2013. (Revised March 2015.)
- June 2013 (Revised November 2016)
- Case
Goldfinger: Charles W. Engelhard Jr. and Apartheid-era South Africa
By: Geoffrey Jones and Elliot R. Benton
This case considers the strategies of Charles W. Engelhard, an American mining magnate who made large investments in apartheid-era South Africa. Engelhard was widely believed to have been the model for the James Bond villan Auric Goldfinger. During the 1950s and 1960s...
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Keywords:
Political Economy;
Business History;
FDI;
Corporate Social Responsibility And Impact;
South Africa;
Mining;
Ethics;
Globalization;
Government and Politics;
History;
Mining Industry;
Africa;
South Africa
Jones, Geoffrey, and Elliot R. Benton. "Goldfinger: Charles W. Engelhard Jr. and Apartheid-era South Africa." Harvard Business School Case 313-148, June 2013. (Revised November 2016.)
- June 2013
- Article
Issuer Quality and Corporate Bond Returns
By: Robin Greenwood and Samuel G. Hanson
We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the...
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Greenwood, Robin, and Samuel G. Hanson. "Issuer Quality and Corporate Bond Returns." Review of Financial Studies 26, no. 6 (June 2013): 1483–1525. (Internet Appendix Here.)
- May 2013 (Revised January 2015)
- Teaching Note
H Partners and Six Flags
By: Robin Greenwood, Julie Messina and Jared Dourdeville
Teaching Note for #211090 & #211096
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- May 2013
- Supplement
Kinyuseisaku: Monetary Policy in Japan (C)
By: Laura Alfaro and Hilary White
Assuming office in December 2012, Prime Minister Shinzo Abe was determined to revive Japan's stagnating economy through an ambitious plan known as 'Abenomics.' Under the guidance of the newly appointed governor of the central bank, Haruhiko Kuroda, the Bank of Japan...
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Keywords:
Japan;
Inflation Targeting;
Inflation;
Abenomics;
Monetary Policy;
Stimulus;
Quantitative Easing;
Government Bonds;
Macroeconomics;
Inflation and Deflation;
Money;
Economic Slowdown and Stagnation;
Japan
Alfaro, Laura, and Hilary White. "Kinyuseisaku: Monetary Policy in Japan (C)." Harvard Business School Supplement 713-086, May 2013.
- February 2013 (Revised November 2016)
- Case
Assured Guaranty
By: Robin Greenwood, Adi Sunderam and Jared Dourdeville
Nate Katz at Yokun Ridge Capital Management is evaluating an investment in Assured Guaranty, a municipal bond insurance company that is trading at a discount to book value.
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Keywords:
Value Investing;
Investments;
Valuation;
Insurance;
Behavioral Finance;
Financial Services Industry
Greenwood, Robin, Adi Sunderam, and Jared Dourdeville. "Assured Guaranty." Harvard Business School Case 213-100, February 2013. (Revised November 2016.)
- 2013
- Working Paper
Securities Litigation Risk for Foreign Companies Listed in the U.S.
By: Beiting Cheng, Suraj Srinivasan and Gwen Yu
We study securities litigation risk faced by foreign firms listed on U.S. exchanges. We take into account not only the propensity for foreign firms to commit violations of U.S. securities laws but also the costs that investors face when suing foreign firms. We find...
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Keywords:
Litigation Risk;
Cross Listing;
Bonding;
10b-5;
Securities Litigation;
U.S.Listing;
Class Action;
Risk and Uncertainty;
Debt Securities;
Globalized Firms and Management;
Ethics;
Lawsuits and Litigation;
United States
Cheng, Beiting, Suraj Srinivasan, and Gwen Yu. "Securities Litigation Risk for Foreign Companies Listed in the U.S." Harvard Business School Working Paper, No. 13-036, October 2012. (Revised March 2014.)
- October 2012
- Case
Winfield Refuse Management, Inc.: Raising Debt vs. Equity
By: W. Carl Kester and Sunru Yong
A small, publicly traded company specializing in non-hazardous waste management considers a major acquisition in the Midwestern U.S. The acquisition can provide entry into the region, help the firm compete in a competitive industry, and improve its cost position. The...
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Keywords:
United States;
Acquisitions;
Capital Structure;
Equity Capital;
Debt Management;
Expansion;
Leveraged Buyouts;
Financial Analysis;
Administrative/Support/Waste Management/Remediation Services;
Equity;
Borrowing and Debt;
Service Industry
Kester, W. Carl, and Sunru Yong. "Winfield Refuse Management, Inc.: Raising Debt vs. Equity." Harvard Business School Brief Case 913-530, October 2012.
- June 2012
- Article
Comovement and Predictability Relationships Between Bonds and the Cross-Section of Stocks
By: Malcolm Baker and Jeffrey Wurgler
Government bonds comove more strongly with bond-like stocks: stocks of large, mature, low-volatility, profitable, dividend-paying firms that are neither high growth nor distressed. Variables derived from the yield curve that are already known to predict returns on...
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Keywords:
Relationships;
Bonds;
Stocks;
Investment Return;
Cash Flow;
Quality;
Risk and Uncertainty;
Forecasting and Prediction;
Profit
Baker, Malcolm, and Jeffrey Wurgler. "Comovement and Predictability Relationships Between Bonds and the Cross-Section of Stocks." Review of Asset Pricing Studies 2, no. 1 (June 2012): 57–87.
- 2012
- Working Paper
Reaching for Yield in the Bond Market
By: Bo Becker and Victoria Ivashina
Reaching-for-yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyses this phenomenon in the corporate bond market. Specifically, we show evidence for...
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Keywords:
Fixed Income;
Reaching For Yield;
Financial Intermediation;
Insurance Companies;
Insurance;
Bonds;
Assets;
Risk Management;
Investment Return;
Investment Portfolio;
Insurance Industry
Becker, Bo, and Victoria Ivashina. "Reaching for Yield in the Bond Market." Harvard Business School Working Paper, No. 12-103, May 2012. (Revised December 2012. NBER Working Paper Series, No. 18909, March 2013)
- 2012
- Chapter
The Relational Roles of Brands
By: Jill Avery
In contemporary culture, brands play important relational roles, linking consumers to others and serving as relational partners. This chapter provides an understanding of the relational roles of brands to illuminate why and how consumers connect with brands and how...
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Keywords:
Brands;
Brand Management;
Brand Equity;
Brand Building;
Customer Relationship Management;
CRM;
Customers;
Customer Focus and Relationships;
Brands and Branding;
Marketing;
Marketing Strategy;
Consumer Products Industry
Avery, Jill. "The Relational Roles of Brands." Chap. 9 in Marketing Management: A Cultural Perspective, edited by Lisa Penaloza, Nil Toulouse, and Luca M. Visconti, 147–163. Routledge, 2012.
- January – March 2012
- Article
Bond Risk, Bond Return Volatility, and the Term Structure of Interest Rates
By: Luis M. Viceira
This paper explores time variation in bond risk, as measured by the covariation of bond returns with stock returns and with consumption growth, and in the volatility of bond returns. A robust stylized fact in empirical finance is that the spread between the yield on...
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Keywords:
Bonds;
Volatility;
Forecasting and Prediction;
Interest Rates;
Inflation and Deflation;
Investment Return;
Risk and Uncertainty;
Currency Exchange Rate;
Cash Flow;
Stocks
Viceira, Luis M. "Bond Risk, Bond Return Volatility, and the Term Structure of Interest Rates." International Journal of Forecasting 28, no. 1 (January–March 2012): 97–117.
- Article
Inflation-Indexed Bonds and the Expectations Hypothesis
By: Carolin E. Pflueger and Luis M. Viceira
This paper empirically analyzes the Expectations Hypothesis (EH) in inflation-indexed (or real) bonds and in nominal bonds in the U.S. and in the U.K. We strongly reject the EH in inflation-indexed bonds and also confirm and update the existing evidence rejecting the...
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Keywords:
TIPS;
Breakeven Inflation;
Return Predictability;
Bond Risk Premia;
Risk Management;
Bonds;
Financial Liquidity;
Inflation and Deflation;
United Kingdom;
United States
Pflueger, Carolin E., and Luis M. Viceira. "Inflation-Indexed Bonds and the Expectations Hypothesis." Annual Review of Financial Economics 3 (2011): 139–158.
- 2013
- Working Paper
Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity
By: Carolin E. Pflueger and Luis M. Viceira
Estimating the liquidity differential between inflation-indexed and nominal bond yields, we separately test for time-varying real rate risk premia, inflation risk premia, and liquidity premia in U.S. and U.K. bond markets. We find strong, model independent evidence...
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Keywords:
Expectations Hypothesis;
Term Structure;
Real Interest Rate Risk;
Inflation Risk;
Inflation-Indexed Bonds;
Financial Crisis;
Inflation and Deflation;
Financial Liquidity;
Bonds;
Investment Return;
Risk and Uncertainty;
United Kingdom;
United States
Pflueger, Carolin E., and Luis M. Viceira. "Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity." Harvard Business School Working Paper, No. 11-094, March 2011. (Revised September 2013.)
- March 2011 (Revised January 2015)
- Case
H Partners and Six Flags
By: Robin Greenwood and Michael Gorzynski
Rehan Jaffer, the founder of hedge fund H Partners, is considering what to do with his investment in Six Flags. H Partners had invested a significant amount of the firm's capital in the senior bonds of U.S.-based Six Flags, following that company's bankruptcy filing.
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Keywords:
Behavioral Finance;
Private Equity;
Insolvency and Bankruptcy;
Debt Securities;
Bonds;
Investment;
Entertainment and Recreation Industry;
Financial Services Industry;
United States
Greenwood, Robin, and Michael Gorzynski. "H Partners and Six Flags." Harvard Business School Case 211-090, March 2011. (Revised January 2015.)
- March 2011
- Supplement
H Partners and Six Flags (B)
By: Robin Greenwood and Michael Gorzynski
Rehan Jaffer, the founder of hedge fund H Partners, is considering what to do with his investment in Six Flags. H Partners had invested a significant amount of the firm's capital in the senior bonds of U.S.-based Six Flags, following that company's bankruptcy filing.
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Keywords:
Equity;
Insolvency and Bankruptcy;
Business and Shareholder Relations;
Price;
Acquisition;
Decisions;
Borrowing and Debt;
Investment Funds;
Opportunities;
Bonds;
Investment Activism;
Financial Services Industry;
United States
Greenwood, Robin, and Michael Gorzynski. "H Partners and Six Flags (B)." Harvard Business School Supplement 211-096, March 2011.
- 2011
- Chapter
How Does Simplified Disclosure Affect Individuals' Mutual Fund Choices?
By: John Beshears, James J. Choi, David Laibson and Brigitte C. Madrian
We use an experiment to estimate the effect of the SEC's Summary Prospectus, which simplifies mutual fund disclosure. Our subjects chose an equity portfolio and a bond portfolio. Subjects received either statutory prospectuses or Summary Prospectuses. We find no...
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Keywords:
Information;
Corporate Disclosure;
Decision Choices and Conditions;
Consumer Behavior;
Retirement;
Personal Finance;
Investment Funds;
Microeconomics
Beshears, John, James J. Choi, David Laibson, and Brigitte C. Madrian. "How Does Simplified Disclosure Affect Individuals' Mutual Fund Choices?" In Explorations in the Economics of Aging, edited by David A. Wise, 75–96. Chicago: University of Chicago Press, 2011.
- 2012
- Working Paper
Issuer Quality and Corporate Bond Returns
By: Robin Greenwood and Samuel G. Hanson
We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the...
View Details
Keywords:
Price;
Credit;
Risk and Uncertainty;
Investment Return;
Forecasting and Prediction;
Bonds;
Market Design;
Cost of Capital;
Mathematical Methods;
System Shocks
Greenwood, Robin, and Samuel G. Hanson. "Issuer Quality and Corporate Bond Returns." Harvard Business School Working Paper, No. 11-065, January 2011. (Revised September 2012, Internet Appendix Here.)
- Article
Optimal Value and Growth Tilts in Long-Horizon Portfolios
By: Jakub W. Jurek and Luis M. Viceira
We develop an analytical solution to the dynamic portfolio choice problem of an investor with power utility defined over wealth at a finite horizon, who faces a time-varying investment opportunity set, parameterized using a flexible vector autoregression. We apply this...
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Keywords:
Decision Choices and Conditions;
Private Equity;
Investment;
Investment Portfolio;
Asset Pricing;
Value
Jurek, Jakub W., and Luis M. Viceira. "Optimal Value and Growth Tilts in Long-Horizon Portfolios." Review of Finance 15, no. 1 (January 2011): 29–74.