Publications

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June 2013
Teaching Plan

Citigroup-Wachovia-Wells Fargo

By: Guhan Subramanian and Charlotte Krontiris

This case follows the events of a crucial week in the 2008 financial crisis, when the federal government orchestrated the sale of Wachovia Bank first to Citigroup and then, in a surprise move, to Wells Fargo. We examine the extraordinary relations between government... View Details

Keywords: Citigroup; Wachovia; Wells Fargo; FDIC; Acquisition; Financial Crisis; Banks and Banking; Business and Government Relations; Banking Industry; United States

2011
Chapter

The World Bank and Democratic Accountability: The Role of Civil Society

By: Alnoor Ebrahim and Steve Herz

Keywords: International Finance; Banks and Banking; Civil Society or Community; Governance Compliance; Banking Industry

July 2010
Technical Note

Note on the Banking Industry

By: Clayton S. Rose and Scott Waggoner

This note provides an overview of the structure and function of the banking industry, with a primary focus on the U.S. It was designed to support the HBS MBA course "Managing the Financial Firm." View Details

Keywords: Banks and Banking; Business or Company Management; Industry Structures; Banking Industry; United States

Educators

March 2008
Supplement

Carlyle Japan (B)

By: David B. Godes, Masako Egawa and Mayuka Yamazaki

This is a supplement to the (A) case. It shows that the networks that the firm had been investing in-- commercial banks--were becoming less and less valuable over time. Given this, Tamotsu Adachi must think about how to go about building a new set of networks. View Details

Keywords: Private Equity; Commercial Banking; Investment; Networks; Value; Japan

15 Feb 2000
Research & Ideas

Growing Pains: Prescriptions for U.S. Health Care

has become adept at handling complex medical problems (the market's high-end need) but is no longer able to treat simple conditions (low-end need) with any semblance of cost-effectiveness. Enter managed care, a disruptive technology that tries to control expenses by... View Details

Keywords: by Staff; Health

13 Nov 2018
News

Building a New Real Estate Investment Model

small mom-and-pop operations, who often feel economic pressure themselves in rapidly gentrifying communities as taxes and other costs rise. Only 2 percent are owned by large institutional investors, and most of those homes are located in... View Details

Keywords: April White; Real Estate

13 Jun 2014
News

The Art of Effecting Change

boards of several Boston organizations, including The Windsor School, MATCH Education, the Telluride Foundation, and the Institute of Contemporary Art (ICA), which she describes as "all incredible, impact-oriented nonprofit organizations... View Details

Keywords: Jill Radsken; Arts, Entertainment

01 Jun 2003
News

Dean Clark Addresses Journalists

thinkers from business, HBS, and other institutions of higher learning; it will soon report its conclusions and recommendations. Invited to appear as part of the club’s celebrated program of lunchtime speakers, Clark presented his views... View Details

Keywords: Corporate, Subsidiary, and Regional Managing Offices; Management

John D. Rockefeller, Sr.

first billionaire. Rockefeller was also known for his establishment of charitable foundations and academic institutions, including the University of Chicago, the Rockefeller Institute for Medical Research, the General Education Board and... View Details

Keywords: Utilities & Energy

June 2018
Article

Deviations from Covered Interest Rate Parity

By: Wenxin Du, Alexander Tepper and Adrien Verdelhan

We find that deviations from the covered interest rate parity (CIP) condition imply large, persistent, and systematic arbitrage opportunities in one of the largest asset markets in the world. Contrary to the common view, these deviations for major currencies are not... View Details

Keywords: Interest Rates; Financial Markets; Banks and Banking; Price

December 2024
Article

Large Shocks Travel Fast

By: Alberto Cavallo, Francesco Lippi and Ken Miyahara

We document a sizeable increase in the frequency of price adjustments following the large energy shocks of 2022. We use a tractable New Keynesian model, calibrated to the pre-shock data, to interpret such a pattern. The calibration highlights the state-dependence of... View Details

Keywords: System Shocks; Price; Cost; Inflation and Deflation; Financial Institutions

Read Now

August 2023
Article

Do Rating Agencies Behave Defensively for Higher Risk Issuers?

By: Samuel B. Bonsall IV, Kevin Koharki, Pepa Kraft, Karl A. Muller III and Anywhere Sikochi

We examine whether rating agencies act defensively toward issuers with a higher likelihood of default. We find that agencies' qualitative soft rating adjustments are more accurate as issuers' default risk grows, as evidenced by the adjustments leading to lower Type I... View Details

Keywords: Credit Rating Agencies; Soft Rating Adjustments; Default; Credit; Performance Evaluation; Measurement and Metrics; Financial Institutions; Risk Management

December 2020
Article

Monetary Policy and Global Banking

By: Falk Bräuning and Victoria Ivashina

When central banks adjust interest rates, the opportunity cost of lending in local currency changes, but—in absence of frictions—there is no spillover effect to lending in other currencies. However, when equity capital is limited, global banks must benchmark domestic... View Details

Keywords: Global Banks; Monetary Policy Transmission; Cross-border Lending; Banks and Banking; Financial Markets; Global Range

SSRN

2015
Working Paper

Banks' Risk Exposures

By: Juliane Begenau, Monika Piazzesi and Martin Schneider

This paper studies U.S. banks' exposure to interest rate and credit risk. We exploit the factor structure in interest rates to represent many bank positions in terms of simple factor portfolios. This approach delivers time varying measures of exposure that are... View Details

Keywords: Risk and Uncertainty; Interest Rates; Credit; Banks and Banking; United States

April 2009
Article

Drawing Links Between Corporate Governance and Networks: Bankers in the Corporate Networks of Brazil, Mexico, and The United States Circa 1910

By: Aldo Musacchio

Keywords: Corporate Governance; Networks; Banks and Banking; Business History; Brazil; Mexico

July 1998 (Revised April 2001)
Case

Bank of Ireland (BOI): Internet Strategy

Conor O'Toole, Internet business executive, must consider how to take the Bank of Ireland on-line. The bank, and Ireland, and most of continental Europe, lagedlagged behind the United States in adopting Internet techologytechnology. O'Toole wondered how he should... View Details

Keywords: Organizational Change and Adaptation; Leading Change; Internet; Banks and Banking; Banking Industry; Republic of Ireland

Educators

07 Dec 2010
First Look

First Look: Dec. 7

http://hbr.org/2010/10/unleashing-the-power-of-marketing/ar/1 Institutional Pressures and Organizational Characteristics: Implications for Environmental Strategy Authors:Magali A. Delmas and Michael W. Toffel Publication:In The Oxford... View Details

Keywords: Sean Silverthorne

01 Dec 2007
News

Wells to Lead IMD

HBS Professor of Management Practice John Wells (MBA ’79, DBA ’84) has been named the new president of the International Institute for Management Development (IMD), in Lausanne, Switzerland, effective this spring. Beginning in the 1980s,... View Details

Keywords: Business Schools & Computer & Management Training; Educational Services

December 2009 (Revised June 2010)
Case

Goldman Sachs: A Bank for All Seasons (A)

By: Lena G. Goldberg and Tiffany Lynne Obenchain

Facing the worldwide financial crisis, Goldman Sachs CEO Lloyd Blankfein considered his options including whether his company could avoid a forced marriage and what steps Goldman Sachs should take to try to restore confidence in financial services companies. View Details

Keywords: Decision Choices and Conditions; Financial Crisis; Commercial Banking; Investment Banking; Governing Rules, Regulations, and Reforms; Crisis Management; Business Strategy; Banking Industry

Educators