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(1,615)
- People (1)
- News (240)
- Research (1,148)
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- Multimedia (14)
- Faculty Publications (845)
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- March 2012
- Article
Subprime Foreclosures and the 2005 Bankruptcy Reform
By: Donald Morgan, Benjamin Iverson and Matthew Botsch
This article presents arguments and evidence suggesting that the bankruptcy abuse reform (BAR) of 2005 may have been one contributor to the destabilizing surge in subprime foreclosures. Before BAR took effect, overly indebted borrowers could file bankruptcy to free up... View Details
Keywords: Mortgages; Insolvency and Bankruptcy; Governing Rules, Regulations, and Reforms; Borrowing and Debt; United States
Morgan, Donald, Benjamin Iverson, and Matthew Botsch. "Subprime Foreclosures and the 2005 Bankruptcy Reform." Federal Reserve Bank of New York Economic Policy Review 18, no. 1 (March 2012).
- 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- Other Unpublished Work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
Alfaro, Laura, Guillermo Calvo, José de Gregorio, Augusto de la Torre, Pablo Guidotti, Enrique Mendoza, Ernesto Talvi, Liliana Rojas-Suarez, and Andrés Velasco. "A Proposal for the IMF: A New Instrument of International Liquidity Provision for Emerging Markets and Developing Economies." Comité Latinoamericano de Asuntos Financieros (CLAAF) Statement, 345, October 2024.
- January 2021
- Case
Aster DM Healthcare: Budgeting for a Crisis
By: V.G. Narayanan and Amy Klopfenstein
In April 2020, Alisha Moopen, Deputy Managing Director of Aster DM Healthcare, a network of clinics, hospitals, and pharmacies in the Middle East and India, must create her company’s budget for the 2021 fiscal year in light of the onset of Covid-19. The pandemic had... View Details
Keywords: Decision Making; Decisions; Forecasting and Prediction; Judgments; Decision Choices and Conditions; Cost vs Benefits; Budgets and Budgeting; Health Pandemics; Health Industry; Asia; India; United Arab Emirates; Dubai
Narayanan, V.G., and Amy Klopfenstein. "Aster DM Healthcare: Budgeting for a Crisis." Harvard Business School Case 121-001, January 2021.
- 2015
- Working Paper
Cashing Out: The Rise of M&A in Bankruptcy
By: Stuart Gilson, Edith Hotchkiss and Matthew Osborn
The use of M&A in bankruptcy has increased dramatically in recent years, leading to concerns that the Chapter 11 process has shifted toward excessive liquidation of viable firms. In this paper, we argue that the rise of M&A has blurred traditional distinctions between... View Details
Keywords: M＆A; Chapter 11; Distress; Bankruptcy; Mergers and Acquisitions; Insolvency and Bankruptcy
Gilson, Stuart, Edith Hotchkiss, and Matthew Osborn. "Cashing Out: The Rise of M&A in Bankruptcy." Harvard Business School Working Paper, No. 15-057, January 2015.
- July 2013
- Case
Jackson Automotive Systems
By: William E. Fruhan and Wei Wang
Jackson Automotive Systems produces automotive parts for advanced heating and air conditioning systems, engine cooling systems, fuel injection and transfer systems, and various other engine parts and it supplies them to the automotive industry primarily in Michigan.... View Details
Keywords: Production; Financial Crisis; Corporate Finance; Manufacturing Industry; Auto Industry; Michigan
Fruhan, William E., and Wei Wang. "Jackson Automotive Systems." Harvard Business School Brief Case 914-505, July 2013.
- September 2013
- Case
United Rentals (A)
By: Jay W. Lorsch, Kathleen Durante and Emily McTague
In December 1997 United Rentals (URI) went public on the NYSE. Ten years later, during the peak of the economic meltdown, the company's performance was in decline. United Rentals had experienced its share of problems in the prior years and was still struggling to... View Details
Keywords: Board Of Directors; Board Dynamics; Accounting Fraud; Governance; Board Committees; Merger; Corporate Governance; Construction Industry; United States
Lorsch, Jay W., Kathleen Durante, and Emily McTague. "United Rentals (A)." Harvard Business School Case 414-043, September 2013.
- November 2016 (Revised February 2017)
- Case
BrightStar Care: The Evolution of a Leadership Team
By: Boris Groysberg, Colleen Ammerman and John D. Vaughan
BrightStar Care was a rapidly growing franchise of home health care agencies. Founded by husband and wife team JD and Shelly Sun as a single agency near Chicago in 2002, BrightStar had opened nearly 300 franchises across the United States by 2016, generating over $300... View Details
Keywords: Health Care Services; Entrepreneurs; Board Of Directors; Boards Of Directors; Health Care Industry; Growth Strategy; Organizational Change; Brand Positioning; Entrepreneurial Organizations; Entrepreneurial Management; Franchising; Family-owned Business; Home Health Care; Managing Growth; Management Styles; Organizational Development; Talent Management; Women Executives; Women And Leadership; Business Startups; Family Business; Small Business; Talent and Talent Management; Governing and Advisory Boards; Health Care and Treatment; Human Capital; Leadership Development; Leadership Style; Business or Company Management; Growth and Development Strategy; Management Analysis, Tools, and Techniques; Management Skills; Management Style; Management Succession; Management Systems; Management Teams; Brands and Branding; Marketing Strategy; Strategy
Groysberg, Boris, Colleen Ammerman, and John D. Vaughan. "BrightStar Care: The Evolution of a Leadership Team." Harvard Business School Case 417-020, November 2016. (Revised February 2017.)
- Teaching Interest
Development Economics (PhD)
By: Shawn A. Cole
This course, intended for second-year PhD students in economics and related fields, is taught by Michael Kremer, Phillippe Aghion, and Shawn Cole.
Part I (Kremer) of the course will cover macro-economic topics including aggregate and non-aggregate growth... View Details
- 31 Oct 2013
- Working Paper Summaries
Do Measures of Financial Constraints Measure Financial Constraints?
- Forthcoming
- Article
The Imperfect Intermediation of Money-Like Assets
By: Jeremy C. Stein and Jonathan Wallen
We study supply-and-demand effects in the U.S. Treasury bill market by comparing the returns on T-bills to the administered policy rate on the Federal Reserve’s reverse repurchase (RRP) facility. In spite of the arguably more money-like properties of an investment in... View Details
Stein, Jeremy C., and Jonathan Wallen. "The Imperfect Intermediation of Money-Like Assets." Journal of Finance (forthcoming).
- May–June 2015
- Article
Dead Weight: How Greece Wound up Trapped in the European Union
By: Debora L. Spar
In the early 1990s, Greece fell far afield of the economic criteria laid out by the Maastricht Treaty, the EU's founding document. In 1999, when the European monetary union was launched, Greece failed to meet the criteria again, but managed to squeeze into the body two... View Details
Spar, Debora L. "Dead Weight: How Greece Wound up Trapped in the European Union." Foreign Policy 212 (May–June 2015).
- April 2023
- Case
Burning the Sails to Save the Ship: The Pilati Family Dilemma
By: Lauren Cohen, Hao Gao, Jiawei Ye and Grace Headinger
Octavian Graf Pilati, rising generation member of an Austrian princely family, prepared to sell the palace his family had held for over three hundred years. In recent years, the Pilati family lands had been leveraged as loan collateral for an international venture that... View Details
Keywords: Family Office; Family; Plant-Based Agribusiness; Agribusiness; Family Business; Property; Identity; Culture; Ethics; Insolvency and Bankruptcy; Governance; Crisis Management; Family and Family Relationships; Agriculture and Agribusiness Industry; Real Estate Industry; Austria
Cohen, Lauren, Hao Gao, Jiawei Ye, and Grace Headinger. "Burning the Sails to Save the Ship: The Pilati Family Dilemma." Harvard Business School Case 223-081, April 2023.
- May 2016
- Case
Revitalizing State Bank of India
By: Srikant M. Datar, N. M. Bhatta, Rishikesha T. Krishnan and Rachna Tahilyani
State Bank of India is India’s oldest and largest bank with the government of India as its majority shareholder. Arundhati Bhattacharya, a 35-year veteran of the bank, is appointed as its chairman in October 2013. Her appointment coincides with Moody’s downgrading the... View Details
Keywords: Change Management; Transformation; Communication Strategy; Leadership Style; Organizational Culture; Organizational Change And Adaptation; Performance Evaluation; Culture; Corporate Social Responsibility And Impact; Human Resources; Employees; Compensation And Benefits; Recruiting; Capital Markets; Performance Expectations; Financial Services Industry; Asia; India
Datar, Srikant M., N. M. Bhatta, Rishikesha T. Krishnan, and Rachna Tahilyani. "Revitalizing State Bank of India." Harvard Business School Case 116-043, May 2016.
- 13 Jul 2007
- Working Paper Summaries
Economic Catastrophe Bonds
- August 2016
- Teaching Note
The Role of Real Estate in Endowment Portfolios: The Case of Christ Church College
By: Arthur I. Segel and Alexander W. Schultz
The case centers on Christ Church’s Treasurer, James Lawrie, who is contemplating his options for investing a portion of the College’s endowment in real estate. Approximately 1/3 of the total $690 million endowment was allocated towards real estate, much higher than... View Details
- June 2016 (Revised February 2017)
- Case
The Role of Real Estate in Endowment Portfolios: The Case of Christ Church, Oxford
By: David Chambers, Elroy Dimson, Arthur I Segel and Eva Steiner
The case centers on Christ Church's Treasurer, James Lawrie, who is contemplating his options for investing a portion of the College's endowment in real estate. Approximately 1/3 of the total $690 million endowment was allocated towards real estate, much higher than... View Details
Keywords: Real Estate; Endowment Management; Endowments; United Kingdom; Oxford; Portfolio Allocation; Higher Education; Investment Portfolio; Property; Corporate Finance; Financial Services Industry; United Kingdom
Chambers, David, Elroy Dimson, Arthur I Segel, and Eva Steiner. "The Role of Real Estate in Endowment Portfolios: The Case of Christ Church, Oxford." Harvard Business School Case 216-086, June 2016. (Revised February 2017.)
- November 2013 (Revised January 2015)
- Case
Restructuring JAL
By: Malcolm Baker, Adi Sunderam, Nobuo Sato and Akiko Kanno
Hideo Seto, the recently appointed chairman of the investment committee of the Enterprise Turnaround Initiative Corporation, must decide whether to push JAL group, Japan's largest airline, into bankruptcy or to act as a sponsor in an out-of-court restructuring. The... View Details
Keywords: Bankruptcy; Costs Of Financial Distress; Cost vs Benefits; Air Transportation; Restructuring; Capital Structure; Insolvency and Bankruptcy; Air Transportation Industry; Japan; United States
Baker, Malcolm, Adi Sunderam, Nobuo Sato, and Akiko Kanno. "Restructuring JAL." Harvard Business School Case 214-055, November 2013. (Revised January 2015.)
- April 2018
- Case
Globalizing Japan's Dream Machine: Recruit Holdings Co., Ltd.
By: Sandra J. Sucher and Shalene Gupta
Recruit Holdings, an advertising media, staffing, and business support conglomerate was founded in 1960 by Hiromasa Ezoe. Recruit was built on the principle that the company should add value to society. To do this, it hired young and talented employees and created a... View Details
Keywords: Business Conglomerates; Mission and Purpose; Organizational Culture; Crime and Corruption; Transition; Globalization; Japan
Sucher, Sandra J., and Shalene Gupta. "Globalizing Japan's Dream Machine: Recruit Holdings Co., Ltd." Harvard Business School Case 318-130, April 2018.
- Research Summary
Anti-Competitive Financial Contracting
Joint work with Giacinta Cestone, Institut d'Analisi Economica, Barcelona
This paper presents the first model where entry deterrence takes place through financial rather than product-market channels. In standard models of the interaction between product and... View Details
- July 2016
- Article
Under New Management: Equity Issues and the Attribution of Past Returns
By: Malcolm Baker and Yuhai Xuan
There is a strong link between measures of stock market performance, such as changes in Tobin's Q or past stock returns, and equity issues. Typically, this performance is thought to be a characteristic of the firm, not the CEO who happens to run the firm. In contrast... View Details
Baker, Malcolm, and Yuhai Xuan. "Under New Management: Equity Issues and the Attribution of Past Returns." Journal of Financial Economics 121, no. 1 (July 2016): 66–78.