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    Dollar Funding and the Lending Behavior of Global Banks

    A large share of dollar-denominated lending is done by non-U.S. banks, particularly European banks. We present a model in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because these banks rely on wholesale... View Details

    • July 2020
    • Case

    Mortgage Backed Securities and the Covid-19 Pandemic

    By: Emil N. Siriwardane, Luis M. Viceira and Dean Xu
    In April 2020, global financial markets were still reeling as the COVID-19 pandemic spread rapidly across the world. Global equity markets had initially fallen by 30% in response to the pandemic, and high-yield credit markets had dropped by nearly 20%. In contrast,... View Details
    Keywords: COVID-19; Mortgage-backed Securities; Health Pandemics; Financial Markets; Assets; Resource Allocation; Financial Instruments; Decision Making
    Related
    • 23 Mar 2023
    • Research & Ideas

    As Climate Fears Mount, More Investors Turn to 'ESG' Funds Despite Few Rules

    Investor interest in social responsibility has skyrocketed in the past three years, even as US regulations to hold companies accountable remain in flux and the environmental, social, and governance (ESG) label itself draws backlash. Investors are willing to pay a... View Details
    Keywords: by Rachel Layne; Financial Services
    • TeachingInterests

    Decision Making Under Uncertainty

    By: David E. Bell

    Many of the decisions we face are made complicated by having uncertain consequences: how should I set my inventory when I don’t know what demand will be, should I refinance my mortgage when rates might go lower, how big a bet shall I make in a new business, and so... View Details

    • December 2000 (Revised December 2016)
    • Technical Note

    Valuing Companies in Corporate Restructurings: Technical Note

    By: Stuart C. Gilson
    This case provides a technical overview of different valuation techniques for use in valuing companies in corporate restructuring. Techniques covered include adjusted present value, WACC, capital cash flow, and discounted cash flow valuation. Specific numerical... View Details
    Keywords: Restructuring; Capital; Cash Flow; Interest Rates; Valuation
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    • 09 Sep 2008
    • First Look

    First Look: September 9, 2008

      Working PapersHow Firms Respond to Being Rated Authors:Aaron K. Chatterji, Michael W. Toffel Abstract While many independent rating systems are designed primarily to help buyers overcome information... View Details
    Keywords: Sean Silverthorne
    • 28 Jul 2016
    • Op-Ed

    Where is TripAdvisor for Doctors?

    TripAdvisor demonstrates the reach and power of recommendation services for consumers: it has become the world’s largest travel site with 340 million unique monthly visitors and 350 million reviews online covering 6.5 million hotels,... View Details
    Keywords: by John A. Quelch; Health
    • 18 Nov 2021
    • Op-Ed

    5 Principles for Scaling Change from IBM’s High School Innovation

    Barack Obama, to include it in his State of the Union address and visit the first school. Once the president provided that visibility, and it was on the cover of TIME magazine, it began to get more interest... View Details
    Keywords: by Kristen Senz
    • 2010
    • Casebook

    Global Capital and National Institutions: Crisis and Choice in the International Financial Architecture

    By: Laura Alfaro
    All managers face a business environment in which international and macroeconomic phenomena matter. International capital flows can significantly affect countries' development efforts and provide clear investment opportunities for businesses. During the 1990s and early... View Details
    Keywords: Financial Crisis; Capital; International Finance; Globalized Economies and Regions; Policy; Government and Politics; Business and Government Relations
    Related
    • 08 Sep 2008
    • HBS Case

    The Value of Environmental Activists

    There are many methods, most financial, to measure the success of companies in meeting goals. But the question becomes a lot harder at Harvard Business School when MBAs are challenged to measure the efforts of environmental organizations like Greenpeace and the World... View Details
    Keywords: by Sarah Jane Gilbert; Energy; Utilities
    • 21 May 2013
    • First Look

    First Look: May 21

    cost of capital and in turn the rates available to borrowers. Standard theory predicts that, in perfect and efficient capital markets, reducing banks' leverage reduces the risk and cost of equity but leaves the overall weighted average... View Details
    Keywords: Sean Silverthorne
    • 19 Sep 2011
    • Research & Ideas

    Doomsday Coming for Catastrophic Risk Insurers?

    poorly suited," explains Froot. “Why can't they produce enough of this coverage at a lower price?” A local property-casualty insurance agency can easily hold enough capital to cover losses from house fires or burst pipes; such losses... View Details
    Keywords: by Maggie Starvish; Financial Services
    • 16 Mar 2010
    • First Look

    First Look: March 16

    operations cover food and home and personal care, and its brands include Lipton Tea, Hellmann's, Bird's Eye, Wall's, Ben and Jerry's, Surf, Domestos, Comfort, Dove, Sunsilk, Pond's, Signal, Axe, and Calvin Klein. In particular the book... View Details
    Keywords: Martha Lagace
    • 29 Jan 2019
    • First Look

    New Research and Ideas, January 29, 2019

    government bond rates used to discount projected future costs had fallen to record lows, and RWE as well as its competitors were struggling with depressed electricity prices. Would RWE's provisions be adequate to View Details
    Keywords: Dina Gerdeman
    • 16 Dec 2014
    • First Look

    First Look: December 16

    Evidence from Randomized Survey Experiments By: Kuziemko, Ilyana, Michael I. Norton, Emmanuel Saez, and Stefanie Stantcheva Abstract—We analyze randomized online survey experiments providing interactive, customized information on U.S. income inequality, the link... View Details
    Keywords: Sean Silverthorne
    • 15 May 2018
    • First Look

    New Research and Ideas, May 15, 2018

    purchasing power parities (PPPs) with a closely matched set of goods and identical methodologies in a variety of developed and developing countries. Our results are close to those reported by the International Comparisons Program (ICP) in... View Details
    Keywords: Dina Gerdeman
    • Web

    Required Curriculum - MBA

    transparency, fairness, privacy, and bias. Finance 1 This course examines the role of finance in supporting the functional areas of a firm, and fosters an understanding of how financial decisions themselves can create value. Topics View Details
    • Web

    Faculty & Advisors - MBA

    University; SB/SM, Massachusetts Institute of Technology Chris leads MPM Capital’s public market investing as portfolio manager for BioImpact Equities (formerly known as Burrage Capital) and the Oncology Impact Funds. Previously, Chris was a health care analyst at... View Details
    • 17 May 2017
    • Research & Ideas

    Minorities Who 'Whiten' Job Resumes Get More Interviews

    are at an even greater risk for discrimination when applying with a pro-diversity employer because you’re being more transparent,” DeCelles says. “Those companies have the same rate of discrimination, which makes you more vulnerable when... View Details
    Keywords: by Dina Gerdeman
    • Web

    Behavioral Finance & Financial Stability

    these institutions are funded either by uninsured domestic commercial papers or by insured foreign denominated deposits which are then swapped in the FX market. A shock that forces these banks to switch from commercial papers to deposits can have large consequences on... View Details