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All HBS Web
(227)
- People (1)
- News (40)
- Research (148)
- Events (1)
- Multimedia (3)
- Faculty Publications (103)
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- March 2008
- Course Overview Note
Dynamic Markets
By: Joshua D. Coval and Erik Stafford
The Dynamic Markets course at Harvard Business School is organized around the hands-on application of financial decision making in a wide variety of capital market settings. The course relies heavily on in-class simulations of a range of market settings where students...
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- April 2008 (Revised December 2008)
- Case
Leveraged Loans 2007
By: Andre F. Perold and Erik Stafford
The leveraged loan market was in a crisis during the summer of 2007, following many years of low realized volatility (less than 4% per annum), an index of leveraged loans had fallen over 5% in the month of July. A sudden drop in capital market prices for an asset class...
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Keywords:
History;
Financial Liquidity;
Investment;
Financial Crisis;
Market Transactions;
Disruption;
Decision Choices and Conditions;
Competitive Strategy;
Capital Markets;
Crisis Management;
Commercial Banking;
Banking Industry;
Financial Services Industry
Perold, Andre F., and Erik Stafford. "Leveraged Loans 2007." Harvard Business School Case 208-145, April 2008. (Revised December 2008.)
- 2019
- Working Paper
Do Banks Have an Edge?
By: Juliane Begenau and Erik Stafford
Overall, no! We show that the level and time series variation in cash flows for most bank activities are well matched by capital market portfolios with similar interest rate and credit risk to what banks report to hold. Ignoring operating expenses, bank loans earn high...
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Keywords:
Banks;
Market Efficiency;
Bank Capital;
Bank Debt;
CAPM;
Banking;
Bank Deposits;
Bank Funding Advantage;
Leverage;
Maturity Transformation;
Replicating Portfolio;
Efficiency;
Banks and Banking;
Capital Markets;
Performance Evaluation;
Performance Efficiency;
Banking Industry;
United States
Begenau, Juliane, and Erik Stafford. "Do Banks Have an Edge?" Harvard Business School Working Paper, No. 18-060, January 2018. (Revised October 2019.)
- March 2011
- Case
Valuation of AirThread Connections
By: Erik Stafford and Joel L. Heilprin
This case can be used as a capstone valuation exercise for first-year MBA students in an introductory finance course. A senior associate in the business development group at American Cable Communications, one of the largest cable companies in the U.S., must prepare a...
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Keywords:
Communication;
Present Value;
Tax Accounting;
Capital Costs;
Synergy;
Telephony;
Wireless Technologies;
Communication Technology;
Assets;
Cost of Capital;
Valuation;
Cash Flow;
Capital Structure;
Accounting;
Wireless Technology;
Communications Industry;
Media and Broadcasting Industry
Stafford, Erik, and Joel L. Heilprin. "Valuation of AirThread Connections." Harvard Business School Brief Case 114-263, March 2011.
- 23 Jan 2018
- First Look
First Look at New Research and Ideas, January 23, 2018
https://www.hbs.edu/faculty/Pages/item.aspx?num=53811 Do Banks Have an Edge? By: Begenau, Juliane, and Erik Stafford Abstract—We decompose bank activities into passive and active components and evaluate the...
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Keywords:
Sean Silverthorne
- 15 May 2007
- First Look
First Look: May 15, 2007
case: http://www.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=301094 PublicationsThe Price of Immediacy Authors:George Chacko, Jakub W. Jurek, and Erik Stafford Periodical:Journal of Finance...
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Keywords:
Martha Lagace
- Article
The Cost of Capital for Alternative Investments
By: Jakub W. Jurek and Erik Stafford
Traditional risk factor models indicate that hedge funds capture pre-fee alphas of 6% to 10% per annum over the period from 1996 to 2012. At the same time, the hedge fund return series is not reliably distinguishable from the returns of mechanical S&P 500 put-writing...
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Keywords:
Hedge Funds;
Required Returns;
Downside Risk;
Index Options;
Investment Funds;
Cost of Capital;
Investment Return;
Risk and Uncertainty;
Financial Services Industry
Jurek, Jakub W., and Erik Stafford. "The Cost of Capital for Alternative Investments." Journal of Finance 70, no. 5 (October 2015): 2185–2226.
- 2011
- Working Paper
The Cost of Capital for Alternative Investments
By: Jakub W. Jurek and Erik Stafford
This paper studies the cost of capital for alternative investments. We document that the risk profile of the aggregate hedge fund universe can be accurately matched by a simple index put option writing strategy that offers monthly liquidity and complete transparency...
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Keywords:
Cost of Capital;
Financial Liquidity;
Investment;
Investment Return;
Mathematical Methods;
Risk and Uncertainty
Jurek, Jakub W., and Erik Stafford. "The Cost of Capital for Alternative Investments." Harvard Business School Working Paper, No. 12-013, September 2011. (NBER Working Paper Series, No. 19643, November 2013.)
- January 2021 (Revised March 2021)
- Supplement
Toyota and Its Labor Union in Argentina (B)
By: Jorge Tamayo, Erik Snowberg and Jenyfeer Martinez Buitrago
Toyota Argentina (TASA) and the union representing automotive industry workers in the country had been working together since 2011 to address the challenges faced by Toyota’s manufacturing plant in Zárate (Argentina). The strategy for moving forward was built on an...
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Keywords:
Manufacturing Performance;
Production;
Performance Improvement;
Strategy;
Labor Unions;
Labor and Management Relations;
Agreements and Arrangements;
Strategic Planning;
Factories, Labs, and Plants;
Auto Industry;
Argentina
Tamayo, Jorge, Erik Snowberg, and Jenyfeer Martinez Buitrago. "Toyota and Its Labor Union in Argentina (B)." Harvard Business School Supplement 721-412, January 2021. (Revised March 2021.)
- September 16, 2022
- Article
A Causal Test of the Strength of Weak Ties
By: Karthik Rajkumar, Guillaume Saint-Jacques, Iavor I. Bojinov, Erik Brynjolfsson and Sinan Aral
The authors analyzed data from multiple large-scale randomized experiments on LinkedIn’s People You May Know algorithm, which recommends new connections to LinkedIn members, to test the extent to which weak ties increased job mobility in the world’s largest...
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Rajkumar, Karthik, Guillaume Saint-Jacques, Iavor I. Bojinov, Erik Brynjolfsson, and Sinan Aral. "A Causal Test of the Strength of Weak Ties." Science 377, no. 6612 (September 16, 2022).
- January 2021
- Article
State and Local Government Employment in the COVID-19 Crisis
By: Daniel Green and Erik Loualiche
Local governments are facing large losses in revenues and increased expenditures because of the COVID-19 crisis. We document a causal relationship between fiscal pressures induced by COVID-19 and the layoffs of state and local government workers. States that depend...
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Keywords:
Local Government;
Municipal Finance;
Public Finance;
Fiscal Capacity;
Fiscal Policy;
Governance;
Local Range;
Health Pandemics;
Employment;
Finance;
Policy;
Public Sector
Green, Daniel, and Erik Loualiche. "State and Local Government Employment in the COVID-19 Crisis." Art. 104321. Journal of Public Economics 193 (January 2021).
- 05 Mar 2013
- First Look
First Look: March 5
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 financing costs faced View Details
Keywords:
Sean Silverthorne
- 19 Jul 2011
- First Look
First Look: July 19
claims about the benefits of broader operational scope. The performance benefits of focus are typically attributed to reduced complexity, lower uncertainty, and the development of specialized expertise, while the benefits of greater breadth are linked to the economies...
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Keywords:
Sean Silverthorne
- January 2008
- Background Note
Index Options
By: Joshua Coval and Erik Stafford
The goal of this simulation is to understand the patterns in index option prices that are not predicted by the Black-Scholes model. In particular, the simulation focuses on two properties of options prices. First, at-the-money implied volatilities from index options...
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Keywords:
Volatility;
Stock Options;
Investment;
Price;
Profit;
Risk Management;
Mathematical Methods
Coval, Joshua, and Erik Stafford. "Index Options." Harvard Business School Background Note 208-119, January 2008.
- March 2021
- Supplement
Toyota and Its Labor Union in Argentina (C)
By: Jorge Tamayo, Erik Snowberg and Jenyfeer Martinez Buitrago
Toyota Argentina (TASA) and the union representing automotive industry workers in the country had been working together since 2011 to address the challenges faced by Toyota’s manufacturing plant in Zárate (Argentina). In 2019, after achieving all the goals set forward...
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Keywords:
Strategy;
Alignment;
Cooperation;
Negotiation;
Agreements and Arrangements;
Labor Unions;
Labor and Management Relations;
Factories, Labs, and Plants;
Goals and Objectives;
Auto Industry;
Latin America;
South America;
Argentina
Tamayo, Jorge, Erik Snowberg, and Jenyfeer Martinez Buitrago. "Toyota and Its Labor Union in Argentina (C)." Harvard Business School Supplement 721-413, March 2021.
- 20 Sep 2011
- First Look
First Look: September 20
Authors:Jakub W. Jurek and Erik Stafford Abstract This paper studies the cost of capital for alternative investments. We document that the risk profile of the aggregate hedge fund universe can be accurately...
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Keywords:
Sean Silverthorne
- Article
The Economics of Structured Finance
By: Joshua D. Coval, Jakub W. Jurek and Erik Stafford
This paper investigates the spectacular rise and fall of structured finance. The essence of structured finance activities is the pooling of economic assets like loans, bonds, and mortgages, and the subsequent issuance of a prioritized capital structure of claims, known...
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Keywords:
Financial Crisis;
Asset Management;
Debt Securities;
Investment;
Risk Management;
Behavior
Coval, Joshua D., Jakub W. Jurek, and Erik Stafford. "The Economics of Structured Finance." Journal of Economic Perspectives 23, no. 1 (Winter 2009): 3–25.
- 15 Sep 2015
- First Look
September 15, 2015
https://www.hbs.edu/faculty/Pages/item.aspx?num=49614 October 2015 Journal of Finance The Cost of Capital for Alternative Investments By: Jurek, Jakub W., and Erik Stafford Abstract—Traditional risk factor...
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Keywords:
Sean Silverthorne
- 13 Oct 2010
- First Look
First Look: October 13, 2010
and Collateralized Lending Authors:Jakub W. Jurek and Erik Stafford Abstract This paper develops a parsimonious static model for characterizing financing terms in collateralized lending markets. We...
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Keywords:
Sean Silverthorne
- December 2019
- Supplement
The Business of Pain: Johnson & Johnson and the Promise of Opioids (B)
By: Erik Snowberg, Trevor Fetter and Amy W. Schulman
This case is designed to provide an engrossing overview of stakeholder capitalism through a vigorous discussion of the conflicts that can arise when trying to serve multiple stakeholders.
In 2007, Johnson & Johnson’s (J&J) subsidiary Janssen has to decide whether or...
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Keywords:
Opioids;
Addiction;
Business and Stakeholder Relations;
Product Launch;
Ethics;
Society;
Pharmaceutical Industry
Snowberg, Erik, Trevor Fetter, and Amy W. Schulman. "The Business of Pain: Johnson & Johnson and the Promise of Opioids (B)." Harvard Business School Supplement 720-423, December 2019.