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- Faculty Publications (432)
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- All HBS Web (1,264)
- Faculty Publications (432)
- Article
The Economics of Structured Finance
By: Joshua D. Coval, Jakub W. Jurek and Erik Stafford
This paper investigates the spectacular rise and fall of structured finance. The essence of structured finance activities is the pooling of economic assets like loans, bonds, and mortgages, and the subsequent issuance of a prioritized capital structure of claims, known...
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Keywords:
Financial Crisis;
Asset Management;
Debt Securities;
Investment;
Risk Management;
Behavior
Coval, Joshua D., Jakub W. Jurek, and Erik Stafford. "The Economics of Structured Finance." Journal of Economic Perspectives 23, no. 1 (Winter 2009): 3–25.
- April 2015 (Revised April 2015)
- Case
Yale University Investments Office: February 2015
By: Josh Lerner
David Swensen and the Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments—hedge funds, private equity, real estate—given the impact of the recent market turmoil. The case explores the risks...
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Keywords:
Asset Management;
Resource Allocation;
Investment;
Venture Capital;
Investment Funds;
Property;
Private Equity
Lerner, Josh. "Yale University Investments Office: February 2015." Harvard Business School Case 815-124, April 2015. (Revised April 2015.)
- 05 Dec 2014
- News
Life settlement gets a welcome face-lift
- Research Summary
Time Varying Expected Returns, Stochastic Dividend Yields, and Default Probabilities: Linking the Credit Risk and Equity Literature (with George Chacko and Jens Hilscher)
In standard structural bond pricing models, the firm defaults once the market value of assets has fallen below a threshold. Expected returns, or at least dividend yields, are assumed to be constant, which implies that any asset value movement is permanent and has the...
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- March 2006 (Revised November 2006)
- Case
China: To Float or Not To Float? (D)- Bank of America's Strategic Investment in China Construction Bank
By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
With its $3 billion investment in Chinese state bank China Construction Bank, Bank of America--the second U.S. bank behind Citigroup in terms of assets and market capitalization--was one of several foreign banks directly participating in China's banking sector reform....
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Keywords:
Currency Exchange Rate;
Banks and Banking;
Foreign Direct Investment;
International Relations;
Banking Industry;
China;
United States
Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "China: To Float or Not To Float? (D)- Bank of America's Strategic Investment in China Construction Bank." Harvard Business School Case 706-031, March 2006. (Revised November 2006.)
- December 2020
- Case
Tencent: Combining Technology and Culture
By: Elie Ofek, Billy Chan and Dawn H. Lau
Tencent, one of the largest Internet conglomerates in China, had a vision to become a "Tech+Culture" firm. With dominant market shares in online games and social networking, it had built a vast Internet-based entertainment ecosystem, and was now focused on cultural...
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Keywords:
Media Franchise;
Marketing;
Market Entry and Exit;
Product Launch;
Strategy;
Culture;
China
Ofek, Elie, Billy Chan, and Dawn H. Lau. "Tencent: Combining Technology and Culture." Harvard Business School Case 521-066, December 2020.
- December 2017 (Revised May 2018)
- Case
Amazon Buys Whole Foods
By: José B. Alvarez, David Lane and Joni Coughlin
The June 2017 news that e-commerce giant Amazon was paying $13.7 billion for organic supermarket chain Whole Foods precipitated a broad sell-off in the shares of grocery retailers and suppliers. Behind the precipitous declines lay recognition that Amazon’s bold move...
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Keywords:
Amazon;
Whole Foods;
Grocery;
Grocery Delivery;
Mergers & Acquisitions;
Business Models;
Food Value Chain;
Agribusiness;
Mergers and Acquisitions;
Operations;
Competitive Strategy;
E-commerce;
Agriculture and Agribusiness Industry;
Retail Industry;
Web Services Industry;
Food and Beverage Industry;
United States
Alvarez, José B., David Lane, and Joni Coughlin. "Amazon Buys Whole Foods." Harvard Business School Case 518-056, December 2017. (Revised May 2018.)
- 15 Feb 2013
- Working Paper Summaries
Expectations of Returns and Expected Returns
- 05 Jul 2006
- Working Paper Summaries
Reinventing Savings Bonds
- July 2009 (Revised August 2011)
- Case
What Happened at Citigroup? (A)
By: Clayton S. Rose and Aldo Sesia
What went wrong at Citigroup? In 1998, the Travelers Group and Citicorp merged to create Citigroup Inc., considered the first true global "financial supermarket" and a business model to be envied, feared, and emulated. By year-end 2006 the firm had a market...
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Keywords:
Mergers and Acquisitions;
Business Model;
Decision Choices and Conditions;
Globalized Firms and Management;
Leadership;
Risk Management;
Failure;
Financial Services Industry
Rose, Clayton S., and Aldo Sesia. "What Happened at Citigroup? (A)." Harvard Business School Case 310-004, July 2009. (Revised August 2011.)
- April 2022
- Article
Predictable Financial Crises
Using historical data on post-war financial crises around the world, we show that crises are substantially predictable. The combination of rapid credit and asset price growth over the prior three years, whether in the nonfinancial business or the household sector, is...
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Greenwood, Robin, Samuel G. Hanson, Andrei Shleifer, and Jakob Ahm Sørensen. "Predictable Financial Crises." Journal of Finance 77, no. 2 (April 2022): 863–921.
- Teaching Interest
Real Estate Management Program: Finance, Design, and Leadership
By: Andy Wu
How do you achieve short-term stability and long-term growth in the unpredictable real estate marketplace? This program explores how forward-thinking real estate leaders are positioning their firms to seize growth opportunities and maximize asset value. Equipped...
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- July 2020
- Case
Mortgage Backed Securities and the Covid-19 Pandemic
By: Emil N. Siriwardane, Luis M. Viceira and Dean Xu
In April 2020, global financial markets were still reeling as the COVID-19 pandemic spread rapidly across the world. Global equity markets had initially fallen by 30% in response to the pandemic, and high-yield credit markets had dropped by nearly 20%. In contrast,...
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Keywords:
COVID-19;
Mortgage-backed Securities;
Health Pandemics;
Financial Markets;
Assets;
Resource Allocation;
Financial Instruments;
Decision Making
Siriwardane, Emil N., Luis M. Viceira, and Dean Xu. "Mortgage Backed Securities and the Covid-19 Pandemic." Harvard Business School Case 221-010, July 2020.
- 2014
- Working Paper
Private Equity's Diversification Illusion: Economic Comovement and Fair Value Reporting
By: Kyle Travis Welch
This study examines how accounting has informed private equity diversification claims and demand for private equity investments. Despite research showing private equity lacks portfolio diversification benefits, those marketing private equity assets continue to...
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Keywords:
Fair Value;
Access To Capital;
IAS 39;
FAS No. 157;
FASB;
IASB;
ASC 820;
Covariance Risk;
Accounting Beta;
Accounting;
Private Sector;
Valuation;
Corporate Finance;
Asset Management;
Cost of Capital;
Private Equity;
Accounting Industry;
Financial Services Industry;
Europe;
North and Central America
Welch, Kyle Travis. "Private Equity's Diversification Illusion: Economic Comovement and Fair Value Reporting." Working Paper, January 2014.
- April 2008 (Revised December 2008)
- Case
Leveraged Loans 2007
By: Andre F. Perold and Erik Stafford
The leveraged loan market was in a crisis during the summer of 2007, following many years of low realized volatility (less than 4% per annum), an index of leveraged loans had fallen over 5% in the month of July. A sudden drop in capital market prices for an asset class...
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Keywords:
History;
Financial Liquidity;
Investment;
Financial Crisis;
Market Transactions;
Disruption;
Decision Choices and Conditions;
Competitive Strategy;
Capital Markets;
Crisis Management;
Commercial Banking;
Banking Industry;
Financial Services Industry
Perold, Andre F., and Erik Stafford. "Leveraged Loans 2007." Harvard Business School Case 208-145, April 2008. (Revised December 2008.)
- 2014
- Chapter
Remapping the Flow of Funds
By: Juliane Begenau, Monika Piazzesi and Martin Schneider
This article argues that quantitative analysis of credit market positions would benefit tremendously if the additional information about the structure of payment streams were more readily available. Most available data on credit market positions, such as the Flow of...
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Begenau, Juliane, Monika Piazzesi, and Martin Schneider. "Remapping the Flow of Funds." In Risk Topography: Systemic Risk and Macro Modeling, edited by Markus Brunnermeier and Arvind Krishnamurthy. National Bureau of Economic Research Conference Report. University of Chicago Press, 2014.
- March 2009 (Revised September 2011)
- Case
UBS and Auction Rate Securities (A)
By: Daniel Baird Bergstresser, Shawn A. Cole and Siddharth Bhaskar Shenai
UBS, a global financial services company, must decide whether to continue to support the market for Auction Rate Securities in the face of a growing financial crisis. These instruments, underwritten by UBS, were marketed to clients as highly liquid and safe...
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Keywords:
Cost vs Benefits;
Financial Crisis;
Asset Pricing;
Financial Liquidity;
Financial Instruments;
Government Legislation;
Risk and Uncertainty;
Financial Services Industry
Bergstresser, Daniel Baird, Shawn A. Cole, and Siddharth Bhaskar Shenai. "UBS and Auction Rate Securities (A)." Harvard Business School Case 209-119, March 2009. (Revised September 2011.)
- March 2019
- Case
Mahindra Finance
By: V.G. Narayanan and Tanvi Deshpande
Mahindra Finance is a non-banking lender operating mainly in the rural and semi-urban areas of India. Set up in 1991, the company had grown to become a market leader with assets of $8.5 billion and a presence in 3,30,000 villages across India. Since most of Mahindra's...
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- May 2020
- Article
How Quantitative Easing Works: Evidence on the Refinancing Channel
By: Marco Di Maggio, Amir Kermani and Christopher Palmer
We document the transmission of large-scale asset purchases by the Federal Reserve to the real economy using rich borrower-linked mortgage-market data and an identification strategy based on mortgage market segmentation. We find that central bank QE1 MBS purchases...
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Keywords:
Monetary Policy;
MBS;
Quantitative Easing;
LSAP;
Refinancing;
Deleveraging;
HARP;
GSE;
Central Banking;
Global Range;
Financing and Loans;
Credit;
United States
Di Maggio, Marco, Amir Kermani, and Christopher Palmer. "How Quantitative Easing Works: Evidence on the Refinancing Channel." Review of Economic Studies 87, no. 3 (May 2020): 1498–1528.
- 2005
- Working Paper
Aggregate Corporate Liquidity and Stock Returns
By: Robin Greenwood
Aggregate investment in cash and liquid assets as a share of total corporate investment is negatively related to subsequent U.S. stock market returns between 1947 and 2003. The share of cash in total investment is a more stable predictor of returns than scaled price...
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