Underwriters - Publications - Faculty & Research

Research Summary

The Role of Financial and Information Intermediaries in the Capital Markets

Hutton's research investigates the role of financial analysts and short sellers in the pricing of equity securities. Recently, Hutton examines (with Patricia Dechow and Richard Sloan) the role of sell-side analysts' earnings forecasts in the pricing of common equity... View Details

August 2019
Case

The Allstate Corporation, 2019

By: John R. Wells and Benjamin Weinstock

In July 2019, Allstate, the United States’ number-three property and casualty (P/C) insurer, released its second-quarter earnings, which reported first-half revenues of $22.1 billion, up 11.4% year-over-year. Shareholders cheered the top-line growth, but P/C premiums... View Details

Keywords: Insurance Companies; Strategic Analysis; Strategic Change; Insurance; Strategy; Strategic Planning; Organizational Change and Adaptation; Competitive Strategy; Insurance Industry; North America

Citation

Educators

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12 Apr 2022
Book

Racism, Colonialism, and Britain's Legacy of Violence

endured and is underwriting Britain’s belief that the tiny island nation is a giant ready to stake its historically informed claim to the world. In no other contemporary nation-state does imperial nationalism endure with such explicit... View Details

Keywords: by Avery Forman

09 Apr 2018
Sharpening Your Skills

The Dark Side of Performance Bonuses

dark side of employee motivation programs: When Good Incentives Lead to Bad Decisions Leading up to the financial crisis, bank loan officers were often incentivized to approve sketchy applications. But researchers discovered the incentives did more than motivate View Details

Keywords: by Sean Silverthorne

21 Feb 2023
Research & Ideas

Are Your Employees Passing Up Incentives? Try Promoting the Programs More

billions of dollars on wellness programs each year, underwriting gym memberships and offering other perks, yet analyses find only a third or so of employees at US companies take advantage of these programs. Over half of American workers... View Details

Keywords: by Scott Van Voorhis

10 Oct 2011
Research & Ideas

Retailing Revolution: Category Killers on the Brink

others made diapers a highly competitive, money-losing proposition. Why underwrite the loss? Eliminating diapers from a grocery's offerings would make their baby sections unappealing to parents with young children—an attractive clientele.... View Details

Keywords: by Rajiv Lal & Jose B. Alvarez; Retail

19 Nov 2019
Op-Ed

Gender Bias Complaints against Apple Card Signal a Dark Side to Fintech

bias in Goldman Sachs’s underwriting model. (Goldman developed and issued the card.) Adding fuel to the fire, Apple co-founder Steve Wozniak shared that the same thing had happened to him and his wife. Officials from the New York... View Details

Keywords: by Karen G. Mills; Financial Services

04 Aug 2014
Op-Ed

Why Small-Business Lending Is Not Recovering

hurting small-business lending. Banks have been raising their capital reserves to comply with new standards initiated by risk-averse bank examiners and other regulators post-crisis. They are also hoarding deposits, which undermines their ability to View Details

Keywords: by Karen Mills; Banking; Financial Services

17 Jun 2016
Op-Ed

Companies Need to Start Marketing Security to Customers

children. Volvo's latest goal is that no one should die in a Volvo car after 2020. Most firms just quietly test their products and services, receiving the blessing of Underwriters Laboratories, the Consumer Product Safety Commission, or... View Details

Keywords: by John A. Quelch; Entertainment & Recreation

11 Oct 2022
Research & Ideas

Shrinking the Racial Wealth Gap, One Mortgage at a Time

underwriting systems neither approve nor reject. Narrowing the default gap The research team found minority applicants were about 3 percentage points less likely to be approved than white applicants working with the same white loan... View Details

Keywords: by Rachel Layne; Financial Services

14 Mar 2007
Op-Ed

Government’s Misguided Probe of Private Equity

jointly underwriting public corporate offerings. Nor is this unique to the United States. Britain's Financial Services Authority has announced that it is increasing its scrutiny of private-equity firms. Among the problems or risks... View Details

Keywords: by Josh Lerner; Financial Services

22 Apr 2015
Op-Ed

Reforming Greece: Myths and Truths

were unable to provide new loans to underwrite company growth. “The recessionary measures that were taken in Greece were not the cause of the crisis.” Even large companies that could ordinarily rely on public equity or debt markets... View Details

Keywords: by George Serafeim

15 Sep 2008
Research & Ideas

The Coming Transformation of Social Enterprise

the landscape. Q: Another hot topic in the nonprofit world is the idea of creating a for-profit business to help underwrite the cost of operations. Is this the way to go to secure a reliable stream of funds? A: I don't think so. There's a... View Details

Keywords: by Roger Thompson

22 Aug 2005
Research & Ideas

Balancing the Future Against Today’s Needs

instance—and "go back to the core" because they knew they could make their annual numbers that way. So, when Urquhart recognized an opportunity to grow from underwriting "big-ticket power projects"—the core... View Details

Keywords: by Paul Michelman

19 May 2003
Research & Ideas

Expensing Options Won’t Hurt High Tech

companies' market prices. More seriously, however, the claim simply ignores the fact that a lack of cash need not be a barrier to compensating executives. Rather than issuing options directly to employees, companies can always issue them to View Details

Keywords: by Zvi Bodie, Robert S. Kaplan & Robert C. Merton

04 Mar 2009
Op-Ed

Credit is Not the Bogey

afford the payments—indeed, to buyers who have no "rainy day" savings. Underwriting must once again deserve the name. Micro-print contracts must be transparent and protect the consumer. Lenders must take responsibility not just... View Details

Keywords: by Nicolas P. Retsinas & Eric S. Belsky; Construction; Real Estate; Financial Services

15 Jan 2018
Research & Ideas

A Better Business Model for Fighting Cancer

“Maybe you don’t get the perfect answer,” he says, “but for $50,000 you get three-quarters of the way to an answer that otherwise would have cost $500,000.” Or perhaps philanthropists who underwrite a drug’s development could receive... View Details

Keywords: by Julia Hanna; Health; Pharmaceutical

20 Sep 2011
First Look

First Look: September 20

than commonly believed. Using a battery of performance tests, we find that loans securitized before 2005 performed no worse than comparable unsecuritized loans originated by the same bank. Even loans originated by the bank that acts as the CLO View Details

Keywords: Sean Silverthorne

24 Jul 2018
Op-Ed

4 Ways Managers Can Exercise Their 'Agency' to Change the World

General Motors was moving toward its vision of zero emissions and zero accidents by investing in electrified, shared, and autonomous vehicles. And while Wells Fargo was creating fraudulent accounts, Bank of America Merrill Lynch became a leader in View Details