Publications
Publications
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(1,691)
- Faculty Publications (554)
- September 2008 (Revised September 2011)
- Background Note
Note: Credit Rating Agencies
The note examines the role of credit rating agencies in capital markets, with emphasis on the role of these agencies in the recent credit crisis and recommendations for change. View Details
- September 2008
- Article
Does Innovation Cause Stock Market Runups? Evidence from the Great Crash
By: Tom Nicholas
This article examines the stock market's changing valuation of corporate patentable assets between 1910 and 1939. It shows that the value of knowledge capital increased significantly during the 1920s compared to the 1910s as investors responded to the quality of... View Details
- Article
MIT Roundtable on Corporate Risk Management
By: Robert C. Merton
Against the backdrop of financial crisis, a distinguished group of academics and practitioners discusses the contribution of financial management and innovation to corporate growth and value, along with the pitfalls and unintended consequences of such innovation.... View Details
- 2008
- Working Paper
New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability
By: Dale F. Gray, Robert C. Merton and Zvi Bodie
This paper proposes a new approach to improve the way central banks can analyze and manage the financial risks of a national economy. It is based on the modern theory and practice of contingent claims analysis (CCA), which is successfully used today at the level of... View Details
- April 2008 (Revised December 2008)
- Case
Leveraged Loans 2007
By: Andre F. Perold and Erik Stafford
The leveraged loan market was in a crisis during the summer of 2007, following many years of low realized volatility (less than 4% per annum), an index of leveraged loans had fallen over 5% in the month of July. A sudden drop in capital market prices for an asset class... View Details
- March 2008 (Revised July 2009)
- Case
U.S. Subprime Mortgage Crisis: Policy Reactions (A)
By: Laura Alfaro and Renee Kim
By March 2008, the U.S. Government and the U.S. Federal Reserve Board had taken various policy measures over the last few months to tackle the subprime mortgage crisis that threatened to drag the economy into a recession. The Bush administration approved a fiscal... View Details
- March 2008 (Revised March 2010)
- Module Note
Global Capital and National Institutions: Crisis and Choice in the International Financial Architecture
By: Laura Alfaro
This module note presents a series of case studies taught in the Harvard Business School course Institutions, Macroeconomics, and the Global Economy (IMaGE). The course addresses the opportunities created by the emergence of a global economy and proposes strategies for... View Details
- February 2008 (Revised November 2011)
- Case
The International Monetary Fund in Crisis
By: Rawi Abdelal, David Moss and Eugene Kintgen
When Dominique Strauss-Kahn became the Managing Director of the International Monetary Fund in late 2007, he faced a number of significant changes. The organization had lost much of its legitimacy over the previous decade, and countries seemed increasingly reluctant to... View Details
- February 2008 (Revised April 2009)
- Case
Chronology of the Asian Financial Crisis
By: Laura Alfaro, Rafael Di Tella and Renee Kim
In July 1997, Thailand became the first Asian "tiger" economy to abandon its fixed exchange rate system in response to speculative attacks on its currency. Investors started to flee Asia, and the crisis rapidly spread to other countries. Central banks spent billions of... View Details
Keywords: Financial Crisis; Currency Exchange Rate; Central Banking; Policy; Crisis Management; Asia; Thailand
- January 2008 (Revised July 2009)
- Case
Forecasting the Great Depression
What is proper role of professional economic forecasting in financial decision making? The case presents excerpts from three leading economic forecasters on the eve of, and just after, the stock market crash of October 1929. The first set of excerpts is from Roger... View Details
- December 2007
- Case
Envisioning "Free Banking" in Antebellum New York (A)
By: David A. Moss and Cole Bolton
Banks throughout New York State suspended specie payments (i.e., payments in gold and silver) in May 1837 following the collapse of several state banks and the onset of a nationwide financial panic. Amid the chaos, the upstart Whigs were able to depose the longstanding... View Details
- December 2007 (Revised September 2009)
- Case
Wall Street's First Panic (A)
By: David A. Moss and Cole Bolton
In the early 1790s, a flood of newly issued public and private securities sparked an investment boom in the nascent United States. In New York, the bustling commercial district along Wall Street emerged as the center of the city's securities trade. One of the many... View Details
- 2007
- Working Paper
New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability
By: Dale F. Gray, Robert C. Merton and Zvi Bodie
This paper proposes a new approach to improve the way central banks can analyze and manage the financial risks of a national economy. It is based on the modern theory and practice of contingent claims analysis (CCA), which is successfully used today at the level of... View Details
- October 2007 (Revised May 2008)
- Case
Transforming Korea Inc: Financial Crisis and Institutional Reform
By: Laura Alfaro and Renee Kim
South Korea, as one of the Asian "tiger" economies, transformed itself into the world's 11th largest economy and major exporter by 1996, emerging from being one of the lowest income countries in the region back in the 1960s. Yet one year later in 1997, Korea was swept... View Details
- October 2007
- Teaching Note
Transforming Korea Inc: Financial Crisis and Institutional Reform (TN)
By: Laura Alfaro and Renee Kim
Teaching Note for 708007. View Details
- September 2007
- Case
Tetra Pak Argentina
By: Tarun Khanna, Krishna G. Palepu and Gustavo A. Herrero
Deals with the hands-on management of a difficult situation facing the subsidiary of a multinational corporation (Tetra Pak) in a developing country (Argentina). The situation arises from a major economic, social, and institutional breakdown that jeopardizes the... View Details
- August 2007 (Revised June 2020)
- Case
Trouble with a Bubble
By: Tom Nicholas
Examines technology, firm performance, and the stock market during the 1929 Great Crash and the Great Depression of the 1930s. The 1920s was an extraordinary period of technological progress marked by a strong run-up in stock market prices. Firms invested heavily in... View Details
- March 2007 (Revised January 2008)
- Case
Korea: After the 1997 Financial Crisis
By: Laura Alfaro, Rafael M. Di Tella and Renee Kim
Examines what happened to Korea after the 1997 financial crisis and the implementation of the IMF-mandated reforms imposed on Korea as conditionalities to the country's emergency loan package. View Details
- November 2006 (Revised May 2007)
- Background Note
International Capital Markets and Sovereign Debt: Crisis Avoidance and Resolution
By: Laura Alfaro and Ingrid Vogel
Successive economic crises of the 1990s and early 2000s intensified focus on reform of the "international financial architecture." Because many of these crises involved defaults on sovereign bonds, an important component of the discussion revolved around the... View Details
- April 2006 (Revised October 2006)
- Case
Best Buy Co., Inc.: Customer-Centricity
By: Rajiv Lal, Carin-Isabel Knoop and Irina Tarsis
With FY2005 sales of $27.3 billion, Richfield, Minn.-based Best Buy Co., Inc. was the leading retailer of consumer electronics, home-office products, and related services in North America. Its operations included the distinct store formats Best Buy, Future Shop in... View Details