Publications

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January 2014 (Revised February 2014)
Case

Japan: Betting on Inflation?

By: Julio J. Rotemberg

The case focuses on the challenges still confronting Prime Minister Shinzo Abe at the end of 2013, a year after he has been in office. It also gives an overview of Japan's earlier economic performance, focusing primarily on the period after it suffered a stock market... View Details

Keywords: Quantitative Easing; Debt Sustainability; International Relations; Borrowing and Debt

April 1988 (Revised May 1992)
Case

Gaz de France

By: W. Carl Kester

The treasurer of Gaz de France is an aggressive, proactive manager of his company's liability structure, running one of the largest swap books of any non-financial corporation in the world. Currency futures, interbank forwards, and currency options are also frequently... View Details

Keywords: Decisions; Borrowing and Debt; Currency Exchange Rate; Credit Derivatives and Swaps; Policy; Management; Organizational Structure; Energy Industry; Europe

20 Dec 2011
First Look

First Look: December 20

estimated from a random-effects model, about 66% of the variance in effect sizes was attributable to systematic differences between studies. This result indicates that although the UTE is a real effect, it does not always occur. Several... View Details

Keywords: Carmen Nobel

15 Jan 2019
First Look

New Research and Ideas, January 15, 2019

transform traditional industries such as banking, real estate, and healthcare. More recently, it has gained attention as a way to finance new ventures, through what is known as an Initial Coin Offering (ICO). Less noticed, though, is ICOs... View Details

Keywords: Dina Gerdeman

26 Sep 2017
First Look

First Look at New Research and Ideas, September 26, 2017

during the AFC. Regression estimates suggest that the relationship between leverage, exchange rate depreciations, and corporate financial distress is time varying. Also, a central finding is that firm size... View Details

Keywords: Sean Silverthorne

18 Oct 2011
First Look

First Look: October 18

involuntarily closed for overdraft activity may have limited or no access to the formal banking system. In the period 2000 through 2005, there were approximately 30 million checking accounts reportedly closed for excessive overdrafting. Closure View Details

Keywords: Sean Silverthorne

May 2018
Article

U.S. Treasury Premium

By: Wenxin Du, Joanne Im and Jesse Schreger

We quantify the difference in the convenience yield of U.S. Treasuries and government bonds of other developed countries by measuring the deviation from covered interest parity between government bond yields. We call this wedge the “U.S. Treasury Premium.” We document... View Details

Keywords: Bonds; Investment Return; Interest Rates; Financial Crisis

August 1989 (Revised May 1991)
Case

Grosvenor Park

By: William J. Poorvu and Katherine Sweetman

Dick Dublin believes he has designed a townhouse development which will appeal to mobile young professionals. Dublin has removed some market risk by locking in a forward commitment for low interest rate loans for future purchasers at Grosvenor Park. The pricing... View Details

Keywords: Financial Management; Projects; Financing and Loans; Property; Financial Strategy; Price; Strategic Planning; Business and Government Relations; Real Estate Industry; Maryland

2023
Article

Probabilistically Robust Recourse: Navigating the Trade-offs between Costs and Robustness in Algorithmic Recourse

By: Martin Pawelczyk, Teresa Datta, Johannes van-den-Heuvel, Gjergji Kasneci and Himabindu Lakkaraju

As machine learning models are increasingly being employed to make consequential decisions in real-world settings, it becomes critical to ensure that individuals who are adversely impacted (e.g., loan denied) by the predictions of these models are provided with a means... View Details

Keywords: AI and Machine Learning; Decision Choices and Conditions; Mathematical Methods

03 Jan 2007
Working Paper Summaries

Banking Deregulation, Financing Constraints and Entrepreneurship

Keywords: by William Kerr & Ramana Nanda; Banking

February 2010
Case

Shurgard Self-Storage: Expansion to Europe (Abridged)

By: Richard G. Hamermesh

Shurgard, a U.S.-based firm that rents storage facilities to consumers and small businesses, is considering financing options for rapid expansion of its European operations. Five years after entering Europe, Shurgard Europe has opened 17 facilities in Belgium, France,... View Details

Keywords: Business Model; Business Growth and Maturation; Multinational Firms and Management; Logistics; Corporate Entrepreneurship; Trade; Equity; Corporate Finance; United States; Europe

March 2004 (Revised May 2005)
Case

Shurgard Self-Storage: Expansion to Europe

By: Richard G. Hamermesh and Indra Reinbergs

Shurgard, a U.S.-based firm that rents storage facilities to consumers and small businesses, is considering financing options for rapid expansion of its European operations. Five years after entering Europe, Shurgard Europe has opened 17 facilities in Belgium, France,... View Details

Keywords: Private Equity; Valuation; Business Model; Governing and Advisory Boards; Entrepreneurship; Cross-Cultural and Cross-Border Issues; Service Industry; Belgium; France; Sweden; United States; Europe

Research Summary

Overview

Yanhua Bird's research encompasses two streams: (1) entrepreneurship and social innovation — how the design and structure of alternative forms of enterprises influence their activities and success, with a focus on peer-to-peer markets and social enterprises, and (2)... View Details

Keywords: Organizational Behavior; Strategy; Social Evaluation; Entrepreneurship; Social Innovation; Social Movements; Non-market Strategy; Corporate Sustainability

September 2007
Case

Tetra Pak Argentina

By: Tarun Khanna, Krishna G. Palepu and Gustavo A. Herrero

Deals with the hands-on management of a difficult situation facing the subsidiary of a multinational corporation (Tetra Pak) in a developing country (Argentina). The situation arises from a major economic, social, and institutional breakdown that jeopardizes the... View Details

Keywords: Developing Countries and Economies; Financial Crisis; Currency Exchange Rate; Sovereign Finance; Multinational Firms and Management; Crisis Management; Business and Government Relations; Argentina

January 2011 (Revised June 2011)
Case

Fixed Income Arbitrage in a Financial Crisis (A): US Treasuries in November 2008

Investment manager James Franey confronts an apparent arbitrage opportunity during the global financial crisis of 2008 when he notices a wide yield spread between two U.S. Treasury bonds that mature on the same date. Franey must decide if there is an opportunity, how... View Details

Keywords: Bonds; Valuation; Interest Rates; Financial Crisis; Financial Services Industry; United States

2001
Chapter

Publicly Funded Science and the Productivity of the Pharmaceutical Industry

By: Rebecca Henderson and Ian Cockburn

U.S. taxpayers funded $14.8 billion of health related research last year, four times the amount that was spent in 1970 in real terms. In this paper we evaluate the impact of these huge expenditures on the technological performance of the pharmaceutical industry. While... View Details

Keywords: Public Sector; Science-Based Business; Research and Development; Sovereign Finance; Pharmaceutical Industry

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30 Jun 2009
First Look

First Look: June 30

inflation-indexed bond markets in the U.S. and the U.K. It documents a massive decline in long-term real interest rates from the 1990s until 2008, followed by a sudden spike in these View Details

Keywords: Martha Lagace

October 2020
Case

HOPE and Transformational Lending: Netflix Invests in Black Led Banks

By: John D. Macomber and Janice Broome Brooks

Following the killing of George Floyd on Memorial Day in 2020, the large US corporation Netflix elected to make a "transformational deposit" of $10 million into Hope Credit Union (HCU), a small Black led community development finance institution (CDFI) based in... View Details

Keywords: Banking; Rural Entrepreneurship; Economic Development; Black Entrepreneurs; Economic Growth; Credit; Banks and Banking; Entrepreneurship; Rural Scope; Development Economics; Race; Investment; Decision Making; Banking Industry