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  • All HBS Web  (4,405)
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  • April 2019
  • Article

Private Equity and Financial Fragility during the Crisis

By: Shai Bernstein, Josh Lerner and Filippo Mezzanotti
Do private equity firms contribute to financial fragility during economic crises? We find that during the 2008 financial crisis, PE-backed companies increased investments relative to their peers, while also experiencing greater equity and debt inflows. The effects are... View Details
Keywords: Private Equity; Financial Crisis; Performance; Financial Condition
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Bernstein, Shai, Josh Lerner, and Filippo Mezzanotti. "Private Equity and Financial Fragility during the Crisis." Review of Financial Studies 32, no. 4 (April 2019): 1309–1373. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 23626 and Harvard Business School Working Paper No. 18-005.)
  • 2020
  • Working Paper

Bankruptcy and the COVID-19 Crisis

By: Jialan Wang, Jeyul Yang, Benjamin Iverson and Raymond Kluender
We examine the impact of the COVID-19 economic crisis on business and consumer bankruptcies in the United States using real-time data on the universe of filings. Historically, bankruptcies have closely tracked the business cycle and contemporaneous unemployment rates.... View Details
Keywords: Bankruptcy; Financial Distress; COVID-19; Insolvency and Bankruptcy; Financial Crisis; Health Pandemics; United States
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Wang, Jialan, Jeyul Yang, Benjamin Iverson, and Raymond Kluender. "Bankruptcy and the COVID-19 Crisis." Harvard Business School Working Paper, No. 21-041, September 2020.
  • June 2011
  • Case

Fighting a Dangerous Financial Fire: The Federal Response to the Crisis of 2007-2009

By: David Moss and Cole Bolton
By the summer of 2009, many observers concluded that a catastrophic financial collapse- which seemed all but imminent the previous fall and winter - had been averted. Although the recession had still yet to be declared over and the economy's footing remained far from... View Details
Keywords: Business Cycles; Economic Slowdown and Stagnation; Financial Crisis; Financial Institutions; Financial Markets; Financial Strategy; Policy; Knowledge Acquisition
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Moss, David, and Cole Bolton. "Fighting a Dangerous Financial Fire: The Federal Response to the Crisis of 2007-2009." Harvard Business School Case 711-104, June 2011.
  • May 2011
  • Teaching Note

Securities Lending After the Financial Crisis (TN)

By: Robert C. Pozen and Gayle Elizabeth Hameister
Teaching Note for 311131. View Details
Keywords: Asset Management; Business and Government Relations; Stocks; Debt Securities; Investment Funds; Investment Return
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Pozen, Robert C., and Gayle Elizabeth Hameister. "Securities Lending After the Financial Crisis (TN)." Harvard Business School Teaching Note 311-131, May 2011.
  • 1999
  • Chapter

The Global Financial System Project

By: Robert C. Merton and Peter Tufano
Keywords: International Finance; Globalized Markets and Industries; Projects; Financial Services Industry; Financial Services Industry
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Merton, Robert C., and Peter Tufano. "The Global Financial System Project." In The Intellectual Venture Capitalist: John H. McArthur and the Work of the Harvard Business School, 1980-1995, edited by T. K. McCraw and J. L. Cruikshank. Boston: Harvard Business School Press, 1999.
  • Research Summary

Financial Regulation and the Japanese Banking Crisis of the 1990s

As part of a long-term research interest in financial regulation and the role of the Ministry of Finance, Ulrike Schaede has studied various segments of Japan's financial markets to understand better the interaction between regulators and regulatees. This includes... View Details
  • Research Summary

Surviving the Global Financial Crisis: Foreign Ownership and Establishment Performance

By: Laura Alfaro
We examine the differential response of establishments to the recent global financial crisis with particular emphasis on the role of foreign ownership. Using a worldwide establishment panel dataset, we investigate how multinational subsidiaries around the world... View Details
  • December 1983 (Revised March 1999)
  • Case

The United States Financial Crisis of 1931

The behavior of the Federal Reserve System during the early years of the Great Depression has been a topic of considerable controversy. The Fed, it has been argued, pursued a contracting policy, thereby helping to turn what might have been only a brief recession into... View Details
Keywords: Government and Politics; Financial Crisis; United States
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Rukstad, Michael G. "The United States Financial Crisis of 1931." Harvard Business School Case 384-115, December 1983. (Revised March 1999.)
  • May 2022 (Revised May 2022)
  • Teaching Note

The Crisis with Two Names: The 1997 Asian Financial Crisis - The IMF Crisis (아이엠에프 위기)

By: Jaya Y. Wen
Teaching Note for HBS Case No. 722-041. View Details
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Wen, Jaya Y. "The Crisis with Two Names: The 1997 Asian Financial Crisis - The IMF Crisis (아이엠에프 위기)." Harvard Business School Teaching Note 722-071, May 2022. (Revised May 2022.)
  • February 2022 (Revised January 2024)
  • Case

The Crisis with Two Names: The 1997 Asian Financial Crisis - The IMF Crisis (아이엠에프 위기)

By: Jaya Y. Wen
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Wen, Jaya Y. "The Crisis with Two Names: The 1997 Asian Financial Crisis - The IMF Crisis (아이엠에프 위기)." Harvard Business School Case 722-041, February 2022. (Revised January 2024.)
  • August 2012
  • Article

Surviving the Global Financial Crisis: Foreign Ownership and Establishment Performance

By: Laura Alfaro and Maggie Chen
We examine the differential response of establishments to the recent global financial crisis with particular emphasis on the role of foreign ownership. Using a worldwide establishment panel dataset, we investigate how multinational subsidiaries around the world... View Details
Keywords: Globalization; Financial Crisis; Multinational Firms and Management; Analytics and Data Science; Business Subsidiaries; Production; Finance; Performance; Ownership
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Alfaro, Laura, and Maggie Chen. "Surviving the Global Financial Crisis: Foreign Ownership and Establishment Performance." American Economic Journal: Economic Policy 4, no. 3 (August 2012): 30–55. (Also NBER Working Paper No. 17141.)
  • April 1998 (Revised January 2005)
  • Case

Bahtulism, Collapse, Resurrection? Financial Crisis in Asia: 1997-1998

By: Huw Pill and Donald H. Mathis
Describes, in detail, events precipitating crises. Provides both conventional and new explanations of crises. Presents a chronology of crises as the events unfold, and a brief summary of four particular countries (Malaysia, Indonesia, South Korea, Thailand) and their... View Details
Keywords: Financial Crisis; Crisis Management; International Finance; Development Economics; Thailand; Malaysia; South Korea; Indonesia
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Pill, Huw, and Donald H. Mathis. "Bahtulism, Collapse, Resurrection? Financial Crisis in Asia: 1997-1998." Harvard Business School Case 798-089, April 1998. (Revised January 2005.)
  • March 2015
  • Teaching Plan

Goldman Sachs: Anchoring Standards after the Financial Crisis

By: Rajiv Lal and Lisa Mazzanti
Keywords: Reputation; Financial Crisis; Financial Services Industry
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Lal, Rajiv, and Lisa Mazzanti. "Goldman Sachs: Anchoring Standards after the Financial Crisis." Harvard Business School Teaching Plan 515-083, March 2015.
  • March 2015
  • Teaching Note

Gerry Pasciucco at AIG Financial Products

By: Gautam Mukunda and Thomas J. DeLong
Keywords: Accountability; Business & Government Relations; Business Ethics; Codes Of Business Ethics; Crisis Management; Cross Functional Management; Cross Functional Teams; Financial Audits; Financial Crisis; Management; Teams; United States
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Mukunda, Gautam, and Thomas J. DeLong. "Gerry Pasciucco at AIG Financial Products." Harvard Business School Teaching Note 415-064, March 2015.
  • February – March 2010
  • Article

Lessons from the Crisis about Governing Financial Institutions

By: Jay W. Lorsch
Keywords: Learning; Governance; Financial Institutions
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Lorsch, Jay W. "Lessons from the Crisis about Governing Financial Institutions." Executive Counsel 7, no. 1 (February–March 2010): 18–22. (Full article available at Qfinance.com.)
  • 2013
  • Chapter

Monetary Policy Frameworks after the Great Financial Crisis

By: Huw Pill and Frank Smets
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Pill, Huw, and Frank Smets. "Monetary Policy Frameworks after the Great Financial Crisis." Chap. 1 in The Great Recession: Lessons for Central Bankers, edited by J. Braude, Z. Eckstein, S. Fischer, and K. Flug, 21–50. Cambridge, MA: MIT Press, 2013.
  • 30 Oct 2013
  • Conference Presentation

Corporate Governance and the Financial Crisis in Italy

By: Dante Roscini
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Roscini, Dante. "Corporate Governance and the Financial Crisis in Italy." Paper presented at the Conference on the State of Italy, Watson Institute for International Studies, Brown University, Providence, RI, October 30, 2013.
  • March 2022
  • Module Note

International Macroeconomics with Global Crises

By: Alberto Cavallo
This note introduces a module of cases used at Harvard Business School (HBS) to teach fundamental concepts of international macroeconomics through the discussion of global crises. First, to provide context, it gives a brief overview of the module. Then, it describes... View Details
Keywords: International Economy; Crisis; Macroeconomics; Globalized Economies and Regions
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Cavallo, Alberto. "International Macroeconomics with Global Crises." Harvard Business School Module Note 722-044, March 2022.
  • January 2011 (Revised June 2011)
  • Case

Fixed Income Arbitrage in a Financial Crisis (A): US Treasuries in November 2008

Investment manager James Franey confronts an apparent arbitrage opportunity during the global financial crisis of 2008 when he notices a wide yield spread between two U.S. Treasury bonds that mature on the same date. Franey must decide if there is an opportunity, how... View Details
Keywords: Bonds; Valuation; Interest Rates; Financial Crisis; Financial Services Industry; United States
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Taliaferro, Ryan D., and Stephen Blyth. "Fixed Income Arbitrage in a Financial Crisis (A): US Treasuries in November 2008." Harvard Business School Case 211-049, January 2011. (Revised June 2011.)
  • August 2015 (Revised February 2019)
  • Case

Clare College: Seeking Investment Opportunity in a Financial Crisis

By: David Chambers, Elroy Dimson and Luis M. Viceira
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Chambers, David, Elroy Dimson, and Luis M. Viceira. "Clare College: Seeking Investment Opportunity in a Financial Crisis." Harvard Business School Case 216-015, August 2015. (Revised February 2019.)
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