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- Faculty Publications (959)
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- June 2024 (Revised February 2025)
- Case
Accounting for Loans at SoFi Technologies
By: Joseph Pacelli and Michael Norris
At the release of its first quarter earnings report on May 1, 2023, digital bank SoFi beat its earnings guidance by 25%. On May 2, Wedbush Securities analyst David Chiaverini issued a report downgrading the stock. A second downgrade followed from Chiaverini on May 15.... View Details
Keywords: Accounting; Banks and Banking; Financing and Loans; Valuation; Stocks; Banking Industry; United States
Pacelli, Joseph, and Michael Norris. "Accounting for Loans at SoFi Technologies." Harvard Business School Case 124-057, June 2024. (Revised February 2025.)
- October 2007 (Revised November 2007)
- Case
Barclays Global Investors and Exchange Traded Funds
By: Luis M. Viceira and Alison Berkley Wagonfeld
Provides an overview of the Exchange Traded Funds (EFT) industry and highlights the leadership role that Barclays Global Investors (BGI) has played in this developing asset class. BGI launched its first ETFs under the iShares brand name in 2000, and by mid-2007 BGI was... View Details
Keywords: History; Venture Capital; Asset Management; Stocks; Investment Funds; Leading Change; Expansion; Competitive Strategy; Capital Markets; Global Strategy; Financial Strategy; Financial Services Industry; Financial Services Industry; Asia; Europe
Viceira, Luis M., and Alison Berkley Wagonfeld. "Barclays Global Investors and Exchange Traded Funds." Harvard Business School Case 208-033, October 2007. (Revised November 2007.)
- January 1994 (Revised November 1997)
- Case
Aberlyn Capital Management: July 1993
By: Josh Lerner and Peter Tufano
Aberlyn Capital Management, a venture leasing firm specializing in providing capital to biotechnology firms, proposes to introduce a new product. Aberlyn will base a lease on an intangible product: the patent of a biotechnology firm. This poses a series of short and... View Details
Keywords: Financing and Loans; Valuation; Product Launch; Problems and Challenges; Patents; Financial Instruments; Financial Services Industry; Financial Services Industry
Lerner, Josh, and Peter Tufano. "Aberlyn Capital Management: July 1993." Harvard Business School Case 294-083, January 1994. (Revised November 1997.)
- February 1997
- Background Note
Savings and Loans and the Mortgage Markets
By: Robert C. Merton and Alberto Moel
Provides a brief overview of the history of the savings and loans, the savings and loans crisis of the 1980s and 1990s, and the creation of the mortgage markets in the United States. Also explains briefly the most common types of mortgage-backed securities available. View Details
Merton, Robert C., and Alberto Moel. "Savings and Loans and the Mortgage Markets." Harvard Business School Background Note 297-090, February 1997.
- 2023
- Working Paper
Sovereign Default and the Decline in Interest Rates
By: Max Miller, James Paron and Jessica Wachter
Sovereign debt yields have declined dramatically over the last half-century. Standard explanations, including aging populations and increases in asset demand from abroad, encounter difficulties when confronted with the full range of evidence. We propose an explanation... View Details
- July 2007 (Revised January 2008)
- Case
Andrea Jung: Empowering Avon Women (A)
By: William W. George, Diana Mayer and Andrew N. McLean
In October 2005 Andrea Jung is coping with a 30% decline in Avon's stock price--the biggest test of her leadership since she became CEO in 2000. View Details
George, William W., Diana Mayer, and Andrew N. McLean. "Andrea Jung: Empowering Avon Women (A)." Harvard Business School Case 408-035, July 2007. (Revised January 2008.)
- 2003
- Other Unpublished Work
A Review of Commitment Savings Products in Developing Countries
By: Nava Ashraf, Nathalie Gons, Dean Karlan and Wesley Yin
Ashraf, Nava, Nathalie Gons, Dean Karlan, and Wesley Yin. "A Review of Commitment Savings Products in Developing Countries." ERD Working Paper, July 2003.
- April 26, 2007
- Article
How to Strengthen Wall Street's Global Trust
By: Robert C. Pozen
Pozen, Robert C. "How to Strengthen Wall Street's Global Trust." Financial Times (April 26, 2007).
- July 2006
- Case
Citigroup: Euro Zone Bond Trading (A)
By: Lynn S. Paine, Christopher Bruner and Aldo Sesia
Describes the development and execution of a bond trading strategy by a London-based team of Citigroup eurozone bond traders. The trades, which involved two of Europe's leading electronic trading platforms, gave rise to a European-wide controversy over the traders'... View Details
- 2022
- Other Article
Freezeouts in Delaware and Around the World
Subramanian, Guhan. "Freezeouts in Delaware and Around the World." University of Pennsylvania Journal of Business Law 24, no. 4 (2022): 803–817.
- 2022
- Working Paper
Heterogeneous Investors and Stock Market Fluctuations
By: Odhrain McCarthy and Sebastian Hillenbrand
We introduce a heterogeneous agent model which features extrapolative beliefs and time-varying risk aversion. The model leads to an empirical framework which we estimate with stock prices, survey data and risk aversion measures. We find that extrapolative beliefs and... View Details
McCarthy, Odhrain, and Sebastian Hillenbrand. "Heterogeneous Investors and Stock Market Fluctuations." Working Paper, January 2022.
- 2025
- Working Paper
How Do Households Suppress the Price of Tail Risk?
By: Laurent Calvet, Claire Célérier, Gordon Liao and Boris Vallée
This paper investigates the effects of the issuance of retail products with non-linear payoffs on option prices. For a given underlying asset, when the outstanding volume of products embedding a short-put position increases, implied volatility at the corresponding... View Details
Keywords: Security Design; Dividend; Options; Structured Products; Market Segmentation; Financial Instruments; Design; Volatility; Markets; Segmentation
Calvet, Laurent, Claire Célérier, Gordon Liao, and Boris Vallée. "How Do Households Suppress the Price of Tail Risk?" Working Paper, 2025.
- February 2005
- Article
Can Foreign Firms Bond Themselves Effectively by Renting U.S. Securities Laws?
By: Jordan I. Siegel
The study tests the functional convergence hypothesis, which states that foreign firms can leapfrog their countries' weak legal institutions by listing equities in New York and agreeing to follow U.S. securities law. Evidence shows that the SEC and minority... View Details
Keywords: Corporate Governance; Cross-listing; Reputation; Bonding; Business Ventures; Laws and Statutes; Financial Instruments; United States; Mexico
Siegel, Jordan I. "Can Foreign Firms Bond Themselves Effectively by Renting U.S. Securities Laws?" Journal of Financial Economics 75, no. 2 (February 2005): 319–359. (The study tests the functional convergence hypothesis, which states that foreign firms can
leapfrog their countries' weak legal institutions by listing equities in New York and agreeing to follow U.S. securities law. Evidence shows that the SEC and minority shareholders have not effectively enforced the law against cross-listed foreign firms. Detailed evidence from Mexico further shows that while some insiders exploited this weak legal enforcement with impunity, others that issued a cross-listing and passed through an economic downturn with a clean reputation went on to receive privileged long-term access to outside finance. As compared with legal bonding, reputational bonding better explains the success of cross-listings.)
- January 1994 (Revised June 1994)
- Case
Dean Witter, Discover & Co.
By: Dwight B. Crane and W. James Whalen
Early in 1993, Sears was in the process of spinning off its Dean Witter, Discover subsidiary. This subsidiary consisted of a securities brokerage that was acquired in 1981 and also the Discover Card, a general purpose credit card, the firm introduced in 1985. The key... View Details
Keywords: Valuation; Business Subsidiaries; Initial Public Offering; Credit Cards; Corporate Strategy; Asset Pricing; Financial Services Industry
Crane, Dwight B., and W. James Whalen. "Dean Witter, Discover & Co." Harvard Business School Case 294-046, January 1994. (Revised June 1994.)
- 06 Apr 2021
- Working Paper Summaries
Currency Hedging in Emerging Markets: Managing Cash Flow Exposure
- spring 1974
- Article
The Optimality of a Competitive Stock Market
By: Robert C. Merton and Marti G. Subrahmanyam
Merton, Robert C., and Marti G. Subrahmanyam. "The Optimality of a Competitive Stock Market." Bell Journal of Economics and Management Science 5, no. 1 (spring 1974): 145–170.
- December 2010 (Revised July 2011)
- Supplement
DoubleClick, Inc.: Additional Paid-in-CapitalStock Options
By: David F. Hawkins
Income statement and balance sheet consequences of DoubleClick adoption of the fair value method to account for stock options. View Details
- December 1982 (Revised November 2006)
- Background Note
Note on Futures Contracts
By: David E. Bell
Provides an introduction to futures contracts, what they are, what their use in hedging is, and their usefulness in providing forecasts. Also covers basic risk. Includes a list of commodities currently traded in futures markets and the necessary properties of a... View Details
Keywords: Futures and Commodity Futures
Bell, David E. "Note on Futures Contracts." Harvard Business School Background Note 183-126, December 1982. (Revised November 2006.)
- October 1972
- Article
A Dynamic Model for Bond Portfolio Management
By: D. B. Crane and S. P. Bradley
Crane, D. B., and S. P. Bradley. "A Dynamic Model for Bond Portfolio Management." Management Science 19, no. 2 (October 1972).
- August 2011 (Revised October 2014)
- Supplement
High Wire Act: Credit Suisse and Contingent Capital (B)
By: Clayton S. Rose and Aldo Sesia
The B case describes the process and terms of the very successful offerings of contingent capital in February 2011, as well as The Basel Committee's preliminary decision not to allow contingent capital to count as Tier 1 equity. View Details
Keywords: Cost vs Benefits; Decisions; Financial Crisis; Finance; Capital; Financial Instruments; Leadership
Rose, Clayton S., and Aldo Sesia. "High Wire Act: Credit Suisse and Contingent Capital (B)." Harvard Business School Supplement 312-008, August 2011. (Revised October 2014.)