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Show Results For
- All HBS Web
(2,408)
- People (4)
- News (504)
- Research (1,644)
- Events (7)
- Multimedia (1)
- Faculty Publications (550)
- 02 May 2023
- What Do You Think?
How Should Artificial Intelligence Be Regulated—if at All?
players, often with unorthodox moves. Sure, at the moment AI causes machines to do dumb things and say things that aren’t true. And yes, AI could spread damaging information even more rapidly and convincingly than social media. Some pioneer developers even believe... View Details
- July 1987 (Revised October 2009)
- Background Note
A Method For Valuing High-Risk, Long-Term Investments: The "Venture Capital Method"
By: William A. Sahlman and Daniel R Scherlis
Describes a method for valuing high-risk, long-term investments such as those confronting venture capitalists. The method entails forecasting a future value (e.g., five years from the present) and discounting that terminal value back to the present by applying a high... View Details
Keywords: Forecasting and Prediction; Entrepreneurship; Venture Capital; Investment; Risk Management; Valuation
Sahlman, William A., and Daniel R Scherlis. A Method For Valuing High-Risk, Long-Term Investments: The "Venture Capital Method". Harvard Business School Background Note 288-006, July 1987. (Revised October 2009.)
- February 2018
- Case
Infrastructure in Nigeria: Unlocking Pension Fund Investments
By: John Macomber and Pippa Tubman Armerding
The so-called “infrastructure finance gap” was a problem in Nigeria as in many parts of the world. Infrastructure projects like power plants and dams were very large capital investments that could generate long-term consistent cash flows, but their financing and... View Details
Keywords: Pension Fund Investing; Infrastucture; Power/Energy; Credit Enhancement; Infrastructure; Project Finance; Investment Funds; Emerging Markets; Nigeria; Africa
Macomber, John, and Pippa Tubman Armerding. "Infrastructure in Nigeria: Unlocking Pension Fund Investments." Harvard Business School Case 218-071, February 2018.
- 2012
- Article
Friends with Money
By: Christopher Parsons, J. Engelberg and P. Gao
When banks and firms are connected through interpersonal linkages—such as their respective management having attended college or previously worked together—interest rates are markedly reduced, comparable with single shifts in credit ratings. These rate concessions do... View Details
Parsons, Christopher, J. Engelberg, and P. Gao. "Friends with Money." Journal of Financial Economics 103, no. 1 (January 2012): 169–188.
- October 2024
- Case
Southern California Industrial: Freezer Drive
By: Arthur I. Segel, W. Matt Kelly and Dwight Angelini
In the midst of the COVID-19 pandemic, a Boston based real estate private equity firm was seeking to make their very first West Coast investments in hopes of establishing their presence in the strategic region. An exciting property suddenly became available on the... View Details
- 22 Jun 2011
- Working Paper Summaries
The Surprising Power of Age-Dependent Taxes
Keywords: by Matthew Weinzierl
- 04 Dec 2018
- First Look
New Research and Ideas, December 4, 2018
shareholders' economic interests and low corporate profitability, Japan introduced the JPX-Nikkei400 in 2014. The index highlighted the country's "best-run" companies by annually selecting the 400 most profitable of its large and liquid... View Details
Keywords: Dina Gerdeman
- Forthcoming
- Article
The Evolution of Banking in the 21st Century: Evidence and Regulatory Implications
By: Samuel Gregory Hanson, Victoria Ivashina, Laura Nicolae, Jeremy C. Stein, Adi Sunderam and Daniel K. Tarullo
As revealed by the failures of three regional banks in the spring of 2023, bank runs are not a thing of the past. To inform the ongoing discussion of the appropriate regulatory response, we examine trends in the banking industry over the last twenty-five years. On the... View Details
Keywords: Financial Instruments; Financial Crisis; Assets; Governing Rules, Regulations, and Reforms; Financial Condition; Banking Industry
Hanson, Samuel Gregory, Victoria Ivashina, Laura Nicolae, Jeremy C. Stein, Adi Sunderam, and Daniel K. Tarullo. "The Evolution of Banking in the 21st Century: Evidence and Regulatory Implications." Brookings Papers on Economic Activity (forthcoming).
Global Portfolio Diversification for Long-Horizon Investors
We show that the secular upward shift in short-run cross-country correlations of stock and bond returns does not necessarily imply a decline in the benefits of global portfolio diversification for long-horizon investors. We show that this increase in correlations has... View Details
- 2006
- Working Paper
Male Circumcision and AIDS: The Macroeconomic Impact of a Health Crisis
By: Amrita Ahuja, Brian Wendell and Eric D. Werker
Theories abound on the potential macroeconomic impact of AIDS in Africa, yet there have been surprisingly few empirical studies to test the mixed theoretical predictions. In this paper, we examine the impact of the AIDS epidemic on African nations through 2005 using... View Details
Keywords: Macroeconomics; Health Disorders; Welfare or Wellbeing; Poverty; Research; Education; Nutrition; Risk Management; Africa
Ahuja, Amrita, Brian Wendell, and Eric D. Werker. "Male Circumcision and AIDS: The Macroeconomic Impact of a Health Crisis." Harvard Business School Working Paper, No. 07-025, October 2006. (Revised March 2009.)
- March 2005 (Revised March 2006)
- Case
Foreign Exchange Hedging Strategies at General Motors: Competitive Exposures
By: Mihir A. Desai and Mark Veblen
How can a multinational firm analyze and manage currency risks that arise from competitive exposures? General Motors has a substantial competitive exposure to the Japanese yen. Although the risks GM faces from the depreciating yen are widely acknowledged, the company's... View Details
Keywords: Multinational Firms and Management; Currency Exchange Rate; Competition; Credit Derivatives and Swaps; International Finance; Financial Management; Investment Funds; Risk and Uncertainty; Auto Industry
Desai, Mihir A., and Mark Veblen. "Foreign Exchange Hedging Strategies at General Motors: Competitive Exposures." Harvard Business School Case 205-096, March 2005. (Revised March 2006.)
- October 2019 (Revised February 2021)
- Case
Myanmar: Special Economic Zones
By: Willy Shih and Dawn Lau
This case examines four Special Economic Zones in Myanmar. While the country's development had been hobbled by a complex history of military rule, ethnic conflict, and international sanctions, as it pursued liberalization it sought avenues to developing its economy.... View Details
Keywords: Economic Development; Emerging Economies; Special Economic Zones (SEZs); Development Economics; Developing Countries and Economies; Manufacturing Industry; Energy Industry; Southeast Asia; Myanmar
Shih, Willy, and Dawn Lau. "Myanmar: Special Economic Zones." Harvard Business School Case 620-027, October 2019. (Revised February 2021.)
- Article
The Economics of Structured Finance
By: Joshua D. Coval, Jakub W. Jurek and Erik Stafford
This paper investigates the spectacular rise and fall of structured finance. The essence of structured finance activities is the pooling of economic assets like loans, bonds, and mortgages, and the subsequent issuance of a prioritized capital structure of claims, known... View Details
Keywords: Financial Crisis; Asset Management; Debt Securities; Investment; Risk Management; Behavior
Coval, Joshua D., Jakub W. Jurek, and Erik Stafford. "The Economics of Structured Finance." Journal of Economic Perspectives 23, no. 1 (Winter 2009): 3–25.
- Article
R&D: A Small Contribution to Productivity Growth
By: Diego Comin
In this paper I evaluate the contribution of R&D investments to productivity growth. The basis for the analysis are the free entry condition and the fact that most R&D innovations are embodied. Free entry yields a relationship between the resources devoted to R&D and... View Details
Keywords: Research and Development; Investment; Interest Rates; Performance Productivity; Technological Innovation; Perspective; United States
Comin, Diego. "R&D: A Small Contribution to Productivity Growth." Journal of Economic Growth 9, no. 4 (December 2004). (This paper was featured in BusinessWeek and Il Corriere Della Sera.)
- April 2015
- Article
Incentivizing Calculated Risk-Taking: Evidence from an Experiment with Commercial Bank Loan Officers
By: Shawn Cole, Martin Kanz and Leora Klapper
This paper uses a series of experiments with commercial bank loan officers to test the effect of performance incentives on risk assessment and lending decisions. We first show that while high-powered incentives lead to greater screening effort and more profitable... View Details
Keywords: Banking; Management Processes; Credit Products; Experimental Economics; Risk Management; Motivation and Incentives; Management Practices and Processes; Financing and Loans; Banking Industry
Cole, Shawn, Martin Kanz, and Leora Klapper. "Incentivizing Calculated Risk-Taking: Evidence from an Experiment with Commercial Bank Loan Officers." Journal of Finance 70, no. 2 (April 2015): 537–575.
- 27 Jan 2009
- First Look
First Look: January 27, 2009
strategic choices that affect both the expected profits of the firm and their riskiness. Even if competition at first pushes the manager towards profit maximization as commonly argued, I show that further increases in competitive forces might as well lead him to take... View Details
Keywords: Martha Lagace
- January 2005 (Revised October 2005)
- Background Note
Standard & Poor's Sovereign Credit Ratings: Scales and Process
By: Rawi E. Abdelal and Christopher Bruner
Describes Standard & Poor's sovereign credit ratings scales and the credit rating process. In particular, describes the role and function of the rating committee and the analytical categories considered in arriving at a final sovereign credit rating. View Details
Keywords: Financial Markets; Credit; Bonds; Policy; Risk and Uncertainty; Measurement and Metrics; Forecasting and Prediction; Financial Services Industry
Abdelal, Rawi E., and Christopher Bruner. "Standard & Poor's Sovereign Credit Ratings: Scales and Process." Harvard Business School Background Note 705-027, January 2005. (Revised October 2005.)
- January 1989 (Revised July 1991)
- Case
Bank for International Development, Software Case
By: W. Carl Kester and Timothy A. Luehrman
A hypothetical case in which an assistant treasurer of a supranational bank is asked to determine in which currencies it has been cheaper ex post to borrow. An integral part of the case is a Lotus 1-2-3 worksheet containing monthly data on yen and dollar interest... View Details
Keywords: Decisions; Interest Rates; International Finance; Relationships; Currency; Management Analysis, Tools, and Techniques; Analytics and Data Science; Inflation and Deflation
Kester, W. Carl, and Timothy A. Luehrman. "Bank for International Development, Software Case." Harvard Business School Case 289-034, January 1989. (Revised July 1991.)
- November 2006 (Revised March 2007)
- Case
Goodyear and the Threat of Government Tire Grading
By: Felix Oberholzer-Gee, Dennis A. Yao and Elizabeth Raabe
In the spring of 1977, Goodyear CEO Charles J. Pilliod Jr. was looking at an internal report on government and legal events relevant to the tire industry. Two items caught his attention. First, he noticed that an industry suit to block the government's proposed system... View Details
Keywords: Competitive Advantage; Lawsuits and Litigation; Auto Industry; Rubber Industry; United States
Oberholzer-Gee, Felix, Dennis A. Yao, and Elizabeth Raabe. "Goodyear and the Threat of Government Tire Grading." Harvard Business School Case 707-494, November 2006. (Revised March 2007.)
- 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
Di Maggio, Marco, Amir Kermani, and Christopher Palmer. "How Quantitative Easing Works: Evidence on the Refinancing Channel." Review of Economic Studies 87, no. 3 (May 2020): 1498–1528.