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- All HBS Web (1,043)
- Faculty Publications (114)
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- 2009
- Working Paper
Systemic Risk and the Refinancing Ratchet Effect
By: Amir E. Khandani, Andrew W. Lo and Robert C. Merton
The confluence of three trends in the U.S. residential housing market—rising home prices, declining interest rates, and near-frictionless refinancing opportunities—led to vastly increased systemic risk in the financial system. Individually, each of these trends is... View Details
- Research Summary
Contract Rights and Risk Aversion: Foreign Banks and the Mexican Economy, 1997-2004
In 1997 Mexicos banking laws were reformed, allowing foreign banks, for the first time since the nineteenth century, to purchase controlling interests in the countrys largest banks. Foreign banks controlled 16 percent of Mexican bank assets in March 1997. By June... View Details
- August 2013 (Revised November 2015)
- Case
Prudential Financial - General Motors Pension Risk Transfer: Back to the Future?
By: Luis M. Viceira and Emily A. Chien
In November 2012, Prudential Financial and General Motors closed on a $25.1B pension risk transfer (PRT) transaction, the largest of its kind to date by an order of magnitude both in the U.S. market and globally. In exchange for an in-kind transfer of $25.1B in... View Details
Keywords: Risk Management; Asset Management; Insurance; Retirement; Financial Services Industry; Insurance Industry
Viceira, Luis M., and Emily A. Chien. "Prudential Financial - General Motors Pension Risk Transfer: Back to the Future?" Harvard Business School Case 213-126, August 2013. (Revised November 2015.)
- 19 Sep 2011
- Research & Ideas
Doomsday Coming for Catastrophic Risk Insurers?
he's seen improvements in the way reinsurers distribute risk over the last two decades, he still questions whether reinsurers in their current form can survive a major catastrophic event. "Reinsurers assume the View Details
- 2021
- Working Paper
Limits to Bank Deposit Market Power
By: Juliane Begenau and Erik Stafford
Claims about the market power of bank deposits in the banking literature are numerous and far reaching. Recently, a causal narrative has emerged in the banking literature: market power in bank deposits, measured as imperfect pass-through of short-term market rates on... View Details
Keywords: Bank Deposits; Market Power; Net Interest Margin (NIM); Banks and Banking; Interest Rates; Risk and Uncertainty
Begenau, Juliane, and Erik Stafford. "Limits to Bank Deposit Market Power." Harvard Business School Working Paper, No. 22-039, November 2021.
- 24 Mar 2008
- Research & Ideas
Reducing Risk with Online Advertising
savings from imposing a delay and deterring fraud to pay a substantial bonus, more than the interest rate times the amount at issue. You can pay them a bigger bonus than that. So in principle they should... View Details
- 13 Jun 2012
- HBS Case
HBS Cases: A Startup Takes On the Credit Ratings Giants
Fons is about to propose a strategy to Kroll to launch KBRA. Along with Fons, an economist specializing in credit risk and rating agency issues, students are asked to consider several key questions: Should... View Details
- 2004
- Working Paper
Contract Rights and Risk Aversion: Foreign Banks and the Mexican Economy, 1997-2004
By: Stephen Haber and Aldo Musacchio
In 1997 Mexico allowed foreign banks unrestricted entry to the market. What impact did foreign mergers and acquisitions have on Mexico's banks? We find that all banks in Mexico have become increasingly risk averse, and that foreign banks are even more so. Foreign banks... View Details
- 29 Apr 2013
- Research & Ideas
Are First-Time Buyers Left Out of Real Estate’s Rebound?
interest tax deduction. Retsinas is a senior lecturer in real estate at Harvard Business School, director emeritus of Harvard University's Joint Center for Housing Studies, and former Federal Housing... View Details
- 20 Sep 2012
- Research & Ideas
US Competitiveness at Risk
absolutely want jobs. But we want competitive jobs that can last in a demanding global economy. MP: The sectors where you can generate the most jobs quickly tend to be in things like healthcare and construction—inherently local activities. But any economy is an View Details
Keywords: Re: Michael E. Porter & Jan W. Rivkin
- Article
Inflation-Indexed Bonds and the Expectations Hypothesis
By: Carolin E. Pflueger and Luis M. Viceira
This paper empirically analyzes the Expectations Hypothesis (EH) in inflation-indexed (or real) bonds and in nominal bonds in the U.S. and in the U.K. We strongly reject the EH in inflation-indexed bonds and also confirm and update the existing evidence rejecting the... View Details
Keywords: TIPS; Breakeven Inflation; Return Predictability; Bond Risk Premia; Risk Management; Bonds; Financial Liquidity; Inflation and Deflation; United Kingdom; United States
Pflueger, Carolin E., and Luis M. Viceira. "Inflation-Indexed Bonds and the Expectations Hypothesis." Annual Review of Financial Economics 3 (2011): 139–158.
- 12 Mar 2009
- Working Paper Summaries
Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds
- 13 Feb 2006
- Research & Ideas
Turning High Potential into Real Reward
the world—or understands it from the customer's point of view: that the customer really needs a particular benefit. The entrepreneur asks, "How can I accelerate the rate at which my product moves into the marketplace?" NB: How... View Details
- December 2021
- Article
Trade Policy Uncertainty and Stock Returns
By: Marcelo Bianconi, Federico Esposito and Marco Sammon
A recent literature has documented large real effects of trade policy uncertainty (TPU) on trade, employment, and investment, but there is little evidence that investors are compensated for bearing such risk. To quantify the risk premium associated with TPU, we exploit... View Details
Keywords: Trade Policy; Uncertainty; Stock Returns; Risk Premium; Tariff Rates; Portfolio Analysis; Trade; Policy; Risk and Uncertainty; Stocks; Investment Return
Bianconi, Marcelo, Federico Esposito, and Marco Sammon. "Trade Policy Uncertainty and Stock Returns." Art. 102492. Journal of International Money and Finance 119 (December 2021).
- October 2024
- Case
Southern California Industrial: Freezer Drive
In the midst of the COVID-19 pandemic, a Boston based real estate private equity firm was seeking to make their very first West Coast investments in hopes of establishing their presence in the strategic region. An exciting property suddenly became available on the... View Details
- 10 Dec 2021
- Research & Ideas
Truth Be Told: Unpacking the Risks of Whistleblowing
relying on whistleblowers to prevent and investigate fraud, the professors realized, there is little understanding about the real risks faced by an employee who steps forward. Dey and Heese set out to study... View Details
Keywords: by April White
- 09 May 2005
- Research & Ideas
Hold or Fold? Sizing Up Business Risk
column, "want other things." When you put these three dimensions together, you get a simple matrix that looks like this. We've included a line for you to add your rationale or thinking for the initial ratings you make on each of... View Details
- 17 Oct 2024
- Research & Ideas
The Reputation Risks of Sharing Fake News
political party is to show that you’re willing to take outlandish stances that will brand you as a supporter,” explains Jordan. Could the logic of what academics call “costly signaling” create a perverse incentive to spread fake news, Jordan and her colleagues... View Details
Keywords: by Avery Forman
- 02 Mar 2016
- What Do You Think?
Is Apple’s Real Privacy Challenge Technology Innovation Itself?
least initially, refused the government’s order and subsequent lawsuit on the grounds doing so runs the risk of making public the workings of a device intended to serve the security interests of its users.... View Details
- 16 Sep 2019
- Research & Ideas
Crowdsourcing Is Helping Hollywood Reduce the Risk of Movie-Making
is ready for audiences, making them risky and expensive propositions. “Each one is a huge project, and the success rate is quite low,” says Hong Luo, the James Dinan and Elizabeth Miller Associate Professor of Business Administration in... View Details