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February 2010
Case

Saginaw Parts Co. and the General Motors Corp. Credit Default Swap

By: William E. Fruhan

This two-page case demonstrates how to unbundle the cost of credit extensions from product prices by observing the price of a credit default swap. It also explores how credit default swaps work, and how trade creditors are treated under U.S. bankruptcy law. Finally it... View Details

Keywords: Trade; Credit; Insolvency and Bankruptcy; Credit Derivatives and Swaps; Laws and Statutes; Risk Management; Auto Industry; United States

2000
Other Unpublished Work

New Trading Practices and the Short-run Predictability of the S&P 500: Market Volatility and Investor Confidence, Report to the Board of Directors of the New York Stock Exchange, Inc.

By: André Perold

Keywords: Stocks; Financial Markets; Governing Rules, Regulations, and Reforms; Capital Markets; Volatility; Market Timing

2025
Working Paper

Street Earnings: Implications for Asset Pricing

By: Sebastian Hillenbrand and Odhrain McCarthy

To address the excess volatility puzzle – the excessive movements in stock prices – researchers often study movements in valuation ratios. However, we demonstrate that movements in valuation ratios based on fundamental measures with high transitory volatility, such as... View Details

Keywords: Investment Return; Asset Pricing; Valuation; Measurement and Metrics; Stocks

Article

Are Buybacks Really Shortchanging Investment?

By: Jesse M. Fried and Charles C.Y. Wang

It’s no secret that the American economy is suffering from the twin ills of slow growth and rising income inequality. Many lay the blame at the doors of America’s largest public corporations. The charge? These firms prefer to distribute cash generated from their... View Details

Keywords: Economy; Investment; Stocks; Business and Shareholder Relations; Equality and Inequality; United States

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January 2011
Case

A Slice of the Pie: Ruby Collins and Tenants in Common

By: John D. Macomber and Kristian Peterson

A securitized small real estate investment vehicle fails and the many individual owners have to decide how to manage or dispose of the asset. This case follows Ruby Collins, a small investor, through the logic of Section 1031 Like Kind Exchanges as well as the... View Details

Keywords: Financial Instruments; Investment; Risk Management; Ownership Stake; Partners and Partnerships; Valuation; Real Estate Industry

December 2010 (Revised April 2011)
Supplement

Boston Properties (B)

By: Ryan D. Taliaferro and Aldo Sesia

The B case briefly recounts the action that investment manager Eliza Baena takes in the matter of the Boston Properties (BXP) bonds described in the A case. She must decide what to do next. View Details

Keywords: Asset Management; Bonds; Financing and Loans; Investment; Resource Allocation

October 2002
Article

Differences of Opinion and the Cross-Section of Stock Returns

By: Karl B. Diether, Christopher J. Malloy and Anna Scherbina

We provide evidence that stocks with higher dispersion in analysts' earnings forecasts earn lower future returns than otherwise similar stocks. This effect is most pronounced in small stocks, and stocks that have performed poorly over the past year. Interpreting... View Details

Keywords: Stocks; Forecasting and Prediction; Price; Valuation; Investment Return

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January – March 2012
Article

Bond Risk, Bond Return Volatility, and the Term Structure of Interest Rates

By: Luis M. Viceira

This paper explores time variation in bond risk, as measured by the covariation of bond returns with stock returns and with consumption growth, and in the volatility of bond returns. A robust stylized fact in empirical finance is that the spread between the yield on... View Details

Keywords: Bonds; Volatility; Forecasting and Prediction; Interest Rates; Inflation and Deflation; Investment Return; Risk and Uncertainty; Currency Exchange Rate; Cash Flow; Stocks

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31 May 2017
Working Paper Summaries

Stock Price Synchronicity and Material Sustainability Information

Keywords: by Jody Grewal, Clarissa Hauptmann, and George Serafeim; Accounting; Financial Services

17 Jul 2009
Research Event

Business Summit: Ethics in Globalization

various forms of potentially unethical behavior. These include greed, unreasonable amounts of leverage, subtle forms of corruption (such as ratings agencies that appear to have had a conflict of interest), complex financial View Details

Keywords: Re: Rafael M. Di Tella

August 2014 (Revised March 2015)
Case

Optimization and Expansion at OpenTable

By: Benjamin Edelman and Karen Webster

OpenTable considers adjustments to increase its benefits to merchants, including a novel payments service that lets customers skip the multi-step process of using a credit card. View Details

Keywords: Payments; Pricing; Mobile; Rollout; Incrementality; Innovation Strategy; Credit Cards; Accommodations Industry; Information Technology Industry; United States

March 2013
Supplement

FX Risk Hedging at EADS

By: W. Carl Kester

Keywords: Derivatives; Foreign Exchange; Options; Forward Contract; Aerospace; Europe; Risk Management; Futures and Commodity Futures; Europe

2005
Working Paper

Money Illusion in the Stock Market: The Modigliani-Cohn Hypothesis

By: Randolph B. Cohen, Christopher Polk and Tuomo Vuolteenaho

Modigliani and Cohn [1979] hypothesize that the stock market suffers from money illusion, discounting real cash flows at nominal discount rates. While previous research has focused on the pricing of the aggregate stock market relative to Treasury bills, the... View Details

Keywords: Stocks; Price; Cash Flow

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August 2003
Article

The Really Long-Run Performance of Initial Public Offerings: The Pre-Nasdaq Evidence

By: Paul A. Gompers and Josh Lerner

Keywords: Initial Public Offering; Stocks; Markets; Performance

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September 1995 (Revised May 1998)
Case

RogersCasey Alternative Investments: Innovative Response to the Distribution Challenge

By: Josh Lerner

RogersCasey Alternative Investments faces the challenge of managing distributions of stock by the private equity investors in which their clients have invested. These distributed shares appear to behave in complex ways, apparently at odds with market efficiency. A... View Details

Keywords: Private Equity; Stocks; Financial Strategy; Investment; Innovation Strategy; Management; Distribution; Performance; Behavior

2005
Working Paper

Aggregate Corporate Liquidity and Stock Returns

By: Robin Greenwood

Aggregate investment in cash and liquid assets as a share of total corporate investment is negatively related to subsequent U.S. stock market returns between 1947 and 2003. The share of cash in total investment is a more stable predictor of returns than scaled price... View Details

Keywords: Stocks; Financial Liquidity; Cash; Investment Return; Corporate Finance

09 Jun 2020
Working Paper Summaries

Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time

Keywords: by Laura Alfaro, Anusha Chari, Andrew Greenland, and Peter K. Schott

January–February 1976
Article

Option Pricing When Underlying Stock Returns are Discontinuous

By: Robert C. Merton

Keywords: Price; Stocks; Assets

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August 1994
Background Note

Derivative Markets: Structure and Risks

Gives a conceptual understanding of derivative products, their applications, and valuation. After a brief treatment of exchange-traded derivatives, explores over-the-counter (OTC) derivatives, emphasizing the market, credit, legal, operational, and other risks... View Details

Keywords: Credit Derivatives and Swaps; Markets

Article

Investment in United States Government Securities by State Governments

By: Joseph L. Bower

Keywords: Investment; Financial Instruments; Government and Politics

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