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Publications

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  • 06 Apr 2010
  • First Look

First Look: April 6

standard deviation increase in the divergence increases the average loan spread by approximately 18%, or 35 basis points. The effect of the excess control rights on the cost of bank debt is more pronounced... View Details
Keywords: Martha Lagace
  • Profile

Nelson Yuan

investment banking at Morgan Stanley and two at the Carlyle Group, where he worked in private equity and debt investment. Efficient way to learn business As Nelson’s career matured, he “didn’t find finance... View Details
  • 18 Oct 2004
  • Research & Ideas

The Bias of Wall Street Analysts

time, but somehow the cost of keeping them on board has been justified. The existence of an analyst who provides research on a particular company is attractive on several grounds. The primary source of revenue that is arguably related to the sell-side research is... View Details
Keywords: by Ann Cullen; Financial Services
  • 02 Feb 2012
  • Op-Ed

Once a Castle, Home is Now a Debtors’ Prison

very own debtors' prisons. Their task is Sisyphean: they work, pay the monthly debt to the lender, yet see a perpetual gap between payments and value. The payments can seem like an extortion episode from The Sopranos. Exit strategies are... View Details
Keywords: by Nicolas P. Retsinas; Financial Services; Construction; Real Estate
  • April 2011 (Revised January 2024)
  • Case

The Greek Crisis: Tragedy or Opportunity?

By: Dante Roscini, Jonathan Schlefer and Konstantinos Dimitriou
After its 2009-2010 fiscal crisis shook the euro, could the Greek government stabilize debt, avoid default, and stay on the euro? This case looks at the Greek social and political road to fiscal crisis; the economics of that crisis and efforts to recover from it; the... View Details
Keywords: Financial Crisis; Borrowing and Debt; Currency; Financial Condition; Central Banking; Financial Markets; International Finance; Policy; Conflict Management; Cooperation; Public Administration Industry; Greece
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  • 12 Jul 2016
  • First Look

July 12, 2016

model is defaultable bank liabilities that provide liquidity services to households. The quality of the liquidity services provided by bank liabilities depends on their safety in case of default. Commercial... View Details
Keywords: Sean Silverthorne
  • 08 Apr 2014
  • First Look

First Look: April 8

that your interviewer isn't out to get you. Stay at the table and maintain a sense of perspective. Publisher's link: http://hbr.org/2014/04/15-rules-for-negotiating-a-job-offer/ar/1 August 2013 Harvard Business Review Can an 'Ethical' View Details
Keywords: Sean Silverthorne
  • 12 Apr 2017
  • Blog Post

2+2er Pursues HBS/HKS Joint Degree

immediate community.  The 2+2 program gave me the confidence to more boldly seek an opportunity that I may not have considered otherwise. In an attempt to find a role that would allow me to give back to the city I was born and raised in, I left View Details
  • Student-Profile

Fanele Mashwama

Fanele Mashwama (he/him) first arrived at Harvard as an undergraduate. While earning his philosophy degree, he simultaneously worked in the central bank of his home country of eSwatini, where he became more and more interested in the... View Details
  • 21 Jul 2010
  • Research & Ideas

HBS Faculty Debate Financial Reform Legislation

The Dodd-Frank Wall Street Reform and Consumer Protection Act slated to be signed this week by U.S. President Barack Obama has been called the most sweeping set of rules for banks and Wall Street since the Great Depression. But what do... View Details
Keywords: by Staff
  • 25 Aug 2015
  • News

Sunset in the East?

mortgage or with very little debt. Unlike in the United States, banks are also less on the line in real estate. We should always keep in mind that the Chinese property market was stagnant or worse (nonexistent) for 30 years after the... View Details
Keywords: Administration of Economic Programs; Government; Real Estate; Health, Social Assistance
  • July 2006
  • Case

Citigroup: Euro Zone Bond Trading (A)

By: Lynn S. Paine, Christopher Bruner and Aldo Sesia
Describes the development and execution of a bond trading strategy by a London-based team of Citigroup eurozone bond traders. The trades, which involved two of Europe's leading electronic trading platforms, gave rise to a European-wide controversy over the traders'... View Details
Keywords: Debt Securities; Financial Markets; Bonds; Ethics; Values and Beliefs; Decision Making; Lawfulness; Business Strategy; Banking Industry; Banking Industry; Europe
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  • 07 Sep 2011
  • First Look

First Look: Sept. 7

hard to quantify in the time-series. While loan issuance falls in recessions, it is not clear if this is due to demand or supply. We address this question by studying firms' substitution between bank debt... View Details
Keywords: Sean Silverthorne
  • 30 Mar 2010
  • First Look

First Look: March 30

hypothesis that the happiness gains they have experienced from the past 45 years of growth have been the same as the gains that they experienced from growth prior to the 1960s. Central Banks Maximize Happiness? Happiness, Contentment and... View Details
Keywords: Sean Silverthorne
  • 05 Mar 2019
  • First Look

New Research and Ideas, March 5, 2019

firms lever up, the overall cost of capital falls as leverage increases equity beta, but as debt becomes riskier the marginal benefit of increasing equity beta declines. As a simple theoretical framework predicts, we find that leverage is... View Details
Keywords: Dina Gerdeman
  • 17 Mar 2011
  • Research & Ideas

Harvard Business School Faculty Comment on Crisis in Japan

makers are being put to the test once again. Flooding money markets on Sunday (3/13) with ¥15 trillion (about $183 billion) was a sensible first step by the Bank of Japan, but the real challenge lies ahead. Prime Minister Naoko Kan's... View Details
Keywords: Re: Multiple Faculty
  • 11 Dec 2007
  • First Look

First Look: December 11, 2007

perceived as value-destroying and may not improve a firm's competitive advantage. Bank Debt and Corporate Governance Authors:Victoria Ivashina, Vinay Nair, Anthony Saunders, Nadia Massoud, and Roger Stover... View Details
Keywords: Martha Lagace
  • 12 Apr 2011
  • First Look

First Look: April 12

Handbook for Banking and Governance, edited by James Barth, Chen Lin, and Clas Wihlborg. Cheltenham, U.K.: Edward Elgar Publishing, forthcoming Abstract In this chapter, we examine the characteristics of acquisition of private firms by... View Details
Keywords: Sean Silverthorne
  • 31 Aug 2010
  • First Look

First Look: August 31

Furthermore, a third experiment shows that people tend to discount the wrongness of crossing ethical boundaries to hurt or help others when the action restores equity. The Private Equity Advantage: Leveraged Buyout Firms and Relationship View Details
Keywords: Sean Silverthorne
  • 01 Oct 2002
  • News

Andrew H. Tisch

after he graduated from HBS, when Loews bought Bulova in 1979. “Although Bulova had a strong brand name,” he explains, “we soon realized it was losing out to its Japanese competitors in technology, styling, quality, marketing, and service.” With View Details