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    How Quantitative Easing Works: Evidence on the Refinancing Channel

    When LSAPs are needed the most, simply bending the yield curve through purchasing government debt is not effective for stimulating the mortgage market (a key sector of the economy for the transmission of monetary policy). Purchasing mortgage-backed... View Details

    • 2018
    • Working Paper

    The Impact of Pensions and Insurance on Global Yield Curves

    By: Robin Greenwood and Annette Vissing-Jorgensen
    We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the ratio of pension assets (in... View Details
    Keywords: Pension Funds; Investment Funds; Insurance; Assets; Interest Rates; Bonds
    Related
    • September 2004 (Revised January 2006)
    • Case

    Catastrophe Bonds at Swiss Re

    In 2002, Swiss Re, the world's second--largest insurance company, is considering securitizing parts of its risk portfolio in the capital markets. This would be a first for the company that, until then, had never transferred risk off its balance sheet. Peter Giessmann,... View Details
    Keywords: Risk Management; Bonds; Natural Disasters; Insurance; Capital Markets; Banks and Banking; Banking Industry; Insurance Industry; Switzerland
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    • August 2000
    • Article

    Corporate Reorganizations and Non-Cash Auctions

    By: Matthew Rhodes-Kropf and S. Viswanathan
    This paper extends the theory of non-cash auctions by considering the revenue and efficiency of using different securities. Research on bankruptcy and privatization suggests using non-cash auctions to increase cash-constrained bidder participation. We examine this... View Details
    Keywords: Auctions; Revenue; Debt Securities; Insolvency and Bankruptcy; Privatization; Capital Structure; Bids and Bidding; Motivation and Incentives; Performance Efficiency; Contracts
    Related
    • January 2022 (Revised November 2023)
    • Supplement

    Uber in China (C): The Cost of Success for Didi

    By: William C. Kirby and Noah B. Truwit
    On June 30, 2021, ride-hailing giant Didi Chuxing (Didi) raised $4.4 billion in its initial public offering (IPO) on the New York Stock Exchange (NYSE), the largest IPO of a Chinese company listed on an American exchange since Alibaba raised $25 billion in 2014.... View Details
    Keywords: Uber; Didi Chuxing; Start-up Growth; Regulation; Ride-sharing; Transportation; Business Startups; Business and Government Relations; Cross-Cultural and Cross-Border Issues; Growth and Development; Policy; Competition; Laws and Statutes; Transportation Industry; Technology Industry; China
    Related
    • June 1994 (Revised September 1995)
    • Case

    Leland O'Brien Rubinstein Associates, Inc.: SuperTrust

    By: Peter Tufano
    Leland O'Brien Rubinstein Associates, Inc. (LOR), which profited by selling portfolio insurance to institutional investors, attempts to rebuild itself after the 1987 stock market crash by creating new products to meet the unsatisfied needs of equity investors. LOR... View Details
    Keywords: Product Development; Financial Services Industry; United States
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      Frank Nagle

      Frank Nagle is an assistant professor in the Strategy Unit at Harvard Business School. Professor Nagle studies how competitors can collaborate on the creation of core technologies, while still competing on the products and services built on top of them - especially... View Details

      • Article

      The Impact of Corporate Social Responsibility on Investment Recommendations

      By: Ioannis Ioannou and George Serafeim
      Using a large sample of publicly traded U.S. firms over 16 years, we investigate the impact of corporate socially responsible (CSR) strategies on security analysts' recommendations. Socially responsible firms received more favorable recommendations in recent years... View Details
      Keywords: Public Ownership; Corporate Social Responsibility and Impact; Strategy; Experience and Expertise; Value Creation; Public Equity; Markets; Investment; Perception; United States
      Related
      • November 2004 (Revised January 2006)
      • Case

      Martha Stewart (A)

      By: Lynn S. Paine and Christopher Bruner
      Explores Martha Stewart's December 2001 sale of ImClone Systems common stock, the ensuing federal investigations into possible insider trading, and Stewart's criminal prosecution and sentencing. Discusses the impact of publicity on Stewart's company, Martha Stewart... View Details
      Keywords: Capital Markets; Corporate Governance; Financial Markets; Management Teams; Law; Government and Politics
      Related
      • October 1999 (Revised January 2000)
      • Case

      W. R. Hambrecht & Co: OpenIPO

      By: Andre F. Perold and Gunjan D. Bhow
      OpenIPO is a new mechanism for pricing and distributing initial public offerings. The system, which is based on a Dutch auction, represents an attempt by the investment bank W.R. Hambrecht + Co. to change the manner in which IPOs are underwritten. The case provides a... View Details
      Keywords: Investment Banking; Debt Securities; Stocks; Initial Public Offering; Price; Information; Auctions; Agreements and Arrangements; Distribution; Internet; Netherlands
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      • 06 Nov 2006
      • Research & Ideas

      How South Africa Challenges Our Thinking on FDI

      economics, primarily in the understanding of foreign aid, is also one of the few economists who studies issues of humanitarian and emergency assistance. One of his papers, on a refugee camp economy, has been accepted by the Journal of Refugee Studies. Another, on... View Details
      Keywords: by Martha Lagace
      • March 1986 (Revised July 1986)
      • Case

      Applications for Financial Futures

      Consists of a series of four brief descriptions of the use of financial futures as hedging vehicles: a savings and loan hedging the rollover of three-month money market certificates with T-bill futures, a corporate debt issuer hedging the cost of a future debt issue... View Details
      Keywords: Financial Instruments
      Related
      • January 2010 (Revised October 2010)
      • Case

      Colombia: Strong Fundamentals, Global Risk

      By: Aldo Musacchio, Richard H. K. Vietor, Jonathan Schlefer and Carolina Camacho
      By mid-2009 Colombian President Alvaro Uribe had ended decades of virtual civil war and strengthened the business climate, but he faced tough economic challenges. Though he had instituted prominent market reforms and brought inflation down sharply, Colombia seemed... View Details
      Keywords: Developing Countries and Economies; Economic Growth; Macroeconomics; Trade; Global Strategy; Infrastructure; Business and Government Relations; Colombia
      Related
      • January 2004 (Revised July 2006)
      • Case

      Mondavi Winery

      Examines Mondavi Winery's struggle to communicate its value proposition to the market following an apparently successful IPO. The Mondavi Winery had a strong reputation for innovation in the wine industry and had undertaken an IPO to secure the funding needed to... View Details
      Keywords: Plant-Based Agribusiness; Initial Public Offering; Innovation and Management; Communication Strategy; Agriculture and Agribusiness Industry
      Related
      • 20 Jan 2009
      • Research & Ideas

      Risky Business with Structured Finance

      In the wake of the financial crisis, many once-esoteric investment terms have become a familiar part of our vocabulary. The role of structured finance securities such as collateralized debt obligations (CDOs), for example, and the part... View Details
      Keywords: by Julia Hanna; Banking; Financial Services
      • 25 Feb 2009
      • Working Paper Summaries

      Fear of Rejection? Tiered Certification and Transparency

      Keywords: by Emmanuel Farhi, Josh Lerner & Jean Tirole
      • 24 Oct 2005
      • Research & Ideas

      IPR: Protecting Your Technology Transfers

      licensing partners for patent holders that are empowered by reform. After all, they already do have some expertise manufacturing and marketing the patent holder's products. Q: What are you working on now? A: Most of my work focuses on the... View Details
      Keywords: by Cynthia Churchwell
      • February 2019 (Revised November 2024)
      • Case

      Theranos: Who Has Blood on Their Hands? (A)

      By: Nien-hê Hsieh, Christina R. Wing, Emilie Fournier and Anna Resman
      This case covers the rise and fall of Theranos, the company founded by Elizabeth Holmes in 2004 to revolutionize the blood testing industry by creating a device that could provide from a small finger prick the same results and accuracy as intravenous blood draws. As... View Details
      Keywords: Health Testing and Trials; Corporate Accountability; Organizational Culture; Misleading and Fraudulent Advertising; Crime and Corruption; Ethics; Entrepreneurship; Lawsuits and Litigation
      Related
      • February 2018 (Revised October 2019)
      • Case

      Steinhoff International and the Stock Exchange

      By: Siko Sikochi and Austin Lim
      Nicky Newton-King, the Chief Executive Officer of the Johannesburg Stock Exchange (JSE), was put in a difficult position. A scandal had broken out at Steinhoff, a JSE-listed company, under her watch and there were calls to suspend listing of the company securities from... View Details
      Keywords: Accounting; Financial Reporting; Mergers and Acquisitions; Financial Markets; Corporate Governance; Retail Industry; Manufacturing Industry; Distribution Industry; Africa; South Africa
      Related
      • July 2010 (Revised August 2021)
      • Supplement

      Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V. (VHSS): Valuing Ships (CW)

      By: Benjamin C. Esty and Albert W. 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; Economic Slowdown and Stagnation; Capital Markets; Cash Flow; Financial Liquidity; Banks and Banking; Price; Price Bubble; Contracts; Crisis Management; Market Transactions; Valuation; Shipping Industry
      Related