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Publications

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  • All HBS Web  (29)
    • Faculty Publications  (10)

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    • All HBS Web  (29)
      • Faculty Publications  (10)

      OTC Markets Remove OTC Markets →

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      • February 2023
      • Article

      OTC Intermediaries

      By: Andrea L. Eisfeldt, Bernard Herskovic, Sriram Rajan and Emil Siriwardane
      We study the effect of dealer exit on prices and quantities in a model of an over-the-counter (OTC) market featuring a core-periphery network with bilateral trading costs. The model is calibrated using regulatory data on the entire U.S. credit default swap (CDS) market...  View Details
      Keywords: OTC Markets; Intermediaries; Dealers; Credit Default Swaps; Risk Sharing; Financial Markets; Networks; Price; Risk and Uncertainty
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      Eisfeldt, Andrea L., Bernard Herskovic, Sriram Rajan, and Emil Siriwardane. "OTC Intermediaries." Review of Financial Studies 36, no. 2 (February 2023): 615–677.
      • 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...  View Details
      Keywords: OTC Markets; Intermediaries; Dealers; Credit Default Swaps; Risk Sharing; Networks; Price; Risk and Uncertainty
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      Eisfeldt, Andrea L., Bernard Herskovic, Sriram Rajan, and Emil Siriwardane. "OTC Intermediaries." Working Paper, August 2018.
      • 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...  View Details
      Keywords: OTC Markets; Network; Corporate Bonds; Crisis; Intermediation Chains; Leaning Against The Wind; Networks; Bonds; Behavior; Financial Crisis
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      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.
      • January 2017
      • Supplement

      Bayer AG: Bidding to Win Merck's OTC Business

      By: Benjamin C. Esty, Marc Baaij and Arjen Mulder
      Keywords: Acquisition; Bidding Strategy; Valuing Synergies; Negotiations; Corporate Strategy; Business Unit Strategy; Bidding Process; Discounted Cash Flow; Cross-border M&A; Tax Shields; Valuation; Competitive Strategy; Auctions; Germany; United States; United Kingdom
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      Esty, Benjamin C., Marc Baaij, and Arjen Mulder. "Bayer AG: Bidding to Win Merck's OTC Business." Harvard Business School Spreadsheet Supplement 217-705, January 2017.
      • January 2017
      • Case

      Bayer AG: Bidding to Win Merck's OTC Business

      By: Benjamin C. Esty, Marc Baaij and Arjen Mulder
      Shortly after submitting their best and final offer to acquire Merck's Consumer Care Division (a collection of "over-the-counter" (OTC) products with sales totaling $2 billion), the Bayer M&A team was given a chance to revise their bid because another potential...  View Details
      Keywords: Acquisition; Bidding Strategy; Valuing Synergies; Negotiations; Corporate Strategy; Business Unit Strategy; Bidding Process; Discounted Cash Flow; Cross-border M&A; Tax Shields; Valuation; Competitive Strategy; Auctions; Bids and Bidding; Germany; United States; United Kingdom
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      Esty, Benjamin C., Marc Baaij, and Arjen Mulder. "Bayer AG: Bidding to Win Merck's OTC Business." Harvard Business School Case 217-021, January 2017.
      • August 2011
      • Teaching Note

      Lessons Learned? Brooksley Born & the OTC Derivatives Market (TN) (A) and (B)

      By: Clayton Rose and Sally Canter Ganzfried
      Teaching Note for 311-044 and 311-070.  View Details
      Keywords: Governing Rules, Regulations, and Reforms; Trade; Financial Crisis; Markets
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      Rose, Clayton, and Sally Canter Ganzfried. "Lessons Learned? Brooksley Born & the OTC Derivatives Market (TN) (A) and (B)." Harvard Business School Teaching Note 312-051, August 2011.
      • November 2010
      • Case

      Lessons Learned? Brooksley Born & the OTC Derivatives Market (A)

      By: Clayton S. Rose and David Lane
      On May 7, 1998, the U.S. Commodity Futures Trading Commission, chaired by Brooksley Born, issued a "Concept Release" inviting public comment on the relevance and appropriateness of existing regulation of the over-the-counter (OTC) derivatives market, a market with a...  View Details
      Keywords: Financial Crisis; Credit Derivatives and Swaps; Governing Rules, Regulations, and Reforms; Policy; Business and Government Relations; Financial Services Industry; Public Administration Industry; District of Columbia
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      Rose, Clayton S., and David Lane. "Lessons Learned? Brooksley Born & the OTC Derivatives Market (A)." Harvard Business School Case 311-044, November 2010.
      • November 2010
      • Supplement

      Lessons Learned? Brooksley Born & the OTC Derivatives Market (B)

      By: Clayton S. Rose and David Lane
      This (B) case provides the 2009 reflections of former SEC Chairman Arthur Levitt on CFTC Chairman Brooksley Born's 1998 efforts to consider regulating the OTC derivative market. It also provides a summary of the aspects of the 2010 Dodd-Frank Act that regulate these...  View Details
      Keywords: Financial Crisis; Credit Derivatives and Swaps; Governing Rules, Regulations, and Reforms; Policy; Government Legislation; Business and Government Relations; Financial Services Industry; Public Administration Industry; District of Columbia
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      Rose, Clayton S., and David Lane. "Lessons Learned? Brooksley Born & the OTC Derivatives Market (B)." Harvard Business School Supplement 311-070, November 2010.
      • August 2003 (Revised July 2023)
      • Case

      Fighting the Battle of the Bulge—Evaluating Do Good/Do Well Innovations in Morbid Obesity Treatment

      By: Regina E. Herzlinger and John McDonough
      What can Dr. Dean Ornish learn from the successes and failures of his competitors in ameliorating morbid obesity to create a business model that will “do good” by combatting obesity and associated chronic diseases and “do well” by growing a widely adopted business?...  View Details
      Keywords: Three Pillars; Industry Analysis; Health Disorders; Health Care and Treatment; Innovation and Invention; Business Model; Analysis; Innovation and Management; Medical Specialties; Health Industry
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      Herzlinger, Regina E., and John McDonough. "Fighting the Battle of the Bulge—Evaluating Do Good/Do Well Innovations in Morbid Obesity Treatment." Harvard Business School Case 304-009, August 2003. (Revised July 2023.)
      • Research Summary

      Overview

      By: Charlotte L. Robertson
      Professor Robertson conducts research on the history of financial markets. Her book manuscript and working papers shed light on the evolution of securities markets and the relationship between finance, governance, and society. Some of the topics she pursues include:...  View Details
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