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  • 01 Sep 2018
  • News

After the Fall

that from time to time they will take on more risk than they should. In another study, Hanson found that investors who were around to see firsthand a hiccup in the bond market in 1998 were less enthusiastic... View Details
Keywords: Jennifer Myers; illustration by Dan Bejar; Monetary Authorities-Central Bank; Finance; Securities, Commodities, and Other Financial Investments; Finance; Executive, Legislative, and Other General Government Support; Government
  • 12 Jan 2016
  • First Look

January 12, 2016

through expected future bond risk premia. If a QE operation is expected to be undone in the near term, then its announcement will have a hump-shaped effect on the yield and forward-rate curves; otherwise the... View Details
Keywords: Carmen Nobel
  • 07 May 2013
  • First Look

First Look: May 7

decomposes excess return predictability in U.S. and U.K. inflation-indexed and nominal government bonds. We find that nominal bonds reflect time-varying inflation and real rate risk premia, while... View Details
Keywords: Carmen Nobel
  • 01 Dec 2005
  • News

Trillion-Dollar Fixer-Upper

knowledge that the industry today bears little resemblance to the industry of the late 1980s. In fact, real estate now is widely viewed as a new asset class that competes with stocks and bonds for investment capital. It earned that... View Details
Keywords: Roger Thompson; Real Estate
  • 20 Sep 2016
  • First Look

September 20, 2016

better consumption smoothing, issue more foreign-currency debt. We propose that monetary policy credibility explains the currency composition of sovereign debt and nominal bond risks in the presence of... View Details
Keywords: Sean Silverthorne
  • 09 Jan 2006
  • Research & Ideas

Rebuilding Commercial Real Estate

Property), lured by the prospect of exciting careers in a hot market. But the question arises: After several boom years, is commercial real estate ripe for another fall? I don't see risks that you would associate with a bubble.—Stephen... View Details
Keywords: by Roger Thompson; Construction; Real Estate
  • 01 Oct 2024
  • Research & Ideas

How Politics Drives Business Decisions in a Polarized Nation

executive suites, start-up firms, and even entire professions and industries. Within finance, in particular, decisionmakers’ political views influence investment returns, credit ratings, asset allocations, loan terms, and bond yields,... View Details
Keywords: by Jay Fitzgerald
  • 06 Dec 2011
  • Op-Ed

Greater Fiscal Integration Best Solution for Euro Crisis

deleveraging that made them sell European sovereign debt. But the ECB's most powerful weapon - intervening in the bond market - is still locked away. Draghi needs to create consensus among the German "hawks" who worry about the... View Details
Keywords: by Dante Roscini
  • 24 Sep 2013
  • First Look

First Look: September 24

  Publications August 2013 Financial Analysts Journal The Low Beta Anomaly: A Decomposition into Micro and Macro Effects By: Baker, Malcolm, Brendan Bradley, and Ryan Taliaferro Abstract—Low beta stocks have offered a combination of low View Details
Keywords: Sean Silverthorne
  • 24 Sep 2014
  • Op-Ed

The ABCs of Addressing Climate Change (From a Business Perspective)

Change What role should business leaders play in trying to affect climate change? Harvard Business School faculty share their thoughts. A: Actuarial Thinking. Assessing probabilities and portfolio risk is how property insurance companies... View Details
Keywords: by John Macomber; Energy; Utilities
  • January 2004 (Revised June 2004)
  • Case

Innovation at the Treasury: Treasury Inflation-Protection Securities (A)

By: Kenneth A. Froot, Peter A. Hecht and Christopher Edward James Payton
In 1997, the U.S. Treasury was deciding whether to proceed with a proposal to issue inflation-indexed bonds. This case explores the challenges facing innovation in the financial markets as the Treasury tries to determine whether to introduce Treasury... View Details
Keywords: Inflation; Innovation; Federal Government; Securities; Debt Securities; Risk Management; Bonds; Investment Portfolio; Capital Markets; Inflation and Deflation; Government and Politics; Innovation and Invention; United States
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  • 03 Feb 2014
  • News

Eyes on Medical Breakthroughs

harder than her male classmates to succeed. From her father, a Hungarian immigrant with no business training who bought New York City's Chelsea Hotel and turned it into one of the Big Apple's most famous addresses, she learned to take View Details
Keywords: Ralph Ranalli; Management; Ambulatory Health Care Services; Health, Social Assistance
  • 25 Jun 2018
  • News

An Unfinished Story

ancestors—were willing to make to seek something better. Think about, especially, those early immigrants. They had no idea what they were setting forth into when they left their homes. They got on a ship, and they didn't know if they were going to fall off the end of... View Details
Keywords: April White
  • 14 Oct 2009
  • First Look

First Look: October 14

paper: http://www.hbs.edu/research/pdf/09-114.pdf Endowments, Fiscal Federalism, and the Cost of Capital for States: Evidence from Brazil, 1891-1930 Authors:André C. Martínez Fritscher and Aldo Musacchio Abstract There is a large amount of literature that aims to... View Details
Keywords: Martha Lagace
  • 13 Jun 2017
  • News

Finding Common Ground

to think about something outside its narrow interests is very difficult.” Similarly, activists and government regulators are also immersed in the worldview of their own environments. “There’s bonding in running down the other and in... View Details
Keywords: Ralph Ranalli
  • 01 Oct 2002
  • News

Banishing Balkan Ghosts

to death.” Then in October 2000 came euphoria: Milosevic had fallen. Old friends in Belgrade, anti-Milosevic activists familiar with Djelic's talents and experience, pleaded for him to return and help rebuild. “How could I stay and lead my bourgeois lifestyle when all... View Details
Keywords: Garry Emmons
  • 25 Jan 2011
  • First Look

First Look: Jan. 25

association between creativity and dishonesty, thus highlighting a dark side of creativity. Download the paper: http://www.hbs.edu/research/pdf/11-064.pdf Issuer Quality and Corporate Bond Returns Authors:Robin Greenwood and Samuel G.... View Details
Keywords: Sean Silverthorne
  • 21 Jun 2011
  • First Look

First Look: June 21

refrigerated food products, primarily poultry, it begins by describing broad patterns about the use of alternative financing terms. These patterns help discipline a model in which the trade finance mode is shaped by the risk that an... View Details
Keywords: Sean Silverthorne
  • 12 Jul 2011
  • First Look

First Look: July 12

debt 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... View Details
Keywords: Carmen Nobel
  • 25 Jan 2022
  • Blog Post

Feeling Seen: What to Say When Your Employees Are Not OK

the COVID-19 pandemic approaches its third exhausting year. Validating someone’s feelings can be as simple as pausing during the day to say, “You seem anxious,” says Zlatev, a professor in the Negotiation, Organizations & Markets Unit at HBS. "YOU'RE SHOWING THAT... View Details
Keywords: All Industries