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August 2014
Article

Mortgage Convexity

By: Samuel G. Hanson

Most home mortgages in the United States are fixed-rate loans with an embedded prepayment option. When long-term rates decline, the effective duration of mortgage-backed securities (MBS) falls due to heightened refinancing expectations. I show that these changes in MBS... View Details

Keywords: Mortgages; Interest Rates; Volatility

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2019
Working Paper

Do Banks Have an Edge?

By: Juliane Begenau and Erik Stafford

Overall, no! We show that the level and time series variation in cash flows for most bank activities are well matched by capital market portfolios with similar interest rate and credit risk to what banks report to hold. Ignoring operating expenses, bank loans earn high... View Details

Keywords: Banks; Market Efficiency; Bank Capital; Bank Debt; CAPM; Banking; Bank Deposits; Bank Funding Advantage; Leverage; Maturity Transformation; Replicating Portfolio; Efficiency; Banks and Banking; Capital Markets; Performance Evaluation; Performance Efficiency; Banking Industry; United States

18 Feb 2009
News

The Bailout Is Robbing the Banks

Web

Admissions & Financial Aid | MBA

student lifestyle. Students will be eligible to apply for need-based HBS Scholarships and student loans in both years of the program. Through the generosity of The Chris (MBA 1993) and Carrie Shumway Foundation, all students who... View Details

January 2025
Case

Untapped Global: Financing Africa's Missing Middle

By: Raymond Kluender and Emanuele Colonnelli

In November 2024, Jim Chu, founder and CEO of Untapped Global, faced mounting internal tensions over the company’s strategic direction. Untapped had developed a data-driven revenue-based financing (RBF) model to address the “missing middle” problem—the $5.2 trillion... View Details

March 2021
Article

On the Direct and Indirect Real Effects of Credit Supply Shocks

By: Laura Alfaro, Manuel García-Santana and Enrique Moral-Benito

We explore the real effects of bank-lending shocks and how they permeate the economy through buyer-supplier linkages. We combine administrative data on all Spanish firms with a matched bank-firm-loan dataset of all corporate loans from 2003 to 2013 to estimate... View Details

Keywords: Credit Supply Shocks; Bank Lending Channel; Input-output Linkages; Output; Mechanisms; Trade Credits; Price Effects; Economics; Credit; System Shocks; Employment; Investment; Spain

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August 2016 (Revised February 2017)
Case

Songy 2011: Restructuring to Survive (or, Surviving to Restructure?)

By: Charles F. Wu

In 2011, Songy Partners, an Atlanta-based real estate developer, was facing three distressed investments within their portfolio each with distinct sets of challenges. Having weathered a myriad of issues during the global financial crisis that included operational... View Details

Keywords: Real Estate; Distressed Debt; Global Financial Crisis; Foreclosure; Partnership; Partners and Partnerships; Valuation; Global Range; Insolvency and Bankruptcy; Property; Financial Crisis; Real Estate Industry; Atlanta

2021
Working Paper

Closing Costs, Refinancing, and Inefficiencies in the Mortgage Market

By: David Hao Zhang

In the US, borrowers often finance the price of mortgage origination by agreeing to higher mortgage rates for a given principal amount. I show that for standard fixed-rate, prepayable mortgages this contractual feature has two consequences. First, it leads to increased... View Details

Keywords: Mortgage Market; Refinancing; Mortgages; Consumer Behavior

2014
Teaching Note

Microfinance Services in Rural Areas--Farmers' Self-reliance Branch of CFPA Microfinance in Shangyi County (TN)

By: F. Warren McFarlan, Yang Siqun and Shen Meihua

Microfinance is introduced into China in the 1990s. It had gone through 3 phases since the beginning, namely the pilot phase when all Microfinance practices are sponsored by charity funds based on projects, the promotion phase when the government subsidized some... View Details

Keywords: Microfinance; Rural Entrepreneurship; Value Added; China; China

2010
Working Paper

Employee Selection as a Control System

By: Dennis Campbell

Theories from the economics, management control, and organizational behavior literatures predict that when it is difficult to align incentives by contracting on output, aligning preferences via employee selection may provide a useful alternative. This study... View Details

Keywords: Accounting; Decision Making; Governance Controls; Employees; Selection and Staffing; Management Systems; Financial Services Industry

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

Keywords: Development Economics; Financial Crisis; Governing Rules, Regulations, and Reforms; Business and Government Relations; South Korea

2024
Working Paper

Corporate Debt, Boom-Bust Cycles, and Financial Crises

By: Victoria Ivashina, Sebnem Kalemli-Özcan, Luc Laeven and Karsten Müller

Using a new dataset on sectoral credit exposures covering financial and non-financial sectors in 115 economies over the period 1940–2014, we document the following evidence that corporate debt plays a key role in explaining boom-bust cycles, financial crises, and slow... View Details

Keywords: Financial Crisis; Economic Slowdown and Stagnation; Economic Growth; Economic Sectors; Borrowing and Debt; Credit

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February 2018
Case

Robert K. Steel at Wachovia (A)

By: Gautam Mukunda, Nien-hê Hsieh and David Lane

In September 2008, Robert Steel presided over the sale of Wachovia, a top U.S. bank, less than three months after becoming its CEO. Wachovia’s exposure to risky home loans led depositors and creditors to flee the bank on Friday, September 26, after the FDIC seized and... View Details

Reinventing State Capitalism

In this book we study the evolution of corporate governance arrangements that governments have adopted for their state-owned enterprises (SOEs) in the last 20 years. We show that the process of privatization and liberalization of the 1990s and early 2000s created... View Details

19 Apr 2022
Cold Call Podcast

What Role Do Individual Leaders Play in Corporate Governance?

Keywords: Re: Aiyesha Dey

31 Jul 2007
First Look

First Look: July 31, 2007

Working PapersCoupled Search Processes: Why Is It So Difficult to Find that Organizational Design Matters? Authors:Nicolaj Siggelkow and Jan W. Rivkin Abstract Organizational design affects performance via coupled search processes. At low frequency, managers search... View Details

Keywords: Martha Lagace

February 2018
Supplement

Robert K. Steel at Wachovia (B)

By: Gautam Mukunda, Nien-hê Hsieh and David Lane

In September 2008, Robert Steel presided over the sale of Wachovia, a top U.S. bank, less than three months after becoming its CEO. Wachovia’s exposure to risky home loans led depositors and creditors to flee the bank on Friday, September 26, after the FDIC seized and... View Details

Article

Employee Selection as a Control System

By: Dennis Campbell

Theories from the economics, management control, and organizational behavior literatures predict that when it is difficult to align incentives by contracting on output, aligning preferences via employee selection may provide a useful alternative. This study... View Details

Keywords: Management Systems; Governance Controls; Employees; Selection and Staffing; Motivation and Incentives; Decision Making; Business Model

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March 2019 (Revised October 2020)
Case

GENTERA: Facing the Digital Age

By: Michael Chu and Carla Larangeira

After long dominating Mexican microfinance, Compartamos Banco faces the emergence of fintech, just as for the first time its loan portfolio and clients have declined. Enrique Majós, CEO of GENTERA, the bank´s parent company, is keenly aware of the profound changes... View Details

Keywords: Micro Finance; Base Of The Pyramid; Fintech; Microfinance; Disruption; Innovation and Management; Competitive Strategy; North America; Mexico

August 2016
Teaching Note

Songy 2011: Restructuring to Survive (Or, Surviving to Restructure?)

By: Charles F. Wu and Alexander W. Schultz

In 2011, Songy Partners, an Atlanta based real estate developer, was facing three distressed investments within their portfolio each with distinct sets of challenges. Having weathered a myriad of issues during the Global Financial Crisis which included operational... View Details

Keywords: Distressed Debt; Real Estate; Limited Partners; Cap Rates; Partners and Partnerships; Valuation; Investment; Property; Borrowing and Debt; Real Estate Industry; Atlanta

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