Publications
Publications
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- All HBS Web
(2,216)
- Faculty Publications (509)
- August 2009
- Article
Inexperienced Investors and Bubbles
By: Robin Greenwood and Stefan Nagel
We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the... View Details
- July 2009 (Revised August 2011)
- Case
What Happened at Citigroup? (A)
By: Clayton S. Rose and Aldo Sesia
What went wrong at Citigroup? In 1998, the Travelers Group and Citicorp merged to create Citigroup Inc., considered the first true global "financial supermarket" and a business model to be envied, feared, and emulated. By year-end 2006 the firm had a market... View Details
- July 2009 (Revised June 2015)
- Case
Citigroup's Exchange Offer
By: Robin Greenwood and James Quinn
Citigroup faced considerable distress in early 2009. In late 2008, the bank had accepted $45 billion in preferred equity from the United States government via the Troubled Assets Relief Program (TARP). Yet, the stock had continued to slide in early 2009. In late... View Details
- May 2009
- Article
Synchronicity and Firm Interlocks in an Emerging Market
By: Tarun Khanna and Catherine Thomas
Stock price synchronicity has been attributed to poor corporate governance and a lack of firm-level transparency. This paper investigates the association between different kinds of firm interlocks, control groups, and synchronicity in Chile. A unique data set... View Details
- March 2009 (Revised July 2010)
- Case
State Street Corporation
To maximize their effectiveness, color cases should be printed in color. State Street Corp. reports a 13% gain in EPS in 2008 amidst a global financial crisis. The stock price declines 59% on the day of the earnings report. This one day decline was exceeded in the... View Details
- March 2009 (Revised December 2009)
- Case
Relational Investors and Home Depot (A)
By: Jay W. Lorsch and Kaitlyn Simpson
In 2006, amidst shareholder upset over CEO Robert Nardelli's compensation and Home Depot's declining stock price, Relational Investors decided to further investigate the situation. As experts in turning around underperforming and undervalued companies, Relational's... View Details
- March 2009 (Revised November 2016)
- Case
Washington Mutual's Covered Bonds
By: Daniel Baird Bergstresser, Robin Greenwood and James Quinn
Washington Mutual issued 6 billion euro of covered bonds in 2006. The objective of the case is to ask whether these bonds are mispriced in late 2008. The case is set in September 2008, and Washington Mutual is facing considerable distress due to mounting losses in its... View Details
Keywords: Capital Markets; Financial Liquidity; Bonds; Mortgages; Price; Banking Industry; United States
- March 2009 (Revised September 2011)
- Case
UBS and Auction Rate Securities (A)
By: Daniel Baird Bergstresser, Shawn A. Cole and Siddharth Bhaskar Shenai
UBS, a global financial services company, must decide whether to continue to support the market for Auction Rate Securities in the face of a growing financial crisis. These instruments, underwritten by UBS, were marketed to clients as highly liquid and safe... View Details
- March 2009
- Supplement
Groupe Eurotunnel S.A. (B): Restructuring Under the Procedure de Sauvegarde
By: Stuart C. Gilson, Vincent Marie Dessain and Sarah Abbott
In mid-2007 the chairman and CEO of Eurotunnel Group, having elected to file for bankruptcy under a newly-enacted French insolvency law, awaits the outcome of a vote by creditors and shareholders. At least 50% of the shareholders must approve the plan, however they... View Details
- March 2009 (Revised November 2009)
- Supplement
Washington Mutual's Covered Bonds Courseware
By: Daniel Baird Bergstresser, Robin Greenwood and James Quinn
Washington Mutual issues 6 billion Euro of covered bonds in 2006. The objective of the case is to ask whether these bonds are mispriced in late 2008. The case is set in September 20008, and Washington Mutual is facing considerable distress due to mounting losses on its... View Details
- January 2009 (Revised April 2009)
- Case
The Canada Pension Plan Investment Board
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
The Canada Pension Plan Investment Board is one of the largest and fastest-growing pools of investment capital in the world and follows an unusually active program of investment management. In the market turmoil of late 2008, Mark Wiseman, Senior Vice President of the... View Details
- 2009
- Other Unpublished Work
Reputation and Contractual Flexibility: Evidence from Venture Capital Distribution Pricing Policy
By: Paul A. Gompers, Andrew Metrick and Timothy Dore
- October 2008
- Article
The Small World of Investing: Board Connections and Mutual Fund Returns
By: Lauren Cohen, Andrea Frazzini and Christopher J. Malloy
This paper uses social networks to identify information transfer in security markets. We focus on connections between mutual fund managers and corporate board members via shared education networks. We find that portfolio managers place larger bets on firms they are... View Details
- September 2008
- Article
Does Innovation Cause Stock Market Runups? Evidence from the Great Crash
By: Tom Nicholas
This article examines the stock market's changing valuation of corporate patentable assets between 1910 and 1939. It shows that the value of knowledge capital increased significantly during the 1920s compared to the 1910s as investors responded to the quality of... View Details
- fall 2008
- Article
The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market
By: Kenneth A. Froot
In this paper, I provide evidence concerning the imperfections in the reinsurance market. I try to get at some of the root causes of these imperfections, e.g., the behavior of ratings firms and the agency problems associated with the corporate form of ownership. I also... View Details
- August 2008
- Article
Economic Links and Predictable Returns
By: Lauren Cohen and Andrea Frazzini
This paper finds evidence of return predictability across economically linked firms. We test the hypothesis that in the presence of investors subject to attention constraints, stock prices do not promptly incorporate news about economically related firms, generating... View Details
- July 2008
- Teaching Note
Yale University Investments Office: August 2006 (TN)
By: Josh Lerner and Ann Leamon
Teaching Note for [807073]. View Details
- June 2008
- Article
'Thar' She Blows: Can Bubbles Be Rekindled with Experienced Subjects?
By: Reshmaan Hussam, David Porter and Vernon Smith
We report 28 new experiment sessions consisting of up to three experience levels to examine the robustness of learning and “error” elimination among participants in a laboratory asset market and its effect on price bubbles. Our answer to the title question is: “yes.”... View Details
- 2008
- Working Paper
Inexperienced Investors and Bubbles
By: Robin Greenwood and Stefan Nagel
We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the... View Details
- April 2008 (Revised December 2008)
- Case
Leveraged Loans 2007
By: Andre F. Perold and Erik Stafford
The leveraged loan market was in a crisis during the summer of 2007, following many years of low realized volatility (less than 4% per annum), an index of leveraged loans had fallen over 5% in the month of July. A sudden drop in capital market prices for an asset class... View Details