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  • 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
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  • 08 Jan 2008
  • First Look

First Look: January 8, 2008

Financing Constraints, and Entrepreneurship Authors:William R. Kerr and Ramana Nanda Abstract We study how US branch-banking deregulations affected the entry and exit of firms in the non-financial sector using establishment-level data... View Details
Keywords: Martha Lagace
  • 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
  • 2024
  • Working Paper

Deregulation, Market Power, and Prices: Evidence from the Electricity Sector

By: Alexander MacKay and Ignacia Mercadal
We construct a novel dataset on electricity generation, wholesale transactions, and retail sales to assess the shift from cost-of-service regulation to deregulated, market-based prices in the context of the U.S. electricity sector. Consistent with earlier studies, we... View Details
Keywords: Deregulation; Market Power; Markups; Prices; Electricity; Energy; Markets; Governing Rules, Regulations, and Reforms; Price; Utilities Industry
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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
  • Web

Buy Now, Pay Later: Research Links - Secondary Resources

W.A. Edwards, 1892). Full text available as a networked resource. Davis, Malcolm W. The Loan Shark Campaign (New York: Divison of Remedial Loans, Russell Sage Foundation, 1914). Fitzgerald, Thomas J., and Richard Theodore Ely. Mortgages... View Details
  • 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
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  • 08 Sep 2009
  • Research & Ideas

The Height Tax, and Other New Ways to Think about Taxation

reforms seem unlikely, but we are missing a large opportunity by avoiding them. In general, I hesitate to pass judgment on our tax system as a whole. My intuition is that tax theorists have as much or more to learn from existing policies... View Details
Keywords: by Martha Lagace
  • 16 Dec 2010
  • News

The Emergent Arab World

took place at HBS, with panels on entrepreneurship, social entrepreneurship, media and technology, and Iraq, among other topics. A panel on finance in the MENA region, which hundreds of HBS alumni call home, was moderated by HBS Associate... View Details
Keywords: Garry Emmons; Colleges, Universities, and Professional Schools; Educational Services; Government
  • 2020
  • Working Paper

Internal Models, Make Believe Prices, and Bond Market Cornering

By: Ishita Sen and Varun Sharma
Exploiting position-level heterogeneity in regulatory incentives to misreport and novel data on regulators, we document that U.S. life insurers inflate the values of corporate bonds using internal models. We estimate an additional $9-$18 billion decline in regulatory... View Details
Keywords: Life Insurers; Capital Regulation; Internal Models; Corporate Bonds; Regulatory Supervision; Concentrated Ownership; Bonds; Capital; Governing Rules, Regulations, and Reforms; Insurance; Investment Portfolio
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  • 2011
  • Book

The Fund Industry: How Your Money Is Managed

By: Robert Pozen and Theresa Hamacher
The Fund Industry explains to students and investors how to evaluate mutual funds and other collective investment vehicles. It discusses how different types of funds are managed, marketed, and regulated. It also reviews how funds invest and gather assets in countries... View Details
Keywords: Money; Financial Management; International Finance; Investment Funds; Governing Rules, Regulations, and Reforms; Financial Services Industry
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  • December 13, 2000
  • Article

More New Financial Instrument Rules Proposed

By: David F. Hawkins
Keywords: Financial Instruments; Governing Rules, Regulations, and Reforms
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  • 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
  • Fall 2017
  • Article

Strengthening and Streamlining Bank Capital Regulation

By: Robin Greenwood, Samuel Gregory Hanson, Jeremy C. Stein and Adi Sunderam
We propose three core principles that should inform the design of bank capital regulation. First, wherever possible, multiple constraints on the minimum level of equity capital should be consolidated into a single constraint. This helps to avoid a distortionary... View Details
Keywords: Banks and Banking; Capital; Governing Rules, Regulations, and Reforms; Banking Industry
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  • 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
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  • November 2010
  • Teaching Note

Mexico: Crisis and Competitiveness (TN)

By: Richard H.K. Vietor and Aldo Musacchio
Teaching Note for 710058. View Details
Keywords: Governing Rules, Regulations, and Reforms; Currency; Government and Politics; Trade; Infrastructure; Mexico; China; Europe; Latin America
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  • 27 Jul 2019
  • Op-Ed

Does Facebook's Business Model Threaten Our Elections?

In the 2012 US presidential election, the Obama campaign deftly used a Facebook app to register voters and have friends message them to get out the vote. But it was 2016 presidential campaign that really... View Details
Keywords: by George Riedel
  • 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
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  • 02 Nov 2016
  • Op-Ed

Government and Financial Tech Can Fix Cash Woes for Small Businesses

the cash flow edge. One aspect of this cash flow formula is the extent of time that small businesses wait for or don’t receive payment from the companies they supply. Insufficient or delayed financing is the second-most common reason for... View Details
Keywords: by Karen Mills