Publications

August 2011
Teaching Note

Going to the Oracle: Goldman Sachs, September 2008 (TN)

By: Clayton Rose and Sally Canter Ganzfried

Teaching Note for 309-069. View Details

Keywords: Financial Crisis; Investment; Negotiation Deal; Capital; Financial Liquidity; Decisions; Management Teams; Banks and Banking; Financing and Loans; Banking Industry; Financial Services Industry; United States

May 2013
Teaching Plan

High Wire Act: Credit Suisse and Contingent Capital

By: Clayton Rose and David Lane

Late in 2010, Credit Suisse CEO Brady Dougan and his team considered whether or not to issue contingent capital, which Swiss regulators would require by 2019. They faced a number of substantial issues, including: Would contingent capital actually work as conceptualized... View Details

Keywords: Financial Institutions; Capital Markets; Financial Crisis; Decision Choices and Conditions; Leadership; International Finance; Financial Liquidity; Risk and Uncertainty; Competitive Strategy; Financial Services Industry; Switzerland

12 Dec 2017
First Look

New Research and Ideas, December 12, 2017

liquidating funds: at the beginning of the fire sale, they sell their holdings in the liquidated stocks, to then cover their positions once asset prices start recovering. The predatory trades generate at... View Details

Keywords: Sean Silverthorne

May 2015 (Revised March 2016)
Supplement

Thomas Cook Group on the Brink (C): Transformation Year 2 Results

By: Benjamin C. Esty

Analyzes the results of the Thomas Cook turnaround plan after the second year under Harriet Green's leadership (November 2014). View Details

Keywords: Turnaround; Corporate Restructuring; Female Ceo; Transformation; Change Management; Communication Strategy; Cost Management; Financial Liquidity; Financial Management; Management Succession; Leading Change; Crisis Management; Value Creation; Leadership; Travel Industry; United Kingdom

25 Sep 2018
First Look

New Research and Ideas, September 25, 2018

Cadre Late in 2017, CEO Ryan Williams and his team debated whether Cadre should become not only a technology-enabled investment manager, but also an online trading exchange providing high levels of liquidity for investors in commercial... View Details

Keywords: Dina Gerdeman

March 2009 (Revised July 2010)
Case

State Street Corporation

By: William E. Fruhan

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

Keywords: Fair Value Accounting; Financial Reporting; Financial Crisis; Financial Liquidity; Financial Markets; Crisis Management; Financial Services Industry

13 Jun 2017
Research & Ideas

Why Global Investments Are Still a Good Bet

investors, it’s a different story. Since they are more exposed to transitory changes in market value, they are less able to ride out those discount shocks caused by investor sentiment. “If you have to liquidate your holdings in the short... View Details

Keywords: by Michael Blanding; Financial Services

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

13 Nov 2018
First Look

New Research and Ideas, November 13, 2018

portfolio liquidations, which result in temporary drops in stock prices, and identify the brokers that intermediate these trades. We show that these brokers’ best clients tend to predate on the liquidating funds: at the beginning of the... View Details

Keywords: Dina Gerdeman

16 Mar 2010
First Look

First Look: March 16

financial environment, and possibly for firms in industries with highly liquid assets as well. This result sheds light on the link between financial and economic development. Estimating the Effects of Large Shareholders Using a Geographic... View Details

Keywords: Martha Lagace

20 Jan 2003
Research & Ideas

Fixing Corporate Governance: A Roundtable Discussion at Harvard Business School

have been the envy of the world for their ability to minimize transaction costs, maximize liquidity and access, and fund a lot of very innovative and complex businesses. Unfortunately, the same forces that made markets so View Details

Keywords: by Garry Emmons

07 May 2013
First Look

First Look: May 7

reduction of firm variability, we do not find this offsetting beneficial effect to be strong. Download working paper: http://ssrn.com/abstract=2252200 Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity By:... View Details

Keywords: Carmen Nobel

22 Aug 2007
Research & Ideas

The Hedge Fund as Activist

perspective of the activist, termination via merger or acquisition additionally helps solve the problem of how to exit the sizable position in the target. In a merger or acquisition, the activist exits in cash or with stock of a larger, more View Details

Keywords: by Robin Greenwood; Financial Services

03 Jul 2012
First Look

First Look: July 3

also discusses the German health care system, its regulatory constraints, and Schön's attempts to change the paradigm of competition in the sector. Purchase this case:http://hbr.org/search/712475-PDF-ENG SecondMarket - Providing Liquidity... View Details

Keywords: Sean Silverthorne

2024
Working Paper

Bank Runs and Interest Rates: A Revolving Lines Perspective

By: Falk Bräuning and Victoria Ivashina

Revolving credit is at the core of the banking business. Corporate revolving credit lines are demandable claims; thus, similar to a traditional bank run on deposits, sudden widespread drawdowns on credit lines can be destabilizing to the banking sector. However, we... View Details

Keywords: Financial Liquidity; Credit; Financial Crisis; Interest Rates; Banks and Banking

SSRN

12 Feb 2007
Lessons from the Classroom

‘UpTick’ Brings Wall Street Pressure to Students

Students whose investments have fallen below margin requirement levels are being told they have sixty seconds to liquidate part of their portfolio to cover—effectively locking in a loss—or gamble that their investments will recover before... View Details

Keywords: by Julia Hanna; Financial Services; Education

September 2010 (Revised May 2012)
Case

Harvard Management Company (2010)

By: Andre F. Perold and Erik Stafford

In February 2010, Jane Mendillo, CEO of Harvard Management Company, was reflecting on the list of issues facing Harvard University's endowment in preparation for the upcoming board meeting. The recent financial crisis had vividly highlighted several key issues... View Details

Keywords: Financial Crisis; Higher Education; Asset Management; Financial Liquidity; Investment Portfolio; Risk Management; Education Industry; Financial Services Industry; Massachusetts

January 2022
Technical Note

Introduction to Capital Structure Analytics

By: Samuel Antill and Ted Berk

This technical note provides an overview of key analytical approaches that are useful in assessing the appropriateness of a firm’s capital structure and funding plan. This note introduces basic quantitative tools and metrics that are commonly used as inputs to this... View Details

Keywords: Budgets and Budgeting; Business Plan; Forecasting and Prediction; Borrowing and Debt; Corporate Finance; Capital Structure; Cash Flow; Financial Liquidity; Financial Management; Financing and Loans