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- Faculty Publications (143)
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- All HBS Web (411)
- Faculty Publications (143)
Robert C. Merton
Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management.
Merton is University Professor Emeritus at Harvard University and was the George Fisher Baker Professor of...
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- March 2005 (Revised January 2006)
- Case
Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures
By: Mihir A. Desai and Mark Veblen
How should a multinational firm manage foreign exchange exposures? Examines transactional and translational exposures and alternative responses to these exposures by analyzing two specific hedging decisions by General Motors. Describes General Motors' corporate hedging...
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Keywords:
Multinational Firms and Management;
Currency Exchange Rate;
Expansion;
Credit Derivatives and Swaps;
Financial Management;
Investment Funds;
Risk and Uncertainty;
International Finance;
Auto Industry
Desai, Mihir A., and Mark Veblen. "Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures." Harvard Business School Case 205-095, March 2005. (Revised January 2006.)
- February 1997 (Revised July 1997)
- Case
Enron Corp.: - Credit Sensitive Notes
This case investigates an innovative bond issue by Enron. The coupon on the bond is indexed to the company's credit rating, making it a credit derivative structure.
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Das, Sanjiv R., and Stephen E. Lynagh. "Enron Corp.: - Credit Sensitive Notes." Harvard Business School Case 297-099, February 1997. (Revised July 1997.)
- 06 Apr 2021
- Working Paper Summaries
Currency Hedging in Emerging Markets: Managing Cash Flow Exposure
- 15 Aug 2006
- First Look
First Look: August 15, 2006
financial markets change the interaction between banks and corporations? This paper compares the importance of interlocking boards of directors between corporations and banks in Brazil, Mexico, and the United States circa 1909. The...
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Keywords:
Sean Silverthorne
- September 2011
- Article
Information Risk and Fair Value: An Examination of Equity Betas
By: Edward J. Riedl and George Serafeim
Using a sample of U.S. financial institutions, we exploit recent mandatory disclosures of financial instruments designated as fair value level 1, 2, and 3 to test whether greater information risk in financial instrument fair values leads to higher cost of capital. We...
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Keywords:
Forecasting and Prediction;
Assets;
Cost of Capital;
Financial Institutions;
Financial Instruments;
Corporate Disclosure;
Information;
Risk and Uncertainty;
Value;
United States
Riedl, Edward J., and George Serafeim. "Information Risk and Fair Value: An Examination of Equity Betas." Journal of Accounting Research 49, no. 4 (September 2011): 1083–1122.
- 08 Jun 2017
- News
Behavioral ‘Nudges’ Offer a Cost-Effective Policy Tool
- January 2016 (Revised November 2019)
- Case
Blackstone at Age 30
By: Josh Lerner, John D. Dionne and Amram Migdal
Since its IPO in 2007 and following the global financial crisis, Blackstone largely outpaced its alternative investment firm peers in assets under management, new business launches, profitability, and market capitalization. Under the leadership of Stephen A....
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Keywords:
Business Growth and Maturation;
Asset Management;
Private Equity;
Financial Services Industry;
New York (city, NY)
Lerner, Josh, John D. Dionne, and Amram Migdal. "Blackstone at Age 30." Harvard Business School Case 816-013, January 2016. (Revised November 2019.)
- September 2006 (Revised November 2007)
- Exercise
Market Making Exercise
By: Malcolm P. Baker
Students make a market in a new security, posting bid and offer prices and quantities for a new derivative security.
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Baker, Malcolm P. "Market Making Exercise." Harvard Business School Exercise 207-033, September 2006. (Revised November 2007.)
- March 2006
- Case
Bringing OTC back to the Exchange: Euronext.liffe's launch of ABC
Euronex.liffe, a derivatives trading exchange, launches matching, clearing, and confirmation services for the over-the-counter market. This combination of services creates a new platform for a market that potentially cannibalizes its current exchange-based services. Is...
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Cantillon, Estelle S., and Pai-Ling Yin. "Bringing OTC back to the Exchange: Euronext.liffe's launch of ABC." Harvard Business School Case 706-489, March 2006.
- March 2008
- Course Overview Note
Dynamic Markets
By: Joshua D. Coval and Erik Stafford
The Dynamic Markets course at Harvard Business School is organized around the hands-on application of financial decision making in a wide variety of capital market settings. The course relies heavily on in-class simulations of a range of market settings where students...
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- 2020
- Working Paper
Building the Professional Firm: McKinsey & Co.: 1939-1968
By: Amar Bhidé
This case history analyzes how the founders of McKinsey & Co. built one of the world's leading management consulting firms by developing a “system” of professional norms, approach to serving clients, personnel policies, organization, governance, and ownership. The...
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Keywords:
McKinsey & Co.;
Company History;
Professional Norms;
Vision;
Organizations;
Business History;
Business Model;
Strategy;
Consulting Industry
Bhidé, Amar. "Building the Professional Firm: McKinsey & Co.: 1939-1968." Harvard Business School Working Paper, No. 95-010, January 1995. (Revised July 2020.)
- Research Summary
Overview
By: Frank Nagle
Professor Nagle studies how competitors can collaborate on the creation of core technologies, while still competing on the products and services built on top of them. His research falls into the broader categories of the futures of work, the economics of IT, and...
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- Research Summary
Behavioral Hazard and Public Policy
It is well recognized that people overuse low-value medical care due to moral hazard—because copays are lower than costs. Now Professor Schwartzstein has introduced the concept of “behavioral hazard” to explain the opposite: people underuse high-value care because... View Details
- May 2005 (Revised January 2006)
- Background Note
Note on Forward Contracts and Swaps
Introduces forward contracts and derives graphically through basic arbitrage principles the spot-forward parity. Introduces swap contracts as simply a portfolio of forward contracts. Also covers briefly the mathematics behind swaps as an extension of spot-forward...
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Keywords:
Financial Instruments
Chacko, George C., Peter A. Hecht, Vincent Dessain, and Anders Sjoman. "Note on Forward Contracts and Swaps." Harvard Business School Background Note 205-118, May 2005. (Revised January 2006.)
- February 1994 (Revised July 2008)
- Case
Banc One Corporation: Asset and Liability Management
By: Benjamin C. Esty, Peter Tufano and Jon Headley
Banc One's share price has been falling recently due to analyst and investor concern over the bank's heavy use of interest rate derivatives. Dick Lodge, chief investment officer in charge of the bank's investment and derivative portfolio, must recommend to the CEO a...
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Keywords:
Credit Derivatives and Swaps;
Financial Management;
Interest Rates;
Investment Portfolio;
Governance Controls;
Risk Management;
Banking Industry
Esty, Benjamin C., Peter Tufano, and Jon Headley. "Banc One Corporation: Asset and Liability Management." Harvard Business School Case 294-079, February 1994. (Revised July 2008.)
- 2010
- Working Paper
Prosocial Spending and Well-Being: Cross-Cultural Evidence for a Psychological Universal
By: Lara B. Aknin, Christopher P. Barrington-Leigh, Elizabeth W. Dunn, John F. Helliwell, Robert Biswas-Diener, Imelda Kemeza, Paul Nyende, Claire Ashton-James and Michael I. Norton
This research provides the first support for a possible psychological universal: human beings around the world derive emotional benefits from using their financial resources to help others (prosocial spending). Analyzing survey data from 136 countries, we show that...
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Keywords:
Spending;
Philanthropy and Charitable Giving;
Happiness;
Motivation and Incentives;
Welfare;
Uganda;
Canada
Aknin, Lara B., Christopher P. Barrington-Leigh, Elizabeth W. Dunn, John F. Helliwell, Robert Biswas-Diener, Imelda Kemeza, Paul Nyende, Claire Ashton-James, and Michael I. Norton. "Prosocial Spending and Well-Being: Cross-Cultural Evidence for a Psychological Universal." Harvard Business School Working Paper, No. 11-038, September 2010.
- 2018
- Working Paper
OTC Intermediaries
By: Andrea L. Eisfeldt, Bernard Herskovic, Sriram Rajan and Emil Siriwardane
Over-the-counter (OTC) markets for financial assets are dominated by a relatively small number of core intermediaries and a large number of peripheral customers. In this paper, we develop a model of trade in a core-periphery network and estimate its key structural...
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Keywords:
OTC Markets;
Intermediaries;
Dealers;
Credit Default Swaps;
Risk Sharing;
Networks;
Price;
Risk and Uncertainty
Eisfeldt, Andrea L., Bernard Herskovic, Sriram Rajan, and Emil Siriwardane. "OTC Intermediaries." Working Paper, August 2018.
- March 2005 (Revised December 2005)
- Case
Morgan Stanley and TRAC-X: The Battle for the CDS Indexes Market
Morgan Stanley's credit derivatives business, specifically its collateralized debt obligation (CDO) business, has been hugely successful. One of its leading offerings is the TRAC-X product, jointly created and marketed by Morgan Stanley and JP Morgan. However, a new...
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Keywords:
Credit Derivatives and Swaps;
Product;
Competition;
Capital Markets;
Financial Services Industry
Chacko, George C., Vincent Dessain, Anders Sjoman, Leonie Maruani, and Kate Hao. "Morgan Stanley and TRAC-X: The Battle for the CDS Indexes Market." Harvard Business School Case 205-075, March 2005. (Revised December 2005.)
- January 2008
- Background Note
Collateralized Debt Obligations (CDOs)
By: Joshua Coval and Erik Stafford
This lesson integrated Merton's (1974) contingent claims model of debt and equity claims with the CAPM, which allows us to examine the risks and pricing of credit portfolios and the derivative claims issued against them. In particular, this model is used to make...
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Keywords:
Decision Choices and Conditions;
Borrowing and Debt;
Credit Derivatives and Swaps;
Investment Portfolio;
Risk Management
Coval, Joshua, and Erik Stafford. "Collateralized Debt Obligations (CDOs)." Harvard Business School Background Note 208-113, January 2008.