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- Faculty Publications (211)
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All HBS Web
(1,326)
- Faculty Publications (211)
- fall 2008
- Article
The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market
By: Kenneth A. Froot
In this paper, I provide evidence concerning the imperfections in the reinsurance market. I try to get at some of the root causes of these imperfections, e.g., the behavior of ratings firms and the agency problems associated with the corporate form of ownership. I also...
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Keywords:
Catastrophe Risk;
Corporate Finance;
Banking And Insurance;
Hedging;
Banking;
Financial Markets;
Insurance;
Policy;
Risk Management;
Natural Disasters;
Cost of Capital;
Asset Pricing;
Insurance Industry
Froot, Kenneth A. "The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market." Risk Management and Insurance Review 11, no. 2 (fall 2008): 281–294.
- May 2008 (Revised June 2009)
- Case
Finansbank 2006
By: C. Fritz Foley and Linnea Meyer
How do financial policy requirements and benefits of ownership concentration affect the need for and process of corporate restructuring? This case provides students with an opportunity to analyze the restructuring of a Turkish multinational business group by way of a...
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Keywords:
Leveraged Buyouts;
Mergers and Acquisitions;
Restructuring;
Capital Budgeting;
Agreements and Arrangements;
Valuation;
Turkey;
Greece
Foley, C. Fritz, and Linnea Meyer. "Finansbank 2006." Harvard Business School Case 208-108, May 2008. (Revised June 2009.)
- 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;
Banking Industry
Perold, Andre F., and Erik Stafford. "Leveraged Loans 2007." Harvard Business School Case 208-145, April 2008. (Revised December 2008.)
- February 2008 (Revised July 2008)
- Case
Banco Compartamos: Life after the IPO
By: Michael Chu and Regina Garcia Cuellar
After an international IPO yielding extraordinary returns to original investors, Banco Compartamos, Mexico's leading microfinance institution, contemplates its future strategic and competing priorities: maintaining growth, defending industry, leadership, preserving...
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Keywords:
Business Model;
Microfinance;
Initial Public Offering;
Non-Governmental Organizations;
Competition;
Value Creation;
Banking Industry;
Mexico
Chu, Michael, and Regina Garcia Cuellar. "Banco Compartamos: Life after the IPO." Harvard Business School Case 308-094, February 2008. (Revised July 2008.)
- January 2008
- Article
On the Pricing of Intermediated Risks: Theory and Application to Catastrophe Reinsurance
By: K. A. Froot and P. O'Connell
Keywords:
Catastrophe Risk;
Corporate Finance;
Banking And Insurance;
Hedging;
Banking;
Financial Markets;
Insurance;
Policy;
Risk Management;
Natural Disasters;
Cost of Capital;
Asset Pricing;
Insurance Industry
Froot, K. A., and P. O'Connell. "On the Pricing of Intermediated Risks: Theory and Application to Catastrophe Reinsurance." Special Issue on Dynamics of Insurance Markets: Structure, Conduct, and Performance in the 21st Century Journal of Banking & Finance 32, no. 1 (January 2008): 69–85. (Revised from NBER Working Paper No. 6011, April 1997, Harvard Business School Working Paper No. 98-024, 1997.)
- December 2007
- Case
Envisioning "Free Banking" in Antebellum New York (A)
By: David A. Moss and Cole Bolton
Banks throughout New York State suspended specie payments (i.e., payments in gold and silver) in May 1837 following the collapse of several state banks and the onset of a nationwide financial panic. Amid the chaos, the upstart Whigs were able to depose the longstanding...
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Keywords:
History;
Government Legislation;
Capital;
Financial Crisis;
Banks and Banking;
Banking Industry;
New York (state, US)
Moss, David A., and Cole Bolton. Envisioning "Free Banking" in Antebellum New York (A). Harvard Business School Case 708-038, December 2007.
- October 2007 (Revised December 2008)
- Case
The Royal Bank of Scotland Group: The Human Capital Strategy
By: Boris Groysberg and Eliot Sherman
Describes the development and implementation of one of the world's most advanced human resource management support systems. The Royal Bank of Scotland Group is a global banking leader that began implementing a strategy for measuring the impact of human capital on...
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Keywords:
Financial Management;
Human Resources;
Human Capital;
Management Systems;
Measurement and Metrics;
Performance Effectiveness;
Strategy;
Information Technology;
Banking Industry
Groysberg, Boris, and Eliot Sherman. "The Royal Bank of Scotland Group: The Human Capital Strategy." Harvard Business School Case 408-060, October 2007. (Revised December 2008.)
- October 2007 (Revised November 2007)
- Case
Barclays Global Investors and Exchange Traded Funds
By: Luis M. Viceira and Alison Berkley Wagonfeld
Provides an overview of the Exchange Traded Funds (EFT) industry and highlights the leadership role that Barclays Global Investors (BGI) has played in this developing asset class. BGI launched its first ETFs under the iShares brand name in 2000, and by mid-2007 BGI was...
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Keywords:
History;
Venture Capital;
Asset Management;
Stocks;
Investment Funds;
Leading Change;
Expansion;
Competitive Strategy;
Capital Markets;
Global Strategy;
Financial Strategy;
Banking Industry;
Banking Industry;
Asia;
Europe
Viceira, Luis M., and Alison Berkley Wagonfeld. "Barclays Global Investors and Exchange Traded Funds." Harvard Business School Case 208-033, October 2007. (Revised November 2007.)
- July 2007 (Revised March 2008)
- Case
ABRY Fund V
By: Nabil N. El-Hage, Richard S. Ruback and Leslie Pierson
In January 2006, Andrew Banks and Royce Yudkoff were considering raising a 5th fund for their media-focused private equity firm, ABRY Partners. ABRY had a strong track record that the co-founders attributed to their group's deep knowledge of the media industry and...
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Keywords:
Cooperative Ownership;
Venture Capital;
Customer Relationship Management;
Asset Management;
Private Equity;
Judgments;
Competitive Strategy;
Media;
Corporate Finance;
Media and Broadcasting Industry;
Financial Services Industry
El-Hage, Nabil N., Richard S. Ruback, and Leslie Pierson. "ABRY Fund V." Harvard Business School Case 208-027, July 2007. (Revised March 2008.)
- 2006
- Working Paper
Democratizing Entry: Banking Deregulations, Financing Constraints, and Entrepreneurship
By: William R. Kerr and Ramana Nanda
We examine entrepreneurship and creative destruction following US banking deregulations using Census Bureau data. US banking reforms brought about exceptional growth in both entrepreneurship and business closures. The vast majority of closures, however, were the new...
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Keywords:
Business Exit or Shutdown;
Market Entry and Exit;
Capital Markets;
Entrepreneurship;
Outcome or Result;
Business Startups;
Banks and Banking;
Banking Industry;
United States
Kerr, William R., and Ramana Nanda. "Democratizing Entry: Banking Deregulations, Financing Constraints, and Entrepreneurship." Harvard Business School Working Paper, No. 07-033, December 2006. (Revised July 2007, December 2007, October 2008, December 2008.)
- November 2006
- Case
Selling Biovail Short
By: Malcolm P. Baker, Chris Lombardi and Aldo Sesia
Hedge fund SAC Capital and analysts from Gradient Analytics and Banc of America face charges of stock price manipulation from Biovail, a Canadian pharmaceutical company. Gradient and BofA produced negative reports on Biovail's earnings quality. At the same time, SAC...
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Keywords:
Stock Shares;
Investment Banking;
Asset Pricing;
Financial Strategy;
Crime and Corruption;
Pharmaceutical Industry;
Financial Services Industry;
Canada
Baker, Malcolm P., Chris Lombardi, and Aldo Sesia. "Selling Biovail Short." Harvard Business School Case 207-071, November 2006.
- March 2006
- Case
Wells Fargo Convertible Bonds
By: Malcolm P. Baker and Elizabeth Kind
Howard Atkins, the chief financial officer of Wells Fargo, is considering issuing $3 billion in convertible debt. With an investment-grade credit rating, Wells Fargo is not the typical issuer of convertible securities, but the market conditions in 2003 are unusual....
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Keywords:
Capital Structure;
Financial Institutions;
Banks and Banking;
Debt Securities;
Financial Management;
Financial Strategy;
Strategy;
Banking Industry
Baker, Malcolm P., and Elizabeth Kind. "Wells Fargo Convertible Bonds." Harvard Business School Case 206-022, March 2006.
- March 2006 (Revised December 2013)
- Case
Hexcel Turnaround — 2001 (A)
By: Paul W. Marshall, James Quinn and Reed Martin
Hexcel's new CEO is faced with deciding how to "take out" $60 million in cash costs in fiscal 2002, as two of the company's end markets—electronics and commercial aerospace—are expected to decline precipitously. Options include closing plants, exiting a business, or...
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Keywords:
Private Equity;
Negotiation;
Management Teams;
Organizational Change and Adaptation;
Strategy;
Change Management;
Crisis Management;
Borrowing and Debt;
Aerospace Industry;
Electronics Industry;
United States
Marshall, Paul W., James Quinn, and Reed Martin. "Hexcel Turnaround — 2001 (A)." Harvard Business School Case 806-099, March 2006. (Revised December 2013.)
- 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 2005 (Revised April 2010)
- Teaching Note
Leerink Swann & Co.: Creating Competitive Advantage (TN)
By: Boris Groysberg and Andrew N. McLean
- April 2005 (Revised January 2007)
- Case
Furman Selz LLC (A): A Tale of Two Acquisitions
By: Nancy D. Beaulieu, Boris Groysberg and Kyle Doherty
Profiles a firm that was reacquired by two companies with different degrees of success. Highlights integration challenges present in acquisition deals when the primary assets of the target are human capital. Focuses on Furman Selz's acquisition by Xerox in 1987; its...
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Keywords:
Mergers and Acquisitions;
Transition;
Valuation;
Human Capital;
Compensation and Benefits;
Integration;
Organizational Culture;
Banking Industry;
Banking Industry;
United States
Beaulieu, Nancy D., Boris Groysberg, and Kyle Doherty. "Furman Selz LLC (A): A Tale of Two Acquisitions." Harvard Business School Case 905-066, April 2005. (Revised January 2007.)
- March 2005 (Revised June 2005)
- Case
Capital Controls in Chile in the 1990s (B)
By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
Supplements the (A) case.
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Keywords:
Governance Controls;
Financial Crisis;
Foreign Direct Investment;
Currency Exchange Rate;
Inflation and Deflation;
Demand and Consumers;
Interest Rates;
Capital;
System;
Central Banking;
Chile
Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "Capital Controls in Chile in the 1990s (B)." Harvard Business School Case 705-032, March 2005. (Revised June 2005.)
- March 2005 (Revised July 2007)
- Case
Capital Controls in Chile in the 1990s (A)
By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
In 1991, Chile adopted a framework of capital controls focused on reducing the massive flows of foreign investment coming into the country as international interest rates remained low. Capital inflows threatened the Central Bank's ability to manage the exchange rate...
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Keywords:
Developing Countries and Economies;
Economic Growth;
Financial Crisis;
Capital;
Governance Controls;
Business and Government Relations;
Chile
Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "Capital Controls in Chile in the 1990s (A)." Harvard Business School Case 705-031, March 2005. (Revised July 2007.)
- September 2004 (Revised May 2006)
- Case
Bohemian Crowns: Ceskoslovenska Obchodni Banka (A)
By: Rawi E. Abdelal, Vincent Dessain and Monika Stachowiak
Tells the story of the Czech transition from a centrally planned to a free market economy, describing the first economic reforms, the fixed-exchange rate regime, and the voucher privatization. Also explains why, in the middle of the 1990s, the Czech Republic...
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Keywords:
History;
Currency Exchange Rate;
Credit;
Government Administration;
Decisions;
Economic Systems;
Expansion;
Mergers and Acquisitions;
Developing Countries and Economies;
Banks and Banking;
Banking Industry;
Czech Republic
Abdelal, Rawi E., Vincent Dessain, and Monika Stachowiak. "Bohemian Crowns: Ceskoslovenska Obchodni Banka (A)." Harvard Business School Case 705-007, September 2004. (Revised May 2006.)
- January 2004 (Revised May 2005)
- Case
Gold Hill Venture Lending
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
David Fischer is trying to raise $200 million for a first-time venture debt fund that will be affiliated with Silicon Valley Bank, a major technology lender. Despite his lengthy experience in venture lending, the process is proving difficult. He and his partners are...
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Keywords:
Information Technology;
Value Creation;
Venture Capital;
Partners and Partnerships;
Decision Choices and Conditions;
Investment Funds;
Banking Industry;
Banking Industry
Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Gold Hill Venture Lending." Harvard Business School Case 804-083, January 2004. (Revised May 2005.)