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(1,777)
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Show Results For
- All HBS Web
(1,777)
- News (345)
- Research (1,252)
- Events (4)
- Multimedia (9)
- Faculty Publications (993)
Buy Now, Pay Later Credit: User Characteristics and Effects on Spending Patterns
Firms offering "buy now, pay later" (BNPL) point-of-sale loans with minimal underwriting have grown in popularity in the last couple of years. According to Worldpay, BNPL accounted for 2.1% – or roughly $97b – of global e-commerce transactions in 2020, and is... View Details
- October 2008 (Revised October 2009)
- Case
New Century Financial Corporation
By: Krishna G. Palepu, Suraj Srinivasan and Aldo Sesia
After years of rapid growth and stock price appreciation, New Century Financial Corporation, one of the largest subprime loan originators in the U.S., reported accounting problems in early 2007. The resulting liquidity crisis forced the company to file for Chapter 11... View Details
Keywords: Accounting Audits; Financial Reporting; Business Model; Financial Crisis; Insolvency and Bankruptcy; Mortgages; Financial Services Industry; United States
Palepu, Krishna G., Suraj Srinivasan, and Aldo Sesia. "New Century Financial Corporation." Harvard Business School Case 109-034, October 2008. (Revised October 2009.)
- 2021
- Working Paper
Invisible Primes: Fintech Lending with Alternative Data
By: Marco Di Maggio, Dimuthu Ratnadiwakara and Don Carmichael
We exploit anonymized administrative data provided by a major fintech platform to investigate whether using alternative data to assess borrowers’ creditworthiness results in broader credit access. Comparing actual outcomes of the fintech platform’s model to... View Details
Keywords: Fintech Lending; Alternative Data; Machine Learning; Algorithm Bias; Finance; Information Technology; Financing and Loans; Analytics and Data Science; Credit
Di Maggio, Marco, Dimuthu Ratnadiwakara, and Don Carmichael. "Invisible Primes: Fintech Lending with Alternative Data." Harvard Business School Working Paper, No. 22-024, October 2021.
- August 2012
- Article
A Darker Side to Decentralized Banks: Market Power and Credit Rationing in SME Lending
By: Rodrigo Canales and Ramana Nanda
We use loan-level data to study how the organizational structure of banks impacts small business lending. We find that decentralized banks-where branch managers have greater autonomy over lending decisions-give larger loans to small firms and those with "soft... View Details
Keywords: Geographic Location; Customers; Financing and Loans; Credit; Organizational Structure; Banks and Banking; Governance Compliance; Competitive Strategy
Canales, Rodrigo, and Ramana Nanda. "A Darker Side to Decentralized Banks: Market Power and Credit Rationing in SME Lending." Journal of Financial Economics 105, no. 2 (August 2012): 353–366.
- April 2025
- Article
Crisis Interventions in Corporate Insolvency
By: Samuel Antill and Christopher Clayton
We model the optimal resolution of insolvent firms in general equilibrium. Collateral-constrained banks lend to (i) solvent firms to finance investments and (ii) distressed firms to avoid liquidation. Liquidations create negative fire-sale externalities. Liquidations... View Details
Keywords: Insolvent Firms; Government Intervention; Liquidation; Econometric Models; Insolvency and Bankruptcy; Policy
Antill, Samuel, and Christopher Clayton. "Crisis Interventions in Corporate Insolvency." Journal of Finance 80, no. 2 (April 2025): 875–910.
- Article
What Do State-Owned Development Banks Do? Evidence from BNDES, 2002–09
By: Sergio G. Lazzarini, Aldo Musacchio, Rodrigo Bandeira-de-Mello and Rosilene Marcon
Defendants of state-owned development banks emphasize their role in reducing capital constraints and fostering productive investment; detractors point out that they may benefit politically connected capitalists or bail out inefficient firms. We study the effect of... View Details
Lazzarini, Sergio G., Aldo Musacchio, Rodrigo Bandeira-de-Mello, and Rosilene Marcon. "What Do State-Owned Development Banks Do? Evidence from BNDES, 2002–09." World Development 66 (February 2015): 237–253.
- November 2009
- Article
Finding Missing Markets (and a Disturbing Epilogue): Evidence from an Export Crop Adoption and Marketing Intervention in Kenya
By: Nava Ashraf, Xavier Gine and Dean Karlan
Farmers may grow crops for local consumption despite more profitable export options. DrumNet, a Kenyan NGO that helps small farmers adopt and market export crops, conducted a randomized trial to evaluate its impact. DrumNet services increased production of export crops... View Details
Keywords: Export Crop; Field Experiment; Food Safety Standards; Plant-Based Agribusiness; Trade; Profit; Marketing; Standards; Failure; Non-Governmental Organizations; Agriculture and Agribusiness Industry; Kenya; European Union
Ashraf, Nava, Xavier Gine, and Dean Karlan. "Finding Missing Markets (and a Disturbing Epilogue): Evidence from an Export Crop Adoption and Marketing Intervention in Kenya." American Journal of Agricultural Economics 91, no. 4 (November 2009): 973–990.
- October 2021
- Article
Fintech Borrowers: Lax Screening or Cream-Skimming?
By: Marco Di Maggio and Vincent Yao
Personal credit is the fastest-growing segment of the consumer credit market, mainly driven by fintech lenders' staggering expansion. We study this market using a unique individual-level data, which covers most of the top fintech and traditional lenders, and provides... View Details
Keywords: Fintech; Lending; Consumer Finance; Credit History; Self-control; Present Bias; Financing and Loans; Personal Finance; Credit; Behavior
Di Maggio, Marco, and Vincent Yao. "Fintech Borrowers: Lax Screening or Cream-Skimming?" Review of Financial Studies 34, no. 10 (October 2021): 4565–4618. (LEAD ARTICLE and EDITOR'S CHOICE.)
- 10 Apr 2008
- Working Paper Summaries
Where Does it Go? Spending by the Financially Constrained
- 2019
- Article
Fair Algorithms for Learning in Allocation Problems
By: Hadi Elzayn, Shahin Jabbari, Christopher Jung, Michael J Kearns, Seth Neel, Aaron Leon Roth and Zachary Schutzman
Settings such as lending and policing can be modeled by a centralized agent allocating a scarce resource (e.g. loans or police officers) amongst several groups, in order to maximize some objective (e.g. loans given that are repaid, or criminals that are apprehended).... View Details
Elzayn, Hadi, Shahin Jabbari, Christopher Jung, Michael J Kearns, Seth Neel, Aaron Leon Roth, and Zachary Schutzman. "Fair Algorithms for Learning in Allocation Problems." Proceedings of the Conference on Fairness, Accountability, and Transparency (2019): 170–179.
- Winter 2021
- Article
Making Economics More Useful: How Technological Eclecticism Could Help
By: Amar Bhidé
Keynes thought it would be ‘splendid’ if economists became more like dentists. Disciplinary economics
has instead become more like physics in focusing on concise, universal propositions verified
through decisive tests. This focus, I argue, limits the practical... View Details
Keywords: Economic Methodology; Simulations; Banking; Regulation; Judgment; Economics; Banks and Banking
Bhidé, Amar. "Making Economics More Useful: How Technological Eclecticism Could Help." Journal of Applied Corporate Finance 33, no. 1 (Winter 2021): 122–133.
- February 2018
- Case
Root Capital and the Efficient Impact Frontier
By: Shawn Cole and Caitlin Reimers Brumme
In 2015 Root Capital, a pioneer in the impact investing space, began to explore how to more systematically integrate impact and financial management. After much deliberation, Root Capital landed on ex-ante rating system for any potential investment that produced a... View Details
Cole, Shawn, and Caitlin Reimers Brumme. "Root Capital and the Efficient Impact Frontier." Harvard Business School Case 218-084, February 2018.
- 22 Oct 2019
- News
Episode 11: Karen Mills, Harvard Business School
- December 2008 (Revised March 2009)
- Case
Rosetree Mortgage Opportunity Fund
By: Victoria Ivashina and Andre F. Perold
In December 2008, in the midst of the worst financial crisis since the Great Depression, Rosetree Capital Management was evaluating the purchase of a pool of U.S. residential mortgages. The firm had formed an investment vehicle to acquire troubled residential mortgages... View Details
Keywords: Financial Crisis; Borrowing and Debt; Mortgages; Investment; Housing; Valuation; United States
Ivashina, Victoria, and Andre F. Perold. "Rosetree Mortgage Opportunity Fund." Harvard Business School Case 209-088, December 2008. (Revised March 2009.)
- February 2010
- Supplement
Lending Club case exhibits (CW)
By: Peter Tufano
A new entrant in the nascent online peer lending space, Lending Club must decide whether or not to register with the SEC. Lending Club provided a platform through which individual borrowers could receive loans funded by individuals who chose to invest in them. The... View Details
- January 2019 (Revised November 2020)
- Case
Ribbon Home: iBacking for Real Estate
By: Marco Di Maggio and Sarah Gulick
In November 2018, Shaival Shah, the founder and CEO of Ribbon Home had to decide on the next steps for the company. Ribbon had introduced a program that backs consumers with cash offers without creating a loan structure in order to help them compete with iBuyers, such... View Details
Keywords: Consumers; Real Estate; Property; Finance; Digital Platforms; Business Model; Decision Making; Real Estate Industry; Technology Industry
Di Maggio, Marco, and Sarah Gulick. "Ribbon Home: iBacking for Real Estate." Harvard Business School Case 219-059, January 2019. (Revised November 2020.)
- September 2014
- Teaching Note
Entrepreneurial Finance Lab: Scaling an Innovative Start-up Financing Venture
By: Joan Farre-Mensa
The Entrepreneurial Finance Lab (EFL) is a financial technology start-up that has developed a new tool that uses psychometric tests to aid banks in developing markets with credit scoring of business loan applicants. EFL's ultimate goal is to solve the financing gap... View Details
- September 2011
- Case
China Development Bank
By: Li Jin, Matthew Preble and Aldo Sesia
In May 2011, Chairman Chen Yuan of the China Development Bank (CDB) was thinking back on CDB's financing of a major project between Petroleo Brasileiro SA (Petrobras), Brazil's state-owned oil and gas producer and China Petroleum & Chemical Corporation (Sinopec), one... View Details
Keywords: International Finance; Emerging Markets; Energy Sources; Banks and Banking; Energy Industry; Brazil; China
Jin, Li, Matthew Preble, and Aldo Sesia. "China Development Bank." Harvard Business School Case 212-001, September 2011.
- February 2010 (Revised December 2010)
- Case
Lending Club
By: Peter Tufano
A new entrant in the nascent online peer lending space, Lending Club must decide whether or not to register with the SEC. Lending Club provided a platform through which individual borrowers could receive loans funded by individuals who chose to invest in them. The... View Details
Keywords: Financial Instruments; Price; Personal Finance; Financing and Loans; Financial Services Industry
Tufano, Peter, Howell Jackson, and Andrea Ryan. "Lending Club." Harvard Business School Case 210-052, February 2010. (Revised December 2010.)