Publications

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May 2008
Teaching Note

Subprime Meltdown: American Housing and Global Financial Turmoil

By: Julio J. Rotemberg

Teaching Note for [708042]. View Details

Keywords: Mortgages; Debt Securities; Risk and Uncertainty; Financial Markets; Financial Crisis; Insolvency and Bankruptcy; Governing Rules, Regulations, and Reforms; Central Banking; Policy; United States; Europe

December 1996 (Revised October 1999)
Case

Kidder, Peabody & Co.: Creating Elusive Profits

By: Robert L. Simons and Antonio Davila

On April 17, 1994, Kidder, Peabody & Co. announced a $350 million charge against earnings resulting from the discovery of false trading profits. That same day, the termination of Joseph Jett's employment with the company was made public. By illustrating the mechanics... View Details

Keywords: Bonds; Governance Controls; Crime and Corruption; Financial Reporting; Profit; Financial Strategy

November 2012 (Revised November 2013)
Case

Persephone's Pomegranate: Crédit Agricole and Emporiki

By: Dante Roscini, Daniela Beyersdorfer and Jerome Lenhardt

In 2006 the French bank Crédit Agricole bought the Greek Emporiki bank, for €2.8 billion, at the peak of a bull market for bank takeovers. Six years, a major financial crisis, and €5.2 billion of losses later, in a context of great uncertainty in the European banking... View Details

Keywords: Business and Government Relations; Currency; Development Economics; International Finance; International Relations; Banking Industry; Greece

2011
Working Paper

Fiduciary Duties and Equity-Debtholder Conflicts

By: Bo Becker and Per Stromberg

We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity-debt conflicts. A 1991 Delaware bankruptcy ruling changed the nature of corporate directors' fiduciary duties in firms incorporated in that state.... View Details

Keywords: Borrowing and Debt; Capital Structure; Equity; Insolvency and Bankruptcy; Governing Rules, Regulations, and Reforms; Laws and Statutes; Conflict and Resolution; Welfare or Wellbeing; Delaware

2021
Working Paper

No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions

By: Robert C. Merton and Richard T. Thakor

This paper analyzes the costs and benefits of a no-fault-default debt structure as an alternative to the typical bankruptcy process. We show that the deadweight costs of bankruptcy can be avoided or substantially reduced through no-fault-default debt, which permits a... View Details

Keywords: No-fault Default; Chapter 11; Insolvency and Bankruptcy; Borrowing and Debt; Governing Rules, Regulations, and Reforms; Financial Institutions; Contracts

January 2018
Case

Blue Harbour's Activism at Babcock & Wilcox

By: Suraj Srinivasan and Quinn Pitcher

The case describes Blue Harbour Group's investment in Babcock & Wilcox and its transformation into BWX Technologies. In 2004, activist hedge fund Blue Harbour Group invested in Babcock & Wilcox, an energy and construction company. Blue Harbour developed an investment... View Details

Keywords: Corporate Governance; Investment Activism; Leading Change; Energy Industry; Construction Industry; United States

May 2000 (Revised June 2000)
Case

German Financial System in 2000, The

Describes the evolution and current situation of Germany's financial system. Based on a discussion of the German economy in the postwar period, the case highlights the impact of financial globalization and EU policies on Germany's domestic system of banking and... View Details

Keywords: Globalization; Corporate Governance; Banks and Banking; Germany

2021
Government Testimony

How Health Care Consolidation Is Contributing to Higher Prices and Spending, and Reforms That Could Bolster Antitrust Enforcement and Preserve and Promote Competition in Health Care Markets

By: Leemore S. Dafny

Reforms to antitrust law and enforcement can help to address rising healthcare prices and spending. View Details

Keywords: Antitrust Law; Health Care and Treatment; Consolidation; Price; Spending; Cost Management; Governing Rules, Regulations, and Reforms; Competition; United States

Career Coach

Mo Fong

Mo Fong (HBS ‘02, Stanford ‘95 ChemE, ‘96 MA Education ) Mo is currently the Executive Director at Stanford Technology Ventures Program in the School of Management and Engineering focusing on entrepreneurship research, programs and outreach. Prior to STVP, Mo spent 15... View Details

Keywords: Government; Government; Government; Government; Government; Government; Government; Government

08 Apr 2011
Research & Ideas

Will the Japan Disaster Remake the Landscape for Green Energy in Asia?

comprehensive set of policies and regulations in place and the climate for investment is favorable." The flip side of that coin is that in some countries the government exerts such a large influence on the energy sector that it can... View Details

Keywords: by Dennis Fisher; Energy; Utilities

Web

What is the HBS Health Care Initiative? - MBA

Sciences Partners & Families Peek SVMP Social Enterprise Student Life Student Loans Student Profile Sustainability Video Blog Industries Industries Architecture Construction Consulting Consumer Packaged Goods Education Energy Engineering Entertainment / Media... View Details

Web

How to thrive as an Introvert at HBS - MBA

Sciences Partners & Families Peek SVMP Social Enterprise Student Life Student Loans Student Profile Sustainability Video Blog Industries Industries Architecture Construction Consulting Consumer Packaged Goods Education Energy Engineering Entertainment / Media... View Details

Web

Finding Your Family at HBS - MBA

Sciences Partners & Families Peek SVMP Social Enterprise Student Life Student Loans Student Profile Sustainability Video Blog Industries Industries Architecture Construction Consulting Consumer Packaged Goods Education Energy Engineering Entertainment / Media... View Details

February 2023
Article

A Different Framework to Achieve Universal Coverage in the U.S.

By: Katherine Baicker, Amitabh Chandra and Mark Shepard

This JAMA Forum discusses alternative ways to achieve universal coverage in the US such as administrative simplification in the Affordable Care Act plans to increase enrollment, having a basic policy that would be available to everyone, and options for supplemental... View Details

Keywords: Health Care and Treatment; Government Legislation; Insurance; Cost; United States

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February 2016
Supplement

Alibaba Goes Public (B)

By: Krishna Palepu, Suraj Srinivasan, Charles C. Y. Wang and David Lane

Update on Alibaba Group's share price performance and related events in the year following its September 2014 IPO. View Details

Keywords: Dual-class Share Structure; Alibaba; IPOs; VIE; Initial Public Offering; Corporate Governance; Performance; Stock Shares; United States

2001
Working Paper

Bank Capital and Risk Management: Issues for Banks and Regulators

By: Kenneth A. Froot

Banks and financial firms are in the process of evolving away from primary warehousers of risk to diversified originators and distributors of financial services. These changes are important for the way that financial firms think about their needs for economic... View Details

Keywords: Bank Capital And Risk Management; Issues For Banks And Regulators; Risk Management; Governance Compliance; Capital; Banks and Banking; Banking Industry

30 Sep 2014
Working Paper Summaries

The Real Effects of Capital Controls: Financial Constraints, Exporters, and Firm Investment

Keywords: by Laura Alfaro, Anusha Chari & Fabio Kanczuk

Article

The Economic Modeling of Strategy Process: 'Clean Models' and 'Dirty Hands'

By: Tarun Khanna, Ranjay Gulati and Nitin Nohria

Keywords: Economics; Strategy; Finance; Policy

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August 1985 (Revised February 2003)
Case

Paul Volcker and the Federal Reserve: 1979-1982

Describes three years of the Volcker monetary policy experiment. The Federal Reserve changed the focus by its operating procedure from an interest rate instrument to a reserve instrument and it reaffirmed its commitment to hitting its preannounced monetary growth... View Details

Keywords: Policy; Financial Institutions; United States