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  • December 2023
  • Article

Intermediary Balance Sheets and the Treasury Yield Curve

By: Wenxin Du, Benjamin Hebert and Wenhao Li
We document a regime change in the Treasury market post-Global Financial Crisis (GFC): dealers switched from net short to net long Treasury bonds. We construct “net-long” and “net-short” curves that account for balance sheet and financing costs, and show that actual... View Details
Keywords: Bonds; Financial Markets; Financial Crisis; Asset Pricing
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  • 17 Nov 2015
  • First Look

November 17, 2015

dollar or one quarter. The practice of making offers at round price-per-share levels is associated with the following unfavorable outcomes for the bidder: (1) higher purchase price for target shares, (2) lower probability to complete the... View Details
Keywords: Sean Silverthorne
  • Web

Great American Business Leaders of the 20th Century - Leadership

energy policies and programs Stagflation cripples economy Environmental protection weakened Price controls Influence: Low 80 1980 19 Reaganomics Heavy defense and deficit spending Savings and Loan bailout... View Details
  • September 2007
  • Journal Article

Refugee Camp Economies

By: Eric D. Werker
This paper describes the economy of a refugee camp. Key distortions to the economy of Kyangwali Refugee Settlement in Uganda are noted and the findings are used to construct a generic model of a refugee camp economy. Camp economies are influenced by host country... View Details
Keywords: Refugees; Economy; Policy; Civil Society or Community; Human Needs; Societal Protocols; Uganda
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  • 19 Sep 2023
  • HBS Case

How Will the Tech Titans Behind ChatGPT, Bard, and LLaMA Make Money?

subscription without usage limits as we are used to today. Usage pricing is going to be much more important. A second distinction is that a significant portion of the core technology is open source, and a lot of the data being used to... View Details
Keywords: by Ben Rand; Technology; Information Technology
  • 2010
  • Working Paper

The New Face of Chinese Industrial Policy: Making Sense of Anti-Dumping Cases in the Petrochemical and Steel Industries

By: Regina Abrami and Yu Zheng
Why have China's petrochemical and steel industries behaved so differently in seeking trade protection through antidumping measures? We argue that the patterning of antidumping actions is best explained in terms of the political economy of economic restructuring in... View Details
Keywords: Trade; Price; Policy; Business and Government Relations; Competition; Chemical Industry; Manufacturing Industry; Steel Industry; China
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  • 04 Dec 2012
  • First Look

First Look: December 4

Sustaining Innovation When Outsourcing Components in Multi-technology, Multi-component Systems Authors:Ian Mackenzie and Casimer DeCusatis Publication:Innovation: Management, Policy & Practice (forthcoming) Abstract Firms producing... View Details
Keywords: Carmen Nobel
  • November 2010 (Revised December 2010)
  • Case

Mid-Missouri Energy: Ethanol from Corn

By: Forest L. Reinhardt, Noel Michele Holbrook, James Weber and Karla Sartor
Mid-Missouri Energy (MME) is a farmer-owned cooperative that produces ethanol from corn. The cooperative has performed well in comparison to other producers, but margins in the industry had declined as industry production levels neared market demand limits. MME farmers... View Details
Keywords: Agribusiness; Renewable Energy; Governing Rules, Regulations, and Reforms; Policy; Growth and Development Strategy; Cooperative Ownership; Business and Government Relations; Agriculture and Agribusiness Industry; United States
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  • Web

Students on the Job Market - Doctoral

decline either the same as or more than myopic (value-decreasing) repurchases. Results using event study returns and repurchase prices corroborate these effects. Overall, the findings are consistent with increased repurchase disclosure... View Details
  • 01 Oct 2009
  • Working Paper Summaries

Systemic Risk and the Refinancing Ratchet Effect

Keywords: by Amir E. Khandani, Andrew W. Lo & Robert C. Merton; Construction; Real Estate
  • 14 Mar 2017
  • First Look

First Look at New Research, March 14

abstract available. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=52217 2016 Monetary Policy Through Asset Markets: Lessons from Unconventional Measures and Implications for an Integrated World Forward Guidance in the... View Details
Keywords: Sean Silverthorne
  • April 2005 (Revised March 2007)
  • Case

eAccess, Ltd.

By: Thomas R. Eisenmann, Masako Egawa and Ariko Ota
The managers of eAccess, Japan's third largest provider of digital subscriber line (DSL) service, must decide whether to enter the mobile communications business. Japan's mobile services are among the world's most expensive, and incumbent carriers' profits are high. To... View Details
Keywords: Information Infrastructure; Diversification; Policy; Business Startups; Mobile and Wireless Technology; Communications Industry; Telecommunications Industry; Japan
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  • Web

Podcast - Business & Environment

Podcast Podcast Business and policy leaders join Harvard Business School faculty to discuss what businesses are doing, can do, and should do to confront climate change. Follow on Apple Podcasts Follow on Spotify iHeart Pocket Casts Amazon... View Details
  • 12 Feb 2008
  • First Look

First Look: February 12, 2007

Moskowitz, and Annette Vissing-Jørgensen Abstract We provide new evidence on the success of long-run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting micro-level household consumption data, we show that... View Details
Keywords: Martha Lagace

    Robert C. Merton

    Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management.

    Merton is University Professor Emeritus at Harvard University and was the George Fisher Baker Professor of... View Details

    Keywords: banking; brokerage; financial services; insurance industry; investment banking industry; retail financial services
    • 04 Dec 2018
    • First Look

    New Research and Ideas, December 4, 2018

    of risk operating in both geographies. Macroeconomic and policy turbulence emerged as the biggest source of risk for Latin Americans, while excessive bureaucracy was the biggest source of risk for South Asians. Political instability,... View Details
    Keywords: Dina Gerdeman
    • 07 May 2013
    • First Look

    First Look: May 7

    concentration of entrepreneurship and innovation in the United States. We discuss rationales for the agglomeration of these activities and the economic consequences of clusters. We identify and discuss policies that are being pursued in... View Details
    Keywords: Carmen Nobel
    • July 2017
    • Article

    Inflation Expectations, Learning, and Supermarket Prices: Evidence from Survey Experiments

    By: Alberto Cavallo, Guillermo Cruces and Ricardo Perez-Truglia
    Information frictions play a central role in the formation of household inflation expectations, but there is no consensus about their origins. We address this question with novel evidence from survey experiments. We document two main findings. First, individuals in... View Details
    Keywords: Inflation Expectations; Survey Experiment; Rational Inattention; Supermarkets; Macroeconomics; Household; Inflation and Deflation; Policy
    Related
    • Web

    Interviews - Creating Emerging Markets

    ecological, societal, and cultural developments in a harmonious way.” Download Transcript Argentina Arturo Acevedo President, Grupo Arcelor Mittal (Acindar) (Steel and Mining) “It is important to clearly define social responsibility. We have always upheld a very active... View Details
    • 20 Aug 2013
    • First Look

    First Look: August 20

    performance response to added contestants varies non-monotonically across contestants of different abilities, most respond negatively to competition, and highest-skilled contestants respond positively. In counterfactual simulations, we interpret a number of tournament... View Details
    Keywords: Anna Secino