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  • 2010
  • Working Paper

The Unbundling of Advertising Agency Services: An Economic Analysis

By: Mohammad Arzaghi, Ernst R. Berndt, James C. Davis and Alvin J. Silk
We address a longstanding puzzle surrounding the unbundling of services occurring over several decades in the U.S. advertising agency industry: What accounts for the shift from bundling to unbundling of services and the slow pace of change? Using Evans and Salinger's... View Details
Keywords: Advertising; Change; Forecasting and Prediction; Cost; Price; Analytics and Data Science; Surveys; Marketing Strategy; Media; Service Operations; Agency Theory; Mathematical Methods; Advertising Industry; United States
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  • 13 Jul 2007
  • Working Paper Summaries

Economic Catastrophe Bonds

Keywords: by Joshua D. Coval, Jakub W. Jurek & Erik Stafford; Financial Services
  • March 2005
  • Article

Short- and Long-term Demand Curves for Stocks: Theory and Evidence on the Dynamics of Arbitrage

By: Robin Greenwood
I develop a framework to analyze demand curves for multiple risky securities at extended horizons in a setting with limits-to-arbitrage. Following an unexpected change in uninformed investor demand for several assets, I predict returns of each security to be... View Details
Keywords: Limits To Arbitrage; Event Studies; Demand Curves; Portfolio Choice; Framework; Demand and Consumers; Change; Risk and Uncertainty; Debt Securities; Forecasting and Prediction; Stocks; Assets; Investment Portfolio; System Shocks; Price; Japan
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  • 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
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  • Article

Liquidity Provision and Stock Return Predictability

By: Mark Seasholes and Terrence Hendershott
This paper examines the trading behavior of two groups of liquidity providers (specialists and competing market makers) using a six-year panel of NYSE data. Trades of each group are negatively correlated with contemporaneous price changes. To test for return... View Details
Keywords: Liquidity; Market Makers; Market Efficiency; Inventory; Liquidity Provision; Market Design; Financial Liquidity; Stocks; Investment Return
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    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
    • 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
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    • 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
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    • 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
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    • 2011
    • Working Paper

    Non-Audit Services and Financial Reporting Quality: Evidence from 1978-1980

    By: Kevin Koh, Shiva Rajgopal and Suraj Srinivasan
    We provide evidence for the long-standing concern on auditor conflicts of interest from providing non-audit services (NAS) to audit clients by using rarely explored NAS fee data from 1978 to 1980. Using this earlier setting, we find cross-sectional evidence of improved... View Details
    Keywords: Accounting Audits; Financial Reporting; Stocks; Price; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Service Delivery; Quality; Research
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    • 2009
    • Article

    Empirical Capital Structure: A Review

    By: Christopher Parsons and Sheridan Titman
    This survey provides a synthesis of the empirical capital structure literature. Our synthesis is divided into three parts. The first part examines the evidence that relates to the cross-sectional determinants of capital structure. This literature identifies and... View Details
    Keywords: Capital Structure; Corporate Finance
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    • 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
    • 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
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    • 2016
    • Working Paper

    Credit Migration and Covered Interest Rate Parity

    By: Gordon Y Liao
    I document economically large and persistent discrepancies in the pricing of credit risk between corporate bonds denominated in different currencies. The discrepancies amount to 50-100 basis points on trillions of dollars of debt notional. I relate this violation of... View Details
    Keywords: Market Segmentation; Debt Issuance; Covered Interest Rate Parity; Cross-currency Basis; Credit Risk; Financial Markets; Credit
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    • 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
    • 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
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    • 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
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    • July 2011
    • Article

    The Private Equity Advantage: Leveraged Buyout Firms and Relationship Banking

    By: Victoria Ivashina and Anna Kovner
    This paper examines the impact of leveraged buyout firms' bank relationships on the terms of their syndicated loans. Using a sample of 1,590 loans financing private equity sponsored leveraged buyouts between 1993 and 2005, we find that bank relationships are an... View Details
    Keywords: Leveraged Buyouts; Private Equity; Banks and Banking; Financing and Loans; Interest Rates; Investment Return; Relationships; Banking Industry; Financial Services Industry
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    • 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
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    • 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