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  • June 2020
  • Article

U.S. Monetary Policy and Emerging Market Credit Cycles

By: Falk Bräuning and Victoria Ivashina
Foreign banks’ lending to firms in emerging market economies (EMEs) is large and denominated predominantly in U.S. dollars. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical U.S. monetary easing cycle,... View Details
Keywords: Global Business Cycle; Monetary Policy; Reaching For Yield; Money; Policy; Credit; Emerging Markets
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  • November 2019
  • Article

The Relevance of Broker Networks for Information Diffusion in the Stock Market

By: Marco Di Maggio, Francesco Franzoni, Amir Kermani and Carlo Sommavilla
This paper shows that the network of relationships between brokers and institutional investors shapes information diffusion in the stock market. We exploit trade-level data to show that central brokers gather information by executing informed trades, which is then... View Details
Keywords: Broker Networks; Institutional Investors; Asset Prices; Business and Shareholder Relations; Institutional Investing; Information; Knowledge Dissemination; Financial Markets; Asset Pricing
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  • February 2002 (Revised February 2003)
  • Case

Argentina's Financial System: The Case of Banco de Galicia

By: Rafael M. Di Tella, Tarun Khanna, Huw Pill, Alexandra de Royere and Ingrid Vogel
Describes the development of Argentina's financial system after the "Tequila Crisis" that came about as a result of the speculative attack on the Mexican peso's peg to the U.S. dollar in December 1994. Although Argentina's banking system was strengthened overall due to... View Details
Keywords: Finance; Emerging Markets; Macroeconomics; Business Strategy; Banks and Banking; Financial Crisis; Family Business; Acquisition; Banking Industry; Argentina
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  • October 1999 (Revised May 2001)
  • Background Note

Japanese Financial System, The: From Postwar to the New Millennium

Describes the development of the Japanese financial system, from extensive regulation and fund allocation through administrative guidance in the 1950s to the banking crisis and legal and structural reorganization in the 1990s. Special emphasis is on the processes of... View Details
Keywords: Sovereign Finance; Financial Markets; Banks and Banking; Japan
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  • 27 Oct 2002
  • Research & Ideas

Want a Happy Customer? Coordinate Sales and Marketing

To other functional departments such as finance and operations, the sales and marketing functions look alike. After all, they are both "outward looking," focused on the customer and the market. But, creating a strong View Details
Keywords: by Benson Shapiro
  • 1987
  • Working Paper

Tests of Excess Forecast Volatility in the Foreign Exchange and Stock Markets

By: K. A. Froot
Simple regression tests that have power against the alternatives that asset prices and expected future asset returns are excessively volatile are developed and performed for the foreign exchange and stock markets. These tests have a number of advantages over... View Details
Keywords: Risk Aversion; Risk; International Investing; International Finance; Risk and Uncertainty; Asset Pricing; Financial Markets; Investment; Behavioral Finance; Volatility
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  • June 2016
  • Supplement

FANUC Corporation: Reassessing the Firm's Governance and Financial Policies Spreadsheet Supplement

By: Benjamin C. Esty and Akiko Kanno
In February 2015, Daniel Loeb (a US-based activist investor) announced his firm had a large investment in FANUC Corporation, a leading producer of industrial robots and software for machine tools. Loeb was demanding that the Japanese firm change its financial and... View Details
Keywords: Financial Management; Valuation; Investment Funds; Policy; Corporate Governance; Macroeconomics; Investment Activism; Change Management; Financial Strategy; Cross-Cultural and Cross-Border Issues; Japan; United States
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  • 08 Aug 2013
  • News

Cause Marketing Gets Personal

her classmates, Langer began her employment in the financial industry, joining Shearson Lehman Brothers as an investment banker. "I was specializing with retail companies: Federated Department Stores,... View Details
Keywords: Jill Radsken; Health, Social Assistance; Religious, Grantmaking, Civic, Professional, and Similar Organizations; Personal Services
  • Web

Banking System - Behavioral Finance & Financial Stability

Holding Company Y9C Data After peaking during the financial crisis, loan loss provisions as a fraction of loans plummeted and remain low. Note that loan loss provisions in the early period of the View Details
  • Web

HBS - Financials | From the CFO

Activity & Cash Flows Consolidated Balance Sheet Supplemental Financial Information From the CFO In fiscal 2021, Harvard Business School navigated the operational and financial... View Details
  • 2011
  • Working Paper

Fractionalization and the Municipal Bond Market

We study the impact of ethnic and religious fractionalization on the U.S. municipal debt market and find that issuers from more ethnically and religiously fractionalized counties pay higher yields on their municipal debt. A two standard deviation increase in religious... View Details
Keywords: Ethnicity Characteristics; Bonds; Financial Markets; Investment Return; Geographic Location; City; Religion; United States
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  • Web

Supplemental Financial Information | Annual Report 2024

Supplemental Financial Information Financial Overview Harvard Business School’s economic model is designed to support the School’s mission of educating leaders who make a difference View Details
  • 31 Jul 2020
  • News

Negative Impact Correlates with Lower Market Valuation, Study Shows

  • Article

Value of Information with Sequential Futures Markets

By: Jerry R. Green
The effects of an improvement in information on the efficiency of risk-bearing are studied under various systems of incomplete markets. With sequential futures markets for uncontingent delivery, the welfare effects are indeterminate in sign, except under special... View Details
Keywords: Information; Financial Markets; Mathematical Methods
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  • Web

Video Clips - Creating Emerging Markets

also running a profitable company. Duration: 02:27 Dato' Sri Tahir Dato' Sri Tahir Base Of The Pyramid Dato' Sri Tahir, founder of a large financial services group in Indonesia, describes the need to attend... View Details
  • 24 Sep 2020
  • Research & Ideas

Financial Meltdowns Are More Predictable Than We Thought

The team studied trends in outstanding credit, stock market values, and home prices from 1950 to 2016 for 42 countries. They found the potential for a financial crisis was... View Details
Keywords: by Danielle Kost; Financial Services
  • August 2013 (Revised November 2015)
  • Case

Prudential Financial - General Motors Pension Risk Transfer: Back to the Future?

By: Luis M. Viceira and Emily A. Chien

In November 2012, Prudential Financial and General Motors closed on a $25.1B pension risk transfer (PRT) transaction, the largest of its kind to date by an order of magnitude both in the U.S. market and globally. In exchange for an in-kind transfer of $25.1B in... View Details

Keywords: Risk Management; Asset Management; Insurance; Retirement; Financial Services Industry; Financial Services Industry
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  • Web

Strategic Financial Analysis Online Course | HBS Online

success. 8 weeks 5-6 hours per week 6 modules Self-Paced This course earns you a Certificate of Completion from HBS Online. What you earn . Overview Syllabus Enrollment Stories FAQs Enroll Now Key Concepts Forecast financial performance... View Details
  • 21 Jun 2010
  • Research & Ideas

Strategy and Execution for Emerging Markets

lower price points. Q: What products from emerging markets could cross over to the West? Palepu: With the economy in the West coming under more financial stress—incomes... View Details
Keywords: by Martha Lagace
  • 19 Feb 2007
  • Research & Ideas

Inexperienced Investors and Market Bubbles

systematic evidence. Having said that, there is some interesting experimental work, conducted during the 1980s, in which participants in a simulated financial View Details
Keywords: by Sean Silverthorne; Financial Services