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  • April 2024
  • Article

Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads

By: Samuel G. Hanson, Aytek Malkhozov and Gyuri Venter
We develop and test a model in which swap spreads are determined by end users' demand for and constrained intermediaries’ supply of long-term interest rate swaps. Swap spreads reflect compensation both for using scarce intermediary capital and for bearing convergence... View Details
Keywords: Swap Spreads; Credit Derivatives and Swaps; Interest Rates; Risk and Uncertainty; Volatility
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  • Spring 2013
  • Article

The Growth of Finance

By: Robin Greenwood and David S. Scharfstein
The U.S. financial services industry grew from 4.9% of GDP in 1980 to 7.9% of GDP in 2007. A sizeable portion of the growth can be explained by rising asset management fees, which in turn were driven by increases in the valuation of tradable assets, particularly... View Details
Keywords: Finance; Asset Management; Research; Mortgages; Financial Services Industry
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  • February 1997 (Revised October 2002)
  • Case

Mexico (C): Reform and Crisis, 1987-1995

By: Huw Pill
Describes the evolution of the Mexican economy and its relation with the international capital markets in the period leading up to the Peso crisis of December 1994. Emphasizes the role of "Washington consensus" policies in stimulating the inflows, and the inability of... View Details
Keywords: Globalized Economies and Regions; Capital Markets; Financial Crisis; Macroeconomics; Mexico
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    The Growth of Finance

    The U.S. financial services industry grew from 4.9% of GDP in 1980 to 7.9% of GDP in 2007. A sizeable portion of the growth can be explained by rising asset management fees, which in turn were driven by increases in the valuation of tradable assets, particularly... View Details
    • June 2019
    • Article

    Brokers vs. Retail Investors: Conflicting Interests and Dominated Products

    By: Mark Egan
    I study how brokers distort household investment decisions. Using a novel convertible bond dataset, I find that consumers often purchase dominated bonds—cheap and expensive versions of otherwise identical bonds coexist in the market. The empirical evidence suggests... View Details
    Keywords: Brokers; Fiduciary Standard; Consumer Finance; Structured Products; Household; Investment; Decisions; Motivation and Incentives; Conflict of Interests
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    • 2004
    • Working Paper

    Regulation and Reaction: The Other Side of Free Banking in Antebellum New York

    By: David A. Moss and Sarah Brennan
    Free banking, which first appeared in the United States in the late 1830s, comprised two essential features: general incorporation for banks and rigorous security requirements for note issue. Because the general incorporation feature is what allowed free entry, it has... View Details
    Keywords: History; Law; Competition; Financial Liquidity; Money; Market Entry and Exit; Financing and Loans; Banks and Banking; Banking Industry
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    • 22 Jul 2014
    • Working Paper Summaries

    Banks as Patient Fixed-Income Investors

    Keywords: by Samuel G. Hanson, Andrei Shleifer, Jeremy C. Stein & Robert W. Vishny; Banking
    • 27 Jan 2009
    • First Look

    First Look: January 27, 2009

    position is strong enough. To curb this possibility, the principal-owner optimally reduces the degree of autonomy granted to the manager. Hence higher levels of managerial autonomy are more likely for intermediate levels of competition.... View Details
    Keywords: Martha Lagace
    • December 2019
    • Article

    Brokers and Order Flow Leakage: Evidence from Fire Sales

    By: Andrea Barbon, Marco Di Maggio, Francesco Franzoni and Augustin Landier
    Using trade-level data, we study whether brokers play a role in spreading order flow information. We focus on large portfolio liquidations, which result in temporary drops in stock prices, and identify the brokers that intermediate these trades. We show that these... View Details
    Keywords: Predatory Trading; Back Running; Fire Sales; Brokers; Stocks; Price; Information; Knowledge Dissemination; Ethics
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      Bharat N. Anand

      Bharat N. Anand is the Vice Provost for Advances in Learning at Harvard University, and the Henry R. Byers Professor of Business Administration at Harvard Business School.

      Professor Anand is an expert in digital strategy, media and... View Details

      Keywords: broadcasting; entertainment; information; media; motion pictures; music; publishing industry; sports; television
      • 01 Feb 2013
      • Working Paper Summaries

      Dollar Funding and the Lending Behavior of Global Banks

      Keywords: by Victoria Ivashina, David S. Scharfstein & Jeremy C. Stein; Financial Services
      • 15 Jul 2011
      • Working Paper Summaries

      Poultry in Motion: A Study of International Trade Finance Practices

      Keywords: by Pol Antras & C. Fritz Foley; Agriculture & Agribusiness
      • 13 Jan 2012
      • Working Paper Summaries

      Intermediaries for the IP Market

      Keywords: by Andrei Hagiu & David Yoffie
      • 17 Nov 2009
      • First Look

      First Look: Nov. 17

      and Moritz Schularick Abstract For the better part of the past decade, the world economy has been dominated by a world economic order that combined Chinese export-led development with U.S. over-consumption. The financial crisis of... View Details
      Keywords: Martha Lagace
      • 11 Jun 2013
      • First Look

      First Look: June 11

      residential mortgages. This expansion was itself fueled by the development of non-bank credit intermediation (or "shadow banking"). Whether the growth of the financial sector has been socially... View Details
      Keywords: Carmen Nobel
      • 24 Mar 2015
      • First Look

      First Look: March 24

      Publisher's link: http://ezp-prod1.hul.harvard.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=101124706&site=ehost-live&scope=site March 2015 Journal of Financial View Details
      Keywords: Sean Silverthorne
      • 07 Apr 2009
      • First Look

      First Look: April 7, 2009

      the original proofs of Ehlers and Klaus (2003) using his stronger independence condition, here we offer a short proof that uses the established result of Theorem 1 for the restricted domain R0. Download the working paper: http://www.hbs.edu/research/pdf/09-110.pdf Debt... View Details
      Keywords: Martha Lagace
      • 01 Dec 2023
      • News

      Thinking Ahead

      20-person team when your venture is pre-revenue is not impressive; it could be worrisome.” While the forecast is far from sunny, entrepreneurs are still raising funds, Austin notes—and plenty is still possible with little to no financial... View Details
      Keywords: Julia Hanna; Illustrations by Chris Gash; News, Library, Internet, and Other Services; Information
      • 01 Mar 2024
      • News

      Game On

      display announces the day’s run of show. Beginners get designated time in the morning so that they can play in the forgiving company of other newbies; intermediate and advanced players get their own dedicated time slots, too. One of the... View Details
      Keywords: Jen McFarland Flint; photographed by Edward Linsmier; Amusement, Gambling, and Recreation Industries; Arts, Entertainment
      • 16 Jul 2013
      • First Look

      First Look: July 16

      between bundling and indirect network effects, we find that they act as substitute strategies, with a lower relative effectiveness for bundling when network effects are stronger. 2013 pub From Social Control to Financial Economics: The... View Details
      Keywords: Anna Secino