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- All HBS Web (37)
- Faculty Publications (11)
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- 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.)
- Research Summary
(formerly Leonard-Barton) Creating and Exploiting Knowledge-Based Assets
For the past decade, Dorothy Leonard's research has focused on how companies develop and exploit strategically advantageous knowledge assets. In her 1995 book Wellsprings of Knowledge (HBS Press), she identified and described in depth, activities that create and...
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- January 2017 (Revised October 2018)
- Case
Novartis: A Transformative Deal
By: David Collis and Ashley Hartman
When Joe Jimenez became CEO of Swiss-based Novartis in 2010, replacing longtime CEO Dan Vasella, he assumed control of one of the top pharmaceutical companies in the world. Vasella, an avowed advocate of diversification, had expanded the scope of the company and...
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Keywords:
Novartis;
GlaxoSmithKline;
Asset Swap;
Acquisitions;
Divestiture;
Strategy Alignment;
Pharmaceuticals;
Strategy;
Business Strategy;
Corporate Strategy;
Diversification;
Consolidation;
Mergers and Acquisitions;
Pharmaceutical Industry
Collis, David, and Ashley Hartman. "Novartis: A Transformative Deal." Harvard Business School Case 717-453, January 2017. (Revised October 2018.)
- 21 Nov 2005
- Research & Ideas
Making Credibility Your Strongest Asset
said yes. Once Rovell recruited a celebrity, that person often would cheerfully give him another star's direct line. Rovell quickly built an impressive Rolodex. You can succeed without explicitly swapping favors. Tapes of the show...
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by Michael Wheeler
- 2023
- Working Paper
The Market for Sharing Interest Rate Risk: Quantities and Asset Prices
By: Umang Khetan, Jane Li, Ioana Neamtu and Ishita Sen
We study the extent of interest rate risk sharing across the financial system using granular positions and transactions data in interest rate swaps. We show that pension and insurance (PF&I) sector emerges as a natural counterparty to banks and corporations: overall,...
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Keywords:
Interest Rates;
Investment Funds;
Banks and Banking;
Insurance;
Investment Banking;
Risk and Uncertainty
Khetan, Umang, Jane Li, Ioana Neamtu, and Ishita Sen. "The Market for Sharing Interest Rate Risk: Quantities and Asset Prices." Harvard Business School Working Paper, No. 24-052, February 2024.
- 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...
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Keywords:
OTC Markets;
Intermediaries;
Dealers;
Credit Default Swaps;
Risk Sharing;
Networks;
Price;
Risk and Uncertainty
Eisfeldt, Andrea L., Bernard Herskovic, Sriram Rajan, and Emil Siriwardane. "OTC Intermediaries." Working Paper, August 2018.
- October 1996 (Revised December 1997)
- Case
American Cyanamid (A): Boardroom Response to a Hostile Takeover Offer
American Home Products' (AHP) $9 billion hostile takeover of American Cyanamid (Cyanamid) was the largest mergers and-acquistions transaction in 1994, and made AHP the fourth largest pharmaceutical firm in the United States. At the time of AHP's offer, Cyanamid had...
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Keywords:
Governing and Advisory Boards;
Mergers and Acquisitions;
Corporate Governance;
Pharmaceutical Industry;
United States
Wruck, Karen, and Sherry P. Roper. "American Cyanamid (A): Boardroom Response to a Hostile Takeover Offer." Harvard Business School Case 897-048, October 1996. (Revised December 1997.)
- December 1997
- Case
American Cyanamid (A) & (B) (Combined)
American Home Products' (AHP) $9 billion hostile takeover of American Cyanamid (Cyanamid) was the largest merger-and-acquistion transaction in 1994, and made AHP the fourth largest pharmaceutical firm in the United States. At the time of AHP's offer, Cyanamid had...
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Keywords:
Governing and Advisory Boards;
Mergers and Acquisitions;
Corporate Governance;
Conflict and Resolution;
Pharmaceutical Industry
Wruck, Karen, and Sherry P. Roper. "American Cyanamid (A) & (B) (Combined)." Harvard Business School Case 898-120, December 1997.
- December 2023
- Article
Intermediary Balance Sheets and the Treasury Yield Curve
By: Wenxin Du, Benjamin Hebert and Wenhao Li
We document a regime change in the Treasury market post-Global Financial Crisis (GFC): dealers switched from net short to net long Treasury bonds. We construct “net-long” and “net-short” curves that account for balance sheet and financing costs, and show that actual...
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Du, Wenxin, Benjamin Hebert, and Wenhao Li. "Intermediary Balance Sheets and the Treasury Yield Curve." Art. 103722. Journal of Financial Economics 150, no. 3 (December 2023).
- 07 Dec 2016
- HBS Case
Why Millennials Flock to Fintech for Personal Investing
asset accumulators of the future” A new breed of financial technology companies, known collectively as fintech, has taken advantage of these traits to disrupt an unexpected industry: personal investing. Just as manufacturing companies...
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- 28 Jul 2015
- First Look
First Look: July 28, 2015
reviews through a sting conducted by Yelp. These data support our main results and shed further light on the economic incentives behind a business's decision to leave fake reviews. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=49389 September 2015...
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Keywords:
Carmen Nobel
- 23 Aug 2004
- Research & Ideas
New Challenges for Long-Term Investors
spending needs as well as economic factors such as rising interest rates that affect different assets in different ways. Viceira's research analyzes asset allocation strategies for personal and institutional...
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Keywords:
by Ann Cullen
- May 2005 (Revised November 2005)
- Background Note
Note on Credit Derivatives
Provides the basic underlying model for credit risk analysis, as well as covers basic credit risk derivatives, such as asset swaps, credit default swaps, total return of rate swaps, and credit spread options.
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Chacko, George C., Peter A. Hecht, Anders Sjoman, and Kate Hao. "Note on Credit Derivatives." Harvard Business School Background Note 205-111, May 2005. (Revised November 2005.)
- 15 May 2017
- Sharpening Your Skills
The Promises and Limitations of Big Data
data, which can be used to improve programs and services, according to Michael Luca and his research colleagues. Why Millennials Flock to Fintech for Personal Investing New tech-heavy financial firms are helping millennials invest, but with a twist. They are View Details
- 15 Jan 2013
- First Look
First Look: January 15
swap into dollars to make up for the dollar shortfall, but this may lead to violations of covered interest parity (CIP) when there is limited capital to take the other side of the swap trade. In this case,...
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Keywords:
Sean Silverthorne
- 19 Mar 2006
- Research & Ideas
Unlocking Your Investment Capital
How can the equity swap help alleviate the common mismatch between pension assets and liabilities that companies often carry? A: If the pension fund holds equities, then these View Details
- January 1983 (Revised February 1988)
- Case
Hospital Corp. of America (B)
By: W. Carl Kester
Focuses on HCAs financing options for reaching its target capital structure. The options include new equity conversion of convertible debentures, a debt-for-equity swap, the sale of assets, and fixed-rate debt. Students must address the problem of market timing and...
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Keywords:
Assets;
Capital Structure;
Cash Flow;
Equity;
Debt Securities;
Credit Derivatives and Swaps;
Health Industry;
United States
Kester, W. Carl. "Hospital Corp. of America (B)." Harvard Business School Case 283-054, January 1983. (Revised February 1988.)
- 18 Apr 2017
- First Look
First Look at New Ideas, April 18
March 27, 2017 Harvard Business Review How the Water Industry Learned to Embrace Data By: Cespedes, Frank V., and Amir Peleg Abstract—Most current talk about “big data” seems to assume the disintermediation or replacement of physical View Details
Keywords:
by Sean Silverthorne
- 13 Oct 2010
- Research & Ideas
How Government can Discourage Private Sector Reliance on Short-Term Debt
institutions instead, which the industry churned out en masse. One result: many financial institutions placed not only themselves, but the broader financial system, at risk. When a financial institution can no longer repay its debts, it may have to sell View Details
- 26 Jun 2018
- First Look
New Research and Ideas, June 26, 2018
https://www.hbs.edu/faculty/Pages/item.aspx?num=54634 forthcoming Journal of Finance Limited Investment Capital and Credit Spreads By: Siriwardane, Emil N. Abstract—Using proprietary credit default swap (CDS) data, I investigate how...
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Keywords:
Dina Gerdeman