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  • February 1997 (Revised July 1997)
  • Case

Enron Corp.: - Credit Sensitive Notes

This case investigates an innovative bond issue by Enron. The coupon on the bond is indexed to the company's credit rating, making it a credit derivative structure. View Details
Keywords: Credit Derivatives and Swaps; Bonds; Energy Industry
Related
  • March 2005 (Revised January 2006)
  • Case

Foreign Exchange Hedging Strategies at General Motors: Transactional and Translational Exposures

By: Mihir A. Desai and Mark Veblen
How should a multinational firm manage foreign exchange exposures? Examines transactional and translational exposures and alternative responses to these exposures by analyzing two specific hedging decisions by General Motors. Describes General Motors' corporate hedging... View Details
Keywords: Multinational Firms and Management; Currency Exchange Rate; Expansion; Credit Derivatives and Swaps; Financial Management; Investment Funds; Risk and Uncertainty; International Finance; Auto Industry
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    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: financial services; financial services; financial services; financial services; financial services; financial services
    • September 2011
    • Article

    Information Risk and Fair Value: An Examination of Equity Betas

    By: Edward J. Riedl and George Serafeim
    Using a sample of U.S. financial institutions, we exploit recent mandatory disclosures of financial instruments designated as fair value level 1, 2, and 3 to test whether greater information risk in financial instrument fair values leads to higher cost of capital. We... View Details
    Keywords: Forecasting and Prediction; Assets; Cost of Capital; Financial Institutions; Financial Instruments; Corporate Disclosure; Information; Risk and Uncertainty; Value; United States
    Related
    • 06 Apr 2021
    • Working Paper Summaries

    Currency Hedging in Emerging Markets: Managing Cash Flow Exposure

    Keywords: by Laura Alfaro, Mauricio Calani, and Liliana Varela; Financial Services
    • 15 Aug 2006
    • First Look

    First Look: August 15, 2006

    financial markets change the interaction between banks and corporations? This paper compares the importance of interlocking boards of directors between corporations and banks in Brazil, Mexico, and the United States circa 1909. The... View Details
    Keywords: Sean Silverthorne
    • September 2006 (Revised November 2007)
    • Exercise

    Market Making Exercise

    By: Malcolm P. Baker
    Students make a market in a new security, posting bid and offer prices and quantities for a new derivative security. View Details
    Keywords: Financial Instruments; Financial Markets; Price
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    • 08 Jun 2017
    • News

    Behavioral ‘Nudges’ Offer a Cost-Effective Policy Tool

    • January 2016 (Revised November 2019)
    • Case

    Blackstone at Age 30

    By: Josh Lerner, John D. Dionne and Amram Migdal
    Since its IPO in 2007 and following the global financial crisis, Blackstone largely outpaced its alternative investment firm peers in assets under management, new business launches, profitability, and market capitalization. Under the leadership of Stephen A.... View Details
    Keywords: Business Growth and Maturation; Asset Management; Private Equity; Financial Services Industry; New York (city, NY)
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    • March 2006
    • Case

    Bringing OTC back to the Exchange: Euronext.liffe's launch of ABC

    Euronex.liffe, a derivatives trading exchange, launches matching, clearing, and confirmation services for the over-the-counter market. This combination of services creates a new platform for a market that potentially cannibalizes its current exchange-based services. Is... View Details
    Keywords: Value Creation; Digital Platforms; Consolidation; Financial Markets; Network Effects
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    • March 2008
    • Course Overview Note

    Dynamic Markets

    By: Joshua D. Coval and Erik Stafford
    The Dynamic Markets course at Harvard Business School is organized around the hands-on application of financial decision making in a wide variety of capital market settings. The course relies heavily on in-class simulations of a range of market settings where students... View Details
    Keywords: Value Creation; Decision Making; Capital Markets; Competitive Strategy; Profit; Applications and Software; Information; Strategy; Price; Outcome or Result; Curriculum and Courses; Theory
    Related
    • 2020
    • Working Paper

    Building the Professional Firm: McKinsey & Co.: 1939-1968

    By: Amar Bhidé
    This case history analyzes how the founders of McKinsey & Co. built one of the world's leading management consulting firms by developing a “system” of professional norms, approach to serving clients, personnel policies, organization, governance, and ownership. The... View Details
    Keywords: McKinsey ＆ Co.; Company History; Professional Norms; Vision; Organizations; Business History; Business Model; Strategy; Consulting Industry
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    • August 2000 (Revised August 2003)
    • Case

    Cox Communications, Inc., 1999

    This case focuses on how much external financing a firm needs and what securities the firm should issue to raise this financing. Cox Communications is a major player in the cable industry, which is consolidating due to technological changes/capabilities brought about... View Details
    Keywords: Change Management; Decision Choices and Conditions; Financing and Loans; Telecommunications Industry
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    • Research Summary

    Overview

    Professor Nagle studies how competitors can collaborate on the creation of core technologies, while still competing on the products and services built on top of them. His research falls into the broader categories of the futures of work, the economics of IT, and... View Details
    Keywords: Information Technology; Strategy; Technological Innovation; Collaborative Innovation and Invention; Economic Growth; Entrepreneurship; Technology; Internet; Mobile Technology; Online Technology; Technology Adoption; Technology Networks
    • May 2005 (Revised January 2006)
    • Background Note

    Note on Forward Contracts and Swaps

    Introduces forward contracts and derives graphically through basic arbitrage principles the spot-forward parity. Introduces swap contracts as simply a portfolio of forward contracts. Also covers briefly the mathematics behind swaps as an extension of spot-forward... View Details
    Keywords: Financial Instruments
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    • Research Summary

    Behavioral Hazard and Public Policy

    By: Joshua R. Schwartzstein

    It is well recognized that people overuse low-value medical care due to moral hazard—because copays are lower than costs. Now Professor Schwartzstein has introduced the concept of “behavioral hazard” to explain the opposite: people underuse high-value care because... View Details

    • 2018
    • Working Paper

    OTC Intermediaries

    By: Andrea L. Eisfeldt, Bernard Herskovic, Sriram Rajan and Emil Siriwardane
    Over-the-counter (OTC) markets for financial assets are dominated by a relatively small number of core intermediaries and a large number of peripheral customers. In this paper, we develop a model of trade in a core-periphery network and estimate its key structural... View Details
    Keywords: OTC Markets; Intermediaries; Dealers; Credit Default Swaps; Risk Sharing; Networks; Price; Risk and Uncertainty
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    • March 2005 (Revised December 2005)
    • Case

    Morgan Stanley and TRAC-X: The Battle for the CDS Indexes Market

    Morgan Stanley's credit derivatives business, specifically its collateralized debt obligation (CDO) business, has been hugely successful. One of its leading offerings is the TRAC-X product, jointly created and marketed by Morgan Stanley and JP Morgan. However, a new... View Details
    Keywords: Credit Derivatives and Swaps; Product; Competition; Capital Markets; Financial Services Industry
    Related
    • 2010
    • Working Paper

    Prosocial Spending and Well-Being: Cross-Cultural Evidence for a Psychological Universal

    By: Lara B. Aknin, Christopher P. Barrington-Leigh, Elizabeth W. Dunn, John F. Helliwell, Robert Biswas-Diener, Imelda Kemeza, Paul Nyende, Claire Ashton-James and Michael I. Norton
    This research provides the first support for a possible psychological universal: human beings around the world derive emotional benefits from using their financial resources to help others (prosocial spending). Analyzing survey data from 136 countries, we show that... View Details
    Keywords: Spending; Philanthropy and Charitable Giving; Happiness; Motivation and Incentives; Welfare; Uganda; Canada
    Related
    • Research Summary

    Valuation Theory and Practice

    Timothy A. Luehrman's primary research interest is in the application of valuation methods to companies, businesses, and individual assets. Some of his work involves applications of tools originally developed for valuing derivative securities to the valuation of other... View Details