Publications

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Article

Do the Right Firms Survive Bankruptcy?

By: Samuel Antill

In U.S. Chapter 11 bankruptcy cases, firms are either reorganized, acquired, or liquidated. I show that decisions to liquidate often reduce creditor recovery, costing creditors billions of dollars every year. I exploit the within-district random assignment of... View Details

Keywords: Bankruptcy; Bankruptcy Reorganization; Recovery Rate; Structural Estimation; Roy Model; 363 Sales; Insolvency and Bankruptcy; Governing Rules, Regulations, and Reforms

SSRN

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24 Jul 2012
First Look

First Look: July 24

PublicationsThe Need for Sector-Specific Materiality and Sustainability Reporting Standards Authors:Robert G. Eccles, Jr., Michael P. Krzus, Jean Rogers, and George Serafeim Publication:Journal of Applied Corporate Finance (forthcoming)... View Details

Keywords: Sean Silverthorne

Article

Research: The Cost of a Single U.S. Immigration Restriction

By: Dany Bahar, Prithwiraj Choudhury and Britta Glennon

On June 22, 2020, President Trump passed an Executive Order drastically cutting the number of highly skilled international workers eligible for non-immigrant visas to the U.S. To quantify the impact of this policy, the authors examined the immediate change in stock... View Details

Keywords: Work Visas; H1-B; Restriction; Impact; Immigration; Governing Rules, Regulations, and Reforms; Cost; Economy

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spring 1983
Article

The Evolution of International Banking Competition and Its Implications for Regulation

By: D. B. Crane and Samuel L. Hayes III

Keywords: Banks and Banking; Competition; Governing Rules, Regulations, and Reforms

Find at Harvard

02 Feb 2010
First Look

First Look: Feb. 2

and Finance (forthcoming). (Also Harvard Business School Working Paper No. 05-053 and NBER Working Paper No. 13131.) Abstract The main arguments in favor of and against nominal and indexed debt are the incentive to default through... View Details

Keywords: Martha Lagace

September 2008 (Revised September 2011)
Background Note

Note: Credit Rating Agencies

By: William E. Fruhan

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

Keywords: Financial Crisis; Capital Markets; Credit; Governing Rules, Regulations, and Reforms; Standards

Educators

20 Mar 2000
Research & Ideas

No Place Like Home: America’s Housing Crisis and Its Impact on Business

imbalance. (photo: Webb Chappell) With the federal government's involvement diminishing, nonprofit organizations that specialize in public-private financing for housing and holistic community development have come to the fore. Laurie J.... View Details

Keywords: by Garry Emmons; Construction; Real Estate

April 2024
Article

Model-based Financial Regulations Impair the Transition to Net-zero Carbon Emissions

By: Matteo Gasparini, Matthew C. Ives, Ben Carr, Sophie Fry and Eric Beinhocker

Investments via the financial system are essential for fostering the green transition. However, the role of existing financial regulations in influencing investment decisions is understudied. Here we analyse data from the European Banking Authority to show that... View Details

Keywords: Climate Change; Investment; Governing Rules, Regulations, and Reforms; Energy Sources

23 Jun 2016
Op-Ed

Brexit: Should Britain Stay or Go?

anticipated challenge in a forthcoming election by the United Kingdom independence Party, has had an even worse outcome. The campaign to Leave descended, as might have been predicted, primarily into a populist View Details

Keywords: by Geoffrey G. Jones & Dante Roscini

November 2003 (Revised July 2014)
Case

'Walking on a Tightrope': Maintaining London as a Financial Center

By: Geoffrey Jones and Meghan Gallagher-Kernstine

Focuses on the development of London as a leading international financial center and the difficulties it faces maintaining its status. Examines London's history as a financial center from Roman times to the present day. London's position in the 19th century rested on... View Details

Keywords: International Finance; Geographic Location; Governing Rules, Regulations, and Reforms; Business History; Status and Position; Financial Services Industry; Europe; London

Educators

03 Dec 2008
What Do You Think?

Can Housing and Credit be “Nudged” Back to Health?

"... we need a carefully crafted, long term 'Social Engineering' campaign to transform the common mindset of people to foster a culture of thrift and prudence...." Others favored and suggested nudges. Peter Ubel argued that... View Details

Keywords: by Jim Heskett

June 2025
Case

Assessing the Offers for Seven & i Holdings

By: Benjamin C. Esty, Nobuo Sato and Akiko Kanno

In the fall of 2024, the board of Seven and i Holdings Company (7&i, the parent company of 7-Eleven convenience stores in the US, Japan, and other countries) received multiple offers to buy the company. Two successive (and unsolicited) offers came from Alimentation... View Details

Keywords: Corporate Governance; Valuation; Value Creation; Bids and Bidding; Financial Strategy; Negotiation Offer; Mergers and Acquisitions; Corporate Finance; Business Conglomerates; Leveraged Buyouts; Governing Rules, Regulations, and Reforms; Retail Industry; Food and Beverage Industry; Japan; Canada

Educators

2010
Working Paper

Regulating for Legitimacy: Consumer Credit Access in France and America

By: J. Gunnar Trumbull

Theories of legitimate regulation have emphasized the role of governments either in fixing market failures to promote greater efficiency or in restricting the efficient functioning of markets in order to pursue public welfare goals. In either case, features of markets... View Details

Keywords: Borrowing and Debt; Credit; Financial Markets; Personal Finance; Governing Rules, Regulations, and Reforms; Business History; Business and Government Relations; Welfare; France; United States

1993
Chapter

Operation and Regulation in Financial Intermediation: A Functional Perspective

By: Robert C. Merton

Keywords: Financial Markets; Operations; Governing Rules, Regulations, and Reforms; Government and Politics; Financial Services Industry

2003
Class Lecture

Renewing Markets for Better Governance

By: Krishna G. Palepu

Keywords: Capital Markets; Corporate Governance; Governing Rules, Regulations, and Reforms

23 Aug 2016
First Look

August 23, 2016

examine if it can be implemented in different contexts and across academic cultures, structures, and traditions. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=51496 Spring 2016 Journal of Applied Corporate Finance ESG... View Details

Keywords: Sean Silverthorne

05 Jun 2019
Research & Ideas

If Your Customers Don't Care What You Charge, What Should You Charge?

An estimated 60 percent of retail gasoline customers return to the same gas station to refuel, without comparison shopping, according to a recent study. Driven by factors such as habit, brand loyalty, switching costs, and search (which often leaves consumers unaware of... View Details

Keywords: by Kristen Senz; Energy

2025
Working Paper

Blockchain-Induced Supply Chain Transparency and Firm Performance: The Role of Capacity Utilization

By: ShinWoo Lee Lee, Jedson Pinto, Daniel Rabetti and Gil Sadka

This study empirically investigates how blockchain adoption affects firm profitability. Employing a quasi-experimental design triggered by regulatory changes across the United States, we provide novel empirical evidence to recent theory, proposing that blockchain... View Details

Keywords: Blockchain; Supply Chain; Technology Adoption; Profit; Governing Rules, Regulations, and Reforms; United States