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- August 2014
- Article
Mortgage Convexity
By: Samuel G. Hanson
Most home mortgages in the United States are fixed-rate loans with an embedded prepayment option. When long-term rates decline, the effective duration of mortgage-backed securities (MBS) falls due to heightened refinancing expectations. I show that these changes in MBS...
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Hanson, Samuel G. "Mortgage Convexity." Journal of Financial Economics 113, no. 2 (August 2014): 270–299. (Internet Appendix Here.)
- July 2014 (Revised October 2014)
- Case
McKinsey & Co. - Protecting its Reputation (A)
By: Jay Lorsch and Emily McTague
On Tuesday March 15, 2011, all 1,200 global Partners of McKinsey & Co. gathered at the Gaylord National Hotel & Convention Center near Washington, DC for their annual Partners' conference. The atmosphere was tense as Partners, in addition to their normal agenda,...
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Keywords:
Board;
McKinsey;
Consulting Firms;
Risk;
Risk Assessment;
Partnerships;
Insider Trading;
Confidentiality;
Personal Investing;
Reputation;
Corporate Accountability;
Corporate Governance;
Management Practices and Processes;
Risk Management;
Consulting Industry;
United States;
California
Lorsch, Jay, and Emily McTague. "McKinsey & Co. - Protecting its Reputation (A)." Harvard Business School Case 415-021, July 2014. (Revised October 2014.)
- July 2014 (Revised October 2014)
- Supplement
McKinsey & Co. - Protecting its Reputation (B)
By: Jay Lorsch and Emily McTague
On Tuesday March 15, 2011, all 1,200 global Partners of McKinsey & Co. gathered at the Gaylord National Hotel & Convention Center near Washington, DC for their annual Partners' conference. The atmosphere was tense as Partners, in addition to their normal agenda,...
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Keywords:
Board;
McKinsey;
CONSULTING Firms;
Risk;
Risk Assessment;
Partnerships;
Insider Trading;
Confidentiality;
Personal Investing;
Reputation;
Corporate Accountability;
Corporate Governance;
Management Practices and Processes;
Risk Management;
Construction Industry;
United States;
California
Lorsch, Jay, and Emily McTague. "McKinsey & Co. - Protecting its Reputation (B)." Harvard Business School Supplement 415-022, July 2014. (Revised October 2014.)
- September 2013 (Revised August 2015)
- Background Note
Leadership and Teaming
By: Ethan Bernstein
Small differences in the leadership of teams can have large consequences for the success of their efforts. Many initiatives fail not because of a fatal error in judgment or insufficient ideas, knowledge, motivation, or capabilities to deliver a solution. They fail...
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Keywords:
Teams;
Teaming;
Leadership And Managing People;
Leadership;
Team Effectiveness;
Team Performance;
Team Design;
Team Leadership;
Teamwork;
Team Process;
Team Function;
Team Launch;
60/30/10 Rule;
Team Boundary;
Distribution Of Leadership Authority;
Self-Managed Teams;
Virtual Teams;
Unbounded Teams;
Acts Of Leadership;
Execution Teams;
Decision Making Teams;
Creativity Teams;
Team Size;
Task Design;
Team Timeline;
Team Roles;
Team Representation;
Diversity;
Team Familiarity;
Collective Intelligence;
Team Stages Of Development;
Team Coaching;
Performance Pressure;
X-Teams;
Team Focus;
Interaction;
Management Teams;
Managerial Roles;
Management Systems;
Management Style;
Management Skills;
Management Practices and Processes;
Organizational Design;
Organizational Structure;
Performance Effectiveness;
Performance Efficiency;
Performance Productivity;
Groups and Teams;
Networks;
Social Psychology;
Behavior;
Conflict and Resolution;
Creativity;
Social and Collaborative Networks;
Satisfaction;
Prejudice and Bias;
Power and Influence;
Personal Characteristics;
Familiarity;
Cognition and Thinking;
Attitudes;
Projects;
Organizational Culture;
Organizational Change and Adaptation;
Leadership Development;
Leadership Style;
Leading Change;
Knowledge Use and Leverage;
Knowledge Sharing;
Collaborative Innovation and Invention;
Innovation and Management;
Innovation Leadership;
Design;
Interpersonal Communication;
Accommodations Industry;
Accounting Industry;
Advertising Industry;
Aerospace Industry;
Agriculture and Agribusiness Industry;
Air Transportation Industry;
Apparel and Accessories Industry;
Auto Industry;
Banking Industry;
Battery Industry;
Beauty and Cosmetics Industry;
Bicycle Industry;
Biotechnology Industry;
Chemical Industry;
Communications Industry;
Computer Industry;
Construction Industry;
Consulting Industry;
Consumer Products Industry;
Distribution Industry;
Education Industry;
Electronics Industry;
Employment Industry;
Energy Industry;
Entertainment and Recreation Industry;
Fashion Industry;
Financial Services Industry;
Fine Arts Industry;
Food and Beverage Industry;
Forest Products Industry;
Forestry Industry;
Green Technology Industry;
Health Industry;
Industrial Products Industry;
Information Industry;
Information Technology Industry;
Insurance Industry;
Journalism and News Industry;
Legal Services Industry;
Manufacturing Industry;
Media and Broadcasting Industry;
Medical Devices and Supplies Industry;
Mining Industry;
Motion Pictures and Video Industry;
Motorcycle Industry;
Music Industry;
Pharmaceutical Industry;
Public Administration Industry;
Public Relations Industry;
Publishing Industry;
Pulp and Paper Industry;
Rail Industry;
Real Estate Industry;
Retail Industry;
Rubber Industry;
Semiconductor Industry;
Service Industry;
Shipping Industry;
Sports Industry;
Steel Industry;
Technology Industry;
Telecommunications Industry;
Tourism Industry;
Transportation Industry;
Travel Industry;
Utilities Industry;
Video Game Industry;
Web Services Industry;
Asia;
North and Central America;
South America;
Atlantic Ocean;
Central Asia;
Europe;
Latin America;
Middle East;
Oceania;
West Indies
Bernstein, Ethan. "Leadership and Teaming." Harvard Business School Background Note 414-033, September 2013. (Revised August 2015.)
- 2012
- Working Paper
When Supply-Chain Disruptions Matter
By: William Schmidt and Ananth Raman
Supply-chain disruptions have a material effect on company value, but this impact can vary considerably. Thus, it is important for managers and investors to recognize the types of disruptions and the organizational factors that lead to the worst outcomes. Prior...
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Schmidt, William, and Ananth Raman. "When Supply-Chain Disruptions Matter." Harvard Business School Working Paper, No. 13-006, July 2012. (Revised January 2013.)
- June 2012
- Article
A Reexamination of Tunneling and Business Groups: New Data and New Methods
By: Jordan I. Siegel and Prithwiraj Choudhury
One of the most rigorous methodologies in the corporate governance literature uses firms' reactions to industry shocks to characterize the quality of governance. This methodology can produce the wrong answer unless one considers the ways firms compete. Because...
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Siegel, Jordan I., and Prithwiraj Choudhury. "A Reexamination of Tunneling and Business Groups: New Data and New Methods." Review of Financial Studies 25, no. 6 (June 2012).
- June 2012
- Article
A Reexamination of Tunneling and Business Groups: New Data and New Methods
By: Jordan I. Siegel and Prithwiraj Choudhury
One of the most rigorous methodologies in the corporate governance literature uses firms' reactions to industry shocks to characterize the quality of governance. This methodology can produce the wrong answer unless one considers the ways firms compete. Because...
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Keywords:
Corporate Governance;
Mergers And Acquisitions;
Business Economics;
Firm Organization;
Firm Performance;
Groups and Teams;
Analytics and Data Science
Siegel, Jordan I., and Prithwiraj Choudhury. "A Reexamination of Tunneling and Business Groups: New Data and New Methods." Review of Financial Studies 25, no. 6 (June 2012): 1763–1798. (One of the most rigorous methodologies in the corporate governance literature uses firms' reactions to industry shocks to characterize the quality of governance. This methodology can produce the wrong answer unless one considers the ways firms compete. Because macro-level shocks reverberate differently at the firm level depending on whether a firm has a cost structure that requires significant adjustment, the quality of governance can only be elucidated accurately analyzing a firm's business strategy and their corporate governance. These differences can help one determine whether the fruits of a positive macro-level shock have been expropriated by insiders. Using the example of Indian firms, we show that an influential finding is reversed when these differences are considered. We further argue that the conventional wisdom about tunneling and business groups will need to be reformulated in light of the data, methodology, and findings presented here.)
- 2013
- Working Paper
Did Bank Distress Stifle Innovation During the Great Depression?
By: Ramana Nanda and Tom Nicholas
We find a negative relationship between bank distress and the level, quality and trajectory of firm-level innovation during the Great Depression, particularly for R&D firms operating in capital intensive industries. However, we also show that because a sufficient...
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Keywords:
Great Depression;
R&D;
Bank Distress;
Patents;
Research and Development;
Financial Crisis;
Innovation and Invention;
Banks and Banking;
Banking Industry;
United States
Nanda, Ramana, and Tom Nicholas. "Did Bank Distress Stifle Innovation During the Great Depression?" Harvard Business School Working Paper, No. 12-106, May 2012. (Revised October 2013. Revise and Resubmit, Journal of Financial Economics.)
- 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.
- 2012
- Article
Do Voters Demand Responsive Governments? Evidence from Indian Disaster Relief
By: Shawn Cole, Andrew Healy and Eric Werker
Using rainfall, public relief, and election data from India, we examine how governments respond to adverse shocks and how voters react to these responses. The data show that voters punish the incumbent party for weather events beyond its control. However, fewer voters...
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Keywords:
Political Elections;
System Shocks;
Natural Disasters;
Policy;
Motivation and Incentives;
Public Opinion;
India
Cole, Shawn, Andrew Healy, and Eric Werker. "Do Voters Demand Responsive Governments? Evidence from Indian Disaster Relief." Journal of Development Economics 97, no. 2 (March 2012): 167–181.
- December 2011
- Article
Do Powerful Politicians Cause Corporate Downsizing?
By: Lauren Cohen, Joshua Coval and Christopher J. Malloy
This paper employs a new empirical approach for identifying the impact of government spending on the private sector. Our key innovation is to use changes in congressional committee chairmanship as a source of exogenous variation in state-level federal expenditures. In...
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Keywords:
Spending;
Private Sector;
Taxation;
Innovation and Invention;
Interest Rates;
Business and Government Relations;
Investment;
Employment;
Power and Influence
Cohen, Lauren, Joshua Coval, and Christopher J. Malloy. "Do Powerful Politicians Cause Corporate Downsizing?" Journal of Political Economy 119, no. 6 (December 2011): 1015–1060. (Click here for a response to Snyder and Welch, click here for the data, and click here for the code.)
- December 2011
- Article
Stock Price Fragility
By: Robin Greenwood and David Thesmar
We investigate the relationship between ownership structure of financial assets and non-fundamental risk. We define an asset to be fragile if it is susceptible to non-fundamental trading shocks. An asset can be fragile because of concentrated ownership or because its...
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Keywords:
Stocks;
Price;
Ownership;
Risk and Uncertainty;
Assets;
System Shocks;
Financial Liquidity;
Forecasting and Prediction;
Investment Return;
Volatility;
Relationships;
United States
Greenwood, Robin, and David Thesmar. "Stock Price Fragility." Journal of Financial Economics 102, no. 3 (December 2011): 471–490.
- 9 May 2011 - 11 May 2011
- Conference Presentation
How Firms Respond to Mandatory Information Disclosure
By: Anil Doshi, Michael Toffel and Glen W. S. Dowell
When new institutional pressures arise, which organizations are particularly likely to resist or
acquiesce? When subjected to new information disclosure mandates, an increasingly popular form
of market-based government regulation, which types of organizations are...
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Keywords:
Corporate Disclosure;
Governing Rules, Regulations, and Reforms;
Environmental Regulation;
Corporate Social Responsibility and Impact;
Organizational Change and Adaptation
Doshi, Anil, Michael Toffel, and Glen W. S. Dowell. "How Firms Respond to Mandatory Information Disclosure." Paper presented at the Alliance for Research on Corporate Sustainability Annual Research Conference, Philadelphia, PA, May 9–11, 2011.
- 2013
- Working Paper
Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity
By: Carolin E. Pflueger and Luis M. Viceira
Estimating the liquidity differential between inflation-indexed and nominal bond yields, we separately test for time-varying real rate risk premia, inflation risk premia, and liquidity premia in U.S. and U.K. bond markets. We find strong, model independent evidence...
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Keywords:
Expectations Hypothesis;
Term Structure;
Real Interest Rate Risk;
Inflation Risk;
Inflation-Indexed Bonds;
Financial Crisis;
Inflation and Deflation;
Financial Liquidity;
Bonds;
Investment Return;
Risk and Uncertainty;
United Kingdom;
United States
Pflueger, Carolin E., and Luis M. Viceira. "Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity." Harvard Business School Working Paper, No. 11-094, March 2011. (Revised September 2013.)
- 2011
- Working Paper
Do Powerful Politicians Cause Corporate Downsizing?
By: Lauren H. Cohen, Joshua D. Coval and Christopher J. Malloy
This paper employs a new empirical approach for identifying the impact of government spending on the private sector. Our key innovation is to use changes in congressional committee chairmanship as a source of exogenous variation in state-level federal expenditures. In...
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Keywords:
Economic Growth;
Investment;
Spending;
Government Administration;
Employment;
Managerial Roles
Cohen, Lauren H., Joshua D. Coval, and Christopher J. Malloy. "Do Powerful Politicians Cause Corporate Downsizing?" NBER Working Paper Series, No. 15839, March 2011.
- 2012
- Working Paper
Issuer Quality and Corporate Bond Returns
By: Robin Greenwood and Samuel G. Hanson
We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the...
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Keywords:
Price;
Credit;
Risk and Uncertainty;
Investment Return;
Forecasting and Prediction;
Bonds;
Market Design;
Cost of Capital;
Mathematical Methods;
System Shocks
Greenwood, Robin, and Samuel G. Hanson. "Issuer Quality and Corporate Bond Returns." Harvard Business School Working Paper, No. 11-065, January 2011. (Revised September 2012, Internet Appendix Here.)
- 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.)
- September 2010
- Article
How Firms Respond to Being Rated
By: Aaron K. Chatterji and Michael W. Toffel
While many rating systems seek to help buyers overcome information asymmetries when making purchasing decisions, we investigate how these ratings also influence the companies being rated. We hypothesize that ratings are particularly likely to spur responses from firms...
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Keywords:
System;
Information;
Decisions;
Cost;
Opportunities;
Performance;
Business and Stakeholder Relations;
Economics;
Theory;
System Shocks;
Rank and Position
Chatterji, Aaron K., and Michael W. Toffel. "How Firms Respond to Being Rated." Strategic Management Journal 31, no. 9 (September 2010): 917–945. (Lead article.)
- 2014
- Working Paper
Financing Risk and Innovation
By: Ramana Nanda and Matthew Rhodes-Kropf
We provide a model of investment into new ventures that demonstrates why some places, times, and industries should be associated with a greater degree of experimentation by investors. Investors respond to financing risk―a forecast of limited future funding―by modifying...
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Keywords:
Business Startups;
Venture Capital;
Financial Markets;
Financing and Loans;
Investment;
Price Bubble;
Innovation and Invention;
Technological Innovation;
Risk and Uncertainty
Nanda, Ramana, and Matthew Rhodes-Kropf. "Financing Risk and Innovation." Harvard Business School Working Paper, No. 11-013, August 2010. (Revised March 2014.)
- June 2010
- Article
A Gap-Filling Theory of Corporate Debt Maturity Choice
By: Robin Greenwood, Samuel G. Hanson and Jeremy C. Stein
We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government debt. We document that...
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Keywords:
Business Ventures;
Decision Choices and Conditions;
Borrowing and Debt;
Financial Liquidity;
Investment Return;
Government and Politics
Greenwood, Robin, Samuel G. Hanson, and Jeremy C. Stein. "A Gap-Filling Theory of Corporate Debt Maturity Choice." Journal of Finance 65, no. 3 (June 2010): 993–1028. (Supplementary results in Internet Appendix.)