Publications
Publications
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- All HBS Web
(226)
- Faculty Publications (93)
- Article
The Cost of Capital for Alternative Investments
By: Jakub W. Jurek and Erik Stafford
Traditional risk factor models indicate that hedge funds capture pre-fee alphas of 6% to 10% per annum over the period from 1996 to 2012. At the same time, the hedge fund return series is not reliably distinguishable from the returns of mechanical S&P 500 put-writing... View Details
- September 2014
- Supplement
Evanston Capital Management Spreadsheet Supplement
By: Erik Stafford and Aditya Vikram Sunderam
- February 2013 (Revised January 2015)
- Supplement
Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium (CW)
- October 2012
- Case
Lin TV Corp
By: David Scharfstein, Erik Stafford and Joel Heilprin
This case considers the valuation of Lin TV, a publicly-traded company with 30 TV stations. The case highlights how a change in operating strategy can enhance the firm's value, and considers the effect of consolidation within the industry on firm value. View Details
- October 2012 (Revised June 2015)
- Case
Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium
- Article
Hinged Dissections Exist
By: Timothy G. Abbott, Zachary Abel, David Charlton, Erik D. Demaine, Martin L. Demaine and Scott Duke Kominers
We prove that any finite collection of polygons of equal area has a common hinged dissection. That is, for any such collection of polygons there exists a chain of polygons hinged at vertices that can be folded in the plane continuously without self-intersection to form... View Details
- 2011
- Working Paper
The Cost of Capital for Alternative Investments
By: Jakub W. Jurek and Erik Stafford
This paper studies the cost of capital for alternative investments. We document that the risk profile of the aggregate hedge fund universe can be accurately matched by a simple index put option writing strategy that offers monthly liquidity and complete transparency... View Details
- March 2011
- Case
Valuation of AirThread Connections
By: Erik Stafford and Joel L. Heilprin
This case can be used as a capstone valuation exercise for first-year MBA students in an introductory finance course. A senior associate in the business development group at American Cable Communications, one of the largest cable companies in the U.S., must prepare a... View Details
- March 2011
- Teaching Note
Valuation of AirThread Connections (Brief Case)
By: Erik Stafford and Joel L. Heilprin
Teaching note for case #4263. View Details
- March 2011
- Supplement
Valuation of AirThread Connections, Faculty Spreadsheet Supplement (Brief Case)
By: Erik Stafford and Joel L. Heilprin
- March 2011
- Supplement
Valuation of AirThread Connections, Spreadsheet Supplement (Brief Case)
By: Erik Stafford and Joel L. Heilprin
- September 2010 (Revised May 2012)
- Case
Harvard Management Company (2010)
By: Andre F. Perold and Erik Stafford
In February 2010, Jane Mendillo, CEO of Harvard Management Company, was reflecting on the list of issues facing Harvard University's endowment in preparation for the upcoming board meeting. The recent financial crisis had vividly highlighted several key issues... View Details
- 2010
- Working Paper
Crashes and Collateralized Lending
By: Jakub W. Jurek and Erik Stafford
This paper develops a parsimonious static model for characterizing financing terms in collateralized lending markets. We characterize the systematic risk exposures for a variety of securities and develop a simple indifference-pricing framework to value the systematic... View Details
- July 2010 (Revised June 2016)
- Case
Erik Peterson at Biometra (A)
By: John J. Gabarro, Thomas DeLong and Jevan Soo
Describes the problems facing a recent MBA graduate in his job as general manager of a medical device company owned by a parent corporation. Raises issues of corporate divisional relationships and the difficulties facing an inexperienced manager who seems to be... View Details
- Article
The Economics of Structured Finance
By: Joshua D. Coval, Jakub W. Jurek and Erik Stafford
This paper investigates the spectacular rise and fall of structured finance. The essence of structured finance activities is the pooling of economic assets like loans, bonds, and mortgages, and the subsequent issuance of a prioritized capital structure of claims, known... View Details
Keywords: Financial Crisis; Asset Management; Debt Securities; Investment; Risk Management; Behavior
- June 2009 (Revised March 2010)
- Supplement
Hansson Private Label, Inc.: Evaluating an Investment in Expansion, Student Spreadsheet (Brief Case)
By: Erik Stafford and Joel L. Heilprin
- June 2009 (Revised March 2010)
- Supplement
Hansson Private Label, Inc.: Evaluating an Investment in Expansion, Teaching Note Spreadsheet (Brief Case)
By: Erik Stafford and Joel L. Heilprin