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  • 11 Dec 2012
  • First Look

First Look: Dec. 11

reflected in stock prices. Download the paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=43177 Cost of Capital Dynamics Implied by Firm Fundamentals Authors:Lyle, Matthew, and Charles C.Y. Wang Abstract We provide a tractable stock valuation model to study the dynamics of... View Details
Keywords: Sean Silverthorne
  • 05 Aug 2014
  • First Look

First Look: August 5

policy tool that has attracted increased interest. Yet questions about the efficacy and the efficiency with which funds are used are subject to frequent debate. This paper examines empirical data from the Danish National Advanced Technology Foundation (DNATF), an View Details
Keywords: Sean Silverthorne
  • 25 Jul 2006
  • First Look

First Look: July 25, 2006

premia, real interest rates and inflation. The variation in investment opportunities is captured by a flexible vector autoregressive parameterization, which readily accommodates a large number of assets and state variables. We find that... View Details
Keywords: Sean Silverthorne
  • Web

Faculty & Advisors | MBA

Alexion Pharmaceuticals from 2017-2019. At Biogen, Paul oversaw rapid growth in the company as it expanded it's products and pipeline. During his tenure as CFO, Biogen grew total return to shareholders at a 20% compound annual growth rate... View Details
  • 22 Apr 2014
  • First Look

First Look: April 22

misvaluation for a firm's borrowing and investment decisions. Using an ex-post measure of the accuracy of credit ratings to capture debt market misvaluation, we find evidence that firms take advantage of... View Details
Keywords: Sean Silverthorne
  • 18 Apr 2007
  • HBS Case

How Magazine Luiza Courts the Poor

developed a flexible procedure for credit approval, using nontraditional metrics to enable customers with lower, less easily established incomes (a pushcart vendor, for example) to make purchases. "Their loan repayment View Details
Keywords: by Julia Hanna; Retail
  • 21 Jan 2009
  • First Look

First Look: January 21, 2009

http://harvardbusinessonline.hbsp.harvard.edu/ b01/en/common/item_detail.jhtml?id=609046 Note: Credit Rating Agencies Harvard Business School Note 209-056 The note examines the... View Details
Keywords: Martha Lagace
  • 25 Nov 2014
  • First Look

First Look: November 25

field research methods, this paper connects these achievements to bureaucratic norms, unwritten rules within the state that guide the behavior of public officials and structure their relations with civic agencies outside the state.... View Details
Keywords: Carmen Nobel
  • Web

Behavioral Finance & Financial Stability

Interest Rate Parity By: Gordon Liao DEC 2016 | BFFS WP #007 In this paper, Gordon Liao studies the joint determination of two economically large and persistent violations of the Law Of One Price (LOOP) in the global corporate View Details
  • 01 Dec 2014
  • Working Paper Summaries

Financing Innovation

Keywords: by William R. Kerr & Ramana Nanda
  • 13 May 2014
  • First Look

First Look: May 13

treatment with a simulation of paying U.S. federal taxes. Allowing taxpayers to signal their preferences on the distribution of government spending results in a 15% reduction in the stated take-up rate of a questionable tax loophole.... View Details
Keywords: Sean Silverthorne
  • 17 Jan 2024
  • Research & Ideas

Are Companies Getting Away with 'Cheap Talk' on Climate Goals?

Companies regularly set ambitious climate goals, but these plans often end up like many people’s New Year’s resolutions: unmet aspirations that quietly fizzle out. While companies often gain positive media attention by trumpeting plans for reducing greenhouse gas... View Details
Keywords: by Tim Gray
  • 31 Oct 2013
  • Working Paper Summaries

Do Measures of Financial Constraints Measure Financial Constraints?

Keywords: by Joan Farre-Mensa & Alexander Ljungqvist
  • May 2020
  • Article

How Quantitative Easing Works: Evidence on the Refinancing Channel

By: Marco Di Maggio, Amir Kermani and Christopher Palmer
We document the transmission of large-scale asset purchases by the Federal Reserve to the real economy using rich borrower-linked mortgage-market data and an identification strategy based on mortgage market segmentation. We find that central bank QE1 MBS purchases... View Details
Keywords: Monetary Policy; MBS; Quantitative Easing; LSAP; Refinancing; Deleveraging; HARP; GSE; Central Banking; Global Range; Financing and Loans; Credit; United States
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  • 17 Aug 2023
  • Research & Ideas

‘Not a Bunch of Weirdos’: Why Mainstream Investors Buy Crypto

wild ride. That is, until now. A new study by Harvard Business School professor Marco Di Maggio shows that on average, cryptocurrency investors have higher household incomes, live in wealthier and more educated ZIP codes, like to gamble, frequently use View Details
Keywords: by Ben Rand
  • 15 May 2012
  • First Look

First Look: May 15

company whose management engaged in a massive accounting fraud. ChuoAoyama was PwC's Japanese affiliate and one of Japan's largest audit firms. In May 2006, the Japanese Financial Services Agency (FSA) suspended ChuoAoyama for two months... View Details
Keywords: Carmen Nobel
  • Web

Accounting & Management - Faculty & Research

access to credit for millions of individuals lacking a prior credit history. However, short-term, high-interest digital loans have raised concerns about predatory lending practices. To examine how digital... View Details
  • November 2003 (Revised March 2006)
  • Case

Dow Chemical's Bid for the Privatization of PBB in Argentina

By: Mihir A. Desai and Alexandra de Royere
What price should Dow Chemical bid for PBB, a petrochemical complex that is being privatized by the Argentine government? To answer this question, students are forced to consider the role of country risk, the underlying currency exposure of the business, and how to... View Details
Keywords: Bids and Bidding; Privatization; Credit Derivatives and Swaps; Cash Flow; Emerging Markets; Valuation; Business and Government Relations; Multinational Firms and Management; Risk and Uncertainty; Energy Industry; Argentina
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  • 29 Jan 2008
  • First Look

First Look: January 29, 2008

1,582 loans financing private equity-sponsored leveraged buyouts between 1993 and 2005, we find that bank relationships explain cross-sectional variation in the loan interest rate and covenant structure. Our results indicate that two... View Details
Keywords: Martha Lagace
  • 05 Nov 2013
  • First Look

First Look: November 5

gatekeeping institutions, from credit rating agencies to supply-chain auditors, are important players in contemporary regulatory regimes. Yet little is known about what... View Details
Keywords: Sean Silverthorne