• August 2018 (Revised June 2019)
• Case

Oaktree: Pierre Foods Investment

By: Victoria Ivashina and Mike Harmon

This case is a setting to discuss “loan to own” investment strategy that is often pursued by distressed investors. The aftermath of the 2007 financial crisis left many companies with poor liquidity and limited ability to obtain credit. One of these companies was Pierre... View Details

Keywords: Distress Investing; Investment; Debt Securities; Strategy; Restructuring

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Ivashina, Victoria, and Mike Harmon. "Oaktree: Pierre Foods Investment." Harvard Business School Case 219-018, August 2018. (Revised June 2019.)

• 2019
• Working Paper

Racial Heterogeneity and Local Government Finances: Evidence from the Great Migration

By: Marco Tabellini

Between 1915 and 1930, during the First Great Migration, more than 1.5 million African Americans migrated from the South to the North of the United States, altering the racial profile of several northern cities for the first time in American history. I exploit this... View Details

Keywords: Migration; Race; City; Financial Condition; Government and Politics; History; United States

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Tabellini, Marco. "Racial Heterogeneity and Local Government Finances: Evidence from the Great Migration." Harvard Business School Working Paper, No. 19-006, July 2018. (Revised September 2019. Featured in Harvard Magazine.)

• July 2018
• Teaching Note

The Perfect Storm: What Happens When the Market Moves Four Standard Deviations?

By: Nori Gerardo Lietz and Sayiddah Fatima McCree

Adam Carter was the portfolio manager for Tate Modern Finance III, L.P. (“Tate” or the “Fund”), the third in a series of U.S. commercial real estate debt funds sponsored by the London-based Tate Partners. The Fund was capitalized with $700 million of equity... View Details

Keywords: CMBS; CLO; Repo Financing; Real Estate; Financial Strategy; Investment Funds; Financing and Loans

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Lietz, Nori Gerardo, and Sayiddah Fatima McCree. "The Perfect Storm: What Happens When the Market Moves Four Standard Deviations?" Harvard Business School Teaching Note 219-006, July 2018.

• 2018
• Working Paper

The Impact of Pensions and Insurance on Global Yield Curves

By: Robin Greenwood and Annette Vissing-Jorgensen

We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the ratio of pension assets (in... View Details

Keywords: Pension Funds; Investment Funds; Insurance; Assets; Interest Rates; Bonds

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Greenwood, Robin, and Annette Vissing-Jorgensen. "The Impact of Pensions and Insurance on Global Yield Curves." Harvard Business School Working Paper, No. 18-109, June 2018. (Revised December 2018.)

• June 2018 (Revised January 2019)
• Case

Membership Rewards® from American Express

By: Shelle Santana, Frances X. Frei and Lauren G. Pickle

Credit and charge card issuer American Express (Amex) had developed a strong reputation among consumers due in part to its Membership Rewards (MR) loyalty program, first established in 1991. Through MR, all Amex cardholders could accumulate and redeem “points” based on... View Details

Keywords: Financial Services; Customer Loyalty; Credit Cards; Marketing Strategy; Product Marketing; Brands and Branding; Customer Value and Value Chain; Value Creation; Financial Services Industry; Financial Services Industry; North America; United States

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Santana, Shelle, Frances X. Frei, and Lauren G. Pickle. "Membership Rewards® from American Express." Harvard Business School Case 518-079, June 2018. (Revised January 2019.)

• June 2018
• Article

The Fed, the Bond Market, and Gradualism in Monetary Policy

By: Jeremy C. Stein and Adi Sunderam

We develop a model of monetary policy with two key features: (i) the central bank has some private information about its long-run target for the policy rate, and (ii) the central bank is averse to bond-market volatility. In this setting, discretionary monetary policy... View Details

Keywords: Central Banking; Interest Rates; Policy; Bonds; Financial Markets

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Stein, Jeremy C., and Adi Sunderam. "The Fed, the Bond Market, and Gradualism in Monetary Policy." Journal of Finance 73, no. 3 (June 2018): 1015–1060.

• 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

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Du, Wenxin, Alexander Tepper, and Adrien Verdelhan. "Deviations from Covered Interest Rate Parity." Journal of Finance 73, no. 3 (June 2018): 915–957.

• May 2018 (Revised October 2018)
• Case

Argentina Power—Don't Cry for Me Argentina

By: Nori Gerardo Lietz and Sayiddah Fatima McCree

In 2016, Bruce Wayne, Managing Director of Energy Finance Corporation (“EFC”), was refining the Investment/Credit Committee materials for the development of up to 10 power generating plants in Argentina. As a subsidiary of the much larger International Conglomerate... View Details

Keywords: Cross Border; Energy Markets; Infrastructure Finance; Infrastructure Development; Business Subsidiaries; Business Cycles; Macroeconomics; Energy Generation; International Finance; Project Finance; Government and Politics; Demand and Consumers; Infrastructure; Financial Services Industry; Financial Services Industry; Financial Services Industry; Argentina; Latin America

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Lietz, Nori Gerardo, and Sayiddah Fatima McCree. "Argentina Power—Don't Cry for Me Argentina." Harvard Business School Case 218-041, May 2018. (Revised October 2018.)

• May 2018 (Revised July 2018)
• Case

EY China (A): Strengthening Presence in a Critical Market

By: Ashish Nanda, Das Narayandas and Lisa Rohrer

Soon after being named regional managing partner for Ernst & Young (EY) China in September 2009, Albert Ng reflects on the enormity of challenges facing EY China. Despite EY Global's commitment to the China practice, EY China’s growth agenda has been reversed, post... View Details

Keywords: Professional Services; International Management; Big Four; Strategy And Execution; Emerging Market; Strategy; Leadership; Global Range; Growth and Development Strategy; Emerging Markets; Accounting Industry; China

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Nanda, Ashish, Das Narayandas, and Lisa Rohrer. "EY China (A): Strengthening Presence in a Critical Market." Harvard Business School Case 718-464, May 2018. (Revised July 2018.)

• May 2018 (Revised January 2019)
• Case

AirFox (A): Embracing the Blockchain and an ICO

By: Jeffrey J. Bussgang, Edward B. Berk and Nate Schwalb

In summer 2017, Victor Santos, CEO of AirFox, considered whether to pivot his startup towards a new product built with blockchain—a quickly growing technology at the time. AirFox was an early stage startup that sold Software-as-a-Service (SaaS) to small telecom... View Details

Keywords: Blockchain; Cryptocurrency; Initial Coin Offering; ICO; Business Startups; Finance; Currency; Strategy; Decision Making; United States

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Bussgang, Jeffrey J., Edward B. Berk, and Nate Schwalb. "AirFox (A): Embracing the Blockchain and an ICO." Harvard Business School Case 818-097, May 2018. (Revised January 2019.)