Publications

Publications

Filter Results: (734) Arrow Down

Show Results For

← Page 9 of 734 Results →
  • November 2009
  • Article

Is it Fair to Blame Fair Value Accounting for the Financial Crisis?

By: Robert C. Pozen
When the credit markets seized up in 2008, many heaped blame on "mark to market" accounting rules, which require banks to write down their troubled assets to the prices they'd fetch if sold on the open market - at the time, next to nothing. Recording those assets below... View Details
Keywords: Cost Accounting; Fair Value Accounting; Financial Crisis; Assets; Governing Rules, Regulations, and Reforms; Crisis Management; Standards; Banking Industry
Related
  • 13 Jul 2007
  • Working Paper Summaries

Economic Catastrophe Bonds

Keywords: by Joshua D. Coval, Jakub W. Jurek & Erik Stafford; Financial Services
  • December 1998 (Revised June 1999)
  • Case

STT Aerospace

By: Richard G. Hamermesh and Jeremy Dann
Experienced entrepreneur Charles Damon conducted a "roll-up" from 1987-1994 within the commercial airliner interior products industry. Damon's company, STT Aerospace, took advantage of an industry-wide recession in the early 1990s by buying when asset prices were low.... View Details
Keywords: Retention; Business Strategy; Selection and Staffing; Entrepreneurship; Financial Crisis; Growth and Development Strategy; Compensation and Benefits; Employee Stock Ownership Plan; Acquisition; Product Development; Aerospace Industry
Related
  • March 1994 (Revised April 1994)
  • Case

Marriott Corporation - Restructuring

Deals with the decision of whether to split Marriott into two companies Marriott International and Host Marriott. Marriott has run into problems owing to the decline in real estate valuation. At the time of the case, it has a significant percentage of assets in hotels... View Details
Keywords: Restructuring; Ethics; Accommodations Industry
Related
  • June 2010 (Revised August 2021)
  • Case

Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships

By: Benjamin C. Esty and Albert Sheen
After booming for more than five years, the global shipping (maritime) industry experienced a dramatic crash in late 2008 as the global financial system froze and the global economy slid into recession. Ship charter rates (revenue) fell by as much as 90% causing prices... View Details
Keywords: Fair Value Accounting; Financial Crisis; Capital Markets; Financial Liquidity; International Finance; Globalized Markets and Industries; Valuation; Banking Industry; Shipping Industry; Germany
Related

    Lauren H. Cohen

    Lauren Cohen is the L.E. Simmons Professor in the Finance & Entrepreneurial Management Units at Harvard Business School and a Research Associate at the National Bureau of Economic Research. He is an Editor of the Review of Financial... View Details

    Keywords: asset management; asset management; asset management; asset management; asset management; asset management
    • 18 Jul 2022
    • Research & Ideas

    After the 'Crypto Crash,' What's Next for Digital Currencies?

    Kominers: For the past six months, we’ve been tilting into a state of overall financial uncertainty. Crypto assets are very volatile, in part because there’s so much uncertainty about which crypto technologies are likely to be the most... View Details
    Keywords: by Christina Pazzanese, Harvard Gazette; Financial Services; Technology
    • 24 Jun 2015
    • Working Paper Summaries

    Accounting Data, Market Values, and the Cross Section of Expected Returns World

    Keywords: by Charles C.Y. Wang; Accounting
    • August 2014 (Revised November 2015)
    • Case

    Rick's Dilemma

    By: Arthur I. Segel, Charles F. Wu, Siddharth Yog and Ben Eppler
    In 2014, Rick is serving as a trustee for a large family trust whose principle asset is a plot of prime real estate in the Upper East Side of Manhattan. The land is currently subject to a ground lease which pays $4.6 million annually, with resets every 20 years at 4.5%... View Details
    Keywords: Real Estate; New York Property; Appraisal Methods; Valuation Methodologies; Property; Finance; Real Estate Industry; New York (city, NY); United States
    Related
    • 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... View Details
    Keywords: OTC Markets; Intermediaries; Dealers; Credit Default Swaps; Risk Sharing; Networks; Price; Risk and Uncertainty
    Related
    • 28 Jul 2015
    • First Look

    First Look: July 28, 2015

    asset pricing models with limited investment capital, but also suggest that both the level and distribution of capital are crucial for accurately describing price dynamics.... View Details
    Keywords: Carmen Nobel
    • 2024
    • Working Paper

    Finance Without Exotic Risk

    By: Pedro Bordalo, Nicola Gennaioli, Rafael La Porta and Andrei Shleifer
    We address the joint hypothesis problem in cross-sectional asset pricing by using measured analyst expectations of earnings growth. We construct a firm-level measure of Expectations Based Returns (EBRs) that uses analyst forecast errors and revisions and shuts down any... View Details
    Keywords: Investment Return; Financial Markets; Behavioral Finance; Risk and Uncertainty
    Related
    • September 2010 (Revised March 2012)
    • Case

    AQR's Momentum Funds (A)

    By: Daniel Baird Bergstresser, Lauren H. Cohen, Randolph B. Cohen and Christopher J. Malloy
    AQR is a hedge fund based in Greenwich, Connecticut, that is considering offering a wholly new line of product to retail investors, namely the ability to invest in the price phenomenon known as momentum. There is a large body of empirical evidence supporting momentum... View Details
    Keywords: Financial Strategy; Investment Funds; Investment Portfolio; Governing Rules, Regulations, and Reforms; Product Development; Financial Services Industry; Greenwich
    Related
    • 12 Mar 2009
    • Working Paper Summaries

    Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds

    Keywords: by John Y. Campbell, Adi Sunderam & Luis M. Viceira
    • July 2009 (Revised June 2015)
    • Case

    Citigroup's Exchange Offer

    By: Robin Greenwood and James Quinn
    Citigroup faced considerable distress in early 2009. In late 2008, the bank had accepted $45 billion in preferred equity from the United States government via the Troubled Assets Relief Program (TARP). Yet, the stock had continued to slide in early 2009. In late... View Details
    Keywords: Financial Crisis; Capital Markets; Banks and Banking; Stocks; Price; Globalized Markets and Industries; Financial Services Industry
    Related
    • Research Summary

    Implications of Limits of Arbitrage (with James Choi)

    In this project we investigate the relationship between limits to arbitrage facing mutual fund managers and asset pricing anomalies. We measure changes in the limits to arbitrage by computing the average of slopes on current and past returns in quarterly... View Details
    • September 2015
    • Article

    Banks as Patient Fixed-Income Investors

    By: Samuel G. Hanson, Andrei Shleifer, Jeremy C. Stein and Robert W. Vishny
    We examine the business model of traditional commercial banks when they compete with shadow banks. While both types of intermediaries create safe "money-like" claims, they go about this in different ways. Traditional banks create money-like claims by holding illiquid... View Details
    Keywords: Shadow Banking; Safe Money-like Claims; Commercial Banking
    Related
    • 2005
    • Working Paper

    Aggregate Corporate Liquidity and Stock Returns

    By: Robin Greenwood
    Aggregate investment in cash and liquid assets as a share of total corporate investment is negatively related to subsequent U.S. stock market returns between 1947 and 2003. The share of cash in total investment is a more stable predictor of returns than scaled price... View Details
    Keywords: Stocks; Financial Liquidity; Cash; Investment Return; Corporate Finance
    Related
    • September 2009 (Revised June 2011)
    • Supplement

    Citigroup's Exchange Offer (B)

    By: Robin Greenwood and James Quinn
    Citigroup faced considerable distress in early 2009. In late 2008, the bank had accepted $45 billion in preferred equity from the United States government via the Troubled Assets Relief Program (TARP). Yet, the stock had continued to slide in early 2009. In late... View Details
    Keywords: Financial Instruments; Financial Services Industry
    Related
    • 21 Jun 2017
    • Blog Post

    Agricultural Investing: Where Boots Meet Suits

    HBS Career & Professional Development (CPD) asked students to describe their career interests and what they are up to this summer. I hope to invest in assets that will be impacted by climate change, and subsequently, mitigate climate... View Details
    Keywords: Manufacturing