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  • August 1988
  • Article

Credibility, Real Interest Rates, and the Optimal Speed of Trade Liberalization

By: K. A. Froot
Keywords: International Trade; Trade Policy; Trade; Policy; Interest Rates
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  • November 9, 2019
  • Article

Effect of Revealing Authors' Conflicts of Interests in Peer Review: Randomized Controlled Trial

By: Leslie K. John, George Loewenstein, Andrew Marder and Michael Callaham
Objective: To assess the impact of disclosing authors’ conflict of interest declarations to peer reviewers at a medical journal.
Design: Randomised controlled trial.

Setting: The study was conducted within the manuscript review process at the... View Details
Keywords: Conflicts Of Interest; Peer Review; Randomized Controlled Trial; Scientific Publication; Conflict of Interests; Journals and Magazines; Science
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  • May 2005 (Revised January 2006)
  • Case

Ticonderoga: Inverse Floating Rate Bond

Presents a simple interest hedging exercise. A hedge fund is considering an investment in a structured fixed--income product: an inverse floating-rate bond, or inverse floater, designed by a U.S. investment bank. The hedge fund's normal policy is to hedge interest rate... View Details
Keywords: Risk and Uncertainty; Credit Derivatives and Swaps; Bonds; Investment Funds; Interest Rates
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  • 23 Aug 2006
  • Op-Ed

The Real Wal-Mart Effect

Wal-Mart's domestic sales volume, U.S. consumers save on the order of $18 billion per year. And because Wal-Mart forces its competitors to charge lower prices as well, this figure is a fraction of the company's real impact. These kinds of... View Details
Keywords: by Pankaj Ghemawat & Ken A. Mark; Retail
  • 09 Jan 2006
  • Research & Ideas

Rebuilding Commercial Real Estate

overbuilding. "The money supply coming into our business is unprecedented, but I don't see risks that you would associate with a bubble," adds CBL's Lebovitz. If there's one thing that concerns market pros, it's View Details
Keywords: by Roger Thompson; Real Estate; Real Estate
  • December 2002
  • Background Note

Simulation of Prices, Rates and Cash Flows (B)

Considers more advanced issues required for complete cash flow simulation, including residual diagnostics (to determine whether a process has been identified correctly), simulation of nonmarket risk variables, and real options. View Details
Keywords: Price; Cash Flow
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  • 12 Mar 2007
  • Research & Ideas

The New Real Estate

months. The boom may end when interest rates rise from a falling dollar or if there is a surge of commercial overbuilding around the country. A political or terror event could bring things to a halt. Most... View Details
Keywords: by Arthur I. Segel; Real Estate; Real Estate
  • 31 Aug 2009
  • Research & Ideas

Why Competition May Not Improve Credit Rating Agencies

model has the obvious risk of generating pressure to be friendly toward issuers, especially issuers that generate a lot of ratings business (e.g., they have a lot of outstanding debt and issue many bonds).... View Details
Keywords: by Martha Lagace; Financial Services
  • 27 May 2011
  • Working Paper Summaries

An Empirical Decomposition of Risk and Liquidity in Nominal and Inflation-Indexed Government Bonds

Keywords: by Carolin E. Pflueger & Luis M. Viceira
  • 22 Jul 2009
  • Working Paper Summaries

Reputation and Competition: Evidence from the Credit Rating Industry

Keywords: by Bo Becker & Todd Milbourn; Financial Services
  • 30 Aug 2004
  • Research & Ideas

Real Estate: The Most Imperfect Asset

my course is about risk mitigation. I hope they will be able to answer the following question after a term in my course: How does one use all the tools learned at HBS to successfully structure deals and companies around the View Details
Keywords: by Sarah Jane Johnston; Real Estate; Real Estate
  • 18 Oct 2013
  • Working Paper Summaries

Monetary Policy Drivers of Bond and Equity Risks

Keywords: by John Y. Campbell, Carolin E. Pflueger & Luis M. Viceira
  • March 2005 (Revised February 2006)
  • Case

Advising on Currency Risk at ICICI Bank

In March 2003, a client approached the Markets Advisory Group at ICICI Bank, India's second largest bank, about a hedging transaction. The hedge involved multiple interest rates and currencies. Shilpa Kumar, head of the Markets Advisory Group, has to put together a... View Details
Keywords: Risk and Uncertainty; Currency Exchange Rate; Capital Markets; Investment Funds; Banks and Banking; Banking Industry; Financial Services Industry; India
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  • April 2024
  • Article

Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads

By: Samuel G. Hanson, Aytek Malkhozov and Gyuri Venter
We develop and test a model in which swap spreads are determined by end users' demand for and constrained intermediaries’ supply of long-term interest rate swaps. Swap spreads reflect compensation both for using scarce intermediary capital and for bearing convergence... View Details
Keywords: Swap Spreads; Credit Derivatives and Swaps; Interest Rates; Risk and Uncertainty; Volatility
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  • 2023
  • Working Paper

Interest-Rate Risk and Household Portfolios

By: Sylvain Catherine, Max Miller, James Paron and Natasha Sarin
How are households exposed to interest-rate risk? When rates fall, households face lower future expected returns but those holding long-term assets—disproportionately the wealthy and middle-aged—experience capital gains. We study the hedging demand for long-term assets... View Details
Keywords: Portfolio Choice; Social Security; Interest Rates; Investment Portfolio; Equality and Inequality; Welfare
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  • 2017
  • Article

Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds

By: John Y. Campbell, Adi Sunderam and Luis M. Viceira
The covariance between U.S. Treasury bond returns and stock returns has moved considerably over time. While it was slightly positive on average in the period 1953–2009, it was unusually high in the early 1980s and negative in the 2000s, particularly in the downturns of... View Details
Keywords: Inflation and Deflation; Bonds; Interest Rates; Investment Return; Risk Management
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  • 01 Oct 2009
  • Working Paper Summaries

Systemic Risk and the Refinancing Ratchet Effect

Keywords: by Amir E. Khandani, Andrew W. Lo & Robert C. Merton; Real Estate; Real Estate
  • 2009
  • Working Paper

Systemic Risk and the Refinancing Ratchet Effect

By: Amir E. Khandani, Andrew W. Lo and Robert C. Merton
The confluence of three trends in the U.S. residential housing market-rising home prices, declining interest rates, and near-frictionless refinancing opportunities-led to vastly increased systemic risk in the financial system. Individually, each of these trends is... View Details
Keywords: Equity; Mortgages; Interest Rates; Price; Housing; Risk and Uncertainty; United States
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  • 11 Apr 2012
  • Research & Ideas

The High Risks of Short-Term Management

measure of short-termism. Second, we have found that our short-termism proxy captures a risk factor that has real implications for the economy, based on its association with companies' stock prices. And... View Details
Keywords: by Sean Silverthorne; Financial Services
  • 2009
  • Working Paper

Systemic Risk and the Refinancing Ratchet Effect

By: Amir E. Khandani, Andrew W. Lo and Robert C. Merton
The confluence of three trends in the U.S. residential housing market—rising home prices, declining interest rates, and near-frictionless refinancing opportunities—led to vastly increased systemic risk in the financial system. Individually, each of these trends is... View Details
Keywords: Housing; Mortgages; Risk and Uncertainty; Value; Mathematical Methods; Real Estate Industry; United States
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