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- Faculty Publications (63)
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All HBS Web
(309)
- Faculty Publications (63)
- April 2012
- Article
Bouncing Out of the Banking System: An Empirical Analysis of Involuntary Bank Account Closures
By: Dennis Campbell, F. Asis Martinez-Jerez and Peter Tufano
Using a new database, we document the factors that relate to the extent of involuntary consumer bank account closure resulting from excessive overdraft activity. Consumers who have accounts involuntarily closed for overdraft activity may have limited or no access to...
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Keywords:
Mathematical Methods;
Customers;
Social Issues;
Outcome or Result;
Budgets and Budgeting;
Forecasting and Prediction;
Competition;
Banks and Banking;
Policy;
Personal Characteristics;
Credit;
Employment;
United States
Campbell, Dennis, F. Asis Martinez-Jerez, and Peter Tufano. "Bouncing Out of the Banking System: An Empirical Analysis of Involuntary Bank Account Closures." Journal of Banking & Finance 36, no. 4 (April 2012): 1224–1235.
- Article
Credit Access and Social Welfare: The Rise of Consumer Lending in the United States and France
By: Gunnar Trumbull
Research into the causes of the 2008 financial crisis has drawn attention to a link between growing income inequality in the United States and high household indebtedness. Most accounts trace the U.S. idea of credit-as-welfare to the period of wage stagnation and...
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Keywords:
Household Finance;
Welfare State;
Credit;
Personal Finance;
Welfare;
Borrowing and Debt;
France;
United States
Trumbull, Gunnar. "Credit Access and Social Welfare: The Rise of Consumer Lending in the United States and France." Politics & Society 40, no. 1 (March 2012).
- March 2012
- Article
How to Make Finance Work
By: Robin Greenwood and David S. Scharfstein
Once a sleepy old boys' club, the U.S. financial sector is now a dynamic and growing business that attracts the best and the brightest. It is tempting to declare the industry a roaring success. But its purpose is to serve the needs of U.S. households and firms, and by...
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Keywords:
Business Ventures;
Value;
Competitive Advantage;
Investment;
Performance Evaluation;
Household;
Financial Crisis;
Finance;
Financial Services Industry;
United States
Greenwood, Robin, and David S. Scharfstein. "How to Make Finance Work." Harvard Business Review 90, no. 3 (March 2012).
- Fall 2011
- Article
A Brief Postwar History of U.S. Consumer Finance
By: Gunnar Trumbull and Peter Tufano
In this brief history of U.S. consumer finance since World War II, the sector is defined based on the functions delivered by firms in the form of payments, savings and investing, borrowing, managing risk, and providing advice. Evidence of major trends in consumption,...
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Keywords:
Consumer Finance;
Consumer Credit;
U.s. History;
Consumer Behavior;
Personal Finance;
Credit;
Trends;
History;
United States
Trumbull, Gunnar, and Peter Tufano. "A Brief Postwar History of U.S. Consumer Finance." Business History Review 85, no. 3 (Fall 2011): 461–498.
- Article
An Exploration of Optimal Stabilization Policy
By: N. Gregory Mankiw and Matthew C. Weinzierl
This paper examines the optimal response of monetary and fiscal policy to a decline in aggregate demand. The theoretical framework is a two-period general equilibrium model in which prices are sticky in the short-run and flexible in the long-run. Policy is evaluated by...
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Keywords:
Fiscal Policy;
Monetary Policy;
Economic Models;
Aggregate Demand;
Demand and Consumers;
Money;
Mathematical Methods;
Taxation;
Spending;
Policy;
Welfare;
Household;
Economic Slowdown and Stagnation
Mankiw, N. Gregory, and Matthew C. Weinzierl. "An Exploration of Optimal Stabilization Policy." Brookings Papers on Economic Activity (Spring 2011). (Also Harvard Business School Working Paper, No. 11-113, May 2011 and NBER Working Paper Series, No. 17029, May 2011.)
- 2010
- Working Paper
A Brief Postwar History of U.S. Consumer Finance
By: Andrea Ryan, Gunnar Trumbull and Peter Tufano
This article describes the consumer finance sector in the US since World War II. We first define the sector in terms of the functions delivered by firms (payments, savings/investing, borrowing, managing risk, and providing advice.) We provide time series evidence on...
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Keywords:
Decision Choices and Conditions;
Borrowing and Debt;
Mortgages;
Personal Finance;
Business History;
Innovation and Invention;
Risk and Uncertainty;
Financial Services Industry;
United States
Ryan, Andrea, Gunnar Trumbull, and Peter Tufano. "A Brief Postwar History of U.S. Consumer Finance." Harvard Business School Working Paper, No. 11-058, December 2010.
- September 2010 (Revised December 2010)
- Case
Santander Consumer Finance
By: J. Gunnar Trumbull, Elena Corsi and Andrew Barron
A Spanish company has to decide if they should expand into the fragmented European consumer finance market and has to make important organizational strategy decisions in the midst of the world economic downturn that followed the 2007 U.S. credit crunch. Since 2002, the...
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Keywords:
Borrowing and Debt;
Financial Markets;
International Finance;
Personal Finance;
Consolidation;
Corporate Strategy;
Expansion;
Financial Services Industry;
European Union;
Spain
Trumbull, J. Gunnar, Elena Corsi, and Andrew Barron. "Santander Consumer Finance." Harvard Business School Case 711-015, September 2010. (Revised December 2010.)
- 2010
- Other Unpublished Work
Is High School the Right Time to Teach Self-control? The Effect of Financial Education and Mathematics Courses on Savings Behavior
By: Shawn A. Cole and Gauri Kartini Shastry
Household financial behavior affects household welfare and the economy at large. Yet our understanding of how to improve financial decisions is limited. Recent literature and policy attention have focused on financial education, for example, in high school. We use...
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Keywords:
Saving;
Financial Management;
Secondary Education;
Behavior;
Decision Choices and Conditions;
Personal Finance;
Household
Cole, Shawn A., and Gauri Kartini Shastry. "Is High School the Right Time to Teach Self-control? The Effect of Financial Education and Mathematics Courses on Savings Behavior." June 2010.
- October 2008 (Revised September 2009)
- Case
Consumer Lending in Japan: Citi CFJ (A)
By: J. Gunnar Trumbull and Akiko Kanno
Despite a tradition of high household savings, Japan has supported a dynamic and technically sophisticated consumer-lending sector. The high profitability of the sector has periodically attracted interest from domestic banks as well as international investors. Most...
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Keywords:
Mergers and Acquisitions;
Financing and Loans;
Foreign Direct Investment;
Personal Finance;
Courts and Trials;
Business and Government Relations;
Banking Industry;
Japan
Trumbull, J. Gunnar, and Akiko Kanno. "Consumer Lending in Japan: Citi CFJ (A)." Harvard Business School Case 709-017, October 2008. (Revised September 2009.)
- 2008
- Working Paper
Just Keep My Money! Supporting Tax-time Savings with U.S. Savings Bonds
By: Peter Tufano
This paper reports the results of a 2007 experiment testing if specific process simplification can foster increased take-up rates for savings products, particularly by low-to-moderate income (LMI) households. Tax refund recipients at certain H&R Block tax preparation...
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Tufano, Peter. "Just Keep My Money! Supporting Tax-time Savings with U.S. Savings Bonds." Harvard Business School Working Paper, No. 09-059, October 2008. (Revised August 2010.)
- Article
The Effect of Dividends on Consumption
By: Malcolm Baker, Stefan Nagel and Jeffrey Wurgler
Classical models predict that the division of stock returns into dividends and capital appreciation does not affect investor consumption patterns, while mental accounting and other economic frictions predict that investors have a higher propensity to consume from...
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Keywords:
Investment;
Investment Return;
Economics;
Stocks;
Capital;
Business Earnings;
Investment Portfolio;
Investment Funds;
Cost;
Saving
Baker, Malcolm, Stefan Nagel, and Jeffrey Wurgler. "The Effect of Dividends on Consumption." Brookings Papers on Economic Activity, no. 1 (2007): 277–291.
- 2006
- Working Paper
The Effect of Dividends on Consumption
By: Malcolm Baker, Stefan Nagel and Jeffrey Wurgler
Classical models predict that the division of stock returns into dividends and capital appreciation does not affect investor consumption patterns, while mental accounting and other economic frictions predict that investors have a higher propensity to consume from stock...
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Baker, Malcolm, Stefan Nagel, and Jeffrey Wurgler. "The Effect of Dividends on Consumption." NBER Working Paper Series, No. 12288, June 2006. (First Draft in 2005.)
- September 2003 (Revised January 2004)
- Case
Alessi: Evolution of an Italian Design Factory (A)
By: Youngme E. Moon, Vincent Dessain and Anders Sjoman
Alessio Alessi, head of distribution at family-run Alessi S.p.A., is facing price and brand confusion among customers and is considering reorganizing Alessi's worldwide network of distributors. By describing the challenges facing Alessi, an internationally acclaimed...
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Keywords:
Family Business;
Transition;
Cost Management;
Brands and Branding;
Product Positioning;
Distribution;
Production;
Problems and Challenges;
Networks;
Consumer Products Industry
Moon, Youngme E., Vincent Dessain, and Anders Sjoman. "Alessi: Evolution of an Italian Design Factory (A)." Harvard Business School Case 504-018, September 2003. (Revised January 2004.)
- August 1999 (Revised January 2002)
- Case
Brita Products Company, The
By: John A. Deighton
Clorox's Brita skillfully exploits a tide of water safety concerns, growing a home water (filtration) business from inception to a 15% U.S. household penetration in ten years. The dilemma in the case arises as the period of increasing returns seems to be drawing to a...
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Keywords:
Customer Value and Value Chain;
Acquisition;
Retention;
Safety;
Natural Environment;
Emerging Markets;
Investment Return;
Equity;
Demand and Consumers;
United States
Deighton, John A. "Brita Products Company, The." Harvard Business School Case 500-024, August 1999. (Revised January 2002.) (request a courtesy copy.)
- August 1992 (Revised July 2013)
- Case
ChemBright, Inc.
ChemBright is a small start-up company that manufactures private-label household chemicals. The company sells its products to grocery chains in the New England area. Its strategy is based on a significant logistics-based cost advantage. The primary case decisions are...
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Keywords:
Price;
Growth and Development Strategy;
Logistics;
Competition;
Competitive Advantage;
Chemical Industry;
New England
Hammond, Janice H. "ChemBright, Inc." Harvard Business School Case 693-026, August 1992. (Revised July 2013.)
- Forthcoming
- Article
Financial Innovation in the 21st Century: Evidence from U.S. Patents
By: Josh Lerner, Amit Seru, Nick Short and Yuan Sun
We develop a unique dataset of 24 thousand U.S. finance patents granted over the last two decades to explore the evolution and production of financial innovation. We use machine learning to identify the financial patents and extensively audit the results to ensure...
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Keywords:
Banking;
Investment Banks;
Information Technology;
Regulation;
Patents;
Innovation and Invention;
Trends
Lerner, Josh, Amit Seru, Nick Short, and Yuan Sun. "Financial Innovation in the 21st Century: Evidence from U.S. Patents." Journal of Political Economy (forthcoming). (Pre-published online.)
- Teaching Interest
Overview
By: Peter Tufano
At HBS in 2022-23, Tufano is designing and will teach a new multi-school doctoral course, The Financial Economics of Climate and Sustainability. This novel course, taught with professors from Yale, Columbia, Stanford, Texas, Imperial, and Oxford features leading...
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- Research Summary
Overview
By: John Beshears
In his research, Professor Beshears shows how managers can influence the behavior of customers and employees by changing the decision-making environment to call attention to a decision, to use psychological framing to shape assessments of options, or to help...
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- Research Summary
Overview
By: Olivia S. Kim
My research examines how firms and households make financial decisions, with a focus on the role of the family. My work evaluates how financial regulations shape credit and consumption disparities within the household and the extent to which business owners' family...
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- Research Summary
Overview
By: Peter Tufano
Tufano’s research has focused on financial innovation and financial engineering—and for more than two decades, household finance. While he continues to study these topics, his current primary research is on corporate duties and climate finance. On corporate duties,...
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