Publications

SSRN

Article

Reaching for Yield in the Bond Market

By: Bo Becker and Victoria Ivashina

Reaching for yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyzes this phenomenon in the corporate bond market. Specifically, we show evidence for... View Details

Keywords: Fixed Income; Reaching For Yield; Financial Intermediation; Insurance Companies; Insurance; Assets; Bonds; Investment Return; Investment Portfolio; Risk Management; Insurance Industry

SSRN

15 Jun 2012
Working Paper Summaries

Reaching for Yield in the Bond Market

Keywords: by Bo Becker & Victoria Ivashina

Reaching for Yield in the Bond Market

Reaching-for-yield — the propensity to buy riskier assets in order to achieve higher yields — is believed to be an important factor contributing to the credit cycle. This paper analyses this phenomenon in the corporate bond market. Specifically, we show evidence for... View Details

August 2017
Article

Catering to Investors Through Security Design: Headline Rate and Complexity

By: Claire Célérier and Boris Vallée

This paper investigates the rationale for issuing complex securities to retail investors. We focus on a large market of investment products targeted exclusively at households: retail-structured products in Europe. We hypothesize that banks strategically use product... View Details

Keywords: Financial Complexity; Catering; Shrouding; Reaching For Yield; Investment

June 2020
Article

U.S. Monetary Policy and Emerging Market Credit Cycles

By: Falk Bräuning and Victoria Ivashina

Foreign banks’ lending to firms in emerging market economies (EMEs) is large and denominated predominantly in U.S. dollars. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical U.S. monetary easing cycle,... View Details

Keywords: Global Business Cycle; Monetary Policy; Reaching For Yield; Money; Policy; Credit; Emerging Markets

February 2020
Teaching Plan

Health Leads: Reaching for Impact

By: V. Kasturi Rangan, Sarah Appleby and Julia Kelley

This teaching plan is designed to be used in conjunction with the case "Health Leads: Reaching for Impact (A)," HBS No. 517-022, and its related products, "Health Leads: Reaching for Impact (B)," HBS No. 517-023, and "Health Leads: Reaching for Impact (Abridged)," HBS... View Details

2020
Working Paper

Reverse Information Sharing: Reducing Costs in Supply Chains with Yield Uncertainty

By: Pavithra Harsha, Ashish Jagmohan, Retsef Levi, Elisabeth Paulson and Georgia Perakis

Supply uncertainty in produce supply chains presents major challenges to retailers. Supply shortages create frequent disruptions in terms of promised delivery times, quantity and quality delivered. To alleviate these challenges, dual sourcing--a strategy in which... View Details

Keywords: Information Sharing; Yield Uncertainty; Ration Gaming; Blockchain; Supply Chain; Risk and Uncertainty

SSRN

01 Sep 2015
News

High Yields

Illustration by Chris Philpot Hobbyist drones might make headlines with their crashes on the White House lawn, but the market for unmanned vehicles is rapidly expanding beyond the niche: Over the next decade, according to industry trade... View Details

Keywords: Francis Storrs

Fast Answer

Bloomberg: yield curves

How do I generate yield curves in Bloomberg? Type CRVF and hit GO for the Curve Finder. Use the amber search bar to search by keyword(s) or browse the list. Click on the curves to add them to your... View Details

Fast Answer

High yield bonds: ratings

Where can I find ratings of high yield bonds? Use Bloomberg Type HYM then hit GO for the high yield bond menu. Type HYI then hit GO for high... View Details

01 Sep 2011
News

Gift for MBA Global Reach

Rubenstein Photo Courtesy The Carlyle Group David M. Rubenstein, cofounder and managing director of The Carlyle Group, has made a gift of $5 million to HBS to support global programs for MBA students. “To get a worthwhile business... View Details

Keywords: Colleges, Universities, and Professional Schools; Educational Services; Religious, Grantmaking, Civic, Professional, and Similar Organizations; Personal Services

December 2010
Teaching Note

The Full Yield (TN)

By: Ray A. Goldberg and Noemie Myriam Delfassy

Teaching Note for 911402. View Details

Keywords: Food; Nutrition; Service Industry

January 2014 (Revised March 2014)
Case

SAP 2014: Reaching for the Cloud

By: Karim R. Lakhani, Marco Iansiti and Noah Fisher

In May 2014, Bill McDermott will become the sole CEO of SAP AG, the world leader in the Enterprise Resource Planning (ERP) field. The case occurs in January 2014 at SAP's investors meeting, at a time when the company's stock is near record high. A 2010 strategy... View Details

Keywords: Cloud Computing; Platform; Strategy And Execution; Strategy And Leadership; Enterprise Resource Planning; Software; Information Technology; Digital Platforms; Applications and Software; Information Technology Industry; Germany

Educators

01 Dec 2001
News

Reaching Out

HBS alumni often describe the MBA Program as a transformational experience. That observation especially rings true for students such as Meredith Weenick, Neera Nundy, Abdu Mukhtar, and Jonathan Hodgson who participate in the Nonprofit and... View Details

Keywords: Garry Emmons and Julia Hanna; Health, Social Assistance

April 2004
Tutorial

Yield Curves and Bond Ratings Tutorial

By: William E. Fruhan Jr.

To preview this online product, Authorized Faculty can call our customer service department at 1-800-545-7685 or 617-783-7600. This online tutorial explains what drives the shape of the yield curve for traded debt securities. Also describes the metrics used by rating... View Details

Keywords: Bonds; Investment Return; Financial Services Industry

September 2016
Case

Health Leads: Reaching for Impact (A)

By: V. Kasturi Rangan and Sarah Appleby

Explores strategies to achieve system-level impact for a nonprofit focused on addressing patients' basic social needs through healthcare institutions. Founded in 1996 with a volunteer-staffed help desk at Boston Medical Center connecting low-income patients with basic... View Details

Keywords: Scaling Social Impact; Nonprofit; Healthcare; Health Care Outcomes; Health Care Reform; Health Care Delivery; Scaling Social Enterprise; Social Enterprise; Health; Nonprofit Organizations; Health Care and Treatment; Health Industry; United States

Educators

September 2016
Supplement

Health Leads: Reaching for Impact (B)

By: V. Kasturi Rangan and Sarah Appleby

The (B) case documents the development of a strategy to achieve system-level impact in a rapidly changing healthcare landscape for a nonprofit focused on addressing patients' basic social needs through healthcare institutions. Founded in 1996 with a volunteer-staffed... View Details

Keywords: Scaling Social Impact; Scaling Social Enterprise; Health Care Delivery; Health Care Outcomes; Nonprofit Scaling; Nonprofit; Social Enterprise; Social Entrepreneurship; Health Care and Treatment; Nonprofit Organizations; Growth and Development Strategy; Health Industry; United States

Article

The Unintended Consequences of the Zero Lower Bound Policy

By: Marco Di Maggio and Marcin Kacperczyk

We study the impact of the zero lower bound interest rate policy on the industrial organization of the U.S. money fund industry. We find that in response to policies that maintain low interest rates, money funds change their product offerings by investing in riskier... View Details

Keywords: Quantitative Easing; Money Market Funds; Reaching For Yield; Risk Taking; Fund Exit; Unconventional Monetary Policy; Investment Funds; Interest Rates

September 2016
Case

Health Leads: Reaching for Impact (Abridged)

By: V. Kasturi Rangan and Sarah Appleby

A nonprofit in the healthcare arena explores strategies to achieve system-level impact. Founded in 1996 with a volunteer-staffed help desk at Boston Medical Center connecting low-income patients with basic resources like heating assistance, job training, and childcare... View Details

Keywords: Scaling Social Enterprise; Scaling Social Impact; Health Care Delivery; Health Care Outcomes; Health Care Reform; Nonprofit; Nonprofit Scaling; Social Enterprise; Health Care and Treatment; Nonprofit Organizations; Growth and Development Strategy; Health Industry; United States

Educators