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  • 2011
  • Other Unpublished Work

The Performance Effects of Regulatory Oversight

This paper explores the heterogeneity in firm performance that can arise from exogenously varying levels of oversight in regulated industries. We use data on the performance of U.S. commercial banks to show that banks located physically closer to their supervisors'... View Details
Keywords: Performance; Corporate Governance
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  • June 2013
  • Article

Are There Too Many Safe Securities? Securitization and the Incentives for Information Production

By: Samuel G. Hanson and Adi Sunderam
We present a model that helps explain several past collapses of securitization markets. Originators issue too many informationally insensitive securities in good times, blunting investor incentives to become informed. The resulting endogenous scarcity of informed... View Details
Keywords: Information; Debt Securities; Financial Crisis
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  • 10 Feb 2009
  • First Look

First Look: February 10, 2009

passes. Based on this analysis, one major step that is necessary now to help ensure financial stability in the future is to identify and regulate "systemically significant" institutions on an... View Details
Keywords: Martha Lagace
  • October 2014 (Revised March 2015)
  • Case

Integrated Reporting at Aegon

By: Robert G. Eccles, George Serafeim, Sydney Ribot and Michael Krzus
In 2011, Aegon adopted integrated reporting—a corporate reporting approach that sought to present company performance in a holistic light by considering medium- to long-term issues, stakeholder opinions, and the relationship between material financial and nonfinancial... View Details
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  • 27 Mar 2015
  • Working Paper Summaries

Capital Requirements, Risk Choice, and Liquidity Provision in a Business Cycle Model

Keywords: by Juliane Begenau; Financial Services; Financial Services
  • 13 May 2002
  • Op-Ed

A Cure for Enron-Style Audit Failures

If companies and regulators are ever to learn from the collapse of Enron—and prevent similar corporate debacles in the future—they must look more closely at the relationship between auditors, managers and the company audit committee. The... View Details
Keywords: by Jay Lorsch; Accounting
  • 01 May 2006
  • Research & Ideas

What Companies Lose from Forced Disclosure

Increased financial disclosure standards on such issues as executive compensation should provide more useful information for investors, policy makers, and regulators. But do the companies themselves benefit? What researchers are now... View Details
Keywords: by Ann Cullen; Financial Services
  • 02 Oct 2008
  • What Do You Think?

Workout vs. Bailout: Should Government Take Advantage of the Buffett Effect?

Summing Up The depth of the global financial crisis is becoming clearer day by day. In the United States, it is being used as a reason to set aside ideology regarding government ownership of important View Details
Keywords: by Jim Heskett
  • 22 Apr 2020
  • Research Event

How Investors Are Sizing Up Climate Change’s Risks—and Opportunities

Until a few years ago, climate change’s potential impact seemed abstract for many investors. Now, as sea levels rise, hurricanes intensify, and droughts threaten food supplies, many investors are confronting its financial realities. But it’s not a simple calculation.... View Details
Keywords: by Danielle Kost; Financial Services
  • December 2013
  • Article

Reputational Contagion and Optimal Regulatory Forbearance

By: Alan Morrison and Lucy White
Existing studies suggest that systemic crises may arise because banks either hold correlated assets or are connected by interbank lending. This paper shows that common regulation is also a conduit for interbank contagion. One bank's failure may undermine confidence in... View Details
Keywords: Reputation; Financial Crisis; Banks and Banking; Banking Industry
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  • 04 Aug 2014
  • Op-Ed

Why Small-Business Lending Is Not Recovering

Editor's note: This is the second in a series of articles based on a Harvard Business School working paper by Karen Mills that analyzes the current state of availability of bank capital for small business. During the 2008 financial... View Details
Keywords: by Karen Mills; Financial Services; Financial Services
  • Research Summary

Wall Street Research

By: Paul M. Healy

Wall Street research helps to support a well-functioning capital market by providing investors with information about investment opportunities, and corporate issuers with liquidity for their stocks. Yet surprisingly little is known about how Wall Street research... View Details

Keywords: Sell-side Analysts; Brokerage; Investment Banking; Buy-side Analysts; Compensation; Financial Services Industry
  • 11 Apr 2013
  • Working Paper Summaries

Managers and Market Capitalism

Keywords: by Rebecca Henderson & Karthik Ramanna
  • January 2006 (Revised November 2006)
  • Case

Blogs at Dresdner Kleinwort Wasserstein (A)

In May 2005, JP Rangaswami, the chief information officer at investment bank Dresdner Kleinwort Wasserstein (DrKW), wonders how to extend the bank's use of blogs. Corporations are now increasingly using these tools to diffuse news, opinions, and knowledge and improve... View Details
Keywords: Blogs; Information Technology; Performance Productivity; Governance Compliance; Investment Banking; Financial Services Industry; Financial Services Industry
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  • 12 Apr 2010
  • Research & Ideas

One Report: Better Strategy through Integrated Reporting

How can managers better identify, describe, and confront the issues of environmental and social sustainability that their companies increasingly encounter? One answer is One Report, a method of integrating information about financial and... View Details
Keywords: by Martha Lagace
  • 02 Sep 2008
  • First Look

First Look: September 3, 2008

spillover effects. In the domain of private politics, shareholder resolutions filed against a firm, and against others in its industry, increase its propensity to acquiesce to these shareholder requests. Similarly, in the realm of public politics, the threat of state... View Details
Keywords: Sean Silverthorne
  • 30 Jul 2008
  • Op-Ed

Why the U.S. Should Encourage FDI

Last year, foreign investors set new records for their acquisition activity in the United States. And 2008 began with nearly daily stories of American financial executives courting foreign direct investors, particularly sovereign wealth... View Details
Keywords: by Mihir A. Desai
  • January 2011
  • Case

A Slice of the Pie: Ruby Collins and Tenants in Common

By: John D. Macomber and Kristian Peterson
A securitized small real estate investment vehicle fails and the many individual owners have to decide how to manage or dispose of the asset. This case follows Ruby Collins, a small investor, through the logic of Section 1031 Like Kind Exchanges as well as the... View Details
Keywords: Financial Instruments; Investment; Risk Management; Ownership Stake; Partners and Partnerships; Valuation; Real Estate Industry
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  • 30 Apr 2019
  • First Look

New Research and Ideas, April 30, 2019

Psychology and Financial Fragility By: Gennaioli, Nicola, and Andrei Shleifer Abstract—The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government... View Details
Keywords: Dina Gerdeman
  • June 2009 (Revised July 2010)
  • Case

Microfin

By: Michael Chu and Enrique Kramer
The case presents the management dilemmas of a new institution in an undeveloped microfinance market in Latin America. Supported by a globally recognized industry player, it is the result of the efforts of two fledgling local entrepreneurs with a business model they... View Details
Keywords: Business Model; Developing Countries and Economies; Social Entrepreneurship; Microfinance; Governing Rules, Regulations, and Reforms; Industry Structures; Competitive Strategy; Financial Services Industry; Latin America
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