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- Faculty Publications (61)
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- All HBS Web (208)
- Faculty Publications (61)
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- 01 Oct 2009
- Working Paper Summaries
Systemic Risk and the Refinancing Ratchet Effect
- March 2009 (Revised November 2016)
- Case
Washington Mutual's Covered Bonds
By: Daniel Baird Bergstresser, Robin Greenwood and James Quinn
Washington Mutual issued 6 billion euro of covered bonds in 2006. The objective of the case is to ask whether these bonds are mispriced in late 2008. The case is set in September 2008, and Washington Mutual is facing considerable distress due to mounting losses in its... View Details
Keywords: Capital Markets; Financial Liquidity; Bonds; Mortgages; Price; Banking Industry; United States
Bergstresser, Daniel Baird, Robin Greenwood, and James Quinn. "Washington Mutual's Covered Bonds." Harvard Business School Case 209-093, March 2009. (Revised November 2016.)
- 18 Sep 2007
- First Look
First Look: September 18, 2007
and Brooke Barton, 309-320. John Wiley & Sons, Inc., 2007 Abstract After thirty years of development, commercial microfinance in the developing world—the provision of financial services to low income populations on a... View Details
Keywords: Martha Lagace
- March 2017 (Revised June 2019)
- Case
Mubadala and EBX: To X or to X It?
By: Nori Gerardo Lietz, Ricardo Andrade and Sayiddah Fatima McCree
In April 2012, Mubadala, Abu Dhabi's sovereign wealth fund invested $2 billion in Brazilian conglomerate EBX, believing the company to be undervalued by the public markets. Shortly thereafter, however, EBX and its multiple business lines began to spiral downward. Hani... View Details
Keywords: Sovereign Wealth Funds; Conglomerates; Investing; Corporate Structure; International; Sovereign Finance; Business Conglomerates; Investment; Financing and Loans; Restructuring; Organizational Structure; Economy; Brazil; Abu Dhabi
Lietz, Nori Gerardo, Ricardo Andrade, and Sayiddah Fatima McCree. "Mubadala and EBX: To X or to X It?" Harvard Business School Case 217-065, March 2017. (Revised June 2019.)
- March 2010 (Revised January 2012)
- Case
Bank of America-Merrill Lynch
By: Guhan Subramanian and Nithyasri Sharma
In September 2008, as Lehman Brothers struggled to survive, John Thain, CEO of Merrill Lynch, realized that his bank was also on the brink of failure. Throughout the weekend of September 13–14, 2008, Thain successfully negotiated a deal with Ken Lewis, CEO of Bank of... View Details
Keywords: Mergers and Acquisitions; Financial Crisis; Financing and Loans; Negotiation Deal; Business and Government Relations; Banking Industry; United States
Subramanian, Guhan, and Nithyasri Sharma. "Bank of America-Merrill Lynch." Harvard Business School Case 910-026, March 2010. (Revised January 2012.)
- 01 Nov 2017
- What Do You Think?
What Are the Real Lessons of the Wells Fargo Case?
subsequently had their autos repossessed—management made provision to reimburse only those customers taking out auto loans in the last five of the twelve years, according to the Federal Office of the... View Details
- 11 Aug 2009
- First Look
First Look: August 11, 2009
we provide evidence that those firms with insiders selling prior to the announcement of the loss face significantly more negative abnormal returns. Our findings are robust to subsample analysis examining firms reporting goodwill... View Details
Keywords: Martha Lagace
- 05 Apr 2011
- First Look
First Look: April 5
Scorecard to accomplish a turnaround and cultural change after eight consecutive years of financial losses and market share declines. The team uses the strategy map to align financial and project resources to the strategy and to motivate... View Details
Keywords: Sean Silverthorne
- 2025
- Working Paper
Tax Planning, Illiquidity, and Credit Risks: Evidence from DeFi Lending
By: Lisa De Simone, Peiyi Jin and Daniel Rabetti
This study establishes a plausible causal link between tax-planning-induced illiquidity and credit risks in lending markets. Exploiting an exogenous tax shock imposed by the Internal Revenue Service (IRS) on cryptocurrency gains, along with millions of transactions in... View Details
Keywords: Cryptocurrency; Taxation; Financial Liquidity; Credit; Financing and Loans; Financial Markets
De Simone, Lisa, Peiyi Jin, and Daniel Rabetti. "Tax Planning, Illiquidity, and Credit Risks: Evidence from DeFi Lending." Working Paper, February 2025.
- 2025
- Working Paper
Climate Risk and the U.S. Insurance Gap: Measurement, Drivers and Implications
By: Parinitha Sastry, Tess Scharlemann, Ishita Sen and Ana-Maria Tenekedjieva
In a world with rising risk, how much are U.S. households willing to pay for homeowners insurance, and what does their demand imply for the future of insurance markets? We provide the first estimates of household willingness to pay for homeowners insurance and the... View Details
Keywords: Climate Change; Risk and Uncertainty; Insurance; Personal Finance; Consumer Behavior; Mortgages
Sastry, Parinitha, Tess Scharlemann, Ishita Sen, and Ana-Maria Tenekedjieva. "The Limits of Insurance Demand and the Growing Protection Gap." Harvard Business School Working Paper, No. 25-054, February 2025.
- 14 Mar 2023
- In Practice
What Does the Failure of Silicon Valley Bank Say About the State of Finance?
bank was different, and it is highlighted in its name and in the history of its public statement. "The bottom line: The art is not to predict whether a run might take place, but when." For example, it is very clear that there is no other bank with over half of its... View Details
- 16 Jul 2020
- Research & Ideas
Restaurant Revolution: How the Industry Is Fighting to Stay Alive
and 8 million employees out of work—three times the job losses seen by any other industry. While some restaurants began reopening in May and June, most featured only takeout, delivery, or outdoor dining options due to local restrictions.... View Details
- 26 Jul 2011
- First Look
First Look: July 26
PublicationsPolicy Bundling to Overcome Loss Aversion: A Method for Improving Legislative Outcomes Authors:Katherine L. Milkman, Mary Carol Mazza, Lisa L. Shu, Chia-Jung Tsay, and Max H. Bazerman Publication:Organizational Behavior and... View Details
Keywords: Sean Silverthorne
- 01 Jun 2023
- HBS Case
A Nike Executive Hid His Criminal Past to Turn His Life Around. What If He Didn't Have To?
in Miller’s hometown. Deindustrialization was leading to the large-scale loss of urban jobs, increasing poverty in the city. While many Whites began moving to the suburbs, Black residents mostly remained in the city. After all, Black... View Details
- 15 Jan 2019
- First Look
New Research and Ideas, January 15, 2019
faster-growing companies to raise more capital. These results highlight the importance of institutions in enabling the provision of entrepreneurial capital to young companies. In Search of Organizational Alignment Using a 360-Degree... View Details
Keywords: Dina Gerdeman
- 01 Oct 2001
- Research & Ideas
How To Make Restructuring Work for Your Company
"prepackaged" bankruptcy plan. In addition, if ownership of the firm's equity changes significantly, say because creditors exchange their claims for new stock, the firm can lose the often sizable tax benefit of its net operating View Details
Keywords: by Stuart C. Gilson
- 26 Jun 2020
- Research & Ideas
Why Japanese Businesses Are So Good at Surviving Crises
“I felt that we could regain the loss of our earnings in three years. But we would not be able to restore the trust of our customers for years if we failed to meet their needs at a moment of crisis,” he told Takeuchi. With the company’s... View Details
Keywords: by Dina Gerdeman
- 28 Nov 2023
- Book
Economic Growth Draws Companies to Asia. Can They Handle Its Authoritarian Regimes?
the loss of power on one side would bring about the demise of the other. Both forms of state–business relations would be described as “cooptation,” but, as I show, they produce vastly different outcomes with regard to both economic growth... View Details
Keywords: by Sean Silverthorne
- 23 Aug 2021
- Research & Ideas
Why White-Collar Crime Spiked in America After 9/11
staffing of white-collar crime investigations, with a loss of 36 percent from its 2001 levels, Nguyen writes. Why did those investigations suffer? White-collar crime investigations, which can range from Ponzi schemes to accounting fraud,... View Details
Keywords: by Jay Fitzgerald
- 09 Dec 2002
- Research & Ideas
Most Accountants Aren’t Crooks—Why Good Audits Go Bad
fundamental changes to the way accounting firms and their clients operate. If we are really going to restore trust in the U.S. system of auditing, we will need to go well beyond the provisions of the Sarbanes-Oxley Act. We will need to... View Details