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Show Results For
- All HBS Web
(980)
- News (231)
- Research (562)
- Multimedia (3)
- Faculty Publications (331)
- May 2005 (Revised January 2006)
- Case
Ticonderoga: Inverse Floating Rate Bond
Presents a simple interest hedging exercise. A hedge fund is considering an investment in a structured fixed--income product: an inverse floating-rate bond, or inverse floater, designed by a U.S. investment bank. The hedge fund's normal policy is to hedge interest rate... View Details
Keywords: Risk and Uncertainty; Credit Derivatives and Swaps; Bonds; Investment Funds; Interest Rates
Chacko, George C., and Anders Sjoman. "Ticonderoga: Inverse Floating Rate Bond." Harvard Business School Case 205-113, May 2005. (Revised January 2006.)
- 2012
- Working Paper
Reaching for Yield in the Bond Market
By: Bo Becker and Victoria Ivashina
Reaching-for-yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyses this phenomenon in the corporate bond market. Specifically, we show evidence for... View Details
Keywords: Fixed Income; Reaching For Yield; Financial Intermediation; Insurance Companies; Insurance; Bonds; Assets; Risk Management; Investment Return; Investment Portfolio; Insurance Industry
Becker, Bo, and Victoria Ivashina. "Reaching for Yield in the Bond Market." Harvard Business School Working Paper, No. 12-103, May 2012. (Revised December 2012. NBER Working Paper Series, No. 18909, March 2013)
- October 2011 (Revised April 2013)
- Case
Kroll Bond Rating Agency
The established credit raters were criticized for inflating the mortgage credit bubble that imploded in 2008. A new rating agency, KBRA, is considering how to capitalize on the opportunity this presents and how to enter the industry. A small group of managers have to... View Details
Becker, Bo. "Kroll Bond Rating Agency." Harvard Business School Case 212-034, October 2011. (Revised April 2013.)
- May 1988 (Revised July 1989)
- Case
Chicago Bond Sales Department
Donnellon, Anne. "Chicago Bond Sales Department." Harvard Business School Case 488-020, May 1988. (Revised July 1989.)
- 18 Oct 2013
- Working Paper Summaries
Monetary Policy Drivers of Bond and Equity Risks
- 12 Jan 2017
- News
Bond Covenants and Skeptic Skepticism
- 15 Jun 2012
- Working Paper Summaries
Reaching for Yield in the Bond Market
Keywords: by Bo Becker & Victoria Ivashina
Reaching for Yield in the Bond Market
Reaching-for-yield — the propensity to buy riskier assets in order to achieve higher yields — is believed to be an important factor contributing to the credit cycle. This paper analyses this phenomenon in the corporate bond market. Specifically, we show evidence for... View Details
- 02 Aug 2021
- News
Why Bond Funds May Be Riskier than They Seem
- June 2012
- Article
Comovement and Predictability Relationships Between Bonds and the Cross-Section of Stocks
By: Malcolm Baker and Jeffrey Wurgler
Government bonds comove more strongly with bond-like stocks: stocks of large, mature, low-volatility, profitable, dividend-paying firms that are neither high growth nor distressed. Variables derived from the yield curve that are already known to predict returns on... View Details
Keywords: Relationships; Bonds; Stocks; Investment Return; Cash Flow; Quality; Risk and Uncertainty; Forecasting and Prediction; Profit
Baker, Malcolm, and Jeffrey Wurgler. "Comovement and Predictability Relationships Between Bonds and the Cross-Section of Stocks." Review of Asset Pricing Studies 2, no. 1 (June 2012): 57–87.
- July 2006
- Supplement
Citigroup: Euro Zone Bond Trading (D)
By: Lynn S. Paine, Christopher Bruner and Aldo Sesia
- October 2003 (Revised December 2003)
- Case
STMicroelectronics N.V., 2003 Convertible Bond Offering
Focuses on the valuation of a complex option embedded in a convertible debenture with a negative yield to maturity. View Details
Fruhan, William E., Jr. "STMicroelectronics N.V., 2003 Convertible Bond Offering." Harvard Business School Case 204-092, October 2003. (Revised December 2003.)
- April 2004
- Tutorial
Yield Curves and Bond Ratings Tutorial
To preview this online product, Authorized Faculty can call our customer service department at 1-800-545-7685 or 617-783-7600. This online tutorial explains what drives the shape of the yield curve for traded debt securities. Also describes the metrics used by rating... View Details
- July 2006
- Supplement
Citigroup: Euro Zone Bond Trading (C)
By: Lynn S. Paine, Christopher Bruner and Aldo Sesia
- November 2003
- Article
The Maturity of Debt Issues and Predictable Variation in Bond Returns
By: Malcolm Baker, Robin Greenwood and Jeffrey Wurgler
The maturity of new debt issues predicts excess bond returns. When the share of long-term debt issues in total debt issues is high, future excess bond returns are low. This predictive power comes in two parts. First, inflation, the real short-term rate, and the term... View Details
Keywords: Borrowing and Debt; Bonds; Investment Return; Financial Markets; Forecasting and Prediction
Baker, Malcolm, Robin Greenwood, and Jeffrey Wurgler. "The Maturity of Debt Issues and Predictable Variation in Bond Returns." Journal of Financial Economics 70, no. 2 (November 2003): 261–291.
- 24 Feb 2011
- Working Paper Summaries
Issuer Quality and Corporate Bond Returns
Keywords: by Robin Greenwood & Samuel G. Hanson
- 2017
- Article
Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds
By: John Y. Campbell, Adi Sunderam and Luis M. Viceira
The covariance between U.S. Treasury bond returns and stock returns has moved considerably over time. While it was slightly positive on average in the period 1953–2009, it was unusually high in the early 1980s and negative in the 2000s, particularly in the downturns of... View Details
Campbell, John Y., Adi Sunderam, and Luis M. Viceira. "Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds." Critical Finance Review 6, no. 2 (2017): 263–301.
- February 2023
- Technical Note
Bond Analysis: Yield to Maturity
By: Emily R. McComb
McComb, Emily R. "Bond Analysis: Yield to Maturity." Harvard Business School Technical Note 223-077, February 2023.
- March 1980 (Revised October 1980)
- Background Note
Note on the Corporate Bond Markets
Goldsberry, John P., III. "Note on the Corporate Bond Markets." Harvard Business School Background Note 280-086, March 1980. (Revised October 1980.)