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- All HBS Web (1,272)
- Faculty Publications (959)
- June 2024 (Revised February 2025)
- Case
Accounting for Loans at SoFi Technologies
By: Joseph Pacelli and Michael Norris
At the release of its first quarter earnings report on May 1, 2023, digital bank SoFi beat its earnings guidance by 25%. On May 2, Wedbush Securities analyst David Chiaverini issued a report downgrading the stock. A second downgrade followed from Chiaverini on May 15.... View Details
Keywords: Accounting; Banks and Banking; Financing and Loans; Valuation; Stocks; Banking Industry; United States
Pacelli, Joseph, and Michael Norris. "Accounting for Loans at SoFi Technologies." Harvard Business School Case 124-057, June 2024. (Revised February 2025.)
- December 1997
- Case
Fixed Income Valuation
By: W. Carl Kester
A collection of problems that introduces students to the use of discounted cash flow analysis in the valuation of fixed income securities. Students are required to estimate bond prices and yields to maturity, among other items. View Details
Kester, W. Carl. "Fixed Income Valuation." Harvard Business School Case 298-080, December 1997.
- January 1994 (Revised July 2000)
- Exercise
Walt Disney Company's Sleeping Beauty Bonds--Duration Analysis
Walt Disney Co. issues a 100-year bond. This case describes the terms of the bond and immediate capital market reaction. View Details
Baldwin, Carliss Y. "Walt Disney Company's Sleeping Beauty Bonds--Duration Analysis." Harvard Business School Exercise 294-038, January 1994. (Revised July 2000.)
- Forthcoming
- Article
Institutional Corporate Bond Pricing
By: Ishita Sen, Lorenzo Bretscher, Lukas Schmid and Varun Sharma
We propose an equilibrium corporate bond pricing model that accommodates the heterogeneity in institutional investors' preferences and mandates in an empirically tractable way. Our model, estimated on rich holdings data, quantifies investors' preferences and demand... View Details
Keywords: Corporate Bonds; Demand Systems; Insurance Companies; Mutual Funds; Liquidity; Bonds; Price; Investment Funds
Sen, Ishita, Lorenzo Bretscher, Lukas Schmid, and Varun Sharma. "Institutional Corporate Bond Pricing." Review of Financial Studies (forthcoming).
- 1980
- Working Paper
Taxation and the Ex-dividend Day Behavior of Common Stock Prices
By: Jerry R. Green
The behavior of stock prices around ex-dividend days has been suggested as evidence for tax-induced clientele effects and as a means to estimate the average effective tax rate faced by investors. In this paper these possibilities are examined theoretically and... View Details
Green, Jerry R. "Taxation and the Ex-dividend Day Behavior of Common Stock Prices." NBER Working Paper Series, No. 496, July 1980.
- December 2010 (Revised June 2011)
- Case
Boston Properties (A)
By: Ryan D. Taliaferro and Aldo Sesia
Investment manager Eliza Baena confronts an apparent convertible bond arbitrage opportunity when she notices a narrowing spread between two Boston Properties (BXP) bonds, one a convertible bond and the other a straight bond, in the wake of the 2008 Lehman bankruptcy.... View Details
Taliaferro, Ryan D., and Aldo Sesia. "Boston Properties (A)." Harvard Business School Case 211-018, December 2010. (Revised June 2011.)
- 25 Jul 2003
- Keynote Speech
The Impact of Sarbanes-Oxley and the NYSE Rules on American Corporate Governance
By: W. Carl Kester
- 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
- July 2017
- Supplement
Centerbridge Partners and Great Wolf Resorts (B)
By: Josh Lerner, John D. Dionne and Amram Migdal
The case examines the aftermath of the March 2015 Centerbridge Partners acquisition of Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. View Details
Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Leveraged Buyouts; Business Exit or Shutdown; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Financial Services Industry; Financial Services Industry; Financial Services Industry; North and Central America; United States
Lerner, Josh, John D. Dionne, and Amram Migdal. "Centerbridge Partners and Great Wolf Resorts (B)." Harvard Business School Supplement 818-024, July 2017.
- January 2013 (Revised April 2017)
- Supplement
Maxum Petroleum, Inc.
By: W. Carl Kester
Maxum seeks an oil-price hedging strategy that yields substantial cash during oil price spikes, is affordable under ordinary circumstances, and is easily managed. It is striving to avoid a repeat of the challenging situation encountered in 2008 when spiking oil prices... View Details
- February 1997
- Background Note
Savings and Loans and the Mortgage Markets
By: Robert C. Merton and Alberto Moel
Provides a brief overview of the history of the savings and loans, the savings and loans crisis of the 1980s and 1990s, and the creation of the mortgage markets in the United States. Also explains briefly the most common types of mortgage-backed securities available. View Details
Merton, Robert C., and Alberto Moel. "Savings and Loans and the Mortgage Markets." Harvard Business School Background Note 297-090, February 1997.
- 2025
- Working Paper
Sovereign Default and the Decline in Interest Rates
By: Max Miller, James D. Paron and Jessica Wachter
Sovereign debt yields have declined dramatically over the last half-century. Standard explanations, including aging populations and increases in asset demand from abroad, encounter difficulties when confronted with the full range of evidence. We propose an explanation... View Details
Miller, Max, James D. Paron, and Jessica Wachter. "Sovereign Default and the Decline in Interest Rates." NBER Working Paper Series, No. 34021, July 2025. (Revise and Resubmit, Review of Financial Studies.)
- July 2007 (Revised January 2008)
- Case
Andrea Jung: Empowering Avon Women (A)
By: William W. George, Diana Mayer and Andrew N. McLean
In October 2005 Andrea Jung is coping with a 30% decline in Avon's stock price--the biggest test of her leadership since she became CEO in 2000. View Details
George, William W., Diana Mayer, and Andrew N. McLean. "Andrea Jung: Empowering Avon Women (A)." Harvard Business School Case 408-035, July 2007. (Revised January 2008.)
- 2003
- Other Unpublished Work
A Review of Commitment Savings Products in Developing Countries
By: Nava Ashraf, Nathalie Gons, Dean Karlan and Wesley Yin
Ashraf, Nava, Nathalie Gons, Dean Karlan, and Wesley Yin. "A Review of Commitment Savings Products in Developing Countries." ERD Working Paper, July 2003.
- November 2013 (Revised March 2015)
- Case
Massachusetts Pay-for-Success Contracts: Reducing Juvenile and Young Adult Recidivism
By: V. Kasturi Rangan and Lisa A. Chase
The case describes the nature of juvenile recidivism in Massachusetts and explores the potential structure of a privately funded, publicly guaranteed pay-for-success contract. View Details
Keywords: Social Impact Bonds; Pay-for-success; Social Innovation; Juvenile (Prison) Recidivism; Homelessness; Bonds; Social Issues; Public Administration Industry; Massachusetts
Rangan, V. Kasturi, and Lisa A. Chase. "Massachusetts Pay-for-Success Contracts: Reducing Juvenile and Young Adult Recidivism." Harvard Business School Case 514-061, November 2013. (Revised March 2015.)
- 1 Mar 2002 - 3 Mar 2004
- Conference Presentation
Does governance form matter? Evidence from stock market reactions to acquisitions and alliances
Villalonga, Belen, and Anita M. McGahan. "Does governance form matter? Evidence from stock market reactions to acquisitions and alliances." Paper presented at the Brigham Young University-University of Utah Winter Strategy Conference, March 1, 2002–March 3, 2004. (Also presented at the Strategic Management Society Annual International Conference, Paris, September 2002; MIT Organizational Economics lunch seminar, September 2002; NBER Productivity lunch seminar, Boston, April 2002; Harvard Business School Finance lunch seminar, September 2001; Academy of Management Association Annual Meeting, Washington DC, August 2001; Strategy Research Forum, Northwestern University, May 2001.)
- 2003
- Other Unpublished Work
Short Selling in Practice--Intermediating Uncertain Share Availability
By: Gene M D'Avolio and André Perold
- summer 1975
- Article
Simulation of Bond Portfolio Strategies: Laddered vs. Barbell Maturity Sturctures
By: D. B. Crane and Stephen P. Bradley
Crane, D. B., and Stephen P. Bradley. "Simulation of Bond Portfolio Strategies: Laddered vs. Barbell Maturity Sturctures." Journal of Bank Research 6, no. 2 (summer 1975).
- January – February 1969
- Article
Sophisticated Financing Tool: The Warrant
By: Henry B. Reiling and Samuel L. Hayes III
Reiling, Henry B., and Samuel L. Hayes III. "Sophisticated Financing Tool: The Warrant." Harvard Business Review 47, no. 1 (January–February 1969): 137–150. (Reprinted: Securities Law Review, 1969 (Sage Hill Publishers, Inc.))
- May – June 1981
- Article
Is Your Stock Worth Its Market Price?
By: W. E. Fruhan Jr. and Thomas R. Piper
Fruhan, W. E., Jr., and Thomas R. Piper. "Is Your Stock Worth Its Market Price?" Harvard Business Review 59, no. 3 (May–June 1981).