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  • March 2014 (Revised May 2014)
  • Case

China Vanke (A-1)

By: Lynn S. Paine, John Macomber and Keith Chi-ho Wong
As China's largest homebuilder, China Vanke Co. Ltd. (Vanke) was facing an industry downturn sparked by strong government intervention. Faced with falling prices, Vanke's president must decide whether to keep the company's pricing and product positioning intact, and... View Details
Keywords: Real Estate; China; Green Building; Sustainable Development; Business Government Relations; Leadership; Business and Government Relations; Urban Development; Growth and Development Strategy; Safety; Real Estate Industry; China
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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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  • February 2011
  • Article

Dividend Taxes and International Portfolio Choice

By: Mihir Desai and Dhammika Dharmapala
This paper investigates how dividend taxes influence portfolio choices, using the response to the distinctive treatment of a subset of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003. An open-economy after-tax capital asset... View Details
Keywords: Dividends; Portfolio Choice; Taxes; Tax Treaties; Foreign Portfolio Investment; Taxation; Lawfulness; Economy; Price; Equity; Stocks; Investment Portfolio; Opportunities; Behavior; United States
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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 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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    • 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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    • 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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    • 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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    • 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
    • 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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    • 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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    • 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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    • 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
    • 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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    • 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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    • 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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    • 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
    • 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
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