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- Faculty Publications (85)
- 2008
- Working Paper
Financial Development, Bank Ownership, and Growth. Or, Does Quantity Imply Quality?
By: Shawn A. Cole
In 1980, India nationalized its large private banks. This induced different bank ownership patterns across different towns, allowing credible identification of the effects of bank ownership on financial development, lending rates, and the quality of intermediation, as...
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Keywords:
Economic Growth;
Credit;
Banks and Banking;
Interest Rates;
State Ownership;
Private Ownership;
Banking Industry;
India
Cole, Shawn A. "Financial Development, Bank Ownership, and Growth. Or, Does Quantity Imply Quality?" Harvard Business School Working Paper, No. 09-002, July 2008.
- January 2008
- Background Note
Convertible Arbitrage
By: Joshua Coval and Erik Stafford
The goal of this simulation is to understand how convertible bonds can be viewed as a portfolio of simpler securities and to introduce an over-the-counter market. The convertible bonds that are available during the simulation are at-the-money and in-the-money so that...
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Coval, Joshua, and Erik Stafford. "Convertible Arbitrage." Harvard Business School Background Note 208-116, January 2008.
- September 2007
- Case
Tetra Pak Argentina
By: Tarun Khanna, Krishna G. Palepu and Gustavo A. Herrero
Deals with the hands-on management of a difficult situation facing the subsidiary of a multinational corporation (Tetra Pak) in a developing country (Argentina). The situation arises from a major economic, social, and institutional breakdown that jeopardizes the...
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Keywords:
Developing Countries and Economies;
Financial Crisis;
Currency Exchange Rate;
Sovereign Finance;
Multinational Firms and Management;
Crisis Management;
Business and Government Relations;
Argentina
Khanna, Tarun, Krishna G. Palepu, and Gustavo A. Herrero. "Tetra Pak Argentina." Harvard Business School Case 708-402, September 2007.
- August 2006
- Article
Confidence Intervals for Probabilities of Default
By: Samuel G. Hanson and Til Schuermann
In this paper we conduct a systematic comparison of confidence intervals around estimated probabilities of default (PD) using several analytical approaches as well as parametric and nonparametric bootstrap methods. We do so for two different PD estimation...
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Hanson, Samuel G., and Til Schuermann. "Confidence Intervals for Probabilities of Default." Journal of Banking & Finance 30, no. 8 (August 2006).
- June 2006 (Revised February 2007)
- Teaching Note
Private Capital and Public Policy: Standard & Poor's Sovereign Credit Ratings (TN)
By: Rawi E. Abdelal
- spring 2006
- Article
All's Fair in Love, War, & Bankruptcy: Corporate Governance Implications of CEO Turnover in Financial Distress
Prior discussions of management turnover during financial distress have examined bankrupt and non-bankrupt firms as distinct groupings with little overlap. Separately investigating rates of turnover in-bankruptcy and out-of-bankruptcy, without a direct comparison...
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Keywords:
CEO Turnover;
Bankruptcy;
Restructuring;
Shadow Of Bankruptcy;
Borrowing and Debt;
Credit;
Financing and Loans;
Corporate Governance;
Finance;
Theory;
Markets;
United States
Bernstein, Ethan S. "All's Fair in Love, War, & Bankruptcy: Corporate Governance Implications of CEO Turnover in Financial Distress." Stanford Journal of Law, Business & Finance 11, no. 2 (spring 2006): 299–325.
- March 2005 (Revised March 2006)
- Case
Foreign Exchange Hedging Strategies at General Motors: Competitive Exposures
By: Mihir A. Desai and Mark Veblen
How can a multinational firm analyze and manage currency risks that arise from competitive exposures? General Motors has a substantial competitive exposure to the Japanese yen. Although the risks GM faces from the depreciating yen are widely acknowledged, the company's...
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Keywords:
Multinational Firms and Management;
Currency Exchange Rate;
Competition;
Credit Derivatives and Swaps;
International Finance;
Financial Management;
Investment Funds;
Risk and Uncertainty;
Auto Industry
Desai, Mihir A., and Mark Veblen. "Foreign Exchange Hedging Strategies at General Motors: Competitive Exposures." Harvard Business School Case 205-096, March 2005. (Revised March 2006.)
- 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.)
- January 2005 (Revised October 2005)
- Case
Private Capital and Public Policy: Standard & Poor's Sovereign Credit Ratings
By: Rawi E. Abdelal and Christopher Bruner
Describes Standard & Poor's sovereign credit ratings business. Provides background on the history of credit ratings agencies, the meaning of credit ratings, the expansion of the sovereign ratings business over recent decades, and the market for credit ratings. Also,...
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Keywords:
Sovereign Finance;
History;
Policy;
Business and Government Relations;
International Finance;
Country;
Globalized Economies and Regions;
Decision Choices and Conditions;
Capital Markets;
Debates;
Financial Services Industry;
United States
Abdelal, Rawi E., and Christopher Bruner. "Private Capital and Public Policy: Standard & Poor's Sovereign Credit Ratings." Harvard Business School Case 705-026, January 2005. (Revised October 2005.)
- January 2005 (Revised October 2005)
- Background Note
Standard & Poor's Sovereign Credit Ratings: Scales and Process
By: Rawi E. Abdelal and Christopher Bruner
Describes Standard & Poor's sovereign credit ratings scales and the credit rating process. In particular, describes the role and function of the rating committee and the analytical categories considered in arriving at a final sovereign credit rating.
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Keywords:
Financial Markets;
Credit;
Bonds;
Policy;
Risk and Uncertainty;
Measurement and Metrics;
Forecasting and Prediction;
Financial Services Industry
Abdelal, Rawi E., and Christopher Bruner. "Standard & Poor's Sovereign Credit Ratings: Scales and Process." Harvard Business School Background Note 705-027, January 2005. (Revised October 2005.)
- September 2004 (Revised May 2006)
- Case
Bohemian Crowns: Ceskoslovenska Obchodni Banka (A)
By: Rawi E. Abdelal, Vincent Dessain and Monika Stachowiak
Tells the story of the Czech transition from a centrally planned to a free market economy, describing the first economic reforms, the fixed-exchange rate regime, and the voucher privatization. Also explains why, in the middle of the 1990s, the Czech Republic...
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Keywords:
History;
Currency Exchange Rate;
Credit;
Government Administration;
Decisions;
Economic Systems;
Expansion;
Mergers and Acquisitions;
Developing Countries and Economies;
Banks and Banking;
Banking Industry;
Czech Republic
Abdelal, Rawi E., Vincent Dessain, and Monika Stachowiak. "Bohemian Crowns: Ceskoslovenska Obchodni Banka (A)." Harvard Business School Case 705-007, September 2004. (Revised May 2006.)
- September 2004 (Revised February 2007)
- Case
Hedging Currency Risks at AIFS
By: Mihir A. Desai, Vincent Dessain and Anders Sjoman
The American Institute for Foreign Studies (AIFS) organizes study abroad programs and cultural exchanges for American students. The firm's revenues are mainly in U.S. dollars, but most of its costs are in eurodollars and British pounds. The company's controllers review...
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Keywords:
Foreign Direct Investment;
Investment Funds;
Financial Strategy;
Forecasting and Prediction;
Revenue;
Credit Derivatives and Swaps;
Currency;
Currency Exchange Rate;
Education Industry;
North and Central America
Desai, Mihir A., Vincent Dessain, and Anders Sjoman. "Hedging Currency Risks at AIFS." Harvard Business School Case 205-026, September 2004. (Revised February 2007.)
- January 2004 (Revised November 2006)
- Case
Fleet Managed Assets Division (A)
By: Paul W. Marshall and Todd H Thedinga
Paul Kennedy, executive director of Fleet's Managed Asset Division, must decide whether to extend further credit to Polaroid Corp. in the fall of 2001. Polaroid's credit rating had been declining rapidly, but it was a major employer in the Boston area with many...
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Marshall, Paul W., and Todd H Thedinga. "Fleet Managed Assets Division (A)." Harvard Business School Case 804-098, January 2004. (Revised November 2006.)
- November 2003 (Revised March 2006)
- Case
Dow Chemical's Bid for the Privatization of PBB in Argentina
By: Mihir A. Desai and Alexandra de Royere
What price should Dow Chemical bid for PBB, a petrochemical complex that is being privatized by the Argentine government? To answer this question, students are forced to consider the role of country risk, the underlying currency exposure of the business, and how to...
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Keywords:
Bids and Bidding;
Privatization;
Credit Derivatives and Swaps;
Cash Flow;
Emerging Markets;
Valuation;
Business and Government Relations;
Multinational Firms and Management;
Risk and Uncertainty;
Energy Industry;
Argentina
Desai, Mihir A., and Alexandra de Royere. "Dow Chemical's Bid for the Privatization of PBB in Argentina." Harvard Business School Case 204-021, November 2003. (Revised March 2006.)
- June 1995 (Revised May 1996)
- Teaching Note
B.F. Goodrich-Rabobank Interest Rate Swap, The TN
By: Andre F. Perold and Wai Lee
Teaching Note for (9-284-080).
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- March 1994 (Revised June 1995)
- Background Note
Interest Rate Derivatives
By: Peter Tufano
Introduces and explains the six major interest rate derivative products: swaps, forward rate agreements, Eurodollar futures, bond options, caps/floors/collars, and swap options.
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Tufano, Peter, and Jon Headley. "Interest Rate Derivatives." Harvard Business School Background Note 294-095, March 1994. (Revised June 1995.)
- 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.)
- May 1991 (Revised December 1994)
- Case
State of Connecticut Municipal Swap
By: Andre F. Perold
The state of Connecticut wants to raise $325 million of long-term fixed-rate debt. One alternative is to do this synthetically--issue long-term variable rate debt and enter into an interest rate swap. The case is a vehicle for analyzing various floating rate structures...
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Keywords:
Borrowing and Debt;
Credit Derivatives and Swaps;
Interest Rates;
Taxation;
Management Analysis, Tools, and Techniques;
Risk and Uncertainty;
New England
Perold, Andre F. "State of Connecticut Municipal Swap." Harvard Business School Case 291-024, May 1991. (Revised December 1994.)
- April 1988 (Revised May 1992)
- Case
Gaz de France
By: W. Carl Kester
The treasurer of Gaz de France is an aggressive, proactive manager of his company's liability structure, running one of the largest swap books of any non-financial corporation in the world. Currency futures, interbank forwards, and currency options are also frequently...
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Keywords:
Decisions;
Borrowing and Debt;
Currency Exchange Rate;
Credit Derivatives and Swaps;
Policy;
Management;
Organizational Structure;
Energy Industry;
Europe
Kester, W. Carl. "Gaz de France." Harvard Business School Case 288-030, April 1988. (Revised May 1992.)
- January 1987 (Revised November 1991)
- Case
R.J. Reynolds International Financing
By: W. Carl Kester and William B. Allen
Reynolds must source a substantial portion of the financing of its Nabisco acquisition in offshore bond markets. Morgan Guaranty has proposed a yen/dollar dual currency Eurobond that could be hedged into dollars. This structure is compared to Eurodollar Bonds, Euroyen...
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Keywords:
Acquisition;
Capital Markets;
Currency Exchange Rate;
Credit Derivatives and Swaps;
Bonds;
Financing and Loans
Kester, W. Carl, and William B. Allen. "R.J. Reynolds International Financing." Harvard Business School Case 287-057, January 1987. (Revised November 1991.)