Publications

Oct 2020
Conference Presentation

Optimal, Truthful, and Private Securities Lending

By: Emily Diana, Michael J. Kearns, Seth Neel and Aaron Leon Roth

We consider a fundamental dynamic allocation problem motivated by the problem of securities lending in financial markets, the mechanism underlying the short selling of stocks. A lender would like to distribute a finite number of identical copies of some scarce resource... View Details

Keywords: Differential Privacy; Mechanism Design; Finance; Mathematical Methods

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Forthcoming
Article

Social Security and Trends in Wealth Inequality

By: Sylvain Catherine, Max Miller and Natasha Sarin

Recent influential work finds large increases in inequality in the U.S. based on measures of wealth concentration that notably exclude the value of social insurance programs. This paper shows that top wealth shares have not changed much over the last three decades when... View Details

Keywords: Wealth; Equality and Inequality; Taxation; Insurance; Welfare

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March 2009 (Revised September 2011)
Case

UBS and Auction Rate Securities (A)

By: Daniel Baird Bergstresser, Shawn A. Cole and Siddharth Bhaskar Shenai

UBS, a global financial services company, must decide whether to continue to support the market for Auction Rate Securities in the face of a growing financial crisis. These instruments, underwritten by UBS, were marketed to clients as highly liquid and safe... View Details

Keywords: Cost vs Benefits; Financial Crisis; Asset Pricing; Financial Liquidity; Financial Instruments; Government Legislation; Risk and Uncertainty; Financial Services Industry

Educators

10 Jan 2007
HBS Case

The Challenge of Managing National Security

only beginning to learn about these matters. And by the way, we don't have security clearances. The case is based on publicly available documents and information. The role of this case is not to assess how well the intelligence community... View Details

Keywords: by Garry Emmons; Service

2024
Article

Thy Neighbor's Gendarme? How Citizens of Buffer States in North Africa View EU Border Security Externalization

By: Matt Buehler, Kristin Fabbe and Eleni Kyrkopoulou

To stop refugees and migrants, states have enlisted neighboring third countries to act as buffers, thereby outsourcing border security. With many sub-Saharan migrants transiting North Africa, these regimes there have increasingly served as the EU’s gendarme. Existing... View Details

Keywords: Border Externalization; Border Security; Migration; Sub-Saharan African Migrants; Immigration; National Security; North Africa; Morocco

05 Dec 2014
Working Paper Summaries

Seesaws and Social Security Benefits Indexing

Keywords: by Matthew Weinzierl

September 2020
Article

Relaxing Household Liquidity Constraints Through Social Security

By: Sylvain Catherine, Max Miller and Natasha Sarin

More than a quarter of working-age households in the United States do not have sufficient savings to cover their expenditures after a month of unemployment. Recent proposals suggest giving workers early access to a small portion of their future Social Security benefits... View Details

Keywords: COVID-19 Pandemic; Personal Finance; Employment; Welfare; Insurance; Government Legislation

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1 Jul 2003
Conference Presentation

Friendly Fire and National Security

By: Scott Snook

Keywords: National Security

2007
Other Unpublished Work

Round Numbers and Security Returns

By: Edward Johnson, Nicole Bastian Johnson and Devin M. Shanthikumar

We document consistent differences in daily stock returns related to round numbers. In particular, we examine returns following previous day closing prices that are just above or just below round number benchmarks. We find, for both one-digit, two-digit and three-digit... View Details

Keywords: Stocks; Investment Return; Price; Market Transactions

July 1998 (Revised August 1998)
Case

Optimark: Launching a Virtual Securities Market

Bill Lupien's OptiMark Technologies, Inc., plans to launch a super-computer system in September, 1998 that he believes will release previously withheld liquidity to the securities market. While today's market matches those trades based on price and size, Lupien's... View Details

Keywords: Information Technology; Financial Markets; Product Launch; Financial Services Industry; United States

October 1983 (Revised October 1986)
Background Note

U.S. Securities Industry in 1979-83

April 1979 (Revised October 1983)
Case

U.S. Securities Industry in 1979

By: Michael E. Porter

Keywords: Competitive Strategy; Financial Services Industry; United States

April 1991
Case

Nomura Securities Co. Ltd. (B)

By: Samuel L. Hayes III

Keywords: Financial Services Industry

February 1986 (Revised May 1986)
Case

PQ Corp.: Adjustable Tender Security

By: William E. Fruhan Jr.

Keywords: Financial Instruments

September 2004
Supplement

Land Securities Group plc (CW)

March 1999 (Revised May 1999)
Case

Network Associates: Securing the Internet

By: Debora L. Spar

Follows one company's path through the uncharted terrain of government regulation and the Internet. In March 1998, Network Associates announced it would begin selling powerful encryption software from its Dutch subsidiary. Such a move looked to the U.S. government like... View Details

Keywords: Internet and the Web; Information Technology Industry; Public Administration Industry; Telecommunications Industry; United States

Educators

January 1994 (Revised August 1995)
Case

Boston Company, The: Securities Lending

By: Andre F. Perold and Kuljot Singh

Keywords: Financial Services Industry