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  • March 2005
  • Article

Short- and Long-term Demand Curves for Stocks: Theory and Evidence on the Dynamics of Arbitrage

By: Robin Greenwood
I develop a framework to analyze demand curves for multiple risky securities at extended horizons in a setting with limits-to-arbitrage. Following an unexpected change in uninformed investor demand for several assets, I predict returns of each security to be... View Details
Keywords: Limits To Arbitrage; Event Studies; Demand Curves; Portfolio Choice; Framework; Demand and Consumers; Change; Risk and Uncertainty; Debt Securities; Forecasting and Prediction; Stocks; Assets; Investment Portfolio; System Shocks; Price; Japan
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  • 29 Jan 2019
  • First Look

New Research and Ideas, January 29, 2019

was roughly half as large as prior estimates have suggested. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=55509 Fiscal Rules and Sovereign Default By: Alfaro, Laura, and Fabio Kanczuk... View Details
Keywords: Dina Gerdeman
  • 26 Feb 2019
  • First Look

New Research and Ideas, February 26, 2019

dollars. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical U.S. monetary easing cycle, EME borrowers experience a 32-percentage-point... View Details
Keywords: Dina Gerdeman
  • 14 Nov 2017
  • First Look

New Research and Ideas: November 14, 2017

within the context of the device approval process. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=53492 Lessons Unlearned? Corporate Debt in Emerging Markets By: Alfaro, Laura, Gonzalo Asis, Anusha Chari, View Details
Keywords: Carmen Nobel
  • Winter 2013
  • Article

Fear of Rejection? Tiered Certification and Transparency

By: Emmanuel Farhi, Josh Lerner and Jean Tirole
The sub-prime crisis has shone a harsh spotlight on the practices of securities underwriters, which provided too many complex securities that proved to ultimately have little value. This uproar calls attention to the fact that the literature on intermediaries has... View Details
Keywords: Debt Securities; Corporate Disclosure; Corporate Governance
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  • January 2009 (Revised October 2011)
  • Case

Barack Obama and the Bush Tax Cuts (A)

By: Matthew C. Weinzierl and Eric D. Werker
As his inauguration approached, President-elect Obama faced a financial sector meltdown, a costly bailout, and massive government deficits. With the economy in recession, interest rates near zero, and joblessness on the rise, Obama needed to decide whether, and how... View Details
Keywords: Decision Choices and Conditions; Financial Crisis; Borrowing and Debt; Financial Management; Policy; Government Administration; Taxation; United States
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  • February 2013
  • Article

Commercial Property Rent Dynamics in U.S. Metropolitan Areas: An Examination of Office, Industrial, Flex and Retail Space

By: Maria Ibanez and Anthony Pennington-Cross
This paper is concerned with the market rental rate for space offered by commercial property and how that rental rate evolves over time. Rental rates reflect the value of the services provided by the property and can have a significant impact on the ability of its... View Details
Keywords: Commercial Real Estate; Rent Dynamics; Office Property; Flex Property; Retail Property; Industrial Property; Property; Real Estate Industry; United States
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  • 07 Aug 2012
  • Research & Ideas

Off and Running: Professors Comment on Olympics

place for permanent residents or poorly designed for families in a mass market. Finally, consider the costs of projects that more often than not go way over budget and then result in crushing long-term debt... View Details
Keywords: Re: Multiple Faculty; Sports
  • 01 Jun 2018
  • News

June 2018 Alumni and Faculty Books

competition policy to their benefit. At the turn of the 20th century, this widespread fair trade movement borrowed from progressive law and economics, demonstrating a persistent concern with market... View Details
  • 12 Mar 2019
  • First Look

New Research and Ideas, March 12, 2019

to parallel play by preschoolers, entrepreneurs engaged in parallel play interweave action, cognition, and timing to accelerate learning about a novel world. Specifically, they (1) borrow from peers View Details
Keywords: Dina Gerdeman
  • 06 Dec 2021
  • News

December 2021 Alumni and Faculty Books

rescue a leading energy corporation from ever-increasing debt and a lack of executive accountability, he faced an uphill battle. Not only had he never before stepped into the role of CEO, he also had no... View Details
  • 08 Dec 2011
  • Working Paper Summaries

Are There Too Many Safe Securities? Securitization and the Incentives for Information Production

Keywords: by Samuel G. Hanson & Adi Sunderam; Financial Services
  • 04 May 2020
  • Research & Ideas

Predictions, Prophets, and Restarting Your Business

headlines from market-driven data and options. When much of the world economy is shut for weeks and possibly months, cascading bankruptcies and higher View Details
Keywords: by Frank V. Cespedes
  • 19 Jun 2018
  • First Look

New Research and Ideas, June 19, 2018

of Prime Minister Noburu Takeshita and his entire cabinet. A few years later, Recruit was mired in debt with interest payments of 65 billion yen when its annual income was only 62 billion yen. In the early... View Details
Keywords: Dina Gerdeman
  • 06 Nov 2018
  • First Look

New Research and Ideas, November 6, 2018

forthcoming Management Science Patent Trolls: Evidence from Targeted Firms By: Cohen, Lauren, Umit Gurun, and Scott Duke Kominers Abstract—We provide the first large-sample evidence on the behavior and... View Details
Keywords: Dina Gerdeman
  • 10 Jul 2000
  • Research & Ideas

Privatization and the New European Economy

including deficits of 8 to 10 billion Deutsche marks and debts of over 20 billion marks. "Results were not important; markets were not a concern," he said. "Money came in courtesy of the... View Details
Keywords: by James E. Aisner; Air Transportation; Transportation
  • July 2009 (Revised July 2009)
  • Case

Delphi Corp. and the Credit Derivatives Market (A)

By: Stuart C. Gilson, Victoria Ivashina and Sarah Abbott
In 2005, Jane Bauer-Martin, a hedge fund manager, is considering what she should do with the fund's large investment in the publicly traded bonds of Delphi Corp., a financially troubled auto parts supplier. Delphi is General Motor's key auto parts supplier, and, like... View Details
Keywords: Borrowing and Debt; Insolvency and Bankruptcy; Credit Derivatives and Swaps; Bonds; Financial Management; Risk Management
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  • 05 Feb 2019
  • First Look

New Research and Ideas, February 5, 2019

accumulated $74 billion in debt and beginning in 2014, the island had withheld debt payments despite the commonwealth’s constitutional guarantee of its general obligation... View Details
Keywords: Dina Gerdeman
  • 16 Jul 2020
  • Research & Ideas

Restaurant Revolution: How the Industry Is Fighting to Stay Alive

and delivery only and the prospects for returning to full employment by June 30 were dim given the constraints imposed by capacity caps. "I have no idea what to do with the PPP loan that I’ve been... View Details
Keywords: by Michael S. Kaufman, Lena G. Goldberg, and Jill Avery; Food & Beverage
  • 01 Mar 2010
  • Op-Ed

A Golden Opportunity for Ford and GM

too few consumers. Mulally's first act was to borrow $23.5 billion by mortgaging the entire company to give Ford the runway necessary to retool its aging lineup. Mulally moved fast, trimming unpopular lines, cutting management layers,... View Details
Keywords: by Bill George; Auto