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- All HBS Web (50)
- Faculty Publications (18)
Show Results For
- All HBS Web (50)
- Faculty Publications (18)
- 29 Apr 2014
- Working Paper Summaries
Comparing the Cash Policies of Public and Private Firms
Keywords: by Joan Farre-Mensa
- 12 May 2015
- Working Paper Summaries
Financing Payouts
- 15 Jun 2010
- First Look
First Look: June 15
to $426 billion, accounting for nearly 70% of the jump in total syndicated loan issuance over the same period. Did the inflow of institutional funding in the syndicated loan market lead to mispricing of credit? To understand this... View Details
Keywords: Martha Lagace
- 06 Dec 2011
- First Look
First Look: Dec. 6
of firms just above and just below the investment-grade cutoff. These firms have similar observables, including average investment rates. However, flows into high-yield mutual funds have an economically significant effect on the issuance... View Details
Keywords: Sean Silverthorne
- Web
Measuring Sentiment & Expectations - Behavioral Finance & Financial Stability
securities. The series takes its highest values in 1988, 1989, 1997, 2004, and was high in 2014 before falling recently. Note: This dataset uses the latest bond issuance data from Mergent via Wharton Research Data Services. There may be... View Details
- Web
Behavioral Finance & Financial Stability
Greenwood & Samuel G. Hanson Robin Greenwood and Samuel G. Hanson describe a methodology to measure sentiment in the market for US Corporate Credit More Info Equity Market Sentiment By: Malcolm P. Baker & Jeffrey Wurgler Malcolm P. Baker... View Details
- Web
Research - Behavioral Finance & Financial Stability
risk and the cost of equity (the beta anomaly): As firms lever up, the overall cost of capital falls as leverage increases equity beta, but as debt becomes riskier the marginal benefit of increasing View Details
- 07 May 2013
- First Look
First Look: May 7
relative inflation-indexed bond issuance generate return predictability. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=40097 Cases & Course Materials Harvard Business School Case 113-058 Investindustrial Exits Ducati In... View Details
Keywords: Carmen Nobel
- 24 Sep 2013
- First Look
First Look: September 24
time series. While loan issuance falls in recessions, it is not clear if this is due to demand or supply. We address this question by studying firms' substitution between bank debt and non-bank debt (public bonds) using firm-level data.... View Details
Keywords: Sean Silverthorne
- 12 Jun 2018
- First Look
New Research and Ideas, June 12, 2018
for offsetting equity issuances by firms. In particular, we explain the importance of accounting for indirect equity issuances, which constitute the majority of total View Details
Keywords: Dina Gerdeman
- 01 Mar 2016
- First Look
March 1, 2016
credit-market sentiment in year t – 2 also forecasts a change in the composition of external finance: net debt issuance falls in year t, while net equity issuance increases,... View Details
Keywords: Sean Silverthorne
- 24 Jan 2017
- First Look
First Look at New Research: January 24, 2017
firms. Most importantly, they fail to account for offsetting equity issuances by firms. We show that, taking into account issuances, net shareholder payouts by all U.S. public firms during the period... View Details
Keywords: Sean Silverthorne
- 02 Dec 2013
- Research & Ideas
Companies Choreograph Earnings Calls to Hide Bad News
sign to fall short," Cohen says. Companies preparing for an equity issuance and companies that engaged in insider trading in the following quarter also tended to call only on positive analysts, for the... View Details
- 17 Mar 2009
- First Look
First Look: March 17, 2009
that issuance is partly an attempt to arbitrage mispriced characteristics. Our approach helps forecast returns to portfolios based on book-to-market, size, price, distress, payout policy, profitability, and industry. Our results provide a... View Details
Keywords: Martha Lagace
- 12 Jul 2011
- First Look
First Look: July 12
experiment to examine the effect of management fiduciary duties on equity‐debt conflicts. A 1991 Delaware bankruptcy ruling changed the nature of corporate directors' fiduciary duties in firms incorporated in that state. This change limited managers' incentives to take... View Details
Keywords: Carmen Nobel
- 24 Sep 2014
- Op-Ed
The ABCs of Addressing Climate Change (From a Business Perspective)
It's Climate Week in New York City. The schedule features a UN Climate Summit, a People's Climate March, the Clinton Global Initiative, substantial criticism of the whole endeavor, and plenty of agitated interaction. There is a lot of noise here. How can businesses cut... View Details
- 31 Aug 2009
- Research & Ideas
Why Competition May Not Improve Credit Rating Agencies
would investors pay for them?—and this means regulation and legislation relying on ratings becomes much harder to implement. The third type of model, which I have seen proposed recently, is some form of fixed payments (called "bond pays"). Some fixed fee is... View Details
- 16 Sep 2014
- First Look
First Look: September 16
August 2012, Molycorp announced it would issue $120 million of equity and $360 million of convertible debt. To facilitate the issuance of convertible debt, the firm entered a "share lending... View Details
Keywords: Sean Silverthorne
- 16 Apr 2019
- First Look
New Research and Ideas, April 16, 2019
Europe, a private equity investment company, had worked in the family business for a few years but had developed a career mainly outside of the family business. The transfer of the shares’ ownership had tightened the three brothers’ bonds... View Details
Keywords: Dina Gerdeman
- 05 Mar 2013
- First Look
First Look: March 5
issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the financing costs faced by low quality firms, so the... View Details
Keywords: Sean Silverthorne