Bonds - Publications - Faculty & Research

24 Jul 2018
First Look

New Research and Ideas, July 24, 2018

of an estimated secular increase in the cross-country correlations of both stock and bond returns since the late 1990s. Increased correlations of inflation shocks are also an important source of the shift in View Details

Keywords: Dina Gerdeman

15 Aug 2006
First Look

First Look: August 15, 2006

expect bankers to have been less central than in Mexico and, perhaps, the United States. Second, I test if the availability of financing alternatives, like a well-developed bond market in Brazil, reduced the average importance of... View Details

Keywords: Sean Silverthorne

December 2023
Article

Intermediary Balance Sheets and the Treasury Yield Curve

By: Wenxin Du, Benjamin Hebert and Wenhao Li

We document a regime change in the Treasury market post-Global Financial Crisis (GFC): dealers switched from net short to net long Treasury bonds. We construct “net-long” and “net-short” curves that account for balance sheet and financing costs, and show that actual... View Details

Keywords: Bonds; Financial Markets; Financial Crisis; Asset Pricing

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17 May 2010
Research & Ideas

What Brazil Teaches About Investor Protection

development relies on investor protections offered by national laws and regulations. So why did investors flock to Brazil's stock and bond markets between 1882 and 1915, when national protections were relatively weak? A: Investors in... View Details

Keywords: by Sean Silverthorne; Banking; Financial Services

08 Mar 2011
First Look

First Look: March 8

Aldo Sesia Jr.Harvard Business School Case 211-018 Investment manager Eliza Baena confronts an apparent convertible bond arbitrage opportunity when she notices a narrowing spread between two Boston Properties (BXP) bonds, one a... View Details

Keywords: Sean Silverthorne

09 Dec 2014
First Look

First Look: December 9

business opportunities, regulatory efficacy, and public health implications. Purchase this case: https://cb.hbsp.harvard.edu/cbmp/product/515009-PDF-ENG Harvard Business School Case 515-028 Fresno's Social Impact Bond for Asthma In 2014,... View Details

Keywords: Sean Silverthorne

21 Aug 2018
First Look

New Research and Ideas, August 21, 2018

novel convertible bond dataset, I find that consumers often purchase dominated bonds—cheap and expensive versions of otherwise identical bonds coexist in the market. The empirical evidence suggests that... View Details

Keywords: Dina Gerdeman

22 Aug 2024
Research & Ideas

Reading the Financial Crisis Warning Signs: Credit Markets and the 'Red-Zone'

credit spreads are tight. The high-yield spread is the spread between the yields [the return an investor expects to receive annually until a bond matures] on a high-yield bond relative to a corresponding... View Details

Keywords: by Rachel Layne; Banking

02 Apr 2019
Research Event

Women Pay a Higher Career Price in Today's Always-On Work Culture

attention and suggested that they were not studying a “women’s problem” but a deeper cultural phenomenon. During his interview, he discussed the profound bond he felt with his newborn daughter as he carried her from the hospital’s... View Details

Keywords: by Danielle Kost; Consulting; Service

07 Sep 2011
First Look

First Look: Sept. 7

positive demand for external funds. Conditional on issuance of new debt, we interpret firm's switching from loans to bonds as a contraction in bank credit supply. We find strong evidence of substitution from loans to View Details

Keywords: Sean Silverthorne

03 Jan 2018
What Do You Think?

In the Wake of #MeToo, Should Corporate Boards Hire Compliance Officers?

among some financial organizations. The US government has an Office of Compliance, an “independent, non-partisan” agency.] The purpose would be to facilitate knowledge of what is going on in the organization. It might be argued that this could damage the View Details

Keywords: by James Heskett

08 Apr 2011
Research & Ideas

Will the Japan Disaster Remake the Landscape for Green Energy in Asia?

to be just the start of much more privately financed initiatives to come in the next few years. Most recently, the first offshore RMB bond issue for wind energy was completed by China WindPower in Hong Kong and led by HSBC, reinforcing... View Details

Keywords: by Dennis Fisher; Energy; Utilities

05 Mar 2013
First Look

First Look: March 5

emerging Asian markets. Paper: http://www.asiabusinessinsights.com/articles.html#sub_articles_E-commerce_in_Asia Issuer Quality and Corporate Bond Returns Authors:Greenwood, Robin, and Samuel G. Hanson Publication:Review of Financial... View Details

Keywords: Sean Silverthorne

22 May 2007
First Look

First Look: May 22, 2007

Working PapersGlobal Currency Hedging Authors:John Y. Campbell, Karine Serfaty-de Medeiros, and Luis M. Viceira Abstract This paper considers the risk management problem of an investor who holds a diversified portfolio of global equities or View Details

Keywords: Martha Lagace

09 Jan 2006
Research & Ideas

Rebuilding Commercial Real Estate

viewed as a new asset class that competes with stocks and bonds for investment capital. It earned that newfound status on the strength of market-stabilizing structural changes that took root after the last crash. "Everything we do... View Details

Keywords: by Roger Thompson; Construction; Real Estate

14 Mar 2017
First Look

First Look at New Research, March 14

https://www.hbs.edu/faculty/Pages/item.aspx?num=52405 forthcoming Critical Finance Review Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds By: Campbell, John Y., Adi Sunderam, and Luis M. Viceira Abstract—The... View Details

Keywords: Sean Silverthorne

September 2001 (Revised July 2009)
Case

Buenos Aires Embotelladora S.A. (BAESA): A South American Restructuring

By: Stuart C. Gilson and Gustavo A. Herrero

In 1998, BAESA, PepsiCo's largest bottler and distributor outside North America, experienced severe financial difficulty and had to restructure its debt and business operations to avoid bankruptcy or liquidation. Based in Argentina, with operations throughout South... View Details

Keywords: Restructuring; Borrowing and Debt; Insolvency and Bankruptcy; Bonds; Stocks; Multinational Firms and Management; Laws and Statutes; United States; Argentina; Brazil

Citation

Educators

Purchase

07 Jun 2016
First Look

June 7, 2016

spread, defined as the spread of local currency bonds over the synthetic local currency risk-free rate constructed using cross-currency swaps. We find that local currency credit spreads are positive and sizable. Compared with credit... View Details

Keywords: Sean Silverthorne

29 Apr 2014
First Look

First Look: April 29

Competing platforms are affected negatively because more information intensifies price competition. Publisher's link: http://ssrn.com/abstract=2360263 Working Papers Monetary Policy Drivers of Bond and Equity Risks By: Campbell, John... View Details

Keywords: Sean Silverthorne