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  • July – August 2009
  • Article

The Descent of Finance

What if the current recession turns out to be like the Great Depression of 1929-1933? Four years from now, the United States might find itself with a still-shrinking economy, half as many banks as in 2009, a third as many hedge funds, and retail banking resembling a... View Details
Keywords: Forecasting and Prediction; Economic Slowdown and Stagnation; International Finance; Globalized Economies and Regions; Business and Government Relations; Financial Services Industry
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  • 27 Dec 2010
  • Research & Ideas

HBS Faculty on 2010’s Biggest Business Developments

where I sit as an economist, it's still all about the economy and the long-term impact of the problems laid bare by the Great Recession. During the financial crisis, the world came to the apparently shocking realization that debt... View Details
Keywords: by Staff
  • 01 Oct 2009
  • Working Paper Summaries

Systemic Risk and the Refinancing Ratchet Effect

Keywords: by Amir E. Khandani, Andrew W. Lo & Robert C. Merton; Construction; Real Estate
  • 14 Feb 2008
  • Working Paper Summaries

Laws vs. Contracts: Legal Origins, Shareholder Protections, and Ownership Concentration in Brazil, 1890-1950

Keywords: by Aldo Musacchio
  • 14 Mar 2017
  • First Look

First Look at New Research, March 14

solution to Japan's persistent low economic growth. Several decades of economic stagnation led Abe to spearhead a multi-faceted reform effort to shake off deflation and come to grips with Japan's large national View Details
Keywords: Sean Silverthorne
  • Web

Curriculum - Case Method Project

theories; majority rule vs. tyranny of the majority; dangers of small republics; “expanding the sphere”; the Constitutional Convention; origins of American federalism, Articles I-III of the U.S. Constitution In Detail: Debt and Paper... View Details
  • Web

Great American Business Leaders of the 20th Century - Leadership

and business for WWI Cost-plus contracts introduced Protectionist tariffs reduced Influence: Medium-Low 20 1920 19 Isolationism U.S. restores high tariffs U.S. pushes for debt recovery Allied nations seek... View Details
  • December 2010 (Revised June 2018)
  • Case

The Pecora Hearings

By: David Moss, Cole Bolton and Eugene Kintgen
In 1932, in the depths of the Great Depression, the Senate Banking Committee began a much-publicized investigation of the nation's financial sector. The hearings, which came to be known as the Pecora hearings after the Banking Committee's lead counsel Ferdinand Pecora,... View Details
Keywords: Financial Crisis; Fairness; Borrowing and Debt; Financial Institutions; Debt Securities; Stocks; Governing Rules, Regulations, and Reforms; Government Legislation; History; Financial Services Industry; United States
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  • 2010
  • Working Paper

Regulating for Legitimacy: Consumer Credit Access in France and America

By: J. Gunnar Trumbull
Theories of legitimate regulation have emphasized the role of governments either in fixing market failures to promote greater efficiency or in restricting the efficient functioning of markets in order to pursue public welfare goals. In either case, features of markets... View Details
Keywords: Borrowing and Debt; Credit; Financial Markets; Personal Finance; Governing Rules, Regulations, and Reforms; Business History; Business and Government Relations; Welfare; France; United States
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  • 23 Dec 2014
  • First Look

First Look: December 23

answer might have appeared just too obvious: payouts are funded with free cash flow-at least over long enough time periods. In stark contrast to this commonly held view, we find that firms rely on the capital markets to finance a third of aggregate payouts, mainly with... View Details
Keywords: Carmen Nobel
  • 16 Jul 2013
  • First Look

First Look: July 16

influence when the vast majority can't? The authors tracked 68 change initiatives in the UK's National Health Service, an organization whose size, complexity, and tradition can make reform difficult. They discovered several predictors of... View Details
Keywords: Anna Secino
  • Web

Behavioral Finance & Financial Stability

firms lever up, the overall cost of capital falls as leverage increases equity beta, but as debt becomes riskier the marginal benefit of increasing equity beta declines. They find that leverage is inversely related to asset beta,... View Details
  • 31 Jul 2012
  • First Look

First Look: July 31

venture capital would allow RTR to aggressively expand its inventory and customer acquisition efforts, in order serve a broader range of customer segments with a wider selection of products, (e.g., accessories, maternity wear). Purchase this... View Details
Keywords: Carmen Nobel
  • 05 Oct 2010
  • First Look

First Look: October 5, 2010

and recovery to be associated with increases in orders from Hugo Boss's retailer customers Download the paper: http://www.hbs.edu/research/pdf/11-034.pdf A Comparative-Advantage Approach to Government Debt Maturity Authors:Robin... View Details
Keywords: Sean Silverthorne
  • 16 Nov 2021
  • HBS Case

How a Company Made Employees So Miserable, They Killed Themselves

can make extreme means seem justifiable.” A company spiraling into debt France Télécom’s troubles started in the late 1990s, after the French government turned the national telephone monopoly into a publicly... View Details
Keywords: by Michael Blanding
  • 31 Aug 2009
  • Research & Ideas

Why Competition May Not Improve Credit Rating Agencies

In the run-up to the global financial crisis, credit rating agencies gave high marks to such risky financial vehicles as collateralized debt obligations, which few people understood. It has been argued that these ratings misled investors... View Details
Keywords: by Martha Lagace; Financial Services
  • 04 Sep 2001
  • Research & Ideas

Is Government Just Stupid? How Bad Decisions Are Made

medical care, defense, education and so on guarantees that fewer taxpayer dollars and government resources will be available for other initiatives. It may also mean that the national debt will increase,... View Details
Keywords: by Max H. Bazerman, Jonathan Baron & Katherine Shonk
  • April 2017 (Revised February 2020)
  • Case

Restructuring Ukraine

By: Kristin Mugford, Seema Amble and Tian Feng
In June 2015, Ukraine found itself struggling with a volatile and devalued currency, dramatically diminished foreign reserves, and a projected financing shortfall of $40 billion. Ukraine’s new government sought to return the nation to stability following political... View Details
Keywords: Exchange Rates; Politics; Macroeconomics; Financial Crisis; Insolvency and Bankruptcy; Restructuring; Economy; Currency Exchange Rate; Banks and Banking; Economic Slowdown and Stagnation; Bonds; Sovereign Finance; Capital Markets; Credit; Debt Securities; Financial Liquidity; Financial Markets; Government and Politics; Ukraine
Related
  • 30 Mar 2010
  • First Look

First Look: March 30

reason appears to be adaptation. However even for the rich half of European nations such habituation may take over five years so the happiness gains that they experience, while not permanent, can still be relatively long-lasting. Finally... View Details
Keywords: Sean Silverthorne
  • Web

Topics - HBS Working Knowledge

(19) Annual Reports (2) Annuities (1) Arts (2) Asset Management (3) Asset Pricing (4) Assets (11) Attitudes (18) Auctions (4) Balanced Scorecard (11) Banks and Banking (30) Behavioral Finance (7) Behavior (75) Bids and Bidding (1) Bonds (7) Borrowing and View Details