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  • May 2018
  • Article

U.S. Treasury Premium

By: Wenxin Du, Joanne Im and Jesse Schreger
We quantify the difference in the convenience yield of U.S. Treasuries and government bonds of other developed countries by measuring the deviation from covered interest parity between government bond yields. We call this wedge the “U.S. Treasury Premium.” We document... View Details
Keywords: Bonds; Investment Return; Interest Rates; Financial Crisis
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  • January 1987 (Revised November 1991)
  • Case

R.J. Reynolds International Financing

By: W. Carl Kester and William B. Allen
Reynolds must source a substantial portion of the financing of its Nabisco acquisition in offshore bond markets. Morgan Guaranty has proposed a yen/dollar dual currency Eurobond that could be hedged into dollars. This structure is compared to Eurodollar Bonds, Euroyen... View Details
Keywords: Acquisition; Capital Markets; Currency Exchange Rate; Credit Derivatives and Swaps; Bonds; Financing and Loans
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  • 15 Aug 2007
  • Op-Ed

3 Steps to Reduce Financial System Risk

and, second, a growing threat of politically motivated changes to regulatory regimes. There has been much talk recently about the extent to which the proliferation of derivative products has allowed banks to manage their balance sheets... View Details
Keywords: by Mohamed El-Erian; Financial Services; Banking
  • 01 Apr 2000
  • News

A Place in the Sun

for Fijians, and plans are under way for a $2 million hospital for the islanders. "The Fijians don't have much material wealth, but they have an extreme amount of happiness, which derives from their... View Details
Keywords: Julia Hanna and Garry Emmons
  • 28 Jul 2015
  • First Look

First Look: July 28, 2015

management literature. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=47633 Concentrated Capital Losses and the Pricing of Corporate Credit Risk By: Siriwardane, Emil N.... View Details
Keywords: Carmen Nobel
  • 08 Aug 2018
  • Sharpening Your Skills

Parmigiano-Reggiano, Jane Austen, and Other Things You Didn't Know About Finance

Sapphire Made Credit Cool for Millennials The Chase Sapphire Reserve card was one of the hottest product launches in 2016. But what would be JP Morgan's next act be? State Street’s SHE: Investing in Women Leaders Index funds are the major... View Details
Keywords: by Sean Silverthorne; Financial Services
  • Web

SPACE: Space, Public and Commercial Economics - Course Catalog

HBS Course Catalog SPACE: Space, Public and Commercial Economics Course Number 1175 Professor Matthew Weinzierl Spring; Q3; 1.5 credits 14 sessions Paper Course Overview Space is a place of unparalleled... View Details
  • 12 Mar 2006
  • Research & Ideas

New Research Explores Multi-Sided Markets

there are interesting common threads that tie together markets which, on the face of it, have nothing to do with each other: credit cards, videogames, and dating clubs. It is also true that certain... View Details
Keywords: by Sean Silverthorne; Technology
  • 2023
  • Working Paper

The Limits of Algorithmic Measures of Race in Studies of Outcome Disparities

By: David S. Scharfstein and Sergey Chernenko
We show that the use of algorithms to predict race has significant limitations in measuring and understanding the sources of racial disparities in finance, economics, and other contexts. First, we derive theoretically the direction and magnitude of measurement bias in... View Details
Keywords: Racial Disparity; Paycheck Protection Program; Measurement Error; AI and Machine Learning; Race; Measurement and Metrics; Equality and Inequality; Prejudice and Bias; Forecasting and Prediction; Outcome or Result
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  • November 1992 (Revised December 1994)
  • Case

BEA Associates: Enhanced Equity Index Funds

By: Andre F. Perold
BEA's enhanced index fund product uses derivatives and cash market securities to find the most efficient way to "track an index." The considerations involve transaction costs, custodial fees, withholding taxes on dividends, and fees from securities lending. In this... View Details
Keywords: Credit Derivatives and Swaps; Investment Portfolio; Management; Investment Banking; Competitive Advantage; Cost Management
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    The Limits of Algorithmic Measures of Race in Studies of Outcome Disparities

    We show that the use of algorithms to predict race has significant limitations in measuring and understanding the sources of racial disparities in finance, economics, and other contexts. First, we derive theoretically the direction and magnitude of measurement... View Details
    • 05 Oct 2010
    • First Look

    First Look: October 5, 2010

    Affect Credit Ratings? Authors:Bo Becker and Todd Milbourn Abstract The credit rating industry has historically been dominated by just two agencies, Moody's View Details
    Keywords: Sean Silverthorne

      Robert C. Merton

      Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management.

      Merton is University Professor Emeritus at Harvard University and was the George Fisher Baker Professor of... View Details

      Keywords: banking; brokerage; financial services; insurance industry; investment banking industry; retail financial services
      • 20 Dec 2011
      • First Look

      First Look: December 20

      negotiations. Initially, legitimacy appeared to derive from an expanding membership and the lowering of tariffs in progressively more categories of goods and services. More... View Details
      Keywords: Carmen Nobel
      • October 1994
      • Case

      Bankers Trust: Global Investment Bank

      By: Andre F. Perold and Kuljot Singh
      In October 1992, Eugene Shanks, president of Bankers Trust New York Corp., and Brian Walsh, head of the Global Investment Bank (GIB) business unit, are considering a proposal for a large and complex financing involving the North Sea Oil Co. (NSOC). The financing... View Details
      Keywords: Risk and Uncertainty; Credit Derivatives and Swaps; Risk Management; Value Creation; Business History; Capital Markets; Financing and Loans; Financial Markets; Corporate Finance; Banking Industry; Energy Industry
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      • 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
      Keywords: Hedging; Options; Commodities; Credit Derivatives and Swaps; Risk Management; Futures and Commodity Futures; Financial Strategy; Volatility
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      • Research Summary

      Overview

      Professor Begenau’s research agenda is directed at better understanding how financial markets work and how they affect the real economy. She uses quantitative analysis to build both prescriptive and descriptive models concerning financial risk in banking, and she also... View Details
      • 12 Sep 2006
      • First Look

      First Look: September 12, 2006

        Working PapersHow Does Foreign Direct Investment Promote Economic Growth? Exploring the Effects of Financial Markets on Linkages Authors:Laura Alfaro, Areendam Chanda, Sebnem Kalemli-Ozcan, and Selin Sayek. Abstract The empirical... View Details
      Keywords: Sean Silverthorne
      • 21 Jul 2010
      • Research & Ideas

      HBS Faculty Debate Financial Reform Legislation

      everything I might have wanted, but the legislative process seldom produces that. Certain elements of this reform are positive and helpful, including the creation of a formal resolution authority and a... View Details
      Keywords: by Staff
      • 21 Jan 2009
      • First Look

      First Look: January 21, 2009

      http://harvardbusinessonline.hbsp.harvard.edu/ b01/en/common/item_detail.jhtml?id=609046 Note: Credit Rating Agencies Harvard Business School Note 209-056 The note examines the role of credit rating agencies... View Details
      Keywords: Martha Lagace