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- All HBS Web (289)
- Faculty Publications (102)
Show Results For
- All HBS Web (289)
- Faculty Publications (102)
- July 2020
- Case
Mortgage Backed Securities and the Covid-19 Pandemic
By: Emil N. Siriwardane, Luis M. Viceira and Dean Xu
In April 2020, global financial markets were still reeling as the COVID-19 pandemic spread rapidly across the world. Global equity markets had initially fallen by 30% in response to the pandemic, and high-yield credit markets had dropped by nearly 20%. In contrast,... View Details
Keywords: COVID-19; Mortgage-backed Securities; Health Pandemics; Financial Markets; Assets; Resource Allocation; Financial Instruments; Decision Making
Siriwardane, Emil N., Luis M. Viceira, and Dean Xu. "Mortgage Backed Securities and the Covid-19 Pandemic." Harvard Business School Case 221-010, July 2020.
- November 2016
- Article
Corporate Sustainability: First Evidence on Materiality
By: Mozaffar Khan, George Serafeim and Aaron Yoon
Using newly available materiality classifications of sustainability topics, we develop a novel dataset by hand-mapping sustainability investments classified as material for each industry into firm-specific sustainability ratings. This allows us to present new evidence... View Details
Keywords: Sustainability; Investments; Corporate Social Responsibility; Accounting; Corporate Reporting; Regulation; Corporate Social Responsibility and Impact; Integrated Corporate Reporting; Investment; Corporate Governance
Khan, Mozaffar, George Serafeim, and Aaron Yoon. "Corporate Sustainability: First Evidence on Materiality." Accounting Review 91, no. 6 (November 2016): 1697–1724.
- May 2020
- Article
Sales Leadership During and After the Crisis
Because customer acquisition and retention are the lifeblood of a for-profit enterprise, sales activities establish foundational conditions for a business. In turn, sales managers’ responsibilities in a crisis extend beyond keeping the lights on. Their leadership makes... View Details
Cespedes, Frank V. "Sales Leadership During and After the Crisis." Top Sales Magazine (May 2020), 28–29.
- July 2003 (Revised January 2004)
- Case
Carol Brewer's Investments
By: Richard S. Ruback and Julia Stevens
Following her husband's death in 1994, Carol Brewer took over the management of her family's investments. This case describes the decisions Brewer made during this process, including her choice to seek active account management, her selection of an investment firm, and... View Details
Keywords: Investment Funds; Investment Portfolio; Retirement; Decision Choices and Conditions; Financial Management; Personal Finance; Investment Banking; Investment Return
Ruback, Richard S., and Julia Stevens. "Carol Brewer's Investments." Harvard Business School Case 204-017, July 2003. (Revised January 2004.)
- August 2017 (Revised January 2020)
- Case
PFA Pension: Expansion of Alternatives Portfolio
By: Victoria Ivashina, Federica Gabrieli and Jérôme Lenhardt
PFA Pension was the biggest commercial pension provider in Denmark. At the end of 2015, the company had decided to boost its investments into the alternative asset class, an area where it was lagging behind its competitors. The aim was to privilege direct investments... View Details
Ivashina, Victoria, Federica Gabrieli, and Jérôme Lenhardt. "PFA Pension: Expansion of Alternatives Portfolio." Harvard Business School Case 218-025, August 2017. (Revised January 2020.)
- 2024
- Working Paper
What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences
By: Mark Egan, Alexander MacKay and Hanbin Yang
We present an empirical model of portfolio choice that allows for the nonparametric estimation of investors' (subjective) expectations and risk preferences. Utilizing a comprehensive dataset of 401(k) plans from 2009 through 2019, we explore heterogeneity in asset... View Details
Keywords: Stock Market Expectations; Demand Estimation; Retirement Planning; Defined Contribution Retirement Plan; 401 (K); Finance; Investment Portfolio; Investment; Retirement; Behavioral Finance; Financial Services Industry; United States
Egan, Mark, Alexander MacKay, and Hanbin Yang. "What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences." Harvard Business School Working Paper, No. 22-044, December 2021. (Revisions Requested at the Review of Financial Studies. Revised April 2024. Direct download. NBER Working Paper Series, No. 29604, December 2021)
- September 1992 (Revised March 2007)
- Case
Kaiser Steel Corporation, 1987
By: Timothy A. Luehrman
Kaiser Steel entered Chapter 11 bankruptcy proceedings in early 1987. Nine months later it still faces several difficult obstacles to reorganization, including litigation, environmental liabilities, and pension and medical benefits for retired employees. Students are... View Details
Keywords: Business Plan; Insolvency and Bankruptcy; Employee Relationship Management; Resource Allocation; Opportunities; Conflict and Resolution; Steel Industry; United States
Luehrman, Timothy A. "Kaiser Steel Corporation, 1987." Harvard Business School Case 293-019, September 1992. (Revised March 2007.)
- June 2007 (Revised January 2008)
- Case
The Vanguard Group, Inc. in 2006 and Target Retirement Funds
By: Luis M. Viceira
The Vanguard Group is one of the largest asset managers in the U.S., with over $1 trillion in assets, ninety percent of which are mutual fund assets, and more than 12,000 employees at year-end 2006. Vanguard has built a strong reputation as the manager of reference for... View Details
Keywords: Asset Management; Investment Funds; Personal Finance; Brands and Branding; Retirement; Trust; Financial Services Industry; United States
Viceira, Luis M. "The Vanguard Group, Inc. in 2006 and Target Retirement Funds." Harvard Business School Case 207-129, June 2007. (Revised January 2008.)
- 12 Mar 2009
- Working Paper Summaries
Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds
- 14 Oct 2011
- Working Paper Summaries
The Cost of Capital for Alternative Investments
Keywords: by Jakub W. Jurek & Erik Stafford
- Article
Optimal Value and Growth Tilts in Long-Horizon Portfolios
By: Jakub W. Jurek and Luis M. Viceira
We develop an analytical solution to the dynamic portfolio choice problem of an investor with power utility defined over wealth at a finite horizon, who faces a time-varying investment opportunity set, parameterized using a flexible vector autoregression. We apply this... View Details
Keywords: Decision Choices and Conditions; Private Equity; Investment; Investment Portfolio; Asset Pricing; Value
Jurek, Jakub W., and Luis M. Viceira. "Optimal Value and Growth Tilts in Long-Horizon Portfolios." Review of Finance 15, no. 1 (January 2011): 29–74.
- April 2014 (Revised October 2015)
- Case
Texas Teachers and the New Texas Way
By: Matthew Rhodes-Kropf, Luis M. Viceira, John D. Dionne and Nathaniel Burbank
In 2011 Britt Harris, the Chief Investment Officer for the $107.4 billion Teachers Retirement System of Texas (TRS), was considering whether to pursue strategic partnerships with a group of large private equity firms. After spending four years aggressively moving the... View Details
Rhodes-Kropf, Matthew, Luis M. Viceira, John D. Dionne, and Nathaniel Burbank. "Texas Teachers and the New Texas Way." Harvard Business School Case 214-091, April 2014. (Revised October 2015.)
- 05 Jul 2006
- Working Paper Summaries
Information Dispersion and Auction Prices
- 06 Sep 2005
- Research & Ideas
The Best Place for Retirement Funds
For many investors planning for retirement, asset allocation is a crucial issue. How much should I put into stocks, bonds, and cash? But Harvard Business School professor Daniel Bergstresser says that... View Details
Keywords: by Ann Cullen
- September 2014
- Article
Accounting Standards and International Portfolio Holdings
By: Gwen Yu and Aida Sijamic Wahid
Do differences in countries' accounting standards affect global investment decisions? We explore this question by examining how accounting distance, the difference in the accounting standards used in the investor's and the investee's countries, affects the asset... View Details
Keywords: IFRS; Home Bias; Cross-cultural/cross-border; Information Asymmetry; Mutual Funds; International Relations
Yu, Gwen, and Aida Sijamic Wahid. "Accounting Standards and International Portfolio Holdings." Accounting Review 89, no. 5 (September 2014): 1895–1930. (Winner of American Accounting Association. International Accounting Section. Outstanding Dissertation Award presented by American Accounting Association.)
- 07 Sep 2006
- Working Paper Summaries
Optimal Value and Growth Tilts in Long-Horizon Portfolios
Keywords: by Jakub W. Jurek & Luis M. Viceira
- June 2019
- Case
ClearLife: From Prospect to Platform
By: Alexander Braun, Lauren Cohen, Mauro Elvedi and Jiahua Xu
ClearLife’s first product was a trading and analytics platform for participants in the U.S. life settlement market, the secondary market for life insurance. ClearLife played a key role in facilitating transactions and devising a common language for expressing value and... View Details
Braun, Alexander, Lauren Cohen, Mauro Elvedi, and Jiahua Xu. "ClearLife: From Prospect to Platform." Harvard Business School Case 219-119, June 2019.
- 2014
- Working Paper
Private Equity's Diversification Illusion: Economic Comovement and Fair Value Reporting
By: Kyle Travis Welch
This study examines how accounting has informed private equity diversification claims and demand for private equity investments. Despite research showing private equity lacks portfolio diversification benefits, those marketing private equity assets continue to... View Details
Keywords: Fair Value; Access To Capital; IAS 39; FAS No. 157; FASB; IASB; ASC 820; Covariance Risk; Accounting Beta; Accounting; Private Sector; Valuation; Corporate Finance; Asset Management; Cost of Capital; Private Equity; Accounting Industry; Financial Services Industry; Europe; North and Central America
Welch, Kyle Travis. "Private Equity's Diversification Illusion: Economic Comovement and Fair Value Reporting." Working Paper, January 2014.
- March 2016 (Revised August 2018)
- Case
JPMorgan Chase after the Financial Crisis: What Is the Optimal Scope of the Largest Bank in the U.S.?
By: David Collis and Ashley Hartman
When Jamie Dimon took over as CEO of JPMorgan Chase & Co. (JPMorgan Chase) in 2005, he reaffirmed the commitment to pursue a "universal bank" strategy—providing a full range of products and services to both retail and wholesale clients. Yet the merits of the universal... View Details
Keywords: Scope; Regulatory Reforms; Universal Banking; Synergy; Optimization; Simplification; Finance; Strategy; Business Strategy; Financial Crisis; Consolidation; Corporate Strategy; Diversification; Governing Rules, Regulations, and Reforms; Banking Industry; Financial Services Industry
Collis, David, and Ashley Hartman. "JPMorgan Chase after the Financial Crisis: What Is the Optimal Scope of the Largest Bank in the U.S.?" Harvard Business School Case 716-448, March 2016. (Revised August 2018.)
- October 2000 (Revised February 2007)
- Case
Harvard Management Company and Inflation-Protected Bonds, The
By: Luis M. Viceira
In March 2000, the board of The Harvard Management Co. (HMC) approved significant changes in the policy portfolio determining the long-run allocation policy of the Harvard University endowment. These changes included a sharp reduction of the allocation to U.S. equities... View Details
Keywords: Bonds; Investment Portfolio; Investment Funds; Asset Management; Corporate Governance; Capital Markets; Financial Services Industry; United States
Viceira, Luis M. "Harvard Management Company and Inflation-Protected Bonds, The." Harvard Business School Case 201-053, October 2000. (Revised February 2007.)