Publications

01 Aug 2018
What Do You Think?

Are Free Trade and Free Markets Quaint Ideas From the Past?

improved job training and relocation incentives for workers, he sees a future of continued market expansion, business profitability, greater social equality, and the increased social stability that this can produce. Kuttner argues that... View Details

Keywords: by James Heskett

October 2009
Supplement

Merger of Equals: The Integration of Mellon Financial and The Bank of New York (C)

By: Ryan D. Taliaferro, Clayton S. Rose and David Lane

[Continuation of "A" and "B" cases.] Less than a month after the close of the merger between The Bank of New York and Mellon Financial, managers at the two firms realized that plans for combining their asset servicing businesses – and realizing the $180 million of... View Details

Keywords: Mergers and Acquisitions; Horizontal Integration; Financial Institutions; Business Processes; Risk Management; Strategy; Market Transactions; Assets; System; Saving; Banking Industry; New York (state, US)

March 2011 (Revised January 2015)
Teaching Note

The IASB at a Crossroads: The Future of International Financial Reporting Standards

By: Karthik Ramanna

Teaching Note for 111084 and 113089. View Details

Keywords: Growth and Development; Strategy; Corporate Governance; Fair Value Accounting; Financial Reporting; Standards; Problems and Challenges; Emerging Markets; Financial Services Industry; China

April 1998
Case

Citibank Hong Kong--Capital Arbitrage in the Emerging Markets

Describes how a credit derivative may be used to structure a profitable transaction between a bank and its client. Design and risk management issues are discussed in the context of this new class of derivative security. View Details

Keywords: Credit Derivatives and Swaps; Investment Banking; Financial Services Industry; Hong Kong

March 2016 (Revised May 2021)
Case

Michael Milken: The Junk Bond King

By: Tom Nicholas and Matthew G. Preble

Michael Milken, an investment banker who dominated the junk bond market in the 1980s, was sentenced to jail in 1990 after pleading guilty to a number of securities and tax-related felonies. In the preceding decade, Milken had helped usher in a new wave of leveraged buy... View Details

Keywords: Junk Bonds; High-yield Bonds; Financial Innovation; Shareholder Value; Bonds; Capital; Capital Structure; Cost of Capital; Crime and Corruption; Entrepreneurship; Ethics; Finance; Investment Banking; Leveraged Buyouts; Mergers and Acquisitions; Ownership; Private Equity; Restructuring; United States

Article

Consequences of Financial Reporting Failure for Outside Directors: Evidence from Accounting Restatements and Audit Committee Members

By: Suraj Srinivasan

I use a sample of 409 companies that restated their earnings from 1997 to 2001 to examine penalties for outside directors, particularly audit committee members, when their companies experience accounting restatements. Penalties from lawsuits and Securities and Exchange... View Details

Keywords: Outcome or Result; Business Earnings; Financial Statements; Lawsuits and Litigation; Labor; Markets; Financial Reporting; Accounting Audits; Cost; Reputation

SSRN

Article

The Market for Catastrophe Risk: A Clinical Examination

By: K. A. Froot

Keywords: Catastrophe Risk; Corporate Finance; Cost Of Capital; Banking And Insurance; Asset Pricing; Hedging; Banking; Insurance; Decision Choice And Uncertainty; Financial Markets; Policy; Risk Management; Natural Disasters; Insurance Industry

Web

Reconceiving Products & Markets - Institute For Strategy And Competitiveness

safety, health, education, nutrition, living with disability, housing, financial security, etc.) Opening new markets by serving unmet needs in underserved communities, which often requires redesigned... View Details

Web

Buy Now, Pay Later: The Secondary Credit Market

HBS Quick Links MBA Executive Education Doctoral Programs Faculty and Research Alumni HBS Publishing Site Index HBS Home Contact Us Map/Directions Introduction Credit in Pre-Industrial Society Credit and the Market Economy: The Rise of... View Details

25 Apr 2014
Research & Ideas

To Pay or Not to Pay: Argentina and the International Debt Market

Costa Rica, recommends a course of action sure to anger banks and fund managers: absolute sovereign immunity, which is the way things were done before 1976. Argentina's escalating financial crisis is taking on the look and feel of 2002,... View Details

Keywords: by Laura Alfaro

2024
Other Unpublished Work

A Proposal for the IMF: A New Instrument of International Liquidity Provision for Emerging Markets and Developing Economies

By: Laura Alfaro, Guillermo Calvo, José de Gregorio, Augusto de la Torre, Pablo Guidotti, Enrique Mendoza, Ernesto Talvi, Liliana Rojas-Suarez and Andrés Velasco

This paper addresses a critical flaw in the international financial system: the failure to address the inherent asymmetry between countries that issue reserve currencies and those that do not, leaving the latter vulnerable during systemic liquidity crises. We propose... View Details

Keywords: Macroeconomics; Emerging Markets; Financial Markets; International Finance; Developing Countries and Economies; Latin America

Read Now

Web

Digital Marketing & AI Workshop - Course Catalog

to design, execute, and measure campaigns that drive financial impact. Students will learn to apply proven frameworks and emerging tools at different stages of a company’s lifecycle, focusing on acquisition, retention, and revenue growth.... View Details

Web

EMIS (Emerging Markets Information System) | Baker Library

EMIS (Emerging Markets Information System) Country and company information on Africa, Asia, Australia, Europe, and the Middle East. Read More Includes country profiles; macroeconomic statistics, forecasts, and analysis; reports on View Details

May 2020
Case

Trust Merchant Bank

By: Ramon Casadesus-Masanell, Pippa Tubman Armerding, Dilyana Karadzhova Botha and Salim Dewji

Trust Merchant Bank (TMB), a leading bank in the Democratic Republic of Congo (DRC), needs to decide whether to enter the soon-to-be-liberalized insurance industry. Since its founding in 2004, TMB has played a pivotal role in reshaping the DRC banking landscape by... View Details

Keywords: Retail Banking; Financial Services; Financial Inclusion; Turnaround; Fintech; Banks and Banking; Financial Condition; Insurance; Corporate Strategy; Expansion; Business Model; Family Business; Entrepreneurship; Information Technology; Monopoly; Banking Industry; Insurance Industry; Africa; Congo, Democratic Republic of the

2011
Teaching Note

Juner New Materials: On the Road to IPO (TN)

By: F. Warren McFarlan, Donglin Xia, Ning Jia and Ziqian Zhao

Juner New Materials (Juner) is a private China-based company that develops, produces, and distributes modified plastic compounds. Founded in 1995 by female serial entrepreneur Xiaomin Chen, Juner has exhibited strong performance and growth potential in the past fifteen... View Details

Keywords: Emerging Markets; Entrepreneurship; Financial Statements; IPO; Valuation; Women Executives; China; Plastics; China

May 2009
Article

Synchronicity and Firm Interlocks in an Emerging Market

By: Tarun Khanna and Catherine Thomas

Stock price synchronicity has been attributed to poor corporate governance and a lack of firm-level transparency. This paper investigates the association between different kinds of firm interlocks, control groups, and synchronicity in Chile. A unique data set... View Details

Keywords: Stocks; Price; Corporate Governance; Governance Controls; Governing and Advisory Boards; Resource Allocation; Emerging Markets; Ownership Stake; Chile

Read Now

2014
Case

Zenglibao: An Internet Money Market Fund Run by Tianhong Asset Management Co., LTD.

By: F. Warren McFarlan, Yongjun Jin and Xiaohui Li

Mobile Internet has imposed an increasing impact on traditional finance. Firstly, some financial business modules can be operated via mobile Internet, and the corresponding transaction cost is greatly reduced. For example, payment by traditional bank draft is replaced... View Details

Keywords: Finance; Internet; China; Mobile Devices; Internet and the Web; Mobile and Wireless Technology; China

2002
Chapter

Institutional Change and Economic Growth: Banks, Financial Markets, and Mexican Industrialization, 1878-1913

By: Noel Maurer and Stephen Haber

Keywords: History; Organizational Change and Adaptation; Financial Markets; Economic Growth; Developing Countries and Economies; Banks and Banking; Financial Services Industry; Financial Services Industry; Mexico