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Show Results For
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All HBS Web
(978)
- News (221)
- Research (549)
- Multimedia (3)
- Faculty Publications (321)
- January 2011 (Revised June 2011)
- Supplement
Fixed Income Arbitrage in a Financial Crisis (B): US Treasuries in December 2008
The B case briefly recounts the action that investment manager James Franey takes in the matter of two U.S. Treasury bonds with identical maturity dates but widely different yields. He must decide what to do next.
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Keywords:
Bonds;
Financial Management;
Investment Return;
Financial Crisis;
Financial Services Industry;
United States
Taliaferro, Ryan D., and Stephen Blyth. "Fixed Income Arbitrage in a Financial Crisis (B): US Treasuries in December 2008." Harvard Business School Supplement 211-050, January 2011. (Revised June 2011.)
- 2018
- Working Paper
The Impact of Pensions and Insurance on Global Yield Curves
By: Robin Greenwood and Annette Vissing-Jorgensen
We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the ratio of pension assets (in...
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Greenwood, Robin, and Annette Vissing-Jorgensen. "The Impact of Pensions and Insurance on Global Yield Curves." Harvard Business School Working Paper, No. 18-109, June 2018. (Revised December 2018.)
- July 2009 (Revised July 2009)
- Case
Delphi Corp. and the Credit Derivatives Market (A)
By: Stuart C. Gilson, Victoria Ivashina and Sarah Abbott
In 2005, Jane Bauer-Martin, a hedge fund manager, is considering what she should do with the fund's large investment in the publicly traded bonds of Delphi Corp., a financially troubled auto parts supplier. Delphi is General Motor's key auto parts supplier, and, like...
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Keywords:
Borrowing and Debt;
Insolvency and Bankruptcy;
Credit Derivatives and Swaps;
Bonds;
Financial Management;
Risk Management
Gilson, Stuart C., Victoria Ivashina, and Sarah Abbott. "Delphi Corp. and the Credit Derivatives Market (A)." Harvard Business School Case 210-002, July 2009. (Revised July 2009.)
- March 1994 (Revised June 1995)
- Background Note
Interest Rate Derivatives
By: Peter Tufano
Introduces and explains the six major interest rate derivative products: swaps, forward rate agreements, Eurodollar futures, bond options, caps/floors/collars, and swap options.
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Tufano, Peter, and Jon Headley. "Interest Rate Derivatives." Harvard Business School Background Note 294-095, March 1994. (Revised June 1995.)
- July 1997
- Case
Treasury Inflation-Protection Securities (TIPS)
Explores the development of a new product offering based on the first issuance of "real" bonds in the United States. Looks at a specific organization's efforts to position itself to profit from this market development. Follows naturally from a case on nominal bonds.
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Das, Sanjiv R., and Jeffrey T. Slovin. "Treasury Inflation-Protection Securities (TIPS)." Harvard Business School Case 298-017, July 1997.
- January 2011 (Revised June 2011)
- Case
Fixed Income Arbitrage in a Financial Crisis (A): US Treasuries in November 2008
Investment manager James Franey confronts an apparent arbitrage opportunity during the global financial crisis of 2008 when he notices a wide yield spread between two U.S. Treasury bonds that mature on the same date. Franey must decide if there is an opportunity, how...
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Keywords:
Bonds;
Valuation;
Interest Rates;
Financial Crisis;
Financial Services Industry;
United States
Taliaferro, Ryan D., and Stephen Blyth. "Fixed Income Arbitrage in a Financial Crisis (A): US Treasuries in November 2008." Harvard Business School Case 211-049, January 2011. (Revised June 2011.)
- March 2014
- Article
Cyclicality of Credit Supply: Firm Level Evidence
By: Bo Becker and Victoria Ivashina
Theory predicts that there is a close link between bank credit supply and the evolution of the business cycle. Yet fluctuations in bank-loan supply have been hard to quantify in the time series. While loan issuance falls in recessions, it is not clear if this is due to...
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Keywords:
Business Cycles;
Borrowing and Debt;
Credit;
Banks and Banking;
Bonds;
Financial Markets;
Financing and Loans;
Banking Industry
Becker, Bo, and Victoria Ivashina. "Cyclicality of Credit Supply: Firm Level Evidence." Journal of Monetary Economics 62 (March 2014): 76–93.
- December 2010 (Revised April 2011)
- Supplement
Boston Properties (B)
By: Ryan D. Taliaferro and Aldo Sesia
The B case briefly recounts the action that investment manager Eliza Baena takes in the matter of the Boston Properties (BXP) bonds described in the A case. She must decide what to do next.
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Taliaferro, Ryan D., and Aldo Sesia. "Boston Properties (B)." Harvard Business School Supplement 211-041, December 2010. (Revised April 2011.)
- June 2019
- Article
Brokers vs. Retail Investors: Conflicting Interests and Dominated Products
By: Mark Egan
I study how brokers distort household investment decisions. Using a novel convertible bond dataset, I find that consumers often purchase dominated bonds—cheap and expensive versions of otherwise identical bonds coexist in the market. The empirical evidence suggests...
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Keywords:
Brokers;
Fiduciary Standard;
Consumer Finance;
Structured Products;
Household;
Investment;
Decisions;
Motivation and Incentives;
Conflict of Interests
Egan, Mark. "Brokers vs. Retail Investors: Conflicting Interests and Dominated Products." Journal of Finance 74, no. 3 (June 2019): 1217–1260.
Shirley Lu
Shirley Lu is an assistant professor in the Accounting and Management Unit. She teaches the Financial Reporting and Control course in the MBA required curriculum.
Professor Lu conducts research in the area of Corporate Social Responsibility (CSR) disclosure,... View Details
- January 1983 (Revised February 1988)
- Case
Hospital Corp. of America (A)
By: W. Carl Kester
HCAs ratio of debt to total capital is approaching 70%, jeopardizing its single-A bond rating. Students must determine an appropriate target debt ratio for HCA in light of its growth objectives, its acquisition strategy and its changing regulatory environment.
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Keywords:
Situation or Environment;
Capital Structure;
Health Care and Treatment;
Borrowing and Debt;
Health Industry;
Tennessee
Kester, W. Carl. "Hospital Corp. of America (A)." Harvard Business School Case 283-053, January 1983. (Revised February 1988.)
- August 2012 (Revised March 2013)
- Case
Preem (A)
By: Bo Becker, Annelena Lobb and Aldo Sesia
High yield bond fund Proventus Capital Partners (PCP) has invested in underwater bonds issued by Preem, a large oil refinery. As maturity approaches, in the midst of financial crisis, Preem appear unlikely to be able to refinance. Meanwhile, Prreem has a complicated...
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Keywords:
Insolvency and Bankruptcy;
Financial Liquidity;
Restructuring;
Courts and Trials;
Negotiation;
Bonds;
Mining Industry;
Energy Industry;
Europe
Becker, Bo, Annelena Lobb, and Aldo Sesia. "Preem (A)." Harvard Business School Case 213-008, August 2012. (Revised March 2013.)
- September 1992 (Revised September 2004)
- Background Note
Liabilities and Time
By: William J. Bruns Jr.
An introduction to accounting for liabilities. Both current liabilities and long-term debts are described, and illustrations of bond interest calculations and financial reporting formats are included.
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Bruns, William J., Jr. "Liabilities and Time." Harvard Business School Background Note 193-051, September 1992. (Revised September 2004.)
- 26 Jun 2018
- Working Paper Summaries
The Impact of Pensions and Insurance on Global Yield Curves
- 29 Jan 2020
- News
Study: How Schmoozing Helps Men Get Ahead
Morningstar Misclassification
We provide evidence that bond fund managers misclassify their holdings, and that these misclassifications have a real and significant impact on investor capital flows. The problem is widespread - resulting in up to 31.4% of funds being misclassified with safer... View Details
- 2011
- Working Paper
Cyclicality of Credit Supply: Firm Level Evidence
By: Bo Becker and Victoria Ivashina
Theory predicts that there is a close link between bank credit supply and the evolution of the business cycle. Yet fluctuations in bank-loan supply have been hard to quantify in the time-series. While loan issuance falls in recessions, it is not clear if this is due to...
View Details
Keywords:
Business Cycles;
Borrowing and Debt;
Credit;
Banks and Banking;
Bonds;
Financial Markets;
Financing and Loans;
Banking Industry
Becker, Bo, and Victoria Ivashina. "Cyclicality of Credit Supply: Firm Level Evidence." Harvard Business School Working Paper, No. 10-107, June 2010. (Revised August 2011.)
- November 2004 (Revised April 2005)
- Case
Deutsche Bank: Finding Relative Value Trades
Deutsche Bank's Fixed Income Research Group is looking for yield curve trades to pitch to clients as well as for their proprietary trading desk. The group has data on recent bond trades and a proprietary term structure model, which they can use to develop trading...
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Keywords:
Bonds;
Capital Markets;
Investment Banking;
Institutional Investing;
Banking Industry;
Germany
Chacko, George C., Peter A. Hecht, Vincent Dessain, and Anders Sjoman. "Deutsche Bank: Finding Relative Value Trades." Harvard Business School Case 205-059, November 2004. (Revised April 2005.)
- Awards
Arthur Warga Award for Best Paper in Fixed Income
By: Luis M. Viceira
First Arthur Warga Award for the Best Paper in Fixed Income from The Society for Financial Studies, 2014 Finance Cavalcade, for “Monetary Policy Drivers of Bond and Equity Risks” (with John Y. Campbell and Carolin E. Pflueger).
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- November 2007
- Case
AXA MONY
By: Lucy White and Andre F. Perold
AXA's friendly bid for MONY is contested by activist hedge funds suspicious of management's generous change in control contracts. Votes trade after the record date. AXA financed the bid using an unusual conditionally convertible bond which may have affected incentives...
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White, Lucy, and Andre F. Perold. "AXA MONY." Harvard Business School Case 208-062, November 2007.