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- All HBS Web (27)
- Faculty Publications (4)
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- 01 Jun 2018
- News
Action Plan: Horse Sense
the yearling sales and creates “racing partnerships” for interested investors who want a piece of the action at a fraction of the cost. +SKYDECK Finley describes how a West Point horse won the 2017 Kentucky Derby +SKYDECK Finley describes...
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- 1999
- Chapter
The Horse Race Between Capital and Opportunity
Sahlman, William A. "The Horse Race Between Capital and Opportunity." Chap. 18 in The Entrepreneurial Venture. 2nd ed. by William A. Sahlman, Howard H. Stevenson, Michael J Roberts, and Amar V. Bhide, 335–350. Harvard Business School Press, 1999.
- 2005
- Working Paper
Nominal versus Indexed Debt: A Quantitative Horse Race
By: Laura Alfaro and Fabio Kanczuk
The main arguments in favor of and against nominal and indexed debt are the incentive to default through inflation versus hedging against unforeseen shocks. We model and calibrate these arguments to assess their quantitative importance. We use a dynamic equilibrium...
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Keywords:
Borrowing and Debt;
Taxation;
Risk and Uncertainty;
Inflation and Deflation;
System Shocks;
Developing Countries and Economies;
Mathematical Methods
Alfaro, Laura, and Fabio Kanczuk. "Nominal versus Indexed Debt: A Quantitative Horse Race." Harvard Business School Working Paper, No. 05-053, January 2005. (Revised March 2010. Also NBER Working Paper No. 13131.)
- December 2010
- Article
Nominal versus Indexed Debt: A Quantitative Horse Race
By: Laura Alfaro and Fabio Kanczuk
The main arguments in favor of and against nominal and indexed debt are the incentive to default through inflation versus hedging against unforeseen shocks. We model and calibrate these arguments to assess their quantitative importance. We use a dynamic equilibrium...
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Keywords:
Borrowing and Debt;
Motivation and Incentives;
Inflation and Deflation;
System Shocks;
Taxation;
Risk and Uncertainty;
Framework;
Problems and Challenges;
Interest Rates;
Cost;
Developing Countries and Economies;
Service Operations
Alfaro, Laura, and Fabio Kanczuk. "Nominal versus Indexed Debt: A Quantitative Horse Race." Journal of International Money and Finance 29, no. 8 (December 2010): 1706–1726. (Also Harvard Business School Working Paper No. 05-053 and NBER Working Paper No. 13131.)
- Research Summary
Nominal versus Indexed Debt: A Quantitative Horse Race (joint with Fabio Kanczuk)
By: Laura Alfaro
There are different arguments in favor and against nominal and indexed debt which broadly include the incentive to default through inflation versus hedging against unforeseen shocks. We model these arguments and calibrate the model to assess the quantitative importance...
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- 04 May 2018
- News
How to Win the Kentucky Derby
Subscribe on iTunes Subscribe on SoundCloud More Skydeck episodes Terry Finley turns race horses into investment opportunities. As president and CEO of West Point Thoroughbreds in Saratoga Springs, New York,...
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Keywords:
horse racing
- 22 May 2017
- News
Two On-Track Investments
Photo via the Baltimore Sun Photo via the Baltimore Sun There are no sure bets in Thoroughbred racing—but for many, the thrill of watching a horse thundering down the track far outweighs the risk of loss, whether the stake is a $2 bet or...
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- 01 Mar 2005
- News
In the Blood
choice is horse racing, not baseball, and the heroes are mostly of the four-footed variety. Just across the road is Keeneland, a sprawling auction and racing complex where Robert Clay (OPM 4, 1980) recently...
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- 09 Nov 2022
- News
Part Ownership of a Dream
Terry Finley (OPM 45, 2014) has been in the winner’s circle of more than a few race tracks. Founder and CEO of West Point Thoroughbreds, Finley even won the 2017 Kentucky Derby with his partial ownership of Always Dreaming (an experience...
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- 28 Apr 2014
- Working Paper Summaries
Payout Policy
- 18 Apr 2023
- Research & Ideas
The Best Person to Lead Your Company Doesn't Work There—Yet
cumulative 22 percent and an annualized 5 percent, the authors note. And CEOs of PE-funded companies receive lucrative incentives that can include up to 10 percent of equity upside, a way to take a cut of future returns. The best horse...
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- Web
Past Issues - Alumni
innovation In Review Nitin Nohria reflects on his decade at the helm—and how the School has coped with the pandemic Complete Table of Contents September 2020 The Race for a Vaccine As the world watches—and waits—Moderna and other vaccine...
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- 01 Dec 2022
- News
My First Job
Edited by Jen McFarland Flint; illustrations by Ross MacDonald Here’s the humbling truth: no matter how high your career soars, how many awards you win or companies you sell or differences you make in this world, everyone has to start somewhere. And in those first...
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- 20 Jun 2008
- News
Risk and Reward
Like many horse racing fans, I was disappointed when Big Brown met defeat at the Belmont Stakes on Saturday, June 7. After the bay colt’s impressive wins in the Kentucky Derby and Preakness, railbirds were...
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- 01 Dec 2003
- News
Acing Reality
stadium in Arizona while deciphering a tricky clue, and biked and jogged to the finish line” (Boston Herald, August 23, 2003). The race was grueling — USA Today described their defining moment as being when “Chip and Reichen View Details
- 01 Sep 2011
- News
Just Doing His Job
industry in a varied portfolio of investments (Thoroughbred horse racing and breeding are a special interest) for a man who has made a reputation based on “his philanthropy, a keen intellect, and a tough...
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- 01 Sep 2007
- News
Riding It Out
An ailing horse and an overweight Labrador retriever provided the inspiration for Becky Minard and Paal Gisholt (both MBA ’93) to launch SmartPak, a business that provides nutritional supplements, dog food, and supplies to customers...
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- 20 Aug 2020
- Blog Post
Being patients compelled us. Sequoia inspired us. HBS sustained us.
started treatment to add members to our family, not take them away. We’d been to three clinics, in two states, and felt beaten by a process that had dented our confidence, our marriage and our savings. As we raced to the hospital, we...
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- 01 Mar 2008
- News
Avoiding a Succession Crisis
status. Even among those CEOs who plan for succession, some manage in such an imperial fashion that the potential successors wither in their shade. And in their heart of hearts, some CEOs fear being surpassed. Many companies think a horse...
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- 11 Jun 2014
- Research & Ideas
In the Future of Sports Investing, Media Is the Best Bet
For sports fans, this time of year is like a chocolate addict's free pass to Willy Wonka's factory. Horse racing's Triple Crown. The National Basketball Association and National Hockey League championship playoffs. And next up, the most...
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