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  • March 2012
  • Article

How to Make Finance Work

By: Robin Greenwood and David S. Scharfstein
Once a sleepy old boys' club, the U.S. financial sector is now a dynamic and growing business that attracts the best and the brightest. It is tempting to declare the industry a roaring success. But its purpose is to serve the needs of U.S. households and firms, and by... View Details
Keywords: Business Ventures; Value; Competitive Advantage; Investment; Performance Evaluation; Household; Financial Crisis; Finance; Financial Services Industry; United States
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  • November 2017
  • Article

Credit-Induced Boom and Bust

By: Marco Di Maggio and Amir Kermani
Can a credit expansion induce a boom and bust in house prices and real economic activity? This paper exploits the federal preemption of national banks in 2004 from local laws against predatory lending to gauge the effect of the supply of credit on the real economy.... View Details
Keywords: Great Recession; Subprime; Credit Supply; Credit Expansion; Household Leverage; Household Debt; Preemption Rule; Mortgages; Laws and Statutes; Credit; Household; Borrowing and Debt; Economic Slowdown and Stagnation
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    Fintech Borrowers: Lax-Screening or Cream-Skimming?

    Financial markets have recently witnessed a disruptive force: the rise of online intermediaries and, more generally, fintech companies, i.e., firms that apply technology to improve financial activities. Fintech companies have targeted the consumer credit market,... View Details

    • 21 Oct 2014
    • First Look

    First Look: October 21

    http://www.hbs.edu/faculty/Publication%20Files/15-023_145191c4-220f-4dd8-8d41-ee2d1f693716.pdf Housing Collateral, Credit Constraints and Entrepreneurship-Evidence from a Mortgage Reform By: Jensen, Thais Laerkholm, Søren Leth-Petersen,... View Details
    Keywords: Sean Silverthorne
    • 29 Sep 2009
    • First Look

    First Look: September 29

    defaults during a market drop. To measure the systemic impact of this ratchet effect, we simulate the U.S. housing market with and without equity extractions and estimate the losses absorbed by View Details
    Keywords: Martha Lagace

      William C. Vrattos

      Bill Vrattos is a Senior Lecturer at the Harvard Business School, where he teaches Investment Strategies, a course on public market investing in the elective curriculum. He also co-teaches Private Equity Projects and Ecosystems, where he mentors student groups on... View Details

      • April 2009 (Revised May 2010)
      • Case

      Urbi and the City Licensee Managers

      By: John D. Macomber and Regina Garcia-Cuellar
      A leading low income housing builder in Mexico decides which prospective new local partner best extends its advantages in managing twin production lines of homes and clients. URBI has built substantial competitive advantage in the technology and culture that matches... View Details
      Keywords: Mortgages; Government and Politics; Housing; Growth and Development Strategy; Brands and Branding; Market Entry and Exit; Production; Supply Chain; Organizational Culture; Franchise Ownership; Partners and Partnerships; Competitive Advantage; Real Estate Industry; China; India; Mexico; United States
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        Jerry R. Green

        Jerry R. Green

        David A. Wells Professor of Political Economy

        John Leverett Professor in the University

        Harvard University

         

        Jerry Green is the John Leverett Professor in the University and the David A. Wells... View Details

        Keywords: aerospace; education industry; insurance industry; professional services
        • 20 Dec 2011
        • First Look

        First Look: December 20

        & Course MaterialsKroll Bond Rating Agency Bo BeckerHarvard Business School Case 212-034 The established credit raters were criticized for inflating the mortgage credit bubble that imploded in 2008. A new rating agency, KBRA, is... View Details
        Keywords: Carmen Nobel
        • July 2019 (Revised April 2021)
        • Case

        Salary Finance

        By: John R. Wells and Benjamin Weinstock
        In April 2019, Asesh Sarkar, co-founder and chief executive of Salary Finance Limited, a London-based FinTech, faced tough choices. Sarkar had founded Salary Finance with Dan Cobley and Daniel Shakhani in 2015. The company’s value proposition was quite simple: partner... View Details
        Keywords: Credit; Financing and Loans; Wages; Innovation and Invention; Expansion; Growth and Development Strategy; Organizational Culture; Decision Choices and Conditions; Financial Services Industry
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        • 06 Nov 2008
        • Op-Ed

        Selling Out The American Dream

        Editor's Note: Harvard Business School professor John Quelch writes a blog on marketing issues, called Marketing Know: How, for Harvard Business Online. It is reprinted on HBS Working Knowledge. The current... View Details
        Keywords: by John Quelch
        • 21 Jul 2010
        • Research & Ideas

        HBS Faculty Debate Financial Reform Legislation

        research on financial markets and regulation and who, in many cases, have held leadership positions in the financial sector, think about the bill and its intended (and unintended) consequences? Below, HBS faculty members Robert Steven... View Details
        Keywords: by Staff
        • 2008
        • Working Paper

        Behavioral Aspects of Price Setting, and Their Policy Implications

        By: Julio J. Rotemberg
        This paper starts by discussing consumers' cognitive and emotional reaction to posted prices. Cognitively, some consumers do not appear to make effective use of price information to maximize their consumption-based utility. Emotionally, prices can induce regret and... View Details
        Keywords: Inflation and Deflation; Price; Policy; Laws and Statutes; Consumer Behavior; Emotions
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        • 2009
        • Chapter

        Behavioral Aspects of Price Setting, and Their Policy Implications

        By: Julio J. Rotemberg
        This paper starts by discussing consumers' cognitive and emotional reaction to posted prices. Cognitively, some consumers do not appear to make effective use of price information to maximize their consumption-based utility. Emotionally, prices can induce regret and... View Details
        Keywords: Inflation and Deflation; Price; Policy; Laws and Statutes; Demand and Consumers; Business and Government Relations
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        • 06 Oct 2015
        • First Look

        October 6, 2015

        systems. The links between multinational firms form a distinct type of international system for the private sector—one that is simultaneously enmeshed in geopolitics and international markets even as it is also autonomous from them. The... View Details
        Keywords: Sean Silverthorne
        • January 1987 (Revised March 1989)
        • Background Note

        Note on the Pricing of Mortgage-Backed Securities

        By: Jay O. Light and Jeremy C. Stein
        An introduction to mortgage-backed securities, prepayment risk, and their market pricing. View Details
        Keywords: Price; Debt Securities; Mortgages; Financial Services Industry
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        • Web

        Business & Environment

        information on mortgage contracts, property characteristics, and climate exposures. We document pervasive under-insurance, particularly among the most financially vulnerable households. We find that even at actuarially fair premiums,... View Details
        • Web

        Placement - Doctoral

        Mortgage Market Advisors: John Campbell (Chair), Adi Sunderam , Edward Glaeser , Robin Lee , and Ariel Pakes 2021 Andreas Schaab Business Economics, 2021 Placement: Columbia University Business School,... View Details
        • 18 Aug 2009
        • First Look

        First Look: August 18

        is constrained. We assess these predictions by examining how the 1996 repeal of certificate-of-need (CON) legislation in Pennsylvania affected the market for cardiac surgery in the state. We show that entry led to a redistribution of... View Details
        Keywords: Martha Lagace
        • 22 May 2019
        • Research & Ideas

        Forgiving Student Loan Debt Leads to Better Jobs, Stronger Consumers

        largest consumer debt in the US, trailing only mortgage loans—and surpassing car loans, credit card debt, and home equity lines of credit. Source: New York Fed Consumer Credit Panel/Equifax Many people who currently carry student debt are... View Details
        Keywords: by Dina Gerdeman