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- August 2023
- Article
Do Rating Agencies Behave Defensively for Higher Risk Issuers?
By: Samuel B. Bonsall IV, Kevin Koharki, Pepa Kraft, Karl A. Muller III and Anywhere Sikochi
We examine whether rating agencies act defensively toward issuers with a higher likelihood of default. We find that agencies' qualitative soft rating adjustments are more accurate as issuers' default risk grows, as evidenced by the adjustments leading to lower Type I... View Details
Keywords: Credit Rating Agencies; Soft Rating Adjustments; Default; Credit; Performance Evaluation; Measurement and Metrics; Financial Institutions; Risk Management
Bonsall, Samuel B., IV, Kevin Koharki, Pepa Kraft, Karl A. Muller III, and Anywhere Sikochi. "Do Rating Agencies Behave Defensively for Higher Risk Issuers?" Management Science 69, no. 8 (August 2023): 4864–4887.
- 2021
- Working Paper
International Evidence on the Effects of a Local Presence by U.S. Credit Rating Agencies
By: Liran Eliner, Michael Machokoto and Anywhere Sikochi
Major U.S. credit rating agencies are criticized for failing to understand developments in other economies and thereby impeding capital access by assigning lower ratings. Consistent with this, we find that Moody's and S&P credit ratings are more favorable after the... View Details
Keywords: Credit Rating Agencies; Credit Ratings; Rating Adjustments; Rating Disagreement; Geographic Proximity; Soft Information; Credit; Geographic Location; Local Range
Eliner, Liran, Michael Machokoto, and Anywhere Sikochi. "International Evidence on the Effects of a Local Presence by U.S. Credit Rating Agencies." Harvard Business School Working Paper, No. 20-083, February 2020. (Revised August 2021.)
- February 1984 (Revised March 1990)
- Background Note
Risk Adjusted Discount Rates
By: David E. Bell
Bell, David E. "Risk Adjusted Discount Rates." Harvard Business School Background Note 184-151, February 1984. (Revised March 1990.)
- June 1984 (Revised August 1994)
- Case
ARPPS: Adjustable Rate Perpetual Preferred Stock
By: Jay O. Light
Keywords: Stocks
Light, Jay O. "ARPPS: Adjustable Rate Perpetual Preferred Stock." Harvard Business School Case 284-096, June 1984. (Revised August 1994.)
- July 1983 (Revised March 1986)
- Case
Fred Johnson's Adjustable Rate Convertible Note
Fruhan, William E., Jr. "Fred Johnson's Adjustable Rate Convertible Note." Harvard Business School Case 284-008, July 1983. (Revised March 1986.)
- May 1986
- Case
Fred Johnson's Adjustable Rate Convertible Note, Software Case
Fruhan, William E., Jr. "Fred Johnson's Adjustable Rate Convertible Note, Software Case." Harvard Business School Case 286-085, May 1986.
- 1995
- Other Unpublished Work
State Poverty Rates Adjusted by Variations in Costs of Living Across States
By: Dutch Leonard and Monica E. Friar
Keywords: Wealth and Poverty
- February 1996 (Revised May 1996)
- Teaching Note
ARPPS: Adjustable Rate Perpetual Preferred Stock & MMP: Money Market Preferred Stock TN
By: Andre F. Perold and Wai Lee
Keywords: Stocks
- June 1995
- Teaching Note
ARPPS: Adjustable Rate Perpetual Preferred Stock and MMP: Money Market Preferred Stock TN
By: Andre F. Perold and Wai Lee
Keywords: Stocks
- 2019
- Working Paper
Real Exchange Rate Behavior: New Evidence from Matched Retail Goods
By: Alberto Cavallo, Brent Neiman and Roberto Rigobon
We use a dataset containing daily prices for thousands of matched retail products in nine countries to study tradable-goods real exchange rates. Prices were collected from the websites of large multi-channel retailers and then carefully matched into narrowly-defined... View Details
Keywords: Purchasing Power Parity; Online Prices; Real Exchange Rate; Macroeconomics; Currency Exchange Rate; Price; Internet and the Web
Cavallo, Alberto, Brent Neiman, and Roberto Rigobon. "Real Exchange Rate Behavior: New Evidence from Matched Retail Goods." Harvard Business School Working Paper, No. 20-040, January 2019.
- Article
Variance-Minimizing Monetary Policies with Lagged Price Adjustment and Rational Expectations
By: Jerry R. Green and Seppo Honkapohja
This paper considers a macroeconomic model with rational expectations in which prices are incompletely flexible. Markets therefore fail to clear. In such a model monetary policy is not neutral. The variance of real and nominal quantities and interest rates is sensitive... View Details
Green, Jerry R., and Seppo Honkapohja. "Variance-Minimizing Monetary Policies with Lagged Price Adjustment and Rational Expectations." European Economic Review 20, nos. 1-3 (January 1983): 123–141.
- 1996
- Article
Limits on Interest Rate Rules in the IS Model
By: William R. Kerr and Robert G. King
There has been a substantial amount of research on interest rate rules. This literature finds that the feasibility and desirability of interest rate rules depends on the structure of the model used to approximate macroeconomic reality. We employ a series of... View Details
Keywords: Inflation and Deflation; Macroeconomics; Interest Rates; Price; Governing Rules, Regulations, and Reforms; Performance Expectations
Kerr, William R., and Robert G. King. "Limits on Interest Rate Rules in the IS Model." Federal Reserve Bank of Richmond Economic Quarterly 82, no. 2 (1996): 47–75.
- Article
Currency Unions, Product Introductions, and the Real Exchange Rate
By: Alberto Cavallo, Brent Neiman and Roberto Rigobon
We use a novel dataset of online prices of identical goods sold by four large global retailers in dozens of countries to study good-level real exchange rates and their aggregated behavior. First, in contrast to the prior literature, we demonstrate that the law of one... View Details
Keywords: Currency Union; Law Of One Price; International Prices; Global Firm; Currency Exchange Rate; Price; International Finance
Cavallo, Alberto, Brent Neiman, and Roberto Rigobon. "Currency Unions, Product Introductions, and the Real Exchange Rate." Quarterly Journal of Economics 129, no. 2 (May 2014): 529–595.
- Fast Answer
Securitization process and credit rating agencies
What resources are available on the securitization process, credit rating agencies and European covered bonds? Databases Bloomberg - Use Mortgages function to get information on various forms of secured loans Standard &... View Details
- Article
Decreases In Readmissions Credited to Medicare's Program to Reduce Hospital Readmissions Have Been Overstated
By: Christopher Ody, Lucy Msall, Leemore S. Dafny, David Grabowski and David Cutler
Medicare’s Hospital Readmissions Reduction Program (HRRP) has been credited with lowering risk-adjusted readmission rates for targeted conditions at general acute care hospitals. However, these reductions appear to be illusory or overstated. This is because a... View Details
Keywords: Readmission Rates; Hospitals; Acute Care Hospitals; Medicare; Myocardial Infarction; Heart Failure; Health Care and Treatment
Ody, Christopher, Lucy Msall, Leemore S. Dafny, David Grabowski, and David Cutler. "Decreases In Readmissions Credited to Medicare's Program to Reduce Hospital Readmissions Have Been Overstated." Health Affairs 38, no. 1 (January 2019): 36–43.
- August 2005 (Revised April 2014)
- Teaching Note
Innocents Abroad: Currencies and International Stock Returns
By: Mihir A. Desai, Kathleen Luchs, Elizabeth A. Meyer and Mark Veblen
What do international stocks contribute to the portfolio of a U.S. investor? How do currencies interact with stock price movements in determining the benefits of international diversification? This case helps students compare the risks and returns of foreign stock... View Details
Keywords: Diversification; International CAPM; CAPM; Home Bias; Currency Risk; Exchange Rate Risk; International Stock Market Returns; Financial Services Industry; United States; Currency Exchange Rate; Stocks; Financial Markets; International Finance; Investment Return; Currency; Risk and Uncertainty; Emerging Markets; Investment Portfolio; United States; Australia; Canada; China; Germany; India; Japan; United Kingdom
- March 2004 (Revised October 2013)
- Case
Innocents Abroad: Currencies and International Stock Returns
By: Mihir A. Desai, Kathleen Luchs, Elizabeth A. Meyer and Mark Veblen
What do international stocks contribute to the portfolio of a U.S. investor? How do currencies interact with stock price movements in determining the benefits of international diversification? This case helps students compare the risks and returns of foreign stock... View Details
Keywords: Diversification; International CAPM; CAPM; Home Bias; Currency Risk; Exchange Rate Risk; International Stock Market Returns; United States; Currency Exchange Rate; Stocks; Financial Markets; International Finance; Investment Return; Currency; Risk and Uncertainty; Emerging Markets; Investment Portfolio; Financial Services Industry; United States; Australia; Canada; China; Germany; India; Japan; United Kingdom
Desai, Mihir A., Kathleen Luchs, Elizabeth A. Meyer, and Mark Veblen. "Innocents Abroad: Currencies and International Stock Returns." Harvard Business School Case 204-141, March 2004. (Revised October 2013.)
- May 2014
- Case
Health Care Accountability: Examples in Cancer Treatment
By: Regina E. Herzlinger and Natalie Kindred
This case is designed to support a discussion of the importance of outcomes evidence in empowering the public to make better health care decisions, the desired level of transparency and accountability for health care providers, and the issues with current measuring and... View Details
Keywords: Accountability; Health Care; Cancer; Cancer Treatment; Memorial Sloan Kettering Cancer Center; Cancer Treatment Centers Of America; Vantage Oncology; Radiology; Risk Adjustment; Treatment Outcomes; Health Care Outcomes; Prostate Cancer; Transparency; Health Care and Treatment; Risk Management; Outcome or Result; Health Industry; United States
- February 2011 (Revised June 2011)
- Case
Aluar: Aluminio Argentino S.A. (A)
By: David F. Hawkins, Hernan Etiennot, Gustavo A. Herrero and Cintra Scott
Argentine government claims inflation rate is 8 percent but others claim it is double that rate. Analysts' attempts to adjust the company's financial statements for inflation. View Details
Keywords: Inflation and Deflation; Accounting; Financial Statements; Government and Politics; Argentina
Hawkins, David F., Hernan Etiennot, Gustavo A. Herrero, and Cintra Scott. "Aluar: Aluminio Argentino S.A. (A)." Harvard Business School Case 111-059, February 2011. (Revised June 2011.)
- February 2011 (Revised July 2011)
- Supplement
Aluar: Aluminio Argentino S.A. (B)
By: David F. Hawkins, Hernan Etiennot, Gustavo A. Herrero and Hugo Pentenero
Argentine government claims inflation rate is 8 percent but others claim it is double that rate. Analysts' attempts to adjust the company's financial statements for inflation. View Details
Hawkins, David F., Hernan Etiennot, Gustavo A. Herrero, and Hugo Pentenero. "Aluar: Aluminio Argentino S.A. (B)." Harvard Business School Supplement 111-070, February 2011. (Revised July 2011.)