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- News (66)
- Research (228)
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- Faculty Publications (88)
Show Results For
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All HBS Web
(352)
- News (66)
- Research (228)
- Multimedia (1)
- Faculty Publications (88)
- February 2023
- Article
Disruption and Credit Markets
By: Bo Becker and Victoria Ivashina
We show that over the past half century innovative disruptions were central to understanding corporate defaults. In a given year, industries experiencing abnormally high VC or IPO activity subsequently see higher default rates, higher segment exits by conglomerates,...
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Becker, Bo, and Victoria Ivashina. "Disruption and Credit Markets." Journal of Finance 78, no. 1 (February 2023): 105–139.
- 2020
- Working Paper
Corporate Leadership and Creditor Recovery Rates: Evidence from Executive Gender
By: Clarissa Hauptmann, Syrena Shirley and Anywhere Sikochi
We examine the relationship between the gender of executives and corporate creditor recovery rates. Using 2,288 defaulted debt instruments, we find that female executives are associated with higher creditor recovery rates. Our findings are robust to tests that correct...
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Keywords:
Executive Gender;
Default;
Recovery Rates;
Debt;
Corporate Bonds;
Conservatism;
Leadership;
Gender;
Borrowing and Debt;
Bonds;
Risk Management
Hauptmann, Clarissa, Syrena Shirley, and Anywhere Sikochi. "Corporate Leadership and Creditor Recovery Rates: Evidence from Executive Gender." Harvard Business School Working Paper, No. 20-087, February 2020.
- Research Summary
Characteristics of Corporate Bond Transactions: Evolution Through Time and Across Liquidity (with George Chacko, Marti Subrahmanyam, and Jeffrey Sutthoff)
The US corporate bond market is one of the most opaque, illiquid markets for corporate securities. Large, comprehensive bond databases are scarce, making it difficult to formally study and understand bond trading behavior. In this paper, we use a unique database of...
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- Research Summary
What Makes the Bonding Stick? A Natural Experiment Testing the Legal Bonding Hypothesis
On March 29, 2010, the U.S. Supreme Court signaled its intention to geographically limit the reach of the U.S. securities antifraud regime and thus differentially exclude U.S.-listed foreign firms from the ambit of formal U.S. antifraud enforcement. We use this legal...
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- Article
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 analyzes 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;
Assets;
Bonds;
Investment Return;
Investment Portfolio;
Risk Management;
Insurance Industry
Becker, Bo, and Victoria Ivashina. "Reaching for Yield in the Bond Market." Journal of Finance 70, no. 5 (October 2015): 1863–1902.
- 15 Jun 2012
- Working Paper Summaries
Reaching for Yield in the Bond Market
Keywords:
by Bo Becker & Victoria Ivashina
- 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...
View Details
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)
Reaching for Yield in the Bond Market
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... View Details
- Research Summary
Corporate Bond Pricing and Different Sources of Asset Return Volatility (with George Chacko and Jens Hilscher)
This paper presents a pricing model for defaultable bonds. Default is defined by a cash flow, not value, covenant. The cash flow (total distributions) yield is stochastic. We find that different sources of volatility, cash flow versus discount rate news, affect...
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- 12 Jan 2017
- News
Bond Covenants and Skeptic Skepticism
- April 2004
- Tutorial
Yield Curves and Bond Ratings Tutorial
To preview this online product, Authorized Faculty can call our customer service department at 1-800-545-7685 or 617-783-7600. This online tutorial explains what drives the shape of the yield curve for traded debt securities. Also describes the metrics used by rating...
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- Web
TRACE - OTC Corporate Bond Transaction Data | Baker Library | Bloomberg Center | Harvard Business School
Databases TRACE - OTC Corporate Bond Transaction Data TRACE - OTC Corporate Bond Transaction Data Bookmark This TRACE - OTC View Details
- 03 Jan 2019
- Working Paper Summaries
Financing the Response to Climate Change: The Pricing and Ownership of US Green Bonds
- Fast Answer
Fixed Income Research: bond data, ratings, and reports
Research Topics Suggested Resources Bond data FactSet A comprehensive platform used to analyze financial data from global fixed income markets. Individual accounts needed. Please see More Info page for instructions on signing up...
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- 12 Nov 2014
- News
How to Make Corporate Boards More Effective
- 13 Aug 2021
- Research & Ideas
Managers, Here’s How to Bond with New Hires Remotely
productivity in a short amount of time,” the researchers write in their recent working paper Virtual Watercoolers: A Field Experiment on Virtual Synchronous Interactions and Performance of Organizational Newcomers. With corporate surveys...
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Keywords:
by Lane Lambert
- Article
The Value of Trading Relations in Turbulent Times
By: Marco Di Maggio, Amir Kermani and Zhaogang Song
This paper investigates how dealers’ trading relations shape their trading behavior in the corporate bond market. Dealers charge lower spreads to dealers with whom they have the strongest ties and more so during periods of market turmoil. Systemically important dealers...
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Keywords:
OTC Markets;
Network;
Corporate Bonds;
Crisis;
Intermediation Chains;
Leaning Against The Wind;
Networks;
Bonds;
Behavior;
Financial Crisis
Di Maggio, Marco, Amir Kermani, and Zhaogang Song. "The Value of Trading Relations in Turbulent Times." Journal of Financial Economics 124, no. 2 (May 2017): 266–284.
- 2013
- Working Paper
What Makes the Bonding Stick? A Natural Experiment Involving the U.S. Supreme Court and Cross-Listed Firms
By: Amir N. Licht, Christopher Poliquin, Jordan I. Siegel and Xi Li
On March 29, 2010, the U.S. Supreme Court signaled its intention to geographically limit the reach of the U.S. securities antifraud regime and thus differentially exclude U.S.-listed foreign firms from the ambit of formal U.S. antifraud enforcement. We use this legal...
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Keywords:
Crime and Corruption;
International Finance;
Investment;
Corporate Governance;
Governing Rules, Regulations, and Reforms;
Courts and Trials;
Legal Liability;
United States
Licht, Amir N., Christopher Poliquin, Jordan I. Siegel, and Xi Li. "What Makes the Bonding Stick? A Natural Experiment Involving the U.S. Supreme Court and Cross-Listed Firms." Harvard Business School Working Paper, No. 11-072, January 2011. (Revised August 2013.)
- 23 Apr 2014
- Working Paper Summaries
Corporate Financial Policies in Misvalued Credit Markets
- March 2018 (Revised April 2018)
- Case
Morgan Stanley: Building Long-Term Sustainability
By: Vikram S. Gandhi and Lynn Schenk
This case focuses on the 10-year journey of one of the world's largest global financial institutions developing a sustainability strategy and integrating it across all of its business units. The case provides a deep dive into the challenges and successes of trying to...
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Keywords:
Finance;
Sustainability;
Green Bonds;
ESG;
Environmental Sustainability;
Strategy;
Business Units;
Integration;
Financial Institutions
Gandhi, Vikram S., and Lynn Schenk. "Morgan Stanley: Building Long-Term Sustainability." Harvard Business School Case 318-103, March 2018. (Revised April 2018.)